Tompkins Financial Corporation Reports Record First Quarter Earnings

ITHACA, N.Y.--()--Tompkins Financial Corporation (NYSEMKT:TMP)

Tompkins Financial Corporation reported net income of $14.2 million for the first quarter of 2016, an increase of 11.8% from the $12.7 million reported for the same period in 2015. Diluted earnings per share were $0.94 for the first quarter of 2016, an 11.9% increase from $0.84 reported for the first quarter of 2015.

President and CEO, Stephen S. Romaine said, "We are excited to start off the new year with the best first quarter earnings results in our history. Solid loan growth, coupled with a stabilizing net interest margin, have been key drivers of growth over the prior year. At the same time, we have seen continued improvement in credit quality trends, with nonperforming assets improved from already low levels.”

SELECTED HIGHLIGHTS FOR FIRST QUARTER:

  • Net interest income of $44.0 million was up 6.8% from the same period last year.
  • Net interest margin has remained relatively stable over the past four quarters.
  • Total loans of $3.8 billion were up 11.5% over the same period in 2015.
  • Tangible book value per share was up 8.6% compared to the same period last year (refer to Non-GAAP measures).
  • Credit quality continues to improve with nonperforming assets down 13.5% compared to the first quarter of 2015.

NET INTEREST INCOME

Net interest income of $44.0 million for the first quarter of 2016 increased 6.8% compared to the same period in 2015, and was up 1.4% compared to the fourth quarter of 2015. Growth in net interest income was largely driven by growth in average loans of $392.9 million (11.6%) since the first quarter of 2015; and $103.7 million (2.8%) since the fourth quarter of 2015. The net interest margin was 3.36% for the first quarter of 2016, down from 3.45% for the same period last year, but has remained relatively stable over the past four quarters.

NONINTEREST INCOME

Noninterest income represented 28.4% of total revenues in the first quarter of 2016, compared to 30.0% in 2015. Noninterest income of $17.5 million was consistent with the same period prior year, and was down 2.3% compared to the most recent prior quarter.

NONINTEREST EXPENSE

Noninterest expense was $39.5 million for the first quarter of 2016, which was consistent with the same period last year and the fourth quarter of 2015. Salaries and wages were up 8.1% compared to same quarter last year, which was partially offset by lower pension and employee benefits costs.

ASSET QUALITY

Asset quality trends continued to improve in the first quarter of 2016. Nonperforming assets were down 13.5% compared to the first quarter in 2015, and down 7.8% compared to the prior quarter end. Nonperforming assets represented 0.39% of total assets at March 31, 2016, down from 0.43% at December 31, 2015. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average1 of 0.90%.

Provision for loan and lease losses was $855,000 for the first quarter of 2016, up from $209,000 one year ago. Net charge-offs for the first quarter of 2016 were $329,000 compared to net recoveries of $279,000 reported in the first quarter 2015.

The Company’s allowance for originated loan and lease losses totaled $32.0 million at March 31, 2016, and represented 0.95% of total originated loans at March 31, 2016. The ratio is unchanged from the most recent prior quarter and is down from 0.99% one year ago. The total allowance represented 156.88% of total nonperforming loans and leases at March 31, 2016, up from 146.7% at December 31, 2015, and 145.11% at March 31, 2015.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets of 8.79%, compared to 8.82% reported for December 31, 2015, and 8.85% at March 31, 2015. Total Capital to risk-weighted assets improved from 13.03% at December 31, 2015 to 13.18% at March 31, 2016.

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

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

This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.

         
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 
(In thousands, except share and per share data) (Unaudited) As of As of
ASSETS   03/31/2016       12/31/2015  
 
Cash and noninterest bearing balances due from banks $ 53,637

 

$

56,261
Interest bearing balances due from banks   1,877       1,996  
Cash and Cash Equivalents 55,514 58,257
 
Trading securities, at fair value 7,023 7,368

Available-for-sale securities, at fair value (amortized cost of $1,415,577 at March 31, 2016 and $1,390,255 at December 31, 2015)

1,431,709 1,385,684

Held-to-maturity securities, at amortized cost (fair value of $150,139 at March 31, 2016 and $146,686 at December 31, 2015)

145,010 146,071
Originated loans and leases, net of unearned income and deferred costs and fees (2) 3,370,791 3,310,768
Acquired loans and leases, covered (3) 12,737 14,031
Acquired loans and leases, non-covered (3) 437,385 447,243
Less: Allowance for loan and lease losses   32,530       32,004  
Net Loans and Leases 3,788,383 3,740,038
 
FDIC indemnification asset 147 158
Federal Home Loan Bank stock 25,727 29,969
Bank premises and equipment, net 60,237 60,331
Corporate owned life insurance 76,410 75,792
Goodwill 92,617 91,792
Other intangible assets, net 13,233 12,448
Accrued interest and other assets   68,961       82,087  
  Total Assets $ 5,764,971  

 

$

5,689,995  
 
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market 2,574,523 2,401,519
Time 887,142 855,133
  Noninterest bearing   1,093,563       1,138,654  
Total Deposits 4,555,228 4,395,306
 

Federal funds purchased and securities sold under agreements to repurchase

116,551 136,513

Other borrowings, including certain amounts at fair value of $10,518 at March 31, 2016 and $10,576 at December 31, 2015

455,341 536,285
Trust preferred debentures 37,552 37,509
Other liabilities   60,406       67,916  
  Total Liabilities $ 5,225,078  

 

$

5,173,529  
 
EQUITY
Tompkins Financial Corporation shareholders' equity:

Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,059,686 at March 31, 2016; and 15,015,594 at December 31, 2015

1,506 1,502
Additional paid-in capital 353,846 350,823
Retained earnings 205,031 197,445
Accumulated other comprehensive loss (18,341 ) (31,001 )

Treasury stock, at cost – 111,924 shares at March 31, 2016, and 116,126 shares at December 31, 2015

(3,634 ) (3,755 )
 
Total Tompkins Financial Corporation Shareholders’ Equity 538,408 515,014
Noncontrolling interests   1,485       1,452  
  Total Equity $ 539,893  

 

$

516,466  
  Total Liabilities and Equity $ 5,764,971  

 

$

5,689,995  
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  Three Months Ended
(In thousands, except per share data) (Unaudited) 03/31/2016   03/31/2015  
INTEREST AND DIVIDEND INCOME
Loans $ 40,487 $ 37,376
Due from banks 2 1
Trading securities 81 94
Available-for-sale securities 7,531 7,814
Held-to-maturity securities 911 596
Federal Home Loan Bank stock and Federal Reserve Bank stock     297     347  
Total Interest and Dividend Income     49,309     46,228  
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more 390 335
Other deposits 2,209 2,286
Federal funds purchased and securities sold under agreements to
repurchase 666 670
Trust preferred debentures 589 570
Other borrowings     1,417     1,139  
Total Interest Expense     5,271     5,000  
Net Interest Income     44,038     41,228  
Less: Provision for loan and lease losses     855     209  
Net Interest Income After Provision for Loan and Lease Losses     43,183     41,019  
NONINTEREST INCOME
Insurance commissions and fees 7,562 7,370
Investment services income 3,786 4,007
Service charges on deposit accounts 2,264 2,157
Card services income 1,941 1,818
Mark-to-market loss on trading securities (46 ) (63 )
Mark-to-market gain on liabilities held at fair value 57 41
Other income 1,707 2,026
Gain on sale of available-for-sale securities     232     290  
Total Noninterest Income     17,503     17,646  
NONINTEREST EXPENSES
Salaries and wages 18,989 17,568
Pension and other employee benefits 5,283 5,994
Net occupancy expense of premises 3,148 3,339
Furniture and fixture expense 1,689 1,450
FDIC insurance 822 741
Amortization of intangible assets 527 507
Other operating expense     9,048     10,093  
Total Noninterest Expenses     39,506     39,692  
Income Before Income Tax Expense     21,180     18,973  
Income Tax Expense     6,967     6,260  
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation     14,213     12,713  
Less: Net income attributable to noncontrolling interests     33     33  
Net Income Attributable to Tompkins Financial Corporation   $ 14,180   $ 12,680  
Basic Earnings Per Share $ 0.95 $ 0.85
Diluted Earnings Per Share   $ 0.94   $ 0.84  
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
               
Year to Date Period Ended Year to Date Period Ended
        March 31, 2016   March 31, 2015
Average Average
Balance Average Balance Average
(Dollar amounts in thousands)   (YTD)   Interest Yield/Rate   (YTD)   Interest Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks $ 2,094 $ 2 0.38 % $ 1,388 $ 1 0.29 %
Securities (4)
U.S. Government securities 1,458,755 7,903 2.18 % 1,435,574 7,853 2.22 %
Trading securities 7,248 81 4.49 % 8,858 94 4.30 %
State and municipal (5) 97,631 838 3.45 % 88,304 870 4.00 %
Other securities (5)   3,686   31   3.38 %   3,764   30   3.23 %
Total securities 1,567,320 8,853 2.27 % 1,536,500 8,847 2.34 %
FHLBNY and FRB stock 27,799 298 4.31 % 20,765 347 6.78 %
 
Total loans and leases, net of unearned income (5)(6)   3,791,207   41,185   4.37 %   3,398,319   37,954   4.53 %
Total interest-earning assets   5,388,420   50,338   3.76 %   4,956,972   47,149   3.86 %
 
Other assets 341,851 358,030
 
Total assets 5,730,271 5,315,002
                         
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market 2,533,185 956 0.15 % 2,348,973 990 0.17 %
Time deposits   868,095   1,643   0.76 %   905,981   1,631   0.73 %
Total interest-bearing deposits 3,401,280 2,599 0.31 % 3,254,954 2,621 0.33 %
 
Federal funds purchased & securities sold under
agreements to repurchase 126,262 666 2.12 % 142,359 670 1.91 %
Other borrowings 502,319 1,417 1.13 % 347,690 1,139 1.33 %
Trust preferred debentures   37,524   589   6.31 %   37,352   570   6.19 %
Total interest-bearing liabilities 4,067,385 5,271 0.52 % 3,782,355 5,000 0.54 %
 
Noninterest bearing deposits 1,067,638 973,212
Accrued expenses and other liabilities 66,934 62,388
Total liabilities 5,201,957 4,817,955
 
Tompkins Financial Corporation Shareholders’ equity 526,846 495,579
Noncontrolling interest 1,468 1,468
Total equity 528,314 497,047
 
Total liabilities and equity $ 5,730,271 $ 5,315,002
Interest rate spread   3.24 %   3.32 %
Net interest income/margin on earning assets 45,067 3.36 % 42,149 3.45 %
 
Tax Equivalent Adjustment (1,029 ) (921 )
 
  Net interest income per consolidated financial statements     $ 44,038         $ 41,228    
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
                           
(In thousands, except per share data)  

Quarter-Ended

Year-Ended

  Mar-16   Dec-15   Sep-15   Jun-15   Mar-15   Dec-15
 
Period End Balance Sheet                        
Securities $ 1,583,742   $ 1,539,123   $ 1,542,332   $ 1,536,374   $ 1,555,597   $ 1,539,123  
Originated loans and leases, net of unearned income and deferred costs and fees (2)   3,370,791     3,310,768     3,149,386     3,013,968     2,898,533     3,310,768  
Acquired loans and leases (3)   450,122     461,274     484,927     507,963     529,024     461,274  
Allowance for loan and lease losses   32,530     32,004     30,965     30,091     29,485     32,004  
Total assets   5,764,971     5,689,995     5,594,718     5,436,136     5,357,533     5,689,995  
Total deposits   4,555,228     4,395,306     4,437,073     4,204,089     4,282,766     4,395,306  
Federal funds purchased and securities sold under agreements to repurchase   116,551     136,513     134,941     131,063     135,769     136,513  
Other borrowings   455,341     536,285     398,946     493,326     330,850     536,285  
Trust preferred debentures   37,552     37,509     37,466     37,423     37,380     37,509  
Total common equity   538,408     515,014     516,409     503,877     502,811     515,014  
Total equity   539,893     516,466     517,959     505,394     504,296     516,466  
 
Average Balance Sheet                        
Average earning assets $ 5,388,420   $ 5,260,979   $ 5,138,665   $ 5,038,586   $ 4,956,972   $ 5,099,743  
Average assets   5,730,271     5,624,351     5,486,645     5,391,114     5,315,002     5,455,214  
Average interest-bearing liabilities   4,067,385     3,930,707     3,856,025     3,835,430     3,782,355     3,851,549  
Average equity   528,314     518,529     509,518     505,667     497,047     507,754  
 
Share data                        
Weighted average shares outstanding (basic)   14,760,276     14,719,394     14,739,915     14,751,844     14,701,397     14,728,193  
Weighted average shares outstanding (diluted)   14,905,919     14,869,103     14,866,735     14,878,107     14,837,935     14,863,026  
Period-end shares outstanding   15,023,776     14,979,684     14,905,576     14,942,107     14,962,079     14,979,684  
Common equity book value per share $ 35.84   $ 34.38   $ 34.65   $ 33.72   $ 33.61   $ 34.38  
Tangible book value per share (Non-GAAP) $ 28.85   $ 27.48   $ 27.64   $ 26.71   $ 26.56   $ 27.48  
 
Income Statement                        
Net interest income $ 44,038   $ 43,437   $ 42,386   $ 41,330   $ 41,228   $ 168,381  
Provision (Credit) for loan/lease losses   855     1,533     281     922     209     2,945  
Noninterest income   17,503     17,910     17,422     18,962     17,646     71,940  
Noninterest expense   39,506     39,370     37,882     32,918     39,692     149,862  
Income tax expense   6,967     6,557     7,115     9,030     6,260     28,962  
Net income attributable to Tompkins Financial Corporation   14,180     13,854     14,497     17,390     12,680     58,421  
Noncontrolling interests   33     33     33     32     33     131  
Basic earnings per share (9) $ 0.95   $ 0.93   $ 0.97   $ 1.16   $ 0.85   $ 3.91  
Diluted earnings per share (9) $ 0.94   $ 0.92   $ 0.96   $ 1.15   $ 0.84   $ 3.87  
 
Nonperforming Assets                        
Originated nonaccrual loans and leases $ 12,671   $ 13,506   $ 14,821   $ 14,566   $ 13,811   $ 13,506  
Acquired nonaccrual loans and leases   4,145     4,331     4,908     5,030     4,683     4,331  
Originated loans and leases 90 days past due and accruing   57     58     57     58     236     58  
Troubled debt restructurings not included above   3,862     3,915     3,465     1,939     1,589     3,915  
Total nonperforming loans and leases   20,735     21,810     23,251     21,593     20,319     21,810  
OREO (8)   1,865     2,692     3,188     2,570     5,816     2,692  
Total nonperforming assets $ 22,600   $ 24,502   $ 26,439   $ 24,163   $ 26,135   $ 24,502  
 

 

  Quarter-Ended Year-Ended
Delinquency - Originated loan and lease portfolio   Mar-16   Dec-15   Sep-15   Jun-15   Mar-15   Dec-15
Loans and leases 30-89 days past due and
accruing (2) $ 2,519   $ 3,280   $ 3,550   $ 3,315   $ 2,438   $ 3,280  
Loans and leases 90 days past due and accruing (2)   57     58     57     58     236     58  
Total originated loans and leases past due and accruing (2)   2,576     3,338     3,607     3,373     2,674     3,338  
 
Delinquency - Acquired loan and lease portfolio
Covered loans and leases 30-89 days past due and accruing (3)(7) $ 1   $ 276   $ 309   $ 455   $ 547   $ 276  
Covered loans and leases 90 days or more past
due and accruing (3)(7)   469     524     508     674     682     524  
Non-covered loans and leases 30-89 days past
due and accruing (3)(7)   1,038     933     1,028     917     2,546     933  
Non-covered loans and leases 90 days past
due and accruing (3)(7)   1,446     1,991     2,069     3,031     2,811     1,991  
Total acquired loans and leases past due and accruing   2,954     3,724     3,914     5,077     6,586     3,724  
Total loans and leases past due and accruing $ 5,530   $ 7,062   $ 7,521   $ 8,450   $ 9,260   $ 7,062  
 
Allowance for Loan Losses - Originated loan and lease portfolio
Balance at beginning of period $ 31,312   $ 30,450   $ 29,428   $ 28,690   $ 28,156   $ 28,156  
Provision for loan and lease losses   872     1,185     173     769     340     2,467  
Net loan and lease charge-offs (recoveries)   203     323     (849 )   31     (194 )   (689 )
Allowance for loan and lease losses (originated 31,981   31,312   30,450   29,428   28,690   31,312  
loan portfolio) - balance at end of period $ $ $ $ $ $
 
Allowance for Loan Losses - Acquired loan and lease portfolio
Balance at beginning of period $ 692   $ 515   $ 663   $ 795   $ 841   $ 841  
Provision (Credit) for loan and lease losses   (17 )   348     108     153     (131 )   478  
Net loan and lease charge-offs (recoveries)   126     171     256     285     (85 )   627  
Allowance for loan and lease losses (acquired
loan portfolio) - balance at end of period   549     692     515     663     795     692  
                         
Total allowance for loan and lease losses $ 32,530   $ 32,004   $ 30,965   $ 30,091   $ 29,485   $ 32,004  
 
Loan Classification - Originated Portfolio                        
Special Mention $ 20,388   $ 19,657   $ 25,133   $ 25,706   $ 34,965   $ 19,657  
Substandard   18,026     18,186     19,937     21,600     19,150     18,186  
Loan Classification - Acquired Portfolio                        
Special Mention   534     540     1,446     1,589     5,053     540  
Substandard   17,445     17,007     23,683     21,932     21,752     18,238  
Loan Classifications - Total Portfolio                        
Special Mention   20,922     20,197     26,579     27,295     40,018     20,197  
Substandard   35,471     35,193     43,620     43,532     40,902     36,424  
 
 
RATIO ANALYSIS   Quarter-Ended Year-Ended
Credit Quality   Mar-16   Dec-15   Sep-15   Jun-15   Mar-15   Dec-15
Nonperforming loans and leases/total loans and leases (7)   0.54 %   0.58 %   0.64 %   0.61 %   0.59 %   0.58 %
Nonperforming assets/total assets   0.39 %   0.43 %   0.47 %   0.44 %   0.49 %   0.43 %
Allowance for originated loan and lease losses/total originated loans and leases   0.95 %   0.95 %   0.97 %   0.98 %   0.99 %   0.95 %
Allowance/nonperforming loans and leases   156.88 %   146.74 %   133.18 %   139.36 %   145.11 %   146.74 %
Net loan and lease losses (recoveries) annualized/total average loans and leases   0.03 %   0.05 %   (0.07 %)   0.04 %   (0.03 %)   (0.00 %)
 
Capital Adequacy (period-end)                        
Tier 1 capital / average assets *   8.79 %   8.82 %   8.89 %   8.92 %   8.85 %   8.82 %
Total capital / risk-weighted assets *   13.18 %   13.03 %   13.29 %   13.46 %   13.37 %   13.03 %
*Beginning with March 31, 2015, ratios are calculated utilizing Basel III regulatory capital framework
 
Profitability                        
Return on average assets *   0.99 %   0.98 %   1.05 %   1.29 %   0.97 %   1.07 %
Return on average equity *   10.77 %   10.63 %   11.29 %   13.79 %   10.35 %   11.51 %
Net interest margin (TE) *   3.36 %   3.35 %   3.35 %   3.37 %   3.45 %   3.38 %
* Quarterly ratios have been annualized

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

 
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 measure 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.
 

Quarter-Ended

 

Year-Ended

Non-GAAP Disclosure - Adjusted Diluted Earnings Per Share

Mar-16

Dec-15

Sep-15

Jun-15

Mar-15

   

Dec-15

Net income available to common shareholders $ 14,180   $ 13,854   $ 14,497   $ 17,390     $ 12,680 $   58,421  
Less: Dividends and undistributed earnings allocated to unvested restricted stock awards   224     229     189     234       182     834  
Adjusted net income available to common shareholders   13,956     13,625     14,308     17,156       12,498     57,587  
Gain on pension plan curtailment (net of tax)   0     0     0     (3,602 )     0     (3,602 )
Net operating income (Non-GAAP)   13,956     13,625     14,308     13,554       12,498     54,349  
Weighted average shares outstanding (diluted)   14,905,919     14,869,103     14,866,735     14,878,107       14,837,935     14,863,026  
Adjusted diluted earnings per share (Non-GAAP) (9) $ 0.94   $ 0.92   $ 0.96   $ 0.91     $ 0.84 $   3.66  
                                       
         
Non-GAAP Disclosure - Tangible Book Value Per Share              
Total common equity $ 538,408   $ 515,014   $ 516,409   $ 503,877     $ 502,811 $   515,014  
Less: Goodwill and intangibles (10)   104,987     103,347     104,349     104,845       105,344     103,347  
Tangible common equity   433,421     411,667     412,060     399,032       397,467     411,667  
Ending shares outstanding   15,023,776     14,979,684     14,905,576     14,942,107       14,962,079     14,979,684  
Tangible book value per share (Non-GAAP) $ 28.85   $ 27.48   $ 27.64   $ 26.71     $ 26.56 $   27.48  
(1) Federal Reserve peer ratio as of December 31, 2015, 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, 2015.
(7) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows.
(8) Includes all other real estate owned, including those balances acquired through business combinations.
(9)Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.
(10) "Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables.

Contacts

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

Contacts

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