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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 | |
|---|---|---|---|---|---|---|---|---|
| -1.37 | -2.08% | 64.62 | 65.89 | 64.34 | 65.78 | 17,487 | 19:21:47 |
From Oct 2019 to Oct 2024
Tompkins Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported net income of $13.1 million for the second quarter of 2014, an increase of 18.7% from the $11.0 million reported for the same period in 2013. Diluted earnings per share were $0.87 for the second quarter of 2014, a 16.0% increase from $0.75 reported for the second quarter of 2013. This represents the best second quarter in Company history.
For the year-to-date period ended June 30, 2014, net income was $25.6 million, an increase of 13.8% from the $22.5 million reported for the same period in 2013. Diluted earnings per share were $1.72 for the year-to-date period ended June 30, 2014, up 11.0% compared to the $1.55 per share reported for the same period last year.
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 very pleased with the earnings growth for both quarter and year to date periods. Growth in loans, securities, and core deposits contributed to improvement in net interest income. Meanwhile, a low level of net charge-offs and reductions in nonperforming asset levels resulted in a modest provision expense for the quarter.”
SELECTED HIGHLIGHTS FOR SECOND QUARTER:
NET INTEREST INCOME
Net interest income of $40.5 million for the second quarter of 2014 increased 1.73% compared to $39.8 million reported for the same period in 2013. The net interest margin for the second quarter of 2014 was 3.55%, compared to 3.58% for the same period in 2013. For the year-to-date period, net interest income of $80.5 million was up 3.2% from the prior year. The net interest margin of 3.58% for the first six months of 2014 was relatively unchanged from the 3.59% reported in the first six months of 2013.
NONINTEREST INCOME
Noninterest income was $17.7 million for the second quarter of 2014, up 7.1% compared to the same period last year. For the first six months of 2014, noninterest income was up 3.6% over the same period in 2013.
Noninterest income represented 30.4% of total revenue for the second quarter of 2014, compared to 29.3% for the same period in 2013. Fee based revenue related to wealth management, deposit fees, and card services fees, were all up from the same period in 2013, while insurance revenues were down 1.7% compared to the same period prior year.
NONINTEREST EXPENSE
Noninterest expense was $38.9 million for the second quarter of 2014, up 3.1% compared to the second quarter of 2013. For the year-to-date period, noninterest expense was up 2.4% from the same period in 2013. The increase in noninterest expense compared to the same period prior year is mainly a result of higher salary and wages expense. Non-employee related expenses for the second quarter of 2014 were relatively unchanged from the same quarter last year.
ASSET QUALITY
Asset quality trends improved in nearly all categories during the quarter. Substandard and Special Mention loans declined by $70.3 million from the same period last year, and by $27.6 million from the most recent prior quarter. The percentage of nonperforming loans and leases to total loans and leases improved to 0.83% at June 30, 2014, compared to 1.28% reported at June 30, 2013. The percentage of nonperforming assets to total assets improved to 0.66%, which is the lowest this percentage has been over the past 21 quarters, and remains well below the most recent peer average of 1.56% by the Federal Reserve1.
Provision for loan and lease losses was $67,000 for the second quarter of 2014, down from $2.5 million reported in the second quarter of 2013. Net loan and lease charge-offs totaled $564,000 in the second quarter of 2014, down from $1.7 million in the second quarter of 2013.
The Company's allowance for originated loan and lease losses totaled $26.8 million at June 30, 2014, which represented 1.02% of total originated loans, compared to $24.9 million or 1.08% at June 30, 2013 and $26.7 million or 1.04% at March 31, 2014. The increase in the allowance when compared to the same period last year was mainly a result of loan growth and was partially offset by improved asset quality. The allowance for loan and lease losses covered 103.08% of nonperforming loans and leases as of June 30, 2014, up from 64.99% at June 30, 2013 and 78.88% at the most recent prior quarter.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets improved for the sixth consecutive quarter, to 8.79% at June 30, 2014, and the ratio of total capital to risk-weighted assets was 13.92%, up from 13.34% at June 30, 2013.
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 CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(In thousands, except share and per share data) (Unaudited) As of As of ASSETS 06/30/2014 12/31/2013 Cash and noninterest bearing balances due from banks $ 82,640 $ 82,163 Interest bearing balances due from banks 779 721Cash and Cash Equivalents
83,419 82,884 Trading securities, at fair value 10,009 10,991Available-for-sale securities, at fair value (amortized cost of $1,373,243 at June 30,
2014 and $1,368,736 at December 31, 2013)
1,379,254
1,354,811 Held-to-maturity securities, at amortized cost (fair value of $31,629 at June 30, 2014and $19,625 at December 31, 2013)
30,963 18,980 Originated loans and leases, net of unearned income and deferred costs and fees 2,610,289 2,527,244 Acquired loans and leases, covered 22,165 25,868 Acquired loans and leases, non-covered 596,514 641,172 Less: Allowance for loan and lease losses 27,517 27,970
Net Loans and Leases
3,201,451 3,166,314 FDIC Indemnification Asset 3,490 4,790 Federal Home Loan Bank stock 21,028 25,041 Bank premises and equipment, net 58,808 55,932 Corporate owned life insurance 72,812 69,335 Goodwill 92,243 92,140 Other intangible assets, net 15,485 16,298 Accrued interest and other assets 88,859 105,523Total Assets
$ 5,057,821 $ 5,003,039 LIABILITIES Deposits:Interest bearing:
Checking, savings and money market
2,239,259 2,190,616
Time
901,650 865,702
Noninterest bearing
903,480 890,898
Total Deposits
4,044,389 3,947,216 Federal funds purchased and securities sold under agreements to repurchase 144,796 167,724 Other borrowings, including certain amounts at fair value of $11,164 at June 30, 2014and $11,292 at December 31, 2013
287,158 331,531
Trust preferred debentures
37,254 37,169 Other liabilities 54,987 61,460Total Liabilities
$ 4,568,584 $ 4,545,100 EQUITY Tompkins Financial Corporation shareholders' equity:Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
14,889,349 at June 30, 2014; and 14,785,007 at December 31, 2013
1,489 1,479
Additional paid-in capital
351,324 346,096
Retained earnings
150,893 137,102
Accumulated other comprehensive loss
(12,835) (25,119)
Treasury stock, at cost – 106,129 shares at June 30, 2014, and 105,449 shares
at December 31, 2013
(3,151) (3,071)
Total Tompkins Financial Corporation Shareholders’ Equity
487,720 456,487 Noncontrolling interests 1,517 1,452Total Equity
$ 489,237 $ 457,939Total Liabilities and Equity
$ 5,057,821 $ 5,003,039See notes to consolidated financial statements
TOMPKINS FINANCIAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Six Months Ended(In thousands, except per share data) (Unaudited)
06/30/2014 06/30/2013 06/30/2014 06/30/2013 INTEREST AND DIVIDEND INCOME Loans $ 37,348 $ 37,550 $ 74,302 $ 73,979 Due from banks 0 1 1 8 Trading securities 107 160 219 325 Available-for-sale securities 7,984 7,912 15,920 15,392 Held-to-maturity securities 186 177 338 368 Federal Home Loan Bank stock and Federal Reserve Bank stock 194 160 404 345Total Interest and Dividend Income
45,819 45,960 91,184 90,417 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 951 1,239 1,903 2,443 Other deposits 1,826 2,016 3,616 4,198 Federal funds purchased and securities sold under agreements to repurchase 763 966 1,580 1,976 Trust preferred debentures 571 690 1,141 1,377 Other borrowings 1,192 1,223 2,401 2,391Total Interest Expense
5,303 6,134 10,641 12,385Net Interest Income
40,516 39,826 80,543 78,032Less: Provision for loan and lease losses
67 2,489 810 3,527Net Interest Income After Provision for Loan and Lease Losses
40,449 37,337 79,733 74,505 NONINTEREST INCOME Insurance commissions and fees 7,046 7,167 14,303 14,428 Investment services income 3,902 3,698 7,912 7,486 Service charges on deposit accounts 2,388 2,024 4,504 3,932 Card services income 1,920 1,690 4,032 3,428 Mark-to-market loss on trading securities (34) (270) (93) (385) Mark-to-market gain on liabilities held at fair value 63 347 128 424 Other income 2,399 1,810 4,238 4,176 Gain on sale of available-for-sale securities 36 75 130 442Total Noninterest Income
17,720 16,541 35,154 33,931 NONINTEREST EXPENSES Salaries and wages 17,660 16,291 34,306 31,863 Pension and other employee benefits 4,978 5,338 11,023 11,408 Net occupancy expense of premises 3,066 2,954 6,326 6,015 Furniture and fixture expense 1,459 1,462 2,796 2,919 FDIC insurance 735 821 1,546 1,593 Amortization of intangible assets 525 547 1,052 1,104 Merger related expenses 0 37 0 233 Other operating expense 10,505 10,327 20,089 20,163Total Noninterest Expenses
38,928 37,777 77,138 75,298Income Before Income Tax Expense
19,241 16,101 37,749 33,138Income Tax Expense
6,148 5,061 12,054 10,557 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 13,093 11,040 25,695 22,581Less: Net income attributable to noncontrolling interests
32 33 65 65Net Income Attributable to Tompkins Financial Corporation
$ 13,061 $ 11,007 $ 25,630 $ 22,516 Basic Earnings Per Share $ 0.88 $ 0.76 $ 1.73 $ 1.55 Diluted Earnings Per Share $ 0.87 $ 0.75 $ 1.72 $ 1.55 See notes to consolidated financial statementsAverage Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter EndedJune 30, 2014
Year to Date Period EndedJune 30, 2014
Year to Date Period EndedJune 30, 2013
(Dollar amounts in thousands)
AverageBalance(QTD)
InterestAverageYield/Rate
AverageBalance(YTD)
InterestAverageYield/Rate
AverageBalance(YTD)
InterestAverageYield/Rate
ASSETS Interest-earning assetsInterest-bearing balances due from banks
$ 746 $ - 0.00% $ 885 $ 1 0.23% $ 2,760 $ 8 0.58%Securities (4)
U.S. Government securities
1,317,080 7,504 2.29% 1,301,015 14,877 2.31% 1,342,524 14,060 2.11%
Trading securities
10,338 107 4.15% 10,584 219 4.17% 15,732 325 4.17%
State and municipal (5)
91,870 1,017 4.44% 89,964 2,127 4.77% 99,179 2,558 5.20%
Other securities (5)
4,269 32 3.01% 4,729 76 3.24% 8,295 150 3.65%
Total securities
1,423,557 8,660 2.44% 1,406,292 17,299 2.48% 1,465,730 17,093 2.35%
FHLBNY and FRB stock
21,196 194 3.67% 20,670 404 3.94% 20,942 345 3.32%Total loans and leases, net of unearned income (5)(6)
3,221,223 37,762 4.70% 3,206,950 75,161 4.73% 3,001,458 74,906 5.03%Total interest-earning assets
4,666,722 46,616 4.01% 4,634,797 92,865 4.04% 4,490,890 92,352 4.15% Other assets 363,673 371,552 442,103Total assets
5,030,395 5,006,349 4,932,993 LIABILITIES & EQUITY DepositsInterest-bearing deposits
Interest bearing checking, savings, & money market
2,257,254 1,114 0.20% 2,272,478 2,211 0.20% 2,255,128 2,682 0.24%
Time deposits
901,602 1,663 0.74% 895,073 3,308 0.75% 970,239 3,959 0.82%
Total interest-bearing deposits
3,158,856 2,777 0.35% 3,167,551 5,519 0.35% 3,225,367 6,641 0.42% Federal funds purchased & securities sold under
agreements to repurchase
145,623 763 2.10% 153,939 1,580 2.07% 187,289 1,976 2.13% Other borrowings 278,424 1,192 1.72% 263,633 2,401 1.84% 181,292 2,391 2.66% Trust preferred debentures 37,227 571 6.15% 37,205 1,141 6.18% 43,683 1,377 6.36%
Total interest-bearing liabilities
3,620,130 5,303 0.59% 3,622,328 10,641 0.59% 3,637,631 12,385 0.69% Noninterest bearing deposits 877,219 856,161 778,201 Accrued expenses and other liabilities 52,983 53,539 71,969Total liabilities
4,550,332 4,532,028 4,487,801Tompkins Financial Corporation Shareholders’ equity
478,561 472,836 443,708 Noncontrolling interest 1,502 1,485 1,484Total equity
480,063 474,321 445,192Total liabilities and equity
$ 5,030,395 $ 5,006,349 $ 4,932,993 Interest rate spread 3.42% 3.45% 3.46%Net interest income/margin on earning assets
41,313 3.55% 82,224 3.58% 79,967 3.59% Tax Equivalent Adjustment (797) (1,681) (1,935)Net interest income per consolidated financial statements
$ 40,516 $ 80,543 $ 78,032 Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Dec-13 Period End Balance Sheet Securities $ 1,420,226 $ 1,408,918 $ 1,384,782 $ 1,390,233 $ 1,469,315 $ 1,384,782 Originated loans and leases, net of unearned income and deferred costs and fees (2) 2,610,289 2,555,522 2,527,244 2,420,695 2,309,232 2,527,244 Acquired loans and leases (3) 618,679 648,690 667,040 698,617 745,951 667,040 Allowance for loan and lease losses 27,517 28,014 27,970 26,408 25,458 27,970 Total assets 5,057,821 5,041,800 5,003,039 4,932,428 4,931,883 5,003,039 Total deposits 4,044,389 4,105,170 3,947,216 3,972,756 3,912,910 3,947,216 Federal funds purchased and securities sold under agreements to repurchase 144,796 158,794 167,724 162,117 171,498 167,724 Other borrowings 287,158 214,616 331,531 242,177 299,098 331,531 Trust preferred debentures 37,254 37,211 37,169 37,127 43,703 37,169 Shareholders' equity 489,237 473,822 457,939 444,276 431,894 457,939 Average Balance Sheet Average earning assets $ 4,666,722 $ 4,602,517 $ 4,571,099 $ 4,533,603 $ 4,571,428 $ 4,521,873 Average assets 5,030,395 4,982,033 4,950,476 4,897,678 4,965,895 4,928,499 Average interest-bearing liabilities 3,620,130 3,624,555 3,574,803 3,572,708 3,663,230 3,605,430 Average equity 480,063 468,515 449,445 434,482 447,088 443,565 Share data Weighted average shares outstanding (basic) 14,709,881 14,644,548 14,589,120 14,515,053 14,427,838 14,477,617 Weighted average shares outstanding (diluted) 14,821,191 14,775,386 14,731,786 14,622,512 14,496,859 14,573,919 Period-end shares outstanding 14,853,439 14,829,007 14,749,097 14,692,671 14,599,558 14,749,097 Book value per share 32.94 31.95 31.05 30.24 29.58 31.05 Tangible book value per share (Non-GAAP) 25.68 24.65 23.70 22.82 22.08 23.70 Income Statement Net interest income $ 40,516 $ 40,027 $ 42,624 $ 40,473 $ 39,826 $ 161,129 Provision for loan/lease losses 67 743 585 2,049 2,489 6,161 Noninterest income 17,720 17,434 17,439 18,528 16,541 69,898 Noninterest expense 38,928 38,210 40,251 37,554 37,777 153,102 Income tax expense 6,148 5,906 4,905 5,316 5,061 20,777 Net income attributable to Tompkins Financial Corporation 13,061 12,602 14,290 14,049 11,007 50,856 Noncontrolling interests 32 33 32 33 33 131 Basic earnings per share (9) $ 0.88 $ 0.85 $ 0.97 $ 0.96 $ 0.76 $ 3.48 Diluted earnings per share (9) $ 0.87 $ 0.84 $ 0.96 $ 0.95 $ 0.75 $ 3.46 Nonperforming Assets Originated nonaccrual loans and leases $ 16,918 $ 26,974 $ 29,875 $ 33,881 $ 32,100 $ 29,875 Acquired nonaccrual loans and leases 5,907 6,936 8,508 8,008 6,916 8,508 Originated loans and leases 90 days past due and accruing 543 339 607 1,217 156 607 Troubled debt restructurings not included above 3,327 1,266 45 46 0 45 Total nonperforming loans and leases 26,695 35,515 39,035 43,152 39,172 39,035 OREO (8) 6,795 5,351 4,253 6,264 4,918 4,253 Total nonperforming assets 33,490 40,866 43,288 49,416 44,090 43,288 Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued Quarter-Ended Year-Ended Delinquency - Originated loan and lease portfolio Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Dec-13 Loans and leases 30-89 days past due and accruing (2) $ 5,221 $ 5,660 $ 5,762 $ 12,193 $ 9,597 $ 5,762 Loans and leases 90 days past due and accruing (2) 543 339 607 1,217 156 607 Total originated loans and leases past due and accruing (2) 5,764 5,999 6,369 13,410 9,753 6,369 Delinquency - Acquired loan and lease portfolio Covered loans and leases 30-89 days past due and accruing (3)(7) 0 635 0 1,132 1,613 0 Covered loans and leases 90 days or more past due and accruing (3)(7) 904 1,135 2,416 2,980 3,091 2,416 Non-covered loans and leases 30-89 days past due and accruing (3)(7) 1,620 2,293 1,532 6,887 5,591 1,532 Non-covered loans and leases 90 days past due and accruing (3)(7) 3,048 3,746 4,557 10,521 13,324 4,557 Total acquired loans and leases past due and accruing 5,572 7,809 8,505 21,520 23,619 8,505 Total loans and leases past due and accruing $ 11,336 $ 13,808 $ 14,874 $ 34,930 $ 33,372 $ 14,874 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 26,661 $ 26,700 $ 25,722 $ 24,853 $ 24,598 $ 24,643 Provision for loan and lease losses (56) 511 (325) 1,499 (994) 1,000 Net loan and lease (recoveries) charge-offs (147) 550 (1,303) 630 (1,249) (1,057) Allowance for loan and lease losses (originated 26,752 26,661 26,700 25,722 24,853 26,700 loan portfolio) - balance at end of period Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 1,353 $ 1,270 $ 686 $ 605 $ 63 $ 0 Provision for loan and lease losses 123 232 910 549 3,483 5,161 Net loan and lease charge-offs 711 149 326 468 2,941 3,891 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 765 1,353 1,270 686 605 1,270 Total allowance for loan and lease losses 27,517 28,014 27,970 26,408 25,458 27,970 Loan Classification - Originated Portfolio Special Mention $ 35,484 $ 44,725 $ 42,365 $ 42,975 $ 43,099 $ 42,365 Substandard 21,253 32,917 35,022 37,004 41,969 35,022 Loan Classification - Acquired Portfolio Special Mention 12,124 14,936 17,322 23,939 29,300 17,322 Substandard 30,273 34,137 33,561 42,433 55,079 33,561 Loan Classifications - Total Portfolio Special Mention 47,608 59,661 59,687 66,914 72,399 59,687 Substandard 51,526 67,054 68,583 79,437 97,048 68,583 Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Dec-13 Nonperforming loans and leases/total loans and leases (7) 0.83% 1.11% 1.22% 1.38% 1.28% 1.22% Nonperforming assets/total assets 0.66% 0.81% 0.87% 1.00% 0.89% 0.87% Allowance for originated loan and lease losses/total originated loans and leases 1.02% 1.04% 1.06% 1.06% 1.08% 1.06% Allowance/nonperforming loans and leases 103.08% 78.88% 71.65% 61.20% 64.99% 71.65% Net loan and lease losses (recoveries) annualized/total average loans and leases 0.07% 0.09% (0.12%) 0.14% 0.22% 0.09% Capital Adequacy (period-end) Tier 1 capital / average assets 8.79% 8.68% 8.52% 8.37% 8.16% 8.52% Total capital / risk-weighted assets 13.92% 13.67% 13.42% 13.32% 13.34% 13.42% Tangible common equity / tangible assets 7.68% 7.38% 7.11% 6.92% 6.65% 7.11% Profitability Return on average assets * 1.04% 1.02% 1.15% 1.10% 0.89% 1.03% Return on average equity * 10.91% 10.88% 12.62% 12.83% 9.87% 11.47% Net interest margin (TE) * 3.55% 3.60% 3.78% 3.63% 3.58% 3.65% * Quarterly ratios have been annualized Non-GAAP Disclosure Reported noninterest income (GAAP) $ 17,720 $ 17,434 $ 17,439 $ 18,528 $ 16,541 $ 69,898 Adjustments (pre-tax): Gain on redemption of trust preferred 0 0 0 (1,410) 0 (1,410) Gain on deposit conversion 0 0 (1,285) 0 0 (1,285) Noninterest income (Non-GAAP) $ 17,720 $ 17,434 $ 16,154 $ 17,118 $ 16,541 $ 67,203 Non-GAAP Disclosure Reported net income (GAAP) $ 13,061 $ 12,569 $ 14,290 $ 14,049 $ 11,007 $ 50,856 Adjustments (net of tax): Merger related expenses 0 0 0 0 22 140 Gain on redemption of trust preferred 0 0 0 (846) 0 (846) Gain on deposit conversion 0 0 (771) 0 0 (771) Subtotal adjustments 0 0 (771) (846) 22 (1,477) Net operating income (Non-GAAP) 13,061 12,569 13,519 13,203 11,029 49,379 Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.87 $ 0.84 $ 0.91 $ 0.89 $ 0.75 $ 3.36
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Non-GAAP Disclosure Quarter-Ended Year-Ended Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Dec-13 Reported net income (GAAP) $ 13,061 $ 12,569 $ 14,290 $ 14,049 $ 11,007 $ 50,856 Merger related expenses (net of tax) 0 0 0 0 22 140 Gain on redemption of trust preferred (net of tax) 0 0 0 (846) 0 (846) Gain on deposit conversion 0 0 (771) 0 0 (771) Net operating income (Non-GAAP) $ 13,061 $ 12,569 $ 13,519 $ 13,203 $ 11,029 $ 49,379 Amortization of intangibles (net of tax) 315 316 329 327 328 1,318 Adjusted net operating income (Non-GAAP) 13,376 12,885 13,848 13,530 11,357 50,697 Average total shareholders' equity 480,063 468,515 449,445 434,482 447,088 443,565 Less: Average goodwill and intangibles 108,019 108,437 108,729 109,277 110,037 109,676 Average tangible shareholders' equity (Non-GAAP) 372,044 360,078 340,716 325,205 337,051 333,889 Adjusted operating return on shareholders' tangible equity (annualized) (Non-GAAP) 14.42% 14.51% 16.13% 16.51% 13.52% 15.18% Non-GAAP Disclosure Total shareholders' equity (GAAP) $ 489,237 $ 473,822 $ 457,939 $ 444,276 $ 431,894 $ 457,939 Less: goodwill and intangibles 107,728 108,250 108,438 108,981 109,540 108,438 Tangible shareholders' equity 381,509 365,572 349,501 335,295 322,354 349,501 Ending shares outstanding 14,853,439 14,829,007 14,749,097 14,692,671 14,599,558 14,749,097 Tangible book value per share (Non-GAAP) 25.68 24.65 23.70 22.82 22.08 23.70 Non-GAAP Disclosure Year-to-date period ended Jun-14 Jun-13 Net income attributable to Tompkins Financial $ Corporation 25,630 22,516 Adjustments (net of tax): Merger related expenses 0 155 Subtotal adjustments 0 155 Net operating income (Non-GAAP) 25,630 22,671 Adjusted diluted earnings per share $ 1.72 $ 1.56
(1)
Federal Reserve peer ratio as of March 31, 2014, 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, President & CEOFrancis M. Fetsko, CFO & COO888-503-5753
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