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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 |
From Jul 2019 to Jul 2024
Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported record net income of $9.0 million for the second quarter of 2010, an increase of 21.3% over the $7.4 million reported for the same period in 2009. Diluted earnings per share were $0.83 for the second quarter of 2010, a 20.3% increase over the $0.69 reported for the second quarter of 2009 (adjusted for 10% stock dividend approved on January 27, 2010; refer to footnote1).
For the six months ended June 30, 2010, net income was $17.4 million compared to $15.2 million for the same period prior year. Diluted earnings per share totaled $1.61 for the first six months of 2010, an increase of 14.2% over the $1.41 reported for the first six months of 2009.
Selected highlights for the second quarter included:
Stephen S. Romaine, President and CEO stated, “As the uncertain economic conditions continue to pose challenges for our customers and our industry, we are obviously pleased to report on record earnings both for the quarter and year-to-date periods. We are especially pleased to note continued growth in revenue during the quarter. In addition to the continued growth in net interest income, we saw improving trends in each of our key fee based business activities.”
Growth in average earning assets and deposits has contributed to the increase in net interest income in 2010. When comparing the second quarter of 2010 to the second quarter of 2009, average loans were up 3.5% and average deposits were up 7.8%. Net interest income of $28.1 million in the second quarter of 2010 was up 6.0% over the same period in 2009. Net interest margin has remained relatively stable over the last 12 months. The 3.91% margin reported for the second quarter of 2010 compares to 3.89% in the fourth quarter of 2009, and 3.93% in the second quarter of 2009. Mr. Romaine commented, “The current economic climate has resulted in slower loan demand over the last several quarters, making loan growth more challenging. We remain committed to making loans that support economic activity in the communities we serve and feel that the growth we have experienced over the last twelve months is evidence of that commitment.”
The Company’s allowance for loan and lease losses totaled $26.5 million at June 30, 2010, which represented 1.40% of total loans. Annualized net charge-offs for the first six months of 2010 represented 0.15% of average loans and leases, which is down from 0.19% for the same period in 2009. Net charge-offs for the second quarter of 2010 were $244,000, which benefited from $560,000 in recoveries of loans previously charged off.
Nonperforming assets represented 1.28% of total assets as of June 30, 2010, up from 1.12% at December 31, 2009, and up from 0.87% at June 30, 2009. Approximately, 57% of the Company’s nonperforming loans were less than 30 days past due as of June 30, 2010. Mr. Romaine added, “Although nonperforming assets increased somewhat from the previous quarter, we are encouraged that during the quarter we noted improving financial conditions for certain credits within the portfolio. Additionally, our nonperforming asset ratios and loss experience remain significantly better than national averages. We remain diligent in monitoring the credit portfolio, as we recognize that many of our customers continue to be challenged by the prolonged economic downturn.”
Despite increases in all major fee income categories, noninterest income for the second quarter of 2010 of $11.3 million reflects a decline of 1.8% from the same period in 2009. Year-to-date 2010 noninterest income was $22.7 million, which is in line with the same period in 2009. Investment services revenue, the largest category of noninterest income, was $3.6 million for the second quarter of 2010, an increase of 8.0% from the second quarter of 2009. Other significant fee income categories include insurance revenue of $3.2 million (up 2.3%); service charges on deposit accounts of $2.4 million (up 7.0%); and cards services income of $1.1 million (up 14.4%). The decline in noninterest income relates primarily to net mark-to-market losses on liabilities held at fair value, which were $490,000 for the second quarter of 2010, compared to net mark-to-market gains of $432,000 as of June 30, 2009. The market-to-market gains and losses are the result of interest rate movements that may positively or negatively impact the carrying amount of certain assets and liabilities carried at fair value.
Noninterest expenses for the second quarter 2010 were $24.5 million, relatively flat compared to the same quarter last year. Noninterest expenses for the six months ended June 30, 2010 totaled $49.0 million, an increase of 2.2% over the same period in 2009. FDIC insurance of $857,000 for the second quarter of 2010 is down from $2.2 million reported in the second quarter of 2009. The large variance is due to the FDIC special assessment expensed in the second quarter of 2009. The largest category of noninterest expense is Salary and Wages, which totaled $10.7 million in the second quarter of 2010, an increase of 6.0% from second quarter of 2009.
Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company's subsidiary banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank. Through its community banking subsidiaries, the Company provides traditional banking services, and offers a full range of money management services through Tompkins Investment Services (a division of Tompkins Trust Company). The Company offers insurance services through its Tompkins Insurance Agencies, Inc. subsidiary, an independent agency serving individuals and business clients throughout New York State. The Company offers fee-based financial planning and wealth management services through its AM&M Financial Services, Inc. subsidiary. AM&M Financial Services, Inc. is also the parent company to Ensemble Financial Services, Inc., an independent broker dealer and leading outsourcing company for financial planners and investment advisors. Each Tompkins subsidiary operates with a community focus, meeting the unique needs of the communities served.
"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.
1 Share and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend paid on February 15, 2010.
2 Federal Reserve peer ratio as of March 31, 2010, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
PART I - FINANCIAL INFORMATION Item 1. Financial Statements TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) (Unaudited) As of As of ASSETS 06/30/2010 12/31/2009 Cash and noninterest bearing balances due from banks $ 47,839 $ 43,686 Interest bearing balances due from banks 1,615 1,676 Federal funds sold 15,000 0 Money market funds 100 100 Cash and Cash Equivalents 64,554 45,462 Trading securities, at fair value 26,895 31,718 Available-for-sale securities, at fair value 955,090 928,770Held-to-maturity securities, fair value of $42,567 at June 30, 2010, and $46,340 at
December 31, 2009 41,235 44,825 Loans and leases, net of unearned income and deferred costs and fees 1,900,303 1,914,818 Less: Allowance for loan and lease losses 26,530 24,350 Net Loans and Leases 1,873,773 1,890,468 FHLB and FRB stock 19,330 20,041 Bank premises and equipment, net 46,818 46,650 Corporate owned life insurance 36,680 35,953 Goodwill 41,589 41,589 Other intangible assets, net 4,486 4,864 Accrued interest and other assets 51,198 62,920 Total Assets $ 3,161,648 $ 3,153,260 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 1,198,065 1,183,145 Time 787,923 794,738 Noninterest bearing 474,235 461,981 Total Deposits 2,460,223 2,439,864 Federal funds purchased and securities sold under agreements to repurchase, including certain amounts at fair value of $5,628 at June 30, 2010, and $5,500 at December 31, 2009 175,336 192,784 Other borrowings, including certain amounts at fair value of $11,825 at June 30, 2010, and $11,335 at December 31, 2009 189,561 208,965 Trust preferred debentures 25,058 25,056 Other liabilities 42,787 41,583 Total Liabilities $ 2,892,965 $ 2,908,252 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued and outstanding: 10,865,911 at June 30, 2010; and 9,785,265 at December 31, 2009 1,087 978 Additional paid-in capital 195,025 155,589 Retained earnings 67,456 92,402 Accumulated other comprehensive income (loss) 5,965 (3,087 ) Treasury stock, at cost – 88,784 shares at June 30, 2010, and 81,723 shares at December 31, 2009 (2,367 ) (2,326 ) Total Tompkins Financial Corporation Shareholders’ Equity 267,166 243,556 Noncontrolling interests 1,517 1,452 Total Equity $ 268,683 $ 245,008 Total Liabilities and Equity $ 3,161,648 $ 3,153,260 See accompanying notes to unaudited condensed consolidated financial statements. TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Six Months Ended (In thousands, except per share data) (Unaudited) 06/30/2010 06/30/2009 06/30/2010 06/30/2009 INTEREST AND DIVIDEND INCOME Loans $26,750 $26,499 $53,369 $53,176 Due from banks 10 4 22 12 Federal funds sold 6 4 9 8 Money market funds 0 10 0 28 Trading securities 278 345 588 707 Available-for-sale securities 8,794 8,927 17,793 17,570 Held-to-maturity securities 394 483 802 986 FHLB and FRB stock 218 287 501 322 Total Interest and Dividend Income 36,450 36,559 73,084 72,809 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 1,146 1,314 2,324 2,805 Other deposits 3,502 4,827 7,329 9,960 Federal funds purchased and repurchase agreements 1,308 1,564 2,733 3,129 Trust preferred securities 436 325 803 378 Other borrowings 1,952 2,020 3,845 4,178 Total Interest Expense 8,344 10,050 17,034 20,450 Net Interest Income 28,106 26,509 56,050 52,359 Less: Provision for loan/lease losses 1,408 2,367 3,591 4,403 Net Interest Income After Provision for Loan/Lease Losses 26,698 24,142 52,459 47,956 NONINTEREST INCOME Investment services income 3,604 3,337 7,341 6,539 Insurance commissions and fees 3,191 3,120 6,357 6,239 Service charges on deposit accounts 2,430 2,271 4,487 4,491 Card services income 1,067 933 2,041 1,723 Mark-to-market gain on trading securities 291 40 381 98 Mark-to-market (loss) gain on liabilities held at fair value (490) 432 (618) 688 Other income 1,180 1,386 2,486 2,667 Net gain on security transactions 58 19 176 26 Total Noninterest Income 11,331 11,538 22,651 22,471 NONINTEREST EXPENSES Salaries and wages 10,669 10,069 21,008 19,597 Pension and other employee benefits 3,442 3,360 7,354 6,746 Net occupancy expense of premises 1,725 1,774 3,606 3,788 Furniture and fixture expense 1,143 1,128 2,326 2,244 FDIC insurance 857 2,164 1,769 2,518 Amortization of intangible assets 199 235 401 484 Other operating expense 6,481 5,944 12,547 12,586 Total Noninterest Expenses 24,516 24,674 49,011 47,963 Income Before Income Tax Expense 13,513 11,006 26,099 22,464 Income Tax Expense 4,447 3,526 8,585 7,242 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 9,066 7,480 17,514 15,222 Less: Net income attributable to noncontrolling interests 33 33 65 65 Net Income Attributable to Tompkins Financial Corporation$ 9,033
$ 7,447 $ 17,449 $ 15,157 Basic Earnings Per Share $0.84 $0.70 $1.62 $1.42 Diluted Earnings Per Share $0.83 $0.69 $1.61 $1.41 Per share data has been retroactively adjusted to reflect 10% stock dividend paid on February 15, 2010 See accompanying notes to unaudited condensed consolidated financial statements. Average Consolidated Balance Sheet and Net Interest Analysis Quarter Ended Year to Date Period Ended Year to Date Period Ended June 30, 2010 June 30, 2010 June 30, 2009AverageBalance
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Average (Dollar amounts in thousands) (QTD) Interest Yield/Rate (YTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 36,083 $ 10 0.11 % $ 36,979 $ 22 0.12 % $ 8,993 $ 12 0.27 % Money market funds 100 0 0.00 % 100 0 0.00 % 16,841 28 0.34 % Securities (1) U.S. Government securities 843,247 8,029 3.82 % 835,570 16,248 3.92 % 699,503 15,847 4.57 % Trading securities 29,168 278 3.82 % 30,218 588 3.92 % 36,725 707 3.88 % State and municipal (2) 105,222 1,536 5.86 % 105,181 3,109 5.96 % 115,703 3,500 6.10 % Other securities (2) 17,784 218 4.92 % 18,171 442 4.91 % 21,307 551 5.21 % Total securities 995,421 10,061 4.05 % 989,140 20,387 4.16 % 873,238 20,605 4.76 % Federal Funds Sold 13,409 6 0.18 % 11,256 9 0.16 % 8,727 8 0.18 % FHLB and FRB stock 19,395 218 4.51 % 19,514 501 5.18 % 20,464 322 3.17 % Loans, net of unearned income (3) Real estate loans 1,337,693 19,016 5.70 % 1,332,798 37,856 5.73 % 1,264,018 37,583 6.00 % Commercial loans (2) 458,845 6,283 5.49 % 465,834 12,545 5.43 % 453,652 12,335 5.48 % Consumer loans 81,550 1,402 6.90 % 82,809 2,862 6.97 % 87,184 2,993 6.92 % Direct lease financing (2) 11,177 167 5.99 % 11,404 342 6.05 % 13,453 408 6.12 % Total loans, net of unearned income 1,889,265 26,868 5.70 % 1,892,845 53,605 5.71 % 1,818,307 53,319 5.91 % Total interest-earning assets 2,953,673 37,163 5.05 % 2,949,834 74,523 5.09 % 2,746,570 74,294 5.45 % Other assets 227,803 227,459 204,214 Total assets 3,181,476 3,177,293 2,950,784 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 1,230,496 1,605 0.52 % 1,229,835 3,395 0.56 % 1,108,743 4,573 0.83 % Time deposits > $100,000 342,695 1,146 1.34 % 338,998 2,324 1.38 % 283,789 2,805 1.99 % Time deposits < $100,000 430,810 1,784 1.66 % 430,141 3,657 1.71 % 420,595 4,943 2.37 % Brokered time deposits < $100,000 27,464 113 1.65 % 32,326 277 1.73 % 42,982 444 2.08 % Total interest-bearing deposits 2,031,465 4,648 0.92 % 2,031,300 9,653 0.96 % 1,856,109 12,765 1.39 % Federal funds purchased & securities sold under agreements to repurchase Repurchase 177,309 1,308 2.96 % 182,502 2,733 3.02 % 186,516 3,129 3.38 % Other borrowings 190,414 1,952 4.11 % 194,784 3,845 3.98 % 213,780 4,178 3.94 % Trust preferred debentures 25,057 436 6.98 % 25,057 803 6.46 % 11,318 378 6.73 % Total interest-bearing liabilities 2,424,245 8,344 1.38 % 2,433,643 17,034 1.41 % 2,267,723 20,450 1.82 % Noninterest bearing deposits 456,261 448,232 418,110 Accrued expenses and other liabilities 40,773 40,498 38,394 Total liabilities 2,921,279 2,922,373 2,724,227 Tompkins Financial Corporation Shareholders’ equity 258,695 253,436 225,073 Noncontrolling interest 1,502 1,484 1,484 Total equity 260,197 254,920 226,557 Total liabilities and equity $ 3,181,476 $ 3,177,293 $ 2,950,784 Interest rate spread 3.67 % 3.68 % 3.63 % Net interest income/margin on earning assets 28,819 3.91 % 57,489 3.93 % 53,844 3.95 %Tax Equivalent Adjustment (713 ) (1,439 ) (1,485 ) Net interest income per consolidated financial statements $ 28,106 $ 56,050 $ 52,359 (1) Average balances and yields on available-for-sale securities are based on historical amortized cost. (2) Interest income includes the tax effects of taxable-equivalent adjustments using a combined New York State and Federal effective income tax rate of 40% to increase tax exempt interest income to taxable-equivalent basis. (3) Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company’s condensed consolidated financial statements included in Part I of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2009. Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data Quarter-Ended Year-Ended Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Dec-09 Period End Balance Sheet Securities $ 1,023,220 $ 1,026,301 $ 1,005,313 $ 908,765 $ 903,559 $ 1,005,313 Loans and leases, net of unearned income and deferred costs and fees 1,900,303 1,887,038 1,914,818 1,882,321 1,841,198 1,914,818 Allowance for loan and lease losses 26,530 25,366 24,350 22,800 21,319 24,350 Total assets 3,161,648 3,206,763 3,153,260 3,088,039 2,968,057 3,153,260 Total deposits 2,460,223 2,512,201 2,439,864 2,397,431 2,288,809 2,439,864 Federal funds purchased and securities sold under agreements to repurchase 175,336 181,255 192,784 192,099 189,993 192,784 Other borrowings 189,561 190,545 208,965 194,795 194,754 208,965 Trust preferred debentures 25,058 25,057 25,056 23,018 23,017 25,056 Total equity 268,683 254,444 245,008 241,647 229,308 245,008 Average Balance Sheet Average earning assets $ 2,953,673 $ 2,945,953 $ 2,920,269 $ 2,792,319 $ 2,778,425 $ 2,801,884 Average assets 3,181,476 3,173,064 3,132,599 2,999,961 2,982,077 3,009,007 Average interest-bearing liabilities 2,424,245 2,443,145 2,408,997 2,289,144 2,295,454 2,308,731 Average equity 260,197 249,586 245,176 233,535 230,117 233,009 Share data Weighted average shares outstanding (basic) [1] 10,818,218 10,724,644 10,702,447 10,693,698 10,679,719 10,686,989 Weighted average shares outstanding (diluted) [1] 10,876,421 10,776,934 10,752,737 10,763,374 10,763,784 10,759,302 Period-end shares outstanding 10,830,001 10,793,573 9,752,619 9,722,834 9,720,440 9,752,619 Book value per share [1] 24.81 23.57 22.84 22.59 21.45 22.84 Income Statement Net interest income $ 28,106 $ 27,944 $ 27,897 $ 26,780 $ 26,509 $ 107,037 Provision for loan/lease losses 1,408 2,183 2,758 2,127 2,367 9,288 Noninterest income 11,331 11,320 12,142 11,600 11,538 46,213 Noninterest expense 24,516 24,494 24,931 23,723 24,674 96,617 Income tax expense 4,447 4,138 4,104 4,037 3,526 15,383 Net income attributable to Tompkins Financial 9,033 8,416 8,214 8,460 7,447 31,831 Noncontrolling interests 33 33 32 33 33 131 Basic earnings per share [1] $ 0.84 $ 0.78 $ 0.77 $ 0.79 $ 0.70 $ 2.98 Diluted earnings per share [1] $ 0.83 $ 0.78 $ 0.76 $ 0.79 $ 0.69 $ 2.96 Asset Quality Net charge-offs 244 1,167 1,208 646 1,028 3,610 Nonaccrual loans and leases 33,645 29,521 31,289 25,837 24,662 31,289 Loans and leases 90 days past due and accruing 1,758 51 369 579 1,073 369 Troubled debt restructurings not included above 3,264 3,703 3,265 0 0 3,265 Total nonperforming loans and leases 38,667 33,275 34,923 26,416 25,735 34,923 OREO 1,638 558 299 440 68 299 Nonperforming assets 40,305 33,833 35,222 26,856 25,803 35,222 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Dec-09 Net loan and lease losses/ average loans and leases * 0.15% 0.25% 0.25% 0.14% 0.23% 0.20% Nonperforming loans and leases/loans and leases 2.03% 1.76% 1.82% 1.40% 1.40% 1.82% Nonperforming assets/assets 1.28% 1.06% 1.12% 0.87% 0.87% 1.12% Allowance/nonperforming loans and leases 68.61% 76.23% 69.72% 86.31% 82.84% 69.72% Allowance/loans and leases 1.40% 1.34% 1.27% 1.21% 1.16% 1.27% Capital Adequacy (period-end) Tier I capital / average assets 7.77% 7.56% 7.44% 7.44% 7.37% 7.44% Total capital / risk-weighted assets 13.10% 12.56% 12.14% 11.89% 11.74% 12.14% Profitability Return on average assets * 1.14% 1.08% 1.04% 1.12% 1.00% 1.06% Return on average equity * 13.92% 13.68% 13.29% 14.37% 12.98% 13.66% Net interest margin (TE) * 3.91% 3.95% 3.89% 3.91% 3.93% 3.92% * Quarterly ratios have been annualized Quarter-Ended Year-Ended Non-GAAP Disclosure Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Dec-09 Reported net income $ 9,033 $ 8,416 $ 8,214 $ 8,460 $ 7,447 $ 31,831 Adjustments: FDIC special insurance assessment (after-tax) 0 0 0 0 822 822 Subtotal adjustments 0 0 0 0 822 822 Adjusted net income 9,033 8,416 8,214 8,460 8,269 32,653 Weighted average shares outstanding (diluted) 10,876,421 10,776,934 10,752,737 10,763,374 10,763,794 10,759,520 Adjusted diluted earnings per share $ 0.83 $ 0.78 $ 0.76 $ 0.79 $ 0.77 $ 3.03
Year-to-date period ended Non-GAAP Disclosure Jun-10 Jun-09 Reported net income $ 17,449 $ 15,157 Adjustments: FDIC special insurance assessment (after-tax) 0 822 Subtotal adjustments 0 822 Adjusted net income 17,449 15,979 Weighted average shares outstanding (diluted)[1] 10,819,898 10,760,371 Adjusted diluted earnings per share $ 1.61 $ 1.48 [1] Weighted average shares and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend paid on February 15, 2010.
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