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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 (NYSEMKT:TMP)
Tompkins Financial Corporation reported net income of $12.6 million for the first quarter of 2014, an increase of 9.2% from the $11.5 million reported for the same period in 2013. Diluted earnings per share were $0.84 for the first quarter of 2014, a 6.3% increase from $0.79 reported for the first quarter of 2013. Prior period results included in this press release were impacted by certain non-recurring items, which are more fully described in the non-GAAP disclosure tables included with this press release.
President and CEO Stephen S. Romaine said, "We are pleased to start 2014 with the strongest first quarter in our history. In addition to earnings per share growth over the first quarter of 2013, loan and deposit levels increased from the same period last year, and from the most recent prior quarter. At the same time we saw continued improvement in nearly all credit quality indicators.”
FIRST QUARTER SELECTED HIGHLIGHTS:
NET INTEREST INCOME
Net interest income of $40.0 million for the first quarter of 2014 increased 4.8% compared to $38.2 million reported for the same period in 2013. Net interest income was down $2.6 million or 6.1% from the fourth quarter of 2013. The fourth quarter included higher interest income related to interest collected on the payoff of a nonaccrual loan and a higher level of purchase accounting accretion related to loans paid off during the fourth quarter of 2013. The net interest margin for the first quarter of 2014 was 3.60% compared to 3.57% for the first quarter of 2013 and 3.78% for the fourth quarter of 2013.
NONINTEREST INCOME
Noninterest income was $17.4 million for the first quarter of 2014, which was in line with both the same period prior year and the fourth quarter of 2013. Noninterest income represented 30.3% of total revenue for the first quarter of 2014, compared to 31.3% for the same period in 2013. Fee based services related to wealth management, deposit fees, and card services fees, were all up from the same period in 2013, while insurance revenues were in line with the prior year period. Other noninterest income was down from the first quarter of 2013, in part due to certain nonrecurring items in the first quarter of 2013. The first quarter of 2014 also saw a decline in realized gains on the sale of securities, when compared to the first quarter of 2013.
NONINTEREST EXPENSE
Noninterest expense was $38.2 million for the first quarter of 2014, up 1.8% compared to March 31, 2013, and down 5.1% from the fourth quarter of 2013. The increase in noninterest expense compared to the same period prior year is mainly a result of higher salary and wages expense. The decline in noninterest expense when compared to the fourth quarter of 2013 was driven by higher salary and wages in the fourth quarter, which included increased variable compensation accruals, reflecting the Company’s strong performance in 2013.
ASSET QUALITY
Asset quality trends improved in nearly all categories during the quarter. Substandard and Special Mention loans declined by $39.5 million from the same period last year, and by $1.6 million from the most recent previous quarter. The percentage of nonperforming loans and leases to total loans and leases improved to 1.11% at March 31, 2014, compared to 1.24% reported at March 31, 2013.
Provision for loan and lease losses was $743,000 for the first quarter of 2014, which was an improvement of 28.4% compared to the first quarter of 2013. Net loan and lease charge-offs totaled $699,000 in the first quarter of 2014, down from $1.0 million in the first quarter of 2013.
The Company’s allowance for originated loan and lease losses totaled $26.7 million at March 31, 2014, which represented 1.04% of total originated loans, compared to 1.11% at March 31, 2013 and 1.06% at year-end 2013. The allowance for loan and lease losses covered 78.88% of nonperforming loans and leases as of March 31, 2014, compared to 66.16% at March 31, 2013 and 71.65% at year-end 2013.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets improved for the fifth consecutive quarter, to 8.68% at March 31, 2014, and the ratio of total capital to risk-weighted assets was 13.68%.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a 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 Trust Company, The Bank of Castile, Mahopac Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.
NON-GAAP MEASURES
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. See “Tompkins Financial Corporation - Summary Financial Data (Unaudited)” tables for Non-GAAP related calculations.
"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.
TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) (Unaudited) As of As of ASSETS 03/31/2014 12/31/2013 Cash and noninterest bearing balances due from banks $ 97,283 $ 82,163 Interest bearing balances due from banks 1,016 721 Cash and Cash Equivalents 98,299 82,884 Trading securities, at fair value 10,498 10,991Available-for-sale securities, at fair value (amortized cost of $1,384,804 at March 31, 2014 and $1,368,736 at December 31, 2013)
1,379,600 1,354,811Held-to-maturity securities, fair value of $19,434 at March 31, 2014, and $19,625 at December 31, 2013
18,820 18,980 Originated loans and leases, net of unearned income and deferred costs and fees 2,555,522 2,527,244 Acquired loans and leases, covered 24,106 25,868 Acquired loans and leases, non-covered 624,584 641,172 Less: Allowance for loan and lease losses 28,014 27,970 Net Loans and Leases 3,176,198 3,166,314 FDIC Indemnification Asset 3,999 4,790 Federal Home Loan Bank stock 18,240 25,041 Bank premises and equipment, net 56,776 55,932 Corporate owned life insurance 72,339 69,335 Goodwill 92,246 92,140 Other intangible assets, net 16,004 16,298 Accrued interest and other assets 98,781 105,523 Total Assets $ 5,041,800 $ 5,003,039 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,338,780 2,190,616 Time 898,884 865,702 Noninterest bearing 867,506 890,898 Total Deposits 4,105,170 3,947,216 Federal funds purchased and securities sold under agreements to repurchase 158,794 167,724Other borrowings, including certain amounts at fair value of $11,228 at March 31, 2014 and $11,292 at December 31, 2013
214,616 331,531 Trust preferred debentures 37,211 37,169 Other liabilities 52,187 61,460 Total Liabilities $ 4,567,978 $ 4,545,100 EQUITY Tompkins Financial Corporation shareholders' equity:Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,864,917 at March 31, 2014; and 14,785,007 at December 31, 2013
1,486 1,479 Additional paid-in capital 349,812 346,096 Retained earnings 143,766 137,102 Accumulated other comprehensive loss (19,685 ) (25,119 )Treasury stock, at cost – 103,921 shares at March 31, 2014, and 105,449 shares at December 31, 2013
(3,042 ) (3,071 ) Total Tompkins Financial Corporation Shareholders’ Equity 472,337 456,487 Noncontrolling interests 1,485 1,452 Total Equity $ 473,822 $ 457,939 Total Liabilities and Equity $ 5,041,800 $ 5,003,039 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (In thousands, except per share data) (Unaudited) 03/31/2014 03/31/2013 INTEREST AND DIVIDEND INCOME Loans $ 36,954 $ 36,429 Due from banks 1 7 Trading securities 112 165 Available-for-sale securities 7,936 7,480 Held-to-maturity securities 152 191 Federal Home Loan Bank stock and Federal Reserve Bank stock 210 185 Total Interest and Dividend Income 45,365 44,457 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 952 1,204 Other deposits 1,790 2,182Federal funds purchased and securities sold under agreements to repurchase
817 1,010 Trust preferred debentures 570 687 Other borrowings 1,209 1,168 Total Interest Expense 5,338 6,251 Net Interest Income 40,027 38,206 Less: Provision for loan and lease losses 743 1,038 Net Interest Income After Provision for Loan and Lease Losses 39,284 37,168 NONINTEREST INCOME Insurance commissions and fees 7,257 7,261 Investment services income 4,010 3,788 Service charges on deposit accounts 2,116 1,908 Card services income 2,112 1,738 Mark-to-market loss on trading securities (59 ) (115 ) Mark-to-market gain on liabilities held at fair value 65 77 Other income 1,839 2,366 Gain on sale of available-for-sale securities 94 367 Total Noninterest Income 17,434 17,390 NONINTEREST EXPENSES Salaries and wages 16,646 15,572 Pension and other employee benefits 6,045 6,070 Net occupancy expense of premises 3,260 3,061 Furniture and fixture expense 1,337 1,457 FDIC insurance 811 772 Amortization of intangible assets 527 557 Merger related expenses 0 196 Other operating expense 9,584 9,835 Total Noninterest Expenses 38,210 37,520 Income Before Income Tax Expense 18,508 17,038 Income Tax Expense 5,906 5,495 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 12,602 11,543 Less: Net income attributable to noncontrolling interests 33 33 Net Income Attributable to Tompkins Financial Corporation $ 12,569 $ 11,510 Basic Earnings Per Share $ 0.85 $ 0.80 Diluted Earnings Per Share $ 0.84 $ 0.79 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) Year to Date Period Ended Year to Date Period Ended March 31, 2014 March 31, 2013 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 $1,026
$ 1 0.40 % $
3,908
$ 7 0.73 % Securities (4) U.S. Government securities 1,284,771 7,373 2.33 % 1,297,578 6,794 2.12 % Trading securities 10,832 112 4.19 % 16,126 165 4.15 % State and municipal (5) 88,037 1,109 5.11 % 100,089 1,299 5.26 % Other securities (5) 5,194 44 3.44 % 9,158 90 3.99 % Total securities 1,388,834 8,638 2.52 % 1,422,951 8,348 2.38 % FHLBNY and FRB stock 20,137 210 4.23 % 18,859 185 3.98 % Total loans and leases, net of unearned income (5)(6) 3,192,520 37,399 4.75 % 2,963,737 36,567 5.00 % Total interest-earning assets 4,602,517 46,248 4.08 % 4,409,455 45,107 4.15 % Other assets 379,516 490,272 Total assets 4,982,033 4,899,727 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 2,287,871 1,097 0.19 % 2,269,900 1,418 0.25 % Time deposits 888,474 1,645 0.75 % 979,860 1,968 1.02 % Total interest-bearing deposits 3,176,345 2,742 0.35 % 3,249,760 3,386 0.42 %
Federal funds purchased & securities sold under agreements to repurchase
162,348 817 2.04 % 198,707 1,010 2.06 % Other borrowings 248,678 1,209 1.97 % 119,606 1,168 3.96 % Trust preferred debentures 37,184 570 6.22 % 43,675 687 6.38 % Total interest-bearing liabilities 3,624,555 5,338 0.60 % 3,611,748 6,251 0.70 % Noninterest bearing deposits 834,864 771,761 Accrued expenses and other liabilities 54,099 72,941 Total liabilities 4,513,518 4,456,450 Tompkins Financial Corporation Shareholders’ equity 467,048 441,810 Noncontrolling interest 1,467 1,467 Total equity 468,515 443,277 Total liabilities and equity $ 4,982,033 $ 4,899,727 Interest rate spread 3.48 % 3.45 % Net interest income/margin on earning assets 40,910 3.60 % 38,856 3.57 % Tax Equivalent Adjustment (883 ) (650 ) Net interest income per consolidated financial statements $ 40,027 $ 38,206 Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-13 Period End Balance Sheet Securities $ 1,408,918 $ 1,384,782 $ 1,390,233 $ 1,469,315 $ 1,566,510 $ 1,384,782 Originated loans and leases, net of unearned income and deferred costs and fees (2) 2,555,522 2,527,244 2,420,695 2,309,232 2,208,346 2,527,244 Acquired loans and leases (3) 648,690 667,040 698,617 745,951 785,449 667,040 Allowance for loan and lease losses 28,014 27,970 26,408 25,458 24,661 27,970 Total assets 5,041,800 5,003,039 4,932,428 4,931,883 4,987,280 5,003,039 Total deposits 4,105,170 3,947,216 3,972,756 3,912,910 4,072,352 3,947,216 Federal funds purchased and securities sold under agreements to repurchase 158,794 167,724 162,117 171,498 194,091 167,724 Other borrowings 214,616 331,531 242,177 299,098 156,649 331,531 Trust preferred debentures 37,211 37,169 37,127 43,703 43,687 37,169 Shareholders' equity 473,822 457,939 444,276 431,894 446,812 457,939 Average Balance Sheet Average earning assets $ 4,602,517 $ 4,571,099 $ 4,533,603 $ 4,571,428 $ 4,409,455 $ 4,521,873 Average assets 4,982,033 4,950,476 4,897,678 4,965,895 4,899,727 4,928,499 Average interest-bearing liabilities 3,624,555 3,574,803 3,572,708 3,663,230 3,611,748 3,605,430 Average equity 468,515 449,445 434,482 447,088 443,277 443,565 Share data Weighted average shares outstanding (basic) 14,644,548 14,589,120 14,515,053 14,427,838 14,374,265 14,477,617 Weighted average shares outstanding (diluted) 14,775,386 14,731,786 14,622,512 14,496,859 14,436,757 14,573,919 Period-end shares outstanding 14,829,007 14,749,097 14,692,671 14,599,558 14,447,017 14,749,097 Book value per share 31.95 31.05 30.24 29.58 30.93 31.05 Tangible book value per share (Non-GAAP) 24.65 23.70 22.82 22.08 23.29 23.70 Income Statement Net interest income $ 40,027 $ 42,624 $ 40,473 $ 39,826 $ 38,206 $ 161,129 Provision for loan/lease losses 743 585 2,049 2,489 1,038 6,161 Noninterest income 17,434 17,439 18,528 16,541 17,390 69,898 Noninterest expense 38,210 40,251 37,554 37,777 37,520 153,102 Income tax expense 5,906 4,905 5,316 5,061 5,495 20,777 Net income attributable to Tompkins Financial Corporation 12,602 14,290 14,049 11,007 11,510 50,856 Noncontrolling interests 33 32 33 33 33 131 Basic earnings per share (9) $ 0.85 $ 0.97 $ 0.96 $ 0.76 $ 0.80 $ 3.48 Diluted earnings per share (9) $ 0.84 $ 0.96 $ 0.95 $ 0.75 $ 0.79 $ 3.46 Nonperforming Assets Originated nonaccrual loans and leases $ 26,974 $ 29,875 $ 33,881 $ 32,100 $ 32,554 $ 29,875 Acquired nonaccrual loans and leases 6,936 8,508 8,008 6,916 4,561 8,508 Originated loans and leases 90 days past due and accruing 339 607 1,217 156 157 607 Troubled debt restructurings not included above 1,266 45 46 0 - 45 Total nonperforming loans and leases 35,515 39,035 43,152 39,172 37,272 39,035 OREO (8) 5,351 4,253 6,264 4,918 3,950 4,253 Total nonperforming assets 40,866 43,288 49,416 44,090 41,222 43,288 Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued Quarter-Ended Year-Ended Delinquency - Originated loan and lease portfolio Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-13Loans and leases 30-89 days past due and accruing (2)
$ 5,660 $ 5,762 $ 12,193 $ 9,597 $ 10,888 $ 5,762 Loans and leases 90 days past due and accruing (2) 339 607 1,217 156 157 607 Total originated loans and leases past due and accruing (2) 5,999 6,369 13,410 9,753 11,045 6,369 Delinquency - Acquired loan and lease portfolio Covered loans and leases 30-89 days past due and accruing (3)(7) 635 0 1,132 1,613 3,503 0Covered loans and leases 90 days or more past due and accruing (3)(7)
1,135 2,416 2,980 3,091 3,809 2,416Non-covered loans and leases 30-89 days past due and accruing (3)(7)
2,293 1,532 6,887 5,591 5,738 1,532Non-Covered loans and leases 90 days past due and accruing (3)(7)
3,746 4,557 10,521 13,324 14,026 4,557 Total acquired loans and leases past due and accruing 7,809 8,505 21,520 23,619 27,076 8,505 Total loans and leases past due and accruing $ 13,808 $ 14,874 $ 34,930 $ 33,372 $ 38,121 $ 14,874 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 26,700 $ 25,722 $ 24,853 $ 24,598 $ 24,643 $ 24,643 Provision for loan and lease losses 511 (325 ) 1,499 (994 ) 820 1,000 Net loan and lease (recoveries) charge-offs 550 (1,303 ) 630 (1,249 ) 865 (1,057 )26,661 26,700 25,722 24,853 24,598 26,700
Allowance for loan and lease losses (originated loan portfolio) - balance at end of period
Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 1,270 $ 686 $ 605 $ 63 $ 0 $ 0 Provision for loan and lease losses 232 910 549 3,483 218 5,160 Net loan and lease charge-offs 149 326 468 2,941 155 3,890Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period
1,353 1,270 686 605 63 1,270 Total allowance for loan and lease losses 28,014 27,970 26,408 25,458 24,661 27,970 Loan Classification - Originated Portfolio Special Mention $ 44,725 $ 42,365 $ 42,975 $ 43,099 $ 48,468 $ 42,365 Substandard 32,917 35,022 37,004 41,969 43,449 35,022 Loan Classification - Acquired Portfolio Special Mention 14,936 17,322 23,939 29,300 26,568 17,322 Substandard 34,137 33,561 42,433 55,079 47,698 33,561 Loan Classifications - Total Portfolio Special Mention 59,661 59,687 66,914 72,399 75,036 59,687 Substandard 67,054 68,583 79,437 97,048 91,147 68,583 Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-13 Nonperforming loans and leases/total loans and leases (7) 1.11 % 1.22 % 1.38 % 1.28 % 1.24 % 1.22 % Nonperforming assets/total assets 0.81 % 0.87 % 1.00 % 0.89 % 0.83 % 0.87 % Allowance for originated loan and lease losses/total originated loans and leases 1.04 % 1.06 % 1.06 % 1.08 % 1.11 % 1.06 % Allowance/nonperforming loans and leases 78.88 % 71.65 % 61.20 % 64.99 % 66.16 % 71.65 % Net loan and lease losses (recoveries) annualized/total average loans and leases 0.09 % (0.12 %) 0.14 % 0.22 % 0.14 % 0.09 % Capital Adequacy (period-end) Tier 1 capital / average assets 8.68 % 8.52 % 8.37 % 8.16 % 8.11 % 8.52 % Total capital / risk-weighted assets 13.68 % 13.42 % 13.32 % 13.34 % 12.93 % 13.42 % Tangible common equity / tangible assets 7.38 % 7.11 % 6.92 % 6.65 % 6.87 % 7.11 % Profitability Return on average assets * 1.02 % 1.15 % 1.10 % 0.89 % 0.95 % 1.03 % Return on average equity * 10.88 % 12.62 % 12.83 % 9.87 % 10.53 % 11.47 % Net interest margin (TE) * 3.60 % 3.78 % 3.63 % 3.58 % 3.57 % 3.65 % * Quarterly ratios have been annualized Non-GAAP Disclosure Reported noninterest income (GAAP) $ 17,434 $ 17,439 $ 18,528 $ 16,541 $ 17,390 $ 69,898 Adjustments (pre-tax): Gain on redemption of trust preferred 0 0 (1,410 ) 0 0 (1,410 ) Gain on deposit conversion 0 (1,285 ) 0 0 0 (1,285 ) Noninterest income (Non-GAAP) $ 17,434 $ 16,154 $ 17,118 $ 16,541 $ 17,390 $ 67,203 Non-GAAP Disclosure Reported net income (GAAP) $ 12,569 $ 14,290 $ 14,049 $ 11,007 $ 11,510 $ 50,856 Adjustments (net of tax): Merger related expenses 0 0 0 22 118 140 Gain on redemption of trust preferred 0 0 (846 ) 0 0 (846 ) Gain on deposit conversion 0 (771 ) 0 0 0 (771 ) Subtotal adjustments 0 (771 ) (846 ) 22 118 (1,477 ) Net operating income (Non-GAAP) 12,569 13,519 13,203 11,029 11,628 49,379 Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.84 $ 0.91 $ 0.89 $ 0.75 $ 0.80 $ 3.36
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Non-GAAP Disclosure Quarter-Ended Year-Ended Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-13 Reported net income (GAAP) $ 12,569 $ 14,290 $ 14,049 $ 11,007 $ 11,510 $ 50,856 Merger related expenses (net of tax) 0 0 0 22 118 140 Gain on redemption of trust preferred (net of tax) 0 0 (846 ) 0 0 (846 ) Gain on deposit conversion 0 (771 ) 0 0 0 (771 ) Net operating income (Non-GAAP) $ 12,569 $ 13,519 $ 13,203 $ 11,029 $ 11,628 $ 49,379 Amortization of intangibles (net of tax) 316 329 327 328 334 1,318 Adjusted net operating income (Non-GAAP) 12,885 13,848 13,530 11,357 11,962 50,697 Average total shareholders' equity 468,515 449,445 434,482 447,088 443,277 443,565 Less: Average goodwill and intangibles 108,437 108,729 109,277 110,037 110,687 109,676 Average tangible shareholders' equity (Non-GAAP) 360,078 340,716 325,205 337,051 332,590 333,889 Adjusted operating return on shareholders' tangible equity (annualized) (Non-GAAP) 14.51 % 16.13 % 16.51 % 13.52 % 14.59 % 15.18 % Non-GAAP Disclosure Total shareholders' equity (GAAP) $ 473,822 $ 457,939 $ 444,276 $ 431,894 $ 446,812 $ 457,939 Less: goodwill and intangibles 108,250 108,438 108,981 109,540 110,314 108,438 Tangible shareholders' equity 365,572 349,501 335,295 322,354 336,498 349,501 Ending shares outstanding 14,829,007 14,749,097 14,692,671 14,599,558 14,447,017 14,749,097 Tangible book value per share (Non-GAAP) 24.65 23.70 22.82 22.08 23.29 23.70_________________________________________________________(1) Federal Reserve peer ratio as of December 31, 2013, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.(2) "Originated" equals loans and leases not included by definition in "acquired loans"(3) "Acquired Loans and Leases" equals loans and leases acquired at fair value, accounted for in accordance with FASB ASC Topic 805. "Covered Loans" are loans for which the Company will share losses with the FDIC and consist of loans VIST Bank acquired as part of an FDIC-assisted transaction during the fourth quarter of 2010.(4) Average balances and yields on available-for-sale securities are based on historical amortized cost.(5) Interest income includes the tax effects of taxable-equivalent basis.(6) 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, 2013.(7) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows.(8) Includes all other real estate owned, including those balances acquired through business combinations.(9) Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.
Tompkins Financial CorporationStephen S. Romaine, 888-503-5753President & CEOorFrancis M. Fetsko, 888-503-5753CFO & COO
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