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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 | |
---|---|---|---|---|---|---|---|---|
-1.55 | -2.35% | 64.44 | 65.89 | 64.385 | 65.78 | 14,317 | 18:50:28 |
Tompkins Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported diluted earnings per share of $0.96 for the third quarter of 2015, representing the best third quarter in Company history and an increase of 4.35% over $0.92 reported for the third quarter of 2014. Net income of $14.5 million for the third quarter of 2015, was up 5.6% from the $13.7 million reported for the same period in 2014.
For the year-to-date period ended September 30, 2015, diluted earnings per share were $2.96, reflecting an increase of 12.1% over the $2.64 reported for September 30, 2014. Year to date net income was $44.6 million, an increase of 13.3% from the $39.4 million reported for the same period in 2014. Year to date results were helped by a one-time curtailment gain of $3.6 million after tax ($0.24 per share), recognized in the second quarter of 2015, related to changes to the Company’s pension plan. If this gain was excluded from current year to date net income, diluted earnings per share would have been $2.72. The impact of this non-recurring item on the Company’s financial statements is more fully detailed in the non-GAAP disclosure tables included with this press release.
President and CEO, Stephen S. Romaine said "We are very pleased to report on record earnings performance for the third quarter of 2015. Continued growth in loans and deposits contributed to our success during the quarter, as earnings improved despite the challenging interest rate environment that continues to pressure net interest margin.”
SELECTED HIGHLIGHTS FOR THIRD QUARTER:
NET INTEREST INCOME
Net interest income of $42.4 million for the third quarter of 2015 reflected an increase of 2.0% when compared to the same period in 2014, despite a decline in net interest margin to 3.35% in the current period, down from 3.58% for the third quarter of 2014. Offsetting the decline in net interest margin was solid balance sheet growth, which included a 10.3% increase in average loans from the same quarter last year, and a 13.7% increase in average noninterest-bearing deposits over the same period.
For the year-to-date period, net interest income of $124.9 million was up 2.3% from the prior year, while net interest margin declined to 3.39% in 2015, compared to 3.58% in 2014.
NONINTEREST INCOME
Noninterest income was $17.4 million for the third quarter of 2015, and was in line with same period in 2014. Year-to-date noninterest income of $54.0 million was 2.5% ahead of the $52.7 million reported for September 30, 2014, and included gains on the sale of other real estate owned totaling $924,000 for 2015.
Noninterest income represented 29.1% of total revenue for the third quarter of 2015, compared to 29.7% for the same period in 2014. For the year-to-date period ending September 30, 2015, noninterest income represented 30.2% of total revenue, which was in line with the same period in 2014.
NONINTEREST EXPENSE
Noninterest expense was $37.9 million for the third quarter of 2015, down 1.7% compared to the third quarter of 2014. For the year-to-date period, noninterest expense was down 4.5% from the same period in 2014. The decrease in noninterest expense for the year-to-date period was mainly due to a $6.0 million gain on a pension plan curtailment recorded in the third quarter of 2015. The curtailment gain is related to a freeze of the Company’s defined benefit pension plan, which has been replaced with a more flexible defined contribution pension plan.
ASSET QUALITY
Asset quality remains strong in the third quarter of 2015. Nonperforming assets as a percentage of total assets represented 0.47% at September 30, 2015, down from 0.63% at September 30, 2014. Despite a modest increase from the 0.44% reported for the immediate prior quarter, the ratio remains well below the most recent Federal Reserve Board Peer Group Average1 of 0.80%. Additionally, substandard and special mention loans declined by $15.2 million from the same period last year, and by $628,000 from the previous quarter.
Provision for loan and lease losses was $281,000 for the third quarter of 2015, up $340,000 from the negative provision of $59,000 reported for third quarter of 2014. The increased provision expense over the third quarter of 2014 is primarily due to growth in the loan portfolio.
The Company’s allowance for loan and lease losses totaled $31.0 million at September 30, 2015. The allowance represented 0.97% of total originated loans at September 30, 2015, compared to 0.99% at year-end 2014. The allowance for loan and lease losses covered 133.18% of nonperforming loans and leases as of September 30, 2015, compared to 128.43% at year-end 2014.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets of 8.89% is up from 8.75% at December 31, 2014. The ratio of tangible common equity to tangible assets (refer to Non-GAAP disclosures) improved to 7.51%, up from 7.40% reported at December 31, 2014
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.
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 of09/30/2015
As of12/31/2014 ASSETS Cash and noninterest bearing balances due from banks $ 105,074 $ 53,921 Interest bearing balances due from banks 2,019 2,149 Cash and Cash Equivalents 107,093 56,070 Trading securities, at fair value 7,749 8,992 Available-for-sale securities, at fair value (amortized cost of $1,378,138 at September 30, 2015 and $1,397,458 at December 31, 2014) 1,388,283 1,402,236 Held-to-maturity securities, at amortized cost (fair value of $149,112 at September 30, 2015 and $89,036 at December 31, 2014) 146,300 88,168 Originated loans and leases, net of unearned income and deferred costs and fees (2) 3,149,386 2,839,974 Acquired loans and leases, covered (3) 15,576 19,319 Acquired loans and leases, non-covered (3) 469,351 533,995 Less: Allowance for loan and lease losses 30,965 28,997 Net Loans and Leases 3,603,348 3,364,291 FDIC indemnification asset 334 1,903 Federal Home Loan Bank stock 23,562 21,259 Bank premises and equipment, net 60,060 59,800 Corporate owned life insurance 75,368 73,725 Goodwill 92,243 92,243 Other intangible assets, net 13,028 14,649 Accrued interest and other assets 77,350 86,225 Total Assets $ 5,594,718 $ 5,269,561 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,447,841 2,247,708 Time 877,422 898,081 Noninterest bearing 1,111,810 1,023,365 Total Deposits 4,437,073 4,169,154 Federal funds purchased and securities sold under agreements to repurchase 134,941 147,037 Other borrowings, including certain amounts at fair value of $10,736 at September 30, 2015 and $10,961 at December 31, 2014 398,946 356,541 Trust preferred debentures 37,466 37,337 Other liabilities 68,333 69,909 Total Liabilities $ 5,076,759 $ 4,779,978 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,941,486 at September 30, 2015; and 14,931,354 at December 31, 2014 1,494 1,493 Additional paid-in capital 350,397 348,889 Retained earnings 190,175 165,160 Accumulated other comprehensive loss (22,028) (24,011) Treasury stock, at cost – 113,787 shares at September 30, 2015, and 111,436 shares at December 31, 2014 (3,629) (3,400) Total Tompkins Financial Corporation Shareholders’ Equity 516,409 488,131 Noncontrolling interests 1,550 1,452 Total Equity $ 517,959 $ 489,583 Total Liabilities and Equity $ 5,594,718 $ 5,269,561 TOMPKINS FINANCIAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Nine Months Ended (In thousands, except per share data) (Unaudited) 09/30/2015 09/30/2014 09/30/2015 09/30/2014 INTEREST AND DIVIDEND INCOME Loans $ 39,235 $ 38,298 $ 114,670 $ 112,601 Due from banks 1 0 3 2 Trading securities 86 102 270 321 Available-for-sale securities 7,031 7,718 22,219 23,637 Held-to-maturity securities 915 288 2,185 626 Federal Home Loan Bank stock and Federal Reserve Bank stock 262 212 834 616 Total Interest and Dividend Income 47,530 46,618 140,181 137,803 INTEREST EXPENSE Time certificates of deposits of $250,000 or more 369 387 1,058 1,022 Other deposits 2,284 2,439 6,837 7,324 Federal funds purchased and securities sold under agreements to repurchase 685 683 2,020 2,263 Trust preferred debentures 583 573 1,726 1,714 Other borrowings 1,223 961 3,596 3,362 Total Interest Expense 5,144 5,043 15,237 15,685 Net Interest Income 42,386 41,575 124,944 122,118 Less: Provision for loan and lease losses 281 (59) 1,412 751 Net Interest Income After Provision for Loan and Lease Losses 42,105 41,634 123,532 121,367 NONINTEREST INCOME Insurance commissions and fees 7,564 7,520 22,341 21,823 Investment services income 3,674 3,636 11,518 11,549 Service charges on deposit accounts 2,410 2,506 6,812 7,010 Card services income 2,001 1,936 5,844 5,968 Mark-to-market loss on trading securities (69) (87) (206) (181) Mark-to-market gain on liabilities held at fair value 81 132 226 260 Other income 1,669 1,892 6,390 6,129 Gain on sale of available-for-sale securities 92 20 1,105 151 Total Noninterest Income 17,422 17,555 54,030 52,709 NONINTEREST EXPENSES Salaries and wages 18,357 17,553 54,319 51,859 Pension and other employee benefits 5,368 4,941 10,843 15,964 Net occupancy expense of premises 2,891 2,969 9,303 9,296 Furniture and fixture expense 1,532 1,451 4,465 4,247 FDIC insurance 729 682 2,218 2,228 Amortization of intangible assets 496 518 1,503 1,570 Other operating expense 8,509 10,423 27,841 30,511 Total Noninterest Expenses 37,882 38,537 110,492 115,675 Income Before Income Tax Expense 21,645 20,652 67,070 58,401 Income Tax Expense 7,115 6,897 22,405 18,951 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 14,530 13,755 44,665 39,450 Less: Net income attributable to noncontrolling interests 33 33 98 98 Net Income Attributable to Tompkins Financial Corporation $ 14,497 $ 13,722 $ 44,567 $ 39,352 Basic Earnings Per Share $ 0.97 $ 0.92 $ 2.98 $ 2.65 Diluted Earnings Per Share $ 0.96 $ 0.92 $ 2.96 $ 2.64 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)Quarter EndedSeptember 30, 2015
Year to Date Period EndedSeptember 30, 2015 Year to Date Period EndedSeptember 30, 2014AverageBalance(QTD)
AverageInterest Yield/Rate
AverageBalance(YTD)
AverageInterest Yield/Rate
AverageBalance(YTD)
AverageInterest Yield/Rate (Dollar amounts in thousands) ASSETS Interest-earning assets Interest-bearing balances due from banks $ 1,957 $ 1 0.20% $ 1,725 $ 3 0.23% $ 782 $ 2 0.34% Securities (4) U.S. Government securities 1,438,436 7,439 2.05% 1,441,360 22,807 2.12% 1,304,141 22,163 2.27% Trading securities 8,008 86 4.26% 8,437 270 4.28% 10,327 321 4.16% State and municipal (5) 85,554 783 3.63% 86,846 2,486 3.83% 96,992 3,157 4.35% Other securities (5) 3,705 31 3.32% 3,740 91 3.25% 4,571 107 3.13% Total securities 1,535,703 8,339 2.15% 1,540,383 25,654 2.23% 1,416,031 25,748 2.43% FHLBNY and FRB stock 26,556 263 3.93% 23,771 834 4.69% 20,192 616 4.08% Total loans and leases, net of unearned income (5)(6) 3,574,449 39,913 4.43% 3,479,528 116,547 4.48% 3,218,371 113,924 4.73% Total interest-earning assets 5,138,665 48,516 3.75% 5,045,407 143,038 3.79% 4,655,376 140,290 4.03% Other assets 347,980 352,808 368,584 Total assets 5,486,645 5,398,215 5,023,960 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 2,322,974 949 0.16% 2,332,674 2,863 0.16% 2,265,787 3,276 0.19% Time deposits 890,933 1,704 0.76% 904,911 5,032 0.74% 901,283 5,070 0.75% Total interest-bearing deposits 3,213,907 2,653 0.33% 3,237,585 7,895 0.33% 3,167,070 8,346 0.35% Federal funds purchased & securities sold under agreements to repurchase 134,620 685 2.02% 136,073 2,020 1.98% 147,775 2,263 2.05% Other borrowings 470,060 1,223 1.03% 413,819 3,596 1.16% 258,578 3,362 1.74% Trust preferred debentures 37,438 583 6.18% 37,395 1,726 6.17% 37,227 1,714 6.16% Total interest-bearing liabilities 3,856,025 5,144 0.53% 3,824,872 15,237 0.53% 3,610,650 15,685 0.58% Noninterest bearing deposits 1,052,669 1,003,318 879,691 Accrued expenses and other liabilities 68,433 65,902 54,040 Total liabilities 4,977,127 4,894,092 4,544,381 Tompkins Financial Corporation Shareholders’ equity 507,984 502,622 478,078 Noncontrolling interest 1,534 1,501 1,501 Total equity 509,518 504,123 479,579 Total liabilities and equity $ 5,486,645 $ 5,398,215 $ 5,023,960 Interest rate spread 3.22% 3.26% 3.45% Net interest income/margin on earning assets 43,373 3.35% 127,801 3.39% 124,605 3.58% Tax Equivalent Adjustment (987) (2,857) (2,487) Net interest income per consolidated financial statements $ 42,386 $ 124,944 $ 122,118 Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Dec-14 Period End Balance Sheet Securities $ 1,542,332 $ 1,536,374 $ 1,555,597 $ 1,499,396 $ 1,431,837 $ 1,499,396Originated loans and leases, net of unearned incomeand deferred costs and fees (2)
3,149,386 3,013,968 2,898,533 2,839,974 2,674,971 2,839,974 Acquired loans and leases (3) 484,927 507,963 529,024 553,314 582,498 553,314 Allowance for loan and lease losses 30,965 30,091 29,485 28,997 27,786 28,997 Total assets 5,594,718 5,436,136 5,357,533 5,269,561 5,090,919 5,269,561 Total deposits 4,437,073 4,204,089 4,282,766 4,169,154 4,212,860 4,169,154Federal funds purchased and securities sold underagreements to repurchase
134,941 131,063 135,769 147,037 128,368 147,037 Other borrowings 398,946 493,326 330,850 356,541 166,509 356,541 Trust preferred debentures 37,466 37,423 37,380 37,337 37,298 37,337 Total common equity 516,409 503,877 502,811 488,131 489,061 488,131 Total equity 517,959 505,394 504,296 489,583 490,611 489,583 Average Balance Sheet Average earning assets $ 5,138,665 $ 5,038,586 $ 4,956,972 $ 4,799,027 $ 4,695,860 $ 4,691,582 Average assets 5,486,645 5,391,114 5,315,002 5,193,347 5,058,608 5,066,655 Average interest-bearing liabilities 3,856,025 3,835,430 3,782,355 3,668,311 3,587,673 3,625,184 Average equity 509,518 505,667 497,047 495,531 489,920 483,599 Share data Weighted average shares outstanding (basic) 14,739,915 14,751,844 14,701,397 14,639,631 14,711,709 14,676,622 Weighted average shares outstanding (diluted) 14,866,735 14,878,107 14,837,935 14,765,855 14,795,343 14,789,624 Period-end shares outstanding 14,905,576 14,942,107 14,962,079 14,895,444 14,794,092 14,895,444 Common equity book value per share $ 34.65 $ 33.72 $ 33.61 $ 32.77 $ 33.06 $ 32.77 Tangible book value per share (Non-GAAP) $ 27.64 $ 26.71 $ 26.56 $ 25.66 $ 25.87 $ 25.66 Income Statement Net interest income $ 42,386 $ 41,330 $ 41,228 $ 41,692 $ 41,575 $ 163,810 Provision (Credit) for loan/lease losses 281 922 209 1,555 (59) 2,306 Noninterest income 17,422 18,962 17,646 18,056 17,555 70,765 Noninterest expense 37,882 32,918 39,692 39,018 38,537 154,693 Income tax expense 7,115 9,030 6,260 6,453 6,897 25,404 Net income attributable to Tompkins Financial Corporation 14,497 17,390 12,680 12,689 13,722 52,041 Noncontrolling interests 33 32 33 33 33 131 Basic earnings per share (9) $ 0.97 $ 1.16 $ 0.85 $ 0.86 $ 0.92 $ 3.51 Diluted earnings per share (9) $ 0.96 $ 1.15 $ 0.84 $ 0.85 $ 0.92 $ 3.48 Nonperforming Assets Originated nonaccrual loans and leases $ 14,821 $ 14,566 $ 13,811 $ 14,299 $ 16,319 $ 14,299 Acquired nonaccrual loans and leases 4,908 5,030 4,683 4,729 4,998 4,729 Originated loans and leases 90 days past due and accruing 57 58 236 106 395 106 Troubled debt restructurings not included above 3,465 1,939 1,589 3,444 3,800 3,444 Total nonperforming loans and leases 23,251 21,593 20,319 22,578 25,512 22,578 OREO (8) 3,188 2,570 5,816 5,683 6,533 5,683 Total nonperforming assets $ 26,439 $ 24,163 $ 26,135 $ 28,261 $ 32,045 $ 28,261 Quarter-Ended Year-Ended Delinquency - Originated loan and lease portfolio Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Dec-14 Loans and leases 30-89 days past due and accruing (2) $ 3,550 $ 3,315 $ 2,438 $ 6,849 $ 3,811 $ 6,849 Loans and leases 90 days past due and accruing (2) 57 58 236 106 395 106 Total originated loans and leases past due and accruing (2) 3,607 3,373 2,674 6,955 4,206 6,955 Delinquency - Acquired loan and lease portfolio Covered loans and leases 30-89 days past due and accruing (3)(7) $ 309 $ 455 $ 547 $ 533 $ 0 $ 533 Covered loans and leases 90 days or more past due and accruing (3)(7) 508 674 682 914 1,149 914 Non-covered loans and leases 30-89 days past due and accruing (3)(7) 1,028 917 2,546 1,186 736 1,186 Non-covered loans and leases 90 days past due and accruing (3)(7) 2,069 3,031 2,811 2,614 3,171 2,614 Total acquired loans and leases past due and accruing 3,914 5,077 6,586 5,247 5,056 5,247 Total loans and leases past due and accruing $ 7,521 $ 8,450 $ 9,260 $ 12,202 $ 9,262 $ 12,202 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 29,428 $ 28,690 $ 28,156 $ 27,185 $ 26,752 $ 26,700 Provision (Credit) for loan and lease losses 173 769 340 1,102 (264) 1,293 Net loan and lease charge-offs (recoveries) (849) 31 (194) 131 (697) (163) Allowance for loan and lease losses (originated 30,450 29,428 28,690 28,156 27,185 28,156 loan portfolio) - balance at end of period $ $ $ $ $ $ Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 663 $ 795 $ 841 $ 601 $ 765 $ 1,270 Provision (Credit) for loan and lease losses 108 153 (131) 453 205 1,013 Net loan and lease charge-offs (recoveries) 256 285 (85) 213 369 1,442 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 515 663 795 841 601 841 Total allowance for loan and lease losses $ 30,965 $ 30,091 $ 29,485 $ 28,997 $ 27,786 $ 28,997 Loan Classification - Originated Portfolio Special Mention $ 25,133 $ 25,706 $ 34,965 $ 36,331 $ 27,854 $ 36,331 Substandard 19,937 21,600 19,150 19,970 25,889 19,970 Loan Classification - Acquired Portfolio Special Mention 1,446 1,589 5,053 5,758 7,605 5,758 Substandard 23,683 21,932 21,752 21,567 24,034 21,567 Loan Classifications - Total Portfolio Special Mention 26,579 27,295 40,018 42,089 35,459 42,089 Substandard 43,620 43,532 40,902 41,537 49,923 41,537 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Dec-14 Nonperforming loans and leases/total loans and leases (7) 0.64% 0.61% 0.59% 0.67% 0.78% 0.67% Nonperforming assets/total assets 0.47% 0.44% 0.49% 0.54% 0.63% 0.54% Allowance for originated loan and lease losses/total originated loans and leases 0.97% 0.98% 0.99% 0.99% 1.02% 0.99% Allowance/nonperforming loans and leases 133.18% 139.36% 145.11% 128.43% 108.92% 128.43% Net loan and lease losses (recoveries) annualized/total average loans and leases (0.07%) 0.04% (0.03%) 0.04% (0.04%) 0.04% Capital Adequacy (period-end) Tier 1 capital / average assets * 8.89% 8.92% 8.85% 8.75% 8.85% 8.75% Total capital / risk-weighted assets * 13.29% 13.46% 13.37% 13.60% 13.92% 13.60% *Beginning with March 31, 2015, ratios are calculated utilizing Basel III regulatory capital framework Profitability Return on average assets * 1.05% 1.29% 0.97% 0.97% 1.08% 1.03% Return on average equity * 11.29% 13.79% 10.35% 10.16% 11.11% 10.76% Net interest margin (TE) * 3.35% 3.37% 3.45% 3.53% 3.58% 3.57% * Quarterly ratios have been annualized Non-GAAP Disclosure - Adjusted Diluted Earnings Per Share Net income available to common shareholders $ 14,497 $ 17,390 $ 12,680 $ 12,689 $ 13,722 $ 52,041 Less: Dividends and undistributed earnings allocated to unvested restricted stock awards 189 234 182 150 119 503 Adjusted net income available to common shareholders 14,308 17,156 12,498 12,539 13,603 51,538 Gain on pension plan curtailment (net of tax) 0 (3,602) 0 0 0 0 Net operating income (Non-GAAP) 14,308 13,554 12,498 12,539 13,603 51,538 Weighted average shares outstanding (diluted) 14,866,735 14,878,107 14,837,935 14,765,855 14,795,343 14,789,624 Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.96 $ 0.91 $ 0.84 $ 0.85 $ 0.92 $ 3.48 Non-GAAP Disclosure - Tangible Common Equity / Tangible Assets Total Common equity $ 516,409 $ 503,877 $ 502,811 $ 488,131 $ 489,061 $ 488,131 Less: Goodwill and intangibles (10) 104,349 104,845 105,344 105,852 106,377 105,852 Tangible common equity 412,060 399,032 397,467 382,279 382,684 382,279 Total assets 5,594,718 5,436,136 5,357,533 5,269,561 5,090,919 5,269,561 Less: Goodwill and intangibles (10) 104,349 104,845 105,344 105,852 106,377 105,852 Tangible assets 5,490,369 5,331,291 5,252,189 5,163,709 4,984,542 5,163,709 Tangible common equity / tangible assets (Non-GAAP) 7.51% 7.48% 7.57% 7.40% 7.68% 7.40% Non-GAAP Disclosure - Return on Average Quarter-Ended Year-Ended Tangible Common Equity Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Dec-14 Net income available to common shareholders $ 14,497 $ 17,390 $ 12,680 $ 12,689 $ 13,722 $ 52,041 Less: Dividends and undistributed earnings allocated to unvested restricted stock awards 189 234 182 150 119 503 Adjusted net income available to common shareholders 14,308 17,156 12,498 12,539 13,603 51,538 Gain on pension plan curtailment (net of tax) 0 (3,602) 0 0 0 0 Net operating income (Non-GAAP) 14,308 13,554 12,498 12,539 13,603 51,538 Amortization of intangibles (net of tax) 298 300 304 315 311 1,257 Adjusted net operating income (Non-GAAP) 14,606 13,854 12,802 12,854 13,914 52,795 Average common equity 507,984 504,166 495,579 493,986 488,386 482,087 Less: Average goodwill and intangibles (10) 104,633 105,130 105,644 106,151 106,471 106,748 Average tangible common equity capital 403,351 399,036 389,935 387,835 381,915 375,339 Adjusted operating return on average tangible common equity (annualized) (Non-GAAP) 14.37% 13.93% 13.32% 13.15% 14.46% 14.07%Non-GAAP Disclosure - Tangible Book Value Per Share
Total common equity
$
516,409
$
503,877
$
502,811
$
488,131
$
489,061
$
488,131
Less: Goodwill and intangibles (10)
104,349
104,845
105,344
105,852
106,377
105,852
Tangible common equity
412,060
399,032
397,467
382,279
382,684
382,279
Ending shares outstanding
14,905,576
14,942,107
14,962,079
14,895,444
14,794,092
14,895,444
Tangible book value per share (Non-GAAP)
$
27.64
26.71
26.56
25.66
25.87
$
25.66
Non-GAAP Disclosure - YTD adjusted diluted earnings per share Sep-15 Sep-14 Net income available to common shareholders $ 44,567 $ 39,352 Less: Dividends and undistributed earnings allocated to unvested restricted stock awards 609 353 Adjusted net income available to common shareholders 43,958 38,999 Gain on pension plan curtailment (3,602) 0 Net operating income (Non-GAAP) 40,356 38,999 Weighted average shares outstanding (diluted) 14,861,003 14,797,520 Adjusted diluted earnings per share (Non-GAAP) $ 2.72 $ 2.64(1)
Federal Reserve peer ratio as of June 30, 2015, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
(2)
"Originated" equals loans and leases not included by definition in "acquired loans".
(3)
"Acquired Loans and Leases" equals loans and leases acquired at fair value, accounted for in accordance with FASB ASC Topic 805. "Covered Loans" are loans for which the Company will share losses with the FDIC and consist of loans VIST Bank acquired as part of an FDIC-assisted transaction during the fourth quarter of 2010.
(4)
Average balances and yields on available-for-sale securities are based on historical amortized cost.
(5)
Interest income includes the tax effects of taxable-equivalent basis.
(6)
Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company's consolidated financial statements included in Part I of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2014.
(7)
Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows.
(8)
Includes all other real estate owned, including those balances acquired through business combinations.
(9)
Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.
(10)
"Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151030005114/en/
Tompkins Financial CorporationStephen S. Romaine, 888-503-5753President & CEOorFrancis M. Fetsko, 888-503-5753Executive VP, CFO & COO
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