Tompkins Financial Corporation Reports Record Quarterly Earnings

Tompkins Financial Corporation (TMP–NYSE MKT LLC)

Tompkins Financial Corporation reported diluted earnings per share of $0.95 for the third quarter of 2013, representing the highest quarterly earnings in Company history. For the year-to-date, diluted earnings per share were $2.50 for the current period, up from $1.63 per share reported for the same nine month period in 2012.

Both current and prior period results were impacted by certain non-recurring items including, but not limited to, merger related expenses associated with the acquisition of VIST Financial Corporation completed on August 1, 2012. After adjusting for non-recurring income and expenses, quarter to date diluted earnings per share would have been $0.90 for the third quarter of 2013, up from $0.87 for the same period last year. On a year-to-date basis, adjusting for non-recurring items, diluted earnings per share would have been $2.45 for the nine months ended September 30, 2013, compared to $2.36 for the same period last year. Additional information on non-recurring adjustments to earnings per share is included in the non-GAAP disclosure tables included in this press release.

President and CEO, Stephen S. Romaine said “We are pleased to report record earnings for the quarter. It is particularly rewarding to note that improving trends in several core business activities were significant contributors to the strong performance during the quarter. Loan growth and core deposit growth contributed to improved net interest margin during the quarter. Banking related fees also improved during the quarter, while revenue from insurance and wealth management activities were both up from the same period in 2012, and remained stable when compared to the most recent prior quarter.”

SELECTED HIGHLIGHTS FOR THE QUARTER INCLUDED:

  • Loans were up 2.1% for the quarter and up 6.5% over the last 12 months
  • Noninterest bearing deposits were up 5.9% during the quarter and up 6.6% over the last 12 months
  • Noninterest income of $18.5 million was up 12.0% from the second quarter of 2013, and up 25.4% from the same quarter last year. Other income in the current period included a non-recurring pre-tax gain of $1.4 million related to a Trust Preferred debenture acquired as part of the VIST acquisition, which was redeemed during the quarter.

NET INTEREST INCOME

Net interest income of $40.5 million for the third quarter of 2013 represents an increase of 10.2% over the same period last year. The addition of VIST Bank and steady loan growth contributed to the year-over-year increase. Net interest income for the quarter was up $647,000, or 1.6%, from the second quarter of 2013, primarily due to growth in average loans and noninterest-bearing deposits. The net interest margin for the third quarter of 2013 was 3.63% compared to 3.58% for the second quarter in 2013 and 3.66% for the third quarter of 2012.

For the year to date period, net interest income of $118.5 million reflects an increase of 28.4% over the first nine months of 2012.

NONINTEREST INCOME

Noninterest income was $18.5 million for the third quarter of 2013, up 25.4% over the same period in 2012, and up 12.0% from the second quarter of 2013. As previously mentioned, the current quarter was impacted by the gain on redemption of the Trust Preferred debenture, while comparisons to the same period last year are impacted by the VIST acquisition in August 2012. While the current period benefited from the non-recurring gain, the underlying trends for noninterest income remain favorable. Excluding the non-recurring gain, noninterest income was up 3.5% from the most recent prior quarter, and up 15.9% from the same quarter last year. For the year to date period, noninterest income of $52.5 million represented 30.7% of total revenue, compared to 29.8% for the same period in 2012.

NONINTEREST EXPENSE

Noninterest expense was $37.6 million in the third quarter of 2013, down 18.7% from the same period in 2012, and in line with the second quarter of 2013. The decline from the third quarter of 2012 was largely driven by $13.8 million in pre-tax merger related expenses related to the VIST acquisition.

ASSET QUALITY

Some positive asset quality trends continued during the quarter with loans classified as Substandard and Special Mention declining by $23.1 million from the most recent previous quarter, and annualized net charge-offs during the quarter representing only a modest 0.14% of total average loans.

The percentage of nonperforming assets to total assets of 1.00% reflects some deterioration from 0.88% for the same period last year and from 0.89% at June 30, 2013. The $5.3 million increase in nonperforming assets included $2.3 million in acquired loans moving to Other Real Estate Owned, the remainder of the increase was attributable to loans that were moved into nonperforming status during the quarter. The nonperforming asset ratio continues to compare favorably to the most recent peer averages of 1.88% published as of June 30, 2013, by the Federal Reserve1.

Provision for loan and lease losses was $2.0 million for the third quarter of 2013, up from $1.0 million in the same quarter last year, and down from the $2.5 million recorded in the second quarter of 2013. Net loan and lease charge-offs totaled $1.1 million in the third quarter of 2013, compared to $1.3 million in the third quarter last year, and $1.7 million in the second quarter of 2013.

The Company’s allowance for originated loan and lease losses totaled $25.7 million at September 30, 2013, which represented 1.06% of total originated loans, compared to 1.16% at December 31, 2012, reflecting improved overall quality of the originated portfolio.

The allowance for loan and lease losses covered 61.20% of nonperforming loans and leases as of September 30, 2013, which compares to 62.34% as of December 31, 2012.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets improved for the third consecutive quarter, to 8.37% at September 30, 2013. Total risk based capital of 13.32% was relatively unchanged from the second quarter of 2013. Tangible book value per share was $22.82 at September 30, 2013, up from $22.08 at June 30, 2013. The improvement in capital ratios was primarily driven by growth in retained earnings. Refer to Non-GAAP disclosure for additional details on tangible book value per share.

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, The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors Management Inc. 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 ofAs of
ASSETS09/30/201312/31/2012
Cash and noninterest bearing balances due from banks $ 87,595 $ 117,448
Interest bearing balances due from banks 985 1,482
Cash and Cash Equivalents88,580118,930
Trading securities, at fair value 11,530 16,450
Available-for-sale securities, at fair value (amortized cost of $1,359,757 at September 30,
2013 and $1,349,416 at December 31, 2012) 1,358,930 1,393,340
Held-to-maturity securities, fair value of $20,403 at September 30, 2013, and $25,163
at December 31, 2012 19,773 24,062
Originated loans and leases, net of unearned income and deferred costs and fees 2,420,695 2,133,106
Acquired loans and leases, covered 27,363 37,600
Acquired loans and leases, non-covered 671,254 783,904
Less: Allowance for loan and lease losses 26,408 24,643
Net Loans and Leases3,092,9042,929,967
FDIC Indemnification Asset 4,239 4,385
Federal Home Loan Bank stock and Federal Reserve Bank stock 21,955 19,388
Bank premises and equipment, net 55,607 54,581
Corporate owned life insurance 68,087 65,102
Goodwill 92,140 92,305
Other intangible assets, net 16,841 18,643
Accrued interest and other assets 101,842 100,044
Total Assets$4,932,428$4,837,197
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market 2,219,136 2,144,367
Time 906,173 973,883
Noninterest bearing 847,447 831,919
Total Deposits3,972,7563,950,169
Federal funds purchased and securities sold under agreements to repurchase 162,117 213,973
Other borrowings, including certain amounts at fair value of $11,304 at September 30, 2013
and $11,847 at December 31, 2012 242,177 111,848
Trust preferred debentures 37,127 43,668
Other liabilities 73,975 76,179
Total Liabilities$4,488,152$4,395,837
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
14,728,581 at September 30, 2013; and 14,426,711 at December 31, 2012 1,473 1,443
Additional paid-in capital 343,276 334,649
Retained earnings 128,700 108,709
Accumulated other comprehensive loss (27,751) (2,106)
Treasury stock, at cost – 103,282 shares at September 30, 2013, and 100,054 shares
at December 31, 2012 (2,972) (2,787)
Total Tompkins Financial Corporation Shareholders’ Equity442,726439,908
Noncontrolling interests 1,550 1,452
Total Equity$444,276$441,360
Total Liabilities and Equity$4,932,428$4,837,197
See notes to unaudited condensed consolidated financial statements
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months EndedNine Months Ended
(In thousands, except per share data) (Unaudited) 09/30/201309/30/201209/30/201309/30/2012
INTEREST AND DIVIDEND INCOME
Loans $ 38,048 $ 34,003 $ 112,027 $ 84,709
Due from banks 1 6 9 14
Federal funds sold 0 0 0 2
Trading securities 147 182 472 569
Available-for-sale securities 7,830 8,317 23,222 23,016
Held-to-maturity securities 160 208 528 658
Federal Home Loan Bank stock and Federal Reserve Bank stock 193 203 538 620
Total Interest and Dividend Income46,37942,919136,796109,588
INTEREST EXPENSE
Time certificates of deposits of $100,000 or more 1,208 1,043 3,651 2,497
Other deposits 1,894 2,105 6,093 5,930
Federal funds purchased and securities sold under agreements to
repurchase 901 1,174 2,877 3,340
Trust preferred debentures 660 489 2,037 1,296
Other borrowings 1,243 1,365 3,634 4,231
Total Interest Expense5,9066,17618,29217,294
Net Interest Income40,47336,743118,50492,294
Less: Provision for loan and lease losses 2,049 1,042 5,576 3,178
Net Interest Income After Provision for Loan and Lease Losses38,42435,701112,92889,116
NONINTEREST INCOME
Insurance commissions and fees 7,160 5,786 21,588 13,184
Investment services income 3,694 3,614 11,180 10,504
Service charges on deposit accounts 2,254 1,988 6,186 5,366
Card services income 1,735 1,504 5,163 4,353
Mark-to-market loss on trading securities (87) (41) (472) (198)
Mark-to-market gain (loss) on liabilities held at fair value 119 (27) 543 138
Net other-than-temporary impairment losses 0 (55) 0 (120)
Other income 3,372 2,116 7,548 5,151
Gain on securities transactions 281 (112) 723 822
Total Noninterest Income18,52814,77352,45939,200
NONINTEREST EXPENSES
Salaries and wages 16,755 13,892 48,618 36,273
Pension and other employee benefits 5,606 4,826 17,014 13,248
Net occupancy expense of premises 2,850 2,472 8,865 6,070
Furniture and fixture expense 1,448 1,364 4,367 3,580
FDIC insurance 808 759 2,401 1,841
Amortization of intangible assets 544 426 1,648 684
Merger related expenses 0 13,842 228 14,814
Other operating expense 9,543 8,613 29,710 22,910
Total Noninterest Expenses37,55446,194112,85199,420
Income Before Income Tax Expense19,3984,28052,53628,896
Income Tax Expense 5,316 761 15,873 8,674

Net Income attributable to Noncontrolling Interests and Tompkins
Financial Corporation

14,0823,51936,66320,222
Less: Net income attributable to noncontrolling interests 33 32 98 98
Net Income Attributable to Tompkins Financial Corporation$14,049$3,487$36,565$20,124
Basic Earnings Per Share$0.96$0.26$2.51$1.63
Diluted Earnings Per Share$0.95$0.25$2.50$1.63
See notes to unaudited condensed consolidated financial statements
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter EndedYear to Date Period EndedYear to Date Period Ended
September 30, 2013September 30, 2013September 30, 2012
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 $ 1,281 $ 1 0.31% $ 2,261 $ 9 0.53% $ 19,272 $ 14 0.10%
Money market funds - - 0.00% - - 0.00% 24 - 0.00%
Securities (4)
U.S. Government securities 1,319,413 7,208 2.17% 1,334,735 21,269 2.13% 1,170,885 21,089 2.41%
Trading securities 13,978 147 4.17% 15,141 472 4.17% 18,526 569 4.10%
State and municipal (5) 93,464 1,194 5.07% 97,253 3,750 5.16% 91,452 3,594 5.25%
Other securities (5) 7,409 60 3.21% 7,996 210 3.51% 11,773 403 4.57%
Total securities 1,434,264 8,609 2.38% 1,455,125 25,701 2.36% 1,292,636 25,655 2.65%
Federal Funds Sold - - 0.00% - - 0.00% 2,453 2 0.11%
FHLBNY and FRB stock 24,234 193 3.16% 22,051 538 3.26% 18,107 620 4.57%
Total loans and leases, net of unearned income (5)(6) 3,073,824 38,535 4.97% 3,025,846 113,440 5.01% 2,194,852 85,281 5.19%
Total interest-earning assets4,533,60347,3384.14%4,505,283139,6884.15%3,527,344111,5724.23%
Other assets 364,075 415,809 293,527
Total assets4,897,6784,921,0923,820,871
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market 2,164,364 1,134 0.21% 2,224,540 3,816 0.23% 1,610,667 3,250 0.27%
Time deposits 925,863 1,968 0.84% 955,284 5,928 0.83% 786,856 5,177 0.88%
Total interest-bearing deposits 3,090,227 3,102 0.40% 3,179,824 9,744 0.41% 2,397,523 8,427 0.47%
Federal funds purchased & securities sold under
agreements to repurchase 168,446 901 2.12% 180,939 2,877 2.13% 195,553 3,340 2.28%
Other borrowings 271,904 1,243 1.81% 211,828 3,634 2.29% 139,148 4,231 4.06%
Trust preferred debentures 42,131 660 6.21% 43,160 2,037 6.31% 29,201 1,296 5.93%
Total interest-bearing liabilities3,572,7085,9060.66%3,615,75118,2920.68%2,761,42517,2940.84%
Noninterest bearing deposits 814,865 790,557 645,801
Accrued expenses and other liabilities 75,623 73,201 59,152
Total liabilities 4,463,196 4,479,509 3,466,378
Tompkins Financial Corporation Shareholders’ equity 432,948 440,082 352,991
Noncontrolling interest 1,534 1,501 1,502
Total equity434,482441,583354,493
Total liabilities and equity$4,897,678$4,921,092$3,820,871
Interest rate spread 3.48%3.47%3.39%
Net interest income/margin on earning assets 41,4323.63%121,3963.60%94,2783.57%
Tax Equivalent Adjustment (959)(2,892)(1,984)
Net interest income per consolidated financial statements $40,473$118,504$92,294
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data) Quarter-EndedYear-Ended
Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Dec-12
Period End Balance Sheet
Securities $ 1,390,233 $ 1,469,315 $ 1,566,510 $ 1,433,852 $ 1,516,913 $ 1,433,852
Originated loans and leases, net of unearned income and deferred costs and fees (2) 2,420,695 2,309,232 2,208,346 2,133,106 2,060,539 2,133,106
Acquired loans and leases (3) 698,617 745,951 785,449 821,504 869,211 821,504
Allowance for loan and lease losses 26,408 25,458 24,661 24,643 26,632 24,643
Total assets 4,932,428 4,931,883 4,987,280 4,837,197 4,924,786 4,837,197
Total deposits 3,972,756 3,912,910 4,072,352 3,950,169 4,037,644 3,950,169
Federal funds purchased and securities sold under agreements to repurchase 162,117 171,498 194,091 213,973 206,996 213,973
Other borrowings 242,177 299,098 156,649 111,848 125,461 111,848
Trust preferred debentures 37,127 43,703 43,687 43,668 43,651 43,668
Shareholders' equity 444,276 431,894 446,812 441,360 440,950 441,360
Average Balance Sheet
Average earning assets $ 4,533,603 $ 4,571,428 $ 4,409,455 $ 4,431,698 $ 4,087,264 $ 3,754,667
Average assets 4,897,678 4,965,895 4,899,727 4,901,374 4,450,013 4,092,473
Average interest-bearing liabilities 3,572,708 3,663,230 3,611,748 3,563,731 3,248,839 2,963,097
Average equity 434,482 447,088 443,277 443,592 410,300 376,890
Share data
Weighted average shares outstanding (basic) 14,515,053 14,427,838 14,374,265 14,332,672 13,580,771 12,797,173
Weighted average shares outstanding (diluted) 14,622,512 14,500,429 14,436,757 14,374,368 13,630,464 12,836,043
Period-end shares outstanding 14,692,671 14,599,558 14,447,017 14,390,801 14,358,230 14,390,801
Book value per share 30.24 29.58 30.93 30.67 30.71 30.67
Tangible book value per share (Non-GAAP) 22.82 22.08 23.29 22.96 22.71 22.96
Income Statement
Net interest income $ 40,473 $ 39,826 $ 38,206 $ 41,849 $ 36,743 $ 134,143
Provision for loan/lease losses 2,049 2,489 1,038 5,659 1,042 8,837
Noninterest income 18,528 16,541 17,390 15,608 14,773 54,808
Noninterest expense 37,554 37,777 37,520 38,188 46,194 137,608
Income tax expense 5,316 5,061 5,495 2,416 761 11,090
Net income attributable to Tompkins Financial Corporation 14,049 11,007 11,510 11,161 3,487 31,285
Noncontrolling interests 33 33 33 33 32 131
Basic earnings per share (9) $ 0.96 $ 0.76 $ 0.80 $ 0.78 $ 0.26 $ 2.44
Diluted earnings per share (9) $ 0.95 $ 0.75 $ 0.79 $ 0.77 $ 0.25 $ 2.43
Nonperforming Assets
Originated nonaccrual loans and leases $ 33,881 $ 32,100 $ 32,554 $ 33,388 $ 36,996 $ 33,388
Acquired nonaccrual loans and leases 8,008 6,916 4,561 4,352 - 4,352
Originated loans and leases 90 days past due and accruing 1,217 156 157 257 126 257
Troubled debt restructurings not included above 46 - - 1,532 1,468 1,532
Total nonperforming loans and leases 43,152 39,172 37,272 39,529 38,590 39,529
OREO (8) 6,264 4,918 3,950 4,862 4,675 4,862
Total nonperforming assets 49,416 44,090 41,222 44,391 43,265 44,391
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-EndedYear-Ended
Delinquency - Originated loan and lease portfolio Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Dec-12
Loans and leases 30-89 days past due and
accruing (2) $ 12,193 $ 9,597 $ 10,888 $ 7,990 $ 9,412 $ 7,990
Loans and leases 90 days past due and accruing (2) 1,217 156 157 257 126 257
Total originated loans and leases past due and accruing (2) 13,410 9,753 11,045 8,247 9,538 8,247
Delinquency - Acquired loan and lease portfolio
Covered loans and leases 30-89 days past due and accruing (3)(7) 1,132 1,613 3,503 1,014 669 1,014
Covered loans and leases 90 days or more past
due and accruing (3)(7) 2,980 3,091 3,809 4,272 2,837 4,272
Non-covered loans and leases 30-89 days past
due and accruing (3)(7) 6,887 5,591 5,738 4,249 5,848 4,249
Non-Covered loans and leases 90 days past
due and accruing (3)(7) 10,521 13,324 14,026 14,438 19,339 14,438
Total acquired loans and leases past due and accruing 21,520 23,619 27,076 23,973 28,693 23,973
Total loans and leases past due and accruing $ 34,930 $ 33,372 $ 38,121 $ 32,220 $ 38,231 $ 32,220
Allowance for Loan Losses - Originated loan and lease portfolio
Balance at beginning of period $ 24,853 $ 24,598 $ 24,643 $ 26,632 $ 26,865 $ 27,593
Provision for loan and lease losses 1,499 (994) 820 5,659 1,042 8,837
Net loan and lease charge-offs (recoveries) 630 (1,249) 865 7,648 1,275 11,787
Allowance for loan and lease losses (originated 25,722 24,853 24,598 24,643 26,632 24,643
loan portfolio) - balance at end of period
Allowance for Loan Losses - Acquired loan and lease portfolio
Balance at beginning of period $ 605 $ 63 $ 0 $ 0 $ 0 $ 0
Provision for loan and lease losses 549 3,483 218 0 0 0
Net loan and lease (recoveries) charge-offs 468 2,941 155 0 0 0
Allowance for loan and lease losses (acquired
loan portfolio) - balance at end of period 686 605 63 0 0 0
Total allowance for loan and lease losses 26,408 25,458 24,661 24,643 26,632 24,643
Loan Classification - Originated Portfolio
Special Mention $ 42,975 $ 43,099 $ 48,468 $ 56,342 $ 58,598 $ 56,342
Substandard 37,004 41,969 43,449 45,083 54,383 45,083
Doubtful 0 0 0 0 494 0
Loan Classification - Acquired Portfolio
Special Mention 23,939 29,300 26,568 25,381 14,723 25,381
Substandard 42,433 55,079 47,698 45,207 31,087 45,207
Loan Classifications - Total Portfolio
Special Mention 66,914 72,399 75,036 81,723 73,321 81,723
Substandard 79,437 97,048 91,147 90,290 85,470 90,290
Doubtful 0 0 0 0 494 0
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
RATIO ANALYSISQuarter-EndedYear-Ended
Credit Quality Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Dec-12
Nonperforming loans and leases/total loans and leases (7) 1.38% 1.28% 1.24% 1.34% 1.32% 1.34%
Nonperforming assets/total assets 1.00% 0.89% 0.83% 0.92% 0.88% 0.92%
Allowance for originated loan and lease losses/total originated loans and leases 1.06% 1.08% 1.11% 1.16% 1.29% 1.16%
Allowance/nonperforming loans and leases 61.20% 64.99% 66.16% 62.34% 69.01% 62.34%
Net loan and lease losses (annualized)/total average loans and leases 0.14% 0.22% 0.14% 1.04% 0.20% 0.49%
Capital Adequacy (period-end)
Tier 1 capital / average assets 8.37% 8.16% 8.11% 7.95% 8.50% 7.95%
Total capital / risk-weighted assets 13.32% 13.34% 12.93% 12.94% 12.87% 12.94%
Tangible common equity / tangible assets 6.92% 6.65% 6.87% 6.96% 6.75% 6.96%
Profitability
Return on average assets * 1.14% 0.89% 0.95% 0.91% 0.31% 0.76%
Return on average equity * 12.83% 9.87% 10.53% 10.01% 3.38% 8.30%
Net interest margin (TE) * 3.63% 3.58% 3.57% 3.83% 3.66% 3.65%
* Quarterly ratios have been annualized
Non-GAAP Disclosure
Reported noninterest income (GAAP) $ 18,528 $ 16,541 $ 17,390 $ 15,608 $ 14,773 $ 54,808
Adjustments (pre-tax):
Gain on redemption of trust preferred (1,410) 0 0 0 0 0
Noninterest income (Non-GAAP) $ 17,118 $ 16,541 $ 17,390 $ 15,608 $ 14,773 $ 54,808
Non-GAAP Disclosure
Reported net income (GAAP) $ 14,049 $ 11,007 $ 11,510 $ 11,161 $ 3,487 $ 31,285
Adjustments (net of tax):
Accrual adjustment VISA 0 0 0 0 0 (243)
Merger related expenses 0 22 118 462 8,424 9,664
Gain on redemption of trust preferred (846) 0 0 0 0 0
Subtotal adjustments (846) 22 118 462 8,424 9,421
Net operating income (Non-GAAP) 13,203 11,029 11,628 11,623 11,911 40,706
Weighted average shares outstanding (diluted) 14,622,512 14,500,429 14,436,757 14,374,368 13,630,464 12,836,043
Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.90 $ 0.76 $ 0.81 $ 0.81 $ 0.87 $ 3.17
Non-GAAP Disclosure
Reported net income (GAAP) $ 14,049 $ 11,007 $ 11,510 $ 11,161 $ 3,487 $ 31,285
Accrual adjustment VISA 0 0 0 0 0 (243)
Merger related expenses (net of tax) 0 22 118 462 8,424 9,664
Gain on redemption of trust preferred (net of tax) (846) 0 0 0 0 0
Net operating income (Non-GAAP) $ 13,203 $ 11,029 $ 11,628 $ 11,623 $ 11,911 $ 40,706
Amortization of intangibles, (net of tax) 327 328 334 348 256 758
Adjusted net operating income (Non-GAAP) 13,530 11,357 11,962 11,971 12,167 41,464
Average total shareholders' equity 434,482 447,088 443,277 443,592 410,300 376,890
Less: Average goodwill and intangibles 109,277 110,037 110,687 114,644 92,748 76,149
Average tangible shareholders' equity (Non-GAAP) 325,205 337,051 332,590 328,948 317,552 300,741
Adjusted operating return on shareholders' tangible equity (annualized) (Non-GAAP) 16.51% 13.52% 14.59% 14.48% 15.24% 13.79%
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Non-GAAP DisclosureQuarter-EndedYear-Ended
Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Dec-12
Total shareholders' equity (GAAP) $ 444,276 $ 431,894 $ 446,812 $ 441,360 $ 440,950 $ 441,360
Less: goodwill and intangibles 108,981 109,540 110,314 110,948 114,859 110,948
Tangible shareholders' equity 335,295 322,354 336,498 330,412 326,030 330,412
Ending shares outstanding 14,692,671 14,599,558 14,447,017 14,390,801 14,358,230 14,390,801
Tangible book value per share (Non-GAAP) 22.82 22.08 23.29 22.96 22.71 22.96
Non-GAAP Disclosure Year-to-date period ended
Sep-13 Sep-12
Reported net income (GAAP) 36,565 $ 20,124
Adjustments (net of tax):
Accrual adjustment VISA 0 (243)
Merger related expenses 140 9,202
Gain on redemption of trust preferred (846) 0
Subtotal adjustments (706) 8,959
Net operating income (Non-GAAP) 35,859 29,083
Weighted average shares outstanding (diluted) 14,622,512 12,319,541
Adjusted diluted earnings per share $ 2.45 $ 2.36
(1) Federal Reserve peer ratio as of June 30, 2013, 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, 2012.
(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. There have been no significant changes in expected cash flows since acquisition.
(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.

Contacts:

Tompkins Financial Corporation
Stephen S. Romaine, President & CEO
Francis M. Fetsko, CFO & COO
888-503-5753

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