Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation (the "Company") reported diluted
earnings per share of $1.60 for the first quarter of 2022, down
7.0% from the diluted earnings per share of $1.72 reported in the
first quarter of 2021. Reduced income from Paycheck Protection
Program loans ("PPP loans") and a smaller recapture to the
provision for credit losses in the current quarter were the primary
contributors to the reduced earnings when compared to the same
quarter last year. Net income for the first quarter of 2022 was
$23.3 million, a decrease of 9.2% from $25.6 million for the same
period in 2021.
Tompkins President and CEO, Stephen Romaine, commented, "On
January 1, 2022 the Company consolidated the four banks under one
charter and the banking affiliate in now know as Tompkins Community
Bank. Results for the first quarter of 2022 included several
favorable trends when compared to the most recent prior quarter and
the same quarter last year. These included an improved net interest
margin, higher fee-based revenue, and lower past due and
nonperforming loan balances. Though net income for the first
quarter of 2022 was below the same quarter last year, it exceeded
the net income reported in each of the three most recent prior
quarters."
SELECTED HIGHLIGHTS FOR THE PERIOD:
- Total loans at March 31, 2022 were $5.1 billion, down $12.0
million from December 31, 2021. The decrease was driven by a $47.2
million decline in PPP loans, compared to year-end 2021. Total
loans, exclusive of PPP loan balances, were higher than the prior
quarter for the third consecutive quarter.
- Provision for credit losses was a recapture of $520,000 for the
first quarter of 2022, compared to a recapture of $1.8 million for
the first quarter of 2021.
- Total nonperforming loans totaled $30.3 million, or 0.60% of
total loans, at March 31,2022, compared to $31.2 million, or 0.61%
of total loans, at December 31, 2021, and $47.7 million, or 0.90%
of total loans, at March 31, 2021.
- Total deposits of $7.0 billion at March 31, 2022 were up $225.3
million, or 3.3%, over December 31, 2021 and up $70.2 million, or
1.0%, over March 31, 2021.
NET INTEREST INCOME
Net interest margin was 3.04% for the first quarter of 2022,
compared to 3.01% reported for both the same period in 2021 and the
fourth quarter of 2021.
Net interest income was $56.6 million for the first quarter of
2022, an increase of $1.6 million from $55.0 million for the same
period in 2021. Net interest income for the current quarter
included $2.0 million of net deferred loan fees associated with PPP
loans, compared to net deferred loan fees of $2.8 million in the
first quarter of 2021.
Net interest income for the first quarter of 2022 was down $1.2
million from the immediate prior quarter, driven by a decline in
net deferred loan fees associated with PPP loans, which totaled
$2.0 million in the current quarter, compared to net deferred loan
fees of $3.2 million in the fourth quarter of 2021.
Average loans for the quarter ended March 31, 2022 were down
$235.3 million, or 4.5%, compared to the same period in 2021. The
decrease in average loans was mainly in commercial loans and driven
by a decrease in average PPP loans. Asset yields for the quarter
ended March 31, 2022 were down 8 basis points compared to the same
period in 2021, and up 2 basis points compared to quarter ended
December 31, 2021.
Average total deposits for the first quarter of 2022 were up
$253.1 million, or 3.8% compared to the same period in 2021.
Average noninterest bearing deposits for the quarter ended March
31, 2022 were up $159.2 million or 8.2% compared to the quarter
ended March 31, 2021. For the first quarter of 2022, the average
rate paid on interest-bearing deposits of 0.17%, was down 10 basis
points from the same period in 2021. The total cost of
interest-bearing liabilities of 0.21% for the first quarter of
2022, represented a decline of 17 basis points versus the same
period in 2021.
NONINTEREST INCOME
Noninterest income of $20.0 million for the first quarter of
2022 was in line with the same period in 2021, and represented
26.1% of total revenues. For the first quarter of 2022, all
service-related fee categories showed improvement when compared to
the same period prior year: Insurance commissions and fees (up
1.7%), Investment services income (up 5.2%), Service charges on
deposit accounts (up 21.0%), and Card services income (up 6.7%).
Offsetting improved service related fees was a loss of $47,000 on
securities transactions, compared to a gain of $317,000 in the
first quarter of 2021, and lower gains on sales on residential
loans that were down $425,000 compared to the same quarter in
2021.
NONINTEREST EXPENSE
Noninterest expense was $46.8 million for the first quarter of
2022, up $2.3 million or 5.2% from the first quarter of 2021.
Salaries and employee benefits were up 3.3% compared to the same
period in 2021, mainly due to normal annual merit increases and an
increase in health insurance expense. Other expense for the first
quarter of 2022 increased by 13.1%, with the increase mainly due to
higher marketing expense and technology expense when compared to
the quarter ended March 31, 2021.
INCOME TAX EXPENSE
The Company's effective tax rate was 23.1% for the first quarter
of 2022, compared to 20.7% for the same period in 2021. The
increase in the effective tax rate for the three months ended March
31, 2022, over the same period in 2021 is largely due to the
anticipated loss of certain New York State tax benefits due to the
expectation that average assets will exceed $8.0 billion for the
2022 tax year.
The Company's banking subsidiary has an investment in a real
estate investment trust that provides certain benefits on its New
York State tax return for qualifying entities. A condition to claim
the benefit is that the consolidated company has average assets of
no more than $8.0 billion for the taxable year. The Company expects
average assets to exceed the $8.0 billion threshold for the 2022
tax year. As of March 31, 2022, the Company's consolidated average
assets, as defined by New York tax law, were slightly under the
$8.0 billion threshold. The Company will continue to monitor the
consolidated average assets during 2022 to determine future
eligibility.
ASSET QUALITY
Improved credit quality and improving macroeconomic trends
contributed to a lower allowance for credit losses at March 31,
2022, when compared to March 31, 2021. The allowance for credit
losses represented 0.83% of total loans and leases at March 31,
2022, down from 0.84% at December 31, 2021, and 0.93% at March 31,
2021. The ratio of the allowance to total nonperforming loans and
leases was 139.20% at March 31, 2022, up from 137.51% at December
31, 2021 and 103.38% at March 31, 2021.
Provision for credit losses for the first quarter of 2022 was a
credit of $520,000 compared to a credit of $1.8 million for the
same period in 2021. Net recoveries for the quarter ended March 31,
2022 were $17,000 compared to net recoveries of $180,000 reported
for the same period in 2021.
Nonperforming assets represented 0.38% as of March 31, 2022,
down from 0.40% at December 31, 2021, and 0.59% at March 31, 2021.
At March 31, 2022, nonperforming loans and leases totaled $30.3
million, compared to $31.2 million at December 31, 2021, and $47.7
million at March 31, 2021.
Special Mention and Substandard loans and leases totaled $135.1
million at March 31, 2022, reflecting improvement from $137.6
million at December 31, 2021, and $185.2 million at March 31, 2021.
The decrease in Special Mention and Substandard loans, compared to
the same period prior year, was mainly due to improved asset
quality in the hospitality industry as occupancy rates continue to
show improvement.
As previously announced, the Company implemented a payment
deferral program in 2020 to assist both consumer and business
borrowers that may be experiencing financial hardship due to
COVID-19. As of March 31, 2022, total loans that continued in a
deferral status amounted to approximately $2.6 million,
representing 0.05% of total loans. At March 31, 2021 total loans in
deferral status totaled $195.6 million.
The Company began accepting applications for PPP loans on April
3, 2020, and continued through the initial program end date in
2020. On January 19, 2021, the Company began accepting both first
draw and second draw applications for the reopening of the PPP
program. The 2021 PPP program funding closed for new applications
on May 12, 2021. The Company funded a total of 5,140 applications
totaling $694.1 million in 2020 and 2021.
Out of the $694.1 million of PPP loans that the Company funded,
approximately $663.9 million have been forgiven by the SBA under
the terms of the program as of March 31, 2022. Total net deferred
fees on the remaining balance of PPP loans amounted to $1.0 million
at March 31, 2022.
CAPITAL POSITION
Capital ratios at March 31, 2022 remained well above the
regulatory minimums for well-capitalized institutions. The ratio of
Total Capital to Risk-Weighted Assets was 14.23% at March 31, 2022,
compared to 14.23% at December 31, 2021, and 14.62% at March 31,
2021. The ratio of Tier 1 capital to average assets was 8.89% at
March 31, 2022, compared to 8.72% at December 31, 2021, and 8.89%
at March 31, 2021.
During the first quarter of 2022, the Company repurchased
130,168 common shares at an aggregate cost of $10.4 million. These
shares were purchased under the Company's Stock Repurchase Program
announced in the third quarter of 2021.
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., and
offers wealth management services through Tompkins Financial
Advisors. For more information on Tompkins Financial, visit
www.tompkinsfinancial.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are neither historical facts nor
assurances of future performance. 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 ongoing
dynamic nature of the COVID-19 pandemic and the impact of COVID-19
(including governments’ responses thereto), including the
development and proliferation of variants such as Delta and
Omicron, 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
such as the war in the Ukraine, 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
CONSOLIDATED STATEMENTS OF
CONDITION
(In thousands, except share and per share
data)
As of
As of
ASSETS
03/31/2022
12/31/2021
(Audited)
Cash and noninterest bearing balances due
from banks
$
19,750
$
23,078
Interest bearing balances due from
banks
155,325
40,029
Cash and Cash
Equivalents
175,075
63,107
Available-for-sale debt securities, at
fair value (amortized cost of $2,106,906 at March 31, 2022 and
$2,063,790 at December 31, 2021)
1,981,148
2,044,513
Held-to-maturity securities, at amortized
cost (fair value of $280,917 at March 31, 2022 and $282,288 at
December 31, 2021)
303,524
284,009
Equity securities, at fair value
(amortized cost $855 at March 31, 2022 and $902 at December 31,
2021)
855
902
Total loans and leases, net of unearned
income and deferred costs and fees
5,063,451
5,075,467
Less: Allowance for credit losses
42,126
42,843
Net Loans and Leases
5,021,325
5,032,624
Federal Home Loan Bank and other stock
7,115
10,996
Bank premises and equipment, net
83,502
85,416
Corporate owned life insurance
86,922
86,495
Goodwill
92,447
92,447
Other intangible assets, net
3,382
3,643
Accrued interest and other assets
135,816
115,830
Total Assets
$
7,891,111
$
7,819,982
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market
4,263,413
4,016,025
Time
615,936
639,674
Noninterest bearing
2,137,390
2,135,736
Total Deposits
7,016,739
6,791,435
Federal funds purchased and securities
sold under agreements to repurchase
57,115
66,787
Other borrowings
60,000
124,000
Other liabilities
99,765
108,819
Total Liabilities
$
7,233,619
$
7,091,041
EQUITY
Tompkins Financial Corporation
shareholders' equity:
Common Stock - par value $.10 per share:
Authorized 25,000,000 shares; Issued: 14,597,360 at March 31, 2022;
and 14,696,911 at December 31, 2021
1,460
1,470
Additional paid-in capital
305,880
312,538
Retained earnings
490,200
475,262
Accumulated other comprehensive loss
(135,849
)
(55,950
)
Treasury stock, at cost – 120,342 shares
at March 31, 2022, and 122,824 shares at December 31, 2021
(5,642
)
(5,791
)
Total Tompkins Financial
Corporation Shareholders’ Equity
656,049
727,529
Noncontrolling interests
1,443
1,412
Total Equity
$
657,492
$
728,941
Total Liabilities and
Equity
$
7,891,111
$
7,819,982
TOMPKINS FINANCIAL
CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
03/31/2022
03/31/2021
INTEREST AND DIVIDEND INCOME
Loans
$
51,131
$
54,206
Due from banks
41
85
Available-for-sale debt securities
6,770
5,250
Held-to-maturity securities
1,129
0
Federal Home Loan Bank and other stock
105
213
Total Interest and Dividend
Income
59,176
$
59,754
INTEREST EXPENSE
Time certificates of deposits of $250,000
or more
426
639
Other deposits
1,620
2,511
Federal funds purchased and securities
sold under agreements to repurchase
16
16
Trust preferred debentures
0
175
Other borrowings
500
1,376
Total Interest Expense
2,562
4,717
Net Interest Income
56,614
55,037
Less: Credit for credit loss
expense
(520
)
(1,830
)
Net Interest Income After
Credit for Credit Loss Expense
57,134
56,867
NONINTEREST INCOME
Insurance commissions and fees
9,317
9,166
Investment services income
4,917
4,673
Service charges on deposit accounts
1,779
1,470
Card services income
2,543
2,383
Other income
1,476
1,974
Net (loss) gain on securities
transactions
(47
)
317
Total Noninterest Income
19,985
19,983
NONINTEREST EXPENSE
Salaries and wages
23,272
22,660
Other employee benefits
5,797
5,484
Net occupancy expense of premises
3,541
3,462
Furniture and fixture expense
1,991
1,950
Amortization of intangible assets
218
330
Other operating expense
12,020
10,625
Total Noninterest Expenses
46,839
44,511
Income Before Income Tax
Expense
30,280
32,339
Income Tax Expense
6,976
6,680
Net Income Attributable to
Noncontrolling Interests and Tompkins Financial Corporation
23,304
25,659
Less: Net Income Attributable to
Noncontrolling Interests
31
33
Net Income Attributable to
Tompkins Financial Corporation
$
23,273
25,626
Basic Earnings Per Share
$
1.61
$
1.73
Diluted Earnings Per Share
$
1.60
$
1.72
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Quarter Ended
March 31, 2022
March 31, 2021
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
$
134,129
$
41
0.12
%
$
408,642
$
85
0.08
%
Securities (1)
U.S. Government securities
2,293,611
7,362
1.30
%
1,635,143
4,612
1.14
%
State and municipal (2)
101,746
649
2.59
%
120,959
775
2.60
%
Other securities (2)
3,390
23
2.73
%
3,425
23
2.75
%
Total securities
2,398,747
8,034
1.36
%
1,759,527
5,410
1.25
%
FHLBNY and FRB stock
10,098
105
4.23
%
16,382
213
5.27
%
Total loans and leases, net of unearned
income (2)(3)
5,055,948
51,355
4.12
%
5,291,295
54,454
4.17
%
Total interest-earning assets
7,598,922
59,535
3.18
%
7,475,846
60,162
3.26
%
Other assets
311,125
350,826
Total assets
$
7,910,047
$
7,826,672
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, &
money market
$
4,160,946
$
750
0.07
%
$
3,949,304
$
1,093
0.11
%
Time deposits
631,594
1,296
0.83
%
749,328
2,057
1.11
%
Total interest-bearing deposits
4,792,540
2,046
0.17
%
4,698,632
3,150
0.27
%
Federal funds purchased & securities
sold under agreements to repurchase
64,237
16
0.10
%
59,584
16
0.11
%
Other borrowings
125,298
500
1.62
%
265,001
1,376
2.11
%
Trust preferred debentures
0
0
0.00
%
13,234
175
5.35
%
Total interest-bearing
liabilities
4,982,075
2,562
0.21
%
5,036,451
4,717
0.38
%
Noninterest bearing deposits
2,108,825
1,949,643
Accrued expenses and other liabilities
106,120
119,860
Total liabilities
7,197,020
7,105,954
Tompkins Financial Corporation
Shareholders’ equity
711,601
719,290
Noncontrolling interest
1,426
1,428
Total equity
713,027
720,718
Total liabilities and equity
$
7,910,047
$
7,826,672
Interest rate spread
2.97
%
2.88
%
Net interest income/margin on earning
assets
56,973
3.04
%
55,445
3.01
%
Tax Equivalent Adjustment
(359
)
(408
)
Net interest income per consolidated
financial statements
$
56,614
$
55,037
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-21
Securities
$
2,285,527
$
2,329,424
$
2,337,105
$
2,166,853
$
1,935,731
$
2,329,424
Total Loans
5,063,451
5,075,467
5,096,778
5,175,129
5,292,793
5,075,467
Allowance for credit losses
42,126
42,843
46,259
47,505
49,339
42,843
Total assets
7,891,111
7,819,982
8,113,110
7,988,208
8,095,342
7,819,982
Total deposits
7,016,739
6,791,435
7,090,898
6,837,000
6,946,541
6,791,435
Federal funds purchased and securities
sold under agreements to repurchase
57,115
66,787
72,490
52,134
47,496
66,787
Other borrowings
60,000
124,000
110,000
245,000
265,000
124,000
Trust preferred debentures
0
0
0
8,799
13,260
0
Total common equity
656,049
727,529
720,851
726,779
708,493
727,529
Total equity
657,492
728,941
722,357
728,253
709,936
728,941
Average Balance Sheet
Average earning assets
$
7,598,922
$
7,660,556
$
7,753,700
$
7,609,792
$
7,475,846
$
7,625,832
Average assets
7,910,047
7,993,816
8,102,070
7,949,946
7,826,672
7,968,951
Average interest-bearing liabilities
4,982,075
4,966,711
5,086,753
5,030,800
5,036,451
5,030,143
Average equity
713,027
722,619
733,117
721,336
720,718
724,476
Share data
Weighted average shares outstanding
(basic)
14,400,003
14,452,775
14,494,533
14,654,774
14,676,410
14,568,763
Weighted average shares outstanding
(diluted)
14,478,183
14,532,480
14,568,334
14,737,735
14,757,558
14,648,167
Period-end shares outstanding
14,561,450
14,661,001
14,659,195
14,829,873
14,906,785
14,661,001
Common equity book value per share
$
45.05
$
49.62
$
49.17
$
49.01
$
47.53
$
49.62
Income Statement
Net interest income
$
56,614
$
57,811
$
56,098
$
54,846
$
55,037
$
223,792
Credit for credit loss expense (5)
(520
)
3,914
(1,232
)
(3,071
)
(1,830
)
(2,219
)
Noninterest income
19,985
19,154
20,854
18,858
19,983
78,849
Noninterest expense (5)
46,839
48,154
50,180
47,442
44,511
190,287
Income tax expense
6,976
5,401
6,630
6,471
6,680
25,182
Net income attributable to Tompkins
Financial Corporation
23,273
19,465
21,342
22,831
25,626
89,264
Noncontrolling interests
31
31
32
31
33
127
Basic earnings per share (4)
1.61
1.34
1.46
1.55
1.73
6.08
Diluted earnings per share (4)
1.60
1.33
1.45
1.54
1.72
6.05
Nonperforming Assets
Nonaccrual loans and leases
$
25,200
$
26,033
$
47,941
$
48,019
$
41,656
$
26,033
Loans and leases 90 days past due and
accruing
0
0
7,463
0
0
0
Troubled debt restructuring not included
above
5,064
5,124
5,343
5,776
6,069
5,126
Total nonperforming loans and leases
30,264
31,157
60,747
53,795
47,725
31,159
OREO
88
135
135
88
88
135
Total nonperforming assets
$
30,352
$
31,292
$
60,882
$
53,883
$
47,813
$
31,294
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Quarter-Ended
Year-Ended
Delinquency - Total loan and lease
portfolio
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-21
Loans and leases 30-89 days past due
and
accruing
$
1,735
$
3,072
$
1,436
$
1,692
$
1,790
$
3,072
Loans and leases 90 days past due and
accruing
0
0
7,463
0
0
0
Total loans and leases past due and
accruing
1,735
3,072
8,899
1,692
1,790
3,072
Allowance for Credit Losses
Balance at beginning of period
$
42,843
$
46,259
$
47,505
$
49,339
$
51,669
$
51,669
Credit for credit losses
(734
)
3,600
(1,177
)
(2,718
)
(2,510
)
$
(2,805
)
Net loan and lease charge-offs
(recoveries)
(17
)
7,016
69
(884
)
(180
)
$
6,021
Allowance for credit losses at end of
period
$
42,126
$
42,843
$
46,259
$
47,505
$
49,339
$
42,843
Allowance for Credit Losses -
Off-Balance Sheet Exposure
Balance at beginning of period
$
2,506
$
2,192
$
2,247
$
2,600
$
1,920
$
1,920
Provision (credit) for credit losses
214
314
(55
)
(353
)
680
$
586
Allowance for credit losses at end of
period
$
2,720
$
2,506
$
2,192
$
2,247
$
2,600
$
2,506
Loan Classification - Total
Portfolio
Special Mention
$
92,380
$
85,530
$
98,253
$
108,269
$
116,689
$
85,530
Substandard
42,722
52,047
70,213
62,992
68,487
52,047
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans
and leases
0.60
%
0.61
%
1.19
%
1.04
%
0.90
%
0.61
%
Nonperforming assets/total assets
0.38
%
0.40
%
0.75
%
0.67
%
0.59
%
0.40
%
Allowance for credit losses/total loans
and leases
0.83
%
0.84
%
0.91
%
0.92
%
0.93
%
0.84
%
Allowance/nonperforming loans and
leases
139.20
%
137.51
%
76.15
%
88.31
%
103.38
%
137.49
%
Net loan and lease losses annualized/total
average loans and leases
0.00
%
0.55
%
0.01
%
(0.07
) %
(0.01
) %
0.12
%
Capital Adequacy
Tier 1 Capital (to average assets)
8.89
%
8.72
%
8.54
%
8.79
%
8.89
%
8.75
%
Total Capital (to risk-weighted
assets)
14.23
%
14.23
%
14.21
%
14.62
%
14.62
%
14.39
%
Profitability (period-end)
Return on average assets *
1.19
%
0.97
%
1.05
%
1.15
%
1.33
%
1.12
%
Return on average equity *
13.24
%
10.69
%
11.55
%
12.70
%
14.42
%
12.32
%
Net interest margin (TE) *
3.04
%
3.01
%
2.89
%
2.91
%
3.01
%
2.96
%
* Quarterly ratios have been
annualized
(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 2022 and 2021 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, 2021.
(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/20220429005073/en/
For more information: Stephen S. Romaine, President &
CEO Francis M. Fetsko, Executive VP, CFO & COO Tompkins
Financial Corporation (888) 503-5753
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