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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 |
From Jul 2019 to Jul 2024
Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported net income of $7.9 million for the third quarter of 2011, an increase of 4.9% over the $7.5 million reported for the same period in 2010. Diluted earnings per share were $0.71 for the third quarter of 2011, a 2.9% increase over the $0.69 reported for the third quarter of 2010.
For the nine months ended September 30, 2011, net income was $26.0 million, compared to $24.9 million for the same period last year. Diluted earnings per share totaled $2.36 for the first nine months of 2011, an increase of 2.6% over the $2.30 reported for the first nine months of 2010.
Stephen S. Romaine, President and CEO stated, “Growth has been challenging in the current economic climate, which makes our results through the first nine months of the year especially rewarding. Net income, revenue, loans, and deposits all showed increases when compared to the prior year, and our year to date earnings reflected the best performance through the first nine months of the year in the Company’s history.”
Selected highlights for the third quarter and year-to-date period included:
Mr. Romaine, added, “Our strategy of balancing reasonable growth expectations with prudent management of risk has continued to serve us well in these challenging times. Despite an increase in net charge-offs during the quarter, the general trend in credit quality, as evidenced by a continued decline in classified loans, has continued to improve over the last several quarters. Although the interest rate and economic environment will remain a challenge for our business, we are extremely pleased to see continued growth in a majority of our key business lines.”
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.
1 Federal Reserve peer ratio as of June 30, 2011, 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 09/30/2011 12/31/2010 Cash and noninterest bearing balances due from banks $ 57,496 $ 47,339 Interest bearing balances due from banks 51,173 2,226 Money market funds 100 100 Cash and Cash Equivalents 108,769 49,665 Trading securities, at fair value 20,432 22,837 Available-for-sale securities, at fair value 1,082,970 1,039,608 Held-to-maturity securities, fair value of $28,053 at September 30, 2011, and $56,064 at December 31, 2010 27,367 54,973 Loans and leases, net of unearned income and deferred costs and fees 1,951,598 1,910,358 Less: Allowance for loan and lease losses 27,878 27,832 Net Loans and Leases 1,923,720 1,882,526 Federal Home Loan Bank stock and Federal Reserve Bank stock 16,906 21,985 Bank premises and equipment, net 44,991 46,103 Corporate owned life insurance 42,656 40,024 Goodwill 43,958 41,649 Other intangible assets, net 4,318 4,207 Accrued interest and other assets 42,930 56,766 Total Assets $ 3,359,017 $ 3,260,343 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 1,402,542 1,230,815 Time 702,716 741,829 Noninterest bearing 570,416 523,229 Total Deposits 2,675,674 2,495,873 Federal funds purchased and securities sold under agreements to repurchase 171,943 183,609 Other borrowings, including certain amounts at fair value of $12,117 at September 30, 2011 and $11,629 at December 31, 2010 138,001 244,193 Trust preferred debentures 25,063 25,060 Other liabilities 39,001 38,200 Total Liabilities $ 3,049,682 $ 2,986,935 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 11,158,796 at September 30, 2011; and 10,934,385 at December 31, 2010 1,116 1,093 Additional paid-in capital 206,010 198,114 Retained earnings 91,063 76,446 Accumulated other comprehensive income (loss) 12,097 (1,260) Treasury stock, at cost – 92,800 shares at September 30, 2011, and 92,025 shares at December 31, 2010 (2,501) (2,437) Total Tompkins Financial Corporation Shareholders’ Equity 307,785 271,956 Noncontrolling interests 1,550 1,452 Total Equity $ 309,335 $ 273,408 Total Liabilities and Equity $ 3,359,017 $ 3,260,343 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Nine Months Ended (In thousands, except per share data) (Unaudited) 09/30/2011 09/30/2010 09/30/2011 09/30/2010 INTEREST AND DIVIDEND INCOME Loans $ 26,134 $ 26,675 $ 77,718 $ 80,044 Due from banks 1 5 10 27 Federal funds sold 1 5 6 14 Trading securities 213 255 668 843 Available-for-sale securities 7,524 8,215 23,110 26,009 Held-to-maturity securities 249 359 944 1,160 Federal Home Loan Bank stock and Federal Reserve Bank stock 212 230 719 731 Total Interest and Dividend Income 34,334 35,744 103,175 108,828 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 817 1,035 2,534 3,360 Other deposits 2,449 3,178 7,639 10,506 Federal funds purchased and securities sold under agreements to repurchase 1,204 1,336 3,743 4,069 Trust preferred debentures 405 407 1,197 1,210 Other borrowings 1,546 1,924 4,655 5,770 Total Interest Expense 6,421 7,880 19,768 24,915 Net Interest Income 27,913 27,864 83,407 83,913 Less: Provision for loan and lease losses 4,870 3,483 7,785 7,074 Net Interest Income After Provision for Loan and Lease Losses 23,043 24,381 75,622 76,839 NONINTEREST INCOME Investment services income 3,425 3,423 11,090 10,764 Insurance commissions and fees 3,573 3,365 10,406 9,722 Service charges on deposit accounts 2,165 2,115 6,256 6,602 Card services income 1,271 1,105 3,785 3,147 Mark-to-market gain on trading securities 55 177 170 558 Mark-to-market loss on liabilities held at fair value (461) (323) (488) (940) Other income 1,998 1,401 5,217 3,887 Net other-than-temporary impairment losses 0 (34) 0 (34) Net gain (loss) on securities transactions 286 (2) 381 173 Total Noninterest Income 12,312 11,227 36,817 33,879 NONINTEREST EXPENSES Salaries and wages 11,190 10,611 33,225 31,618 Pension and other employee benefits 3,374 3,616 11,063 10,970 Net occupancy expense of premises 1,721 1,820 5,321 5,427 Furniture and fixture expense 1,088 986 3,325 3,312 FDIC insurance 475 978 2,057 2,747 Amortization of intangible assets 137 186 453 586 Other operating expense 5,988 6,655 18,908 19,202 Total Noninterest Expenses 23,973 24,852 74,352 73,862 Income Before Income Tax Expense 11,382 10,756 38,087 36,856 Income Tax Expense 3,490 3,233 11,956 11,818 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 7,892 7,523 26,131 25,038 Less: Net income attributable to noncontrolling interests 33 33 98 98 Net Income Attributable to Tompkins Financial Corporation $ 7,859 $ 7,490 $ 26,033 $ 24,940 Basic Earnings Per Share $ 0.71 $ 0.69 $ 2.37 $ 2.31 Diluted Earnings Per Share $ 0.71 $ 0.69 $ 2.36 $ 2.30 Average Consolidated Balance Sheet and Net Interest Analysis Quarter Ended Year to Date Period Ended Year to Date Period Ended September 30, 2011 September 30, 2011 September 30, 2010 Average Average Average Balance Average Balance Average Balance Average (Dollar amounts in thousands) (QTD) Interest Yield/Rate (YTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 3,597 $ 1 0.11% $ 9,987 $ 10 0.13% $ 30,112 $ 27 0.12% Money market funds 100 - 0.00% 100 - 0.00% 100 - 0.00% Securities (1) U.S. Government securities 972,856 6,903 2.81% 955,022 21,119 2.96% 837,883 23,710 3.78% Trading securities 20,856 213 4.05% 21,650 668 4.13% 28,569 843 3.95% State and municipal (2) 82,592 1,175 5.64% 99,220 3,987 5.37% 105,441 4,581 5.81% Other securities (2) 13,541 155 4.54% 14,369 503 4.68% 17,855 654 4.90% Total securities 1,089,845 8,446 3.07% 1,090,261 26,277 3.22% 989,748 29,788 4.02% Federal Funds Sold 5,868 1 0.07% 6,238 6 0.13% 10,956 14 0.17% FHLBNY and FRB stock 17,907 211 4.67% 18,303 719 5.25% 19,526 731 5.01% Loans, net of unearned income (3) Real estate 1,404,516 18,759 5.30% 1,386,097 55,738 5.38% 1,340,032 56,878 5.67% Commercial loans (2) 454,602 6,266 5.47% 454,306 18,440 5.43% 462,442 18,749 5.42% Consumer loans 66,884 1,150 6.82% 69,245 3,593 6.94% 81,818 4,271 6.98% Direct lease financing 7,027 103 5.81% 7,883 348 5.90% 11,044 498 6.46% Total loans, net of unearned income 1,933,029 26,278 5.39% 1,917,531 78,119 5.45% 1,895,336 80,396 5.67% Total interest-earning assets 3,050,346 34,937 4.54% 3,042,420 105,131 4.62% 2,945,778 110,956 5.04% Other assets 235,813 227,910 228,545 Total assets 3,286,159 3,270,330 3,174,323 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 1,336,593 1,239 0.37% 1,333,934 3,694 0.37% 1,217,756 4,776 0.52% Time deposits > $100,000 312,583 817 1.04% 315,265 2,534 1.07% 333,814 3,360 1.35% Time deposits < $100,000 393,637 1,210 1.22% 406,554 3,924 1.29% 432,415 5,382 1.66% Brokered time deposits < $100,000 219 0 0.00% 2,309 21 1.22% 27,968 348 1.66% Total interest-bearing deposits 2,043,032 3,266 0.63% 2,058,062 10,173 0.66% 2,011,953 13,866 0.92% Federal funds purchased & securities sold under agreements to repurchase 167,845 1,204 2.85% 174,816 3,743 2.86% 183,521 4,069 2.96% Other borrowings 155,636 1,546 3.94% 160,340 4,655 3.88% 192,551 5,770 4.01% Trust preferred debentures 25,063 405 6.41% 25,062 1,197 6.39% 25,057 1,210 6.46% Total interest-bearing liabilities 2,391,576 6,421 1.06% 2,418,280 19,768 1.09% 2,413,082 24,915 1.38% Noninterest bearing deposits 551,532 524,888 458,931 Accrued expenses and other liabilities 39,190 37,236 41,122 Total liabilities 2,982,298 2,980,404 2,913,135 Tompkins Financial Corporation Shareholders’ equity 302,786 288,579 259,687 Noncontrolling interest 1,075 1,347 1,501 Total equity 303,861 289,926 261,188 Total liabilities and equity $ 3,286,159 $ 3,270,330 $ 3,174,323 Interest rate spread 3.47% 3.53% 3.66% Net interest income/margin on earning assets 28,516 3.71% 85,363 3.75% 86,041 3.91% Tax Equivalent Adjustment (603) (1,956) (2,128) Net interest income per consolidated financial statements $ 27,913 $ 83,407 $ 83,913 (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 Company’s 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 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Dec-10 Period End Balance Sheet Securities $ 1,130,769 $ 1,138,563 $ 1,121,443 $ 1,117,418 $ 1,053,038 $ 1,117,418 Loans and leases, net of unearned income and deferred costs and fees 1,951,598 1,920,716 1,914,344 1,910,358 1,914,064 1,910,358 Allowance for loan and lease losses 27,878 28,361 28,035 27,832 28,684 27,832 Total assets 3,359,017 3,287,598 3,278,894 3,260,343 3,247,111 3,260,343 Total deposits 2,675,674 2,572,008 2,612,517 2,495,873 2,528,528 2,495,873 Federal funds purchased and securities sold under agreements to repurchase 171,943 178,545 182,009 183,609 191,596 183,609 Other borrowings 138,001 172,643 140,353 244,193 182,779 244,193 Trust preferred debentures 25,063 25,062 25,061 25,060 25,059 25,060 Shareholders' equity 309,335 300,060 282,237 273,408 276,495 273,408 Average Balance Sheet Average earning assets $ 3,050,346 $ 3,047,494 $ 3,029,188 $ 3,010,361 $ 2,937,795 $ 2,962,056 Average assets 3,286,159 3,271,895 3,252,549 3,243,822 3,168,478 3,191,840 Average interest-bearing liabilities 2,391,576 2,432,556 2,431,145 2,424,998 2,372,630 2,416,085 Average equity 303,861 288,341 277,283 280,051 273,517 265,943 Share data Weighted average shares outstanding (basic) 11,049,831 10,974,616 10,905,197 10,888,138 10,845,106 10,812,502 Weighted average shares outstanding (diluted) 11,124,331 11,016,515 10,955,430 10,936,042 10,893,642 10,864,450 Period-end shares outstanding 11,122,886 11,051,894 10,952,410 10,898,475 10,878,813 10,898,475 Book value per share 27.81 27.15 25.77 25.09 25.42 25.09 Income Statement Net interest income $ 27,913 $ 27,952 $ 27,542 $ 27,861 $ 27,864 $ 111,775 Provision for loan/lease losses 4,870 1,005 1,910 1,433 3,483 8,507 Noninterest income 12,312 12,013 12,492 12,281 11,227 46,159 Noninterest expense 23,973 25,163 25,216 25,183 24,852 99,045 Income tax expense 3,490 4,364 4,102 4,602 3,233 16,420 Net income attributable to Tompkins Financial Corporation 7,859 9,400 8,773 8,892 7,490 33,831 Noncontrolling interests 33 33 33 32 33 131 Basic earnings per share $ 0.71 $ 0.86 $ 0.80 $ 0.82 $ 0.69 $ 3.13 Diluted earnings per share $ 0.71 $ 0.85 $ 0.80 $ 0.81 $ 0.69 $ 3.11 Asset Quality Net charge-offs 5,353 679 1,707 2,285 1,329 5,025 Nonaccrual loans and leases 40,419 38,457 39,902 41,501 48,966 41,501 Loans and leases 90 days past due and accruing 379 2,512 1,266 1,217 1,737 1,217 Troubled debt restructurings not included above 441 0 2,411 2,564 3,264 2,564 Total nonperforming loans and leases 41,239 40,969 43,579 45,282 53,967 45,282 OREO 1,632 1,742 2,270 1,255 1,845 1,255 Nonperforming assets 42,871 42,711 45,849 46,537 55,812 46,537 Loan Classifications Special Mention 66,697 80,470 70,765 80,920 72,135 80,920 Substandard 73,313 80,003 85,973 91,645 105,519 91,645 Doubtful 509 2,450 2,468 0 806 0 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Dec-10 Net loan and lease losses/ average loans and leases * 1.10% 0.14% 0.36% 0.48% 0.28% 0.26% Nonperforming loans and leases/loans and leases 2.11% 2.13% 2.28% 2.37% 2.82% 2.37% Nonperforming assets/assets 1.28% 1.30% 1.40% 1.43% 1.72% 1.43% Allowance/nonperforming loans and leases 67.60% 69.23% 64.33% 61.46% 53.15% 61.46% Allowance/loans and leases 1.43% 1.48% 1.46% 1.46% 1.50% 1.46% Capital Adequacy (period-end) Tier I capital / average assets 8.55% 8.39% 8.22% 8.02% 8.01% 8.02% Total capital / risk-weighted assets 14.11% 13.98% 13.66% 13.42% 13.14% 13.42% Profitability Return on average assets * 0.95% 1.15% 1.09% 1.09% 0.94% 1.06% Return on average equity * 10.29% 13.08% 12.83% 12.60% 10.86% 12.72% Net interest margin (TE) * 3.71% 3.77% 3.78% 3.75% 3.85% 3.86% * Quarterly ratios have been annualized
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