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Tompkins Financial Corporation Reports Record Second Quarter Earnings

Tompkins Financial Corporation (NYSE American: TMP)

Tompkins Financial Corporation reported diluted earnings per share of $1.54 for the second quarter of 2021, up 6.9% from $1.44 per share in the second quarter of 2020. Net income for the second quarter of 2021 was $22.8 million, compared to $21.4 million for the same period in 2020.

For the year-to-date period ended June 30, 2021, diluted earnings per share were $3.26, up 65.5% from $1.97 for the same year-to-date period in 2020. Year-to-date net income was $48.5 million for the six month period ended June 30, 2021, up 64.9% compared to $29.4 million for the same period in 2020.

President and CEO, Mr. Stephen Romaine commented, "We are pleased to continue our favorable earnings trends in 2021 with another strong quarter of earnings. Though the current interest rate environment resulted in a narrowing of our net interest margin, our revenue for the first half of 2021 compared favorably to the prior year in all three of our primary business lines of banking, insurance, and wealth management.”

SELECTED HIGHLIGHTS FOR THE SECOND QUARTER:

  • Diluted earnings per share of $1.54 represents the best second quarter in the Company's history, and is up 6.9% over the same period in 2020.
  • Provision for credit losses was a $3.1 million credit for the second quarter of 2021, compared to an $877,000 expense in the same period last year.
  • Total deposits amounted to $6.8 billion at June 30, 2021, an increase of $459.5 million, or 7.2% over June 30, 2020.

NET INTEREST INCOME

Net interest income was $54.8 million for the second quarter of 2021, compared to $56.4 million reported for the second quarter of 2020. Interest income for the second quarter of 2021 included $1.9 million of net deferred loan fees associated with PPP loans, compared to net deferred loan fees of $2.3 million in the second quarter of 2020. Interest expense for the second quarter of 2021 was negatively impacted by an accelerated non-cash purchase accounting discount of $650,000 related to the redemption of $5.2 million of trust preferred securities. The net interest margin was 2.91% for the second quarter of 2021, compared to 3.45% reported for the same period in 2020, and 3.01% for the first quarter of 2021.

For the year-to-date period ended June 30, 2021, net interest income of $109.9 million was in line with the comparable six month period in 2020. For the year to date period in 2021, net deferred loan fees associated with PPP loans were approximately $4.7 million as compared to $2.3 million in the same period of 2020.

Average loans for the quarter ended June 30, 2021 were in line with the same period in 2020. Asset yields for the quarter ended June 30, 2021 were down 71 basis points compared to the quarter ended June 30, 2020, which reflects the impact of reductions in market interest rates over the trailing twelve month period as well as a greater percentage of earning assets being comprised of lower yielding securities and interest bearing balances due from banks, when compared to the same period in 2020.

Average total deposits for the second quarter of 2021 were up $622.1 million, or 10.1% compared to the same period in 2020. Average noninterest bearing deposits for the three months ended June 30, 2021 were up $294.0 million or 16.4% compared to the three months ended June 30, 2020. Average deposit balances continue to benefit from the PPP loan program, as the majority of the proceeds of the PPP loans we funded were deposited in Tompkins checking accounts. For the second quarter of 2021, the average rate paid on interest-bearing deposit products decreased by 20 basis points from the same period in 2020 due to the overall decline in market interest rates. The total cost of interest-bearing liabilities was 0.40% at June 30, 2021, a decline of 19 basis points from June 30, 2020.

NONINTEREST INCOME

Noninterest income of $18.9 million for the second quarter of 2021, was up 9.8% compared to the same period in 2020. For the year-to-date period, noninterest income of $38.8 million was up 7.5% from the same period in 2020. Growth over the same quarter last year was supported by increases in all fee income categories (insurance commissions and fees were up 11.0%, while investment services income was up 20.3%, service charges on deposit accounts increased 17.9%, and card services income was up 29.3%). Noninterest income represented 25.6% of total revenues for the second quarter of 2021, as compared to 23.4% of total revenues for the second quarter of 2020.

NONINTEREST EXPENSE

Noninterest expense was $47.4 million for the second quarter of 2021, up $1.8 million, or 3.9%, from the second quarter of 2020. For the year-to-date period, noninterest expense was $92.0 million, up $1.0 million or 1.1% from the same period in 2020. Salaries and employee benefits for the second quarter of 2021 were up 5.9% when compared to the same quarter last year. The increase in noninterest expense for both the second quarter and year-to-date periods was primarily attributable to normal annual increases in salaries and wages, and increases in health insurance expense.

INCOME TAX EXPENSE

The Company's effective tax rate was 22.1% for the second quarter of 2021, compared to 20.5% for the same period in 2020. The effective tax rate for the six months ended June 30, 2021 was 21.3%, compared to 20.2% reported for the same period in 2020.

ASSET QUALITY

The allowance for credit losses represented 0.92% of total loans and leases at June 30, 2021, down from 0.93% at March 31, 2021, and 0.98% at December 31, 2020. The ratio of the allowance to total nonperforming loans and leases was 88.3% at June 30, 2021, down compared to 103.4% at March 31, 2021, and 112.9% at December 31, 2020.

The provision for credit losses for the second quarter of 2021 was a credit of $3.1 million compared to an expense of $877,000 for the same period in 2020. Net recoveries for the quarter ended June 30, 2021 were $884,000 compared to net recoveries of $26,000 reported for the same period in 2020. Provision expense for the six months ended June 30, 2021 was a credit of $4.9 million, compared to an expense of $17.6 million for the same period in 2020.

Nonperforming loans and leases totaled $53.8 million at June 30, 2021, compared to $47.7 million at March 31, 2021, and $45.8 million at December 31, 2020. The increase in nonperforming loans and leases compared to prior year were mainly related to one commercial real estate relationship totaling $9.1 million, which was previously reported as Substandard, and downgrades of credits in the loan portfolio related to the hospitality industry, which was significantly impacted by the COVID-19 pandemic. Nonperforming assets represented 0.67% of total assets at June 30, 2021, up from 0.59% at March 31, 2021, and 0.60% at December 31, 2020.

Special Mention and Substandard loans and leases totaled $171.3 million at June 30, 2021, reflecting improvement from $185.2 million at March 31, 2021, and $189.9 million reported at December 31, 2020.

As previously announced, the Company implemented a payment deferral program in 2020 to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19. As of June 30, 2021, total loans that continued in a deferral status amounted to approximately $129.4 million, representing 2.5% of total loans. At March 31, 2021 loans in deferral status totaled $195.6 million, and at December 31, 2020 loans in deferral status totaled $212.2 million. Included in nonperforming loans and leases and Substandard loans and leases at June 30, 2021, were 9 loans totaling $22.1 million that remained in deferral status.

The Company began accepting applications for the PPP loans on April 3, 2020, and had funded 2,998 loans totaling approximately $465.6 million when the initial program ended. On January 19, 2021, the Company began accepting both first draw and second draw applications for the reopening of the PPP program and as of July 19, 2021, the Company had funded an additional 2,481 applications totaling $261.2 million.

Out of the total $695.2 million of PPP loans that the Company had funded through July 19, 2021, approximately $471.4 million had been forgiven by the SBA under the terms of the program.

CAPITAL POSITION

Capital ratios at June 30, 2021 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.62% at June 30, 2021, unchanged from March 31, 2021, and up from 14.39% at December 31, 2020. The ratio of Tier 1 capital to average assets was 8.79% at June 30, 2021, compared to 8.89% at March 31, 2021, and 8.75% at December 31, 2020.

During the second quarter of 2021, the Company repurchased 80,004 common shares at an aggregate cost of $6.5 million. These shares were purchased under the Company's previously announced 2020 Stock Repurchase Program. During the first six months of 2021, the Company repurchased 101,535 shares at an aggregate cost of $8.0 million.

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, and Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. The Company’s banks have announced plans for a rebranding effort, pursuant to which the Company’s four wholly-owned banking subsidiaries will be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company, subject to regulatory approval. The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.” For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform of 1995:

This press release may contain “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; the severity and duration of the COVID-19 pandemic and the impact of COVID-19 (including the government’s response thereto) on economic and financial markets, potential regulatory actions, and modifications to our operations, products, and services relating thereto; disruptions in our and our customers’ operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, government-imposed travel/business restrictions, or outbreaks of infectious diseases such as the coronavirus, and the associated adverse impact on our financial position, liquidity, and our customers’ abilities to repay their obligations to us or willingness to obtain financial services products from the Company; the development of an interest rate environment that may adversely affect the Company’s interest rate spread, 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 the Dodd-Frank Act, Basel III and the Economic Growth, Regulatory Relief, and Consumer Protection Act; legislative and regulatory changes in response to COVID-19 with which we and our subsidiaries must comply, including the CARES Act and the Consolidated Appropriations Act, 2021 and the rules and regulations promulgated thereunder, 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, 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

06/30/2021

12/31/2020

 

 

 

Cash and noninterest bearing balances due from banks

$

20,302

 

$

21,245

 

Interest bearing balances due from banks

270,712

 

367,217

 

Cash and Cash Equivalents

291,014

 

388,462

 

 

 

 

Available-for-sale debt securities, at fair value (amortized cost of $2,009,317at June 30, 2021 and

$1,599,894 at December 31, 2020)

2,014,089

 

1,627,193

 

Held-to-maturity securities, at amortized cost (fair value of $154,299 at June 30, 2021 and $0

December 31, 2020)

151,848

 

0

 

Equity securities, at fair value (amortized cost $916 at June 30, 2021 and $929 at December 31, 2020)

916

 

929

 

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

5,175,129

 

5,260,327

 

Less: Allowance for credit losses

47,505

 

51,669

 

Net Loans and Leases

5,127,624

 

5,208,658

 

 

 

 

Federal Home Loan Bank and other stock

15,991

 

16,382

 

Bank premises and equipment, net

86,596

 

88,709

 

Corporate owned life insurance

85,726

 

84,736

 

Goodwill

92,447

 

92,447

 

Other intangible assets, net

4,274

 

4,905

 

Accrued interest and other assets

117,683

 

109,750

 

Total Assets

$

7,988,208

 

$

7,622,171

 

LIABILITIES

 

 

Deposits:

 

 

Interest bearing:

 

 

Checking, savings and money market

4,016,052

 

3,761,933

 

Time

710,170

 

746,234

 

Noninterest bearing

2,110,778

 

1,929,585

 

Total Deposits

6,837,000

 

6,437,752

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

52,134

 

65,845

 

Other borrowings

245,000

 

265,000

 

Trust preferred debentures

8,799

 

13,220

 

Other liabilities

117,022

 

122,665

 

Total Liabilities

$

7,259,955

 

$

6,904,482

 

EQUITY

 

 

Tompkins Financial Corporation shareholders' equity:

 

 

Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,865,783 at

June 30, 2021; and 14,964,389 at December 31, 2020

1,487

 

1,496

 

Additional paid-in capital

327,881

 

333,976

 

Retained earnings

450,773

 

418,413

 

Accumulated other comprehensive loss

(47,882)

 

(32,074)

 

Treasury stock, at cost – 120,848 shares at June 30, 2021, and 124,849 shares at December 31, 2020

(5,480)

 

(5,534)

 

Total Tompkins Financial Corporation Shareholders’ Equity

726,779

 

716,277

 

Noncontrolling interests

1,474

 

1,412

 

Total Equity

$

728,253

 

$

717,689

 

Total Liabilities and Equity

$

7,988,208

 

$

7,622,171

 

 

 

 

TOMPKINS FINANCIAL CORPORATION

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

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

Three Months Ended

Six Months Ended

 

06/30/2021

06/30/2020

06/30/2021

06/30/2020

INTEREST AND DIVIDEND INCOME

 

 

 

 

Loans

$

53,653

 

$

56,133

 

$

107,860

 

$

111,747

 

Due from banks

45

 

1

 

130

 

7

 

Available-for-sale debt securities

5,626

 

6,922

 

10,876

 

14,066

 

Held-to-maturity securities

312

 

0

 

312

 

0

 

Federal Home Loan Bank and other stock

199

 

389

 

412

 

824

 

Total Interest and Dividend Income

59,835

 

$

63,445

 

$

119,590

 

$

126,644

 

INTEREST EXPENSE

 

 

 

 

Time certificates of deposits of $250,000 or more

567

 

860

 

1,206

 

1,703

 

Other deposits

2,235

 

3,917

 

4,747

 

10,272

 

Federal funds purchased and securities sold under agreements to repurchase

15

 

21

 

31

 

57

 

Trust preferred debentures

821

 

253

 

996

 

542

 

Other borrowings

1,351

 

2,028

 

2,727

 

4,735

 

Total Interest Expense

4,989

 

7,079

 

9,707

 

17,309

 

Net Interest Income

54,846

 

56,366

 

109,883

 

109,335

 

Less: (Credit) provision for credit loss expense

(3,071)

 

877

 

(4,901)

 

17,636

 

Net Interest Income After Provision for Credit Loss Expense

57,917

 

55,489

 

114,784

 

91,699

 

NONINTEREST INCOME

 

 

 

 

Insurance commissions and fees

8,054

 

7,255

 

17,220

 

15,300

 

Investment services income

4,717

 

3,920

 

9,390

 

8,122

 

Service charges on deposit accounts

1,471

 

1,248

 

2,941

 

3,231

 

Card services income

2,951

 

2,283

 

5,334

 

4,466

 

Other income

1,665

 

2,466

 

3,639

 

4,570

 

Net gain on securities transactions

0

 

5

 

317

 

448

 

Total Noninterest Income

18,858

 

17,177

 

38,841

 

36,137

 

NONINTEREST EXPENSE

 

 

 

 

Salaries and wages

23,992

 

23,037

 

46,652

 

45,531

 

Other employee benefits

6,626

 

5,886

 

12,110

 

11,570

 

Net occupancy expense of premises

3,561

 

3,040

 

7,023

 

6,368

 

Furniture and fixture expense

2,204

 

1,888

 

4,154

 

3,873

 

Amortization of intangible assets

329

 

375

 

659

 

749

 

Other operating expense

10,730

 

11,437

 

21,355

 

22,847

 

Total Noninterest Expenses

47,442

 

45,663

 

91,953

 

90,938

 

Income Before Income Tax Expense

29,333

 

27,003

 

61,672

 

36,898

 

Income Tax Expense

6,471

 

5,540

 

13,151

 

7,449

 

Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation

22,862

 

21,463

 

48,521

 

29,449

 

Less: Net Income Attributable to Noncontrolling Interests

31

 

32

 

64

 

69

 

Net Income Attributable to Tompkins Financial Corporation

$

22,831

 

21,431

 

48,457

 

29,380

 

Basic Earnings Per Share

$

1.55

 

$

1.44

 

$

3.28

 

$

1.97

 

Diluted Earnings Per Share

$

1.54

 

$

1.44

 

$

3.26

 

$

1.97

 

 

 

 

 

 

 

 

 

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

 

Quarter Ended

Quarter Ended

 

June 30, 2021

June 30, 2020

 

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

$

216,679

 

$

45

 

0.08

%

$

4,541

 

$

1

 

0.09

%

Securities (1)

 

 

 

 

 

 

U.S. Government securities

1,987,541

 

5,338

 

1.08

%

1,199,999

 

6,298

 

2.11

%

State and municipal (2)

114,221

 

727

 

2.55

%

109,621

 

743

 

2.73

%

Other securities (2)

3,418

 

23

 

2.70

%

3,433

 

32

 

3.75

%

Total securities

2,105,180

 

6,088

 

1.16

%

1,313,053

 

7,073

 

2.17

%

FHLBNY and FRB stock

17,285

 

199

 

4.62

%

21,691

 

389

 

7.21

%

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

5,270,648

 

53,909

 

4.10

%

5,276,794

 

56,441

 

4.30

%

Total interest-earning assets

7,609,792

 

60,241

 

3.18

%

6,616,079

 

63,904

 

3.89

%

Other assets

340,154

 

 

 

797,866

 

 

 

Total assets

$

7,949,946

 

 

 

$

7,413,945

 

 

 

LIABILITIES & EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Interest bearing checking, savings, & money market

$

3,966,472

 

$

943

 

0.10

%

$

3,660,190

 

$

1,935

 

0.21

%

Time deposits

726,258

 

1,859

 

1.03

%

704,460

 

2,842

 

1.62

%

Total interest-bearing deposits

4,692,730

 

2,802

 

0.24

%

4,364,650

 

4,777

 

0.44

%

Federal funds purchased & securities sold under agreements to repurchase

52,099

 

15

 

0.11

%

52,464

 

21

 

0.16

%

Other borrowings

272,993

 

1,351

 

1.98

%

391,547

 

2,028

 

2.08

%

Trust preferred debentures

12,978

 

821

 

25.39

%

17,092

 

253

 

5.95

%

Total interest-bearing liabilities

5,030,800

 

4,989

 

0.40

%

4,825,753

 

7,079

 

0.59

%

Noninterest bearing deposits

2,082,149

 

 

 

1,788,108

 

 

 

Accrued expenses and other liabilities

115,661

 

 

 

109,609

 

 

 

Total liabilities

7,228,610

 

 

 

6,723,470

 

 

 

Tompkins Financial Corporation Shareholders’ equity

719,880

 

 

 

689,018

 

 

 

Noncontrolling interest

1,456

 

 

 

1,457

 

 

 

Total equity

721,336

 

 

 

690,475

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

7,949,946

 

 

 

$

7,413,945

 

 

 

Interest rate spread

 

 

2.78

%

 

 

3.30

%

Net interest income/margin on earning assets

 

55,252

 

2.91

%

 

56,825

 

3.45

%

 

 

 

 

 

 

 

Tax Equivalent Adjustment

 

(406)

 

 

 

(459)

 

 

Net interest income per consolidated financial statements

 

$

54,846

 

 

 

$

56,366

 

 

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

 

Year to Date Period Ended

Year to Date Period Ended

 

June 30, 2021

June 30, 2020

 

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

$

312,130

 

$

130

 

0.08

%

$

3,033

 

$

7

 

0.46

%

Securities (1)

 

 

 

 

 

 

U.S. Government securities

1,812,315

 

9,950

 

1.11

%

1,197,376

 

12,874

 

2.16

%

State and municipal (2)

117,571

 

1,502

 

2.58

%

103,550

 

1,409

 

2.74

%

Other securities (2)

3,422

 

46

 

2.72

%

3,428

 

68

 

3.99

%

Total securities

1,933,308

 

11,498

 

1.20

%

1,304,354

 

14,351

 

2.21

%

FHLBNY and FRB stock

16,836

 

412

 

4.93

%

24,124

 

824

 

6.87

%

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

5,280,914

 

108,365

 

4.14

%

5,095,414

 

112,348

 

4.43

%

Total interest-earning assets

7,543,188

 

120,405

 

3.22

%

6,426,925

 

127,530

 

3.99

%

Other assets

345,461

 

 

 

616,521

 

 

 

Total assets

$

7,888,649

 

 

 

$

7,043,446

 

 

 

LIABILITIES & EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Interest bearing checking, savings, & money market

$

3,957,936

 

$

2,036

 

0.10

%

$

3,436,366

 

$

6,301

 

0.37

%

Time deposits

737,729

 

3,917

 

1.07

%

692,354

 

5,674

 

1.65

%

Total interest-bearing deposits

4,695,665

 

5,953

 

0.26

%

4,128,720

 

11,975

 

0.58

%

Federal funds purchased & securities sold under agreements to repurchase

55,821

 

31

 

0.11

%

57,996

 

57

 

0.20

%

Other borrowings

269,019

 

2,727

 

2.04

%

444,988

 

4,735

 

2.14

%

Trust preferred debentures

13,105

 

996

 

15.33

%

17,071

 

542

 

6.38

%

Total interest-bearing liabilities

5,033,610

 

9,707

 

0.39

%

4,648,775

 

17,309

 

0.75

%

Noninterest bearing deposits

2,016,262

 

 

 

1,598,884

 

 

 

Accrued expenses and other liabilities

117,749

 

 

 

111,141

 

 

 

Total liabilities

7,167,621

 

 

 

6,358,800

 

 

 

Tompkins Financial Corporation Shareholders’ equity

719,586

 

 

 

683,206

 

 

 

Noncontrolling interest

1,442

 

 

 

1,440

 

 

 

Total equity

721,028

 

 

 

684,646

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

7,888,649

 

 

 

$

7,043,446

 

 

 

Interest rate spread

 

 

2.83

%

 

 

3.24

%

Net interest income/margin on earning assets

 

110,698

 

2.96

%

 

110,221

 

3.45

%

 

 

 

 

 

 

 

Tax Equivalent Adjustment

 

(815)

 

 

 

(886)

 

 

Net interest income per consolidated financial statements

 

$

109,883

 

 

 

$

109,335

 

 

Tompkins Financial Corporation - Summary Financial Data (Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

Quarter-Ended

Year-Ended

Period End Balance Sheet

Jun-21

Mar-21

Dec-20

Sep-20

Jun-20

Dec-20

Securities

$

2,166,853

 

$

1,935,731

 

$

1,628,122

 

$

1,667,698

 

$

1,336,087

 

$

1,628,122

 

Total Loans

5,175,129

 

5,292,793

 

5,260,327

 

5,398,297

 

5,424,285

 

5,260,327

 

Allowance for credit losses

47,505

 

49,339

 

51,669

 

52,293

 

52,082

 

51,669

 

Total assets

7,988,208

 

8,095,342

 

7,622,171

 

7,794,502

 

7,582,056

 

7,622,171

 

Total deposits

6,837,000

 

6,946,541

 

6,437,752

 

6,601,238

 

6,377,521

 

6,437,752

 

Federal funds purchased and securities sold under

agreements to repurchase

52,134

 

47,496

 

65,845

 

63,573

 

50,889

 

65,845

 

Other borrowings

245,000

 

265,000

 

265,000

 

285,000

 

325,000

 

265,000

 

Trust preferred debentures

8,799

 

13,260

 

13,220

 

17,163

 

17,120

 

13,220

 

Total common equity

726,779

 

708,493

 

716,277

 

712,104

 

696,553

 

716,277

 

Total equity

728,253

 

709,936

 

717,689

 

713,611

 

698,029

 

717,689

 

Average Balance Sheet

 

 

 

 

 

 

Average earning assets

$

7,609,792

 

$

7,475,846

 

$

7,408,335

 

$

7,204,049

 

$

6,616,079

 

$

6,868,958

 

Average assets

7,949,946

 

7,826,672

 

7,758,159

 

7,582,009

 

7,413,945

 

7,358,478

 

Average interest-bearing liabilities

5,030,800

 

5,036,451

 

5,010,037

 

4,861,890

 

4,825,753

 

4,793,154

 

Average equity

721,336

 

720,718

 

719,114

 

709,484

 

690,475

 

699,554

 

Share data

 

 

 

 

 

 

Weighted average shares outstanding (basic)

14,654,774

 

14,676,410

 

14,715,124

 

14,697,532

 

14,681,956

 

14,703,390

 

Weighted average shares outstanding (diluted)

14,737,735

 

14,757,558

 

14,751,303

 

14,727,741

 

14,714,848

 

14,742,040

 

Period-end shares outstanding

14,829,873

 

14,906,785

 

14,928,479

 

14,926,252

 

14,914,458

 

14,928,479

 

Common equity book value per share

$

49.01

 

$

47.53

 

$

47.98

 

$

47.71

 

$

46.70

 

$

47.98

 

 

Income Statement

 

 

 

 

 

 

Net interest income

$

54,846

 

$

55,037

 

$

57,751

 

$

58,253

 

$

56,366

 

$

225,339

 

(Credit) provision for credit loss expense (5)

(3,071)

 

(1,830)

 

(205)

 

(218)

 

877

 

17,213

 

Noninterest income

18,858

 

19,983

 

18,836

 

18,887

 

17,177

 

73,860

 

Noninterest expense (5)

47,442

 

44,511

 

46,616

 

46,766

 

45,663

 

184,320

 

Income tax expense

6,471

 

6,680

 

6,145

 

6,330

 

5,540

 

19,924

 

Net income attributable to Tompkins Financial Corporation

22,831

 

25,626

 

23,978

 

24,230

 

21,431

 

77,588

 

Noncontrolling interests

31

 

33

 

53

 

32

 

32

 

154

 

Basic earnings per share (4)

1.55

 

1.73

 

1.61

 

1.63

 

1.44

 

5.22

 

Diluted earnings per share (4)

1.54

 

1.72

 

1.61

 

1.63

 

1.44

 

5.20

 

Nonperforming Assets

 

 

 

 

 

 

Nonaccrual loans and leases

$

48,019

 

$

41,656

 

$

38,976

 

$

26,944

 

$

23,183

 

$

38,976

 

Loans and leases 90 days past due and accruing

0

 

0

 

0

 

0

 

0

 

0

 

Troubled debt restructuring not included above

5,776

 

6,069

 

6,803

 

6,864

 

6,988

 

6,803

 

Total nonperforming loans and leases

53,795

 

47,725

 

45,779

 

33,808

 

30,171

 

45,779

 

OREO

88

 

88

 

88

 

196

 

274

 

88

 

Total nonperforming assets

$

53,883

 

$

47,813

 

$

45,867

 

$

34,004

 

$

30,445

 

$

45,867

 

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

 

Quarter-Ended

Year-Ended

Delinquency - Total loan and lease portfolio

Jun-21

Mar-21

Dec-20

Sep-20

Jun-20

Dec-20

Loans and leases 30-89 days past due and

 

 

 

 

 

 

accruing

$

1,692

 

$

1,790

 

$

3,012

 

$

6,875

 

$

8,352

 

$

3,012

 

Loans and leases 90 days past due and accruing

0

 

0

 

0

 

0

 

0

 

0

 

Total loans and leases past due and accruing

1,692

 

1,790

 

3,012

 

6,875

 

8,352

 

3,012

 

Allowance for Credit Losses

Balance at beginning of period

$

49,339

 

$

51,669

 

$

52,293

 

$

52,082

 

$

52,404

 

$

39,892

 

Impact of adopting ASC 326

0

 

0

 

0

 

0

 

0

 

(2,534)

 

(Credit) provision for credit losses

(2,718)

 

(2,510)

 

6

 

199

 

(348)

 

16,151

 

Net loan and lease (recoveries) charge-offs

(884)

 

(180)

 

630

 

(12)

 

(26)

 

1,840

 

Allowance for credit losses at end of period

$

47,505

 

$

49,339

 

$

51,669

 

$

52,293

 

$

52,082

 

$

51,669

 

 

 

 

 

 

 

 

Allowance for Credit Losses - Off-Balance Sheet Exposure

Balance at beginning of period

$

2,600

 

$

1,920

 

$

2,131

 

$

2,548

 

$

1,323

 

$

477

 

Impact of adopting ASC 326

0

 

0

 

0

 

0

 

0

 

381

 

(Credit) provision for credit losses

(353)

 

680

 

(211)

 

(417)

 

1,225

 

1,062

 

Allowance for credit losses at end of period

$

2,247

 

$

2,600

 

$

1,920

 

$

2,131

 

$

2,548

 

$

1,920

 

Loan Classification - Total Portfolio

 

 

 

 

 

 

Special Mention

$

108,269

 

$

116,689

 

$

121,253

 

$

122,652

 

$

44,741

 

$

121,253

 

Substandard

62,992

 

68,487

 

68,645

 

45,384

 

48,046

 

68,645

 

Ratio Analysis

 
 

Credit Quality

 

 

 

 

 

 

Nonperforming loans and leases/total loans and leases

1.04

%

0.90

%

0.87

%

0.63

%

0.56

%

0.87

%

Nonperforming assets/total assets

0.67

%

0.59

%

0.60

%

0.44

%

0.40

%

0.60

%

Allowance for credit losses/total loans and leases

0.92

%

0.93

%

0.98

%

0.97

%

0.96

%

0.98

%

Allowance/nonperforming loans and leases

88.31

%

103.38

%

112.87

%

154.68

%

172.62

%

112.87

%

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

(0.07)

%

(0.01)

%

0.05

%

0.00

%

0.00

%

0.04

%

Capital Adequacy

 

 

 

 

 

 

Tier 1 Capital (to average assets)

8.79

%

8.89

%

8.75

%

8.85

%

8.79

%

8.75

%

Total Capital (to risk-weighted assets)

14.62

%

14.62

%

14.39

%

14.26

%

13.95

%

14.39

%

Profitability (period-end)

 

 

 

 

 

 

Return on average assets *

1.15

%

1.33

%

1.23

%

1.27

%

1.16

%

1.05

%

Return on average equity *

12.70

%

14.42

%

13.26

%

13.59

%

12.48

%

11.09

%

Net interest margin (TE) *

2.91

%

3.01

%

3.12

%

3.26

%

3.45

%

3.31

%

* 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 2021 and 2020 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, 2020.

(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

Stephen S. Romaine, President & CEO

Francis M. Fetsko, Executive VP, CFO & COO

Tompkins Financial Corporation (888) 503-5753

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