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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 $14.2 million for the first quarter of 2016, an increase of 11.8% from the $12.7 million reported for the same period in 2015. Diluted earnings per share were $0.94 for the first quarter of 2016, an 11.9% increase from $0.84 reported for the first quarter of 2015.
President and CEO, Stephen S. Romaine said, "We are excited to start off the new year with the best first quarter earnings results in our history. Solid loan growth, coupled with a stabilizing net interest margin, have been key drivers of growth over the prior year. At the same time, we have seen continued improvement in credit quality trends, with nonperforming assets improved from already low levels.”
SELECTED HIGHLIGHTS FOR FIRST QUARTER:
NET INTEREST INCOME
Net interest income of $44.0 million for the first quarter of 2016 increased 6.8% compared to the same period in 2015, and was up 1.4% compared to the fourth quarter of 2015. Growth in net interest income was largely driven by growth in average loans of $392.9 million (11.6%) since the first quarter of 2015; and $103.7 million (2.8%) since the fourth quarter of 2015. The net interest margin was 3.36% for the first quarter of 2016, down from 3.45% for the same period last year, but has remained relatively stable over the past four quarters.
NONINTEREST INCOME
Noninterest income represented 28.4% of total revenues in the first quarter of 2016, compared to 30.0% in 2015. Noninterest income of $17.5 million was consistent with the same period prior year, and was down 2.3% compared to the most recent prior quarter.
NONINTEREST EXPENSE
Noninterest expense was $39.5 million for the first quarter of 2016, which was consistent with the same period last year and the fourth quarter of 2015. Salaries and wages were up 8.1% compared to same quarter last year, which was partially offset by lower pension and employee benefits costs.
ASSET QUALITY
Asset quality trends continued to improve in the first quarter of 2016. Nonperforming assets were down 13.5% compared to the first quarter in 2015, and down 7.8% compared to the prior quarter end. Nonperforming assets represented 0.39% of total assets at March 31, 2016, down from 0.43% at December 31, 2015. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average1 of 0.90%.
Provision for loan and lease losses was $855,000 for the first quarter of 2016, up from $209,000 one year ago. Net charge-offs for the first quarter of 2016 were $329,000 compared to net recoveries of $279,000 reported in the first quarter 2015.
The Company’s allowance for originated loan and lease losses totaled $32.0 million at March 31, 2016, and represented 0.95% of total originated loans at March 31, 2016. The ratio is unchanged from the most recent prior quarter and is down from 0.99% one year ago. The total allowance represented 156.88% of total nonperforming loans and leases at March 31, 2016, up from 146.7% at December 31, 2015, and 145.11% at March 31, 2015.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets of 8.79%, compared to 8.82% reported for December 31, 2015, and 8.85% at March 31, 2015. Total Capital to risk-weighted assets improved from 13.03% at December 31, 2015 to 13.18% at March 31, 2016.
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 03/31/2016 12/31/2015 Cash and noninterest bearing balances due from banks $ 53,637
$
56,261 Interest bearing balances due from banks 1,877 1,996 Cash and Cash Equivalents 55,514 58,257 Trading securities, at fair value 7,023 7,368Available-for-sale securities, at fair value (amortized cost of $1,415,577 at March 31, 2016 and $1,390,255 at December 31, 2015)
1,431,709 1,385,684Held-to-maturity securities, at amortized cost (fair value of $150,139 at March 31, 2016 and $146,686 at December 31, 2015)
145,010 146,071 Originated loans and leases, net of unearned income and deferred costs and fees (2) 3,370,791 3,310,768 Acquired loans and leases, covered (3) 12,737 14,031 Acquired loans and leases, non-covered (3) 437,385 447,243 Less: Allowance for loan and lease losses 32,530 32,004 Net Loans and Leases 3,788,383 3,740,038 FDIC indemnification asset 147 158 Federal Home Loan Bank stock 25,727 29,969 Bank premises and equipment, net 60,237 60,331 Corporate owned life insurance 76,410 75,792 Goodwill 92,617 91,792 Other intangible assets, net 13,233 12,448 Accrued interest and other assets 68,961 82,087 Total Assets $ 5,764,971
$
5,689,995 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,574,523 2,401,519 Time 887,142 855,133 Noninterest bearing 1,093,563 1,138,654 Total Deposits 4,555,228 4,395,306Federal funds purchased and securities sold under agreements to repurchase
116,551 136,513Other borrowings, including certain amounts at fair value of $10,518 at March 31, 2016 and $10,576 at December 31, 2015
455,341 536,285 Trust preferred debentures 37,552 37,509 Other liabilities 60,406 67,916 Total Liabilities $ 5,225,078
$
5,173,529 EQUITY Tompkins Financial Corporation shareholders' equity:Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,059,686 at March 31, 2016; and 15,015,594 at December 31, 2015
1,506 1,502 Additional paid-in capital 353,846 350,823 Retained earnings 205,031 197,445 Accumulated other comprehensive loss (18,341 ) (31,001 )Treasury stock, at cost – 111,924 shares at March 31, 2016, and 116,126 shares at December 31, 2015
(3,634 ) (3,755 ) Total Tompkins Financial Corporation Shareholders’ Equity 538,408 515,014 Noncontrolling interests 1,485 1,452 Total Equity $ 539,893
$
516,466 Total Liabilities and Equity $ 5,764,971
$
5,689,995 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (In thousands, except per share data) (Unaudited) 03/31/2016 03/31/2015 INTEREST AND DIVIDEND INCOME Loans $ 40,487 $ 37,376 Due from banks 2 1 Trading securities 81 94 Available-for-sale securities 7,531 7,814 Held-to-maturity securities 911 596 Federal Home Loan Bank stock and Federal Reserve Bank stock 297 347 Total Interest and Dividend Income 49,309 46,228 INTEREST EXPENSE Time certificates of deposits of $250,000 or more 390 335 Other deposits 2,209 2,286 Federal funds purchased and securities sold under agreements to repurchase 666 670 Trust preferred debentures 589 570 Other borrowings 1,417 1,139 Total Interest Expense 5,271 5,000 Net Interest Income 44,038 41,228 Less: Provision for loan and lease losses 855 209 Net Interest Income After Provision for Loan and Lease Losses 43,183 41,019 NONINTEREST INCOME Insurance commissions and fees 7,562 7,370 Investment services income 3,786 4,007 Service charges on deposit accounts 2,264 2,157 Card services income 1,941 1,818 Mark-to-market loss on trading securities (46 ) (63 ) Mark-to-market gain on liabilities held at fair value 57 41 Other income 1,707 2,026 Gain on sale of available-for-sale securities 232 290 Total Noninterest Income 17,503 17,646 NONINTEREST EXPENSES Salaries and wages 18,989 17,568 Pension and other employee benefits 5,283 5,994 Net occupancy expense of premises 3,148 3,339 Furniture and fixture expense 1,689 1,450 FDIC insurance 822 741 Amortization of intangible assets 527 507 Other operating expense 9,048 10,093 Total Noninterest Expenses 39,506 39,692 Income Before Income Tax Expense 21,180 18,973 Income Tax Expense 6,967 6,260 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 14,213 12,713 Less: Net income attributable to noncontrolling interests 33 33 Net Income Attributable to Tompkins Financial Corporation $ 14,180 $ 12,680 Basic Earnings Per Share $ 0.95 $ 0.85 Diluted Earnings Per Share $ 0.94 $ 0.84 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) Year to Date Period Ended Year to Date Period Ended March 31, 2016 March 31, 2015 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 $ 2,094 $ 2 0.38 % $ 1,388 $ 1 0.29 % Securities (4) U.S. Government securities 1,458,755 7,903 2.18 % 1,435,574 7,853 2.22 % Trading securities 7,248 81 4.49 % 8,858 94 4.30 % State and municipal (5) 97,631 838 3.45 % 88,304 870 4.00 % Other securities (5) 3,686 31 3.38 % 3,764 30 3.23 % Total securities 1,567,320 8,853 2.27 % 1,536,500 8,847 2.34 % FHLBNY and FRB stock 27,799 298 4.31 % 20,765 347 6.78 % Total loans and leases, net of unearned income (5)(6) 3,791,207 41,185 4.37 % 3,398,319 37,954 4.53 % Total interest-earning assets 5,388,420 50,338 3.76 % 4,956,972 47,149 3.86 % Other assets 341,851 358,030 Total assets 5,730,271 5,315,002 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 2,533,185 956 0.15 % 2,348,973 990 0.17 % Time deposits 868,095 1,643 0.76 % 905,981 1,631 0.73 % Total interest-bearing deposits 3,401,280 2,599 0.31 % 3,254,954 2,621 0.33 % Federal funds purchased & securities sold under agreements to repurchase 126,262 666 2.12 % 142,359 670 1.91 % Other borrowings 502,319 1,417 1.13 % 347,690 1,139 1.33 % Trust preferred debentures 37,524 589 6.31 % 37,352 570 6.19 % Total interest-bearing liabilities 4,067,385 5,271 0.52 % 3,782,355 5,000 0.54 % Noninterest bearing deposits 1,067,638 973,212 Accrued expenses and other liabilities 66,934 62,388 Total liabilities 5,201,957 4,817,955 Tompkins Financial Corporation Shareholders’ equity 526,846 495,579 Noncontrolling interest 1,468 1,468 Total equity 528,314 497,047 Total liabilities and equity $ 5,730,271 $ 5,315,002 Interest rate spread 3.24 % 3.32 % Net interest income/margin on earning assets 45,067 3.36 % 42,149 3.45 % Tax Equivalent Adjustment (1,029 ) (921 ) Net interest income per consolidated financial statements $ 44,038 $ 41,228 Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data)Quarter-Ended
Year-Ended
Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-15 Period End Balance Sheet Securities $ 1,583,742 $ 1,539,123 $ 1,542,332 $ 1,536,374 $ 1,555,597 $ 1,539,123 Originated loans and leases, net of unearned income and deferred costs and fees (2) 3,370,791 3,310,768 3,149,386 3,013,968 2,898,533 3,310,768 Acquired loans and leases (3) 450,122 461,274 484,927 507,963 529,024 461,274 Allowance for loan and lease losses 32,530 32,004 30,965 30,091 29,485 32,004 Total assets 5,764,971 5,689,995 5,594,718 5,436,136 5,357,533 5,689,995 Total deposits 4,555,228 4,395,306 4,437,073 4,204,089 4,282,766 4,395,306 Federal funds purchased and securities sold under agreements to repurchase 116,551 136,513 134,941 131,063 135,769 136,513 Other borrowings 455,341 536,285 398,946 493,326 330,850 536,285 Trust preferred debentures 37,552 37,509 37,466 37,423 37,380 37,509 Total common equity 538,408 515,014 516,409 503,877 502,811 515,014 Total equity 539,893 516,466 517,959 505,394 504,296 516,466 Average Balance Sheet Average earning assets $ 5,388,420 $ 5,260,979 $ 5,138,665 $ 5,038,586 $ 4,956,972 $ 5,099,743 Average assets 5,730,271 5,624,351 5,486,645 5,391,114 5,315,002 5,455,214 Average interest-bearing liabilities 4,067,385 3,930,707 3,856,025 3,835,430 3,782,355 3,851,549 Average equity 528,314 518,529 509,518 505,667 497,047 507,754 Share data Weighted average shares outstanding (basic) 14,760,276 14,719,394 14,739,915 14,751,844 14,701,397 14,728,193 Weighted average shares outstanding (diluted) 14,905,919 14,869,103 14,866,735 14,878,107 14,837,935 14,863,026 Period-end shares outstanding 15,023,776 14,979,684 14,905,576 14,942,107 14,962,079 14,979,684 Common equity book value per share $ 35.84 $ 34.38 $ 34.65 $ 33.72 $ 33.61 $ 34.38 Tangible book value per share (Non-GAAP) $ 28.85 $ 27.48 $ 27.64 $ 26.71 $ 26.56 $ 27.48 Income Statement Net interest income $ 44,038 $ 43,437 $ 42,386 $ 41,330 $ 41,228 $ 168,381 Provision (Credit) for loan/lease losses 855 1,533 281 922 209 2,945 Noninterest income 17,503 17,910 17,422 18,962 17,646 71,940 Noninterest expense 39,506 39,370 37,882 32,918 39,692 149,862 Income tax expense 6,967 6,557 7,115 9,030 6,260 28,962 Net income attributable to Tompkins Financial Corporation 14,180 13,854 14,497 17,390 12,680 58,421 Noncontrolling interests 33 33 33 32 33 131 Basic earnings per share (9) $ 0.95 $ 0.93 $ 0.97 $ 1.16 $ 0.85 $ 3.91 Diluted earnings per share (9) $ 0.94 $ 0.92 $ 0.96 $ 1.15 $ 0.84 $ 3.87 Nonperforming Assets Originated nonaccrual loans and leases $ 12,671 $ 13,506 $ 14,821 $ 14,566 $ 13,811 $ 13,506 Acquired nonaccrual loans and leases 4,145 4,331 4,908 5,030 4,683 4,331 Originated loans and leases 90 days past due and accruing 57 58 57 58 236 58 Troubled debt restructurings not included above 3,862 3,915 3,465 1,939 1,589 3,915 Total nonperforming loans and leases 20,735 21,810 23,251 21,593 20,319 21,810 OREO (8) 1,865 2,692 3,188 2,570 5,816 2,692 Total nonperforming assets $ 22,600 $ 24,502 $ 26,439 $ 24,163 $ 26,135 $ 24,502Quarter-Ended Year-Ended Delinquency - Originated loan and lease portfolio Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-15 Loans and leases 30-89 days past due and accruing (2) $ 2,519 $ 3,280 $ 3,550 $ 3,315 $ 2,438 $ 3,280 Loans and leases 90 days past due and accruing (2) 57 58 57 58 236 58 Total originated loans and leases past due and accruing (2) 2,576 3,338 3,607 3,373 2,674 3,338 Delinquency - Acquired loan and lease portfolio Covered loans and leases 30-89 days past due and accruing (3)(7) $ 1 $ 276 $ 309 $ 455 $ 547 $ 276 Covered loans and leases 90 days or more past due and accruing (3)(7) 469 524 508 674 682 524 Non-covered loans and leases 30-89 days past due and accruing (3)(7) 1,038 933 1,028 917 2,546 933 Non-covered loans and leases 90 days past due and accruing (3)(7) 1,446 1,991 2,069 3,031 2,811 1,991 Total acquired loans and leases past due and accruing 2,954 3,724 3,914 5,077 6,586 3,724 Total loans and leases past due and accruing $ 5,530 $ 7,062 $ 7,521 $ 8,450 $ 9,260 $ 7,062 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 31,312 $ 30,450 $ 29,428 $ 28,690 $ 28,156 $ 28,156 Provision for loan and lease losses 872 1,185 173 769 340 2,467 Net loan and lease charge-offs (recoveries) 203 323 (849 ) 31 (194 ) (689 ) Allowance for loan and lease losses (originated 31,981 31,312 30,450 29,428 28,690 31,312 loan portfolio) - balance at end of period $ $ $ $ $ $ Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 692 $ 515 $ 663 $ 795 $ 841 $ 841 Provision (Credit) for loan and lease losses (17 ) 348 108 153 (131 ) 478 Net loan and lease charge-offs (recoveries) 126 171 256 285 (85 ) 627 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 549 692 515 663 795 692 Total allowance for loan and lease losses $ 32,530 $ 32,004 $ 30,965 $ 30,091 $ 29,485 $ 32,004 Loan Classification - Originated Portfolio Special Mention $ 20,388 $ 19,657 $ 25,133 $ 25,706 $ 34,965 $ 19,657 Substandard 18,026 18,186 19,937 21,600 19,150 18,186 Loan Classification - Acquired Portfolio Special Mention 534 540 1,446 1,589 5,053 540 Substandard 17,445 17,007 23,683 21,932 21,752 18,238 Loan Classifications - Total Portfolio Special Mention 20,922 20,197 26,579 27,295 40,018 20,197 Substandard 35,471 35,193 43,620 43,532 40,902 36,424 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-15 Nonperforming loans and leases/total loans and leases (7) 0.54 % 0.58 % 0.64 % 0.61 % 0.59 % 0.58 % Nonperforming assets/total assets 0.39 % 0.43 % 0.47 % 0.44 % 0.49 % 0.43 % Allowance for originated loan and lease losses/total originated loans and leases 0.95 % 0.95 % 0.97 % 0.98 % 0.99 % 0.95 % Allowance/nonperforming loans and leases 156.88 % 146.74 % 133.18 % 139.36 % 145.11 % 146.74 % Net loan and lease losses (recoveries) annualized/total average loans and leases 0.03 % 0.05 % (0.07 %) 0.04 % (0.03 %) (0.00 %) Capital Adequacy (period-end) Tier 1 capital / average assets * 8.79 % 8.82 % 8.89 % 8.92 % 8.85 % 8.82 % Total capital / risk-weighted assets * 13.18 % 13.03 % 13.29 % 13.46 % 13.37 % 13.03 % *Beginning with March 31, 2015, ratios are calculated utilizing Basel III regulatory capital framework Profitability Return on average assets * 0.99 % 0.98 % 1.05 % 1.29 % 0.97 % 1.07 % Return on average equity * 10.77 % 10.63 % 11.29 % 13.79 % 10.35 % 11.51 % Net interest margin (TE) * 3.36 % 3.35 % 3.35 % 3.37 % 3.45 % 3.38 % * Quarterly ratios have been annualized
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
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 measure 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.Quarter-Ended
Year-Ended
Non-GAAP Disclosure - Adjusted Diluted Earnings Per ShareMar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-15
Net income available to common shareholders $ 14,180 $ 13,854 $ 14,497 $ 17,390 $ 12,680 $ 58,421 Less: Dividends and undistributed earnings allocated to unvested restricted stock awards 224 229 189 234 182 834 Adjusted net income available to common shareholders 13,956 13,625 14,308 17,156 12,498 57,587 Gain on pension plan curtailment (net of tax) 0 0 0 (3,602 ) 0 (3,602 ) Net operating income (Non-GAAP) 13,956 13,625 14,308 13,554 12,498 54,349 Weighted average shares outstanding (diluted) 14,905,919 14,869,103 14,866,735 14,878,107 14,837,935 14,863,026 Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.94 $ 0.92 $ 0.96 $ 0.91 $ 0.84 $ 3.66 Non-GAAP Disclosure - Tangible Book Value Per Share Total common equity $ 538,408 $ 515,014 $ 516,409 $ 503,877 $ 502,811 $ 515,014 Less: Goodwill and intangibles (10) 104,987 103,347 104,349 104,845 105,344 103,347 Tangible common equity 433,421 411,667 412,060 399,032 397,467 411,667 Ending shares outstanding 15,023,776 14,979,684 14,905,576 14,942,107 14,962,079 14,979,684 Tangible book value per share (Non-GAAP) $ 28.85 $ 27.48 $ 27.64 $ 26.71 $ 26.56 $ 27.48 (1) Federal Reserve peer ratio as of December 31, 2015, 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, 2015. (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. (10) "Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160422005242/en/
Tompkins Financial CorporationStephen S. Romaine, President & CEOFrancis M. Fetsko, Executive VP, CFO & COO(888)503-5753
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