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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 (NYSE Amex: TMP)
Tompkins Financial Corporation reported record net income of $8.5 million for the third quarter of 2009, an increase of 6.6% over the $7.9 million reported for the same period in 2008. Diluted earnings per share were $0.86 for the third quarter of 2009, a 6.2% increase over the $0.81 reported for the third quarter of 2008.
Stephen S. Romaine, President and CEO, stated, “We would be proud of these quarterly results in the best of economic times. It is especially rewarding to report on such positive results in today’s difficult economic environment. In addition to our record quarterly earnings, we continue to see solid business growth trends, as evidenced by our total assets exceeding $3 billion for the first time at the end of the third quarter.”
For the nine months ended September 30, 2009, net income was $23.6 million compared to $22.6 million for the same period prior year. Diluted earnings per share totaled $2.41 for the first nine months of 2009, an increase of 3.9% over the $2.32 reported for the same period in 2008. Growth in diluted earnings per share for the first nine months of 2009 would have been 12.6% over the prior year, if certain non-recurring items were excluded from 2009 and 2008 year to date results. These non-recurring items included: $1.4 million of expense ($0.09 per diluted share) related to the FDIC’s special deposit insurance assessment, which negatively impacted 2009 earnings; and $1.6 million ($0.10 per diluted share) of pre-tax revenue related to the VISA IPO in the first quarter of 2008, which had a favorable impact on 2008 year to date earning. Please refer to the attached non-GAAP disclosure table for additional details on these items.
Selected highlights for the third quarter and year-to-date period are included below. For the year-to-date period, growth in average assets and average liabilities and growth in certain revenue and expense categories were impacted by the May 2008 acquisition of Sleepy Hollow.
Growth in average earning assets and deposits has contributed to the increase in net interest income in 2009. Net interest income of $26.8 million in the third quarter of 2009 was up 11.4% over the same period in 2008. This represented our 11th consecutive quarter of increased net interest income. Net interest margin of 3.91% in the third quarter remained relatively flat compared to 3.93% in the second quarter of 2009, and compared to 3.92% in the third quarter of 2008.
The provision for loan and lease losses increased to $2.1 million in the third quarter of 2009, compared to $1.5 million in the third quarter of 2008. For the first nine months of 2009, the provision for loan and lease losses totaled $6.5 million, up from $3.3 million for the same period in 2008. An increase in net charge-offs and nonperforming loans and general economic conditions all contributed to the increased provision expense this year. Mr. Romaine commented, “Although we have seen some deterioration in asset quality, our levels of nonperforming assets and net charge-offs remain significantly below national averages. We are also encouraged that many credit quality indicators have stabilized, when compared to the second quarter of 2009. We remain diligent in our monitoring of the credit portfolio, as we recognize that a continuation or worsening of the current economic situation may result in further stress on the portfolio.”
Annualized net charge-offs for the three months ended September 30, 2009, represented 0.14% of average loans compared to 0.25% for the three months ended September 30, 2008. The Company’s net charge-off ratio compares favorably to the most recent Federal Reserve Board peer group1 ratio of 1.07%. Nonperforming assets represented 0.87% of total assets as of September 30, 2009 (up from 0.56% at December 31, 2008, and 0.48% at September 30, 2008), which compares to a Federal Reserve Board peer group1 ratio of 3.06%. The Company’s allowance for loan and lease losses totaled $22.8 million at September 30, 2009, which represented 1.21% of total loans, an increase of 18 basis points from a ratio of 1.03% at year-end 2008.
Noninterest income for the third quarter of 2009 was $11.6 million, which is in line with the same period in 2008. Year-to-date 2009 noninterest income was $34.1 million, a decrease of 4.5% compared to the same period in 2008. Insurance revenues were up for the quarter and year to date periods, which partially offset declining trends in investment services fees and service charges on deposit accounts, both of which have been impacted by the current weak economic climate. As previously mentioned, year-to-date 2008 noninterest income included nonrecurring income of $1.6 million related to the VISA IPO.
Noninterest expenses for the third quarter 2009 were $23.7 million, up 6.9% from the same period last year. For the year to date period, noninterest expenses were $71.7 million, an increase of 11.4% over the same period in 2008. The increase was largely in the salary and wages and net occupancy expense of premises categories and other noninterest expense. The salary and wages and occupancy expenses were directly impacted by the May 2008 Sleepy Hollow acquisition with the addition of five staffed branches. FDIC insurance expense, included in other noninterest expense, totaled $810,000 in the third quarter of 2009 compared to $347,000 in the third quarter of 2008. For the year to date period, FDIC expense was $3.3 million in 2009, versus $556,000 in 2008. FDIC insurance expense for the first nine months in 2009 includes a special assessment of $1.4 million in the second quarter.
Mr. Romaine concluded, “Our commitment to long term results has allowed us to perform well, even in these difficult economic times. This long term focus was recently recognized by The Staton Institute in its newly released 2010 edition of America’s Finest Companies.®. According to Staton, ‘Tompkins Financial’s record of 36 consecutive years of legitimate earnings growth (EPS) is the second longest among all U.S. public companies’ and only Walmart has a longer history of consecutive years of earnings growth. We are very proud to have received this recognition, and even more proud of the talented and dedicated employees who continue to deliver these outstanding results year after year.”
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 Federal Reserve peer ratio as of June 30, 2009, includes banks and bank holding companies with consolidated assets between $1 billion and $3 billion.
Tompkins Financial Corporation – Condensed Consolidated Statements of Condition (Unaudited)
(In thousands, except share data) As of As of ASSETS 9/30/2009 12/31/2008 Cash and noninterest bearing balances due from banks $ 84,068 $ 48,133 Interest bearing balances due from banks 1,681 4,116 Federal funds sold 27,000 0 Money market funds 27,000 0 Cash and Cash Equivalents 139,749 52,249 Trading securities, at fair value 33,363 38,101 Available-for-sale securities, at fair value 852,705 764,193 Held-to-maturity securities, fair value of $44,578 at September 30, 2009, and $55,064 at December 31, 2008 42,806 54,453 Loans and leases, net of unearned income and deferred costs and fees 1,882,321 1,817,531 Less: Allowance for loan and lease losses 22,800 18,672 Net Loans and Leases 1,859,521 1,798,859 Bank premises and equipment, net 45,793 46,613 Corporate owned life insurance 35,635 34,804 Goodwill 41,529 41,479 Other intangible assets, net 5,063 5,299 Accrued interest and other assets 31,875 31,672 Total Assets $ 3,088,039 $ 2,867,722 LIABILITIES Deposits: Interest bearing: Checking, savings and money market $ 1,147,381 $ 980,011 Time 797,214 703,107 Noninterest bearing 452,836 450,889 Total Deposits 2,397,431 2,134,007 Federal funds purchased and securities sold under agreements to repurchase, fair value of $15,926 at September 30, 2009 and $16,170 at December 31, 2008 192,099 196,304 Other borrowings, fair value of $11,662 at September 30, 2009 and $12,179 at December 31, 2008 194,795 274,791 Trust preferred debentures 23,018 3,888 Other liabilities 39,049 39,371 Total Liabilities 2,846,392 2,648,361 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock – par value $.10 per share: Authorized 25,000,000 shares; Issued: 9,755,480 at September 30, 2009; and 9,727,418 at December 31, 2008 976 973 Additional paid-in capital 154,512 152,842 Retained earnings 87,493 73,779 Accumulated other comprehensive loss (659 ) (7,602 ) Treasury stock, at cost – 79,310 shares at September 30, 2009, and 76,881 shares at December 31, 2008 (2,225 ) (2,083 ) Total Tompkins Financial Corporation Shareholders’ Equity 240,097 217,909 Noncontrolling interest 1,550 1,452 Total Equity $ 241,647 $ 219,361 Total Liabilities and Equity $ 3,088,039 $ 2,867,722Tompkins Financial Corporation – Condensed Consolidated Statements of Income (Unaudited)
Three months ended Nine months ended (In thousands, except per share data) (Unaudited) 09/30/2009 09/30/2008 09/30/2009 09/30/2008 INTEREST AND DIVIDEND INCOME Loans $26,916 $26,624 $80,092 $75,944 Due from banks 3 14 15 124 Federal funds sold 2 40 10 115 Money market funds 7 5 35 237 Trading securities 342 424 1,049 1,517 Available-for-sale securities 8,877 8,638 26,769 24,960 Held-to-maturity securities 411 455 1,397 1,388 Total Interest and Dividend Income 36,558 36,200 109,367 104,285 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 1,352 2,069 4,157 7,155 Other deposits 4,468 6,111 14,427 19,668 Federal funds purchased and repurchase agreements 1,560 1,738 4,690 5,760 Other borrowings 2,398 2,244 6,954 6,080 Total Interest Expense 9,778 12,162 30,228 38,663 Net Interest Income 26,780 24,038 79,139 65,622 Less: Provision for loan/lease losses 2,127 1,515 6,530 3,323 Net Interest Income After Provision for Loan/Lease Losses 24,653 22,523 72,609 62,299 NONINTEREST INCOME Investment services income 3,287 3,492 9,826 10,728 Insurance commissions and fees 3,198 3,048 9,438 8,774 Service charges on deposit accounts 2,371 2,671 6,861 7,663 Card services income 960 730 2,684 2,511 Other service charges 605 660 1,398 1,960 Mark-to-market gain (loss) on trading securities 256 204 354 (172 ) Mark-to-market gain (loss) on liabilities held at fair value 73 (203 ) 761 (162 ) Increase in cash surrender value of corporate owned life insurance 348 398 774 1,087 Gain on VISA stock redemption 0 0 0 1,639 Gains on sale of loans 188 48 1,155 90 Other income 356 376 836 1,127 Net other than temporary impairment losses (1) (146 ) 0 (146 ) 0 Net gain (loss) on sale of available-for-sale securities 104 18 130 424 Total Noninterest Income 11,600 11,442 34,071 35,669 NONINTEREST EXPENSES Salary and wages 10,265 10,208 29,862 29,353 Pension and other employee benefits 3,340 2,561 10,086 7,753 Net occupancy expense of premises 1,680 1,718 5,467 5,086 Furniture and fixture expense 1,117 1,075 3,361 3,152 Marketing expense 952 847 2,774 2,768 Professional fees 800 707 2,402 2,145 Software licenses and maintenance 565 581 1,753 1,807 FDIC insurance 810 347 3,328 556 Cardholder expense 382 407 1,122 920 Amortization of intangible assets 218 239 702 600 Other operating expense 3,594 3,500 10,830 10,188 Total Noninterest Expenses 23,723 22,190 71,687 64,328 Income Before Income Tax Expense 12,530 11,775 34,993 33,640 Income Tax Expense 4,037 3,725 11,279 10,816 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 8,493 8,050 23,714 22,824 Less: Net income attributable to noncontrolling interest 33 117 98 264 Net Income Attributable to Tompkins Financial Corporation $8,460 $7,933 $23,616 $22,560 Basic Earnings Per Share $0.87 $0.82 $2.43 $2.34 Diluted Earnings Per Share $0.86 $0.81 $2.41 $2.32(1) During the three and nine months ended September 30, 2009, $2.0 million of gross other-than-temporary impairment losses on debt securities available for sale were recognized, of which $1.9 million, were recognized in accumulated other comprehensive income, net of tax.
Tompkins Financial Corporation – Average Consolidated Balance Sheet and Net Interest Analysis
(Unaudited)
Quarter Ended Year to Date Period Ended Year to Date Period Ended Sep-09 Sept-09 Sep-08 Average Average Average Balance Average Balance Average Balance 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 $11,181 $3 0.11% $9,730 $15 0.21% $6,876$124
2.41% Money market funds 24,572 7 0.11% 19,447 35 0.24% 11,073 224 2.70% Securities (1) U.S. Government Securities 702,606 7,757 4.38% 700,549 23,605 4.51% 603,517 21,467 4.75% Trading Securities 34,131 342 3.98% 35,851 1,049 3.91% 45,112 1,517 4.49% State and municipal (2) 106,664 1,611 5.99% 112,657 5,111 6.07% 108,154 4,886 6.03% Other Securities (2) 40,880 540 5.24% 41,470 1,413 4.56% 39,226 1,842 6.27% Total securities 884,281 10,250 4.60% 890,527 31,178 4.68% 796,009 29,712 4.99% Federal Funds Sold 5,509 2 0.14% 7,642 10 0.17% 7,003 115 2.19% Loans, net of unearned income (3) Real Estate 1,291,725 18,865 5.79% 1,273,356 56,447 5.93% 1,051,557 49,110 6.24% Commercial Loans (2) 474,795 6,423 5.37% 460,777 18,756 5.44% 416,496 22,057 7.07% Consumer Loans 87,348 1,532 6.96% 87,239 4,525 6.93% 81,661 4,342 7.10% Direct Lease Financing (2) 12,908 192 5.90% 13,269 602 6.07% 14,471 631 5.82% Total loans, net of unearned income 1,866,776 27,012 5.74% 1,834,641 80,330 5.85% 1,564,185 76,140 6.50% Total interest-earning assets 2,792,319 37,274 5.30% 2,761,987 111,568 5.40% 2,385,146 106,315 5.95% Other assets 207,642 205,370 187,394 Total assets 2,999,961 2,967,357 2,572,540 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 1,103,365 2,059 0.74% 1,106,931 6,632 0.80% 889,022 9,993 1.50% Time Dep > $100,000 317,366 1,352 1.69% 295,103 4,157 1.88% 280,406 7,155 3.41% Time Dep < $100,000 416,617 2,208 2.10% 419,254 7,150 2.28% 370,460 9,566 3.45% Brokered Time Dep < $100,000 41,529 201 1.92% 42,493 645 2.03% 3,886 109 3.75% Total interest-bearing deposits 1,878,877 5,820 1.23% 1,863,781 18,584 1.33% 1,543,774 26,823 2.32% Federal funds purchased & securities sold under agreements to repurchase 192,116 1,560 3.22% 188,403 4,690 3.33% 204,104 5,760 3.77% Other borrowings 195,134 2,051 4.17% 207,496 6,229 4.01% 180,691 5,987 4.43% Trust preferred debentures 23,017 347 5.98% 15,260 725 6.35% 2,103 93 5.91% Total interest-bearing liabilities 2,289,144 9,778 1.69% 2,274,940 30,228 1.78% 1,930,672 38,663 2.67% Noninterest bearing deposits 434,357 423,588 396,676 Accrued expenses and other liabilities 42,925 39,920 35,763 Total liabilities 2,766,426 2,738,448 2,363,111 Tompkins Financial Corporation Shareholders’ equity 232,001 227,408 205,632 Noncontrolling interest 1,534 1,501 3,797 Total equity 233,535 228,909 209,429 Total liabilities and equity $2,999,961 $2,967,357 $2,572,540 Interest rate spread 3.61% 3.62%3.28% Net interest income/margin on earning assets 27,496 3.91% 81,340 3.94% 67,652 3.79% Tax Equivalent Adjustment (715) (2,201) (2,030) Net interest income per consolidated financial statements $26,781 $79,139 65,622
(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 consolidated financial statements.
Tompkins Financial Corporation – Summary Financial Data (Unaudited)
(In thousands, except share and per share data) Quarter-Ended Year-Ended Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Dec-08 Period End Balance Sheet Securities 928,874 896,758 962,914 856,747 800,398 $856,747 Loans and leases, net of unearned income and deferred costs and fees 1,882,321 1,841,198 1,811,792 1,817,531 1,718,378 1,817,531 Allowance for loan and lease losses 22,800 21,319 19,980 18,672 17,306 18,672 Total assets 3,088,039 2,968,057 2,993,312 2,867,722 2,725,014 2,867,722 Total deposits 2,397,431 2,288,809 2,335,937 2,134,007 2,094,647 2,134,007 Federal funds purchased and securities sold under agreements to repurchase 192,099 189,993 182,744 196,304 190,299 196,304 Other borrowings 194,795 217,771 206,056 274,791 185,067 274,791 Trust Preferred Debentures 23,018 23,017 3,891 3,890 3,890 3,888 Total equity 241,647 227,791 227,385 219,361 212,632 219,361 Average Balance Sheet Average earning assets $2,792,319 $2,778,425 $2,714,669 $2,613,324 $2,512,077 $2,442,502 Average assets 2,999,961 2,982,077 2,919,147 2,813,158 2,708,126 2,633,020 Average interest-bearing liabilities 2,289,144 2,295,454 2,235,793 1,691,860 2,034,353 1,976,963 Average equity 233,535 227,791 227,385 219,361 212,632 210,785 Share data Weighted average shares outstanding (basic) 9,721,544 9,708,835 9,701,539 9,683,177 9,668,256 9,651,341 Weighted average shares outstanding (diluted) 9,784,886 9,785,267 9,779,003 9,780,358 9,752,250 9,744,402 Period-end shares outstanding 9,722,834 9,720,440 9,699,828 9,694,772 9,671,379 9,694,772 Book value per share $24.69 $23.43 $23.44 $22.63 $21.99 $22.63 Income Statement Net interest income $26,780 $26,509 $25,851 $24,803 $24,038 $90,390 Provision for loan/lease losses 2,127 2,367 2,036 2,105 1,515 5,428 Noninterest income 11,600 11,538 10,933 10,331 11,442 46,035 Noninterest expenses 23,723 24,674 23,289 22,728 22,190 87,056 Income tax expense 4,037 3,526 3,716 2,994 3,725 13,810 Net income attributable to Tompkins Financial 8,460 7,447 7,710 7,274 7,933 29,834 Noncontrolling interest 33 33 33 33 117 297 Basic earnings per share $0.87 $0.77 $0.79 $0.75 $0.82 $3.09 Diluted earnings per share $0.86 $0.76 $0.79 $0.74 $0.81 $3.06 Asset Quality Net charge-offs $646 $1,028 $728 $739 $1,043 $2,848 Nonaccrual loans and leases 25,837 24,661 15,478 15,798 12,463 15,798 Loans and leases 90 days past due and accruing 579 1,073 677 161 0 161 Troubled debt restructurings not included above 0 0 0 69 132 69 Total nonperforming loans and leases 26,416 25,734 16,155 16,028 12,595 16,028 OREO 440 68 103 110 526 110 Nonperforming assets 26,856 25,802 16,258 16,138 13,121 16,138Tompkins Financial Corporation – Summary Financial Data (Unaudited)
Quarter-Ended Year-Ended Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Dec-08 Credit Quality Net loan and lease losses/ average loans and leases * 0.14% 0.23% 0.16% 0.17% 0.25% 0.18% Nonperforming loans and leases/loans and leases 1.40% 1.40% 0.89% 0.88% 0.73% 0.88% Nonperforming assets/assets 0.87% 0.87% 0.54% 0.56% 0.48% 0.56% Allowance/nonperforming loans and leases 86.31% 82.84% 123.68% 116.50% 137.40% 116.50% Allowance/loans and leases 1.21% 1.16% 1.10% 1.03% 1.01% 1.03% Capital Adequacy (period-end) Tier I capital / average assets 7.5% 7.4% 6.7% 6.7% 7.0% 6.7% Total capital / risk-weighted assets 11.9% 11.7% 10.8% 10.6% 10.9% 10.6% Profitability Return on average assets * 1.12% 1.00% 1.07% 1.03% 1.17% 1.13% Return on average equity * 14.37% 12.98% 14.12% 13.61% 15.37% 13.89% Net interest margin (TE) * 3.91% 3.93% 3.97% 3.89% 3.92% 3.81% * Quarterly ratios have been annualized Quarter-ended Year-Ended Non-GAAP Disclosure Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Dec-08 Reported net income $8,460 $7,447 $7,710 $7,274 $7,933 $29,834 Adjustments:Proceeds and accrual adjustment fromVISA IPO (after-tax)
0
0
0
0
0
(983)
FDIC special insurance assessment(after-tax)
0
822
0
0
0
0
Subtotal adjustments 0 822 0 0 0 (983) Adjusted net income $8,460 $8,269 $7,710 $7,274 $7,933 $28,851 Weighted average shares outstanding (diluted) 9,784,886 9,785,267 9,779,003 9,780,358 9,752,250 9,744,402 Adjusted diluted earnings per share $.86 $.85 $.79 $.74 $.81 $2.96 Year-to-date period ended Non-GAAP Disclosure Sep-09 Sep-08 Reported net income $23,616 $22,560 Adjustments:Proceeds and accrual adjustment fromVISA IPO (after-tax)
0
(983)
FDIC special insurance assessment(after-tax)
822
0
Subtotal adjustments 822 (983) Adjusted net income $24,438 $21,577 Weighted average shares outstanding (diluted) 9,783,126 9,732,339 Adjusted diluted earnings per share $2.50 $2.22
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