Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation ("Tompkins" or the "Company")
reported diluted earnings per share of $1.37 for the fourth quarter
of 2024, up 5.4% and 30.5% compared to the immediate prior quarter
and the fourth quarter of 2023, respectively. Net income for the
fourth quarter of 2024 was $19.7 million, up $1.0 million or 5.5%
compared to the third quarter of 2024, and up $4.7 million, or
31.0%, when compared to the fourth quarter of 2023.
For the year ended December 31, 2024, diluted earnings per share
of $4.97 were up 653.0% compared to the year ended December 31,
2023. Net income for 2024 was $70.9 million, an increase of $61.3
million compared to 2023. The 2023 results included an after-tax
loss of $52.9 million or $3.69 loss per diluted share, related to
the sale of $510.5 million of available-for-sale debt securities.
Earnings performance for 2024 benefited from increased net interest
income, growth in fee-based businesses and lower operating
expenses.
Tompkins President and CEO, Stephen Romaine, commented, "We are
pleased to report increased earnings for the year and fourth
quarter of 2024. Our improved results were driven by growth in
revenue and lower operating expense. Revenue growth was broad and
supported by strong loan growth, deposit growth, and growth in our
fee-based businesses. Our fourth quarter ended the year with 9.4%
annualized loan growth, 14 basis points of net interest margin
expansion and improving profitability metrics. We look forward to
the new year as we believe we remain well positioned to continue to
drive growth through quality customer relationships."
SELECTED HIGHLIGHTS FOR THE PERIOD:
- Net interest margin for the fourth quarter of 2024 was 2.93%,
improved from the immediate prior quarter of 2.79%, and 2.82% for
the same period of 2023.
- Total average cost of funds of 1.88% for the fourth quarter of
2024 was down 13 basis points compared to the third quarter of
2024, as a result of funding mix and lower interest rates.
- Total fee-based services (insurance, wealth management, service
charges on deposit accounts and cards) revenues for the fourth
quarter of 2024 were up $1.3 million or 7.7% compared to the fourth
quarter of 2023.
- Total noninterest expenses for the fourth quarter of 2024 were
in line with the third quarter of 2024, and down $1.3 million or
2.6% compared to the fourth quarter of 2023.
- Total loans at December 31, 2024 were up $138.7 million, or
2.4% compared to September 30, 2024 (9.4% on an annualized basis),
and up $414.0 million, or 7.4%, from December 31, 2023.
- Total deposits at December 31, 2024 were $6.5 billion, down
$106.1 million, or 1.6%, from September 30, 2024, and up $72.0
million, or 1.1%, from December 31, 2023.
- Loan to deposit ratio at December 31, 2024 was 93.0%, compared
to 89.4% at September 30, 2024, and 87.6% at December 31,
2023.
- Regulatory Tier 1 capital to average assets was 9.27% at
December 31, 2024, up compared to 9.19% at September 30, 2024, and
9.08% at December 31, 2023.
NET INTEREST INCOME
Net interest income was $56.3 million for the fourth quarter of
2024, up $3.1 million or 5.8% compared to the third quarter of
2024, and up $3.9 million or 7.5% compared to the fourth quarter of
2023. The increase in net interest income compared to the third
quarter of 2024 was due to improvement in net interest margin,
which is explained further below, and an increase in average loan
balances. The increase when compared to the fourth quarter of 2023
was due to increases in both average loan balances and average loan
yields, and was partially offset by higher average funding
costs.
For the year ended December 31, 2024, net interest income was
$211.1 million, an increase of $1.6 million or 0.8% when compared
to the year ended December 31, 2023. The increase reflects growth
in average loan balances and higher yields on average earning
assets, partially offset by higher average cost of funds.
Net interest margin was 2.93% for the fourth quarter of 2024, up
14 basis points when compared to the immediate prior quarter, and
up 11 basis points from 2.82% for the fourth quarter of 2023. The
increase in net interest margin, when compared to the most recent
prior quarter, was mainly due to lower funding costs resulting from
growth in average deposits and lower market rates. The increase in
net interest margin when compared to the same period prior year was
mainly a result of higher yields on average interest earning assets
and higher average loan balances, and was partially offset by
higher average funding costs.
Average loans for the quarter ended December 31, 2024 were up
$100.9 million, or 1.7%, from the third quarter of 2024, and were
up $445.1 million, or 8.1%, compared to the prior year period. The
increase in average loans over both prior periods was mainly in the
commercial real estate and commercial and industrial portfolios.
The average yield on interest-earning assets for the quarter ended
December 31, 2024 was 4.67%, a slight increase from 4.66% for the
quarter ended September 30, 2024, and up from 4.34% for the quarter
ended December 31, 2023.
Average total deposits of $6.6 billion for the fourth quarter of
2024 were up $217.3 million, or 3.4%, compared to the third quarter
of 2024, and up $91.9 million or 1.4% compared to the same period
in 2023. The cost of interest-bearing deposits of 2.31% for the
fourth quarter of 2024 was down 4 basis points from 2.35% for the
third quarter of 2024, and up 27 basis points from 2.04% for the
fourth quarter of 2023. The ratio of average noninterest bearing
deposits to average total deposits for the fourth quarter of 2024
was 28.0% compared to 28.9% for the third quarter of 2024, and
29.6% for the fourth quarter of 2023. The average cost of
interest-bearing liabilities for the fourth quarter of 2024 of
2.53% represents a decrease of 18 basis points over the third
quarter of 2024, and an increase of 28 basis points over the same
period in 2023.
NONINTEREST INCOME
Noninterest income of $20.8 million for the fourth quarter of
2024 was up $2.0 million or 10.5% compared to the same period in
2023. The increase in quarterly noninterest income when compared to
the same period in 2023 was mainly due to increases in fee-based
revenues, which includes insurance commissions and fees, up
$698,000 or 9.0%; wealth management fees, up $456,000 or 10.3%;
service charges on deposit accounts, up $81,000 or 4.6%; and card
services income, up $60,000 or 2.1%. Other income was up $763,000
or 38.6% for the quarter ended December 31, 2024 compared to the
same period in 2023, and included increases in gains on loan sales
and derivative swap fee income.
Noninterest income of $88.1 million for the year ended December
31, 2024 was up $77.9 million or 760.5% compared to the year ended
December 31, 2023. The increase in noninterest income compared to
2023 was mainly due to the $70.0 million pre-tax loss on the sale
of available-for-sale debt securities in 2023 as discussed above.
Also contributing to the increase for the year ended December 31,
2024 over the prior year were fee-based revenues, which includes
insurance commissions and fees, up $1.7 million or 4.7%; wealth
management fees, up $1.6 million or 9.1%; service charges on
deposit accounts, up $375,000 or 5.4%; and card services income, up
$569,000 or 5.0%. Other income was up $3.6 million for the year
ended December 31, 2024 compared to 2023, and included increases in
gains on loan sales, derivative swap fee income and earnings on
bank-owned life insurance.
NONINTEREST EXPENSE
Noninterest expense was $50.0 million for the fourth quarter of
2024, down $1.3 million or 2.6% compared to the fourth quarter of
2023. Other operating expenses for the quarter were down $3.0
million or 20.4% from the same period prior year and included
decreases in technology, down $1.1 million; marketing, down
$665,000; other losses, down $364,000; and professional fees, down
$242,000. Noninterest expense for the year ended December 31, 2024
was $199.6 million, a decrease of $3.7 million or 1.8% compared to
the $203.3 million reported for 2023. The year-over-year decrease
was mainly driven by lower other operating expenses, which were
down $5.1 million or 9.1% and included decreases in technology,
down $1.3 million; marketing, down $1.2 million; professional fees,
down $1.0 million; retirement plan expense, down $709,000; and
travel and meeting expense, down $667,000. Partially offsetting
these decreases, FDIC insurance expense was up $1.4 million or
32.5% year-over-year.
INCOME TAX EXPENSE
The provision for income tax expense for the fourth quarter of
2024 was $6.0 million for an effective rate of 23.5%, compared to a
provision for tax expense of $3.1 million and an effective rate of
17.2% for the same quarter in 2023. For the year ended December 31,
2024, the provision for income tax expense was $22.0 million and
the effective tax rate was 23.7% compared to tax expense of $2.5
million and an effective tax rate of 20.6% for 2023. Increased tax
expense for both the quarter and year-to-date periods in 2024 was
mainly a result of lower income in 2023 associated with the loss on
the sale of securities described above.
In 2024, the Company's average assets exceeded the $8.0 billion
threshold for receiving certain New York State tax benefits
associated with the Company’s real estate investment trust (“REIT”)
subsidiaries. Therefore, the Company did not recognize any tax
benefit in connection with the REITs in 2024. In the fourth quarter
of 2024, the Company’s bank subsidiary approved the dissolution of
the REITs.
ASSET QUALITY
The allowance for credit losses represented 0.94% of total loans
and leases at December 31, 2024, unchanged compared to the most
recent prior quarter, and up from 0.92% reported at December 31,
2023. The year over year increase in the allowance for credit
losses coverage ratio includes changes for qualitative factors
relating to loan growth and asset quality, model assumptions
changes, and updates to economic forecasts for unemployment and
GDP. The increase in allowance for credit losses was partially
offset by lower off-balance sheet reserves due to model changes
related to utilization rates and a decrease in loan pipeline. The
ratio of the allowance to total nonperforming loans and leases was
111.06% at December 31, 2024, compared to 88.51% at September 30,
2024, and 82.84% at December 31, 2023. The increase in the ratio
compared to the same prior year period was due to the decrease in
nonperforming loans and leases discussed in more detail below.
Provision for credit losses for the fourth quarter of 2024 was
$1.4 million compared to $1.8 million for the same period in 2023.
Provision for credit losses for the year ended December 31, 2024
was $6.6 million compared to $4.3 million for the year ended
December 31, 2023. The increase in provision expense for the full
year compared to 2023 was mainly driven by loan growth, an increase
in net charge-offs and model assumption updates. Net charge-offs
for the three months and year ended December 31, 2024 were $857,000
and $2.5 million, respectively, compared to net charge-offs of
$410,000 and $1.6 million for the same periods in 2023.
Nonperforming assets represented 0.80% of total assets at
December 31, 2024, unchanged from December 31, 2023 but up slightly
compared to 0.78% at September 30, 2024. At December 31, 2024,
nonperforming loans and leases totaled $50.9 million, compared to
$62.6 million at September 30, 2024 and $62.3 million at December
31, 2023. The decrease in nonperforming loans and leases at
December 31, 2024 compared to December 31, 2023 was due to one
commercial real estate loan for $14.2 million being moved from
nonperforming loans to other real estate owned. The increase in
loans past due 30-89 days at December 31, 2024 compared to prior
quarter end and December 31, 2023 was mainly due to the inclusion
of a $17.4 million commercial real estate loan.
Special Mention and Substandard loans and leases totaled $111.1
million at December 31, 2024, compared to $126.0 million reported
at September 30, 2024, and $123.1 million reported at December 31,
2023. The decrease was mainly due to the reclassification of one
commercial real estate loan from nonperforming loans to other real
estate owned as mentioned above.
CAPITAL POSITION
Capital ratios at December 31, 2024 remained well above the
regulatory minimums for well-capitalized institutions. The ratio of
total capital to risk-weighted assets was 13.08% at December 31,
2024, compared to 13.21% at September 30, 2024, and 13.36% at
December 31, 2023. The decrease in the ratio is mainly a result of
loan growth during the fourth quarter of 2024. The ratio of Tier 1
capital to average assets was 9.27% at December 31, 2024, compared
to 9.19% at September 30, 2024, and 9.08% at December 31, 2023.
LIQUIDITY POSITION
The Company's liquidity position at December 31, 2024 was stable
and consistent with the immediate prior quarter end. Liquidity is
enhanced by ready access to national and regional wholesale funding
sources including Federal funds purchased, repurchase agreements,
brokered deposits, Federal Reserve Bank's Discount Window advances
and Federal Home Loan Banks (FHLB) advances. The Company maintained
ready access to liquidity of $1.3 billion, or 16.4% of total assets
at December 31, 2024.
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 and Tompkins Insurance Agencies, Inc.
Tompkins Community Bank provides a full array of wealth management
services under the Tompkins Financial Advisors brand, including
investment management, trust and estate, financial and tax planning
services. 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", as well as 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 future growth.
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 Report 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 and historical
performance: 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; increased supervisory and regulatory scrutiny of
financial institutions; 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, including potential market
volatility, of national and global events, including the response
to bank failures, war and geopolitical matters (including the war
in Israel and surrounding regions and the war in Ukraine),
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) (Unaudited)
As of
As of
ASSETS
12/31/2024
12/31/2023
(Audited)
Cash and noninterest bearing balances due
from banks
$
53,635
$
67,212
Interest bearing balances due from
banks
80,763
12,330
Cash and Cash
Equivalents
134,398
79,542
Available-for-sale debt securities, at
fair value (amortized cost of $1,367,123 at December 31, 2024 and
$1,548,482 at December 31, 2023)
1,231,532
1,416,650
Held-to-maturity debt securities, at
amortized cost (fair value of $267,295 at December 31, 2024 and
$267,455 at December 31, 2023)
312,462
312,401
Equity securities, at fair value
768
787
Total loans and leases, net of unearned
income and deferred costs and fees
6,019,922
5,605,935
Less: Allowance for credit losses
56,496
51,584
Net Loans and Leases
5,963,426
5,554,351
Federal Home Loan Bank and other stock
42,255
33,719
Bank premises and equipment, net
76,626
79,687
Corporate owned life insurance
76,448
67,884
Goodwill
92,602
92,602
Other intangible assets, net
2,203
2,327
Accrued interest and other assets
176,360
179,799
Total Assets
$
8,109,080
$
7,819,749
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market
3,558,946
3,484,878
Time
1,068,375
998,013
Noninterest bearing
1,844,484
1,916,956
Total Deposits
6,471,805
6,399,847
Federal funds purchased and securities
sold under agreements to repurchase
37,036
50,996
Other borrowings
790,247
602,100
Other liabilities
96,548
96,872
Total Liabilities
$
7,395,636
$
7,149,815
EQUITY
Tompkins Financial Corporation
shareholders' equity:
Common Stock - par value $.10 per share:
Authorized 25,000,000 shares; Issued: 14,468,013 at December 31,
2024; and 14,441,830 at December 31, 2023
1,447
1,444
Additional paid-in capital
300,073
297,183
Retained earnings
537,157
501,510
Accumulated other comprehensive loss
(118,492
)
(125,005
)
Treasury stock, at cost – 131,497 shares
at December 31, 2024, and 132,097 shares at December 31, 2023
(6,741
)
(6,610
)
Total Tompkins Financial
Corporation Shareholders’ Equity
713,444
668,522
Noncontrolling interests
0
1,412
Total Equity
$
713,444
$
669,934
Total Liabilities and
Equity
$
8,109,080
$
7,819,749
TOMPKINS FINANCIAL
CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Year Ended
12/31/2024
09/30/2024
12/31/2023
12/31/2024
12/31/2023
INTEREST AND DIVIDEND INCOME
Loans
$
78,911
$
77,814
$
69,035
$
301,970
$
260,434
Due from banks
235
168
227
741
674
Available-for-sale debt securities
8,760
9,037
9,717
36,779
29,677
Held-to-maturity debt securities
1,222
1,222
1,222
4,881
4,876
Federal Home Loan Bank and other stock
894
888
584
3,203
1,697
Total Interest and Dividend
Income
90,022
$
89,129
$
80,785
$
347,574
$
297,358
INTEREST EXPENSE
Time certificates of deposits of $250,000
or more
4,698
4,158
3,949
16,914
11,421
Other deposits
22,856
22,553
19,526
87,069
59,387
Federal funds purchased and securities
sold under agreements to repurchase
11
11
14
46
58
Other borrowings
6,176
9,214
4,937
32,443
16,978
Total Interest Expense
33,741
35,936
28,426
136,472
87,844
Net Interest Income
56,281
53,193
52,359
211,102
209,514
Less: Provision for credit loss
expense
1,411
2,174
1,761
6,611
4,339
Net Interest Income After
Provision for Credit Loss Expense
54,870
51,019
50,598
204,491
205,175
NONINTEREST INCOME
Insurance commissions and fees
8,471
11,283
7,773
39,100
37,351
Wealth management fees
4,878
4,925
4,422
19,589
17,951
Service charges on deposit accounts
1,854
1,872
1,773
7,288
6,913
Card services income
2,919
2,921
2,859
12,057
11,488
Other income
2,740
2,299
1,977
10,061
6,511
Net gain (loss) on securities
transactions
(33
)
85
46
32
(69,973
)
Total Noninterest Income
20,829
23,385
18,850
88,127
10,241
NONINTEREST EXPENSE
Salaries and wages
25,870
25,664
23,710
101,150
97,370
Other employee benefits
7,429
6,276
6,626
26,661
27,333
Net occupancy expense of premises
2,873
3,065
3,544
12,634
13,278
Furniture and fixture expense
1,834
1,797
2,425
7,666
8,663
Amortization of intangible assets
90
86
84
332
334
Other operating expense
11,870
12,989
14,911
51,199
56,314
Total Noninterest Expenses
49,966
49,877
51,300
199,642
203,292
Income Before Income Tax
Expense
25,733
24,527
18,148
92,976
12,124
Income Tax Expense
6,045
5,858
3,114
22,003
2,495
Net Income Attributable to
Noncontrolling Interests and Tompkins Financial Corporation
19,688
18,669
15,034
70,973
9,629
Less: Net Income Attributable to
Noncontrolling Interests
30
31
31
123
124
Net Income Attributable to
Tompkins Financial Corporation
$
19,658
18,638
15,003
70,850
9,505
Basic Earnings Per Share
$
1.38
$
1.31
$
1.06
$
4.98
$
0.66
Diluted Earnings Per Share
$
1.37
$
1.30
$
1.05
$
4.97
$
0.66
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Quarter Ended
December 31, 2024
September 30, 2024
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
$
19,065
$
235
4.90
%
$
13,189
$
168
5.07
%
Securities1
U.S. Government securities
1,619,973
9,471
2.33
%
1,664,611
9,740
2.33
%
State and municipal2
86,481
557
2.56
%
87,799
560
2.54
%
Other securities
3,287
55
6.66
%
3,282
60
7.27
%
Total securities
1,709,741
10,083
2.35
%
1,755,692
10,360
2.35
%
FHLBNY and FRB stock
30,665
894
11.60
%
38,534
888
9.17
%
Total loans and leases, net of unearned
income2,3
5,931,771
79,126
5.31
%
5,830,899
78,040
5.32
%
Total interest-earning assets
7,691,242
90,338
4.67
%
7,638,314
89,456
4.66
%
Other assets
282,490
276,610
Total assets
$
7,973,732
$
7,914,924
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
3,661,006
$
17,223
1.87
%
$
3,509,116
$
16,635
1.89
%
Time deposits
1,076,300
10,331
3.82
%
1,016,949
10,076
3.94
%
Total interest-bearing deposits
4,737,306
27,554
2.31
%
4,526,065
26,711
2.35
%
Federal funds purchased & securities
sold under agreements to repurchase
39,519
11
0.11
%
42,449
11
0.10
%
Other borrowings
534,219
6,176
4.60
%
709,474
9,214
5.17
%
Total interest-bearing
liabilities
5,311,044
33,741
2.53
%
5,277,988
35,936
2.71
%
Noninterest bearing deposits
1,844,772
1,838,725
Accrued expenses and other liabilities
101,370
101,679
Total liabilities
7,257,186
7,218,392
Tompkins Financial Corporation
Shareholders’ equity
715,299
695,057
Noncontrolling interest
1,247
1,475
Total equity
716,546
696,532
Total liabilities and equity
$
7,973,732
$
7,914,924
Interest rate spread
2.15
%
1.95
%
Net interest income (TE)/margin on earning
assets
56,597
2.93
%
53,520
2.79
%
Tax Equivalent Adjustment
(316
)
(327
)
Net interest income
$
56,281
$
53,193
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Quarter Ended
December 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
Interest-bearing balances due from
banks
$
19,065
$
235
4.90
%
$
14,351
$
227
6.28
%
Securities1
U.S. Government securities
1,619,973
9,471
2.33
%
1,789,043
10,411
2.31
%
State and municipal2
86,481
557
2.56
%
90,070
574
2.53
%
Other securities
3,287
55
6.66
%
3,242
60
7.37
%
Total securities
1,709,741
10,083
2.35
%
1,882,355
11,045
2.33
%
FHLBNY and FRB stock
30,665
894
11.60
%
24,555
584
9.44
%
Total loans and leases, net of unearned
income2,3
5,931,771
79,126
5.31
%
5,486,715
69,197
5.00
%
Total interest-earning assets
7,691,242
90,338
4.67
%
7,407,976
81,053
4.34
%
Other assets
282,490
259,006
Total assets
$
7,973,732
$
7,666,982
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
3,661,006
$
17,223
1.87
%
$
3,643,919
$
14,915
1.62
%
Time deposits
1,076,300
10,331
3.82
%
925,790
8,560
3.67
%
Total interest-bearing deposits
4,737,306
27,554
2.31
%
4,569,709
23,475
2.04
%
Federal funds purchased & securities
sold under agreements to repurchase
39,519
11
0.11
%
51,903
14
0.10
%
Other borrowings
534,219
6,176
4.60
%
398,932
4,937
4.91
%
Total interest-bearing
liabilities
5,311,044
33,741
2.53
%
5,020,544
28,426
2.25
%
Noninterest bearing deposits
1,844,772
1,920,510
Accrued expenses and other liabilities
101,370
103,648
Total liabilities
7,257,186
7,044,702
Tompkins Financial Corporation
Shareholders’ equity
715,299
620,789
Noncontrolling interest
1,247
1,491
Total equity
716,546
622,280
Total liabilities and equity
$
7,973,732
$
7,666,982
Interest rate spread
2.15
%
2.09
%
Net interest income (TE)/margin on earning
assets
56,597
2.93
%
52,627
2.82
%
Tax Equivalent Adjustment
(316
)
(268
)
Net interest income
$
56,281
$
52,359
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Year to Date Period
Ended
Year to Date Period
Ended
December 31, 2024
December 31, 2023
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
$
14,052
$
741
5.27
%
$
13,064
$
674
5.16
%
Securities1
U.S. Government securities
1,689,411
39,580
2.34
%
1,920,678
32,432
1.69
%
State and municipal2
88,414
2,254
2.55
%
91,407
2,338
2.56
%
Other securities
3,277
235
7.17
%
3,272
229
6.99
%
Total securities
1,781,102
42,069
2.36
%
2,015,357
35,000
1.74
%
FHLBNY and FRB stock
35,369
3,203
9.06
%
22,284
1,697
7.63
%
Total loans and leases, net of unearned
income2,3
5,768,575
302,780
5.25
%
5,357,699
261,144
4.87
%
Total interest-earning assets
7,599,098
348,793
4.59
%
7,408,404
298,515
4.03
%
Other assets
276,241
233,268
Total assets
$
7,875,339
$
7,641,672
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
3,553,942
$
64,647
1.82
%
$
3,697,780
$
46,820
1.27
%
Time deposits
1,017,532
39,336
3.87
%
793,709
23,988
3.02
%
Total interest-bearing deposits
4,571,474
103,983
2.27
%
4,491,489
70,808
1.58
%
Federal funds purchased & securities
sold under agreements to repurchase
42,752
46
0.11
%
55,773
58
0.10
%
Other borrowings
638,721
32,443
5.08
%
363,530
16,978
4.67
%
Total interest-bearing
liabilities
5,252,947
136,472
2.60
%
4,910,792
87,844
1.79
%
Noninterest bearing deposits
1,838,036
1,994,861
Accrued expenses and other liabilities
98,542
101,287
Total liabilities
7,189,525
7,006,940
Tompkins Financial Corporation
Shareholders’ equity
684,417
633,267
Noncontrolling interest
1,397
1,465
Total equity
685,814
634,732
Total liabilities and equity
$
7,875,339
$
7,641,672
Interest rate spread
1.99
%
2.24
%
Net interest income (TE)/margin on earning
assets
212,321
2.79
%
210,671
2.84
%
Tax Equivalent Adjustment
(1,219
)
(1,157
)
Net interest income
$
211,102
$
209,514
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet
Dec-24
Sep-24
Jun-24
Mar-24
Dec-23
Dec-24
Securities
$
1,544,762
$
1,622,526
$
1,630,654
$
1,679,542
$
1,729,838
$
1,544,762
Total Loans
6,019,922
5,881,261
5,761,864
5,640,524
5,605,935
6,019,922
Allowance for credit losses
56,496
55,384
53,059
51,704
51,584
56,496
Total assets
8,109,080
8,006,427
7,869,522
7,778,034
7,819,749
8,109,080
Total deposits
6,471,805
6,577,896
6,285,896
6,449,616
6,399,847
6,471,805
Federal funds purchased and securities
sold under agreements to repurchase
37,036
67,506
35,989
43,681
50,996
37,036
Other borrowings
790,247
539,327
773,627
522,600
602,100
790,247
Total common equity
713,444
719,855
674,630
667,906
668,522
713,444
Total equity
713,444
721,348
676,093
669,338
669,934
713,444
Average Balance Sheet
Average earning assets
$
7,691,242
$
7,638,314
$
7,547,689
$
7,517,705
$
7,407,976
$
7,599,098
Average assets
7,973,732
7,914,924
7,810,061
7,801,125
7,666,982
7,875,339
Average interest-bearing liabilities
5,311,044
5,277,988
5,215,003
5,206,836
5,020,544
5,252,947
Average equity
716,546
696,532
662,969
666,752
622,280
685,814
Share data
Weighted average shares outstanding
(basic)
14,230,297
14,215,607
14,214,574
14,211,910
14,194,503
14,218,106
Weighted average shares outstanding
(diluted)
14,312,497
14,283,255
14,239,626
14,238,357
14,246,024
14,268,443
Period-end shares outstanding
14,436,363
14,394,255
14,395,204
14,405,019
14,405,920
14,436,363
Common equity book value per share
$
49.42
$
50.01
$
46.86
$
46.37
$
46.41
$
49.42
Tangible book value per share
(Non-GAAP)**
$
42.93
$
43.50
$
40.35
$
39.85
$
39.88
$
42.93
**See "Non-GAAP measures" below for a
discussion of non-GAAP financial measures and a reconciliation of
non-GAAP financial measures to the most directly comparable
financial measures presented in accordance with GAAP.
Income Statement
Net interest income
$
56,281
$
53,193
$
50,953
$
50,675
$
52,359
$
211,102
Provision for credit loss expense
1,411
2,174
2,172
854
1,761
6,611
Noninterest income
20,829
23,385
21,776
22,137
18,850
88,127
Noninterest expense
49,966
49,877
49,942
49,857
51,300
199,642
Income tax expense
6,045
5,858
4,902
5,198
3,114
22,003
Net income attributable to Tompkins
Financial Corporation
19,658
18,638
15,682
16,872
15,003
70,850
Noncontrolling interests
30
31
31
31
31
123
Basic earnings per share4
1.38
1.31
1.10
1.19
1.06
4.98
Diluted earnings per share4
1.37
1.30
1.10
1.18
1.05
4.97
Nonperforming Assets
Nonaccrual loans and leases
$
50,548
$
62,381
$
62,253
$
62,544
$
62,165
$
50,548
Loans and leases 90 days past due and
accruing
323
193
215
151
101
323
Total nonperforming loans and leases
50,871
62,574
62,468
62,695
62,266
50,871
OREO
14,314
81
80
0
131
14,314
Total nonperforming assets
$
65,185
$
62,655
$
62,548
$
62,695
$
62,397
$
65,185
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Quarter-Ended
Year-Ended
Delinquency - Total loan and lease
portfolio
Dec-24
Sep-24
Jun-24
Mar-24
Dec-23
Dec-24
Loans and leases 30-89 days past due
and
accruing
$
28,828
$
7,031
$
5,286
$
8,015
$
4,210
$
28,828
Loans and leases 90 days past due and
accruing
323
193
215
151
101
323
Total loans and leases past due and
accruing
29,151
7,224
5,501
8,166
4,311
29,151
Allowance for Credit Losses
Balance at beginning of period
$
55,384
$
53,059
$
51,704
$
51,584
$
49,336
$
51,584
Provision for credit losses
1,969
3,237
1,864
348
2,658
$
7,418
Net loan and lease charge-offs
(recoveries)
857
912
509
228
410
$
2,506
Allowance for credit losses at end of
period
$
56,496
$
55,384
$
53,059
$
51,704
$
51,584
$
56,496
Allowance for Credit Losses -
Off-Balance Sheet Exposure
Balance at beginning of period
$
2,021
$
3,084
$
2,776
$
2,270
$
3,167
$
2,270
(Credit) provision for credit losses
(558
)
(1,063
)
308
506
(897
)
$
(807
)
Allowance for credit losses at end of
period
$
1,463
$
2,021
$
3,084
$
2,776
$
2,270
$
1,463
Loan Classification - Total
Portfolio
Special Mention
$
36,923
$
58,758
$
48,712
$
46,302
$
50,368
$
36,923
Substandard
74,163
67,261
67,509
72,412
72,717
74,163
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans
and leases
0.85
%
1.06
%
1.08
%
1.11
%
1.11
%
0.85
%
Nonperforming assets/total assets
0.80
%
0.78
%
0.79
%
0.81
%
0.80
%
0.80
%
Allowance for credit losses/total loans
and leases
0.94
%
0.94
%
0.92
%
0.92
%
0.92
%
0.94
%
Allowance/nonperforming loans and
leases
111.06
%
88.51
%
84.94
%
82.47
%
82.84
%
111.06
%
Net loan and lease losses (recoveries)
annualized/total average loans and leases
0.06
%
0.06
%
0.04
%
0.02
%
0.03
%
0.04
%
Capital Adequacy
Tier 1 Capital (to average assets)
9.27
%
9.19
%
9.15
%
9.08
%
9.08
%
9.27
%
Total Capital (to risk-weighted
assets)
13.08
%
13.21
%
13.26
%
13.43
%
13.36
%
13.08
%
Profitability (period-end)
Return on average assets *
0.98
%
0.94
%
0.81
%
0.87
%
0.78
%
0.90
%
Return on average equity *
10.91
%
10.65
%
9.51
%
10.18
%
9.56
%
10.33
%
Net interest margin (TE) *
2.93
%
2.79
%
2.73
%
2.73
%
2.82
%
2.79
%
Average yield on interest-earning
assets*
4.67
%
4.66
%
4.56
%
4.47
%
4.34
%
4.59
%
Average cost of deposits*
1.67
%
1.67
%
1.61
%
1.54
%
1.43
%
1.62
%
Average cost of funds*
1.88
%
2.01
%
1.96
%
1.86
%
1.62
%
1.92
%
* 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 U.S. generally accepted
accounting principles (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
below tables. The Company believes the non-GAAP measures provide
meaningful comparisons of our underlying operational performance
and facilitate management's and investors' assessments of business
and performance trends in comparison to others in the financial
services industry. These non-GAAP financial measures should not be
considered in isolation or as a measure of the Company's
profitability or liquidity; they are in addition to, and are not a
substitute for, financial measures under GAAP. The non-GAAP
financial measures presented herein may be different from non-GAAP
financial measures used by other companies, and may not be
comparable to similarly titled measures reported by other
companies. Further, the Company may utilize other measures to
illustrate performance in the future. Non-GAAP financial measures
have limitations since they do not reflect all of the amounts
associated with the Company's results of operations as determined
in accordance with GAAP.
Reconciliation of Tangible Book Value
Per Share (non-GAAP) to Common Equity Book Value Per Share
(GAAP)
Quarter-Ended
Year-Ended
Dec-24
Sep-24
Jun-24
Mar-24
Dec-23
Dec-24
Common equity book value per share
(GAAP)
$
49.42
$
50.01
$
46.86
$
46.37
$
46.41
$
49.42
Total common equity
$
713,444
$
719,855
$
674,630
$
667,906
$
668,522
$
713,444
Less: Goodwill and intangibles
93,670
93,760
93,847
93,926
94,003
93,670
Tangible common equity (Non-GAAP)
619,774
626,095
580,783
573,980
574,519
619,774
Ending shares outstanding
14,436,363
14,394,255
14,395,204
14,405,019
14,405,920
14,436,363
Tangible book value per share
(Non-GAAP)
$
42.93
$
43.50
$
40.35
$
39.85
$
39.88
$
42.93
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 2024 and 2023 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, 2023. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250131969196/en/
Stephen S. Romaine, President & CEO Matthew Tomazin,
Executive VP, CFO & Treasurer Tompkins Financial Corporation
(888) 503-5753
Grafico Azioni Tompkins Financial (AMEX:TMP)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Tompkins Financial (AMEX:TMP)
Storico
Da Mar 2024 a Mar 2025
