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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 | |
|---|---|---|---|---|---|---|---|---|
| 2.55 | 4.69% | 56.93 | 57.14 | 54.69 | 54.69 | 32,071 | 19:43:10 |
From Jul 2019 to Jul 2024
Tompkins Financial Corporation (NYSEMKT:TMP) reported net income of $16.9 million for the second quarter of 2017, an increase of 14.1% from the $14.8 million reported for the same period in 2016. Year to date net income was $32.6 million, an increase of $3.6 million, up 12.2% over the same period in 2016.
Diluted earnings per share were $1.11 for the second quarter of 2017, up 13.3% over the second quarter of 2016. For the year-to-date period ended June 30, 2017, diluted earnings per share were $2.13, up 11.5% over the same period in 2016.
President and CEO, Stephen S. Romaine said, “It is especially rewarding to show strong performance through the first half of 2017, while our team was also focused on a conversion of our core banking system, which was successfully completed in May of this year. Improved net interest income, which was supported by solid loan growth over the prior year, has been the primary driver of improved earnings performance in 2017.”
SELECTED HIGHLIGHTS FOR SECOND QUARTER AND YEAR TO DATE:
NET INTEREST INCOME
Net interest income of $50.3 million for the second quarter of 2017 increased by $5.4 million, or 12.0% compared to the same period in 2016. For the year-to-date period, net interest income was $98.3 million, up $9.4 million, or 10.6% from the same six-month period in 2016.
Net interest income benefited from growth in average loans and deposits. Average loans were up $467.1 million, or 12.2% in the first six months of 2017, versus the same period in 2016. Average deposits were up $260.3 million, or 5.8% in the first six months of 2017, versus the same period in 2016. Certain loans benefited from higher short term interest rates in 2017, resulting in an improved net interest margin in 2017. For the second quarter of 2017, net interest margin improved to 3.45%, compared to 3.38% in the first quarter of 2017, and 3.36% in the second quarter of 2016.
NONINTEREST INCOME
Noninterest income represented 25.8% of total revenues in the second quarter of 2017, compared to 27.6% in the same period in 2016, and 26.4% for the most recent prior quarter. Noninterest income of $17.5 million was up 2.1% compared to the same period last year. Declines in insurance commissions and fees, and gains on the sale of available-for-sale securities during the quarter were offset by improved card services income, which included approximately $500,000 of volume based incentives related to our branding agreement with MasterCard. Other income for the second quarter was up $379,000 from the same quarter in 2016. The improvement included approximately $130,000 of recoveries of nonaccrued interest on loans previously charged off.
NONINTEREST EXPENSE
Noninterest expense was $41.6 million for the second quarter of 2017, up $2.2 million, or 5.5%, over the second quarter of 2016. For the year-to-date period, noninterest expense was $82.9 million, up $4.0 million, or 5.1%, from the same period in 2016. The increase in noninterest expense for both the second quarter and year-to-date periods was mainly due to higher salaries and benefits. Expenses for the quarter also included $411,000 of expense related to our recently completed core system conversion, compared to $262,000 in the quarter ended March 31, 2017, and $76,000 in the quarter ended June 30, 2017.
ASSET QUALITY
Asset quality trends remained strong in the second quarter of 2017. Nonperforming assets represented 0.36% of total assets at June 30, 2017, unchanged from December 31, 2016, and up slightly from 0.32% at June 30, 2016. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average1 of 0.55%.
Provision for loan and lease losses was $976,000 for the second quarter of 2017, which was in line with the second quarter of 2016. Net recoveries for the second quarter of 2017 were $15,000 compared to net charge-offs of $383,000 reported in the second quarter of 2016.
The Company’s allowance for originated loan and lease losses totaled $37.0 million at June 30, 2017, and represented 0.91% of total originated loans and leases at June 30, 2017, compared to 0.92% reported for the most recent prior quarter, and 0.93% from one year ago. The total allowance represented 178.58% of total nonperforming loans and leases at June 30, 2017, compared to 164.98% at December 31, 2016, and 183.01% at June 30, 2016.
Though most credit quality metrics remained relatively stable for the quarter, the level of special mention loans increased during the quarter to $39.0 million, up from $21.2 million a year ago, and up from $19.4 million at March 31, 2017. The increase is largely related to the Company’s agricultural portfolio that has been negatively impacted by lower milk prices over the past 12 months. Though lower prices have negatively impacted cash flow for this group of borrowers, payments on all of the loans in this portfolio were current as of June 30, 2017.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. The ratio of Tier 1 capital to average assets was 8.43% at June 30, 2017, compared to 8.41% reported for December 31, 2016. Total capital to risk-weighted assets at June 30, 2017 was 12.45%, compared to 12.22% reported at December 31, 2016. Both ratios are down from the same period last year, in large part due to the redemption of $20.5 million of 7% fixed rate Trust Preferred securities in January 2017.
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, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins 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.
"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 06/30/2017 12/31/2016Cash and noninterest bearing balances due from banks
$ 76,079 $ 62,074 Interest bearing balances due from banks 2,096 1,880 Cash and Cash Equivalents 78,175 63,954Available-for-sale securities, at fair value (amortized cost of $1,433,013 at June 30, 2017 and $1,442,724 at December 31, 2016) 1,424,871 1,429,538 Held-to-maturity securities, at amortized cost (fair value of $141,654 at June 30, 2017 and $142,832 at December 31, 2016) 139,994 142,119 Originated loans and leases, net of unearned income and deferred costs and fees (2) 4,070,755 3,863,922 Acquired loans (3) 347,841 394,111 Less: Allowance for loan and lease losses 37,157 35,755 Net Loans and Leases 4,381,439 4,222,278 Federal Home Loan Bank and other stock 45,714 43,133 Bank premises and equipment, net 72,884 70,016 Corporate owned life insurance 79,093 77,905 Goodwill 92,291 92,623 Other intangible assets, net 9,549 11,349 Accrued interest and other assets 91,002 83,841 Total Assets $ 6,415,012 $ 6,236,756 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,643,292 2,518,318 Time 826,933 870,788 Noninterest bearing 1,280,497 1,236,033 Total Deposits 4,750,722 4,625,139 Federal funds purchased and securities sold under agreements to repurchase 50,360 69,062 Other borrowings 952,035 884,815 Trust preferred debentures 16,605 37,681 Other liabilities 68,375 70,654 Total Liabilities $ 5,838,097 $ 5,687,351 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,225,363 at June 30, 2017; and 15,171,816 at December 31, 2016 1,522 1,517 Additional paid-in capital 362,555 357,414 Retained earnings 249,179 230,182 Accumulated other comprehensive loss (33,624 ) (37,109 ) Treasury stock, at cost – 117,302 shares at June 30, 2017, and 117,997 shares at December 31, 2016 (4,204 ) (4,051 ) Total Tompkins Financial Corporation Shareholders’ Equity 575,428 547,953 Noncontrolling interests 1,487 1,452 Total Equity $ 576,915 $ 549,405 Total Liabilities and Equity $ 6,415,012 $ 6,236,756 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Six Months Ended (In thousands, except per share data) (Unaudited) 06/30/2017 06/30/2016 06/30/2017 06/30/2016 INTEREST AND DIVIDEND INCOME Loans $ 47,357 $ 41,834 $ 92,308 $ 82,321 Due from banks 4 1 6 3 Trading securities 0 77 0 158 Available-for-sale securities 7,647 7,284 14,969 14,815 Held-to-maturity securities 870 903 1,748 1,814 Federal Home Loan Bank and other stock 464 318 932 615 Total Interest and Dividend Income 56,342 50,417 109,963 99,726 INTEREST EXPENSE Time certificates of deposits of $250,000 or more 466 422 907 812 Other deposits 2,482 2,264 4,829 4,473 Federal funds purchased and securities sold under agreements to repurchase 43 644 151 1,310 Trust preferred debentures 256 594 623 1,183 Other borrowings 2,794 1,586 5,118 3,003 Total Interest Expense 6,041 5,510 11,628 10,781 Net Interest Income 50,301 44,907 98,335 88,945 Less: Provision for loan and lease losses 976 978 1,745 1,833 Net Interest Income After Provision for Loan and Lease Losses 49,325 43,929 96,590 87,112 NONINTEREST INCOME Insurance commissions and fees 7,092 7,517 14,210 15,079 Investment services income 3,891 3,834 7,682 7,620 Service charges on deposit accounts 2,045 2,092 4,212 4,356 Card services income 2,676 2,002 4,685 3,943 Mark-to-market loss on trading securities 0 (60 ) 0 (106 ) Mark-to-market gain on liabilities held at fair value 0 92 0 149 Other income 1,746 1,367 3,901 3,074 Gain on sale of available-for-sale securities 0 240 0 472 Total Noninterest Income 17,450 17,084 34,690 34,587 NONINTEREST EXPENSE Salaries and wages 20,424 19,333 39,937 38,322 Pension and other employee benefits 5,092 4,934 10,851 10,217 Net occupancy expense of premises 3,390 2,999 6,901 6,147 Furniture and fixture expense 1,637 1,577 3,234 3,266 FDIC insurance 617 783 1,155 1,605 Amortization of intangible assets 485 521 978 1,048 Other operating expense 9,923 9,241 19,880 18,289 Total Noninterest Expenses 41,568 39,388 82,936 78,894 Income Before Income Tax Expense 25,207 21,625 48,344 42,805 Income Tax Expense 8,248 6,760 15,637 13,656 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 16,959 14,865 32,707 29,149 Less: Net income attributable to noncontrolling interests 33 32 65 65 Net Income Attributable to Tompkins Financial Corporation $ 16,926 $ 14,833 $ 32,642 $ 29,084 Basic Earnings Per Share $ 1.11 $ 0.99 $ 2.15 $ 1.93 Diluted Earnings Per Share $ 1.11 $ 0.98 $ 2.13 $ 1.91 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) Quarter EndedJune 30, 2017 Year to Date Period EndedJune 30, 2017 Year to Date Period EndedJune 30, 2016 AverageBalance(QTD) AverageBalance(YTD) AverageBalance(YTD) AverageYield/Rate AverageYield/Rate AverageYield/Rate (Dollar amounts in thousands) Interest Interest Interest ASSETS Interest-earning assets Interest-bearing balances due from banks $ 1,947 $ 4 0.82 % $ 3,572 $ 6 0.34 % $ 2,015 $ 3 0.30 % Securities (4) U.S. Government securities 1,475,530 7,963 2.16 % 1,477,512 15,621 2.13 % 1,461,423 15,549 2.14 % Trading securities 0 0 0.00 % 0 0 0.00 % 7,084 158 4.49 % State and municipal (5) 102,488 859 3.37 % 101,598 1,701 3.38 % 98,562 1,678 3.42 % Other securities (5) 3,603 32 3.56 % 3,608 64 3.58 % 3,664 61 3.35 % Total securities 1,581,621 8,854 2.25 % 1,582,718 17,386 2.22 % 1,570,733 17,446 2.23 % FHLBNY and FRB stock 40,731 463 4.56 % 39,426 932 4.77 % 29,708 615 4.16 % Total loans and leases, net of unearned income (5)(6) 4,346,354 48,099 4.44 % 4,305,304 93,772 4.39 % 3,838,211 83,713 4.39 % Total interest-earning assets 5,970,653 57,420 3.86 % 5,931,020 112,096 3.81 % 5,440,667 101,777 3.76 % Other assets 359,194 354,842 345,662
Total assets
6,329,847 6,285,862 5,786,329 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 2,696,258 1,203 0.18 % 2,680,639 2,265 0.17 % 2,532,290 1,938 0.15 % Time deposits 865,219 1,745 0.81 % 867,571 3,471 0.81 % 879,479 3,347 0.77 % Total interest-bearing deposits 3,561,477 2,948 0.33 % 3,548,210 5,736 0.33 % 3,411,769 5,285 0.31 % Federal funds purchased & securities sold under agreements to repurchase 61,233 43 0.29 % 69,560 151 0.44 % 112,639 1,310 2.34 % Other borrowings 835,573 2,794 1.34 % 813,477 5,118 1.27 % 543,256 3,003 1.11 % Trust preferred debentures 16,577 256 6.19 % 20,063 623 6.26 % 37,545 1,183 6.33 % Total interest-bearing liabilities 4,474,860 6,041 0.54 % 4,451,310 11,628 0.53 % 4,105,209 10,781 0.53 % Noninterest bearing deposits 1,219,803 1,204,272 1,080,375 Accrued expenses and other liabilities 62,443 65,915 64,946 Total liabilities 5,757,106 5,721,497 5,250,530 Tompkins Financial Corporation Shareholders’ equity 571,271 562,896 534,314 Noncontrolling interest 1,470 1,469 1,485 Total equity 572,741 564,365 535,799 Total liabilities and equity $ 6,329,847 $ 6,285,862 $ 5,786,329 Interest rate spread 3.32 % 3.28 % 3.23 % Net interest income/margin on earning assets 51,379 3.45 % 100,468 3.42 % 90,996 3.36 % Tax Equivalent Adjustment (1,078 ) (2,133 ) (2,051 ) Net interest income per consolidated financial statements $ 50,301 $ 98,335 $ 88,945Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data) Quarter-Ended Year-Ended Jun-17 Mar-17 Dec-16Sep-16
Jun-16 Dec-16 Period End Balance Sheet Securities $ 1,564,865 $ 1,569,068 $ 1,571,657 $ 1,515,761 $ 1,564,080 $ 1,571,657 Originated loans and leases, net of unearned income and deferred costs and fees (2) 4,070,755 3,922,413 3,863,922 3,672,539 3,551,628 3,863,922 Acquired loans and leases (3) 347,841 375,380 394,111 417,008 426,485 394,111 Allowance for loan and lease losses 37,157 36,166 35,755 34,112 33,125 35,755 Total assets 6,415,012 6,280,047 6,236,756 6,102,215 5,924,906 6,236,756 Total deposits 4,750,722 4,850,585 4,625,139 4,690,300 4,469,721 4,625,139 Federal funds purchased and securities sold under agreements to repurchase 50,360 70,716 69,062 77,218 97,180 69,062 Other borrowings 952,035 717,285 884,815 671,000 700,026 884,815 Trust preferred debentures 16,605 16,562 37,681 37,638 37,595 37,681 Total common equity 575,428 562,064 547,953 559,640 552,918 547,953 Total equity 576,915 563,518 549,405 561,190 554,435 549,405 Average Balance Sheet Average earning assets $ 5,970,653 $ 5,890,945 $ 5,707,121 $ 5,577,885 $ 5,492,913 $ 5,542,137 Average assets 6,329,847 6,241,388 6,074,973 5,942,260 5,842,387 5,898,080 Average interest-bearing liabilities 4,474,860 4,427,501 4,237,126 4,168,879 4,143,031 4,154,374 Average equity 572,741 555,893 559,106 557,281 543,283 547,057 Share data Weighted average shares outstanding (basic) 14,944,934 14,900,938 14,862,189 14,829,222 14,798,515 14,812,712 Weighted average shares outstanding (diluted) (10) 15,066,861 15,042,614 15,014,221 14,965,233 14,917,206 14,936,231 Period-end shares outstanding 15,189,453 15,181,198 15,135,906 15,055,954 15,035,369 15,135,906 Common equity book value per share $ 37.88 $ 37.02 $ 36.20 $ 37.17 $ 36.77 $ 36.20 Tangible book value per share (Non-GAAP) $ 31.18 $ 30.28 $ 29.38 $ 30.28 $ 29.82 $ 29.38 Income Statement Net interest income $ 50,301 $ 48,034 $ 46,374 $ 45,317 $ 44,907 $ 180,636 Provision for loan/lease losses 976 769 1,706 782 978 4,321 Noninterest income 17,450 17,240 16,316 17,905 17,084 68,808 Noninterest expense 41,568 41,368 39,389 40,324 39,388 158,607 Income tax expense (10) 8,248 7,388 6,444 6,945 6,760 27,045 Net income attributable to Tompkins Financial Corporation (10) 16,926 15,717 15,118 15,138 14,833 59,340 Noncontrolling interests 33 32 33 33 32 131 Basic earnings per share (8) $ 1.11 $ 1.04 $ 1.00 $ 1.01 $ 0.99 $ 3.94 Diluted earnings per share (8) (10) $ 1.11 $ 1.03 $ 0.99 $ 1.00 $ 0.98 $ 3.91 Nonperforming Assets Originated nonaccrual loans and leases $ 14,284 $ 13,786 $ 14,300 $ 11,554 $ 11,008 $ 14,300 Acquired nonaccrual loans and leases 2,903 3,356 4,741 4,559 4,831 4,741 Originated loans and leases 90 days past due and accruing 639 0 - 35 89 0 Troubled debt restructurings not included above 2,980 2,948 2,631 2,148 2,172 2,631 Total nonperforming loans and leases 20,806 20,090 21,672 18,296 18,100 21,672 OREO 2,331 2,520 908 1,008 1,001 908 Total nonperforming assets $ 23,137 $ 22,610 $ 22,580 $ 19,304 $ 19,101 $ 22,580Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-Ended Year-EndedDelinquency - Originated loan and lease portfolio
Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Dec-16 Loans and leases 30-89 days past due and accruing (2) $ 6,188 $ 5,462 $ 6,694 $ 4,551 $ 4,464 $ 6,694 Loans and leases 90 days past due and accruing (2) 639 0 - 35 89 0 Total originated loans and leases past due and accruing (2) 6,827 5,462 6,694 4,586 4,553 6,694 Delinquency - Acquired loan and lease portfolio Loans 30-89 days past due and accruing (3)(7) $ 751 $ 907 $ 2,553 $ 1,069 $ 1,750 $ 2,553 Loans 90 days or more past due 2,581 2,701 2,557 2,555 1,861 2,557 Total acquired loans and leases past due and accruing 3,332 3,608 5,110 3,624 3,611 5,110 Total loans and leases past due and accruing $ 10,159 $ 9,070 $ 11,804 $ 8,210 $ 8,164 $ 11,804 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 35,915 $ 35,598 $ 33,956 $ 32,968 $ 31,981 $ 31,312 Provision for loan and lease losses 846 602 1,419 868 978 4,137 Net loan and lease (recoveries) charge-offs (199 ) 285 (223 ) (120 ) (9 ) (149 ) Allowance for loan and lease losses (originated 36,960 35,915 35,598 33,956 32,968 35,598 loan portfolio) - balance at end of period $ $ $ $ $ $ Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 251 $ 157 $ 156 $ 157 $ 549 $ 692 Provision (credit) for loan and lease losses 130 167 287 (86 ) 0 184 Net loan and lease (recoveries) charge-offs 184 73 286 (85 ) 392 719 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 197 251 157 156 157 157 Total allowance for loan and lease losses $ 37,157 $ 36,166 $ 35,755 $ 34,112 $ 33,125 $ 35,755 Loan Classification - Originated Portfolio Special Mention $ 38,488 $ 18,861 $ 20,485 $ 27,215 $ 20,639 $ 20,485 Substandard 19,532 20,909 20,316 18,121 16,462 20,316 Loan Classification - Acquired Portfolio Special Mention 547 519 526 540 550 526 Substandard 8,796 9,628 13,141 14,000 13,975 13,141 Loan Classifications - Total Portfolio Special Mention 39,035 19,380 21,011 27,755 21,189 21,011 Substandard 28,328 30,537 33,457 32,121 30,437 33,457 RATIO ANALYSIS Credit QualityJun-17
Mar-17
Dec-16
Sep-16
Jun-16
Dec-16
Nonperforming loans and leases/total loans and leases (7) 0.47 % 0.47 % 0.51 % 0.45 % 0.45 % 0.51 % Nonperforming assets/total assets 0.36 % 0.36 % 0.36 % 0.32 % 0.32 % 0.36 % Allowance for originated loan and lease losses/total originated loans and leases 0.91 % 0.92 % 0.92 % 0.92 % 0.93 % 0.92 % Allowance/nonperforming loans and leases 178.59 % 180.02 % 164.98 % 186.45 % 183.01 % 164.98 % Net loan and lease losses (recoveries) annualized/total average loans and leases 0.00 % 0.03 % 0.01 % (0.02 %) 0.04 % 0.01 %
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-Ended
Capital Adequacy (period-end)
Jun-17
Mar-17
Dec-16
Sep-16
Jun-16
Dec-16
Tier 1 capital / average assets * 8.43 % 8.36 % 8.41 % 8.83 % 8.79 % 8.41 % Total capital / risk-weighted assets * 12.45 % 12.41 % 12.22 % 12.97 % 12.95 % 12.22 % Profitability Return on average assets * (10) 1.07 % 1.02 % 0.99 % 1.01 % 1.02 % 1.01 % Return on average equity * (10) 11.85 % 11.47 % 10.76 % 10.81 % 10.98 % 10.85 % Net interest margin (TE) * 3.45 % 3.38 % 3.30 % 3.31 % 3.36 % 3.33 % * Quarterly ratios have been annualizedNON-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. Non-GAAP Disclosure - Tangible Book Value Per Share Quarter-Ended Year-Ended Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Dec-16 Total common equity $ 575,428 $ 562,064 $ 547,953 $ 559,640 $ 552,918 $ 547,953 Less: Goodwill and intangibles (9) 101,840 102,326 103,214 103,732 104,636 103,214 Tangible common equity 473,588 459,738 444,739 455,908 448,282 444,739 Ending shares outstanding 15,189,453 15,181,198 15,135,906 15,055,954 15,035,369 15,135,906 Tangible book value per share (Non-GAAP) $ 31.18 $ 30.28 $ 29.38 $ 30.28 $ 29.82 $ 29.38 (1) Federal Reserve peer ratio as of March 31, 2017, 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. (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, 2016. (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)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. (9) "Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables. (10) The third quarter, second quarter, and first quarter of 2016 information is revised to reflect the impact of the early adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting". The early adoption resulted in $847,000, $274,000, $262,000, and $71,000 of excess benefits recognized within "income tax expense" during the three months ended December 31, September 30, June 30, and March 31, 2016, respectively.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170721005123/en/
Tompkins Financial CorporationStephen S. Romaine, President & CEOFrancis M. Fetsko, Executive VP, CFO & COO888-503-5753
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