Tompkins Financial Corporation Reports Second Quarter Financial Results
Tompkins Financial (NYSE American: TMP) reported Q2 2024 diluted earnings per share of $1.10, down 6.8% from the previous quarter but up 86.4% from Q2 2023. Net income for Q2 2024 was $15.7 million, down 7.1% from the previous quarter but up 85.0% year-over-year. The significant increase compared to Q2 2023 is largely due to a $7.1 million loss on securities transactions in that quarter.
Key highlights include:
- Net interest margin stable at 2.73%
- Total loans up 7.7% year-over-year
- Fee-based services revenues up 5.0% year-over-year
- Total operating expenses down 3.9% year-over-year
- Regulatory Tier 1 capital to average assets at 9.15%
The company's focus on expense management and balance sheet leverage has resulted in stabilizing and growing revenue with lower expenses.
Tompkins Financial (NYSE American: TMP) ha riportato un utile diluito per azione di $1.10 per il secondo trimestre del 2024, in calo del 6,8% rispetto al trimestre precedente, ma in aumento dell'86,4% rispetto al secondo trimestre del 2023. Il reddito netto per il secondo trimestre del 2024 è stato di $15,7 milioni, in calo del 7,1% rispetto al trimestre precedente, ma in aumento dell'85,0% su base annua. L'aumento significativo rispetto al secondo trimestre del 2023 è in gran parte dovuto a una perdita di $7,1 milioni su transazioni di titoli in quel trimestre.
I punti salienti includono:
- Margine d'interesse netto stabile al 2,73%
- Prestiti totali aumentati del 7,7% su base annua
- Entrate da servizi a pagamento aumentate del 5,0% su base annua
- Spese operative totali diminuite del 3,9% su base annua
- Capitale di base regolamentare Tier 1 sugli attivi medi al 9,15%
Il focus dell'azienda sulla gestione delle spese e sul leverage del bilancio ha portato a una stabilizzazione e una crescita dei ricavi con minori spese.
Tompkins Financial (NYSE American: TMP) informó una ganancia diluida por acción de $1.10 para el segundo trimestre de 2024, una disminución del 6.8% en comparación con el trimestre anterior, pero un aumento del 86.4% en comparación con el segundo trimestre de 2023. El ingreso neto para el segundo trimestre de 2024 fue de $15.7 millones, un descenso del 7.1% en comparación con el trimestre anterior, pero un incremento del 85.0% en comparación con el año anterior. El notable aumento respecto al segundo trimestre de 2023 se debe en gran medida a una pérdida de $7.1 millones en transacciones de valores en ese trimestre.
Los aspectos clave incluyen:
- Margen de interés neto estable en 2.73%
- Total de préstamos aumentó un 7.7% en comparación con el año anterior
- Ingresos por servicios basados en tarifas aumentaron un 5.0% en comparación con el año anterior
- Gastos operativos totales disminuyeron un 3.9% en comparación con el año anterior
- Capital regulatorio Tier 1 respecto a activos promedio en 9.15%
El enfoque de la empresa en la gestión de gastos y el apalancamiento del balance ha resultado en una estabilización y crecimiento de los ingresos con menores gastos.
톰킨스 파이낸셜 (NYSE American: TMP)은 2024년 2분기 희석 주당 순이익이 $1.10으로 보고했으며, 이는 이전 분기 대비 6.8% 감소했지만 2023년 2분기 대비 86.4% 증가한 수치입니다. 2024년 2분기 순이익은 $15.7백만으로, 이전 분기 대비 7.1% 감소했지만 전년 대비 85.0% 증가했습니다. 2023년 2분기와 비교한 이 큰 증가폭은 그 분기의 증권 거래에서 발생한 $7.1백만 손실에 주로 기인합니다.
주요 사항은 다음과 같습니다:
- 순이자 마진은 2.73%로 안정적으로 유지됨
- 총 대출은 전년 대비 7.7% 증가함
- 수수료 기반 서비스 수익은 전년 대비 5.0% 증가함
- 총 운영비는 전년 대비 3.9% 감소함
- 규제 자본 Tier 1과 평균 자산 비율은 9.15%
회사의 지출 관리 및 재무 구조 조정에 대한 집중이 수익의 안정화와 성장을 이끌어 내며 비용을 감소시키는 결과를 가져왔습니다.
Tompkins Financial (NYSE American: TMP) a rapporté un bénéfice dilué par action de 1,10 $ pour le deuxième trimestre 2024, en baisse de 6,8 % par rapport au trimestre précédent, mais en hausse de 86,4 % par rapport au deuxième trimestre 2023. Le bénéfice net pour le deuxième trimestre 2024 était de 15,7 millions de dollars, en baisse de 7,1 % par rapport au trimestre précédent, mais en hausse de 85,0 % d'une année sur l'autre. L'augmentation significative par rapport au deuxième trimestre 2023 est en grande partie due à une perte de 7,1 millions de dollars sur des transactions de titres au cours de ce trimestre.
Les points clés incluent :
- La marge d'intérêt nette stable à 2,73 %
- Total des prêts en hausse de 7,7 % d'une année sur l'autre
- Revenus des services basés sur les frais en hausse de 5,0 % d'une année sur l'autre
- Dépenses d'exploitation totales en baisse de 3,9 % d'une année sur l'autre
- Capital de base réglementaire de niveau 1 par rapport aux actifs moyens à 9,15 %
L'accent mis par l'entreprise sur la gestion des dépenses et le levier financier a permis de stabiliser et de faire croître les revenus tout en réduisant les dépenses.
Tompkins Financial (NYSE American: TMP) berichtete über einen verwässerten Gewinn pro Aktie von $1.10 im zweiten Quartal 2024, ein Rückgang von 6,8% im Vergleich zum vorherigen Quartal, jedoch ein Anstieg von 86,4% im Vergleich zum zweiten Quartal 2023. Der Nettogewinn für das zweite Quartal 2024 betrug $15,7 Millionen, was einem Rückgang von 7,1% im Vergleich zum vorherigen Quartal entspricht, aber einem Anstieg von 85,0% im Jahresvergleich. Der signifikante Anstieg im Vergleich zum zweiten Quartal 2023 ist größtenteils auf einen Verlust von $7,1 Millionen aus Wertpapiertransaktionen in diesem Quartal zurückzuführen.
Wesentliche Highlights sind:
- Nettozinsspanne stabil bei 2,73%
- Gesamtvergabe um 7,7% im Jahresvergleich gestiegen
- Einnahmen aus gebührenbasierten Dienstleistungen um 5,0% im Jahresvergleich gestiegen
- Gesamtbetriebskosten um 3,9% im Jahresvergleich gesenkt
- Regulatorisches Tier 1-Kapital zu Durchschnittsaktiva bei 9,15%
Der Fokus des Unternehmens auf das Kostenmanagement und die Bilanzhebelung hat dazu geführt, dass die Einnahmen stabilisiert und gesteigert wurden, während die Ausgaben gesenkt wurden.
- Diluted earnings per share increased 86.4% year-over-year to $1.10 in Q2 2024
- Net income for Q2 2024 up 85.0% year-over-year to $15.7 million
- Total loans increased 7.7% year-over-year
- Fee-based services revenues up 5.0% compared to Q2 2023
- Total operating expenses decreased 3.9% year-over-year
- Net interest margin stabilized at 2.73% quarter-over-quarter
- Diluted earnings per share decreased 6.8% from the previous quarter
- Net income down 7.1% compared to the previous quarter
- Net interest margin decreased from 2.83% in Q2 2023 to 2.73% in Q2 2024
- Total deposits decreased 2.6% year-over-year
- Nonperforming assets increased to 0.79% of total assets, up from 0.41% in Q2 2023
- Nonperforming loans and leases nearly doubled to $62.5 million from $31.4 million in Q2 2023
Tompkins Financial 's Q2 2024 results reveal a mixed financial picture. While diluted earnings per share increased 86.4% year-over-year to
The significant year-over-year increase is largely due to a one-time event in Q2 2023 - a
Loan growth has been strong, with total loans up
The company's focus on expense management is evident, with noninterest expenses down
Overall, while Tompkins shows resilience in a challenging environment, the decreasing quarter-over-quarter earnings and pressured net interest margin warrant close monitoring.
Tompkins Financial's Q2 results highlight several industry trends affecting regional banks. The stabilizing net interest margin (NIM) at
The
The increase in nonperforming loans, particularly the
Tompkins' capital and liquidity positions remain strong, with a Tier 1 capital to average assets ratio of
Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of
For the six months ended June 30, 2024, diluted earnings per share were
Tompkins President and CEO, Stephen Romaine, commented, "Our year to date and second quarter results have been positively impacted by a stabilizing net interest margin and growth throughout our business. Year over year loans are up
SELECTED HIGHLIGHTS FOR THE PERIOD:
-
Net interest margin for the second quarter of 2024 was
2.73% , unchanged from the first quarter of 2024, and down from2.83% for the second quarter of 2023. - Total cost of funds was up 10 basis points compared to the first quarter 2024, down from a 24 basis point increase from the fourth quarter of 2023 to the first quarter of 2024.
-
Fee-based services (insurance, wealth management, service charges on deposit accounts and cards) revenues for the second quarter of 2024 were up
or$903,000 5.0% compared to the second quarter of 2023. -
Total operating expenses of
for the second quarter of 2024 were in line with the most recent prior quarter, and down$49.9 million or$2.0 million 3.9% compared to the second quarter of 2023. -
Total loans at June 30, 2024 were up
, or$121.3 million 2.2% (8.7% on an annualized basis) compared to the immediate prior quarter, and up , or$409.5 million 7.7% , from June 30, 2023. -
Total deposits at June 30, 2024 were
, down$6.3 billion , or$163.7 million 2.5% from March 31, 2024, and , or$168.8 million 2.6% , from June 30, 2023. -
Loan to deposit ratio at June 30, 2024 was
91.7% , compared to87.5% for the immediate prior quarter. -
Regulatory Tier 1 capital to average assets was
9.15% at June 30, 2024, up compared to9.08% reported at March 31, 2024, and down compared to9.57% at June 30, 2023.
NET INTEREST INCOME
Net interest income was
For the six months ended June 30, 2024, net interest income was
Net interest margin was
Average loans for the quarter ended June 30, 2024 were up
Average total deposits for the second quarter of 2024 were down
NONINTEREST INCOME
Noninterest income represented
NONINTEREST EXPENSE
Noninterest expense was
INCOME TAX EXPENSE
The provision for income tax expense was
ASSET QUALITY
The allowance for credit losses represented
Provision for credit losses for the second quarter of 2024 was
Nonperforming assets represented
Special Mention and Substandard loans and leases totaled
CAPITAL POSITION
Capital ratios at June 30, 2024 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was
LIQUIDITY POSITION
The Company's liquidity position at June 30, 2024 was stable and consistent with the immediately prior quarter. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank's Discount Window advances and Federal Home Loan Banks (FHLB) advances. The Company maintains ready access to liquidity of
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", "commit", or "anticipate", the negative and other variations of these terms and other similar words. Examples of forward-looking statements may include statements regarding the sufficiency of existing collateral to cover exposure related to nonperforming loans, and the strength of our balance sheet. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company’s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factors in Item 1A in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission are among those that could cause actual results to differ materially from the forward-looking statements: changes in general economic, market and regulatory conditions; our ability to attract and retain deposits and other sources of liquidity; gross domestic product growth and inflation trends; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company's operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and state and local government mandates; the impact of any change in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount; technological developments and changes; cybersecurity incidents and threats; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; the ability to access financial resources in the amounts, at the times, and on the terms required to support the Company's future businesses; and the economic impact of national and global events, including the response to bank failures, war and geopolitical matters (including the war in
TOMPKINS FINANCIAL CORPORATION |
||||||
CONSOLIDATED STATEMENTS OF CONDITION |
||||||
(In thousands, except share and per share data) (Unaudited) |
As of |
As of |
||||
ASSETS |
06/30/2024 |
12/31/2023 |
||||
|
|
(Audited) |
||||
|
|
|
||||
Cash and noninterest bearing balances due from banks |
$ |
60,337 |
|
$ |
67,212 |
|
Interest bearing balances due from banks |
|
10,578 |
|
|
12,330 |
|
Cash and Cash Equivalents |
|
70,915 |
|
|
79,542 |
|
|
|
|
||||
Available-for-sale debt securities, at fair value (amortized cost of |
|
1,317,458 |
|
|
1,416,650 |
|
Held-to-maturity debt securities, at amortized cost (fair value of |
|
312,430 |
|
|
312,401 |
|
Equity securities, at fair value |
|
766 |
|
|
787 |
|
Total loans and leases, net of unearned income and deferred costs and fees |
|
5,761,864 |
|
|
5,605,935 |
|
Less: Allowance for credit losses |
|
53,059 |
|
|
51,584 |
|
Net Loans and Leases |
|
5,708,805 |
|
|
5,554,351 |
|
|
|
|
||||
Federal Home Loan Bank and other stock |
|
41,382 |
|
|
33,719 |
|
Bank premises and equipment, net |
|
77,279 |
|
|
79,687 |
|
Corporate owned life insurance |
|
75,453 |
|
|
67,884 |
|
Goodwill |
|
92,602 |
|
|
92,602 |
|
Other intangible assets, net |
|
2,193 |
|
|
2,327 |
|
Accrued interest and other assets |
|
170,239 |
|
|
179,799 |
|
Total Assets |
$ |
7,869,522 |
|
$ |
7,819,749 |
|
LIABILITIES |
|
|
||||
Deposits: |
|
|
||||
Interest bearing: |
|
|
||||
Checking, savings and money market |
|
3,453,049 |
|
|
3,484,878 |
|
Time |
|
979,292 |
|
|
998,013 |
|
Noninterest bearing |
|
1,853,555 |
|
|
1,916,956 |
|
Total Deposits |
|
6,285,896 |
|
|
6,399,847 |
|
|
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase |
|
35,989 |
|
|
50,996 |
|
Other borrowings |
|
773,627 |
|
|
602,100 |
|
Other liabilities |
|
97,917 |
|
|
96,872 |
|
Total Liabilities |
$ |
7,193,429 |
|
$ |
7,149,815 |
|
EQUITY |
|
|
||||
Tompkins Financial Corporation shareholders' equity: |
|
|
||||
Common Stock - par value |
|
1,443 |
|
|
1,444 |
|
Additional paid-in capital |
|
298,647 |
|
|
297,183 |
|
Retained earnings |
|
516,566 |
|
|
501,510 |
|
Accumulated other comprehensive loss |
|
(135,670 |
) |
|
(125,005 |
) |
Treasury stock, at cost – 126,450 shares at June 30, 2024, and 132,097 shares at December 31, 2023 |
|
(6,356 |
) |
|
(6,610 |
) |
Total Tompkins Financial Corporation Shareholders’ Equity |
|
674,630 |
|
|
668,522 |
|
Noncontrolling interests |
|
1,463 |
|
|
1,412 |
|
Total Equity |
$ |
676,093 |
|
$ |
669,934 |
|
Total Liabilities and Equity |
$ |
7,869,522 |
|
$ |
7,819,749 |
|
|
|
|
TOMPKINS FINANCIAL CORPORATION |
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(In thousands, except per share data) (Unaudited) |
Three Months Ended |
Six Months Ended |
|||||||||||||
|
06/30/2024 |
03/31/2024 |
06/30/2023 |
06/30/2024 |
06/30/2023 |
||||||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
||||||||||
Loans |
$ |
73,646 |
|
$ |
71,599 |
|
$ |
63,527 |
|
$ |
145,245 |
|
$ |
124,369 |
|
Due from banks |
|
184 |
|
|
154 |
|
|
183 |
|
|
338 |
|
|
322 |
|
Available-for-sale debt securities |
|
9,371 |
|
|
9,611 |
|
|
6,618 |
|
|
18,982 |
|
|
13,361 |
|
Held-to-maturity debt securities |
|
1,219 |
|
|
1,218 |
|
|
1,219 |
|
|
2,437 |
|
|
2,433 |
|
Federal Home Loan Bank and other stock |
|
820 |
|
|
601 |
|
|
323 |
|
|
1,421 |
|
|
623 |
|
Total Interest and Dividend Income |
|
85,240 |
|
$ |
83,183 |
|
$ |
71,870 |
|
$ |
168,423 |
|
$ |
141,108 |
|
INTEREST EXPENSE |
|
|
|
|
|
||||||||||
Time certificates of deposits of |
|
4,048 |
|
|
4,010 |
|
|
2,526 |
|
|
8,058 |
|
|
4,313 |
|
Other deposits |
|
21,236 |
|
|
20,424 |
|
|
13,119 |
|
|
41,660 |
|
|
23,513 |
|
Federal funds purchased and securities sold under agreements to repurchase |
|
11 |
|
|
13 |
|
|
15 |
|
|
24 |
|
|
29 |
|
Other borrowings |
|
8,992 |
|
|
8,061 |
|
|
4,314 |
|
|
17,053 |
|
|
7,111 |
|
Total Interest Expense |
|
34,287 |
|
|
32,508 |
|
|
19,974 |
|
|
66,795 |
|
|
34,966 |
|
Net Interest Income |
|
50,953 |
|
|
50,675 |
|
|
51,896 |
|
|
101,628 |
|
|
106,142 |
|
Less: Provision for credit loss expense |
|
2,172 |
|
|
854 |
|
|
2,253 |
|
|
3,026 |
|
|
1,428 |
|
Net Interest Income After Provision for Credit Loss Expense |
|
48,781 |
|
|
49,821 |
|
|
49,643 |
|
|
98,602 |
|
|
104,714 |
|
NONINTEREST INCOME |
|
|
|
|
|
||||||||||
Insurance commissions and fees |
|
9,087 |
|
|
10,259 |
|
|
8,672 |
|
|
19,346 |
|
|
18,181 |
|
Wealth management fees |
|
4,849 |
|
|
4,937 |
|
|
4,678 |
|
|
9,786 |
|
|
9,187 |
|
Service charges on deposit accounts |
|
1,766 |
|
|
1,796 |
|
|
1,640 |
|
|
3,562 |
|
|
3,386 |
|
Card services income |
|
3,278 |
|
|
2,939 |
|
|
3,087 |
|
|
6,217 |
|
|
5,769 |
|
Other income |
|
2,802 |
|
|
2,220 |
|
|
1,603 |
|
|
5,022 |
|
|
3,544 |
|
Net loss on securities transactions |
|
(6 |
) |
|
(14 |
) |
|
(7,065 |
) |
|
(20 |
) |
|
(7,052 |
) |
Total Noninterest Income |
|
21,776 |
|
|
22,137 |
|
|
12,615 |
|
|
43,913 |
|
|
33,015 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
||||||||||
Salaries and wages |
|
24,919 |
|
|
24,697 |
|
|
25,337 |
|
|
49,616 |
|
|
49,849 |
|
Other employee benefits |
|
6,545 |
|
|
6,411 |
|
|
6,647 |
|
|
12,956 |
|
|
13,388 |
|
Net occupancy expense of premises |
|
3,139 |
|
|
3,557 |
|
|
3,327 |
|
|
6,696 |
|
|
6,626 |
|
Furniture and fixture expense |
|
1,910 |
|
|
2,125 |
|
|
2,105 |
|
|
4,035 |
|
|
4,159 |
|
Amortization of intangible assets |
|
80 |
|
|
76 |
|
|
84 |
|
|
156 |
|
|
167 |
|
Other operating expense |
|
13,349 |
|
|
12,991 |
|
|
14,468 |
|
|
26,340 |
|
|
27,937 |
|
Total Noninterest Expenses |
|
49,942 |
|
|
49,857 |
|
|
51,968 |
|
|
99,799 |
|
|
102,126 |
|
Income Before Income Tax Expense |
|
20,615 |
|
|
22,101 |
|
|
10,290 |
|
|
42,716 |
|
|
35,603 |
|
Income Tax Expense |
|
4,902 |
|
|
5,198 |
|
|
1,784 |
|
|
10,100 |
|
|
7,685 |
|
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation |
|
15,713 |
|
|
16,903 |
|
|
8,506 |
|
|
32,616 |
|
|
27,918 |
|
Less: Net Income Attributable to Noncontrolling Interests |
|
31 |
|
|
31 |
|
|
31 |
|
|
62 |
|
|
62 |
|
Net Income Attributable to Tompkins Financial Corporation |
$ |
15,682 |
|
|
16,872 |
|
|
8,475 |
|
|
32,554 |
|
|
27,856 |
|
Basic Earnings Per Share |
$ |
1.10 |
|
$ |
1.19 |
|
$ |
0.59 |
|
$ |
2.29 |
|
$ |
1.94 |
|
Diluted Earnings Per Share |
$ |
1.10 |
|
$ |
1.18 |
|
$ |
0.59 |
|
$ |
2.29 |
|
$ |
1.94 |
|
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
||||||||||||||
|
Quarter Ended |
Quarter Ended |
||||||||||||
|
June 30, 2024 |
March 31, 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 |
$ |
11,707 |
$ |
184 |
|
6.33 |
% |
$ |
12,202 |
$ |
154 |
|
5.08 |
% |
Securities (1) |
|
|
|
|
|
|
||||||||
|
|
1,717,975 |
|
10,067 |
|
2.36 |
% |
|
1,756,122 |
|
10,303 |
|
2.36 |
% |
State and municipal (2) |
|
89,518 |
|
566 |
|
2.55 |
% |
|
89,886 |
|
570 |
|
2.55 |
% |
Other securities |
|
3,260 |
|
59 |
|
7.32 |
% |
|
3,278 |
|
60 |
|
7.32 |
% |
Total securities |
|
1,810,753 |
|
10,692 |
|
2.38 |
% |
|
1,849,286 |
|
10,933 |
|
2.38 |
% |
FHLBNY and FRB stock |
|
37,681 |
|
820 |
|
8.76 |
% |
|
34,613 |
|
601 |
|
6.99 |
% |
Total loans and leases, net of unearned income (2)(3) |
|
5,687,548 |
|
73,839 |
|
5.22 |
% |
|
5,621,604 |
|
71,779 |
|
5.14 |
% |
Total interest-earning assets |
|
7,547,689 |
|
85,535 |
|
4.56 |
% |
|
7,517,705 |
|
83,467 |
|
4.47 |
% |
Other assets |
|
262,372 |
|
|
|
283,420 |
|
|
||||||
Total assets |
$ |
7,810,061 |
|
|
$ |
7,801,125 |
|
|
||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
||||||||
Deposits |
|
|
|
|
|
|
||||||||
Interest-bearing deposits |
|
|
|
|
|
|
||||||||
Interest bearing checking, savings, & money market |
|
3,498,746 |
|
15,754 |
|
1.81 |
% |
|
3,546,216 |
|
15,036 |
|
1.71 |
% |
Time deposits |
|
987,348 |
|
9,530 |
|
3.88 |
% |
|
988,891 |
|
9,398 |
|
3.82 |
% |
Total interest-bearing deposits |
|
4,486,094 |
|
25,284 |
|
2.27 |
% |
|
4,535,107 |
|
24,434 |
|
2.17 |
% |
Federal funds purchased & securities sold under agreements to repurchase |
|
40,298 |
|
11 |
|
0.11 |
% |
|
48,779 |
|
13 |
|
0.10 |
% |
Other borrowings |
|
688,611 |
|
8,992 |
|
5.25 |
% |
|
622,951 |
|
8,061 |
|
5.21 |
% |
Total interest-bearing liabilities |
|
5,215,003 |
|
34,287 |
|
2.64 |
% |
|
5,206,836 |
|
32,508 |
|
2.51 |
% |
Noninterest bearing deposits |
|
1,837,325 |
|
|
|
1,831,244 |
|
|
||||||
Accrued expenses and other liabilities |
|
94,764 |
|
|
|
96,292 |
|
|
||||||
Total liabilities |
|
7,147,092 |
|
|
|
7,134,373 |
|
|
||||||
Tompkins Financial Corporation Shareholders’ equity |
|
661,523 |
|
|
|
665,333 |
|
|
||||||
Noncontrolling interest |
|
1,446 |
|
|
|
1,419 |
|
|
||||||
Total equity |
|
662,969 |
|
|
|
666,752 |
|
|
||||||
|
|
|
|
|
|
|
||||||||
Total liabilities and equity |
$ |
7,810,061 |
|
|
$ |
7,801,125 |
|
|
||||||
Interest rate spread |
|
|
1.91 |
% |
|
|
1.95 |
% |
||||||
Net interest income (TE)/margin on earning assets |
|
|
51,248 |
|
2.73 |
% |
|
|
50,959 |
|
2.73 |
% |
||
|
|
|
|
|
|
|
||||||||
Tax Equivalent Adjustment |
|
|
(295 |
) |
|
|
|
(284 |
) |
|
||||
Net interest income |
|
$ |
50,953 |
|
|
|
$ |
50,675 |
|
|
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
||||||||||||||
|
Quarter Ended |
Quarter Ended |
||||||||||||
|
June 30, 2024 |
June 30, 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 |
$ |
11,707 |
$ |
184 |
|
6.33 |
% |
$ |
13,585 |
$ |
183 |
|
5.40 |
% |
Securities (1) |
|
|
|
|
|
|
||||||||
|
|
1,717,975 |
|
10,067 |
|
2.36 |
% |
|
1,972,719 |
|
7,304 |
|
1.49 |
% |
State and municipal (2) |
|
89,518 |
|
566 |
|
2.55 |
% |
|
92,194 |
|
590 |
|
2.57 |
% |
Other securities |
|
3,260 |
|
59 |
|
7.32 |
% |
|
3,288 |
|
56 |
|
6.86 |
% |
Total securities |
|
1,810,753 |
|
10,692 |
|
2.38 |
% |
|
2,068,201 |
|
7,950 |
|
1.54 |
% |
FHLBNY and FRB stock |
|
37,681 |
|
820 |
|
8.76 |
% |
|
23,211 |
|
323 |
|
5.59 |
% |
Total loans and leases, net of unearned income (2)(3) |
|
5,687,548 |
|
73,839 |
|
5.22 |
% |
|
5,304,717 |
|
63,709 |
|
4.82 |
% |
Total interest-earning assets |
|
7,547,689 |
|
85,535 |
|
4.56 |
% |
|
7,409,714 |
|
72,165 |
|
3.91 |
% |
Other assets |
|
262,372 |
|
|
|
226,086 |
|
|
||||||
Total assets |
$ |
7,810,061 |
|
|
$ |
7,635,800 |
|
|
||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
||||||||
Deposits |
|
|
|
|
|
|
||||||||
Interest-bearing deposits |
|
|
|
|
|
|
||||||||
Interest bearing checking, savings, & money market |
$ |
3,498,746 |
$ |
15,754 |
|
1.81 |
% |
$ |
3,701,229 |
$ |
10,590 |
|
1.15 |
% |
Time deposits |
|
987,348 |
|
9,530 |
|
3.88 |
% |
|
745,970 |
|
5,055 |
|
2.72 |
% |
Total interest-bearing deposits |
|
4,486,094 |
|
25,284 |
|
2.27 |
% |
|
4,447,199 |
|
15,645 |
|
1.41 |
% |
Federal funds purchased & securities sold under agreements to repurchase |
|
40,298 |
|
11 |
|
0.11 |
% |
|
56,083 |
|
15 |
|
0.11 |
% |
Other borrowings |
|
688,611 |
|
8,992 |
|
5.25 |
% |
|
379,744 |
|
4,314 |
|
4.56 |
% |
Total interest-bearing liabilities |
|
5,215,003 |
|
34,287 |
|
2.64 |
% |
|
4,883,026 |
|
19,974 |
|
1.64 |
% |
Noninterest bearing deposits |
|
1,837,325 |
|
|
|
2,004,560 |
|
|
||||||
Accrued expenses and other liabilities |
|
94,764 |
|
|
|
97,660 |
|
|
||||||
Total liabilities |
|
7,147,092 |
|
|
|
6,985,246 |
|
|
||||||
Tompkins Financial Corporation Shareholders’ equity |
|
661,523 |
|
|
|
649,097 |
|
|
||||||
Noncontrolling interest |
|
1,446 |
|
|
|
1,457 |
|
|
||||||
Total equity |
|
662,969 |
|
|
|
650,554 |
|
|
||||||
|
|
|
|
|
|
|
||||||||
Total liabilities and equity |
$ |
7,810,061 |
|
|
$ |
7,635,800 |
|
|
||||||
Interest rate spread |
|
|
1.91 |
% |
|
|
2.27 |
% |
||||||
Net interest income (TE)/margin on earning assets |
|
|
51,248 |
|
2.73 |
% |
|
|
52,191 |
|
2.83 |
% |
||
|
|
|
|
|
|
|
||||||||
Tax Equivalent Adjustment |
|
|
(295 |
) |
|
|
|
(295 |
) |
|
||||
Net interest income |
|
$ |
50,953 |
|
|
|
$ |
51,896 |
|
|
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
||||||||||||||
|
Year to Date Period Ended |
Year to Date Period Ended |
||||||||||||
|
June 30, 2024 |
June 30, 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 |
$ |
11,955 |
$ |
338 |
|
5.69 |
% |
$ |
13,161 |
$ |
322 |
|
4.93 |
% |
Securities (1) |
|
|
|
|
|
|
||||||||
|
|
1,737,049 |
|
20,370 |
|
2.36 |
% |
|
2,002,846 |
|
14,728 |
|
1.48 |
% |
State and municipal (2) |
|
89,702 |
|
1,137 |
|
2.55 |
% |
|
92,695 |
|
1,188 |
|
2.58 |
% |
Other securities |
|
3,269 |
|
119 |
|
7.32 |
% |
|
3,286 |
|
110 |
|
6.70 |
% |
Total securities |
|
1,830,020 |
|
21,626 |
|
2.38 |
% |
|
2,098,827 |
|
16,026 |
|
1.54 |
% |
FHLBNY and FRB stock |
|
36,147 |
|
1,421 |
|
7.90 |
% |
|
19,998 |
|
623 |
|
6.29 |
% |
Total loans and leases, net of unearned income (2)(3) |
|
5,654,576 |
|
145,616 |
|
5.18 |
% |
|
5,278,145 |
|
124,744 |
|
4.77 |
% |
Total interest-earning assets |
|
7,532,698 |
|
169,001 |
|
4.51 |
% |
|
7,410,131 |
|
141,715 |
|
3.86 |
% |
Other assets |
|
272,895 |
|
|
|
224,671 |
|
|
||||||
Total assets |
$ |
7,805,593 |
|
|
$ |
7,634,802 |
|
|
||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
||||||||
Deposits |
|
|
|
|
|
|
||||||||
Interest-bearing deposits |
|
|
|
|
|
|
||||||||
Interest bearing checking, savings, & money market |
$ |
3,522,481 |
$ |
30,790 |
|
1.76 |
% |
$ |
3,767,032 |
$ |
19,230 |
|
1.03 |
% |
Time deposits |
|
988,119 |
|
18,928 |
|
3.85 |
% |
|
710,119 |
|
8,596 |
|
2.44 |
% |
Total interest-bearing deposits |
|
4,510,600 |
|
49,718 |
|
2.22 |
% |
|
4,477,151 |
|
27,826 |
|
1.25 |
% |
Federal funds purchased & securities sold under agreements to repurchase |
|
44,538 |
|
24 |
|
0.11 |
% |
|
56,799 |
|
29 |
|
0.10 |
% |
Other borrowings |
|
655,781 |
|
17,053 |
|
5.23 |
% |
|
325,052 |
|
7,111 |
|
4.41 |
% |
Total interest-bearing liabilities |
|
5,210,919 |
|
66,795 |
|
2.58 |
% |
|
4,859,002 |
|
34,966 |
|
1.45 |
% |
Noninterest bearing deposits |
|
1,834,284 |
|
|
|
2,034,961 |
|
|
||||||
Accrued expenses and other liabilities |
|
95,529 |
|
|
|
99,905 |
|
|
||||||
Total liabilities |
|
7,140,732 |
|
|
|
6,993,868 |
|
|
||||||
Tompkins Financial Corporation Shareholders’ equity |
|
663,428 |
|
|
|
639,494 |
|
|
||||||
Noncontrolling interest |
|
1,433 |
|
|
|
1,440 |
|
|
||||||
Total equity |
|
664,861 |
|
|
|
640,934 |
|
|
||||||
|
|
|
|
|
|
|
||||||||
Total liabilities and equity |
$ |
7,805,593 |
|
|
$ |
7,634,802 |
|
|
||||||
Interest rate spread |
|
|
1.93 |
% |
|
|
2.41 |
% |
||||||
Net interest income (TE)/margin on earning assets |
|
|
102,206 |
|
2.73 |
% |
|
|
106,749 |
|
2.90 |
% |
||
|
|
|
|
|
|
|
||||||||
Tax Equivalent Adjustment |
|
|
(578 |
) |
|
|
|
(607 |
) |
|
||||
Net interest income |
|
$ |
101,628 |
|
|
|
$ |
106,142 |
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data) |
|
|
|
|
|
|
||||||
|
Quarter-Ended |
Year-Ended |
||||||||||
Period End Balance Sheet |
Jun-24 |
Mar-24 |
Dec-23 |
Sep-23 |
Jun-23 |
Dec-23 |
||||||
Securities |
$ |
1,630,654 |
$ |
1,679,542 |
$ |
1,729,838 |
$ |
1,701,636 |
$ |
1,781,150 |
$ |
1,729,838 |
Total Loans |
|
5,761,864 |
|
5,640,524 |
|
5,605,935 |
|
5,434,860 |
|
5,352,365 |
|
5,605,935 |
Allowance for credit losses |
|
53,059 |
|
51,704 |
|
51,584 |
|
49,336 |
|
48,545 |
|
51,584 |
Total assets |
|
7,869,522 |
|
7,778,034 |
|
7,819,749 |
|
7,691,162 |
|
7,626,238 |
|
7,819,749 |
Total deposits |
|
6,285,896 |
|
6,449,616 |
|
6,399,847 |
|
6,623,436 |
|
6,454,651 |
|
6,399,847 |
Federal funds purchased and securities sold under agreements to repurchase |
|
35,989 |
|
43,681 |
|
50,996 |
|
56,120 |
|
50,483 |
|
50,996 |
Other borrowings |
|
773,627 |
|
522,600 |
|
602,100 |
|
296,800 |
|
387,100 |
|
602,100 |
Total common equity |
|
674,630 |
|
667,906 |
|
668,522 |
|
610,851 |
|
634,967 |
|
668,522 |
Total equity |
|
676,093 |
|
669,338 |
|
669,934 |
|
612,356 |
|
636,441 |
|
669,934 |
Average Balance Sheet |
|
|
|
|
|
|
||||||
Average earning assets |
$ |
7,547,689 |
$ |
7,517,705 |
$ |
7,407,976 |
$ |
7,405,434 |
$ |
7,409,714 |
$ |
7,408,404 |
Average assets |
|
7,810,061 |
|
7,801,125 |
|
7,666,982 |
|
7,629,876 |
|
7,635,800 |
|
7,641,672 |
Average interest-bearing liabilities |
|
5,215,003 |
|
5,206,836 |
|
5,020,544 |
|
4,902,930 |
|
4,883,026 |
|
4,910,792 |
Average equity |
|
662,969 |
|
666,752 |
|
622,280 |
|
634,980 |
|
650,554 |
|
634,732 |
Share data |
|
|
|
|
|
|
||||||
Weighted average shares outstanding (basic) |
|
14,214,574 |
|
14,211,910 |
|
14,194,503 |
|
14,185,763 |
|
14,314,133 |
|
14,254,661 |
Weighted average shares outstanding (diluted) |
|
14,239,626 |
|
14,238,357 |
|
14,246,024 |
|
14,224,748 |
|
14,346,787 |
|
14,301,221 |
Period-end shares outstanding |
|
14,395,204 |
|
14,405,019 |
|
14,405,920 |
|
14,350,177 |
|
14,405,503 |
|
14,405,920 |
Common equity book value per share |
$ |
46.86 |
$ |
46.37 |
$ |
46.41 |
$ |
42.57 |
$ |
44.08 |
$ |
46.41 |
Tangible book value per share (Non-GAAP)** |
$ |
40.35 |
$ |
39.85 |
$ |
39.88 |
$ |
36.01 |
$ |
37.54 |
$ |
39.88 |
**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 |
$ |
50,953 |
$ |
50,675 |
$ |
52,359 |
$ |
51,013 |
|
$ |
51,896 |
$ |
209,514 |
Provision for credit loss expense (5) |
|
2,172 |
|
854 |
|
1,761 |
|
1,150 |
|
|
2,253 |
|
4,339 |
Noninterest income |
|
21,776 |
|
22,137 |
|
18,850 |
|
(41,624 |
) |
|
12,615 |
|
10,241 |
Noninterest expense (5) |
|
49,942 |
|
49,857 |
|
51,300 |
|
49,866 |
|
|
51,968 |
|
203,292 |
Income tax expense/(benefit) |
|
4,902 |
|
5,198 |
|
3,114 |
|
(8,304 |
) |
|
1,784 |
|
2,495 |
Net income/(loss) attributable to Tompkins Financial Corporation |
|
15,682 |
|
16,872 |
|
15,003 |
|
(33,354 |
) |
|
8,475 |
|
9,505 |
Noncontrolling interests |
|
31 |
|
31 |
|
31 |
|
31 |
|
|
31 |
|
124 |
Basic earnings (loss) per share (4) |
|
1.10 |
|
1.19 |
|
1.06 |
|
(2.35 |
) |
|
0.59 |
|
0.66 |
Diluted earnings (loss) per share (4) |
|
1.10 |
|
1.18 |
|
1.05 |
|
(2.35 |
) |
|
0.59 |
|
0.66 |
Nonperforming Assets |
|
|
|
|
|
|
||||||
Nonaccrual loans and leases |
$ |
62,253 |
$ |
62,544 |
$ |
62,165 |
$ |
31,381 |
$ |
31,333 |
$ |
62,165 |
Loans and leases 90 days past due and accruing |
|
215 |
|
151 |
|
101 |
|
52 |
|
34 |
|
101 |
Total nonperforming loans and leases |
|
62,468 |
|
62,695 |
|
62,266 |
|
31,433 |
|
31,367 |
|
62,266 |
OREO |
|
80 |
|
0 |
|
131 |
|
0 |
|
36 |
|
131 |
Total nonperforming assets |
$ |
62,548 |
$ |
62,695 |
$ |
62,397 |
$ |
31,433 |
$ |
31,403 |
$ |
62,397 |
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
|
Quarter-Ended |
Year-Ended |
||||||||||
Delinquency - Total loan and lease portfolio |
Jun-24 |
Mar-24 |
Dec-23 |
Sep-23 |
Jun-23 |
Dec-23 |
||||||
Loans and leases 30-89 days past due and accruing |
$ |
5,286 |
$ |
8,015 |
$ |
4,210 |
$ |
40,893 |
$ |
20,255 |
$ |
4,210 |
Loans and leases 90 days past due and accruing |
|
215 |
|
151 |
|
101 |
|
52 |
|
34 |
|
101 |
Total loans and leases past due and accruing |
|
5,501 |
|
8,166 |
|
4,311 |
|
40,945 |
|
20,289 |
|
4,311 |
Allowance for Credit Losses |
|||||||||||||||
Balance at beginning of period |
$ |
51,704 |
$ |
51,584 |
$ |
49,336 |
|
$ |
48,545 |
$ |
46,099 |
|
$ |
45,934 |
|
Impact of adopting ASC 326 |
|
0 |
|
0 |
|
0 |
|
|
0 |
|
0 |
|
|
64 |
|
Provision for credit losses |
|
1,864 |
|
348 |
|
2,658 |
|
|
968 |
|
2,419 |
|
$ |
4,865 |
|
Net loan and lease charge-offs (recoveries) |
|
509 |
|
228 |
|
410 |
|
|
177 |
|
(27 |
) |
$ |
(721 |
) |
Allowance for credit losses at end of period |
$ |
53,059 |
$ |
51,704 |
$ |
51,584 |
|
$ |
49,336 |
$ |
48,545 |
|
$ |
51,584 |
|
|
|
|
|
|
|
|
|||||||||
Allowance for Credit Losses - Off-Balance Sheet Exposure |
|||||||||||||||
Balance at beginning of period |
$ |
2,776 |
$ |
2,270 |
$ |
3,167 |
|
$ |
2,985 |
$ |
3,151 |
|
$ |
2,796 |
|
Provision (credit) for credit losses |
|
308 |
|
506 |
|
(897 |
) |
|
182 |
|
(166 |
) |
$ |
(526 |
) |
Allowance for credit losses at end of period |
$ |
3,084 |
$ |
2,776 |
$ |
2,270 |
|
$ |
3,167 |
$ |
2,985 |
|
$ |
2,270 |
|
Loan Classification - Total Portfolio |
|
|
|
|
|
|
||||||
Special Mention |
$ |
48,712 |
$ |
46,302 |
$ |
50,368 |
$ |
65,993 |
$ |
56,305 |
$ |
50,368 |
Substandard |
|
67,509 |
|
72,412 |
|
72,717 |
|
56,947 |
|
61,820 |
|
72,717 |
Ratio Analysis
Credit Quality |
|
|
|
|
|
|
||||||
Nonperforming loans and leases/total loans and leases |
1.08 |
% |
1.11 |
% |
1.11 |
% |
0.58 |
% |
0.59 |
% |
1.11 |
% |
Nonperforming assets/total assets |
0.79 |
% |
0.81 |
% |
0.80 |
% |
0.41 |
% |
0.41 |
% |
0.80 |
% |
Allowance for credit losses/total loans and leases |
0.92 |
% |
0.92 |
% |
0.92 |
% |
0.91 |
% |
0.91 |
% |
0.92 |
% |
Allowance/nonperforming loans and leases |
84.94 |
% |
82.47 |
% |
82.84 |
% |
156.96 |
% |
154.76 |
% |
82.84 |
% |
Net loan and lease losses (recoveries) annualized/total average loans and leases |
0.04 |
% |
0.02 |
% |
0.03 |
% |
0.01 |
% |
0.00 |
% |
(0.01 |
)% |
Capital Adequacy |
|
|
|
|
|
|
||||||
Tier 1 Capital (to average assets) |
9.15 |
% |
9.08 |
% |
9.08 |
% |
9.01 |
% |
9.57 |
% |
9.08 |
% |
Total Capital (to risk-weighted assets) |
13.26 |
% |
13.43 |
% |
13.36 |
% |
13.46 |
% |
14.48 |
% |
13.36 |
% |
Profitability (period-end) |
|
|
|
|
|
|
||||||
Return on average assets * |
0.81 |
% |
0.87 |
% |
0.78 |
% |
(1.73 |
)% |
0.45 |
% |
0.12 |
% |
Return on average equity * |
9.51 |
% |
10.18 |
% |
9.56 |
% |
(20.84 |
)% |
5.22 |
% |
1.50 |
% |
Net interest margin (TE) * |
2.73 |
% |
2.73 |
% |
2.82 |
% |
2.75 |
% |
2.83 |
% |
2.84 |
% |
Average yield on interest-earning assets* |
4.56 |
% |
4.47 |
% |
4.34 |
% |
4.06 |
% |
3.91 |
% |
4.03 |
% |
Average cost of deposits* |
1.61 |
% |
1.54 |
% |
1.43 |
% |
1.20 |
% |
0.97 |
% |
1.09 |
% |
Average cost of funds* |
1.96 |
% |
1.86 |
% |
1.62 |
% |
1.41 |
% |
1.16 |
% |
1.27 |
% |
* 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
Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP) |
||||||||||||
|
Quarter-Ended |
Year-Ended |
||||||||||
|
Jun-24 |
Mar-24 |
Dec-23 |
Sep-23 |
Jun-23 |
Dec-23 |
||||||
Total common equity |
$ |
674,630 |
$ |
667,906 |
$ |
668,522 |
$ |
610,851 |
$ |
634,967 |
$ |
668,522 |
Less: Goodwill and intangibles |
|
93,847 |
|
93,926 |
|
94,003 |
|
94,086 |
|
94,169 |
|
94,003 |
Tangible common equity (Non-GAAP) |
|
580,783 |
|
573,980 |
|
574,519 |
|
516,765 |
|
540,798 |
|
574,519 |
Ending shares outstanding |
|
14,395,204 |
|
14,405,019 |
|
14,405,920 |
|
14,350,177 |
|
14,405,503 |
|
14,405,920 |
Tangible book value per share (Non-GAAP) |
$ |
40.35 |
$ |
39.85 |
$ |
39.88 |
$ |
36.01 |
$ |
37.54 |
$ |
39.88 |
(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
(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.
(5) Amounts in prior periods' financial statements are reclassified when necessary to conform to the current period's presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240726210452/en/
For more information:
Stephen S. Romaine, President & CEO
Matthew Tomazin, Executive VP, CFO & Treasurer
Tompkins Financial Corporation (888) 503-5753
Source: Tompkins Financial Corporation
FAQ
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