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Tompkins Financial Corporation Reports First Quarter Earnings

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.

 

Contacts

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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