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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 | |
---|---|---|---|---|---|---|---|---|
0.845 | 1.44% | 59.555 | 60.83 | 58.33 | 59.58 | 18,390 | 18:11:25 |
Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.36 for the fourth quarter of 2022, up 2.3% compared to $1.33 reported in the fourth quarter of 2021. Net income for the fourth quarter of 2022 was $19.5 million, which was unchanged when compared to the same period in 2021.
For the year ended December 31, 2022, diluted earnings per share of $5.89 were down 2.6% compared to the year ended December 31, 2021. Net income for 2022 was $85.0 million, a decrease of $4.2 million compared to the year ended December 31, 2021. Significant contributors to the negative variance in annual net income included a reduction in net deferred loan fees associated with PPP loans from $11.2 million in 2021 to $3.0 million in 2022, as well as an increase in provision for credit loss expense, which was a credit of $2.2 million in 2021 versus an expense of $2.8 million in 2022.
During the fourth quarter of 2022, the Company sold its VISA Class B common shares, recognizing a pre-tax gain of $11.4 million. Also in the fourth quarter of 2022, the Company sold $147.9 million of available-for-sale securities, recognizing a pre-tax loss on the sale of $11.9 million. The available-for-sale securities sold during the quarter had an average yield of 0.41% and remaining life of 2.1 years. Proceeds from the sale of the VISA Class B shares and the available-for-sale securities were used to pay down overnight borrowings with the FHLB.
Tompkins President and CEO, Stephen Romaine, commented, "We are pleased to report earnings growth in the fourth quarter of 2022, when compared to the same quarter last year. The quality of our balance sheet remains a strength, as we had net credit recoveries for the year and nonperforming loans remain near historic lows. Our performance metrics remain strong as we begin a new year facing economic uncertainty and a challenging interest rate environment. We remain focused on growth that is built on quality customer relationships and on improving the overall efficiency of our Company."
SELECTED HIGHLIGHTS FOR THE PERIOD:
NET INTEREST INCOME
Net interest margin was 3.02% for the fourth quarter of 2022, down compared to the 3.04% reported for the third quarter of 2022, and up compared to the 3.01% reported for the fourth quarter of 2021. The decrease in margin from the third quarter of 2022 was due primarily to the increase in interest expense on interest-bearing deposits and short-term borrowings, partially offset by higher yields on loan, securities and cash, reflective of the higher interest rate environment.
Net interest income was $57.3 million for the fourth quarter of 2022, down from $58.1 million for the third quarter of 2022 and $57.8 million for the fourth quarter of 2021. Full year net interest income was $230.3 million for the year ended December 31, 2022, up from $223.8 million reported for the year ended December 31, 2021.
Comparisons to prior periods are impacted by net fees on PPP loans, which have largely paid down during 2022. Net interest income in the current quarter included $5,000 of net deferred loan fees associated with PPP loans, down from $88,000 of net deferred PPP loan fees for the third quarter of 2022, and $3.2 million of net deferred PPP loan fees for the fourth quarter of 2021. Full year net interest income for 2021 included net deferred loan fees associated with PPP loans of $11.2 million and a $1.9 million purchase accounting charge related to the redemption of $15.2 million in trust preferred securities; full year net deferred loan fees on PPP loans in 2022 were $3.0 million.
Average loans for the quarter ended December 31, 2022 increased $145.7 million, or 2.9%, compared to the same period in 2021, and were in line with average loans for the third quarter of 2022. The increase in average loans as compared to the same period in the prior year was mainly in commercial and residential real estate loans, which were up 7.9% and 4.9%, respectively. Commercial and industrial loans were down 14.6%, mainly driven by lower PPP loan balances. Average loan yields for the quarter ended December 31, 2022 were up 27 basis points from the third quarter of 2022 and up 32 basis points compared to the same period in 2021.
Average loans for the year ended December 31, 2022 were in line with average loans for the year ended December 31, 2021. Average loan yields for the year ended December 31, 2022, were up 9 basis points compared to 2021, which reflects the impact of rising market interest rates in 2022.
Average total deposits for the fourth quarter of 2022 were down $261.8 million, or 3.8%, compared to the same period in 2021 and were down $108.1 million, or 1.6%, compared to average deposits for the third quarter of 2022. The decrease was largely driven by inflation and higher rate alternatives due to current interest rate environment and tighter monetary policy. The total cost of interest-bearing liabilities of 0.84% for the fourth quarter of 2022 represented an increase of 39 basis points over the third quarter of 2022, and an increase of 62 basis points over the same period in 2021.
Average total deposits for 2022 were flat compared to 2021. Average noninterest bearing deposits for 2022 were up $90.2 million, or 4.3%, compared to 2021. The total cost of interest-bearing liabilities for full year ended December 31, 2022 increased by 8 basis points to 0.43% from the same period in 2021.
NONINTEREST INCOME
Noninterest income of $18.4 million for the fourth quarter of 2022 was down 4.2% compared to the same period in 2021. Negatively impacting noninterest income during the quarter were lower wealth management fees, primarily due to market conditions, as well as a net loss on sale of securities of $455,000.
For the full year 2022, noninterest income of $78.0 million was down 1.1% from 2021. Year to date 2022 noninterest income reflected higher revenue from insurance commissions, deposit fees and card services fees, which were offset by lower wealth management fees and net losses of $634,000 on securities transactions.
NONINTEREST EXPENSE
Noninterest expense was $50.2 million for the fourth quarter of 2022, up $2.0 million, or 4.2%, over the fourth quarter of 2021, with the increase largely driven by higher personnel related costs. Increased spending on marketing and technology also contributed to expense growth in the fourth quarter of 2022 compared to the same period in 2021.
For the full year 2022, noninterest expense was $195.8 million, up $5.5 million, or 2.9%, over 2021. The growth in noninterest expense for the year-to-date period was primarily driven by increases in salaries, wages and benefits and other noninterest expense. Contributing to the growth in these expense items were nonrecurring expenses of $1.2 million, related to the consolidation and rebranding of the Company's four banking charters The year-to-date period in 2021 included $2.9 million in penalties related to the prepayment of $135.0 million in FHLB fixed rate advances.
INCOME TAX EXPENSE
The Company's effective tax rate was 18.6% for the fourth quarter of 2022, compared to 21.7% for the same period in 2021. The effective tax rate for the year ended December 31, 2022 was 22.4%, compared to 22.0% reported for 2021.
The Company's banking subsidiary has an investment in a real estate investment trust that provides certain benefits on its New York State tax return for qualifying entities. A condition to claim these benefits is that the consolidated company has qualified assets of no more than $8.0 billion for the taxable year. Prior to the fourth quarter of 2022, the Company expected to exceed the asset threshold and its effective tax rate reflected the anticipated loss of these tax benefits. With the decrease in total assets between September 30, 2022 and December 31, 2022, the Company retained the tax benefits, and as a result, adjusted its tax rate in the fourth quarter of 2022 to reflect the retention of the benefits. The Company will continue to monitor consolidated average assets to determine future eligibility.
ASSET QUALITY
The allowance for credit losses represented 0.87% of total loans and leases at December 31, 2022, up from 0.86% at September 30, 2022 and 0.84% at December 31, 2021. The ratio of the allowance to total nonperforming loans and leases improved to 139.85% at December 31, 2022, up compared to 128.27% at September 30, 2022 and 137.51% at December 31, 2021.
The provision for credit loss expense for the fourth quarter of 2022 was $1.4 million compared to $3.9 million for the same period in 2021. Provision expense for the year ended December 31, 2022 was an expense of $2.8 million, compared to a credit of $2.2 million for 2021. The increase in the provision for credit losses for the year-ended December 31, 2022 is mainly driven by current economic forecasts coupled with loan growth.
Nonperforming assets represented 0.43% of total assets at December 31, 2022, down from 0.45% at September 30, 2022, and up from 0.40% at December 31, 2021. At December 31, 2022, nonperforming loans and leases totaled $32.8 million, compared to $34.9 million at September 30, 2022 and $31.2 million at December 31, 2021.
Special Mention and Substandard loans and leases totaled $98.3 million at December 31, 2022, reflecting improvement from $106.7 million at September 30, 2022, and $137.6 million at December 31, 2021.
CAPITAL POSITION
Capital ratios at December 31, 2022 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.42% at December 31, 2022, compared to 14.26% at September 30, 2022 and 14.23% at December 31, 2021. The ratio of Tier 1 capital to average assets was 9.34% at December 31, 2022, compared to 9.14% at September 30, 2022 and 8.72% at December 31, 2021.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", or "anticipate", and other similar words. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to certain uncertainties and factors relating to the Company’s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements. The following factors, in addition to those listed as Risk Factors in Item 1A of our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ materially from the forward-looking statements; changes in general economic, market and regulatory conditions; estimated GDP growth and inflation trends; our ability to attract and retain deposits and access other sources of liquidity; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company’s operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, such as SEC rule making, The Dodd-Frank Act, Basel III, and state and local government mandates; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; uncertainties arising from national and global events such as the war in the Ukraine, including the potential impact of widespread protests, civil unrest, and political uncertainty on the economy and the financial services industry; public health crises and pandemics, including the COVID-19 pandemic, and their effects on the economic and business environments in which we operate, including on our credit quality and business operations, as well as the impact on general economic and financial market conditions; cybersecurity threats and the cost of defending against them; and financial resources in the amounts, at the times and on the terms required to support the Company’s future businesses. The Company does not undertake any obligation to update its forward-looking statements.
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(In thousands, except share and per share data)
As of
As of
ASSETS
12/31/2022
12/31/2021
(Audited)
Cash and noninterest bearing balances due from banks
$
18,572
$
23,078
Interest bearing balances due from banks
59,265
40,029
Cash and Cash Equivalents
77,837
63,107
Available-for-sale debt securities, at fair value (amortized cost of $1,831,791 at December 31, 2022 and $2,063,790 at December 31, 2021)
1,594,967
2,044,513
Held-to-maturity securities, at amortized cost (fair value of $261,692 at December 31, 2022 and $282,288 at December 31, 2021)
312,344
284,009
Equity securities, at fair value (amortized cost $777 at December 31, 2022 and $902 at December 31, 2021)
777
902
Total loans and leases, net of unearned income and deferred costs and fees
5,268,911
5,075,467
Less: Allowance for credit losses
45,934
42,843
Net Loans and Leases
5,222,977
5,032,624
Federal Home Loan Bank and other stock
17,720
10,996
Bank premises and equipment, net
82,140
85,416
Corporate owned life insurance
85,556
86,495
Goodwill
92,602
92,447
Other intangible assets, net
2,708
3,643
Accrued interest and other assets
181,058
115,830
Total Assets
$
7,670,686
$
7,819,982
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market
3,820,739
4,016,025
Time
631,411
639,674
Noninterest bearing
2,150,145
2,135,736
Total Deposits
6,602,295
6,791,435
Federal funds purchased and securities sold under agreements to repurchase
56,278
66,787
Other borrowings
291,300
124,000
Other liabilities
103,423
108,819
Total Liabilities
$
7,053,296
$
7,091,041
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,555,741 at December 31, 2022; and 14,696,911 at December 31, 2021
1,456
1,470
Additional paid-in capital
302,763
312,538
Retained earnings
526,727
475,262
Accumulated other comprehensive loss
(208,689
)
(55,950
)
Treasury stock, at cost – 128,749 shares at December 31, 2022, and 122,824 shares at December 31, 2021
(6,279
)
(5,791
)
Total Tompkins Financial Corporation Shareholders’ Equity
615,978
727,529
Noncontrolling interests
1,412
1,412
Total Equity
$
617,390
$
728,941
Total Liabilities and Equity
$
7,670,686
$
7,819,982
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) (Unaudited)
Three Months Ended
Year Ended
12/31/2022
12/31/2021
12/31/2022
12/31/2021
INTEREST AND DIVIDEND INCOME
Loans
$
58,930
$
53,086
$
217,607
$
214,684
Due from banks
181
77
371
343
Available-for-sale debt securities
6,939
6,252
27,929
23,440
Held-to-maturity securities
1,221
1,031
4,771
2,075
Federal Home Loan Bank and other stock
254
168
646
776
Total Interest and Dividend Income
67,525
$
60,614
$
251,324
$
241,318
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more
909
478
2,298
2,202
Other deposits
6,973
1,810
13,870
8,645
Federal funds purchased and securities sold under agreements to repurchase
14
16
60
64
Trust preferred debentures
0
0
0
2,233
Other borrowings
2,335
499
4,815
4,382
Total Interest Expense
10,231
2,803
21,043
17,526
Net Interest Income
57,294
57,811
230,281
223,792
Less: Provision (credit) for credit loss expense
1,397
3,914
2,789
(2,219
)
Net Interest Income After Credit for Credit Loss Expense
55,897
53,897
227,492
226,011
NONINTEREST INCOME
Insurance commissions and fees
7,630
7,783
36,201
34,836
Wealth management fees
4,241
5,041
18,091
19,388
Service charges on deposit accounts
1,913
1,768
7,365
6,347
Card services income
2,791
2,775
11,024
10,826
Other income
2,231
1,795
5,925
7,203
Net (loss) gain on securities transactions
(455
)
(8
)
(634
)
249
Total Noninterest Income
18,351
19,154
77,972
78,849
NONINTEREST EXPENSE
Salaries and wages
25,249
24,561
98,261
96,038
Other employee benefits
6,342
6,285
24,969
24,172
Net occupancy expense of premises
3,163
3,137
13,093
13,179
Furniture and fixture expense
2,007
2,108
8,058
8,328
Amortization of intangible assets
218
329
873
1,317
Other operating expense
13,211
11,734
50,497
47,253
Total Noninterest Expenses
50,190
48,154
195,751
190,287
Income Before Income Tax Expense
24,058
24,897
109,713
114,573
Income Tax Expense
4,478
5,401
24,557
25,182
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation
19,580
19,496
85,156
89,391
Less: Net Income Attributable to Noncontrolling Interests
32
31
126
127
Net Income Attributable to Tompkins Financial Corporation
$
19,548
19,465
85,030
89,264
Basic Earnings Per Share
$
1.36
$
1.34
$
5.92
$
6.08
Diluted Earnings Per Share
$
1.36
$
1.33
$
5.89
$
6.05
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Quarter Ended
December 31, 2022
December 31, 2021
Average
Average
Balance
Average
Balance
Average
(Dollar amounts in thousands)
(QTD)
Interest
Yield/Rate
(QTD)
Interest
Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks
$
58,488
$
181
1.23
%
$
228,570
$
77
0.13
%
Securities (1)
U.S. Government securities
2,186,858
7,627
1.38
%
2,248,954
6,728
1.19
%
State and municipal (2)
94,377
608
2.56
%
105,215
672
2.53
%
Other securities (2)
3,270
47
5.68
%
3,407
23
2.64
%
Total securities
2,284,505
8,282
1.44
%
2,357,576
7,423
1.25
%
FHLBNY and FRB stock
15,942
255
6.33
%
10,382
168
6.42
%
Total loans and leases, net of unearned income (2)(3)
5,209,721
59,140
4.50
%
5,064,028
53,354
4.18
%
Total interest-earning assets
7,568,656
67,858
3.56
%
7,660,556
61,022
3.16
%
Other assets
152,679
333,260
Total assets
$
7,721,335
$
7,993,816
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market
$
3,905,570
$
5,888
0.60
%
$
4,130,652
$
793
0.08
%
Time deposits
615,493
1,994
1.28
%
663,713
1,495
0.89
%
Total interest-bearing deposits
4,521,063
7,882
0.69
%
4,794,365
2,288
0.19
%
Federal funds purchased & securities sold under agreements to repurchase
55,701
14
0.10
%
61,976
16
0.11
%
Other borrowings
251,797
2,335
3.68
%
110,370
499
1.79
%
Trust preferred debentures
0
0
0.00
%
0
0
0.00
%
Total interest-bearing liabilities
4,828,561
10,231
0.84
%
4,966,711
2,803
0.22
%
Noninterest bearing deposits
2,196,992
2,185,489
Accrued expenses and other liabilities
115,063
118,997
Total liabilities
7,140,615
7,271,197
Tompkins Financial Corporation Shareholders’ equity
579,223
721,123
Noncontrolling interest
1,497
1,496
Total equity
580,720
722,619
Total liabilities and equity
$
7,721,335
$
7,993,816
Interest rate spread
2.72
%
2.94
%
Net interest income/margin on earning assets
57,627
3.02
%
58,219
3.01
%
Tax Equivalent Adjustment
(333
)
(408
)
Net interest income per consolidated financial statements
$
57,294
$
57,811
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Year to Date Period Ended
Year to Date Period Ended
December 31, 2022
December 31, 2021
Average
Average
Balance
Balance
Average
(Dollar amounts in thousands)
(YTD)
Interest
(YTD)
Interest
Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks
$
85,788
$
371
0.43
%
$
307,253
$
343
0.11
%
Securities (1)
U.S. Government securities
2,265,226
30,587
1.35
%
2,003,450
23,145
1.16
%
State and municipal (2)
97,283
2,490
2.56
%
112,391
2,871
2.55
%
Other securities (2)
3,329
135
4.06
%
3,417
92
2.68
%
Total securities
2,365,838
33,212
1.40
%
2,119,258
26,108
1.23
%
FHLBNY and FRB stock
13,354
646
4.84
%
14,830
776
5.24
%
Total loans and leases, net of unearned income (2)(3)
5,142,098
218,494
4.25
%
5,184,491
215,709
4.16
%
Total interest-earning assets
7,607,078
252,723
3.32
%
7,625,832
242,936
3.19
%
Other assets
221,442
343,119
Total assets
$
7,828,520
$
7,968,951
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market
$
4,029,008
$
10,389
0.26
%
$
4,034,969
$
3,736
0.09
%
Time deposits
611,708
5,779
0.94
%
711,381
7,111
1.00
%
Total interest-bearing deposits
4,640,716
16,168
0.35
%
4,746,350
10,847
0.23
%
Federal funds purchased & securities sold under agreements to repurchase
57,126
60
0.10
%
58,627
64
0.11
%
Other borrowings
195,110
4,815
2.47
%
217,799
4,382
2.01
%
Trust preferred debentures
0
0
0.00
%
7,367
2,233
30.32
%
Total interest-bearing liabilities
4,892,952
21,043
0.43
%
5,030,143
17,526
0.35
%
Noninterest bearing deposits
2,186,720
2,096,542
Accrued expenses and other liabilities
107,122
117,790
Total liabilities
7,186,794
7,244,475
Tompkins Financial Corporation Shareholders’ equity
640,258
723,009
Noncontrolling interest
1,468
1,467
Total equity
641,726
724,476
Total liabilities and equity
$
7,828,520
$
7,968,951
Interest rate spread
2.89
%
2.84
%
Net interest income/margin on earning assets
231,680
3.05
%
225,410
2.96
%
Tax Equivalent Adjustment
(1,399
)
(1,618
)
Net interest income per consolidated financial statements
$
230,281
$
223,792
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Dec-22
Securities
$
1,908,088
$
2,054,036
$
2,204,851
$
2,285,527
$
2,329,424
$
1,908,088
Total Loans
5,268,911
5,208,436
5,162,503
5,063,451
5,075,467
5,268,911
Allowance for credit losses
45,934
44,772
43,793
42,126
42,843
45,934
Total assets
7,670,686
7,779,941
7,842,461
7,891,111
7,819,982
7,670,686
Total deposits
6,602,295
6,936,726
6,769,521
7,016,739
6,791,435
6,602,295
Federal funds purchased and securities sold under agreements to repurchase
56,278
55,340
50,075
57,115
66,787
56,278
Other borrowings
291,300
101,000
295,600
60,000
124,000
291,300
Trust preferred debentures
0
0
0
0
0
0
Total common equity
615,978
571,453
622,843
656,049
727,529
615,978
Total equity
617,390
572,959
624,318
657,492
728,941
617,390
Average Balance Sheet
Average earning assets
$
7,568,656
$
7,639,123
$
7,621,588
$
7,598,922
$
7,660,556
$
7,607,078
Average assets
7,721,335
7,853,847
7,830,645
7,910,047
7,993,816
7,828,520
Average interest-bearing liabilities
4,828,561
4,861,857
4,901,345
4,982,075
4,966,711
4,892,952
Average equity
580,720
635,324
639,354
713,027
722,619
641,726
Share data
Weighted average shares outstanding (basic)
14,308,323
14,289,022
14,317,415
14,400,003
14,452,775
14,328,280
Weighted average shares outstanding (diluted)
14,385,884
14,367,149
14,387,601
14,478,183
14,532,480
14,404,294
Period-end shares outstanding
14,519,831
14,483,757
14,504,604
14,561,450
14,661,001
14,519,831
Common equity book value per share
$
42.42
$
39.45
$
42.94
$
45.05
$
49.62
$
42.42
Income Statement
Net interest income
$
57,294
$
58,111
$
58,262
$
56,614
$
57,811
$
230,281
Provision (credit) for credit loss expense (5)
1,397
1,056
856
(520
)
3,914
2,789
Noninterest income
18,351
20,692
18,944
19,985
19,154
77,972
Noninterest expense (5)
50,190
49,602
49,120
46,839
48,154
195,751
Income tax expense
4,478
6,774
6,329
6,976
5,401
24,557
Net income attributable to Tompkins Financial Corporation
19,548
21,340
20,869
23,273
19,465
85,030
Noncontrolling interests
32
31
32
31
31
126
Basic earnings per share (4)
1.36
1.49
1.45
1.61
1.34
5.92
Diluted earnings per share (4)
1.36
1.48
1.45
1.60
1.33
5.89
Nonperforming Assets
Nonaccrual loans and leases
$
28,289
$
30,013
$
24,665
$
25,200
$
26,033
$
28,290
Loans and leases 90 days past due and accruing
25
161
62
0
0
25
Troubled debt restructuring not included above
4,530
4,730
4,872
5,064
5,124
4,530
Total nonperforming loans and leases
32,844
34,904
29,599
30,264
31,157
32,845
OREO
152
335
122
88
135
152
Total nonperforming assets
$
32,996
$
35,239
$
29,721
$
30,352
$
31,292
$
32,997
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-Ended
Delinquency - Total loan and lease portfolio
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Dec-22
Loans and leases 30-89 days past due and
accruing
$
3,172
$
3,160
$
9,837
$
1,735
$
3,072
$
3,172
Loans and leases 90 days past due and accruing
25
161
62
0
0
25
Total loans and leases past due and accruing
3,197
3,321
9,899
1,735
3,072
3,197
Allowance for Credit Losses
Balance at beginning of period
$
44,772
$
43,793
$
42,126
$
42,843
$
46,259
$
42,843
Provision (credit) for credit losses
1,352
1,101
780
(734
)
3,600
$
2,499
Net loan and lease charge-offs (recoveries)
190
122
(887
)
(17
)
7,016
$
(592
)
Allowance for credit losses at end of period
$
45,934
$
44,772
$
43,793
$
42,126
$
42,843
$
45,934
Allowance for Credit Losses - Off-Balance Sheet Exposure
Balance at beginning of period
$
2,751
$
2,796
$
2,720
$
2,506
$
2,192
$
2,506
(Credit) provision for credit losses
45
(45
)
76
214
314
$
290
Allowance for credit losses at end of period
$
2,796
$
2,751
$
2,796
$
2,720
$
2,506
$
2,796
Loan Classification - Total Portfolio
Special Mention
$
49,752
$
66,730
$
72,270
$
92,380
$
85,530
$
49,752
Substandard
48,537
40,007
42,756
42,722
52,047
48,537
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans and leases
0.62
%
0.67
%
0.57
%
0.60
%
0.61
%
0.62
%
Nonperforming assets/total assets
0.43
%
0.45
%
0.38
%
0.38
%
0.40
%
0.43
%
Allowance for credit losses/total loans and leases
0.87
%
0.86
%
0.85
%
0.83
%
0.84
%
0.87
%
Allowance/nonperforming loans and leases
139.86
%
128.27
%
147.95
%
139.20
%
137.51
%
139.85
%
Net loan and lease losses annualized/total average loans and leases
0.01
%
0.01
%
(0.07
) %
0.00
%
0.55
%
(0.01
) %
Capital Adequacy
Tier 1 Capital (to average assets)
9.34
%
9.14
%
9.02
%
8.89
%
8.72
%
9.34
%
Total Capital (to risk-weighted assets)
14.42
%
14.26
%
14.07
%
14.23
%
14.23
%
14.42
%
Profitability (period-end)
Return on average assets *
1.00
%
1.08
%
1.07
%
1.19
%
0.97
%
1.09
%
Return on average equity *
13.36
%
13.33
%
13.09
%
13.24
%
10.69
%
13.25
%
Net interest margin (TE) *
3.02
%
3.04
%
3.09
%
3.04
%
3.01
%
3.05
%
* Quarterly ratios have been annualized
(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 an effective income tax rate of 21% in 2022 and 2021 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, 2021. (4) Earnings per share for the full fiscal year may not equal the sum of the quarterly earnings per share as a result of rounding of average shares. (5) Amounts in prior periods' financial statements are reclassified when necessary to conform to the current period's presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230127005049/en/
Stephen S. Romaine, President & CEO Francis M. Fetsko, Executive VP, CFO & COO Tompkins Financial Corporation (888) 503-5753
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