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Tompkins Financial Corporation Reports Third Quarter Earnings

Tompkins Financial Corporation (NYSE American: TMP)

Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.48 for the third quarter of 2022, up 2.1% from $1.45 per share in the third quarter of 2021. Net income for the third quarter of 2022 of $21.3 million was essentially unchanged when compared to the third quarter of 2021.

For the year-to-date period ended September 30, 2022, diluted earnings per share was $4.53, down 4.0% from $4.72 for the same year-to-date period in 2021. Year-to-date net income was $65.5 million for the period ended September 30, 2022, down $4.3 million, or 6.2%, from the same period in 2021. The year-to-date net income variance was primarily attributable to the provision for credit losses, which was an expense of $1.4 million in 2022, versus a credit of $6.1 million in 2021, resulting in a pretax variance of $7.5 million.

Tompkins President and CEO Stephen Romaine commented, "We noted several favorable trends during the third quarter of 2022. Revenue increased for the second consecutive quarter and grew at an annualized rate of 8.3% over the second quarter of this year. Our total loans grew at an annualized rate of 3.8% during the quarter, although that growth rate is somewhat slower than the 7.8% growth we experienced in the second quarter of this year. Our team did an excellent job supporting business in our communities with PPP loans and we are pleased that our loans outstanding under that program totaled less than $1 million as of September 30, 2022."

SELECTED HIGHLIGHTS FOR THE PERIOD:

  • Total loans at September 30, 2022 were $5.2 billion, up $45.9 million over the immediate prior quarter, reflecting an annualized increase of 3.6% from June 30, 2022.
  • Net interest margin of 3.04% for the quarter ended September 30, 2022 was down as compared to the 3.09% for the quarter ended June 30, 2022, but increased from 2.89% for the same period in 2021.
  • Total deposits at September 30, 2022 were $6.9 billion and were up 2.5% compared to the second quarter of 2022, and down 2.2% from the same period of 2021.

NET INTEREST INCOME

Net interest income was $58.1 million for the third quarter of 2022, which was in line with the most recent prior quarter. The third quarter of 2022 showed increased interest income in both the loan and security portfolios, but was slightly offset by higher funding cost on both deposits and other borrowings. Net interest income for the third quarter of 2022 was up $2.0 million, or 3.6% from the same period in 2021. Net interest income for the current quarter included $88,000 of net deferred loan fees associated with PPP loans, down from net deferred loan fees of $873,000 for the quarter ended June 30, 2022, and $3.3 million of net deferred loan fees in the third quarter of 2021.

For the year-to-date period ended September 30, 2022, net interest income was $173.0 million, up $7.0 million or 4.2% compared to the year-to-date period ended September 30, 2021. For the year-to-date period in 2022, net deferred loan fees associated with PPP loans were approximately $3.0 million, down from $8.0 million in the same period of 2021.

Average loans for the quarter ended September 30, 2022 increased $70.0 million or 1.4%, compared to the same period in 2021. The increase in average loans as compared to the same period prior year was mainly in commercial and residential real estate loans, which were up 7.6%, and 5.9%, respectively. Commercial and industrial loans were down 21.1%, mainly driven by lower PPP loan balances. Interest earning asset yields for the quarter ended September 30, 2022 were up 9 basis points from the second quarter of 2022 and up 17 basis points compared to the same period in 2021.

Average total deposits for the third quarter of 2022 were down $137.4 million, or 2.0% compared to the same period in 2021. Average noninterest bearing deposits for the quarter ended September 30, 2022 were up $84.7 million or 3.9% compared to the quarter ended September 30, 2021. For the third quarter of 2022, the average rate paid on interest-bearing deposits of 0.36% was up 18 basis points from the second quarter of 2022, and 14 basis points from the same period in 2021. The total cost of interest-bearing liabilities of 0.45% for the third quarter of 2022 represented an increase of 23 basis points over the second quarter of 2022, and an increase of 6 basis points versus the same period in 2021.

NONINTEREST INCOME

Noninterest income of $20.7 million for the third quarter of 2022 and $59.6 million for the year-to-date period were both in-line with the same periods in 2021. For the third quarter of 2022, total service-related fee categories were up $665,000 or 3.5% over the same quarter prior year, mainly driven by growth in insurance commissions and fees, and service charges on deposit accounts, which were partially offset by lower wealth management fees. The decline in wealth management fees is mainly a result of market conditions. Other income was down from the same quarter last year, mainly due to lower earnings on bank-owned life insurance, which was down $603,000 compared to the same quarter in 2021, as certain separate account policies were unfavorably impacted by decreases in the market value of the underlying assets.

NONINTEREST EXPENSE

Noninterest expense was $49.6 million for the third quarter of 2022, down $578,000 or 1.2% from the third quarter of 2021. For the year-to-date period, noninterest expense of $145.6 million was up $3.4 million or 2.4% from the same period in 2021. Growth in noninterest expense for the year-to-date period was primarily driven by increases in salary and wage expense and other noninterest expense. Other noninterest expense for the three months ended and year-to-date period ended September 30, 2022, included nonrecurring expenses of $196,000 and $1.2 million, respectively, related to the consolidation and rebranding of the Company's four banking charters.

INCOME TAX EXPENSE

The Company's effective tax rate was 24.1% for the third quarter of 2022, compared to 23.7% for the same period in 2021. The effective tax rate for the nine months ended September 30, 2022 was 23.4%, compared to 22.1% reported for the same period in 2021.

The increase in the effective tax rate for the three and nine months ended September 30, 2022, over the same periods in 2021, is largely due to the anticipated loss of certain New York State tax benefits. The Company's banking subsidiary has an investment in a real estate investment trust that provides certain benefits on its New York State tax return for qualifying entities. A condition to claim the benefit is that the consolidated company has qualified average assets of no more than $8.0 billion for the taxable year. The Company expects average assets to exceed the $8.0 billion threshold for the 2022 tax year. As of September 30, 2022, the Company's consolidated average assets were slightly over the $8.0 billion threshold, as defined by New York State law. The Company will continue to monitor the consolidated average assets during 2022 to determine future eligibility.

ASSET QUALITY

The allowance for credit losses represented 0.86% of total loans and leases at September 30, 2022, up from 0.85% at June 30, 2022 and down from 0.91% at September 30, 2021. The allowance coverage as a percentage of nonperforming loans and leases was 128.27% at September 30, 2022, down compared to 147.95% at June 30, 2022 and improved from the 76.15% reported at September 30, 2021.

The provision for credit losses for the third quarter of 2022 was an expense of $1.1 million, compared to a credit of $1.2 million for the same period in 2021. Provision for credit losses for the nine months ended September 30, 2022 was an expense of $1.4 million, compared to a credit of $6.1 million for the same period in 2021. The increase in provision for credit losses for both the three and nine month periods is mainly driven by current economic forecasts coupled with loan growth.

Nonperforming assets represented 0.45% as of September 30, 2022, up from 0.40% at December 31, 2021, and down compared to 0.75% at September 30, 2021. At September 30, 2022, nonperforming loans and leases totaled $34.9 million, compared to $31.2 million at December 31, 2021, and $60.7 million at September 30, 2021.

Special Mention and Substandard loans and leases totaled $106.7 million at September 30, 2022, reflecting improvement from $137.6 million at December 31, 2021, and $115.0 million at June 30, 2022. The decrease in Special Mention and Substandard loans, compared to the most recent prior quarter, was mainly due to improved asset quality in the hospitality industry as occupancy rates continue to increase.

The Company funded a total of 5,140 applications for PPP loans totaling $694.1 million in 2020 and 2021. As of September 30, 2022, there were fourteen outstanding PPP loans totaling approximately $875,000. Total net deferred fees on the remaining balance of PPP loans amounted to $18,000 at September 30, 2022.

CAPITAL POSITION

Capital ratios at September 30, 2022 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.26% at September 30, 2022, compared to 14.23% at December 31, 2021, and 14.21% at September 30, 2021. The ratio of Tier 1 capital to average assets was 9.14% at September 30, 2022, compared to 8.72% at December 31, 2021, and 8.54% at September 30, 2021.

During the third quarter of 2022, the Company repurchased 18,182 common shares at an aggregate cost of $1.3 million. These shares were purchased under the Company's Stock Repurchase Program announced in the third quarter of 2021. For the nine month period ended September 30, 2022, the Company repurchased 197,979 common shares at an aggregate cost of $15.4 million.

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 and 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. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", or "anticipate", 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 certain 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. The following factors, in addition to those listed as Risk Factors in Item 1A of 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; estimated GDP growth and inflation trends; the ongoing dynamic nature of the COVID-19 pandemic and its impact; 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, such as SEC rule making, The Dodd-Frank Act, Basel III, and state and local government mandates; technological developments and changes; 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; uncertainties arising from national and global events such as the war in the Ukraine, including the potential impact of widespread protests, civil unrest, and political uncertainty on the economy and the financial services industry; and financial resources in the amounts, at the times and on the terms required to support the Company’s future businesses. 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

9/30/2022

12/31/2021

 

 

(Audited)

 

 

 

Cash and noninterest bearing balances due from banks

$

20,342

 

$

23,078

 

Interest bearing balances due from banks

 

83,270

 

 

40,029

 

Cash and Cash Equivalents

 

103,612

 

 

63,107

 

 

 

 

Available-for-sale debt securities, at fair value (amortized cost of $2,010,101 at September 30, 2022 and $2,063,790 at December 31, 2021)

 

1,740,936

 

 

2,044,513

 

Held-to-maturity securities, at amortized cost (fair value of $258,755 at September 30, 2022 and $282,288 at December 31, 2021)

 

312,329

 

 

284,009

 

Equity securities, at fair value (amortized cost $771 at September 30, 2022 and $902 at December 31, 2021)

 

771

 

 

902

 

Total loans and leases, net of unearned income and deferred costs and fees

 

5,208,436

 

 

5,075,467

 

Less: Allowance for credit losses

 

44,772

 

 

42,843

 

Net Loans and Leases

 

5,163,664

 

 

5,032,624

 

 

 

 

Federal Home Loan Bank and other stock

 

9,156

 

 

10,996

 

Bank premises and equipment, net

 

82,636

 

 

85,416

 

Corporate owned life insurance

 

86,857

 

 

86,495

 

Goodwill

 

92,602

 

 

92,447

 

Other intangible assets, net

 

2,932

 

 

3,643

 

Accrued interest and other assets

 

184,446

 

 

115,830

 

Total Assets

$

7,779,941

 

$

7,819,982

 

LIABILITIES

 

 

Deposits:

 

 

Interest bearing:

 

 

Checking, savings and money market

 

4,076,753

 

 

4,016,025

 

Time

 

599,612

 

 

639,674

 

Noninterest bearing

 

2,260,361

 

 

2,135,736

 

Total Deposits

 

6,936,726

 

 

6,791,435

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

 

55,340

 

 

66,787

 

Other borrowings

 

101,000

 

 

124,000

 

Other liabilities

 

113,916

 

 

108,819

 

Total Liabilities

$

7,206,982

 

$

7,091,041

 

EQUITY

 

 

Tompkins Financial Corporation shareholders' equity:

 

 

Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,519,667 at September 30, 2022; and 14,696,911 at December 31, 2021

 

1,452

 

 

1,470

 

Additional paid-in capital

 

303,431

 

 

312,538

 

Retained earnings

 

515,870

 

 

475,262

 

Accumulated other comprehensive loss

 

(243,237

)

 

(55,950

)

Treasury stock, at cost – 125,944 shares at September 30, 2022, and 124,709 shares at December 31, 2021

 

(6,063

)

 

(5,791

)

Total Tompkins Financial Corporation Shareholders’ Equity

 

571,453

 

 

727,529

 

Noncontrolling interests

 

1,506

 

 

1,412

 

Total Equity

$

572,959

 

$

728,941

 

Total Liabilities and Equity

$

7,779,941

 

$

7,819,982

 

 

 

 

TOMPKINS FINANCIAL CORPORATION

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

(In thousands, except per share data) (Unaudited)

Three Months Ended

 

Nine Months Ended

 

9/30/2022

9/30/2021

 

9/30/2022

9/30/2021

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

Loans

$

55,041

 

$

53,738

 

 

$

158,677

 

$

161,598

 

Due from banks

 

85

 

 

136

 

 

 

190

 

 

266

 

Available-for-sale debt securities

 

7,157

 

 

6,312

 

 

 

20,990

 

 

17,188

 

Held-to-maturity securities

 

1,221

 

 

732

 

 

 

3,551

 

 

1,044

 

Federal Home Loan Bank and other stock

 

166

 

 

196

 

 

 

391

 

 

608

 

Total Interest and Dividend Income

 

63,670

 

$

61,114

 

 

$

183,799

 

$

180,704

 

INTEREST EXPENSE

 

 

 

 

 

Time certificates of deposits of $250,000 or more

 

563

 

 

518

 

 

 

1,389

 

 

1,724

 

Other deposits

 

3,631

 

 

2,088

 

 

 

6,898

 

 

6,835

 

Federal funds purchased and securities sold under agreements to repurchase

 

14

 

 

17

 

 

 

45

 

 

48

 

Trust preferred debentures

 

0

 

 

1,237

 

 

 

0

 

 

2,233

 

Other borrowings

 

1,351

 

 

1,156

 

 

 

2,480

 

 

3,883

 

Total Interest Expense

 

5,559

 

 

5,016

 

 

 

10,812

 

 

14,723

 

Net Interest Income

 

58,111

 

 

56,098

 

 

 

172,987

 

 

165,981

 

Less: Provision (credit) for credit loss expense

 

1,056

 

 

(1,232

)

 

 

1,392

 

 

(6,133

)

Net Interest Income After Credit for Credit Loss Expense

 

57,055

 

 

57,330

 

 

 

171,595

 

 

172,114

 

NONINTEREST INCOME

 

 

 

 

 

Insurance commissions and fees

 

10,825

 

 

9,833

 

 

 

28,571

 

 

27,053

 

Wealth management fees

 

4,337

 

 

4,957

 

 

 

13,850

 

 

14,347

 

Service charges on deposit accounts

 

1,917

 

 

1,638

 

 

 

5,452

 

 

4,579

 

Card services income

 

2,731

 

 

2,717

 

 

 

8,233

 

 

8,051

 

Other income

 

977

 

 

1,769

 

 

 

3,694

 

 

5,408

 

Net (loss) gain on securities transactions

 

(95

)

 

(60

)

 

 

(179

)

 

257

 

Total Noninterest Income

 

20,692

 

 

20,854

 

 

 

59,621

 

 

59,695

 

NONINTEREST EXPENSE

 

 

 

 

 

Salaries and wages

 

25,344

 

 

24,825

 

 

 

73,012

 

 

71,477

 

Other employee benefits

 

6,489

 

 

5,777

 

 

 

18,627

 

 

17,887

 

Net occupancy expense of premises

 

3,258

 

 

3,019

 

 

 

9,930

 

 

10,042

 

Furniture and fixture expense

 

2,056

 

 

2,066

 

 

 

6,051

 

 

6,220

 

Amortization of intangible assets

 

218

 

 

329

 

 

 

655

 

 

988

 

Other operating expense

 

12,237

 

 

14,164

 

 

 

37,286

 

 

35,519

 

Total Noninterest Expenses

 

49,602

 

 

50,180

 

 

 

145,561

 

 

142,133

 

Income Before Income Tax Expense

 

28,145

 

 

28,004

 

 

 

85,655

 

 

89,676

 

Income Tax Expense

 

6,774

 

 

6,630

 

 

 

20,079

 

 

19,781

 

Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation

 

21,371

 

 

21,374

 

 

 

65,576

 

 

69,895

 

Less: Net Income Attributable to Noncontrolling Interests

 

31

 

 

32

 

 

 

94

 

 

96

 

Net Income Attributable to Tompkins Financial Corporation

$

21,340

 

 

21,342

 

 

 

65,482

 

 

69,799

 

Basic Earnings Per Share

$

1.49

 

$

1.46

 

 

$

4.55

 

$

4.74

 

Diluted Earnings Per Share

$

1.48

 

$

1.45

 

 

$

4.53

 

$

4.72

 

 

 

 

 

 

 

 

 

 

 

Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)

 

Quarter Ended

Quarter Ended

 

September 30, 2022

September 30, 2021

 

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

$

63,516

$

85

 

0.53

%

$

376,341

$

136

 

0.14

%

Securities (1)

 

 

 

 

 

 

U.S. Government securities

 

2,276,380

 

7,853

 

1.37

%

 

2,133,984

 

6,467

 

1.20

%

State and municipal (2)

 

95,627

 

614

 

2.55

%

 

109,375

 

697

 

2.53

%

Other securities (2)

 

3,323

 

37

 

4.44

%

 

3,417

 

23

 

2.64

%

Total securities

 

2,375,330

 

8,504

 

1.42

%

 

2,246,776

 

7,187

 

1.27

%

FHLBNY and FRB stock

 

15,058

 

166

 

4.38

%

 

15,330

 

196

 

5.07

%

Total loans and leases, net of unearned income (2)(3)

 

5,185,219

 

55,265

 

4.23

%

 

5,115,253

 

53,989

 

4.19

%

Total interest-earning assets

 

7,639,123

 

64,020

 

3.32

%

 

7,753,700

 

61,508

 

3.15

%

Other assets

 

214,724

 

 

 

348,370

 

 

Total assets

$

7,853,847

 

 

$

8,102,070

 

 

LIABILITIES & EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Interest bearing checking, savings, & money market

$

3,979,590

$

2,863

 

0.29

%

$

4,090,840

$

906

 

0.09

%

Time deposits

 

596,299

 

1,331

 

0.89

%

 

707,212

 

1,700

 

0.95

%

Total interest-bearing deposits

 

4,575,889

 

4,194

 

0.36

%

 

4,798,052

 

2,606

 

0.22

%

Federal funds purchased & securities sold under agreements to repurchase

 

53,810

 

14

 

0.10

%

 

60,798

 

17

 

0.11

%

Other borrowings

 

232,158

 

1,351

 

2.31

%

 

224,459

 

1,156

 

2.04

%

Trust preferred debentures

 

0

 

0

 

0.00

%

 

3,444

 

1,237

 

142.50

%

Total interest-bearing liabilities

 

4,861,857

 

5,559

 

0.45

%

 

5,086,753

 

5,016

 

0.39

%

Noninterest bearing deposits

 

2,250,263

 

 

 

2,165,537

 

 

Accrued expenses and other liabilities

 

106,403

 

 

 

116,663

 

 

Total liabilities

 

7,218,523

 

 

 

7,368,953

 

 

Tompkins Financial Corporation Shareholders’ equity

 

633,837

 

 

 

731,629

 

 

Noncontrolling interest

 

1,487

 

 

 

1,488

 

 

Total equity

 

635,324

 

 

 

733,117

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

7,853,847

 

 

$

8,102,070

 

 

Interest rate spread

 

 

2.87

%

 

 

2.76

%

Net interest income/margin on earning assets

 

 

58,461

 

3.04

%

 

 

56,492

 

2.89

%

 

 

 

 

 

 

 

Tax Equivalent Adjustment

 

 

(350

)

 

 

 

(394

)

 

Net interest income per consolidated financial statements

 

$

58,111

 

 

 

$

56,098

 

 

Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)

 

Year to Date Period Ended

Year to Date Period Ended

 

September 30, 2022

September 30, 2021

 

Average

 

 

Average

 

 

 

Balance

 

 

Balance

 

Average

(Dollar amounts in thousands)

(YTD)

Interest

 

(YTD)

Interest

Yield/Rate

ASSETS

 

 

 

 

 

 

Interest-earning assets

 

 

 

 

 

 

Interest-bearing balances due from banks

$

94,988

$

190

 

0.27

%

$

333,769

$

266

 

0.11

%

Securities (1)

 

 

 

 

 

 

U.S. Government securities

 

2,291,636

 

22,960

 

1.34

%

 

1,920,717

 

16,417

 

1.14

%

State and municipal (2)

 

98,262

 

1,882

 

2.56

%

 

114,809

 

2,200

 

2.56

%

Other securities (2)

 

3,349

 

88

 

3.52

%

 

3,420

 

69

 

2.70

%

Total securities

 

2,393,247

 

24,930

 

1.39

%

 

2,038,946

 

18,685

 

1.23

%

FHLBNY and FRB stock

 

12,481

 

391

 

4.19

%

 

16,328

 

608

 

4.98

%

Total loans and leases, net of unearned income (2)(3)

 

5,119,309

 

159,353

 

4.16

%

 

5,225,087

 

162,355

 

4.15

%

Total interest-earning assets

 

7,620,025

 

184,864

 

3.24

%

 

7,614,130

 

181,915

 

3.19

%

Other assets

 

244,615

 

 

 

346,441

 

 

Total assets

$

7,864,640

 

 

$

7,960,571

 

 

LIABILITIES & EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Interest bearing checking, savings, & money market

$

4,070,607

$

4,502

 

0.15

%

$

4,002,724

$

2,943

 

0.10

%

Time deposits

 

610,432

 

3,785

 

0.83

%

 

727,445

 

5,616

 

1.03

%

Total interest-bearing deposits

 

4,681,039

 

8,287

 

0.24

%

 

4,730,169

 

8,559

 

0.24

%

Federal funds purchased & securities sold under agreements to repurchase

 

57,606

 

45

 

0.10

%

 

57,498

 

48

 

0.11

%

Other borrowings

 

176,007

 

2,480

 

1.88

%

 

254,002

 

3,883

 

2.04

%

Trust preferred debentures

 

0

 

0

 

0.00

%

 

9,849

 

2,233

 

30.32

%

Total interest-bearing liabilities

 

4,914,652

 

10,812

 

0.29

%

 

5,051,518

 

14,723

 

0.39

%

Noninterest bearing deposits

 

2,183,258

 

 

 

2,066,567

 

 

Accrued expenses and other liabilities

 

104,446

 

 

 

117,383

 

 

Total liabilities

 

7,202,356

 

 

 

7,235,468

 

 

Tompkins Financial Corporation Shareholders’ equity

 

660,826

 

 

 

723,645

 

 

Noncontrolling interest

 

1,458

 

 

 

1,458

 

 

Total equity

 

662,284

 

 

 

725,103

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

7,864,640

 

 

$

7,960,571

 

 

Interest rate spread

 

 

2.95

%

 

 

2.80

%

Net interest income/margin on earning assets

 

 

174,052

 

3.05

%

 

 

167,192

 

2.94

%

 

 

 

 

 

 

 

Tax Equivalent Adjustment

 

 

(1,065

)

 

 

 

(1,211

)

 

Net interest income per consolidated financial statements

 

$

172,987

 

 

 

$

165,981

 

 

Tompkins Financial Corporation - Summary Financial Data (Unaudited)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

Quarter-Ended

Year-Ended

Period End Balance Sheet

Sep-22

Jun-22

Mar-22

Dec-21

Sep-21

Dec-21

Securities

$

2,054,036

$

2,204,851

$

2,285,527

$

2,329,424

$

2,337,105

$

2,329,424

Total Loans

 

5,208,436

 

5,162,503

 

5,063,451

 

5,075,467

 

5,096,778

 

5,075,467

Allowance for credit losses

 

44,772

 

43,793

 

42,126

 

42,843

 

46,259

 

42,843

Total assets

 

7,779,941

 

7,842,461

 

7,891,111

 

7,819,982

 

8,113,110

 

7,819,982

Total deposits

 

6,936,726

 

6,769,521

 

7,016,739

 

6,791,435

 

7,090,898

 

6,791,435

Federal funds purchased and securities sold under agreements to repurchase

 

55,340

 

50,075

 

57,115

 

66,787

 

72,490

 

66,787

Other borrowings

 

101,000

 

295,600

 

60,000

 

124,000

 

110,000

 

124,000

Trust preferred debentures

 

0

 

0

 

0

 

0

 

0

 

0

Total common equity

 

571,453

 

622,843

 

656,049

 

727,529

 

720,851

 

727,529

Total equity

 

572,959

 

624,318

 

657,492

 

728,941

 

722,357

 

728,941

Average Balance Sheet

 

 

 

 

 

 

Average earning assets

$

7,639,123

$

7,621,588

$

7,598,922

$

7,660,556

$

7,753,700

$

7,625,832

Average assets

 

7,853,847

 

7,830,645

 

7,910,047

 

7,993,816

 

8,102,070

 

7,968,951

Average interest-bearing liabilities

 

4,861,857

 

4,901,345

 

4,982,075

 

4,966,711

 

5,086,753

 

5,030,143

Average equity

 

635,324

 

639,354

 

713,027

 

722,619

 

733,117

 

724,476

Share data

 

 

 

 

 

 

Weighted average shares outstanding (basic)

 

14,289,022

 

14,317,415

 

14,400,003

 

14,452,775

 

14,494,533

 

14,568,763

Weighted average shares outstanding (diluted)

 

14,367,149

 

14,387,601

 

14,478,183

 

14,532,480

 

14,568,334

 

14,648,167

Period-end shares outstanding

 

14,483,757

 

14,504,604

 

14,561,450

 

14,661,001

 

14,659,195

 

14,661,001

Common equity book value per share

$

39.45

$

42.94

$

45.05

$

49.62

$

49.17

$

49.62

Income Statement

 

 

 

 

 

 

Net interest income

$

58,111

$

58,262

$

56,614

 

$

57,811

$

56,098

 

$

223,792

 

Provision (credit) for credit loss expense (5)

 

1,056

 

856

 

(520

)

 

3,914

 

(1,232

)

 

(2,219

)

Noninterest income

 

20,692

 

18,944

 

19,985

 

 

19,154

 

20,854

 

 

78,849

 

Noninterest expense (5)

 

49,602

 

49,120

 

46,839

 

 

48,154

 

50,180

 

 

190,287

 

Income tax expense

 

6,774

 

6,329

 

6,976

 

 

5,401

 

6,630

 

 

25,182

 

Net income attributable to Tompkins Financial Corporation

 

21,340

 

20,869

 

23,273

 

 

19,465

 

21,342

 

 

89,264

 

Noncontrolling interests

 

31

 

32

 

31

 

 

31

 

32

 

 

127

 

Basic earnings per share (4)

 

1.49

 

1.45

 

1.61

 

 

1.34

 

1.46

 

 

6.08

 

Diluted earnings per share (4)

 

1.48

 

1.45

 

1.60

 

 

1.33

 

1.45

 

 

6.05

 

Nonperforming Assets

 

 

 

 

 

 

Nonaccrual loans and leases

$

30,013

$

24,665

$

25,200

$

26,033

$

47,941

$

26,033

Loans and leases 90 days past due and accruing

 

161

 

62

 

0

 

0

 

7,463

 

0

Troubled debt restructuring not included above

 

4,730

 

4,872

 

5,064

 

5,124

 

5,343

 

5,124

Total nonperforming loans and leases

 

34,904

 

29,599

 

30,264

 

31,157

 

60,747

 

31,157

OREO

 

335

 

122

 

88

 

135

 

135

 

135

Total nonperforming assets

$

35,239

$

29,721

$

30,352

$

31,292

$

60,882

$

31,292

Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued

 

 

Quarter-Ended

Year-Ended

Delinquency - Total loan and lease portfolio

Sep-22

Jun-22

Mar-22

Dec-21

Sep-21

Dec-21

Loans and leases 30-89 days past due and

 

 

 

 

 

 

accruing

$

3,160

$

9,837

$

1,735

$

3,072

$

1,436

$

3,072

Loans and leases 90 days past due and accruing

 

0

 

0

 

0

 

0

 

7,463

 

0

Total loans and leases past due and accruing

 

3,160

 

9,837

 

1,735

 

3,072

 

8,899

 

3,072

Allowance for Credit Losses

Balance at beginning of period

$

43,793

 

$

42,126

 

$

42,843

 

$

46,259

$

47,505

 

$

51,669

 

Provision (credit) for credit losses

 

1,101

 

 

780

 

 

(734

)

 

3,600

 

(1,177

)

$

(2,805

)

Net loan and lease charge-offs (recoveries)

 

122

 

 

(887

)

 

(17

)

 

7,016

 

69

 

$

6,021

 

Allowance for credit losses at end of period

$

44,772

 

$

43,793

 

$

42,126

 

$

42,843

$

46,259

 

$

42,843

 

 

 

 

 

 

 

 

Allowance for Credit Losses - Off-Balance Sheet Exposure

Balance at beginning of period

$

2,796

 

$

2,720

 

$

2,506

 

$

2,192

$

2,247

 

$

1,920

 

(Credit) provision for credit losses

 

(45

)

 

76

 

 

214

 

 

314

 

(55

)

$

586

 

Allowance for credit losses at end of period

$

2,751

 

$

2,796

 

$

2,720

 

$

2,506

$

2,192

 

$

2,506

 

Loan Classification - Total Portfolio

 

 

 

 

 

 

Special Mention

$

66,730

$

72,270

$

92,380

$

85,530

$

98,253

$

85,530

Substandard

 

40,007

 

42,756

 

42,722

 

52,047

 

70,213

 

52,047

Ratio Analysis

 

Credit Quality

 

 

 

 

 

 

Nonperforming loans and leases/total loans and leases

0.67

%

0.57

%

0.60

%

0.61

%

1.19

%

0.61

%

Nonperforming assets/total assets

0.45

%

0.38

%

0.38

%

0.40

%

0.75

%

0.40

%

Allowance for credit losses/total loans and leases

0.86

%

0.85

%

0.83

%

0.84

%

0.91

%

0.84

%

Allowance/nonperforming loans and leases

128.27

%

147.95

%

139.20

%

137.51

%

76.15

%

137.49

%

Net loan and lease losses annualized/total average loans and leases

0.01

%

(0.07

)%

0.00

%

0.55

%

0.01

%

0.12

%

Capital Adequacy

 

 

 

 

 

 

Tier 1 Capital (to average assets)

9.14

%

9.02

%

8.89

%

8.72

%

8.54

%

8.75

%

Total Capital (to risk-weighted assets)

14.26

%

14.07

%

14.23

%

14.23

%

14.21

%

14.39

%

Profitability (period-end)

 

 

 

 

 

 

Return on average assets *

1.08

%

1.07

%

1.19

%

0.97

%

1.05

%

1.12

%

Return on average equity *

13.33

%

13.09

%

13.24

%

10.69

%

11.55

%

12.32

%

Net interest margin (TE) *

3.04

%

3.09

%

3.04

%

3.01

%

2.89

%

2.96

%

* Quarterly ratios have been annualized

(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 2022 and 2021 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, 2021.

(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.

Contacts

For more information contact:

Stephen S. Romaine, President & CEO

Francis M. Fetsko, Executive VP, CFO & COO

Tompkins Financial Corporation (888) 503-5753

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