UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) |
October 24,
2014 |
Tompkins
Financial Corporation
(Exact
Name of Registrant as specified in Charter)
New
York |
1-12709 |
16-1482357 |
(State
or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
The
Commons, PO Box 460, Ithaca, New York |
14851 |
(Address
of Principal Executive Offices) |
(Zip
Code) |
Registrant’s telephone number, including area code |
(607) 273-3210 |
(Former name or former address,
if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On October 24, 2014,
the Company issued a press release announcing its earnings for the calendar quarter ended September 30, 2014. A copy of the press
release is attached to this Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01 Other Events
On October
24, 2014, the Company issued a press release announcing that its Board of Directors approved payment of a regular quarterly cash
dividend of $0.42 per share, payable on November 14, 2014, to common shareholders of record on November 4, 2014. A copy of the
press release is attached to this Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Press Release of Tompkins Financial Corporation dated October 24, 2014 |
99.2 |
|
Press Release of Tompkins Financial Corporation dated October 24, 2014 |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
TOMPKINS FINANCIAL CORPORATION |
|
|
|
|
Date: October 27, 2014 |
By: |
/s/ Stephen S. Romaine |
|
|
Stephen S. Romaine President and CEO |
INDEX TO EXHIBITS
Tompkins Financial Corporation 8-K
Exhibit 99.1
|
For more information
contact:
Stephen S. Romaine, President &
CEO
Francis M. Fetsko, Executive VP, CFO &
COO
Tompkins Financial Corporation (888)503-5753
|
For Immediate Release
Friday, October 24, 2014
Tompkins Financial Corporation Reports Third Quarter Earnings
ITHACA, NY – Tompkins
Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported
diluted earnings per share of $0.92 for the third quarter of 2014, a 3.2% decrease from the $0.95 reported for September 30, 2013.
The decline from the prior period is the result of non-recurring income that benefited prior period results. Adjusting for non-recurring
income and expenses, diluted earnings per share for the third quarter of 2014, would reflect a 3.4% increase over the adjusted
diluted earnings per share of $0.89 reported for the third quarter of 2013. Refer to the non-GAAP disclosure tables included in
this press release for additional information on non-recurring adjustments to earnings per share.
President and CEO, Stephen S. Romaine said
“Our core earnings performance, after adjusting for non-recurring items, reflects the best quarter in our history. Growth
in several key business areas contributed to this success, as we saw growth in loan and deposit balances, while fee based income
improved for both the quarter and year-to-date periods.”
For the year-to-date period ended September
30, 2014, diluted earnings per share were $2.64, up 5.6% over the $2.50 per share reported for the same period last year. Prior
period year-to-date results were also impacted by non-recurring items as disclosed in the non-GAAP disclosure tables included in
this press release. After adjusting for non-recurring income and expenses, year-to-date diluted earnings per share for 2014, reflect
a 7.8% increase over the adjusted diluted earnings per share of $2.45 for the nine months ended September 30, 2013.
Selected
highlights FOR third QUARTER:
| § | Credit quality remains strong and continued to improve. Nonperforming assets at September 30, 2014,
are down 4.3% from the most recent prior quarter, and have declined 35.2% from the same period last year. |
| § | Loans are up 4.4% over the last 12 months and are up 0.9% over the most recent quarter |
| § | Noninterest bearing deposits were up 14.6% over the last 12 months and are up 7.5% during the most
recent quarter. |
| § | Provision for loan losses was a credit of $59,000 for the third quarter of 2014, as asset quality
continued to improve and recoveries of previously charged off loans exceeded net losses. |
| § | Fee based income from insurance, investment services, deposit service charges and card services
were up a combined 5.1% over the last 12 months and most recent quarter. |
| § | Tangible book value per share has increased for the fifth consecutive quarter, and is up 13.5%
from the third quarter of 2013. Refer to Non-GAAP disclosure for additional details on tangible book value per share. |
NET INTEREST INCOME
Net interest income was $41.6 million for
the third quarter of 2014, an increase of 2.6% and 2.7%, respectively over June 30, 2014 and September 30, 2013. Year-to-date net
interest income of $122.1 million was up 3.1% compared to net interest income of $118.5 million reported for the same period in
2013, mainly a result of loan growth and lower interest expense on interest bearing deposits. The net interest margin for the third
quarter of 2014 was 3.58%, compared to 3.63% for the same period in 2013.
NONINTEREST INCOME
Noninterest income was $17.6 million for
the third quarter of 2014, down 5.3% compared to September 30, 2013. Year-to-date noninterest income of $52.7 million was in line
with same period last year. Both the three and nine month periods in 2013 included pre-tax gains on the redemption of trust preferred
securities of $1.4 million.
Noninterest income represented 29.7% of
total revenue for the third quarter of 2014, compared to 31.4% for the same period in 2013. Insurance revenues, deposit fees and
card service fees were all up compared to September 30, 2013, while fees related to investment services were down 1.6% compared
to the same period prior year.
NONINTEREST EXPENSE
Noninterest expense was $38.5 million for
the third quarter of 2014, up 2.6% compared to the third quarter of 2013. For the year-to-date period, noninterest expense was
up 2.5% from the same period in 2013. The increase in noninterest expense compared to the same period prior year is mainly due
to increased salaries and higher amortization of the FDIC indemnification asset as a result of better than expected performance
on FDIC covered loans.
ASSET QUALITY
Asset quality trends show continued
improvement in the third quarter of 2014. Substandard and Special Mention loans were $85.4 million at September 30, 2014,
down from $99.1 million at the most recent prior quarter end and $146.4 million at the same quarter end last year. The
percentage of nonperforming loans and leases to total loans and leases improved to 0.78% at September 30, 2014, compared to
1.38% reported at September 30, 2013. The percentage of nonperforming assets to total assets improved to 0.63%, which is the
lowest this percentage has been over the past 22 quarters, and remains well below the most recent peer average of 1.47%
reported by the Federal Reserve (1).
Provision for loan and lease losses was
a credit of $59,000 for the third quarter of 2014, down from $2.0 million reported in the third quarter of 2013. Net loan and lease
recoveries totaled $328,000 in the third quarter of 2014, compared to net loan and lease charge offs of $1.1 million reported in
the third quarter of 2013.
The Company's allowance for originated
loan and lease losses totaled $27.2 million at September 30, 2014, which represented 1.02% of total originated loans, compared
to $25.7 million or 1.06% at September 30, 2013 and $26.8 million or 1.02% at June 30, 2014. The increase in the allowance when
compared to the same period last year was mainly a result of loan growth and was partially offset by improved asset quality. The
allowance for loan and lease losses covered 108.9% of nonperforming loans and leases as of September 30, 2014, up from 61.2% at
September 30, 2013 and 103.1% at the most recent prior quarter.
CAPITAL POSITION
Capital ratios remain well above the regulatory
well capitalized minimums. Tier 1 capital to average assets improved for the seventh consecutive quarter, to 8.85% at September
30, 2014, and the ratio of total capital to risk-weighted assets was 13.92%, up from 13.32% at September 30, 2013.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a financial
services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania.
Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, 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 CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION |
|
|
|
|
|
|
|
(In thousands, except share and per share data) (Unaudited) |
|
As of |
|
As of |
ASSETS |
|
09/30/2014 |
|
12/31/2013 |
|
|
|
|
|
|
|
Cash and noninterest bearing balances due from banks |
$ |
84,129 |
$ |
82,163 |
Interest bearing balances due from banks |
|
988 |
|
721 |
|
Cash and Cash Equivalents |
|
85,117 |
|
82,884 |
|
|
|
|
|
|
|
Trading securities, at fair value |
|
9,473 |
|
10,991 |
Available-for-sale securities, at fair value (amortized cost of $1,375,637at September 30, |
|
|
|
|
|
2014 and $1,368,736 at December 31, 2013) |
|
1,374,756 |
|
1,354,811 |
Held-to-maturity securities, at amortized cost (fair value of $48,017 at September 30, 2014 |
|
|
|
|
|
and $19,625 at December 31, 2013) |
|
47,608 |
|
18,980 |
Originated loans and leases, net of unearned income and deferred costs and fees |
|
2,674,971 |
|
2,527,244 |
Acquired loans and leases, covered |
|
20,910 |
|
25,868 |
Acquired loans and leases, non-covered |
|
561,588 |
|
641,172 |
Less: Allowance for loan and lease losses |
|
27,786 |
|
27,970 |
|
Net Loans and Leases |
|
3,229,683 |
|
3,166,314 |
|
|
|
|
|
|
|
FDIC indemnification asset |
|
2,298 |
|
4,790 |
Federal Home Loan Bank stock |
|
14,838 |
|
25,041 |
Bank premises and equipment, net |
|
59,550 |
|
55,932 |
Corporate owned life insurance |
|
73,269 |
|
69,335 |
Goodwill |
|
92,243 |
|
92,140 |
Other intangible assets, net |
|
15,206 |
|
16,298 |
Accrued interest and other assets |
|
86,878 |
|
105,523 |
|
Total Assets |
$ |
5,090,919 |
$ |
5,003,039 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
|
Interest bearing: |
|
|
|
|
|
Checking, savings and money market |
|
2,310,629 |
|
2,190,616 |
|
Time |
|
930,796 |
|
865,702 |
|
Noninterest bearing |
|
971,435 |
|
890,898 |
|
Total Deposits |
|
4,212,860 |
|
3,947,216 |
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase |
|
128,368 |
|
167,724 |
Other borrowings, including certain amounts at fair value of $11,032 at September 30, 2014 |
|
|
|
|
|
and $11,292 at December 31, 2013 |
|
166,509 |
|
331,531 |
Trust preferred debentures |
|
37,298 |
|
37,169 |
Other liabilities |
|
55,273 |
|
61,460 |
|
Total Liabilities |
$ |
4,600,308 |
$ |
4,545,100 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
Tompkins Financial Corporation shareholders' equity: |
|
|
|
|
|
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: |
|
|
|
|
|
|
14,830,002 at September 30, 2014; and 14,785,007 at December 31, 2013 |
|
1,483 |
|
1,479 |
|
Additional paid-in capital |
|
348,992 |
|
346,096 |
|
Retained earnings |
|
158,673 |
|
137,102 |
|
Accumulated other comprehensive loss |
|
(16,810) |
|
(25,119) |
|
Treasury stock, at cost – 108,788 shares at September 30, 2014, and 105,449 shares |
|
|
|
|
|
|
at December 31, 2013 |
|
(3,277) |
|
(3,071) |
|
|
|
|
|
|
|
|
Total Tompkins Financial Corporation Shareholders’ Equity |
|
489,061 |
|
456,487 |
Noncontrolling interests |
|
1,550 |
|
1,452 |
|
Total Equity |
$ |
490,611 |
$ |
457,939 |
|
Total Liabilities and Equity |
$ |
5,090,919 |
$ |
5,003,039 |
|
|
|
|
|
|
|
See notes to consolidated financial statements |
TOMPKINS FINANCIAL CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(In thousands, except per share data) (Unaudited) |
|
|
09/30/2014 |
|
09/30/2013 |
|
09/30/2014 |
|
09/30/2013 |
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
38,298 |
$ |
38,048 |
$ |
112,601 |
$ |
112,027 |
Due from banks |
|
|
0 |
|
1 |
|
2 |
|
9 |
Trading securities |
|
|
102 |
|
147 |
|
321 |
|
472 |
Available-for-sale securities |
|
|
7,718 |
|
7,830 |
|
23,637 |
|
23,222 |
Held-to-maturity securities |
|
|
288 |
|
160 |
|
626 |
|
528 |
Federal Home Loan Bank stock and Federal Reserve Bank stock |
|
|
212 |
|
193 |
|
616 |
|
538 |
Total Interest and Dividend Income |
|
|
46,618 |
|
46,379 |
|
137,803 |
|
136,796 |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Time certificates of deposits of $100,000 or more |
|
|
996 |
|
1,208 |
|
2,900 |
|
3,651 |
Other deposits |
|
|
1,830 |
|
1,894 |
|
5,446 |
|
6,093 |
Federal funds purchased and securities sold under agreements to |
|
|
|
|
|
|
|
|
|
repurchase |
|
|
683 |
|
901 |
|
2,263 |
|
2,877 |
Trust preferred debentures |
|
|
573 |
|
660 |
|
1,714 |
|
2,037 |
Other borrowings |
|
|
961 |
|
1,243 |
|
3,362 |
|
3,634 |
Total Interest Expense |
|
|
5,043 |
|
5,906 |
|
15,685 |
|
18,292 |
Net Interest Income |
|
|
41,575 |
|
40,473 |
|
122,118 |
|
118,504 |
Less: (Credit) Provision for loan and lease losses |
|
|
(59) |
|
2,049 |
|
751 |
|
5,576 |
Net Interest Income After Provision for Loan and Lease Losses |
|
|
41,634 |
|
38,424 |
|
121,367 |
|
112,928 |
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
Insurance commissions and fees |
|
|
7,520 |
|
7,160 |
|
21,823 |
|
21,588 |
Investment services income |
|
|
3,636 |
|
3,694 |
|
11,549 |
|
11,180 |
Service charges on deposit accounts |
|
|
2,506 |
|
2,254 |
|
7,010 |
|
6,186 |
Card services income |
|
|
1,936 |
|
1,735 |
|
5,968 |
|
5,163 |
Mark-to-market loss on trading securities |
|
|
(87) |
|
(87) |
|
(181) |
|
(472) |
Mark-to-market gain on liabilities held at fair value |
|
|
132 |
|
119 |
|
260 |
|
543 |
Other income |
|
|
1,892 |
|
3,372 |
|
6,129 |
|
7,548 |
Gain on sale of available-for-sale securities |
|
|
20 |
|
281 |
|
151 |
|
723 |
Total Noninterest Income |
|
|
17,555 |
|
18,528 |
|
52,709 |
|
52,459 |
NONINTEREST EXPENSES |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
17,553 |
|
16,755 |
|
51,859 |
|
48,618 |
Pension and other employee benefits |
|
|
4,941 |
|
5,606 |
|
15,964 |
|
17,014 |
Net occupancy expense of premises |
|
|
2,969 |
|
2,850 |
|
9,296 |
|
8,865 |
Furniture and fixture expense |
|
|
1,451 |
|
1,448 |
|
4,247 |
|
4,367 |
FDIC insurance |
|
|
682 |
|
808 |
|
2,228 |
|
2,401 |
Amortization of intangible assets |
|
|
518 |
|
544 |
|
1,570 |
|
1,648 |
Merger related expenses |
|
|
0 |
|
0 |
|
0 |
|
228 |
Other operating expense |
|
|
10,423 |
|
9,543 |
|
30,511 |
|
29,710 |
Total Noninterest Expenses |
|
|
38,537 |
|
37,554 |
|
115,675 |
|
112,851 |
Income Before Income Tax Expense |
|
|
20,652 |
|
19,398 |
|
58,401 |
|
52,536 |
Income Tax Expense |
|
|
6,897 |
|
5,316 |
|
18,951 |
|
15,873 |
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation |
|
|
13,755 |
|
14,082 |
|
39,450 |
|
36,663 |
Less: Net income attributable to noncontrolling interests |
|
|
33 |
|
33 |
|
98 |
|
98 |
Net Income Attributable to Tompkins Financial Corporation |
|
$ |
13,722 |
$ |
14,049 |
$ |
39,352 |
$ |
36,565 |
Basic Earnings Per Share |
|
$ |
0.92 |
$ |
0.96 |
$ |
2.65 |
$ |
2.51 |
Diluted Earnings Per Share |
|
$ |
0.92 |
$ |
0.95 |
$ |
2.64 |
$ |
2.50 |
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements |
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year to Date Period Ended |
|
Year to Date Period Ended |
|
|
|
|
September 30, 2014 |
|
September 30, 2014 |
|
September 30, 2013 |
|
|
|
|
Average |
|
|
|
|
Average |
|
|
|
|
Average |
|
|
|
|
|
|
|
Balance |
|
|
Average |
|
Balance |
|
|
Average |
|
Balance |
|
|
Average |
(Dollar amounts in thousands) |
|
(QTD) |
|
Interest |
Yield/Rate |
|
(YTD) |
|
Interest |
Yield/Rate |
|
(YTD) |
|
Interest |
Yield/Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
$ |
579 |
$ |
— |
0.22% |
$ |
782 |
$ |
2 |
0.34% |
$ |
2,261 |
$ |
9 |
0.53% |
|
Securities (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government securities |
|
1,310,291 |
|
7,286 |
2.21% |
|
1,304,141 |
|
22,163 |
2.27% |
|
1,334,735 |
|
21,269 |
2.13% |
|
|
Trading securities |
|
9,823 |
|
102 |
4.12% |
|
10,327 |
|
321 |
4.16% |
|
15,141 |
|
472 |
4.17% |
|
|
State and municipal (5) |
|
110,819 |
|
1,030 |
3.69% |
|
96,992 |
|
3,157 |
4.35% |
|
97,253 |
|
3,750 |
5.16% |
|
|
Other securities (5) |
|
4,259 |
|
32 |
2.98% |
|
4,571 |
|
107 |
3.13% |
|
7,996 |
|
210 |
3.51% |
|
|
Total securities |
|
1,435,192 |
|
8,450 |
2.34% |
|
1,416,031 |
|
25,748 |
2.43% |
|
1,455,125 |
|
25,701 |
2.36% |
|
FHLBNY and FRB stock |
|
19,252 |
|
212 |
4.37% |
|
20,192 |
|
616 |
4.08% |
|
22,051 |
|
538 |
3.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and leases, net of unearned income (5)(6) |
|
3,240,837 |
|
38,765 |
4.74% |
|
3,218,371 |
|
113,924 |
4.73% |
|
3,025,846 |
|
113,440 |
5.01% |
|
Total interest-earning assets |
|
4,695,860 |
|
47,427 |
4.01% |
|
4,655,376 |
|
140,290 |
4.03% |
|
4,505,283 |
|
139,688 |
4.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
362,748 |
|
|
|
|
368,584 |
|
|
|
|
415,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
5,058,608 |
|
|
|
|
5,023,960 |
|
|
|
|
4,921,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking, savings, & money market |
|
2,252,622 |
|
1,066 |
0.19% |
|
2,265,787 |
|
3,276 |
0.19% |
|
2,224,540 |
|
3,816 |
0.23% |
|
|
Time deposits |
|
913,501 |
|
1,760 |
0.76% |
|
901,283 |
|
5,070 |
0.75% |
|
955,284 |
|
5,928 |
0.83% |
|
|
Total interest-bearing deposits |
|
3,166,123 |
|
2,826 |
0.35% |
|
3,167,070 |
|
8,346 |
0.35% |
|
3,179,824 |
|
9,744 |
0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased & securities sold under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
agreements to repurchase |
|
135,647 |
|
683 |
1.99% |
|
147,775 |
|
2,263 |
2.05% |
|
180,939 |
|
2,877 |
2.13% |
Other borrowings |
|
248,633 |
|
961 |
1.53% |
|
258,578 |
|
3,362 |
1.74% |
|
211,828 |
|
3,634 |
2.29% |
Trust preferred debentures |
|
37,270 |
|
573 |
6.10% |
|
37,227 |
|
1,714 |
6.16% |
|
43,160 |
|
2,037 |
6.31% |
|
Total interest-bearing liabilities |
|
3,587,673 |
|
5,043 |
0.56% |
|
3,610,650 |
|
15,685 |
0.58% |
|
3,615,751 |
|
18,292 |
0.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
925,986 |
|
|
|
|
879,691 |
|
|
|
|
790,557 |
|
|
|
Accrued expenses and other liabilities |
|
55,029 |
|
|
|
|
54,040 |
|
|
|
|
73,201 |
|
|
|
|
Total liabilities |
|
4,568,688 |
|
|
|
|
4,544,381 |
|
|
|
|
4,479,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation Shareholders’ equity |
|
488,386 |
|
|
|
|
478,078 |
|
|
|
|
440,082 |
|
|
|
Noncontrolling interest |
|
1,534 |
|
|
|
|
1,501 |
|
|
|
|
1,501 |
|
|
|
|
Total equity |
|
489,920 |
|
|
|
|
479,579 |
|
|
|
|
441,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
5,058,608 |
|
|
|
$ |
5,023,960 |
|
|
|
$ |
4,921,092 |
|
|
|
Interest rate spread |
|
|
|
|
3.45% |
|
|
|
|
3.45% |
|
|
|
|
3.47% |
|
Net interest income/margin on earning assets |
|
|
|
42,384 |
3.58% |
|
|
|
124,605 |
3.58% |
|
|
|
121,396 |
3.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment |
|
|
|
(809) |
|
|
|
|
(2,487) |
|
|
|
|
(2,892) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income per consolidated financial statements |
|
|
$ |
41,575 |
|
|
|
$ |
122,118 |
|
|
|
$ |
118,504 |
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
Quarter-Ended |
Year-Ended |
|
|
Sep-14 |
|
Jun-14 |
|
Mar-14 |
|
Dec-13 |
|
Sep-13 |
|
Dec-13 |
Period End Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
$ |
1,431,837 |
$ |
1,420,226 |
$ |
1,408,918 |
$ |
1,384,782 |
$ |
1,390,233 |
$ |
1,384,782 |
Originated loans and leases, net of unearned income and deferred costs and fees (2) |
|
2,674,971 |
|
2,610,289 |
|
2,555,522 |
|
2,527,244 |
|
2,420,695 |
|
2,527,244 |
Acquired loans and leases (3) |
|
582,498 |
|
618,679 |
|
648,690 |
|
667,040 |
|
698,617 |
|
667,040 |
Allowance for loan and lease losses |
|
27,786 |
|
27,517 |
|
28,014 |
|
27,970 |
|
26,408 |
|
27,970 |
Total assets |
|
5,090,919 |
|
5,057,821 |
|
5,041,800 |
|
5,003,039 |
|
4,932,428 |
|
5,003,039 |
Total deposits |
|
4,212,860 |
|
4,044,389 |
|
4,105,170 |
|
3,947,216 |
|
3,972,756 |
|
3,947,216 |
Federal funds purchased and securities sold under agreements to repurchase |
|
128,368 |
|
144,796 |
|
158,794 |
|
167,724 |
|
162,117 |
|
167,724 |
Other borrowings |
|
166,509 |
|
287,158 |
|
214,616 |
|
331,531 |
|
242,177 |
|
331,531 |
Trust preferred debentures |
|
37,298 |
|
37,254 |
|
37,211 |
|
37,169 |
|
37,127 |
|
37,169 |
Shareholders' equity |
|
490,611 |
|
489,237 |
|
473,822 |
|
457,939 |
|
444,276 |
|
457,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
$ |
4,695,860 |
$ |
4,666,722 |
$ |
4,602,517 |
$ |
4,571,099 |
$ |
4,533,603 |
$ |
4,521,873 |
Average assets |
|
5,058,608 |
|
5,030,395 |
|
4,982,033 |
|
4,950,476 |
|
4,897,678 |
|
4,928,499 |
Average interest-bearing liabilities |
|
3,587,673 |
|
3,620,130 |
|
3,624,555 |
|
3,574,803 |
|
3,572,708 |
|
3,605,430 |
Average equity |
|
489,920 |
|
480,063 |
|
468,515 |
|
449,445 |
|
434,482 |
|
443,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share data |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic) |
|
14,711,709 |
|
14,709,881 |
|
14,644,548 |
|
14,589,120 |
|
14,515,053 |
|
14,477,617 |
Weighted average shares outstanding (diluted) |
|
14,795,343 |
|
14,821,191 |
|
14,775,386 |
|
14,731,786 |
|
14,622,512 |
|
14,573,919 |
Period-end shares outstanding |
|
14,794,092 |
|
14,853,439 |
|
14,829,007 |
|
14,749,097 |
|
14,692,671 |
|
14,749,097 |
Book value per share |
$ |
33.16 |
$ |
32.94 |
$ |
31.95 |
$ |
31.05 |
$ |
30.24 |
$ |
31.05 |
Tangible book value per share (Non-GAAP) |
$ |
25.90 |
$ |
25.68 |
$ |
24.65 |
$ |
23.70 |
$ |
22.82 |
$ |
23.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
41,575 |
$ |
40,516 |
$ |
40,027 |
$ |
42,624 |
$ |
40,473 |
$ |
161,129 |
(Credit) Provision for loan/lease losses |
|
(59) |
|
67 |
|
743 |
|
585 |
|
2,049 |
|
6,161 |
Noninterest income |
|
17,555 |
|
17,720 |
|
17,434 |
|
17,439 |
|
18,528 |
|
69,898 |
Noninterest expense |
|
38,537 |
|
38,928 |
|
38,210 |
|
40,251 |
|
37,554 |
|
153,102 |
Income tax expense |
|
6,897 |
|
6,148 |
|
5,906 |
|
4,905 |
|
5,316 |
|
20,777 |
Net income attributable to Tompkins Financial Corporation |
|
13,722 |
|
13,061 |
|
12,569 |
|
14,290 |
|
14,049 |
|
50,856 |
Noncontrolling interests |
|
33 |
|
32 |
|
33 |
|
32 |
|
33 |
|
131 |
Basic earnings per share (9) |
$ |
0.92 |
$ |
0.88 |
$ |
0.85 |
$ |
0.97 |
$ |
0.96 |
$ |
3.48 |
Diluted earnings per share (9) |
$ |
0.92 |
$ |
0.87 |
$ |
0.84 |
$ |
0.96 |
$ |
0.95 |
$ |
3.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Originated nonaccrual loans and leases |
$ |
16,319 |
$ |
16,918 |
$ |
26,974 |
$ |
29,875 |
$ |
33,881 |
$ |
29,875 |
Acquired nonaccrual loans and leases |
|
4,998 |
|
5,907 |
|
6,936 |
|
8,508 |
|
8,008 |
|
8,508 |
Originated loans and leases 90 days past due and accruing |
|
395 |
|
543 |
|
339 |
|
607 |
|
1,217 |
|
607 |
Troubled debt restructurings not included above |
|
3,800 |
|
3,327 |
|
1,266 |
|
45 |
|
46 |
|
45 |
Total nonperforming loans and leases |
|
25,512 |
|
26,695 |
|
35,515 |
|
39,035 |
|
43,152 |
|
39,035 |
OREO (8) |
|
6,533 |
|
6,795 |
|
5,351 |
|
4,253 |
|
6,264 |
|
4,253 |
Total nonperforming assets |
$ |
32,045 |
$ |
33,490 |
$ |
40,866 |
$ |
43,288 |
$ |
49,416 |
$ |
43,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued |
|
|
|
Quarter-Ended |
Year-Ended |
Delinquency - Originated loan and lease portfolio |
|
Sep-14 |
|
Jun-14 |
|
Mar-14 |
|
Dec-13 |
|
Sep-13 |
|
Dec-13 |
Loans and leases 30-89 days past due and |
|
|
|
|
|
|
|
|
|
|
|
|
accruing (2) |
$ |
3,811 |
$ |
5,221 |
$ |
5,660 |
$ |
5,762 |
$ |
12,193 |
$ |
5,762 |
Loans and leases 90 days past due and accruing (2) |
|
395 |
|
543 |
|
339 |
|
607 |
|
1,217 |
|
607 |
Total originated loans and leases past due and accruing (2) |
|
4,206 |
|
5,764 |
|
5,999 |
|
6,369 |
|
13,410 |
|
6,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency - Acquired loan and lease portfolio |
Covered loans and leases 30-89 days past due and accruing (3)(7) |
$ |
0 |
$ |
0 |
$ |
635 |
$ |
0 |
$ |
1,132 |
$ |
0 |
Covered loans and leases 90 days or more past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
1,149 |
|
904 |
|
1,135 |
|
2,416 |
|
2,980 |
|
2,416 |
Non-covered loans and leases 30-89 days past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
736 |
|
1,620 |
|
2,293 |
|
1,532 |
|
6,887 |
|
1,532 |
Non-covered loans and leases 90 days past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
3,171 |
|
3,048 |
|
3,746 |
|
4,557 |
|
10,521 |
|
4,557 |
Total acquired loans and leases past due and accruing |
|
5,056 |
|
5,572 |
|
7,809 |
|
8,505 |
|
21,520 |
|
8,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and leases past due and accruing |
$ |
9,262 |
$ |
11,336 |
$ |
13,808 |
$ |
14,874 |
$ |
34,930 |
$ |
14,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses - Originated loan and lease portfolio |
Balance at beginning of period |
$ |
26,752 |
$ |
26,661 |
$ |
26,700 |
$ |
25,722 |
$ |
24,853 |
$ |
24,643 |
(Credit) Provision for loan and lease losses |
|
(264) |
|
(56) |
|
511 |
|
(325) |
|
1,499 |
|
1,000 |
Net loan and lease (recoveries) charge-offs |
|
(697) |
|
(147) |
|
550 |
|
(1,303) |
|
630 |
|
(1,057) |
Allowance for loan and lease losses (originated |
|
27,185 |
|
26,752 |
|
26,661 |
|
26,700 |
|
25,722 |
|
26,700 |
loan portfolio) - balance at end of period |
$ |
$ |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses - Acquired loan and lease portfolio |
Balance at beginning of period |
$ |
765 |
$ |
1,353 |
$ |
1,270 |
$ |
686 |
$ |
605 |
$ |
0 |
Provision for loan and lease losses |
|
205 |
|
123 |
|
232 |
|
910 |
|
549 |
|
5,161 |
Net loan and lease charge-offs |
|
369 |
|
711 |
|
149 |
|
326 |
|
468 |
|
3,891 |
Allowance for loan and lease losses (acquired |
|
|
|
|
|
|
|
|
|
|
|
|
loan portfolio) - balance at end of period |
|
601 |
|
765 |
|
1,353 |
|
1270 |
|
686 |
|
1,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for loan and lease losses |
$ |
27,786 |
$ |
27,517 |
$ |
28,014 |
$ |
27,970 |
$ |
26,408 |
$ |
27,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Classification - Originated Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
$ |
27,854 |
$ |
35,484 |
$ |
44,725 |
$ |
42,365 |
$ |
42,975 |
$ |
42,365 |
Substandard |
|
25,889 |
|
21,253 |
|
32,917 |
|
35,022 |
|
37,004 |
|
35,022 |
Loan Classification - Acquired Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
|
7,605 |
|
12,124 |
|
14,936 |
|
17,322 |
|
23,939 |
|
17,322 |
Substandard |
|
24,034 |
|
30,273 |
|
34,137 |
|
33,561 |
|
42,433 |
|
33,561 |
Loan Classifications - Total Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
|
35,459 |
|
47,608 |
|
59,661 |
|
59,687 |
|
66,914 |
|
59,687 |
Substandard |
|
49,923 |
|
51,526 |
|
67,054 |
|
68,583 |
|
79,437 |
|
68,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIO ANALYSIS |
|
Quarter-Ended |
Year-Ended |
Credit Quality |
|
Sep-14 |
|
Jun-14 |
|
Mar-14 |
|
Dec-13 |
|
Sep-13 |
|
Dec-13 |
Nonperforming loans and leases/total loans and leases (7) |
|
0.78% |
|
0.83% |
|
1.11% |
|
1.22% |
|
1.38% |
|
1.22% |
Nonperforming assets/total assets |
|
0.63% |
|
0.66% |
|
0.81% |
|
0.87% |
|
1.00% |
|
0.87% |
Allowance for originated loan and lease losses/total originated loans and leases |
|
1.02% |
|
1.02% |
|
1.04% |
|
1.06% |
|
1.06% |
|
1.06% |
Allowance/nonperforming loans and leases |
|
108.91% |
|
103.08% |
|
78.88% |
|
71.65% |
|
61.20% |
|
71.65% |
Net loan and lease losses (recoveries) annualized/total average loans and leases |
|
(0.04%) |
|
0.07% |
|
0.09% |
|
(0.12%) |
|
0.14% |
|
0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Adequacy (period-end) |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital / average assets |
|
8.85% |
|
8.79% |
|
8.68% |
|
8.52% |
|
8.37% |
|
8.52% |
Total capital / risk-weighted assets |
|
13.92% |
|
13.92% |
|
13.67% |
|
13.42% |
|
13.32% |
|
13.42% |
Tangible common equity / tangible assets |
|
7.69% |
|
7.68% |
|
7.38% |
|
7.11% |
|
6.92% |
|
7.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
1.08% |
|
1.04% |
|
1.02% |
|
1.15% |
|
1.10% |
|
1.03% |
Return on average equity * |
|
11.11% |
|
10.91% |
|
10.88% |
|
12.62% |
|
12.83% |
|
11.47% |
Net interest margin (TE) * |
|
3.58% |
|
3.55% |
|
3.60% |
|
3.78% |
|
3.63% |
|
3.65% |
* Quarterly ratios have been annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
Reported noninterest income (GAAP) |
$ |
17,555 |
$ |
17,720 |
$ |
17,434 |
$ |
17,439 |
$ |
18,528 |
$ |
69,898 |
Adjustments (pre-tax): |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on redemption of trust preferred |
|
0 |
|
0 |
|
0 |
|
0 |
|
(1,410) |
|
(1,410) |
Gain on deposit conversion |
|
0 |
|
0 |
|
0 |
|
(1,285) |
|
0 |
|
(1,285) |
Noninterest income (Non-GAAP) |
|
17,555 |
|
17,720 |
|
17,434 |
|
16,154 |
|
17,118 |
|
68,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income (GAAP) |
$ |
13,722 |
$ |
13,061 |
$ |
12,569 |
$ |
14,290 |
$ |
14,049 |
$ |
50,856 |
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
Merger related expenses |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
140 |
Gain on redemption of trust preferred |
|
0 |
|
0 |
|
0 |
|
0 |
|
(846) |
|
(846) |
Gain on deposit conversion |
|
0 |
|
0 |
|
0 |
|
(771) |
|
0 |
|
(771) |
Subtotal adjustments |
|
0 |
|
0 |
|
0 |
|
(771) |
|
(846) |
|
(1,477) |
Net operating income (Non-GAAP) |
|
13,722 |
|
13,061 |
|
12,569 |
|
13,519 |
|
13,203 |
|
49,379 |
Adjusted diluted earnings per share (Non-GAAP) (9) |
$ |
0.92 |
$ |
0.87 |
$ |
0.84 |
$ |
0.91 |
$ |
0.89 |
$ |
3.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
- continued
|
Non-GAAP Disclosure |
|
Quarter-Ended |
Year-Ended |
|
|
Sep-14 |
|
Jun-14 |
|
Mar-14 |
|
Dec-13 |
|
Sep-13 |
|
Dec-13 |
Reported net income (GAAP) |
$ |
13,722 |
$ |
13,061 |
$ |
12,569 |
$ |
14,290 |
$ |
14,049 |
$ |
50,856 |
Merger related expenses (net of tax) |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
140 |
Gain on redemption of trust preferred (net of tax) |
|
0 |
|
0 |
|
0 |
|
0 |
|
(846) |
|
(846) |
Gain on deposit conversion |
|
0 |
|
0 |
|
0 |
|
(771) |
|
0 |
|
(771) |
Net operating income (Non-GAAP) |
|
13,722 |
|
13,061 |
|
12,569 |
|
13,519 |
|
13,203 |
|
49,379 |
Amortization of intangibles (net of tax) |
|
311 |
|
315 |
|
316 |
|
329 |
|
327 |
|
1,318 |
Adjusted net operating income (Non-GAAP) |
|
14,033 |
|
13,376 |
|
12,885 |
|
13,848 |
|
13,530 |
|
50,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity |
$ |
489,920 |
$ |
480,063 |
$ |
468,515 |
$ |
449,445 |
$ |
434,482 |
$ |
443,565 |
Less: Average goodwill and intangibles |
|
107,525 |
|
108,019 |
|
108,437 |
|
108,729 |
|
109,277 |
|
109,676 |
Average tangible shareholders' equity (Non-GAAP) |
|
382,395 |
|
372,044 |
|
360,078 |
|
340,716 |
|
325,205 |
|
333,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating return on shareholders' tangible equity (annualized) (Non-GAAP) |
|
14.56% |
|
14.42% |
|
14.51% |
|
16.13% |
|
16.51% |
|
15.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure |
|
|
|
Total shareholders' equity (GAAP) |
$ |
490,611 |
$ |
489,237 |
$ |
473,822 |
$ |
457,939 |
$ |
444,276 |
$ |
457,939 |
Less: Goodwill and intangibles |
|
107,449 |
|
107,728 |
|
108,250 |
|
108,438 |
|
108,981 |
|
108,438 |
Tangible shareholders' equity |
|
383,162 |
|
381,509 |
|
365,572 |
|
349,501 |
|
335,295 |
|
349,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding |
|
14,794,092 |
|
14,853,439 |
|
14,829,007 |
|
14,749,097 |
|
14,692,671 |
|
14,749,097 |
Tangible book value per share (Non-GAAP) |
$ |
25.90 |
$ |
25.68 |
$ |
24.65 |
$ |
23.70 |
$ |
22.82 |
$ |
23.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure |
Year-to-date period ended |
|
|
|
|
|
|
|
|
|
Sep-14 |
Sep-13 |
|
|
|
|
|
|
|
|
Net income attributable to Tompkins Financial |
|
|
$ |
|
|
|
|
|
|
|
|
|
Corporation |
$ |
39,352 |
$ |
36,565 |
|
|
|
|
|
|
|
|
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
Merger related expenses |
|
0 |
|
140 |
|
|
|
|
|
|
|
|
Gain on redemption of trust preferred securities |
|
0 |
|
(846) |
|
|
|
|
|
|
|
|
Subtotal adjustments |
|
0 |
|
(706) |
|
|
|
|
|
|
|
|
Net operating income (Non-GAAP) |
$ |
39,352 |
$ |
35,859 |
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share |
$ |
2.64 |
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Federal Reserve peer ratio as of June 30, 2014, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion. |
(2) "Originated" equals loans and leases not included by definition in "acquired loans" |
(3)"Acquired Loans and Leases" equals loans and leases acquired at fair value, accounted for in accordance with FASB ASC Topic 805. "Covered Loans" are loans for which the Company will share losses with the FDIC and consist of loans VIST Bank acquired as part of an FDIC-assisted transaction during the fourth quarter of 2010. |
(4) Average balances and yields on available-for-sale securities are based on historical amortized cost. |
(5) Interest income includes the tax effects of taxable-equivalent basis. |
(6) Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company's consolidated financial statements included in Part I of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2013. |
(7) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows. |
(8) Includes all other real estate owned, including those balances acquired through business combinations. |
(9)Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares. |
Tompkins Financial Corporation 8-K
Exhibit 99.2
For more information contact:
Stephen S. Romaine, President & CEO
Francis M. Fetsko, CFO & COO
Tompkins Financial Corporation (888) 503-5753
For Immediate Release
Friday, October 24, 2014
Tompkins Financial Corporation Increases Cash Dividend
ITHACA, NY - Tompkins
Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation announced today that its Board
of Directors approved payment of a regular quarterly cash dividend of $0.42 per share, payable on November 14, 2014, to common
shareholders of record on November 4, 2014. The current dividend represents a 5.0% increase over the $0.40 cash dividend paid in
the third quarter of 2014.
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.
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