ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

TMP Tompkins Financial Corporation

57.58
3.20 (5.88%)
16 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Tompkins Financial Corporation AMEX:TMP AMEX Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  3.20 5.88% 57.58 57.72 54.69 54.69 93,617 22:30:00

Tompkins Financial Corporation Reports Fourth Quarter Net Income Growth of 12.9%

27/01/2010 2:00pm

Business Wire


Tompkins Financial (AMEX:TMP)
Historical Stock Chart


From Jul 2019 to Jul 2024

Click Here for more Tompkins Financial Charts.

Tompkins Financial Corporation (TMP–NYSE Amex)

Tompkins Financial Corporation reported diluted earnings per share of $0.76 (adjusted for 10% stock dividend approved on January 27, 2010; refer to footnote1) for the fourth quarter of 2009, an 11.8% increase over the $0.68 reported for the fourth quarter of 2008. Net income of $8.2 million for the fourth quarter of 2009, represented an increase of 12.9% over the $7.3 million reported for the same period in 2008.

Full year diluted earnings per share1 of $2.96 were at an all time high and represent a 6.5% increase over the $2.78 reported for the twelve months ended December 31, 2008. Full year net income was $31.8 million in 2009 up 6.7%, compared to $29.8 million in 2008.

Selected highlights for the fourth quarter and year-to-date period are included below:

  • Fourth quarter 2009 diluted earnings per share1 up 11.8%, from same period in 2008
  • Record full year diluted earnings per share1 of $2.96 in 2009
  • Fourth quarter 2009 represented the 11th consecutive quarter of net interest income growth
  • Full year return on equity of 13.66%, ranked in top 15% of similar sized bank holding in most recent Federal Reserve performance report 2
  • Book value per share1 of $22.87, up 11.2% from December 31, 2008
  • Full year dividends per share1 of $1.24, represented the 21st consecutive year of increased dividends per share1

Stephen S. Romaine, President and CEO stated, “We are obviously pleased to report record earnings in a year when the financial services industry has seen significant turmoil and when many in our industry have reported losses. As good as our 2009 results were, comparison of growth in diluted earnings per share between 2009 and 2008 would have been even stronger if certain non-recurring items were excluded from 2009 and 2008 year to date results.” These non-recurring items included: $1.4 million of expense ($0.07 per diluted share) related to the FDIC’s special deposit insurance assessment, which negatively impacted 2009 earnings; and $1.6 million ($0.09 per diluted share) of pre-tax revenue related to the VISA IPO in the first quarter of 2008, which had a favorable impact on 2008 year to date earnings. Please refer to the attached non-GAAP disclosure table for additional details on these items.

Further details on the Company’s performance are discussed below. For the year-to-date period, growth in average assets and average liabilities and growth in certain revenue and expense categories were impacted by the May 2008 acquisition of Sleepy Hollow Bancorp.

Net interest income for the fourth quarter of 2009 was $27.9 million, up 12.5% from the same quarter last year. Net interest income was also up 4.2% over the third quarter of 2009, representing our 11th consecutive quarter of increased net interest income. Net interest income for the year ended December 31, 2009 was $107.0 million, an increase of 18.4% over the prior year. Growth in average earning assets and deposits has contributed to the increase in net interest income in 2009. Total loans were $1.9 billion at December 31, 2009, up 5.4% from December 31, 2008; while total deposits were $2.4 billion at quarter end, up 14.3% from the same period in 2008. The net interest margin for the fourth quarter of 2009 was 3.89%, unchanged from the fourth quarter of 2008, and down slightly from the 3.91% reported for the third quarter of 2009.

The provision for loan and lease losses increased to $2.8 million in the fourth quarter of 2009, compared to $2.1 million in the fourth quarter of 2008. The full year provision for loan and lease losses totaled $9.3 million in 2009, up from $5.4 million in 2008. An increase in net charge-offs, nonperforming loans and general economic conditions all contributed to the increased provision expense this year. Mr. Romaine commented, “Like most banks, we have seen deteriorating trends in asset quality; however, our levels of nonperforming assets and net charge-offs remain well below national averages. It is also encouraging that approximately 57% of our nonperforming loans were less than 30 days past due as of year end 2009. We remain diligent in our monitoring of the credit portfolio, as we recognize that a continuation or worsening of the current economic situation may result in further stress on the portfolio.”

Annualized net charge-offs for the three months ended December 31, 2009, represented 0.25% of average loans compared to 0.17% for the three months ended December 31, 2008. The Company’s net charge-off ratio compares favorably to the most recent Federal Reserve Board peer group2 ratio of 1.46%. Nonperforming assets represented 1.12% of total assets as of December 31, 2009 (up from 0.56% at December 31, 2008), which compares to a Federal Reserve Board peer group1 ratio of 3.30%. The Company’s allowance for loan and lease losses totaled $24.4 million at December 31, 2009, which represented 1.27% of total loans, an increase of 24 basis points from a ratio of 1.03% at year-end 2008.

Noninterest income for the fourth quarter of 2009 was $12.1 million, up 17.5% from the same period in 2008. Year-to-date 2009 noninterest income was $46.2 million, roughly flat in comparison to the same period in 2008. As previously mentioned, year-to-date 2008 noninterest income included nonrecurring income of $1.6 million related to the VISA IPO. Full year and quarterly results for 2009 were favorably impacted by net mark-to-market gains on assets and liabilities carried at fair value. Increased residential mortgage origination volumes in 2009 resulted in higher gains on sale of loans, both in the fourth quarter and full year periods in 2009.

Noninterest expenses for the fourth quarter 2009 were $24.9 million, up 9.7% from the same period last year. For the year to date period, noninterest expenses were $96.6 million, an increase of 11.0% over the same period in 2008. Higher FDIC insurance costs were the most significant contributor to the higher expense levels in 2009. FDIC insurance expense, included in other noninterest expense, totaled $1.6 million in the fourth quarter of 2009 compared to $378,000 in the fourth quarter of 2008. For the year to date period, FDIC expense was $5.0 million in 2009, versus $933,000 in 2008. FDIC insurance expense for the year to date period in 2009 includes a special assessment of $1.4 million in the second quarter. Salary and wages, pensions and employee benefits, and occupancy expenses were directly impacted by the May 2008 Sleepy Hollow acquisition with the addition of five staffed branches.

Mr. Romaine concluded, “The challenges facing our industry in this current economic climate are unprecedented. We recognize that maintaining a strong capital base is more important than ever to allow for future growth and the management of risk. We are pleased that we continue to grow equity through retained earnings, and in 2009, we were able to further supplement capital through a private placement offering of Trust Preferred Securities that added over $20 million in regulatory capital.” Capital levels at December 31, 2009, remain comfortably above the regulatory minimums to be considered “well capitalized”, with a ratio of Tier 1 capital to average assets of 7.4%; and a ratio of total capital to risk-weighted assets of 12.1%. These ratios are improved from 6.7% and 10.6%, respectively, at December 31, 2008.

Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company's subsidiary banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank. Through its community banking subsidiaries, the Company provides traditional banking services, and offers a full range of money management services through Tompkins Investment Services (a division of Tompkins Trust Company). The Company offers insurance services through its Tompkins Insurance Agencies, Inc. subsidiary, an independent agency serving individuals and business clients throughout New York State. The Company offers fee-based financial planning and wealth management services through its AM&M Financial Services, Inc. subsidiary. AM&M Financial Services, Inc. is also the parent company to Ensemble Financial Services, Inc., an independent broker dealer and leading outsourcing company for financial planners and investment advisors. Each Tompkins subsidiary operates with a community focus, meeting the unique needs of the communities served.

"Safe Harbor" Statement under the Private Securities Litigation Reform of 1995:

This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.

  1 Share and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend approved on January 27, 2010 and payable on February 15, 2010, to shareholders of record on February 5, 2010. 2 Federal Reserve peer ratio as of September 30, 2009, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion. Tompkins Financial Corporation – Condensed Consolidated Statements of Condition (Unaudited)     (In thousands, except share data) (Unaudited) As of As of ASSETS 12/31/2009 12/31/2008   Cash and noninterest bearing balances due from banks $ 43,686 $ 48,133 Interest bearing balances due from banks 1,676 4,116 Money market funds     100       100   Cash and Cash Equivalents 45,462 52,349   Trading securities, at fair value 31,718 38,101 Available-for-sale securities, at fair value 948,811 764,093 Held-to-maturity securities, fair value of $46,340 at December 31, 2009 and $55,064 at December 31, 2008 44,825 54,453 Loans and leases, net of unearned income and deferred costs and fees 1,914,818 1,817,531 Less: Allowance for loan and lease losses     24,350       18,672   Net Loans and Leases 1,890,468 1,798,859   Bank premises and equipment, net 46,650 46,613 Corporate owned life insurance 35,953 34,804 Goodwill 41,589 41,479 Other intangible assets, net 4,864 5,299 Accrued interest and other assets     62,920       31,672   Total Assets   $ 3,153,260     $ 2,867,722     LIABILITIES   Deposits: Interest bearing: Checking, savings and money market $ 1,183,145 $ 980,011 Time 794,738 703,107 Noninterest bearing     461,981       450,889   Total Deposits 2,439,864 2,134,007   Federal funds purchased and securities sold under agreements to repurchase, fair value of $5,500 at December 31, 2009 and $16,170 at December 31, 2008 192,784 196,304 Other borrowings 208,965 274,791 Trust preferred debentures, fair value of $11,335 at December 31, 2009 and $12,179 at December 31, 2008 25,056 3,888 Other liabilities     41,583       39,371   Total Liabilities     2,908,252       2,648,361     Equity   Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share, authorized 25,000,000 shares Issued: 9,772,365 at December 31, 2009; and 9,727,418 at December 31,

2008

977 973 Additional paid-in capital 155,590 152,842 Retained earnings 92,402 73,779 Accumulated other comprehensive loss (3,087 ) (7,602 ) Treasury stock, at cost - 81,723 shares at December 31, 2009, and 76,881 at December 31, 2008.     (2,326 )     (2,083 ) Total Tompkins Financial Corporation Shareholders' Equity 243,556 217,909 Noncontrolling interest     1,452       1,452   Total Equity     245,008       219,361   Total Liabilities and Equity $ 3,153,260 $ 2,867,722                  

 

Tompkins Financial Corporation – Condensed Consolidated Statements of Income (Unaudited)

        (In thousands, except per share data) Three months ended Twelve months ended 12/31/2009 12/31/2008   12/31/2009 12/31/2008 INTEREST AND DIVIDEND INCOME Loans 27,359 26,931 107,452 102,840 Due from banks 12 9 27 133 Federal funds sold 4 0 15 115 Money market funds 1 10 36 246 Trading securities 313 406 1,362 1,923 Available-for-sale securities 9,321 8,674 36,089 33,635 Held-to-maturity securities     417       503       1,814       1,891   Total Interest and Dividend Income     37,427       36,533       146,795       140,783     INTEREST EXPENSE Deposits: Time certificates of deposits of $100,000 or more 1,286 1,883 5,442 9,039 Other deposits 4,340 5,825 18,769 25,489   Federal funds purchased and securities sold under agreements to repurchase 1,565 1,734 6,254 7,496 Other borrowings     2,339       2,288       9,293       8,369   Total Interest Expense     9,530       11,730       39,758       50,393   Net Interest Income     27,897       24,803       107,037       90,390   Less: Provision for loan/lease losses     2,758       2,105       9,288       5,428   Net Interest Income After Provision for Loan/Lease Losses     25,139       22,698       97,749       84,962     NONINTEREST INCOME Investment services income 3,502 3,451 13,328 14,179 Insurance commissions and fees 2,870 2,833 12,307 11,607 Service charges on deposit accounts 2,451 2,529 9,312 10,192 Card services income 980 844 3,664 3,338 Other service charges 539 661 1,937 2,657 Mark-to-market (loss) gain on trading securities (150 ) 983 204 811 Mark-to-market gain (loss) on liabilities held at fair value 502 (1,839 ) 1,263 (2,001 ) Increase in cash surrender value of corporate owned life insurance 316 361 1,090 1,448 Gains on sale of loans 202 15 1,357 105 Gain on VISA stock redemption 0 0 0 1,639 Other income 712 440 1,549 1,583 Net other-than temporary impairment losses 0 0 (146 ) 0 Net realized gain on available-for-sale securities     218       53       348       477   Total Noninterest Income 12,142 10,331 46,213 46,035   NONINTEREST EXPENSES Salary and wages 10,597 10,787 40,459 40,140 Pension and other employee benefits 3,281 2,555 13,367 10,307 Net occupancy expense of bank premises 1,668 1,753 7,135 6,839 Furniture and fixture expense 1,101 1,045 4,462 4,197 Marketing expense 1,004 812 3,778 3,581 Professional fees 906 904 3,307 3,011 Software licensing and maintenance 920 460 2,812 2,503 FDIC insurance 1,648 378 4,976 933 Cardholder expense 410 305 1,532 1,225 Amortization of intangible assets 213 306 915 906 Other operating expense     3,183       3,423       13,874       13,414   Total Noninterest Expenses     24,931       22,728       96,617       87,056   Income Before Income Tax Expense     12,350       10,301       47,345       43,941   Income Tax Expense     4,104       2,994       15,383       13,810   Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation     8,246       7,307       31,962       30,131   Less: Net income attributable to noncontrolling interests     32       33       131       297   Net Income Attributable to Tompkins Financial Corporation   $ 8,214     $ 7,274     $ 31,831     $ 29,834   Basic Earnings Per Share1   $ 0.77     $ 0.68     $ 2.98     $ 2.81   Diluted Earnings Per Share1   $ 0.76     $ 0.68     $ 2.96     $ 2.78  

During the twelve months ended December 31, 2009, $2.0 million of gross other-than-temporary impairment losses on debt securities available-for-sale were recognized, of which $1.9 million, were recognized in accumulated other comprehensive income, net of tax.

Tompkins Financial Corporation Average Consolidated Balance Sheet and Net Interest Analysis (Unaudited)                   Quarter Ended YTD Period Ended YTD Period Ended     Dec-09   Dec-09   Dec-08 Average Average Average   Average Average Average Balance Yield/ Balance Yield/ Balance Yield/ (Dollar amounts in thousands)   (QTD)   Interest   Rate   (YTD)   Interest   Rate   (YTD)   Interest   Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 38,639 $ 12 0.12 % $ 17,017 $27 0.16 % $ 6,239 $ 133 2.13 % Money market funds 10,255 1 0.04 % 17,130 36 0.21 % 9,064 233 2.57 % Securities (1) U.S. Government Securities 783,422 8,208 4.16 % 721,438 31,812 4.41 % 615,234 29,130 4.73 % Trading Assets 32,741 313 3.79 % 35,067 1,362 3.88 % 43,331 1,923 4.44 % State and municipal (2) 107,087 1,603 5.94 % 111,253 6,715 6.04 % 110,551 6,648 6.01 % Other Securities (2)   39,541     544     5.46 %     40,984   1,957     4.78 %     40,110     2,251     5.61 % Total securities 962,791 10,668 4.40 % 908,742 41,846 4.60 % 809,226 39,952 4.94 % Federal Funds Sold 11,210 4 0.14 % 8,542 15 0.18 % 5,258 115 2.19 % Loans, net of unearned income (3) Real Estate Loans 1,315,835 19,032 5.74 % 1,284,063 75,479 5.88 % 1,166,532 71,732 6.15 % Commercial Loans (2) 481,802 6,705 5.52 % 466,076 25,461 5.46 % 346,453 24,419 7.05 % Consumer Loans 87,414 1,558 7.07 % 87,283 6,083 6.97 % 85,350 6,118 7.17 % Direct Lease Financing (2)   12,323     183     5.89 %     13,031   784     6.02 %     14,381     877     6.10 % Total loans, net of unearned income   1,897,374     27,478     5.74 %     1,850,453   107,807     5.83 %     1,612,716     103,146     6.40 % Total interest-earning assets   2,920,269     38,163     5.18 %     2,801,884   149,731     5.34 %     2,442,503     143,592     5.88 %   Other assets   212,330   207,123   190,517   Total assets   3,132,599   3,009,007   2,633,020                                       LIABILITIES & SHAREHOLDERS' EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings & money market 1,193,092 2,062 0.69 % 1,128,648 8,694 0.77 % 906,404 12,983 1.43 % Time Dep > $100,000 329,448 1,286 1.55 % 303,761 5,442 1.79 % 282,547 9,039 3.20 % Time Dep < $100,000 423,607 2,072 1.94 % 420,351 9,223 2.19 % 384,903 12,273 3.19 % Brokered Time Dep < $100,000   45,372     206     1.81 %     43,218   852     1.97 %     7,580     233     3.07 % Total interest-bearing deposits 1,991,518 5,626 1.12 % 1,895,978 24,211 1.28 % 1,581,434 34,528 2.18 %   Federal funds purchased & securities sold under agreements to repurchase 198,607 1,565 3.12 % 190,975 6,254 3.27 % 203,385 7,496 3.69 % Other borrowings 195,477 1,976 4.01 % 204,467 8,206 4.01 % 192,144 8,216 4.28 % Trust Preferred Debentures   23,395     363     6.15 %     17,311   1,087     6.28 %     2,552     153     6.00 % Total interest-bearing liabilities 2,408,997 9,530 1.57 % 2,308,731 39,758 1.72 % 1,979,515 50,393 2.55 %   Non-interest bearing deposits 437,224 427,025 407,336 Accrued expenses and other liabilities   41,202   40,242   35,384 Total liabilities 2,887,423 2,775,998 2,422,235   Tompkins Financial Corporation Shareholders' Equity 243,635 231,498 207,382 Noncontrolling Interest   1,541   1,511   3,403 Total shareholders' equity   245,176   233,009   210,785   Total liabilities and shareholders' equity $ 3,132,599 $ 3,009,007 $ 2,633,020 Interest rate spread     3.61 %     3.62 %     3.33 % Net interest income/margin on earning assets 28,633 3.89 % 109,973 3.92 % 93,163 3.81 %   Tax Equivalent Adjustment   (736 ) (2,936 )   (2,773 ) Net interest income per consolidated Financial statements       $ 27,897             $107,037             $ 90,390         (1) Average balances and yields on available-for-sale securities are based on historical amortized cost. (2) Interest income includes the tax effects of taxable-equivalent adjustments using a combined New York State and Federal effective income tax rate of 40% to increase tax exempt interest income to taxable-equivalent basis. (3) Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the consolidated financial statements. Tompkins Financial Corporation - Summary Financial Data (Unaudited)                         (In thousands, except per share data) Quarter-Ended   Year-Ended Dec-09   Sep-09   Jun-09   Mar-09   Dec-08   Dec-09           Period End Balance Sheet                         Securities   $ 1,025,354     $ 928,874     $ 923,758     $ 989,914     $ 856,647     $ 1,025,354   Loans and leases, net of unearned income and deferred costs and fees     1,914,818       1,882,321       1,841,198       1,811,792       1,817,531       1,914,818   Allowance for loan and lease losses     24,350       22,800       21,319       19,980       18,672       24,350   Total assets     3,153,260       3,088,039       2,968,057       2,993,312       2,867,722       3,153,260                             Total deposits     2,439,864       2,397,431       2,288,809       2,335,937       2,134,007       2,439,864   Federal funds purchased and securities sold under agreements to repurchase     192,784       192,099       189,993       182,744       196,304       192,784   Other borrowings     208,965       194,795       194,754       206,056       274,791       208,965   Trust Preferred Debentures     25,056       23,018       23,017       4,101       3,888       25,056   Shareholders' Equity     245,008       241,647       229,308       227,385       219,361       245,008     Average Balance Sheet                         Average earning assets   $ 2,920,269     $ 2,792,319     $ 2,778,425     $ 2,714,669     $ 2,613,324     $ 2,801,884   Average assets     3,132,599       2,999,961       2,982,077       2,919,147       2,813,158       3,009,007   Average interest-bearing liabilities     2,408,997       2,289,144       2,295,454       2,235,793       1,691,860       2,308,731   Average equity     245,176       233,535       230,117       222,957       212,608       233,009     Share data                         Weighted average shares outstanding (basic) 1     10,702,447       10,693,698       10,679,709       10,671,693       10,651,495       10,686,989   Weighted average shares outstanding (diluted) 1     10,752,737       10,763,374       10,763,784       10,756,903       10,758,394       10,759,302   Period-end shares outstanding     9,739,719       9,722,834       9,720,440       9,699,828       9,694,772       9,739,719   Book value per share1   $ 22.87     $ 22.59     $ 21.45     $ 21.31     $ 20.57     $ 22.87     Income Statement                         Net interest income   $ 27,897     $ 26,780     $ 26,509     $ 25,851     $ 24,803     $ 107,037   Provision for loan/lease losses     2,758       2,127       2,367       2,036       2,105       9,288   Noninterest income     12,142       11,600       11,538       10,933       10,331       46,213   Noninterest expense     24,931       23,723       24,674       23,289       22,728       96,617   Income tax expense     4,104       4,037       3,526       3,716       2,995       15,383   Net income attributable to Tompkins Financial     8,214       8,460       7,447       7,710       7,274       31,831   Noncontrolling interest     32       33       33       33       32       131   Basic earnings per share1   $ 0.77     $ 0.79     $ 0.70     $ 0.72     $ 0.68     $ 2.98   Diluted earnings per share1   $ 0.76     $ 0.79     $ 0.69     $ 0.72     $ 0.68     $ 2.96     Asset Quality                         Net charge-offs   $ 1,208     $ 646     $ 1,028     $ 728     $ 739     $ 3,610   Nonaccrual loans and leases     31,289       25,837       24,662       15,478       15,798       31,289   Loans and leases 90 days past due and accruing     369       579       1,073       677       161       369   Troubled debt restructurings not included above     3,265       0       0       0       69       3,265   Total nonperforming loans and leases     34,923       26,416       25,735       16,155       16,028       34,923   OREO     299       440       68       103       110       299   Nonperforming assets     35,222       26,856       25,803       16,258       16,138       35,222     Credit Quality                         Net loan and lease losses/ average loans and leases *     0.25 %     0.14 %     0.23 %     0.16 %     0.17 %     0.20 % Nonperforming loans and leases/loans and

Leases

    1.82 %     1.40 %     1.40 %     0.89 %     0.88 %     1.82 % Nonperforming assets/assets     1.12 %     0.87 %     0.87 %     0.54 %     0.56 %     1.12 % Allowance/nonperforming loans and leases     69.72 %     86.31 %     82.84 %     123.68 %     116.50 %     69.72 % Allowance/loans and leases     1.27 %     1.21 %     1.16 %     1.10 %     1.03 %     1.27 %   Capital Adequacy (period-end)                         Tier 1 capital / average assets     7.44 %     7.47 %     7.30 %     6.70 %     6.70 %     7.44 % Total capital / risk-weighted assets     12.14 %     11.89 %     11.70 %     10.80 %     10.60 %     12.14 %   Profitability                         Return on average assets *     1.04 %     1.12 %     1.00 %     1.07 %     1.03 %     1.06 % Return on average equity *     13.29 %     14.37 %     12.98 %     14.02 %     13.61 %     13.66 % Net interest margin (TE) *     3.89 %     3.91 %     3.93 %     3.97 %     3.89 %     3.92 % * Quarterly ratios have been annualized                                   Quarter-Ended   Year-Ended Non-GAAP Disclosure   Dec-09   Sep-09   Jun-09   Mar-09   Dec-08   Dec-09 Reported net income   $ 8,214     $ 8,460     $ 7,447     $ 7,710     $ 7,274     $ 31,831   Adjustments:                         FDIC special insurance assessment

(after-tax)

    0       0       822       0       0       822   Subtotal adjustments     0       0       822       0       0       822   Adjusted net income     8,214       8,460       8,269       7,710       7,274       32,653   Weighted average shares outstanding (diluted) 1     10,752,737       10,760,912       10,763,794       10,756,903       10,758,394       10,759,302   Adjusted diluted earnings per share1   $ 0.76     $ 0.79     $ 0.77     $ 0.72     $ 0.68     $ 3.03                 Year-to-date period ended Non-GAAP Disclosure   Dec-09   Dec-08 Reported net income   $ 31,831     $ 29,834   Adjustments:         Proceeds and accrual adjustment from VISA IPO (after-tax)             0       (983 ) FDIC special insurance assessment (after-tax)             822       0   Subtotal adjustments     822       (983 ) Adjusted net income     32,653       28,851   Weighted average shares outstanding (diluted) 1     10,759,302       10,718,842   Adjusted diluted earnings per share1   $ 3.03     $ 2.69     1 Share and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend approved on January 27, 2010 and payable on February 15, 2010, to shareholders of record on February 5, 2010.

1 Year Tompkins Financial Chart

1 Year Tompkins Financial Chart

1 Month Tompkins Financial Chart

1 Month Tompkins Financial Chart