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Tompkins Financial Corporation Reports First Quarter Financial Results
Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.18 for the first quarter of 2024, up 12.4% compared to the immediate prior quarter, and down 12.6% from diluted earnings per share of $1.35 reported in the first quarter of 2023.
Net income for the first quarter of 2024 was $16.9 million, up 12.5% compared to the immediate prior quarter, and down 13.0% from the $19.4 million reported for the same period in 2023. The decrease in net income from the first quarter of 2023 was mainly a result of lower net interest income, driven by increased funding costs and increased provision for credit loss expense. Decreases in net income were partially offset by growth in fee-based revenues and lower operating expenses year-over-year.
Tompkins President and CEO, Stephen Romaine, commented, "In the first quarter we saw positive earnings momentum and continue to be well positioned with strong capital and liquidity. For the quarter we saw continued loan growth with a year-over-year increase of 7.0%, moderation in deposit cost increases, and 8.5% growth in noninterest income. We remain focused on noninterest expenses, which were lower in the first quarter compared to prior year. As the industry challenges continue in light of the current economic environment, we plan to leverage the strength of our balance sheet and drive growth through quality customer relationships."
SELECTED HIGHLIGHTS FOR THE PERIOD:
Net interest margin for the first quarter of 2024 was 2.73%, compared to 2.82% for the fourth quarter of 2023, and 2.99% for the first quarter of 2023. Average cost of deposits were up 11 basis points compared to the fourth quarter 2023, down from a 23 basis point increase from the third quarter to the fourth quarter 2023. Fee-based services (insurance, wealth management, service charges on deposit accounts and cards) revenues for the first quarter of 2024 were up $3.1 million or 18.4% compared to the fourth quarter of 2023, and $1.5 million or 8.1% over the first quarter of 2023. Total operating expenses of $49.9 million for the first quarter of 2024 were down $1.4 million or 2.8% compared to the compared to the fourth quarter of 2023, and $301,000 or 0.6% from the first quarter of 2023. Total loans at March 31, 2024 were up $34.6 million, or 0.6% (2.5% on an annualized basis), compared to the immediate prior quarter, and up $366.9 million, or 7.0%, from March 31, 2023. Total deposits at March 31, 2024 were $6.4 billion, up $49.8 million, or 0.8% (3.1% on an annualized basis), from December 31, 2023, and down $59.4 million, or 0.9%, from March 31, 2023. Loan to deposit ratio was 87.5%, compared to 87.6% for the immediate prior quarter. Regulatory Tier 1 capital to average assets was 9.08% at March 31, 2024, unchanged from December 31, 2023, and down compared to 9.63% at March 31, 2023.
NET INTEREST INCOME
Net interest income was $50.7 million for the first quarter of 2024, down from $52.4 million for the fourth quarter of 2023, and $54.2 million for the first quarter of 2023. Net interest income for the quarter ended March 31, 2024 was impacted by increases in interest expense, which totaled $32.5 million for the first quarter of 2024 compared to $15.0 million for the same period in 2023, partially offset by increased interest and dividend income, which increased by $13.9 million when compared to the first quarter of 2023.
Net interest margin was 2.73% for the first quarter of 2024, compared to 2.82% reported for the fourth quarter of 2023, and 2.99% for the first quarter of 2023. The decrease in margin from the fourth quarter of 2023 was due to higher funding costs, driven by market rates and higher borrowings due to seasonal deposit changes outpacing increases on interest earning asset yields and growth in average loan balances.
Average loans for the quarter ended March 31, 2024 were up $134.9 million, or 2.5%, from the fourth quarter of 2023, and were up $370.3 million, or 7.1%, compared to the quarter ended March 31, 2023. The increase in average loans over both prior periods was mainly in the commercial real estate portfolio. The average yield on interest-earning assets for the quarter ended March 31, 2024 was 4.47%, which was up from 4.34% for the quarter ended December 31, 2023, and up from 3.81% for the quarter ended March 31, 2023.
Average total deposits for the first quarter of 2024 were down $123.9 million, or 1.9%, compared to the fourth quarter of 2023, while period end balances were up $49.8 million or 0.8% compared to the fourth quarter of 2023 driven by seasonal deposit trends. Average deposits for the quarter were down $206.8 million, or 3.1%, compared to the same period in 2023. The decrease compared to the prior year was largely driven by inflation and persistent rate competition for deposits due to the current interest rate environment and tightening monetary policy. The cost of interest-bearing deposits of 2.17% for the first quarter of 2024, was up 13 basis points from 2.04% for the fourth quarter of 2023, and up 107 basis points from 1.10% for the first quarter of 2023. The ratio of average noninterest bearing deposits to average total deposits for the first quarter of 2024 was 28.8% compared to 29.6% for the fourth quarter of 2023, and 31.4% for the quarter ended March 31, 2023. The average cost of interest-bearing liabilities for the first quarter of 2024 of 2.51% represents an increase of 26 basis points over the fourth quarter of 2023, and an increase of 125 basis points over the same period in 2023.
NONINTEREST INCOME
Noninterest income of $22.1 million for the first quarter of 2024 was up $1.7 million or 8.5% compared to the same period in 2023. The increase was mainly due to increases in fee-based revenues which included insurance commissions and fees, up $750,000, wealth management fees, up $428,000 and card services income, up $257,000. Noninterest income represented 30.4% of total revenue at March 31, 2024, compared to 26.5% at December 31, 2023, and 27.3% at March 31, 2023.
NONINTEREST EXPENSE
Noninterest expense was $49.9 million for the first quarter of 2024, which was down $301,000 or 0.6% compared to the first quarter of 2023. The decrease was mainly driven by lower other expenses (legal fees, marketing expense, and travel and meeting expense) and lower salaries, wages and other employee benefits in the first quarter of 2024 compared to the same period in 2023.
INCOME TAX EXPENSE
The provision for income tax expense of $5.2 million for an effective rate of 23.5% for the first quarter of 2024, compared to tax expense of $3.1 million and an effective rate of 17.2% for the fourth quarter of 2023, and $5.9 million and an effective rate of 23.3% for the same quarter in 2023.
ASSET QUALITY
The allowance for credit losses represented 0.92% of total loans and leases at March 31, 2024, in line with December 31, 2023, and up from 0.87% at March 31, 2023. The ratio of the allowance to total nonperforming loans and leases was 82.47% at March 31, 2024, compared to 82.84% at December 31, 2023 and 162.11% at March 31, 2023. The decrease in the ratio compared to the same prior year period was due to the increase in nonperforming loans and leases discussed in more detail below.
Provision for credit losses for the first quarter of 2024 was $854,000 compared to a credit of $825,000 for the same period in 2023. The increase in provision expense for the first quarter of 2024 was mainly driven by increased off-balance sheet exposures related to growth in commercial loan pipeline, loan growth, and changes in asset quality. The provision credit in the first quarter of 2023 was largely driven by significant net recoveries. Net charge-offs for the first quarter of 2024 were $228,000 compared to net recoveries of $1.3 million reported for the same period in 2023.
Nonperforming assets represented 0.81% of total assets at March 31, 2024, up from 0.80% reported at December 31, 2023 and 0.37% at March 31, 2023. At March 31, 2024, nonperforming loans and leases totaled $62.7 million, compared to $62.3 million at December 31, 2023 and $28.4 million at March 31, 2023. The increase in nonperforming loans at March 31, 2024 compared to the same period in 2023, was mainly due to the addition of one relationship with two commercial real estate properties totaling approximately $33.8 million included in the office space and mixed use properties portion of the commercial real estate portfolio during the fourth quarter of 2023. The Company believes that the existing collateral securing the loans is sufficient to cover the exposure as of March 31, 2024.
Special Mention and Substandard loans and leases totaled $118.7 million at March 31, 2024, compared to $123.1 million reported at December 31, 2023, and $85.6 million reported at March 31, 2023.
CAPITAL POSITION
Capital ratios at March 31, 2024 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was 13.43% at March 31, 2024, compared to 13.36% at December 31, 2023, and 14.62% at March 31, 2023. The ratio of Tier 1 capital to average assets was 9.08% at March 31, 2024, unchanged from the most recent prior quarter, and down compared to 9.63% at March 31, 2023.
LIQUIDITY POSITION
The Company's liquidity position at March 31, 2024 was stable and consistent with the immediately prior quarter. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank Discount Window advances and Federal Home Loan Banks (FHLB) advances. The Company maintains ready access liquidity of $1.5 billion, or 19.3% of total assets at March 31, 2024. As a member of the FHLB, the Company can use certain unencumbered mortgage-related assets and securities to secure borrowings from the FHLB. At March 31, 2024 the Company had an available borrowing capacity at the FHLB of $773.4 million. Through various programs at the Federal Reserve Bank, the Company has the ability to use certain loans and securities to secure borrowings from the Federal Reserve Bank's Discount Window. At March 31, 2024 the available borrowing capacity with the Federal Reserve Bank was $138 million, secured by loans. In addition to the available borrowing lines at the FHLB and Federal Reserve Bank, at March 31, 2024, the Company maintained $579.6 million of unencumbered securities which could be pledged to further enhance secured borrowing capacity.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", "commit", or "anticipate", the negative and other variations of these terms and other similar words. Examples of forward-looking statements may include statements regarding the sufficiency of existing collateral to cover exposure related to nonperforming loans, and the strength of our balance sheet. Forward-looking statements are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factors in Item 1A in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission are among those that could cause actual results to differ materially from the forward-looking statements: changes in general economic, market and regulatory conditions; our ability to attract and retain deposits and other sources of liquidity; gross domestic product growth and inflation trends; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company's operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and state and local government mandates; the impact of any change in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount; technological developments and changes; cybersecurity incidents and threats; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; the ability to access financial resources in the amounts, at the times, and on the terms required to support the Company's future businesses; and the economic impact of national and global events, including the response to bank failures, the wars in Ukraine and Israel, widespread protests, civil unrest, political uncertainty, and pandemics or other public health crises. The Company does not undertake any obligation to update its forward-looking statements.
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(In thousands, except share and per share data) As of As of
ASSETS 03/31/2024 12/31/2023
(Audited)
------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------- -------------------------------------------------
Cash and noninterest bearing balances due from banks $ 47,236 $ 67,212
Interest bearing balances due from banks 9,905 12,330
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Cash and Cash Equivalents 57,141 79,542
Available-for-sale debt securities, at fair value (amortized cost of $1,511,471 at March 31, 2024 and $1,548,482 at December 31, 2023) 1,366,355 1,416,650
Held-to-maturity debt securities, at amortized cost (fair value of $265,102 at March 31, 2024 and $267,455 at December 31, 2023) 312,415 312,401
Equity securities, at fair value 772 787
Total loans and leases, net of unearned income and deferred costs and fees 5,640,524 5,605,935
Less: Allowance for credit losses 51,704 51,584
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Net Loans and Leases 5,588,820 5,554,351
Federal Home Loan Bank and other stock 30,103 33,719
Bank premises and equipment, net 78,158 79,687
Corporate owned life insurance 74,730 67,884
Goodwill 92,602 92,602
Other intangible assets, net 2,247 2,327
Accrued interest and other assets 174,691 179,799
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Total Assets $ 7,778,034 $ 7,819,749
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
LIABILITIES
Deposits:
Interest bearing:
3,646,960 3,484,878
Checking, savings and money market
974,354 998,013
Time
Noninterest bearing 1,828,302 1,916,956
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Total Deposits 6,449,616 6,399,847
Federal funds purchased and securities sold under agreements to repurchase 43,681 50,996
Other borrowings 522,600 602,100
Other liabilities 92,799 96,872
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Total Liabilities $ 7,108,696 $ 7,149,815
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,440,029 at March 31, 2024; and 14,441,830 at December 31, 2023 1,444 1,444
Additional paid-in capital 297,790 297,183
Retained earnings 509,668 501,510
Accumulated other comprehensive loss (134,816 ) (125,005 )
Treasury stock, at cost - 123,577 shares at March 31, 2024, and 132,097 shares at December 31, 2023 (6,180 ) (6,610 )
Total Tompkins Financial Corporation Shareholders' Equity 667,906 668,522
Noncontrolling interests 1,432 1,412
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Total Equity $ 669,338 $ 669,934
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
Total Liabilities and Equity $ 7,778,034 $ 7,819,749
------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- --------- -------------------- -------------------- --------- --------------------
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) (Unaudited) Three Months Ended
03/31/2024 12/31/2023 03/31/2023
-------------------------------------------------------------------------------------- ---------------------------------------------- ------------------------------ ----------------------------------------------
INTEREST AND DIVIDEND INCOME
Loans $ 71,599 $ 69,035 $ 60,842
Due from banks 154 227 139
Available-for-sale debt securities 9,611 9,717 6,743
Held-to-maturity debt securities 1,218 1,222 1,214
Federal Home Loan Bank and other stock 601 584 300
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Total Interest and Dividend Income 83,183 $ 80,785 $ 69,238
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more 4,010 3,949 1,788
Other deposits 20,424 19,526 10,394
Federal funds purchased and securities sold under agreements to repurchase 13 14 14
Other borrowings 8,061 4,937 2,796
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Total Interest Expense 32,508 28,426 14,992
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Net Interest Income 50,675 52,359 54,246
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Less: Provision (credit) for credit loss expense 854 1,761 (825 )
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Net Interest Income After Provision (credit) for Credit Loss Expense 49,821 50,598 55,071
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
NONINTEREST INCOME
Insurance commissions and fees 10,259 7,773 9,509
Wealth management fees 4,937 4,422 4,509
Service charges on deposit accounts 1,796 1,773 1,746
Card services income 2,939 2,859 2,682
Other income 2,220 1,977 1,941
Net (loss) gain on securities transactions (14 ) 46 13
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Total Noninterest Income 22,137 18,850 20,400
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
NONINTEREST EXPENSE
Salaries and wages 24,697 23,710 24,512
Other employee benefits 6,411 6,626 6,741
Net occupancy expense of premises 3,557 3,544 3,299
Furniture and fixture expense 2,125 2,425 2,054
Amortization of intangible assets 76 84 83
Other operating expense 12,991 14,911 13,469
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Total Noninterest Expenses 49,857 51,300 50,158
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Income Before Income Tax Expense 22,101 18,148 25,313
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Income Tax Expense 5,198 3,114 5,901
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation 16,903 15,034 19,412
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Less: Net Income Attributable to Noncontrolling Interests 31 31 31
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Net Income Attributable to Tompkins Financial Corporation $ 16,872 15,003 19,381
-------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- ------ --------------------
Basic Earnings Per Share $ 1.19 $ 1.06 $ 1.35
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter Ended Quarter Ended
March 31, 2024 December 31, 2023
------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------
Average Average
Balance Average Balance Average
(Dollar amounts in thousands) (QTD) Interest Yield/Rate (QTD) Interest Yield/Rate
------------------------------------------------------------------------------ ------------------------------ ---------------------------------------------- ------------------- ------------------------------ ---------------------------------------------- -------------------
ASSETS
Interest-earning assets
$ 12,202 $ 154 5.08 % $ 14,351 $ 227 6.28 %
Interest-bearing balances due from banks
Securities (1)
1,756,122 10,303 2.36 % 1,789,043 10,411 2.31 %
U.S. Government securities
89,886 570 2.55 % 90,070 574 2.53 %
State and municipal (2)
3,278 60 7.32 % 3,242 60 7.37 %
Other securities
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
1,849,286 10,933 2.38 % 1,882,355 11,045 2.33 %
Total securities
34,613 601 6.99 % 24,555 584 9.44 %
FHLBNY and FRB stock
5,621,604 71,779 5.14 % 5,486,715 69,197 5.00 %
Total loans and leases, net of unearned income (2)(3)
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
7,517,705 83,467 4.47 % 7,407,976 81,053 4.34 %
Total interest-earning assets
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
Other assets 283,420 259,006
$ 7,801,125 $ 7,666,982
Total assets
------------------------------------------------------------------------------ -------------------- ---------- ---------------------------------------------- ------------------- -------------------- ---------- ---------------------------------------------- -------------------
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
3,546,216 15,036 1.71 % 3,643,919 14,915 1.62 %
Interest bearing checking, savings, & money market
988,891 9,398 3.82 % 925,790 8,560 3.67 %
Time deposits
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
4,535,107 24,434 2.17 % 4,569,709 23,475 2.04 %
Total interest-bearing deposits
Federal funds purchased & securities sold under agreements to repurchase 48,779 13 0.10 % 51,903 14 0.10 %
Other borrowings 622,951 8,061 5.21 % 398,932 4,937 4.91 %
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
5,206,836 32,508 2.51 % 5,020,544 28,426 2.25 %
Total interest-bearing liabilities
Noninterest bearing deposits 1,831,244 1,920,510
Accrued expenses and other liabilities 96,292 103,648
-------------------- ---------- -------------------- ----------
7,134,373 7,044,702
Total liabilities
Tompkins Financial Corporation Shareholders' equity 665,333 620,789
Noncontrolling interest 1,419 1,491
-------------------- ---------- -------------------- ----------
666,752 622,280
Total equity
Total liabilities and equity $ 7,801,125 $ 7,666,982
-------------------- ---------- -------------------- ----------
Interest rate spread 1.95 % 2.09 %
---------------------------------------------- ---------- --------- ---------------------------------------------- ---------- ---------
50,959 2.73 % 52,627 2.82 %
Net interest income/margin on earning assets
Tax Equivalent Adjustment (284 ) (268 )
-------------------- ------ -------------------- -------------------- ------ --------------------
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter Ended Quarter Ended
March 31, 2024 March 31, 2023
------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------
Average Average
Balance Average Balance Average
(Dollar amounts in thousands) (QTD) Interest Yield/Rate (QTD) Interest Yield/Rate
------------------------------------------------------------------------------ ------------------------------ ---------------------------------------------- ------------------- ------------------------------ ---------------------------------------------- -------------------
ASSETS
Interest-earning assets
$ 12,202 $ 154 5.08 % $ 12,733 $ 139 4.42 %
Interest-bearing balances due from banks
Securities (1)
1,756,122 10,303 2.36 % 2,033,307 7,424 1.48 %
U.S. Government securities
89,886 570 2.55 % 93,201 599 2.60 %
State and municipal (2)
3,278 60 7.32 % 3,284 53 6.55 %
Other securities
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
1,849,286 10,933 2.38 % 2,129,792 8,076 1.54 %
Total securities
34,613 601 6.99 % 16,750 300 7.26 %
FHLBNY and FRB stock
5,621,604 71,779 5.14 % 5,251,278 61,034 4.71 %
Total loans and leases, net of unearned income (2)(3)
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
7,517,705 83,467 4.47 % 7,410,553 69,549 3.81 %
Total interest-earning assets
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
Other assets 283,420 223,240
$ 7,801,125 $ 7,633,793
Total assets
------------------------------------------------------------------------------ -------------------- ---------- ---------------------------------------------- ------------------- -------------------- ---------- ---------------------------------------------- -------------------
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
$ 3,546,216 $ 15,036 1.71 % $ 3,833,566 $ 8,641 0.91 %
Interest bearing checking, savings, & money market
988,891 9,398 3.82 % 673,871 3,541 2.13 %
Time deposits
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
4,535,107 24,434 2.17 % 4,507,437 12,182 1.10 %
Total interest-bearing deposits
Federal funds purchased & securities sold under agreements to repurchase 48,779 13 0.10 % 57,523 14 0.10 %
Other borrowings 622,951 8,061 5.21 % 269,752 2,796 4.20 %
-------------------- ---------- -------------------- ------ -------------------- ---------- --------- -------------------- ---------- -------------------- ------ -------------------- ---------- ---------
5,206,836 32,508 2.51 % 4,834,712 14,992 1.26 %
Total interest-bearing liabilities
Noninterest bearing deposits 1,831,244 2,065,701
Accrued expenses and other liabilities 96,292 102,172
-------------------- ---------- -------------------- ----------
7,134,373 7,002,585
Total liabilities
Tompkins Financial Corporation Shareholders' equity 665,333 629,784
Noncontrolling interest 1,419 1,424
-------------------- ---------- -------------------- ----------
666,752 631,208
Total equity
$ 7,801,125 $ 7,633,793
Total liabilities and equity
-------------------- ---------- -------------------- ----------
Interest rate spread 1.95 % 2.55 %
---------------------------------------------- ---------- --------- ---------------------------------------------- ---------- ---------
50,959 2.73 % 54,557 2.99 %
Net interest income/margin on earning assets
Tax Equivalent Adjustment (284 ) (311 )
-------------------- ------ -------------------- -------------------- ------ --------------------
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data)
------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------
Quarter-Ended Year-Ended
------------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------
Period End Balance Sheet Mar-24 Dec-23 Sep-23 Jun-23 Mar-23 Dec-23
-------------------------------------------------------------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------
Securities $ 1,679,542 $ 1,729,838 $ 1,701,636 $ 1,781,150 $ 1,899,001 $ 1,729,838
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Total Loans 5,640,524 5,605,935 5,434,860 5,352,365 5,273,671 5,605,935
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Allowance for credit losses 51,704 51,584 49,336 48,545 46,099 51,584
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Total assets 7,778,034 7,819,749 7,691,162 7,626,238 7,644,371 7,819,749
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Total deposits 6,449,616 6,399,847 6,623,436 6,454,651 6,509,009 6,399,847
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Federal funds purchased and securities sold under agreements to repurchase 43,681 50,996 56,120 50,483 63,491 50,996
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Other borrowings 522,600 602,100 296,800 387,100 327,000 602,100
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Total common equity 667,906 668,522 610,851 634,967 648,322 668,522
-------------------------------------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Average Balance Sheet ------------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ Average earning assets $ 7,517,705 $ 7,407,976 $ 7,405,434 $ 7,409,714 $ 7,410,553 $ 7,408,404 ------------------------------------ -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Average assets 7,801,125 7,666,982 7,629,876 7,635,800 7,633,793 7,641,672 ------------------------------------ -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Average interest-bearing liabilities 5,206,836 5,020,544 4,902,930 4,883,026 4,834,712 4,910,792 ------------------------------------ -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Share data --------------------------------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------ Weighted average shares outstanding (basic) 14,211,910 14,194,503 14,185,763 14,314,133 14,326,595 14,254,661 --------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Weighted average shares outstanding (diluted) 14,238,357 14,246,024 14,224,748 14,346,787 14,389,673 14,301,221 --------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Period-end shares outstanding 14,405,019 14,405,920 14,350,177 14,405,503 14,519,748 14,405,920 --------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Common equity book value per share $ 46.37 $ 46.41 $ 42.57 $ 44.08 $ 44.65 $ 46.41 --------------------------------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- Tangible book value