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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 (NYSE Amex: TMP)
Tompkins Financial Corporation reported record first quarter net income of $8.8 million for the first quarter of 2011, an increase of 4.2% from the $8.4 million reported for the same period in 2010. Diluted earnings per share were $0.80 for the first quarter of 2011, a 2.6% increase from the $0.78 reported for the first quarter of 2010.
President and CEO Stephen S. Romaine commented, “We are very pleased to report that first quarter earnings represented the best first quarter in our Company’s history. Results for the quarter benefited from our diversified revenue stream, as growth in wealth management fees, insurance commission, and card services fees helped offset a decline in net interest income.”
Selected highlights for the first quarter of 2011 are included below:
Mr. Romaine added, “Although the business and regulatory climates remain challenging, we are encouraged by these first quarter results that showed growth in earnings, revenue, and capital over the same period last year. As we celebrate our Company’s 175th anniversary in 2011, we remain more committed than ever to our strategy of long term sustainable growth that has served us so well during the most recent, and many previous, economic downturns.”
Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company's three community banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank, insurance through Tompkins Insurance Agencies, Inc. and wealth management through Tompkins Financial Advisors.
"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.
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1 Federal Reserve peer ratio as of December 31, 2010, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) (Unaudited) As of As of ASSETS 03/31/2011 12/31/2010 Cash and noninterest bearing balances due from banks $ 40,009$
47,339 Interest bearing balances due from banks 7,605 2,226 Federal funds sold 17,400 0 Money market funds 100 100 Cash and Cash Equivalents 65,114 49,665 Trading securities, at fair value 21,831 22,837 Available-for-sale securities, at fair value 1,049,504 1,039,608 Held-to-maturity securities, fair value of $51,258 at March 31, 2011, and $56,064 at December 31, 2010 50,108 54,973 Loans and leases, net of unearned income and deferred costs and fees 1,914,344 1,910,358 Less: Allowance for loan and lease losses 28,035 27,832 Net Loans and Leases 1,886,309 1,882,526 Federal Home Loan Bank stock and Federal Reserve Bank stock 17,575 21,985 Bank premises and equipment, net 44,867 46,103 Corporate owned life insurance 41,935 40,024 Goodwill 41,649 41,649 Other intangible assets, net 4,039 4,207 Accrued interest and other assets 55,963 56,766 Total Assets $ 3,278,894$
3,260,343 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 1,348,182 1,230,815 Time 743,720 741,829 Noninterest bearing 520,615 523,229 Total Deposits 2,612,517 2,495,873 Federal funds purchased and securities sold under agreements to repurchase 182,009 183,609 Other borrowings, including certain amounts at fair value of $11,454 at March 31, 2011 and $11,629 at December 31, 2010 140,353 244,193 Trust preferred debentures 25,061 25,060 Other liabilities 36,717 38,200 Total Liabilities $ 2,996,657 $ 2,986,935 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 10,988,320 at March 31, 2011; and 10,934,385 at December 31, 2010 1,099 1,093 Additional paid-in capital 200,444 198,114 Retained earnings 81,513 76,446 Accumulated other comprehensive income (loss) 19 (1,260 ) Treasury stock, at cost – 88,400 shares at March 31, 2011, and 92,025 shares at December 31, 2010 (2,323 ) (2,437 ) Total Tompkins Financial Corporation Shareholders’ Equity 280,752 271,956 Noncontrolling interests 1,485 1,452 Total Equity $ 282,237 $ 273,408 Total Liabilities and Equity $ 3,278,894 $ 3,260,343 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (In thousands, except per share data) (Unaudited) 03/31/2011 03/31/2010 INTEREST AND DIVIDEND INCOME Loans $ 25,701 $ 26,618 Due from banks 6 12 Federal funds sold 3 4 Trading securities 235 309 Available-for-sale securities 7,687 9,000 Held-to-maturity securities 365 407 Federal Home Loan Bank stock and Federal Reserve Bank stock 290 284 Total Interest and Dividend Income 34,287 36,634 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 849 1,178 Other deposits 2,625 3,827 Federal funds purchased and repurchase agreements 1,291 1,425 Trust preferred debentures 405 367 Other borrowings 1,575 1,893 Total Interest Expense 6,745 8,690 Net Interest Income 27,542 27,944 Less: Provision for loan/lease losses 1,910 2,183 Net Interest Income After Provision for Loan/Lease Losses 25,632 25,761 NONINTEREST INCOME Investment services income 3,841 3,738 Insurance commissions and fees 3,374 3,166 Service charges on deposit accounts 1,984 2,057 Card services income 1,245 975 Mark-to-market (loss) gain on trading securities (50 ) 90 Mark-to-market gain (loss) on liabilities held at fair value 174 (128 ) Other income 1,829 1,304 Net gain on securities transactions 95 118 Total Noninterest Income 12,492 11,320 NONINTEREST EXPENSES Salaries and wages 10,825 10,339 Pension and other employee benefits 4,031 3,911 Net occupancy expense of premises 1,894 1,881 Furniture and fixture expense 1,038 1,183 FDIC insurance 1,050 911 Amortization of intangible assets 170 202 Other operating expense 6,208 6,067 Total Noninterest Expenses 25,216 24,494 Income Before Income Tax Expense 12,908 12,587 Income Tax Expense 4,102 4,138 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 8,806 8,449 Less: Net income attributable to noncontrolling interests 33 33 Net Income Attributable to Tompkins Financial Corporation $ 8,773 $ 8,416 Basic Earnings Per Share $ 0.80 $ 0.78 Diluted Earnings Per Share $ 0.80 $ 0.78 Average Consolidated Balance Sheet and Net Interest Analysis Year to Date Period Ended Year to Date Period Ended March 31, 2011 March 31, 2010 Average Average Balance Average Balance Average (Dollar amounts in thousands) (YTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 16,151 $ 6 0.15 % $ 37,885 $ 12 0.13 % Money market funds 100 - 0.00 % 100 - 0.00 % Securities (1) U.S. Government securities 928,576 6,988 3.05 % 827,808 8,219 4.03 % Trading securities 22,542 235 4.23 % 31,279 309 4.01 % State and municipal (2) 112,328 1,447 5.22 % 105,139 1,573 6.07 % Other securities (2) 15,237 180 4.79 % 18,563 224 4.89 % Total securities 1,078,683 8,850 3.33 % 982,789 10,325 4.26 % Federal Funds Sold 8,767 3 0.14 % 9,080 4 0.18 % FHLBNY and FRB stock 18,923 290 6.21 % 19,633 284 5.87 % Loans, net of unearned income (3) Real estate 1,368,589 18,429 5.46 % 1,327,849 18,840 5.75 % Commercial loans (2) 456,691 6,022 5.35 % 472,900 6,260 5.37 % Consumer loans 72,532 1,254 7.01 % 84,083 1,460 7.04 % Direct lease financing 8,752 131 6.07 % 11,634 176 6.14 % Total loans, net of unearned income 1,906,564 25,836 5.50 % 1,896,466 26,736 5.72 % Total interest-earning assets 3,029,188 34,985 4.68 % 2,945,953 37,361 5.14 % Other assets 223,379 227,111 Total assets 3,252,567 3,173,064 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 1,309,121 1,171 0.36 % 1,229,168 1,790 0.59 % Time deposits > $100,000 309,746 849 1.11 % 335,260 1,178 1.42 % Time deposits < $100,000 424,028 1,434 1.37 % 429,464 1,873 1.77 % Brokered time deposits < $100,000 6,074 20 1.34 % 37,242 164 1.79 % Total interest-bearing deposits 2,048,969 3,474 0.69 % 2,031,134 5,005 1.00 % Federal funds purchased & securities sold under agreements to repurchase 185,456 1,291 2.82 % 187,753 1,425 3.08 % Other borrowings 171,659 1,575 3.72 % 199,202 1,893 3.85 % Trust preferred debentures 25,061 405 6.55 % 25,056 367 5.94 % Total interest-bearing liabilities 2,431,145 6,745 1.13 % 2,443,145 8,690 1.44 % Noninterest bearing deposits 507,673 440,113 Accrued expenses and other liabilities 36,466 40,220 Total liabilities 2,975,284 2,923,478 Tompkins Financial Corporation Shareholders’ equity 275,814 248,119 Noncontrolling interest 1,469 1,467 Total equity 277,283 249,586 Total liabilities and equity $ 3,252,567 $ 3,173,064 Interest rate spread 3.55 % 3.70 % Net interest income/margin on earning assets 28,240 3.78 % 28,671 3.95 % Tax Equivalent Adjustment (698 ) (727 ) Net interest income per consolidated financial statements $ 27,542 $ 27,944 (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 beenrecognized as disclosed in Note 1 of the Company’s condensed consolidated financial statements included in Part I of the
Company's annual report on Form 10-K for the fiscal year ended December 31, 2010.
Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data Quarter-Ended Year-Ended Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-10 Period End Balance Sheet Securities $ 1,121,443 $ 1,117,418 $ 1,053,038 $ 1,023,220 $ 1,026,301 $ 1,117,418 Loans and leases, net of unearned income and deferred costs and fees 1,914,344 1,910,358 1,914,064 1,900,303 1,887,038 1,910,358 Allowance for loan and lease losses 28,035 27,832 28,684 26,530 25,366 27,832 Total assets 3,278,894 3,260,343 3,247,111 3,161,648 3,206,763 3,260,343 Total deposits 2,612,517 2,495,873 2,528,528 2,460,223 2,512,201 2,495,873 Federal funds purchased and securities sold under agreements to repurchase 182,009 183,609 191,596 175,336 181,255 183,609 Other borrowings 140,353 244,193 182,779 189,561 190,545 244,193 Trust preferred debentures 25,061 25,060 25,059 25,058 25,057 25,060 Shareholders' equity 282,237 273,408 276,495 268,683 254,444 273,408 Average Balance Sheet Average earning assets $ 3,029,188 $ 3,010,361 $ 2,937,795 $ 2,953,673 $ 2,945,953 $ 2,962,056 Average assets 3,252,567 3,243,822 3,168,478 3,181,476 3,173,064 3,191,840 Average interest-bearing liabilities 2,431,145 2,424,998 2,372,630 2,424,245 2,443,145 2,416,085 Average equity 277,283 280,051 273,517 260,197 249,586 265,943 Share data Weighted average shares outstanding (basic) 10,905,197 10,888,138 10,845,106 10,818,218 10,724,644 10,812,502 Weighted average shares outstanding (diluted) 10,955,430 10,936,042 10,893,642 10,876,421 10,776,934 10,864,450 Period-end shares outstanding 10,953,410 10,898,475 10,878,813 10,830,001 10,793,573 10,898,475 Book value per share 25.77 25.09 25.42 24.81 23.57 25.09 Income Statement Net interest income $ 27,542 $ 27,861 $ 27,864 $ 28,106 $ 27,944 $ 111,775 Provision for loan/lease losses 1,910 1,433 3,483 1,408 2,183 8,507 Noninterest income 12,492 12,281 11,227 11,331 11,320 46,159 Noninterest expense 25,216 25,183 24,852 24,516 24,494 99,045 Income tax expense 4,102 4,602 3,233 4,447 4,138 16,420 Net income attributable to Tompkins Financial Corporation 8,773 8,892 7,490 9,033 8,416 33,831 Noncontrolling interests 33 32 33 33 33 131 Basic earnings per share $ 0.80 $ 0.82 $ 0.69 $ 0.84 $ 0.78 $ 3.13 Diluted earnings per share $ 0.80 $ 0.81 $ 0.69 $ 0.83 $ 0.78 $ 3.11 Asset Quality Net charge-offs 1,707 2,285 1,329 244 1,167 5,025 Nonaccrual loans and leases 39,902 41,501 48,966 33,645 29,521 41,501 Loans and leases 90 days past due and accruing 1,266 1,217 1,737 1,758 51 1,217 Troubled debt restructurings not included above 2,411 2,564 3,264 3,264 3,703 2,564 Total nonperforming loans and leases 43,579 45,282 53,967 38,667 33,275 45,282 OREO 2,270 1,255 1,845 1,638 558 1,255 Nonperforming assets 45,849 46,537 55,812 40,305 33,833 46,537 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-10 Net loan and lease losses/ average loans and leases * 0.36% 0.48% 0.28% 0.05% 0.25% 0.26% Nonperforming loans and leases/loans and leases 2.28% 2.37% 2.82% 2.03% 1.76% 2.37% Nonperforming assets/assets 1.40% 1.43% 1.72% 1.27% 1.06% 1.43% Allowance/nonperforming loans and leases 64.33% 61.46% 53.15% 68.61% 76.23% 61.46% Allowance/loans and leases 1.46% 1.46% 1.50% 1.40% 1.34% 1.46% Capital Adequacy (period-end) Tier I capital / average assets 8.22% 8.02% 8.01% 7.77% 7.56% 8.02% Total capital / risk-weighted assets 13.66% 13.42% 13.14% 13.10% 12.56% 13.42% Profitability Return on average assets * 1.09% 1.09% 0.94% 1.14% 1.08% 1.06% Return on average equity * 12.83% 12.60% 10.86% 13.92% 13.68% 12.72% Net interest margin (TE) * 3.78% 3.75% 3.85% 3.91% 3.95% 3.86% * Quarterly ratios have been annualized
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