Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation ("Tompkins" or the "Company")
reported a net loss of $33.4 million for the third quarter of 2023.
The quarterly results were negatively impacted by the sale of
$429.6 million of available-for-sale debt securities, which
resulted in an after-tax loss on the sale of securities of $47.5
million. Though this sale resulted in an operating loss in the
third quarter of 2023, the transaction is expected to favorably
impact securities revenue in future periods as the securities sold
had an average yield of 0.93%, while the proceeds of the sale were
largely reinvested into securities with an estimated yield of
approximately 5.12%. The weighted average life of the securities
purchased and sold was approximately 4.3 years.
Tompkins President and CEO, Stephen Romaine, commented, "During
the quarter we elected to proactively reposition the balance sheet
which will improve securities revenue and we expect that the
improved revenue will exceed the value of the loss recognized in
the third quarter through time. We estimate securities revenue to
improve by approximately $15.4 million over the next twelve
months.
While the economic environment remains challenging for the
banking industry, our capital and liquidity levels remain healthy
and well positioned to meet the needs of our customers. We
continued to see favorable growth trends, with annualized loan
growth of 6.0% from the second to third quarter of this year and
increased deposit balances over the same periods. We are also
pleased to announce our cash dividend, which is reflective of our
healthy capital position."
Diluted earnings per share for the third quarter of 2023 were a
loss of $2.35, which reflects the impact of the after-tax losses of
$3.34 per diluted share related to the sale of available-for-sale
debt securities as noted above. Diluted earnings per share for the
third quarter of 2022 were $1.48.
For the year-to-date period ended September 30, 2023, net income
was a loss of $5.5 million, or a loss of $0.39 per diluted share.
Year-to-date results were also negatively impacted by after-tax
losses on the sale of securities totaling $52.9 million, or $3.69
loss per diluted share. For the same year-to-date period in 2022,
net income was $65.5 million, or $4.53 per diluted share.
SELECTED HIGHLIGHTS FOR THE PERIOD:
- Total loans at September 30, 2023 were up $82.5 million, or
1.5% (6.1% on an annualized basis) compared to the immediate prior
quarter, and up $226.4 million, or 4.3%, from September 30,
2022.
- Total deposits at September 30, 2023 were $6.6 billion, up
$168.8 million, or 2.5% (10.4% on an annualized basis) from June
30, 2023, and down $313.3 million, or 4.5%, from September 30,
2022.
- Loan to deposit ratio was stable at 82.1%, compared to 82.9%
for the immediate prior quarter.
- Regulatory Tier 1 capital to average assets was 9.01% at
September 30, 2023, compared to 9.57% at June 30, 2023 and 9.14% at
September 30, 2022.
- Total nonperforming assets at September 30, 2023 represented
0.41% of total assets, which was flat compared to the immediate
prior quarter and down from 0.45% at September 30, 2022.
NET INTEREST INCOME
Net interest income was $51.0 million for the third quarter of
2023, down from $51.9 million for the second quarter of 2023 and
$58.1 million for the third quarter of 2022. Net interest margin
was 2.75% for the third quarter of 2023, compared to 2.83% reported
for the second quarter of 2023 and 3.04% reported for the third
quarter of 2022. The decrease in net interest income and net
interest margin during the third quarter, when compared to the
second quarter of this year and the same quarter last year, was due
primarily to the increase in interest rates on interest-bearing
liabilities outpacing increases on interest earning asset yields
due to the higher interest rate environment.
For the year-to-date period ended September 30, 2023, net
interest income was $157.2 million, down $15.8 million, or 9.2%,
when compared to the same period in 2022.
Average loans for the quarter ended September 30, 2023 were up
$80.5 million, or 1.5%, from the second quarter of 2023, and were
up $200.0 million, or 3.9%, compared to the quarter ended September
30, 2022. The increase in average loans over both prior periods was
mainly in the commercial real estate portfolio. The average yield
on interest-earning assets for the quarter ended September 30, 2023
was 4.06%, which was up from 3.91% for the quarter ended June 30,
2023, and up from 3.32% for the quarter ended September 30,
2022.
Average total deposits for the third quarter of 2023 were down
$20.0 million, or 0.3%, compared to the second quarter of 2023, and
down $394.4 million, or 5.8%, compared to the same period in 2022.
The decrease as compared to the prior year was largely driven by a
decline in stimulus funding and a tightening monetary policy that
has led to a declining trend in bank deposits on a national level,
as reported by the Federal Reserve. The cost of interest-bearing
deposits increased to 1.74% for the third quarter of 2023, compared
to 1.41% for the second quarter of 2023, and 0.36% for the third
quarter of 2022. The cost of interest-bearing deposits for the
third quarter of 2023 increased 33 basis points from June 30, 2023.
The ratio of average noninterest bearing deposits to average total
deposits for the third quarter of 2023 was 31.0% compared to 31.1%
for the second quarter of 2023. The average cost of
interest-bearing liabilities for the third quarter of 2023 of
1.98%, represents an increase of 34 basis points over the second
quarter of 2023, and an increase of 153 basis points over the same
period in 2022.
NONINTEREST INCOME
Noninterest income was a loss of $41.6 million for the third
quarter of 2023, which represents a decrease in noninterest income
of $62.3 million compared to the third quarter of 2022.
Year-to-date noninterest income was a loss of $8.6 million, which
represents a decrease in noninterest income of $68.2 million
compared to the same nine month period in 2022. The decrease in
noninterest income in the third quarter of 2023 was largely due to
the above noted sale of available-for-sale debt securities, which
resulted in the recognition of a pre-tax loss of $62.9 million.
Fee-based revenues, including insurance commissions and fees,
wealth management fees, service charges on deposit accounts and
card services income, for the third quarter of 2023 were
collectively up $543,000, or 2.7%, over the same period in
2022.
NONINTEREST EXPENSE
Noninterest expense was $49.9 million for the third quarter of
2023, which was up $264,000, or 0.5%, over the third quarter of
2022. For the year-to-date period, noninterest expense of $152.0
million was up $6.4 million, or 4.4%, from the same period in 2022.
The increase in noninterest expense in the nine months ended
September 30, 2023 over the same period in 2022 was mainly in other
operating expenses which were up $4.1 million and higher
personnel-related expenses, which were up $2.7 million.
Contributing to the growth in other expenses for the nine months
ended September 30, 2023, compared to the same period in 2022 were
the following: expenses related to the Company’s retirement plans,
up $1.3 million; professional fees, up $699,000, New York State
minimum tax, up $623,000; and FDIC insurance, up $777,000. The
increase in personnel-related expenses was mainly in health
insurance, which is up $1.5 million.
INCOME TAX EXPENSE
The provision for income taxes was a credit of $8.3 million for
an effective rate of 20.0% for the third quarter of 2023, compared
to tax expense of $6.8 million and an effective rate of 24.1% for
the same quarter in 2022. For the first nine months of 2023, the
provision for income taxes was a credit of $619,000 for an
effective rate of 10.3% compared to tax expense of $20.1 million
and an effective rate of 23.4% for the same period in 2022. The
decrease in income tax expense between comparable periods reflects
the decrease in pre-tax income, due primarily to the realized
losses on the sale of certain available-for-sale securities and the
anticipated retention of certain New York State tax benefits.
ASSET QUALITY
The allowance for credit losses represented 0.91% of total loans
and leases at September 30, 2023, flat as compared to June 30,
2023, and up from 0.86% at September 30, 2022. The ratio of the
allowance to total nonperforming loans and leases was 156.96% at
September 30, 2023, compared to 154.76% at June 30, 2023 and
128.27% at September 30, 2022.
Provision for credit losses for the third quarter of 2023 was
$1.2 million compared to $1.1 million for the same period in 2022.
Provision for credit losses for the nine months ended September 30,
2023 was $2.6 million, compared to $1.4 million for the nine months
ended September 30, 2022. The increase in provision expense for
both the quarter and year-to-date periods was mainly driven by
economic forecasts, loan growth, and changes in asset quality. Net
charge-offs for the quarter ended September 30, 2023 were $177,000
compared to net charge-offs of $122,000 reported for the same
period in 2022.
Nonperforming assets represented 0.41% of total assets at
September 30, 2023, down from 0.43% at December 31, 2022 and 0.45%
reported at September 30, 2022. At September 30, 2023,
nonperforming loans and leases totaled $31.4 million, compared to
$32.8 million at December 31, 2022 and $34.9 million at September
30, 2022. The increase in loans past due 30-89 days at quarter-end
September 30, 2023, was mainly due to the inclusion of two
commercial real estate loans to one relationship totaling $18.6
million. The Company believes that the existing collateral securing
the loans is sufficient to cover the exposure as of September 30,
2023.
Special Mention and Substandard loans and leases totaled $122.9
million at September 30, 2023, reflecting an increase from the
$98.3 million reported at December 31, 2022, and $106.7 million at
September 30, 2022. The increase as compared to year-end in Special
Mention and Substandard was mainly a result of the downgrade of one
commercial real estate loan added to Special Mention during the
second quarter of 2023 and the downgrade of one commercial real
estate loan previously reported as Special Mention in the second
quarter of 2023.
CAPITAL POSITION
Capital ratios at September 30, 2023 remained well above the
regulatory minimums for well-capitalized institutions. The ratio of
total capital to risk-weighted assets was 13.46% at September 30,
2023, compared to 14.42% at December 31, 2022 and 14.26% at
September 30, 2022. The ratio of Tier 1 capital to average assets
was 9.01% at September 30, 2023, compared to 9.34% at December 31,
2022 and 9.14% at September 30, 2022.
During the third quarter of 2023, the Company repurchased 41,781
common shares at an aggregate cost of $2.3 million. These shares
were purchased under the Company's Stock Repurchase Program
announced in the third quarter of 2021.
LIQUIDITY POSITION
The Company's liquidity position at September 30, 2023 was
stable and consistent with the immediately prior quarter. Liquidity
is enhanced by ready access to national and regional wholesale
funding sources including Federal funds purchased, repurchase
agreements, brokered deposits, Federal Reserve Bank Discount Window
advances and Federal Home Loan Banks (FHLB) advances. The Company
maintains ready access liquidity of $1.2 billion, or 15.1% of total
assets at September 30, 2023. As members of the FHLB, the Company
can use certain unencumbered mortgage-related assets and securities
to secure borrowings from the FHLB. At September 30, 2023 the
Company had an available borrowing capacity at the FHLB of $969.4
million. Through various programs at the Federal Reserve Bank, the
Company has the ability to use certain unencumbered
mortgage-related assets and securities to secure borrowings from
the Federal Reserve Bank's Discount Window. At September 30, 2023
the available borrowing capacity with the Federal Reserve Bank was
$91.8 million, secured by investment securities. In addition to the
available borrowing lines at the FHLB and Federal Reserve Bank, at
September 30, 2023, the Company maintained $411.7 million of
unencumbered securities which could be pledged to further enhance
secured borrowing capacity.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and 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 Community Bank, Tompkins Insurance Agencies, Inc., and
offers wealth management services through Tompkins Financial
Advisors. For more information on Tompkins Financial, visit
www.tompkinsfinancial.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The statements contained in this press release that are not
statements of historical fact may include forward-looking
statements that involve a number of risks and uncertainties.
Forward-looking statements may be identified by use of such words
as "may", "will", "estimate", "intend", "continue", "believe",
"expect", "plan", or "anticipate", the negative and other
variations of these terms and other similar words. Forward-looking
statements are made based on management’s expectations and beliefs
concerning future events impacting the Company and are subject to
uncertainties and factors relating to the Company’s operations and
economic environment, all of which are difficult to predict and
many of which are beyond the control of the Company, that could
cause actual results of the Company to differ materially from those
expressed and/or implied by forward-looking statements and
historical performance. The following factors, in addition to those
listed as Risk Factors in Item 1A in our Annual Reports on Form
10-K and our Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission are among those that could cause
actual results to differ materially from the forward-looking
statements: changes in general economic, market and regulatory
conditions; our ability to attract and retain deposits and other
sources of liquidity; GDP growth and inflation trends; the impact
of the interest rate and inflationary environment on the Company's
business, financial condition and results of operations; other
income or cash flow anticipated from the Company's operations,
investment and/or lending activities; changes in laws and
regulations affecting banks, bank holding companies and/or
financial holding companies, including the Dodd-Frank Act, and
state and local government mandates; the impact of any change in
the FDIC insurance assessment rate or the rules and regulations
related to the calculation of the FDIC insurance assessment amount;
technological developments and changes; cybersecurity incidents and
threats, the ability to continue to introduce competitive new
products and services on a timely, cost-effective basis;
governmental and public policy changes, including environmental
regulation; reliance on large customers; the ability to access
financial resources in the amounts, at the times, and on the terms
required to support the Company's future businesses; and the
economic impact of national and global events, including the
response to recent bank failures, the wars in Ukraine and Israel,
widespread protests, civil unrest, political uncertainty, and
pandemics or other public health crises. The Company does not
undertake any obligation to update its forward-looking
statements.
TOMPKINS FINANCIAL
CORPORATION
CONSOLIDATED STATEMENTS OF
CONDITION
(In thousands, except share and per share
data)
As of
As of
ASSETS
9/30/2023
12/31/2022
(Audited)
Cash and noninterest bearing balances due
from banks
$
75,370
$
18,572
Interest bearing balances due from
banks
64,846
59,265
Cash and Cash
Equivalents
140,216
77,837
Available-for-sale debt securities, at
fair value (amortized cost of $1,583,075 at September 30, 2023 and
$1,831,791 at December 31, 2022)
1,388,510
1,594,967
Held-to-maturity securities, at amortized
cost (fair value of $252,978 at September 30, 2023 and $261,692 at
December 31, 2022)
312,385
312,344
Equity securities, at fair value
741
777
Total loans and leases, net of unearned
income and deferred costs and fees
5,434,860
5,268,911
Less: Allowance for credit losses
49,336
45,934
Net Loans and Leases
5,385,524
5,222,977
Federal Home Loan Bank and other stock
19,985
17,720
Bank premises and equipment, net
80,685
82,140
Corporate owned life insurance
86,708
85,556
Goodwill
92,602
92,602
Other intangible assets, net
2,421
2,708
Accrued interest and other assets
181,385
181,058
Total Assets
$
7,691,162
$
7,670,686
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market
3,779,991
3,820,739
Time
880,412
631,411
Noninterest bearing
1,963,033
2,150,145
Total Deposits
6,623,436
6,602,295
Federal funds purchased and securities
sold under agreements to repurchase
56,120
56,278
Other borrowings
296,800
291,300
Other liabilities
102,450
103,423
Total Liabilities
$
7,078,806
$
7,053,296
EQUITY
Tompkins Financial Corporation
shareholders' equity:
Common Stock - par value $.10 per share:
Authorized 25,000,000 shares; Issued: 14,386,087 at September 30,
2023; and 14,555,741 at December 31, 2022
1,439
1,456
Additional paid-in capital
296,721
302,763
Retained earnings
495,123
526,727
Accumulated other comprehensive loss
(176,029)
(208,689)
Treasury stock, at cost – 128,096 shares
at September 30, 2023, and 128,749 shares at December 31, 2022
(6,403)
(6,279)
Total Tompkins Financial
Corporation Shareholders’ Equity
610,851
615,978
Noncontrolling interests
1,505
1,412
Total Equity
$
612,356
$
617,390
Total Liabilities and
Equity
$
7,691,162
$
7,670,686
TOMPKINS FINANCIAL
CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
9/30/2023
9/30/2022
9/30/2023
9/30/2022
INTEREST AND DIVIDEND INCOME
Loans
$
67,030
$
55,041
$
191,399
$
158,677
Due from banks
125
85
447
190
Available-for-sale debt securities
6,599
7,157
19,960
20,990
Held-to-maturity securities
1,221
1,221
3,654
3,551
Federal Home Loan Bank and other stock
490
166
1,113
391
Total Interest and Dividend
Income
75,465
$
63,670
$
216,573
$
183,799
INTEREST EXPENSE
Time certificates of deposits of $250,000
or more
3,158
563
7,472
1,389
Other deposits
16,348
3,631
39,861
6,898
Federal funds purchased and securities
sold under agreements to repurchase
15
14
44
45
Other borrowings
4,931
1,351
12,041
2,480
Total Interest Expense
24,452
5,559
59,418
10,812
Net Interest Income
51,013
58,111
157,155
172,987
Less: Provision for credit loss
expense
1,150
1,056
2,578
1,392
Net Interest Income After
Credit for Credit Loss Expense
49,863
57,055
154,577
171,595
NONINTEREST INCOME
Insurance commissions and fees
11,397
10,825
29,578
28,571
Wealth management fees
4,342
4,337
13,529
13,850
Service charges on deposit accounts
1,754
1,917
5,140
5,452
Card services income
2,860
2,731
8,629
8,233
Other income
990
977
4,534
3,694
Net loss on securities transactions
(62,967)
(95)
(70,019)
(179)
Total Noninterest Income
(41,624)
20,692
(8,609)
59,621
NONINTEREST EXPENSE
Salaries and wages
23,811
25,344
73,660
73,012
Other employee benefits
7,319
6,489
20,707
18,627
Net occupancy expense of premises
3,108
3,258
9,734
9,930
Furniture and fixture expense
2,079
2,056
6,238
6,051
Amortization of intangible assets
83
218
250
655
Other operating expense
13,466
12,237
41,403
37,286
Total Noninterest Expenses
49,866
49,602
151,992
145,561
(Loss)/Income Before Income
Tax (Benefit)/Expense
(41,627)
28,145
(6,024)
85,655
Income Tax
(Benefit)/Expense
(8,304)
6,774
(619)
20,079
Net (Loss)/Income Attributable
to Noncontrolling Interests and Tompkins Financial
Corporation
(33,323)
21,371
(5,405)
65,576
Less: Net Income Attributable to
Noncontrolling Interests
31
31
93
94
Net (Loss)/Income Attributable
to Tompkins Financial Corporation
$
(33,354)
21,340
(5,498)
65,482
Basic (Loss) Earnings Per Share
$
(2.35)
$
1.49
$
(0.39)
$
4.55
Diluted (Loss) Earnings Per Share
$
(2.35)
$
1.48
$
(0.39)
$
4.53
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Quarter Ended
September 30, 2023
September 30, 2022
Average
Average
Balance
Average
Balance
Average
(Dollar amounts in thousands)
(QTD)
Interest
Yield/Rate
(QTD)
Interest
Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from
banks
$
11,585
$
125
4.29 %
$
63,516
$
85
0.53 %
Securities (1)
U.S. Government securities
1,890,659
7,294
1.53 %
2,276,380
7,853
1.37 %
State and municipal (2)
90,212
576
2.53 %
95,627
614
2.55 %
Other securities (2)
3,272
59
7.18 %
3,323
37
4.44 %
Total securities
1,984,143
7,929
1.59 %
2,375,330
8,504
1.42 %
FHLBNY and FRB stock
24,511
490
7.94 %
15,058
166
4.38 %
Total loans and leases, net of unearned
income (2)(3)
5,385,195
67,199
4.95 %
5,185,219
55,265
4.23 %
Total interest-earning assets
7,405,434
75,743
4.06 %
7,639,123
64,020
3.32 %
Other assets
224,442
214,724
Total assets
$
7,629,876
$
7,853,847
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
3,615,395
$
12,674
1.39 %
$
3,979,590
$
2,863
0.29 %
Time deposits
826,082
6,832
3.28 %
596,299
1,331
0.89 %
Total interest-bearing deposits
4,441,477
19,506
1.74 %
4,575,889
4,194
0.36 %
Federal funds purchased & securities
sold under agreements to repurchase
57,624
15
0.10 %
53,810
14
0.10 %
Other borrowings
403,829
4,931
4.84 %
232,158
1,351
2.31 %
Total interest-bearing
liabilities
4,902,930
24,452
1.98 %
4,861,857
5,559
0.45 %
Noninterest bearing deposits
1,990,320
2,250,263
Accrued expenses and other liabilities
101,646
106,403
Total liabilities
6,994,896
7,218,523
Tompkins Financial Corporation
Shareholders’ equity
633,494
633,837
Noncontrolling interest
1,487
1,487
Total equity
634,980
635,324
Total liabilities and equity
$
7,629,876
$
7,853,847
Interest rate spread
2.08 %
2.87 %
Net interest income/margin on earning
assets
51,291
2.75 %
58,461
3.04 %
Tax Equivalent Adjustment
(278)
(350)
Net interest income per consolidated
financial statements
$
51,013
$
58,111
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Year to Date Period
Ended
Year to Date Period
Ended
September 30, 2023
September 30, 2022
Average
Average
Balance
Average
Balance
Average
(Dollar amounts in thousands)
(YTD)
Interest
Yield/Rate
(YTD)
Interest
Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from
banks
$
12,630
$
447
4.73 %
$
94,988
$
190
0.27 %
Securities (1)
U.S. Government securities
1,965,039
22,022
1.50 %
2,291,635
22,960
1.34 %
State and municipal (2)
91,858
1,764
2.57 %
98,262
1,882
2.56 %
Other securities (2)
3,281
169
6.87 %
3,349
88
3.52 %
Total securities
2,060,178
23,955
1.55 %
2,393,247
24,930
1.39 %
FHLBNY and FRB stock
21,519
1,112
6.92 %
12,481
391
4.19 %
Total loans and leases, net of unearned
income (2)(3)
5,314,221
191,946
4.83 %
5,119,309
159,353
4.16 %
Total interest-earning assets
7,408,548
217,460
3.92 %
7,620,025
184,864
3.24 %
Other assets
224,594
244,615
Total assets
$
7,633,142
$
7,864,640
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
3,715,931
$
31,905
1.15 %
$
4,070,607
$
4,502
0.15 %
Time deposits
749,198
15,428
2.75 %
610,432
3,785
0.83 %
Total interest-bearing deposits
4,465,129
47,333
1.42 %
4,681,039
8,287
0.24 %
Federal funds purchased & securities
sold under agreements to repurchase
57,077
44
0.10 %
57,606
45
0.10 %
Other borrowings
351,600
12,041
4.58 %
176,007
2,480
1.88 %
Total interest-bearing
liabilities
4,873,806
59,418
1.63 %
4,914,652
10,812
0.29 %
Noninterest bearing deposits
2,019,917
2,183,258
Accrued expenses and other liabilities
100,491
104,445
Total liabilities
6,994,214
7,202,356
Tompkins Financial Corporation
Shareholders’ equity
637,472
660,826
Noncontrolling interest
1,456
1,458
Total equity
638,928
662,284
Total liabilities and equity
$
7,633,142
$
7,864,640
Interest rate spread
2.29 %
2.95 %
Net interest income/margin on earning
assets
158,042
2.85 %
174,052
3.05 %
Tax Equivalent Adjustment
(888)
(1,065)
Net interest income per consolidated
financial statements
$
157,155
$
172,987
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet
Sep-23
Jun-23
Mar-23
Dec-22
Sep-22
Dec-22
Securities
$
1,701,636
$
1,781,150
$
1,899,001
$
1,908,088
$
2,054,036
$
1,908,088
Total Loans
5,434,860
5,352,365
5,273,671
5,268,911
5,208,436
5,268,911
Allowance for credit losses
49,336
48,545
46,099
45,934
44,772
45,934
Total assets
7,691,162
7,626,238
7,644,371
7,670,686
7,779,941
7,670,686
Total deposits
6,623,436
6,454,651
6,509,009
6,602,295
6,936,726
6,602,295
Federal funds purchased and securities
sold under agreements to repurchase
56,120
50,483
63,491
56,278
55,340
56,278
Other borrowings
296,800
387,100
327,000
291,300
101,000
291,300
Total common equity
610,851
634,967
648,322
615,978
571,453
615,978
Total equity
612,356
636,441
649,765
617,390
572,959
617,390
Average Balance Sheet
Average earning assets
$
7,405,434
$
7,409,714
$
7,410,553
$
7,568,656
$
7,639,123
$
7,607,078
Average assets
7,629,876
7,635,800
7,633,793
7,721,335
7,853,847
7,828,520
Average interest-bearing liabilities
4,902,930
4,883,026
4,834,712
4,828,561
4,861,857
4,892,952
Average equity
634,980
650,554
631,208
580,720
635,324
641,726
Share data
Weighted average shares outstanding
(basic)
14,185,763
14,314,133
14,326,595
14,308,323
14,289,022
14,328,280
Weighted average shares outstanding
(diluted)
14,224,748
14,346,787
14,389,673
14,385,884
14,367,149
14,404,294
Period-end shares outstanding
14,350,177
14,405,503
14,519,748
14,519,831
14,483,757
14,519,831
Common equity book value per share
$
42.57
$
44.08
$
44.65
$
42.42
$
39.45
$
42.42
Tangible book value per share
(Non-GAAP)**
$
36.01
$
37.54
$
38.16
$
35.93
$
32.93
$
35.93
**See "Non-GAAP measures" below for a
discussion of non-GAAP financial measures and a reconciliation of
non-GAAP financial measures to the most directly comparable
financial measures presented in accordance with GAAP.
Income Statement
Net interest income
$
51,013
$
51,896
$
54,246
$
57,294
$
58,111
$
230,281
(Credit) provision for credit loss expense
(5)
1,150
2,253
(825)
1,397
1,056
2,789
Noninterest income
(41,624)
12,615
20,400
18,351
20,692
77,972
Noninterest expense (5)
49,866
51,968
50,158
50,190
49,602
195,751
Income tax (benefit)/expense
(8,304)
1,784
5,901
4,478
6,774
24,557
Net (loss)/income attributable to Tompkins
Financial Corporation
(33,354)
8,475
19,381
19,548
21,340
85,030
Noncontrolling interests
31
31
31
32
31
126
Basic (loss) earnings per share (4)
(2.35)
0.59
1.35
1.36
1.49
5.92
Diluted (loss) earnings per share (4)
(2.35)
0.59
1.35
1.36
1.48
5.89
Nonperforming Assets
Nonaccrual loans and leases
$
31,381
$
31,333
$
28,424
$
28,289
$
30,013
$
28,289
Loans and leases 90 days past due and
accruing
52
34
13
25
161
25
Performing troubled debt
restructuring*
0
0
0
4,530
4,730
4,530
Total nonperforming loans and leases
31,433
31,367
28,437
32,844
34,904
32,844
OREO
0
36
36
152
335
152
Total nonperforming assets
$
31,433
$
31,403
$
28,473
$
32,996
$
35,239
$
32,996
*No amount shown for periods subsequent to
the Company's adoption of ASU 2022-02 effective January 1,
2023.
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Quarter-Ended
Year-Ended
Delinquency - Total loan and lease
portfolio
Sep-23
Jun-23
Mar-23
Dec-22
Sep-22
Dec-22
Loans and leases 30-89 days past due
and
accruing
$
40,893
$
20,255
$
5,894
$
3,172
$
3,160
$
3,172
Loans and leases 90 days past due and
accruing
52
34
13
25
161
25
Total loans and leases past due and
accruing
40,945
20,289
5,907
3,197
3,321
3,197
Allowance for Credit Losses
Balance at beginning of period
$
48,545
$
46,099
$
45,934
$
44,772
$
43,793
$
42,843
Impact of adopting ASC 326
0
0
64
0
0
0
Provision (credit) for credit losses
968
2,419
(1,180)
1,352
1,101
$
2,499
Net loan and lease (recoveries)
charge-offs
177
(27)
(1,281)
190
122
$
(592)
Allowance for credit losses at end of
period
$
49,336
$
48,545
$
46,099
$
45,934
$
44,772
$
45,934
Allowance for Credit Losses -
Off-Balance Sheet Exposure
Balance at beginning of period
$
2,985
$
3,151
$
2,796
$
2,751
$
2,796
$
2,506
(Credit) provision for credit losses
182
(166)
355
45
(45)
$
290
Allowance for credit losses at end of
period
$
3,167
$
2,985
$
3,151
$
2,796
$
2,751
$
2,796
Loan Classification - Total
Portfolio
Special Mention
$
65,993
$
56,305
$
39,255
$
49,752
$
66,730
$
49,752
Substandard
56,947
61,820
46,315
48,537
40,007
48,537
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans
and leases
0.58 %
0.59 %
0.54 %
0.62 %
0.67 %
0.62 %
Nonperforming assets/total assets
0.41 %
0.41 %
0.37 %
0.43 %
0.45 %
0.43 %
Allowance for credit losses/total loans
and leases
0.91 %
0.91 %
0.87 %
0.87 %
0.86 %
0.87 %
Allowance/nonperforming loans and
leases
156.96 %
154.76 %
162.11 %
139.86 %
128.27 %
139.85 %
Net loan and lease losses annualized/total
average loans and leases
0.01 %
0.00 %
(0.10) %
0.01 %
0.01 %
(0.01) %
Capital Adequacy
Tier 1 Capital (to average assets)
9.01 %
9.57 %
9.63 %
9.34 %
9.14 %
9.34 %
Total Capital (to risk-weighted
assets)
13.46 %
14.48 %
14.62 %
14.42 %
14.26 %
14.42 %
Profitability (period-end)
Return on average assets *
(1.73) %
0.45 %
1.03 %
1.00 %
1.08 %
1.09 %
Return on average equity *
(20.84) %
5.22 %
12.45 %
13.36 %
13.33 %
13.25 %
Net interest margin (TE) *
2.75 %
2.83 %
2.99 %
3.02 %
3.04 %
3.05 %
* Quarterly ratios have been
annualized
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
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 below tables. The Company believes the
non-GAAP measures provide meaningful comparisons of our underlying
operational performance and facilitate management's and investors'
assessments of business and performance trends in comparison to
others in the financial services industry. These non-GAAP financial
measures should not be considered in isolation or as a measure of
the Company's profitability or liquidity; they are in addition to,
and are not a substitute for, financial measures under GAAP. The
non-GAAP financial measures presented herein may be different from
non-GAAP financial measures used by other companies, and may not be
comparable to similarly titled measures reported by other
companies. Further, the Company may utilize other measures to
illustrate performance in the future. Non-GAAP financial measures
have limitations since they do not reflect all of the amounts
associated with the Company's results of operations as determined
in accordance with GAAP.
Reconciliation of Tangible Book Value
Per Share (non-GAAP) to Common Equity Book Value Per Share
(GAAP)
Quarter-Ended
Year-ended
Sep-23
Jun-23
Mar-23
Dec-22
Sep-22
Dec-22
Total common equity
$
610,851
$
634,967
$
648,322
$
615,978
$
571,453
$
615,978
Less: Goodwill and intangibles
94,086
94,169
94,253
94,336
94,554
94,336
Tangible common equity (Non-GAAP)
516,765
540,798
554,069
521,642
476,899
521,642
Ending shares outstanding
14,350,177
14,405,503
14,519,748
14,519,831
14,483,757
14,519,831
Tangible book value per share
(Non-GAAP)
$
36.01
$
37.54
$
38.16
$
35.93
$
32.93
$
35.93
(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 an effective income
tax rate of 21% in 2023 and 2022 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 consolidated financial statements included in Part I of
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2022.
(4) Earnings per share for the full fiscal
year may not equal the sum of the quarterly earnings per share as a
result of rounding of average shares.
(5) Amounts in prior periods' financial
statements are reclassified when necessary to conform to the
current period's presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231027454596/en/
For more information contact: Stephen S. Romaine, President
& CEO Matthew Tomazin, Executive VP, CFO & Treasurer
Tompkins Financial Corporation (888) 503-5753
Tompkins Financial (AMEX:TMP)
過去 株価チャート
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Tompkins Financial (AMEX:TMP)
過去 株価チャート
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