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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 | |
---|---|---|---|---|---|---|---|---|
1.98 | 3.64% | 56.36 | 57.14 | 54.69 | 54.69 | 21,593 | 17:54:20 |
Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation reported net income of $20.4 million for the first quarter of 2018, an increase of 30.0% from the $15.7 million reported for the same period in 2017. Diluted earnings per share were $1.33 for the first quarter of 2018, a 29.1% increase from $1.03 reported for the first quarter of 2017.
President and CEO, Stephen S. Romaine said “We are excited to start 2018 with very strong earnings growth. Solid loan growth, an improved net interest margin, and higher fee income all contributed to earnings improvement over the prior year. Our first quarter earnings also benefited from a lower tax rate in 2018.”
Selected highlights for first quarter:
NET INTEREST INCOME
Net interest income of $52.7 million for the first quarter of 2018 increased by $4.7 million, or 9.7% compared to the same period in 2017, and was up 1.4% compared to the fourth quarter of 2017. The increase in net interest income over prior year benefited from a 10.0% increase in average loans and a 13.7% increase in average noninterest-bearing deposits when compared to the same period in 2017. Net interest income was also positively impacted by reduced interest expense on time deposits, which benefited from accelerated accretion of purchase accounting deposit discounts from certain VIST acquired deposits. The net interest margin was 3.42% for the first quarter of 2018, up from 3.38% for the first quarter of 2017, and in line with the fourth quarter of 2017.
NONINTEREST INCOME
Noninterest income represented 25.3% of total revenues in the first quarter of 2018, compared to 26.4% in the same period in 2017, and 25.0% for the most recent prior quarter. Noninterest income of $17.8 million was up 3.4% compared to the same period last year, and up 3.0% over the fourth quarter of 2017. Contributing to the increase was fee based income related to insurance and investment services, card services and deposit account fees which improved a combined 5.5% over the same period in 2017.
NONINTEREST EXPENSE
Noninterest expense was $43.7 million for the first quarter of 2018, which was up 5.7% from the same period in 2017, and down 5.5% compared to the fourth quarter of 2017. The increase in noninterest expense was mainly related to higher salaries and wages in the first quarter of 2018. Other operating expenses in the fourth quarter of 2017 included $2.7 million related to a write off of a historic tax credit investment.
INCOME TAX EXPENSE
The Company’s effective tax rate was 22.0% in the first quarter of 2018, compared to 31.9% for the same period in 2017. The decrease is a direct result of The Tax Cuts and Jobs Act of 2017, which reduced the Federal statutory tax rate from 35% in 2017, to 21% in 2018.
ASSET QUALITY
Asset quality trends remained strong in the first quarter of 2018. Nonperforming assets represented 0.41% of total assets at March 31, 2018, up slightly from 0.38% at December 31, 2017. Nonperforming asset levels continue to be below the most recent Federal Reserve Board Peer Group Average1 of 0.63%.
Provision for loan and lease losses was $567,000 for the first quarter of 2018, down from $769,000 reported for the first quarter of 2017. Net charge-offs for the first quarter of 2018 were $127,000 compared to $358,000 reported in the first quarter of 2017.
The Company’s allowance for originated loan and lease losses totaled $40.1 million at March 31, 2018, and represented 0.91% of total originated loans and leases at March 31, 2018, compared to 0.92% at March 31, 2017. The total allowance represented 159.34% of total nonperforming loans and leases at March 31, 2018, down from 180.02% at March 31, 2017, and 172.84% at December 31, 2017.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. The ratio of tangible common equity to tangible assets was 7.29% at March 31, 2018, improved from the 7.24% reported for the most recent prior quarter ended December 31, 2017, and down from 7.44% at March 31, 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.
The statements made herein shall not confer upon any person any rights or remedies of any nature, and shall not be construed to establish, amend, or modify any benefit plan, program, agreement, or arrangement, nor to alter any existing at-will employment relationship between the Company and its employees.
TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) (Unaudited) As of As of ASSETS 03/31/2018 12/31/2017 Cash and noninterest bearing balances due from banks $ 66,396 $ 77,688 Interest bearing balances due from banks 1,706 6,615 Cash and Cash Equivalents 68,102 84,303 Available-for-sale securities, at fair value (amortized cost of $1,408,360 at March 31, 2018 and $1,409,996 at December 31, 2017) 1,371,664 1,392,775 Held-to-maturity securities, at amortized cost (fair value of $137,843 at March 31, 2018 and $140,315 at December 31, 2017) 139,131 139,216 Originated loans and leases, net of unearned income and deferred costs and fees (2) 4,408,081 4,358,543 Acquired loans (3) 296,765 310,577 Less: Allowance for loan and lease losses 40,211 39,771 Net Loans and Leases 4,664,635 4,629,349 Federal Home Loan Bank and other stock 47,019 50,498 Bank premises and equipment, net 92,139 86,995 Corporate owned life insurance 80,623 80,106 Goodwill 92,291 92,291 Other intangible assets, net 8,791 9,263 Accrued interest and other assets 83,732 83,494 Total Assets $ 6,648,128 $ 6,648,290 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,893,619 2,651,632 Time 685,600 748,250 Noninterest bearing 1,350,684 1,437,925 Total Deposits 4,929,903 4,837,807 Federal funds purchased and securities sold under agreements to repurchase 69,131 75,177 Other borrowings 995,074 1,071,742 Trust preferred debentures 16,734 16,691 Other liabilities 57,875 70,671 Total Liabilities $ 6,068,717 $ 6,072,088 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,321,245 at March 31, 2018; and 15,301,524 at December 31, 2017 1,532 1,530 Additional paid-in capital 366,666 364,031 Retained earnings 279,895 265,007 Accumulated other comprehensive loss (65,682 ) (51,296 )Treasury stock, at cost – 116,587 shares at March 31,2018, and 120,805 shares
at December 31, 2017 (4,444 ) (4,492 ) Total Tompkins Financial Corporation Shareholders’ Equity 577,967 574,780 Noncontrolling interests 1,444 1,422 Total Equity $ 579,411 $ 576,202 Total Liabilities and Equity $ 6,648,128 $ 6,648,290 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (In thousands, except per share data) (Unaudited) 03/31/2018 03/31/2017 INTEREST AND DIVIDEND INCOME Loans $ 50,894 $ 44,951 Due from banks 7 2 Available-for-sale securities 7,644 7,322 Held-to-maturity securities 858 878 Federal Home Loan Bank and other stock 737 468 Total Interest and Dividend Income 60,140 53,621 INTEREST EXPENSE Time certificates of deposits of $250,000 or more (14 ) 441 Other deposits 2,783 2,347 Federal funds purchased and securities sold under agreements to repurchase 46 108 Trust preferred debentures 279 367 Other borrowings 4,359 2,324 Total Interest Expense 7,453 5,587 Net Interest Income 52,687 48,034 Less: Provision for loan and lease losses 567 769 Net Interest Income After Provision for Loan and Lease Losses 52,120 47,265 NONINTEREST INCOME Insurance commissions and fees 7,394 7,118 Investment services income 4,246 3,791 Service charges on deposit accounts 2,132 2,167 Card services income 2,146 2,009 Other income 1,788 2,155 (Loss)/gain on sale of available-for-sale securities 124 0 Total Noninterest Income 17,830 17,240 NONINTEREST EXPENSE Salaries and wages 20,998 19,635 Other employee benefits 5,376 5,634 Net occupancy expense of premises 3,646 3,511 Furniture and fixture expense 1,975 1,597 FDIC insurance 667 538 Amortization of intangible assets 451 493 Other operating expense 10,608 9,960 Total Noninterest Expenses 43,721 41,368 Income Before Income Tax Expense 26,229 23,137 Income Tax Expense 5,761 7,388 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 20,468 15,749 Less: Net income attributable to noncontrolling interests 32 32 Net Income Attributable to Tompkins Financial Corporation $ 20,436 $ 15,717 Basic Earnings Per Share $ 1.34 $ 1.04 Diluted Earnings Per Share $ 1.33 $ 1.03 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) Quarter Ended Quarter Ended March 31, 2018 March 31, 2017 Average Average Balance Average Balance Average (Dollar amounts in thousands) (QTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 2,565 $ 7 1.11% $ 5,214 $ 2 0.16% Securities (4) U.S. Government securities 1,454,229 7,954 2.22% 1,479,516 7,659 2.10% State and municipal (5) 99,766 643 2.61% 100,698 840 3.38% Other securities (5) 3,571 35 3.97% 3,613 31 3.48% Total securities 1,557,566 8,632 2.25% 1,583,827 8,530 2.18% FHLBNY and FRB stock 49,509 737 6.04% 38,105 468 4.98% Total loans and leases, net of unearned income (5)(6) 4,688,087 51,229 4.43% 4,263,799 45,675 4.34% Total interest-earning assets 6,297,727 60,605 3.90% 5,890,945 54,674 3.76% Other assets 355,036 350,443 Total assets $6,652,763
$ 6,241,388 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market $ 2,796,197 1,646 0.24% $ 2,664,848 1,061 0.16% Time deposits 717,617 1,123 0.63% 869,949 1,727 0.81% Total interest-bearing deposits 3,513,814 2,769 0.32% 3,534,797 2,788 0.32% Federal funds purchased & securities sold under agreements to repurchase 75,167 46 0.25% 77,980 108 0.56% Other borrowings 1,053,311 4,359 1.68% 791,136 2,324 1.19% Trust preferred debentures 16,706 279 6.77% 23,588 367 6.31% Total interest-bearing liabilities 4,658,998 7,453 0.65% 4,427,501 5,587 0.51% Noninterest bearing deposits 1,351,307 1,188,567 Accrued expenses and other liabilities 67,495 69,423 Total liabilities 6,077,800 5,685,491 Tompkins Financial Corporation Shareholders’ equity 573,536 554,428 Noncontrolling interest 1,427 1,469 Total equity 574,963 555,897 Total liabilities and equity $ 6,652,763 $ 6,241,388 Interest rate spread 3.25% 3.25% Net interest income/margin on earning assets 53,152 3.42% 49,088 3.38% Tax Equivalent Adjustment (465) (1,054) Net interest income per consolidated financial statements $ 52,687 $ 48,034 Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Period End Balance SheetMar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-17
Securities $ 1,510,795 $ 1,531,991 $ 1,546,199 $ 1,564,865 $ 1,569,068 $ 1,531,991Originated loans and leases, net of unearnedincome and deferred costs and fees (2)
4,408,081 4,358,543 4,167,254 4,070,755 3,922,413 4,358,543 Acquired loans and leases (3) 296,765 310,577 323,259 347,841 375,380 310,577 Allowance for loan and lease losses 40,211 39,771 38,038 37,157 36,166 39,771 Total assets 6,648,128 6,648,290 6,524,060 6,415,012 6,280,047 6,648,290 Total deposits 4,929,903 4,837,807 4,943,944 4,750,722 4,850,585 4,837,807Federal funds purchased and securities sold underagreements to repurchase
69,131 75,177 73,874 50,360 70,716 75,177 Other borrowings 995,074 1,071,742 834,574 952,035 717,285 1,071,742 Trust preferred debentures 16,734 16,691 16,648 16,605 16,562 16,691 Total common equity 577,967 574,780 588,349 575,428 562,064 574,780 Total equity 579,411 576,202 589,868 576,915 563,518 576,202 Average Balance Sheet Average earning assets $ 6,297,727 $ 6,159,396 $ 6,072,269 $ 5,970,653 $ 5,890,945 $ 6,024,186 Average assets 6,652,763 6,552,414 6,430,497 6,329,847 6,241,388 6,389,504 Average interest-bearing liabilities 4,658,998 4,500,649 4,463,606 4,474,860 4,427,501 4,466,846 Average equity 574,963 593,956 586,671 572,741 555,893 577,446 Share data Weighted average shares outstanding (basic) 15,013,478 14,988,542 14,966,231 14,944,934 14,900,938 14,950,432 Weighted average shares outstanding (diluted) 15,112,518 15,103,906 15,078,555 15,066,861 15,042,614 15,073,255 Period-end shares outstanding 15,285,335 15,265,614 15,202.44 15,189.45 15,181.20 15,265,614 Common equity book value per share $ 37.81 $ 37.65 $38.70
$ 37.88 $ 37.02 $ 37.65 Tangible book value per share (Non-GAAP) $ 31.24 $ 31.04 $ 32.03 $ 31.18 $ 30.28 $ 31.04 Income Statement Net interest income $ 52,687 $ 51,969 $ 51,000 $ 50,301 $ 48,034 $ 201,304 Provision for loan/lease losses 567 2,014 402 976 769 4,161 Noninterest income 17,830 17,312 17,202 17,450 17,240 69,204 Noninterest expense 43,721 46,286 41,883 41,568 41,368 171,105 Income tax expense 5,761 18,493 8,491 8,248 7,388 42,620 Net income attributable to Tompkins Financial Corporation 20,436 2,457 17,394 16,926 15,717 52,494 Noncontrolling interests 32 31 32 33 32 128 Basic earnings per share (8) $ 1.34 $ 0.16 $ 1.14 $ 1.11 $ 1.04 $ 3.46 Diluted earnings per share (8) $ 1.33 $ 0.16 $ 1.14 $ 1.11 $ 1.03 $ 3.43 Nonperforming Assets Originated nonaccrual loans and leases $ 18,429 $ 16,253 $ 15,667 $ 14,284 $ 13,786 $ 16,253 Acquired nonaccrual loans and leases 3,352 3,264 3,152 2,903 3,356 3,264 Originated loans and leases 90 days past due and accruing 0 44 0 639 0 44 Troubled debt restructurings not included above 3,455 3,449 3,541 2,980 2,948 3,449 Total nonperforming loans and leases 25,236 23,010 22,360 20,806 20,090 23,010 OREO 2,047 2,047 2,030 2,331 2,520 2,047 Total nonperforming assets $ 27,283 $ 25,057 $ 24,390 $ 23,137 $ 22,610 $ 25,057 Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-EndedDelinquency - Originated loan and lease portfolio
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-17
Loans and leases 30-89 days past due and accruing (2) $ 6,513 $ 6,791 $ 5,567 $ 6,188 $ 5,462 $ 6,791 Loans and leases 90 days past due and accruing (2) 0 44 0 639 0 44 Total originated loans and leases past due and accruing (2) 6,513 6,835 5,567 6,827 5,462 6,835 Delinquency - Acquired loan and lease portfolio Loans 30-89 days past due and accruing (3)(7) $ 823 $ 1,256 $ 2,857 $ 751 $ 907 $ 1,256 Loans 90 days or more past due 1,077 1,146 1,306 2,581 2,701 1,146 Total acquired loans and leases past due and accruing 1,900 2,402 4,163 3,332 3,608 2,402 Total loans and leases past due and accruing $ 8,413 $ 9,237 $ 9,730 $ 10,159 $ 9,070 $ 9,237 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 39,686 $ 37,903 $ 36,960 $ 35,915 $ 35,598 $ 35,598 Provision for loan and lease losses 609 1,849 931 846 602 4,428 Net loan and lease (recoveries) charge-offs 187 66 (12) (199) 285 140 Allowance for loan and lease losses (originated loan portfolio) - balance at end of period $ 40,107 $ 39,686 $ 37,903 $ 36,960 $ 35,915 $ 39,686 Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 85 $ 135 $ 197 $ 251 $ 157 $ 157 Provision (credit) for loan and lease losses (41) 165 (529) 130 167 (67) Net loan and lease (recoveries) charge-offs (60) 215 (467) 184 73 5 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 104 85 135 197 251 85 Total allowance for loan and lease losses $ 40,211 $ 39,771 $ 38,038 $ 37,157 $ 36,166 $ 39,771 Loan Classification - Originated Portfolio Special Mention $ 34,546 $ 46,074 $ 50,423 $ 38,488 $ 18,861 $ 46,074 Substandard 35,746 20,584 20,532 19,532 20,909 20,584 Loan Classification - Acquired Portfolio Special Mention 476 525 539 547 519 525 Substandard 3,468 5,355 8,193 8,796 9,628 5,355 Loan Classifications - Total Portfolio Special Mention 35,022 46,599 50,962 39,035 19,380 46,599 Substandard 39,214 25,939 28,725 28,328 30,537 25,939 Ratio Analysis Credit QualityNonperforming loans and leases/total loans andleases (7)
0.54% 0.49%0.50%
0.47% 0.47% 0.49% Nonperforming assets/total assets 0.41% 0.38% 0.37% 0.36% 0.36% 0.38%Allowance for originated loan and lease losses/totaloriginated loans and leases
0.91% 0.91% 0.91% 0.91% 0.92% 0.91% Allowance/nonperforming loans and leases 159.34% 172.84% 170.12% 178.59% 180.02% 172.84%Net loan and lease losses (recoveries)annualized/total average loans and leases
0.01% 0.02% (0.04)%0.00%
0.03%0.00%
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued Quarter-Ended Year-Ended Capital Adequacy (period-end)Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-17
Tangible common equity/tangible assets 7.29% 7.24% 7.58%7.50%
7.44% 7.24% Profitability Return on average assets * 1.25% 0.15% 1.07% 1.07% 1.02% 0.82% Return on average equity * 14.41% 1.64% 11.77% 11.85% 11.47% 9.09% Net interest margin (TE) * 3.42% 3.42%3.40%
3.45% 3.38% 3.41%* Quarterly ratios have been annualized
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.
Non-GAAP Disclosure - Adjusted Diluted Earnings Per Share Quarter-Ended Year-EndedMar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-17
Net income available to common shareholders$
20,436 $ 2,457 $ 17,394 $ 16,926 $ 15,717 $ 52,494Less: Income attributable to unvested stock-based compensation awards
351 26 266 266 260 818 Tangible common equity 20,085 2,431 17,128 16,660 15,457 51,676 Remeasurement of net deferred taxes 0 14,944 0 0 0 14,994 Net income (Non-GAAP) 20,085 17,375 17,128 16,660 15,457 66,620 Weighted average shares outstanding (diluted)
15,112,518
15,103,906
15,078,555
15,066,861
15,042,614
15,073,255
Adjusted diluted earnings per share (Non-GAAP) $ 1.33 $ 1.15 $ 1.14 $ 1.11 $ 1.03 $ 4.42 Non-GAAP Disclosure - Tangible Book Value Per Share Total common equity $ 577,967 $ 574,780 $ 588,349 $ 575,428 $ 562,064 $ 574,780 Less: Goodwill and intangibles (9) 100,436 100,887 101,360 101,840 102,326 100,887 Tangible common equity 477,531 473,893 486,989 473,588 459,738 473,893 Ending shares outstanding
15,285,335
15,265,614
15,202,444
15,189,453
15,181,198
15,265,614
Tangible book value per share (Non-GAAP) $ 31.24 $ 31.04 $ 32.03 $ 31.18 $ 30.28 $ 31.04(1) Federal Reserve peer ratio as of December 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, 2017.(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180427005106/en/
Tompkins Financial CorporationStephen S. Romaine, 888-503-5753President & CEOorFrancis M. Fetsko, 888-503-5753Executive VP, CFO & COO
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