Tompkins Financial Corporation Reports Record Fourth Quarter Earnings
Tompkins Financial Corporation (TMP) reported a diluted EPS of $1.61 for Q4 2020, marking a 15.0% increase from Q4 2019. Net income reached $24.0 million, a rise of $2.9 million year-over-year. However, for the full year, EPS declined by 3.2% to $5.20, with net income of $77.6 million, down from $81.7 million in 2019, largely impacted by a $16.3 million provision for credit losses due to the COVID-19 pandemic. Total loans were $5.3 billion, up 7.0%, and deposits increased to $6.4 billion, reflecting a 23.5% growth.
- Q4 2020 diluted EPS at $1.61, up 15.0% YoY.
- Net income for Q4 2020 increased to $24.0 million.
- Full-year net interest income rose by 7.0% to $225.3 million.
- Total loans increased by 7.0% to $5.3 billion.
- Total deposits rose 23.5% to $6.4 billion.
- Full-year diluted EPS declined by 3.2% to $5.20.
- Net income decreased to $77.6 million from $81.7 million in 2019.
- Provision for credit losses totaled $16.2 million, significantly impacting results.
- Noninterest income fell by 2.1% to $73.9 million for the year.
Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation reported diluted earnings per share of
For the fiscal year ended December 31, 2020, diluted earnings per share were
President and CEO, Mr. Stephen Romaine commented, "2020 was a challenging year on many fronts, which makes it particularly rewarding that earnings for the fourth quarter reflect the best fourth quarter results in our Company's history. Favorable results were largely driven by improved net interest income, insurance commissions and wealth management fees, all of which were up from the fourth quarter of 2019. Despite the positive earnings trends for the quarter, our results for the full year were negatively impacted by the pandemic and related economic restrictions, which have continued to negatively impact customers. We continue to support our customers through our loan payment deferral program and funding of loans under the Paycheck Protection Program. At year end, we believe that we had adequately reserved for potential credit losses in the loan portfolio, though a great deal of uncertainty remains.”
SELECTED HIGHLIGHTS FOR THE YEAR-END 2020:
-
Total loans of
$5.3 billion at December 31, 2020 were up$342.8 million , or7.0% over December 31, 2019. The increase over the prior year-end included an outstanding principle balance of$291.3 million of PPP loans that were funded during the second quarter of 2020. -
Total deposits of
$6.4 billion was an increase of$1.2 billion , or23.5% over December 31, 2019. -
The ratio of Total Capital to Risk-Weighted Assets improved to
14.39% , up from14.26% at September 30, 2020, and13.53% at December 31, 2019.
NET INTEREST INCOME
Net interest income was
Average loans for the year ended December 31, 2020 were up
Average total deposits for 2020 were up
Net interest margin was
As a result of its participation in the SBA's PPP, in the fourth quarter of 2020, the Company recorded net deferred loan fees of
NONINTEREST INCOME
Noninterest income represented
NONINTEREST EXPENSE
Noninterest expense was
INCOME TAX EXPENSE
The Company's effective tax rate was
ASSET QUALITY
Provision for credit losses for the fourth quarter of 2020 was
The allowance for credit losses represented
Special Mention loans totaled
During 2020, overall credit quality was supported by several plans initiated by the Company in response to the COVID-19 pandemic. As previously announced, Tompkins initiated and participated in a number of credit initiatives to support customers who have been impacted by the economic conditions associated with the COVID-19 pandemic. The Company implemented a payment deferral program to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19. Weekly deferral requests for the month of December were down
As previously noted, the Company participated in the PPP, which provides borrower guarantees for lenders, as well as loan forgiveness incentives for borrowers that utilize the loan proceeds to cover employee compensation-related expenses and certain other eligible business operating costs, all in accordance with the rules and regulations established by the SBA. The Company began accepting applications for PPP loans on April 3, 2020, and had funded approximately 2,998 loans totaling about
Mr. Romaine added, "Our deferral program and our participation in the PPP program are examples of how Tompkins has remained committed to supporting our clients and communities during these challenging times. Through year end, we had supported approximately 6,800 customers with these programs. We are also pleased to be participating in the latest round of PPP financing and as of January 28, 2021 had submitted 1,007 PPP loan applications totaling
CAPITAL POSITION
Capital ratios remained well above the regulatory minimums for well capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets improved to
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 contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Examples of forward-looking statements in this press release include, without limitation, those regarding the novel coronavirus (COVID-19) and our plans in response to the coronavirus. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", or "anticipate", and other similar words. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to certain uncertainties and factors relating to the Company’s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements. The following factors, in addition to those listed as Risk Factors in Item 1A of our Annual Reports on Form 10-K and our Quarterly Reports on form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ materially from the forward-looking statements: changes in general economic, market and regulatory conditions; the severity and duration of the coronavirus outbreak and the impact of the outbreak (including the government’s response to the outbreak) on economic and financial markets, potential regulatory actions, and modifications to our operations, products, and services relating thereto; disruptions in our and our customers’ operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, government-imposed travel/business restrictions, or outbreaks of infectious diseases such as the coronavirus, and the associated adverse impact on our financial position, liquidity, and our customers’ abilities to repay their obligations to us or willingness to obtain financial services products from the Company; the development of an interest rate environment that may adversely affect the Company’s interest rate spread, other income or cash flow anticipated from the Company’s operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, such as the Dodd-Frank Act, Basel III and the Economic Growth, Regulatory Relief, and Consumer Protection Act; legislative and regulatory changes in response to COVID-19 with which we and our subsidiaries must comply, including the CARES Act and the Consolidated Appropriations Act, 2021 and the rules and regulations promulgated thereunder, and state and local government mandates; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; uncertainties arising from national and global events, including the potential impact of widespread protests, civil unrest, and political uncertainty on the economy and the financial services industry; and financial resources in the amounts, at the times and on the terms required to support the Company’s future businesses. The Company does not undertake any obligation to update its forward-looking statements.
TOMPKINS FINANCIAL CORPORATION |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION |
||||||||
(In thousands, except share and per share data) |
As of |
As of |
||||||
ASSETS |
12/31/2020 |
12/31/2019 |
||||||
|
|
|
||||||
Cash and noninterest bearing balances due from banks |
$ |
21,245 |
|
$ |
136,010 |
|
||
Interest bearing balances due from banks |
367,217 |
|
1,972 |
|
||||
Cash and Cash Equivalents |
388,462 |
|
137,982 |
|
||||
|
|
|
||||||
Available-for-sale debt securities, at fair value (amortized cost of |
1,627,193 |
|
1,298,587 |
|
||||
Equity securities, at fair value (amortized cost |
929 |
|
915 |
|
||||
Total loans and leases, net of unearned income and deferred costs and fees |
5,260,327 |
|
4,917,550 |
|
||||
Less: Allowance for credit losses |
51,669 |
|
39,892 |
|
||||
Net Loans and Leases |
5,208,658 |
|
4,877,658 |
|
||||
|
|
|
||||||
Federal Home Loan Bank and other stock |
16,382 |
|
33,695 |
|
||||
Bank premises and equipment, net |
88,709 |
|
94,355 |
|
||||
Corporate owned life insurance |
84,736 |
|
82,961 |
|
||||
Goodwill |
92,447 |
|
92,447 |
|
||||
Other intangible assets, net |
4,905 |
|
6,223 |
|
||||
Accrued interest and other assets |
109,750 |
|
100,800 |
|
||||
Total Assets |
$ |
7,622,171 |
|
$ |
6,725,623 |
|
||
LIABILITIES |
|
|
||||||
Deposits: |
|
|
||||||
Interest bearing: |
|
|
||||||
Checking, savings and money market |
3,761,933 |
|
3,080,686 |
|
||||
Time |
746,234 |
|
675,014 |
|
||||
Noninterest bearing |
1,929,585 |
|
1,457,221 |
|
||||
Total Deposits |
6,437,752 |
|
5,212,921 |
|
||||
|
|
|
||||||
Federal funds purchased and securities sold under agreements to repurchase |
65,845 |
|
60,346 |
|
||||
Other borrowings |
265,000 |
|
658,100 |
|
||||
Trust preferred debentures |
13,220 |
|
17,035 |
|
||||
Other liabilities |
122,665 |
|
114,167 |
|
||||
Total Liabilities |
$ |
6,904,482 |
|
$ |
6,062,569 |
|
||
EQUITY |
|
|
||||||
Tompkins Financial Corporation shareholders' equity: |
|
|
||||||
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,964,389 at December 31, 2020; and 15,014,499 at December 31, 2019 |
1,496 |
|
1,501 |
|
||||
Additional paid-in capital |
333,976 |
|
338,507 |
|
||||
Retained earnings |
418,413 |
|
370,477 |
|
||||
Accumulated other comprehensive loss |
(32,074) |
|
(43,564) |
|
||||
Treasury stock, at cost – 124,849 shares at December 31, 2020, and 123,956 shares at December 31, 2019 |
(5,534) |
|
(5,279) |
|
||||
Total Tompkins Financial Corporation Shareholders’ Equity |
716,277 |
|
661,642 |
|
||||
|
|
|
||||||
Noncontrolling interests |
1,412 |
|
1,412 |
|
||||
Total Equity |
$ |
717,689 |
|
$ |
663,054 |
|
||
Total Liabilities and Equity |
$ |
7,622,171 |
|
$ |
6,725,623 |
|
||
|
|
|
||||||
TOMPKINS FINANCIAL CORPORATION |
|
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
|
|||||||||||||||
(In thousands, except per share data) (Unaudited) |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
12/31/2020 |
12/31/2019 |
12/31/2020 |
12/31/2019 |
|||||||||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|||||||||||||
Loans |
$ |
57,674 |
|
$ |
57,039 |
|
$ |
227,313 |
|
$ |
226,723 |
|
|||||
Due from banks |
104 |
|
9 |
|
194 |
|
41 |
|
|||||||||
Available-for-sale debt securities |
5,349 |
|
6,406 |
|
25,450 |
|
28,460 |
|
|||||||||
Held-to-maturity securities |
0 |
|
568 |
|
0 |
|
3,151 |
|
|||||||||
Federal Home Loan Bank and other stock |
243 |
|
561 |
|
1,373 |
|
3,003 |
|
|||||||||
Total Interest and Dividend Income |
63,370 |
|
$ |
64,583 |
|
254,330 |
|
$ |
261,378 |
|
|||||||
INTEREST EXPENSE |
|
|
|
|
|||||||||||||
Time certificates of deposits of |
717 |
|
912 |
|
3,175 |
|
3,095 |
|
|||||||||
Other deposits |
3,066 |
|
7,399 |
|
16,789 |
|
27,809 |
|
|||||||||
Federal funds purchased and securities sold under agreements to repurchase |
19 |
|
33 |
|
95 |
|
143 |
|
|||||||||
Trust preferred debentures |
375 |
|
303 |
|
1,133 |
|
1,276 |
|
|||||||||
Other borrowings |
1,442 |
|
2,696 |
|
7,799 |
|
18,427 |
|
|||||||||
Total Interest Expense |
5,619 |
|
11,343 |
|
28,991 |
|
50,750 |
|
|||||||||
Net Interest Income |
57,751 |
|
53,240 |
|
225,339 |
|
210,628 |
|
|||||||||
Less: Provision (credit) for credit loss expense |
6 |
|
(1,000) |
|
16,151 |
|
1,366 |
|
|||||||||
Net Interest Income After Provision for Credit Loss Expense |
57,745 |
|
54,240 |
|
209,188 |
|
209,262 |
|
|||||||||
NONINTEREST INCOME |
|
|
|
|
|||||||||||||
Insurance commissions and fees |
7,289 |
|
6,777 |
|
31,505 |
|
31,091 |
|
|||||||||
Investment services income |
5,106 |
|
4,268 |
|
17,520 |
|
16,434 |
|
|||||||||
Service charges on deposit accounts |
1,637 |
|
2,110 |
|
6,312 |
|
8,321 |
|
|||||||||
Card services income |
2,378 |
|
2,436 |
|
9,263 |
|
10,526 |
|
|||||||||
Other income |
2,429 |
|
2,171 |
|
8,817 |
|
8,416 |
|
|||||||||
Net (loss) gain on securities transactions |
(3) |
|
210 |
|
443 |
|
645 |
|
|||||||||
Total Noninterest Income |
18,836 |
|
17,972 |
|
73,860 |
|
$ |
75,433 |
|
||||||||
NONINTEREST EXPENSE |
|
|
|
|
|||||||||||||
Salaries and wages |
23,037 |
|
23,250 |
|
92,519 |
|
89,399 |
|
|||||||||
Other employee benefits |
6,552 |
|
6,394 |
|
24,812 |
|
23,488 |
|
|||||||||
Net occupancy expense of premises |
3,400 |
|
3,115 |
|
12,930 |
|
13,210 |
|
|||||||||
Furniture and fixture expense |
2,087 |
|
1,921 |
|
7,846 |
|
7,815 |
|
|||||||||
Amortization of intangible assets |
364 |
|
421 |
|
1,484 |
|
1,673 |
|
|||||||||
Other operating expense |
10,965 |
|
10,799 |
|
45,791 |
|
46,249 |
|
|||||||||
Total Noninterest Expenses |
46,405 |
|
45,900 |
|
185,382 |
|
181,834 |
|
|||||||||
Income Before Income Tax Expense |
30,176 |
|
26,312 |
|
97,666 |
|
102,861 |
|
|||||||||
Income Tax Expense |
6,145 |
|
5,200 |
|
19,924 |
|
21,016 |
|
|||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation |
24,031 |
|
21,112 |
|
77,742 |
|
81,845 |
|
|||||||||
Less: Net Income Attributable to Noncontrolling Interests |
53 |
|
32 |
|
154 |
|
127 |
|
|||||||||
Net Income Attributable to Tompkins Financial Corporation |
$ |
23,978 |
|
21,080 |
|
$ |
77,588 |
|
81,718 |
|
|||||||
Basic Earnings Per Share |
$ |
1.61 |
|
$ |
1.41 |
|
$ |
5.22 |
|
$ |
5.39 |
|
|||||
Diluted Earnings Per Share |
$ |
1.61 |
|
$ |
1.40 |
|
$ |
5.20 |
|
$ |
5.37 |
|
|||||
|
|
|
|
|
|||||||||||||
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
||||||||||||||||
|
Quarter Ended |
Quarter Ended |
||||||||||||||
|
December 31, 2020 |
December 31, 2019 |
||||||||||||||
|
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 |
$ |
439,726 |
|
$ |
104 |
|
0.09 |
% |
$ |
2,763 |
|
$ |
9 |
|
1.29 |
% |
Securities (1) |
|
|
|
|
|
|
||||||||||
U.S. Government securities |
1,502,226 |
|
4,671 |
|
1.24 |
% |
1,192,035 |
|
6,421 |
|
2.14 |
% |
||||
State and municipal (2) |
127,580 |
|
823 |
|
2.57 |
% |
93,275 |
|
643 |
|
2.73 |
% |
||||
Other securities (2) |
3,430 |
|
24 |
|
2.78 |
% |
3,417 |
|
37 |
|
4.30 |
% |
||||
Total securities |
1,633,236 |
|
5,518 |
|
1.34 |
% |
1,288,727 |
|
7,101 |
|
2.19 |
% |
||||
FHLBNY and FRB stock |
16,766 |
|
244 |
|
5.80 |
% |
25,469 |
|
561 |
|
8.74 |
% |
||||
Total loans and leases, net of unearned income (2)(3) |
5,318,607 |
|
57,949 |
|
4.33 |
% |
4,871,483 |
|
57,332 |
|
4.67 |
% |
||||
Total interest-earning assets |
7,408,335 |
|
63,815 |
|
3.43 |
% |
6,188,442 |
|
65,003 |
|
4.17 |
% |
||||
Other assets |
349,824 |
|
|
|
424,760 |
|
|
|
||||||||
Total assets |
$ |
7,758,159 |
|
|
|
$ |
6,613,202 |
|
|
|
||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
||||||||||
Interest-bearing deposits |
|
|
|
|
|
|
||||||||||
Interest bearing checking, savings, & money market |
3,927,433 |
|
1,457 |
|
0.15 |
% |
3,140,707 |
|
5,234 |
|
0.66 |
% |
||||
Time deposits |
734,009 |
|
2,326 |
|
1.26 |
% |
692,541 |
|
3,077 |
|
1.76 |
% |
||||
Total interest-bearing deposits |
4,661,442 |
|
3,783 |
|
0.32 |
% |
3,833,248 |
|
8,311 |
|
0.86 |
% |
||||
Federal funds purchased & securities sold under agreements to repurchase |
60,417 |
|
19 |
|
0.12 |
% |
54,907 |
|
33 |
|
0.24 |
% |
||||
Other borrowings |
271,087 |
|
1,442 |
|
2.12 |
% |
469,410 |
|
2,696 |
|
2.28 |
% |
||||
Trust preferred debentures |
17,091 |
|
375 |
|
8.73 |
% |
17,007 |
|
303 |
|
7.07 |
% |
||||
Total interest-bearing liabilities |
5,010,037 |
|
5,619 |
|
0.45 |
% |
4,374,572 |
|
11,343 |
|
1.03 |
% |
||||
Noninterest bearing deposits |
1,913,781 |
|
|
|
1,471,377 |
|
|
|
||||||||
Accrued expenses and other liabilities |
115,227 |
|
|
|
102,812 |
|
|
|
||||||||
Total liabilities |
7,039,045 |
|
|
|
5,948,761 |
|
|
|
||||||||
Tompkins Financial Corporation Shareholders’ equity |
717,618 |
|
|
|
662,940 |
|
|
|
||||||||
Noncontrolling interest |
1,496 |
|
|
|
1,501 |
|
|
|
||||||||
Total equity |
719,114 |
|
|
|
664,441 |
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||||
Total liabilities and equity |
$ |
7,758,159 |
|
|
|
$ |
6,613,202 |
|
|
|
||||||
Interest rate spread |
|
|
2.98 |
% |
|
|
3.14 |
% |
||||||||
Net interest income/margin on earning assets |
|
58,196 |
|
3.12 |
% |
|
53,660 |
|
3.44 |
% |
||||||
|
|
|
|
|
|
|
||||||||||
Tax Equivalent Adjustment |
|
(445) |
|
|
|
(420) |
|
|
||||||||
Net interest income per consolidated financial statements |
|
$ |
57,751 |
|
|
|
$ |
53,240 |
|
|
||||||
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
||||||||||||||||
|
Fiscal Year Ended |
Fiscal Year Ended |
||||||||||||||
|
December 31, 2020 |
December 31, 2019 |
||||||||||||||
|
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 |
$ |
194,211 |
|
$ |
194 |
|
0.10 |
% |
$ |
1,647 |
|
$ |
41 |
|
2.49 |
% |
Securities (1) |
|
|
|
|
|
|
||||||||||
U.S. Government securities |
1,307,905 |
|
22,906 |
|
1.75 |
% |
1,301,813 |
|
29,411 |
|
2.26 |
% |
||||
State and municipal (2) |
114,462 |
|
3,048 |
|
2.66 |
% |
93,168 |
|
2,547 |
|
2.73 |
% |
||||
Other securities (2) |
3,430 |
|
117 |
|
3.40 |
% |
3,417 |
|
158 |
|
4.62 |
% |
||||
Total securities |
1,425,797 |
|
26,071 |
|
1.83 |
% |
1,398,398 |
|
32,116 |
|
2.30 |
% |
||||
FHLBNY and FRB stock |
20,815 |
|
1,374 |
|
6.60 |
% |
38,308 |
|
3,003 |
|
7.84 |
% |
||||
Total loans and leases, net of unearned income (2)(3) |
5,228,135 |
|
228,805 |
|
4.38 |
% |
4,830,089 |
|
227,869 |
|
4.72 |
% |
||||
Total interest-earning assets |
6,868,958 |
|
256,444 |
|
3.73 |
% |
6,268,442 |
|
263,029 |
|
4.20 |
% |
||||
Other assets |
489,520 |
|
|
|
411,136 |
|
|
|
||||||||
Total assets |
$ |
7,358,478 |
|
|
|
$ |
6,679,578 |
|
|
|
||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
||||||||||
Interest-bearing deposits |
|
|
|
|
|
|
||||||||||
Interest bearing checking, savings, & money market |
3,650,358 |
|
9,430 |
|
0.26 |
% |
3,007,221 |
|
20,099 |
|
0.67 |
% |
||||
Time deposits |
703,999 |
|
10,534 |
|
1.50 |
% |
676,106 |
|
10,805 |
|
1.60 |
% |
||||
Total interest-bearing deposits |
4,354,357 |
|
19,964 |
|
0.46 |
% |
3,683,327 |
|
30,904 |
|
0.84 |
% |
||||
Federal funds purchased & securities sold under agreements to repurchase |
55,973 |
|
95 |
|
0.17 |
% |
59,825 |
|
143 |
|
0.24 |
% |
||||
Other borrowings |
365,732 |
|
7,799 |
|
2.13 |
% |
762,993 |
|
18,427 |
|
2.42 |
% |
||||
Trust preferred debentures |
17,092 |
|
1,133 |
|
6.63 |
% |
16,943 |
|
1,276 |
|
7.53 |
% |
||||
Total interest-bearing liabilities |
4,793,154 |
|
28,991 |
|
0.60 |
% |
4,523,088 |
|
50,750 |
|
1.12 |
% |
||||
Noninterest bearing deposits |
1,753,226 |
|
|
|
1,403,330 |
|
|
|
||||||||
Accrued expenses and other liabilities |
112,544 |
|
|
|
101,819 |
|
|
|
||||||||
Total liabilities |
6,658,924 |
|
|
|
6,028,237 |
|
|
|
||||||||
Tompkins Financial Corporation Shareholders’ equity |
698,088 |
|
|
|
649,871 |
|
|
|
||||||||
Noncontrolling interest |
1,466 |
|
|
|
1,470 |
|
|
|
||||||||
Total equity |
699,554 |
|
|
|
651,341 |
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||||
Total liabilities and equity |
$ |
7,358,478 |
|
|
|
$ |
6,679,578 |
|
|
|
||||||
Interest rate spread |
|
|
3.13 |
% |
|
|
3.07 |
% |
||||||||
Net interest income/margin on earning assets |
|
227,453 |
|
3.31 |
% |
|
212,279 |
|
3.39 |
% |
||||||
|
|
|
|
|
|
|
||||||||||
Tax Equivalent Adjustment |
|
(2,114) |
|
|
|
(1,651) |
|
|
||||||||
Net interest income per consolidated financial statements |
|
$ |
225,339 |
|
|
|
$ |
210,628 |
|
|
||||||
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
| (In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Quarter-Ended |
Year-Ended |
||||||||||||||||
Period End Balance Sheet |
|
Dec-20 |
|
Sep-20 |
|
Jun-20 |
|
Mar-20 |
|
Dec-19 |
|
Dec-20 |
||||||
Securities |
$ |
1,628,122 |
|
$ |
1,667,698 |
|
$ |
1,336,087 |
|
$ |
1,353,567 |
|
$ |
1,299,502 |
|
$ |
1,628,122 |
|
Total Loans |
|
5,260,327 |
|
|
5,398,297 |
|
|
5,424,285 |
|
|
4,937,822 |
|
|
4,917,550 |
|
|
5,260,327 |
|
Allowance for credit losses |
|
51,669 |
|
|
52,293 |
|
|
52,082 |
|
|
52,404 |
|
|
39,892 |
|
|
51,669 |
|
Total assets |
|
7,622,171 |
|
|
7,794,502 |
|
|
7,582,056 |
|
|
6,743,114 |
|
|
6,725,623 |
|
|
7,622,171 |
|
Total deposits |
|
6,437,752 |
|
|
6,601,238 |
|
|
6,377,521 |
|
|
5,409,363 |
|
|
5,212,921 |
|
|
6,437,752 |
|
Federal funds purchased and securities sold under agreements to repurchase |
|
65,845 |
|
|
63,573 |
|
|
50,889 |
|
|
68,993 |
|
|
60,346 |
|
|
65,845 |
|
Other borrowings |
|
265,000 |
|
|
285,000 |
|
|
325,000 |
|
|
457,983 |
|
|
658,100 |
|
|
265,000 |
|
Trust preferred debentures |
|
13,220 |
|
|
17,163 |
|
|
17,120 |
|
|
17,078 |
|
|
17,035 |
|
|
13,220 |
|
Total common equity |
|
716,277 |
|
|
712,104 |
|
|
696,553 |
|
|
681,153 |
|
|
661,642 |
|
|
716,277 |
|
Total equity |
|
717,689 |
|
|
713,611 |
|
|
698,029 |
|
|
682,597 |
|
|
663,054 |
|
|
717,689 |
|
Average Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average earning assets |
$ |
7,408,335 |
|
$ |
7,204,049 |
|
$ |
6,616,079 |
|
$ |
6,237,773 |
|
$ |
6,188,442 |
|
$ |
6,868,958 |
|
Average assets |
|
7,758,159 |
|
|
7,582,009 |
|
|
7,413,945 |
|
|
6,672,948 |
|
|
6,613,202 |
|
|
7,358,478 |
|
Average interest-bearing liabilities |
|
5,010,037 |
|
|
4,861,890 |
|
|
4,825,753 |
|
|
4,471,797 |
|
|
4,374,572 |
|
|
4,793,154 |
|
Average equity |
|
719,114 |
|
|
709,484 |
|
|
690,475 |
|
|
678,817 |
|
|
664,441 |
|
|
699,554 |
|
Share data |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding (basic) |
14,715,124 |
|
14,697,532 |
|
14,681,956 |
|
14,718,948 |
|
14,726,023 |
|
14,703,390 |
|
||||||
Weighted average shares outstanding (diluted) |
14,751,303 |
|
14,727,741 |
|
14,714,848 |
|
14,774,269 |
|
14,790,503 |
|
14,742,040 |
|
||||||
Period-end shares outstanding |
14,928,479 |
|
14,926,252 |
|
14,914,458 |
|
14,907,947 |
|
14,978,589 |
|
14,928,479 |
|
||||||
Common equity book value per share |
$ |
47.98 |
|
$ |
47.71 |
|
$ |
46.70 |
|
$ |
45.69 |
|
$ |
44.17 |
|
$ |
47.98 |
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income |
$ |
57,751 |
|
$ |
58,253 |
|
$ |
56,366 |
|
$ |
52,969 |
|
$ |
53,240 |
|
$ |
225,339 |
|
Provision (credit) for credit loss expense |
|
6 |
|
|
199 |
|
|
(348) |
|
|
16,294 |
|
|
(1,000) |
|
|
16,151 |
|
Noninterest income |
|
18,836 |
|
|
18,887 |
|
|
17,177 |
|
|
18,960 |
|
|
17,972 |
|
|
73,860 |
|
Noninterest expense |
|
46,405 |
|
|
46,349 |
|
|
46,888 |
|
|
45,740 |
|
|
45,900 |
|
|
185,382 |
|
Income tax expense |
|
6,145 |
|
|
6,330 |
|
|
5,540 |
|
|
1,909 |
|
|
5,200 |
|
|
19,924 |
|
Net income attributable to Tompkins Financial Corporation |
|
23,978 |
|
|
24,230 |
|
|
21,431 |
|
|
7,949 |
|
|
21,080 |
|
|
77,588 |
|
Noncontrolling interests |
|
53 |
|
|
32 |
|
|
32 |
|
|
37 |
|
|
32,000 |
|
|
154 |
|
Basic earnings per share (5) |
$ |
1.61 |
|
$ |
1.63 |
|
$ |
1.44 |
|
$ |
0.53 |
|
$ |
1.41 |
|
$ |
5.22 |
|
Diluted earnings per share (5) |
$ |
1.61 |
|
$ |
1.63 |
|
$ |
1.44 |
|
$ |
0.53 |
|
$ |
1.40 |
|
$ |
5.20 |
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nonaccrual loans and leases |
$ |
38,976 |
|
$ |
26,944 |
|
$ |
23,183 |
|
$ |
23,556 |
|
$ |
24,281 |
|
$ |
38,976 |
|
Loans and leases 90 days past due and accruing |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
Troubled debt restructuring not included above |
|
6,803 |
|
|
6,864 |
|
|
6,988 |
|
|
7,137 |
|
|
7,154 |
|
|
6,803 |
|
Total nonperforming loans and leases |
|
45,779 |
|
|
33,808 |
|
|
30,171 |
|
|
30,693 |
|
|
31,435 |
|
|
45,779 |
|
OREO |
|
88 |
|
|
196 |
|
|
274 |
|
|
466 |
|
|
428 |
|
|
88 |
|
Total nonperforming assets |
$ |
45,867 |
|
$ |
34,004 |
|
$ |
30,445 |
|
$ |
31,159 |
|
$ |
31,863 |
|
$ |
45,867 |
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
|
Quarter-Ended |
Year-Ended |
|||||||||||||||||||||||||||||||||||||||||||||||
Delinquency - Total loan and lease portfolio |
|
Dec-20 |
|
Sep-20 |
|
Jun-20 |
|
Mar-20 |
|
Dec-19 |
|
Dec-20 |
|||||||||||||||||||||||||||||||||||||
Loans and leases 30-89 days past due and accruing |
$ |
3,012 |
|
$ |
6,875 |
|
$ |
8,352 |
|
$ |
9,328 |
|
$ |
3,724 |
|
$ |
3,012 |
|
|||||||||||||||||||||||||||||||
Loans and leases 90 days past due and accruing |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
794 |
|
|
0 |
|
|||||||||||||||||||||||||||||||
Total loans and leases past due and accruing |
|
3,012 |
|
|
6,875 |
|
|
8,352 |
|
|
9,328 |
|
|
4,518 |
|
|
3,012 |
|
|||||||||||||||||||||||||||||||
Allowance for Credit Losses* |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
52,293 |
|
$ |
52,082 |
|
$ |
52,404 |
|
$ |
39,892 |
|
$ |
41,371 |
|
$ |
39,892 |
|
|
||||||||||||||||||||||||||||||
Impact of adopting ASC 326 |
|
0 |
|
|
0 |
|
|
0 |
|
|
(2,534) |
|
|
0 |
|
|
(2,534) |
|
|
||||||||||||||||||||||||||||||
Provision (credit) for credit losses |
|
6 |
|
|
199 |
|
|
(348) |
|
|
16,294 |
|
|
(1,000) |
|
|
16,151 |
|
|
||||||||||||||||||||||||||||||
Net loan and lease charge-offs (recoveries) |
|
630 |
|
|
(12) |
|
|
(26) |
|
|
1,248 |
|
|
479 |
|
|
1,840 |
|
|
||||||||||||||||||||||||||||||
Allowance for credit losses at end of period |
$ |
51,669 |
|
$ |
52,293 |
|
$ |
52,082 |
|
$ |
52,404 |
|
$ |
39,892 |
|
$ |
51,669 |
|
|
||||||||||||||||||||||||||||||
*CECL was adopted January 1, 2020. Prior periods reflect the allowance for credit losses for loans under the incurred loss methodology. |
|||||||||||||||||||||||||||||||||||||||||||||||||
Loan Classification - Total Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Special Mention |
$ |
121,253 |
|
$ |
122,652 |
|
$ |
44,741 |
|
$ |
37,121 |
|
|
29,800 |
|
$ |
121,253 |
|
|
||||||||||||||||||||||||||||||
Substandard |
|
68,645 |
|
|
45,384 |
|
|
48,046 |
|
|
52,894 |
|
|
60,499 |
|
|
68,645 |
|
|
||||||||||||||||||||||||||||||
Ratio Analysis
Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nonperforming loans and leases/total loans and leases (6) |
|
0.87 |
% |
|
0.63 |
% |
|
0.56 |
% |
|
0.62 |
% |
|
0.64 |
% |
|
0.87 |
% |
||||||||||||||||||
Nonperforming assets/total assets |
|
0.60 |
% |
|
0.44 |
% |
|
0.40 |
% |
|
0.46 |
% |
|
0.47 |
% |
|
0.60 |
% |
||||||||||||||||||
Allowance for credit losses/total loans and leases |
|
0.98 |
% |
|
0.97 |
% |
|
0.96 |
% |
|
1.06 |
% |
|
0.81 |
% |
|
0.98 |
% |
||||||||||||||||||
Allowance/nonperforming loans and leases |
|
112.87 |
% |
|
154.68 |
% |
|
172.62 |
% |
|
170.74 |
% |
|
126.90 |
% |
|
112.87 |
% |
||||||||||||||||||
Net loan and lease losses annualized/total average loans and leases |
|
0.05 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.10 |
% |
|
0.04 |
% |
|
0.04 |
% |
||||||||||||||||||
Capital Adequacy |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Tier 1 Capital (to average assets) |
|
8.75 |
% |
|
8.85 |
% |
|
8.79 |
% |
|
9.53 |
% |
|
9.61 |
% |
|
8.75 |
% |
||||||||||||||||||
Total Capital (to risk-weighted assets) |
|
14.39 |
% |
|
14.26 |
% |
|
13.95 |
% |
|
13.62 |
% |
|
13.53 |
% |
|
14.39 |
% |
||||||||||||||||||
Profitability (period-end) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Return on average assets * |
|
1.23 |
% |
|
1.27 |
% |
|
1.16 |
% |
|
0.48 |
% |
|
1.26 |
% |
|
1.05 |
% |
||||||||||||||||||
Return on average equity * |
|
13.26 |
% |
|
13.59 |
% |
|
12.48 |
% |
|
4.71 |
% |
|
12.59 |
% |
|
11.09 |
% |
||||||||||||||||||
Net interest margin (TE) * |
|
3.12 |
% |
|
3.26 |
% |
|
3.45 |
% |
|
3.44 |
% |
|
3.44 |
% |
|
3.31 |
% |
||||||||||||||||||
** Quarterly ratios have been annualized |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(1) Federal Reserve peer ratio as of September 30, 2020 the most recent data available, includes banks and bank holding companies with consolidated assets between |
(2) Average balances and yields on available-for-sale securities are based on historical amortized cost. |
(3) Interest income includes the tax effects of taxable-equivalent adjustments using an effective income tax rate of |
(4) 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, 2019. |
(5) 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 |
(6) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans and leases. The risk of credit loss on these loans has been considered by virtue of the Company's estimate of acquisition-date fair value and these loans are considered accruing as the Company primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005057/en/
FAQ
What were Tompkins Financial's Q4 2020 earnings results?
How did COVID-19 impact Tompkins Financial's 2020 performance?
What is the total loan amount reported by Tompkins Financial at year-end 2020?
What are the total deposits for Tompkins Financial as of December 31, 2020?
What was the net interest income for Tompkins Financial in 2020?
