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    Tompkins Financial Corporation Reports Increased Fourth Quarter Financial Results

    1/31/25 9:00:00 AM ET
    $TMP
    Major Banks
    Finance
    Get the next $TMP alert in real time by email

    Tompkins Financial Corporation (NYSE:TMP)

    Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.37 for the fourth quarter of 2024, up 5.4% and 30.5% compared to the immediate prior quarter and the fourth quarter of 2023, respectively. Net income for the fourth quarter of 2024 was $19.7 million, up $1.0 million or 5.5% compared to the third quarter of 2024, and up $4.7 million, or 31.0%, when compared to the fourth quarter of 2023.

    For the year ended December 31, 2024, diluted earnings per share of $4.97 were up 653.0% compared to the year ended December 31, 2023. Net income for 2024 was $70.9 million, an increase of $61.3 million compared to 2023. The 2023 results included an after-tax loss of $52.9 million or $3.69 loss per diluted share, related to the sale of $510.5 million of available-for-sale debt securities. Earnings performance for 2024 benefited from increased net interest income, growth in fee-based businesses and lower operating expenses.

    Tompkins President and CEO, Stephen Romaine, commented, "We are pleased to report increased earnings for the year and fourth quarter of 2024. Our improved results were driven by growth in revenue and lower operating expense. Revenue growth was broad and supported by strong loan growth, deposit growth, and growth in our fee-based businesses. Our fourth quarter ended the year with 9.4% annualized loan growth, 14 basis points of net interest margin expansion and improving profitability metrics. We look forward to the new year as we believe we remain well positioned to continue to drive growth through quality customer relationships."

    SELECTED HIGHLIGHTS FOR THE PERIOD:

    • Net interest margin for the fourth quarter of 2024 was 2.93%, improved from the immediate prior quarter of 2.79%, and 2.82% for the same period of 2023.
    • Total average cost of funds of 1.88% for the fourth quarter of 2024 was down 13 basis points compared to the third quarter of 2024, as a result of funding mix and lower interest rates.
    • Total fee-based services (insurance, wealth management, service charges on deposit accounts and cards) revenues for the fourth quarter of 2024 were up $1.3 million or 7.7% compared to the fourth quarter of 2023.
    • Total noninterest expenses for the fourth quarter of 2024 were in line with the third quarter of 2024, and down $1.3 million or 2.6% compared to the fourth quarter of 2023.
    • Total loans at December 31, 2024 were up $138.7 million, or 2.4% compared to September 30, 2024 (9.4% on an annualized basis), and up $414.0 million, or 7.4%, from December 31, 2023.
    • Total deposits at December 31, 2024 were $6.5 billion, down $106.1 million, or 1.6%, from September 30, 2024, and up $72.0 million, or 1.1%, from December 31, 2023.
    • Loan to deposit ratio at December 31, 2024 was 93.0%, compared to 89.4% at September 30, 2024, and 87.6% at December 31, 2023.
    • Regulatory Tier 1 capital to average assets was 9.27% at December 31, 2024, up compared to 9.19% at September 30, 2024, and 9.08% at December 31, 2023.

    NET INTEREST INCOME

    Net interest income was $56.3 million for the fourth quarter of 2024, up $3.1 million or 5.8% compared to the third quarter of 2024, and up $3.9 million or 7.5% compared to the fourth quarter of 2023. The increase in net interest income compared to the third quarter of 2024 was due to improvement in net interest margin, which is explained further below, and an increase in average loan balances. The increase when compared to the fourth quarter of 2023 was due to increases in both average loan balances and average loan yields, and was partially offset by higher average funding costs.

    For the year ended December 31, 2024, net interest income was $211.1 million, an increase of $1.6 million or 0.8% when compared to the year ended December 31, 2023. The increase reflects growth in average loan balances and higher yields on average earning assets, partially offset by higher average cost of funds.

    Net interest margin was 2.93% for the fourth quarter of 2024, up 14 basis points when compared to the immediate prior quarter, and up 11 basis points from 2.82% for the fourth quarter of 2023. The increase in net interest margin, when compared to the most recent prior quarter, was mainly due to lower funding costs resulting from growth in average deposits and lower market rates. The increase in net interest margin when compared to the same period prior year was mainly a result of higher yields on average interest earning assets and higher average loan balances, and was partially offset by higher average funding costs.

    Average loans for the quarter ended December 31, 2024 were up $100.9 million, or 1.7%, from the third quarter of 2024, and were up $445.1 million, or 8.1%, compared to the prior year period. The increase in average loans over both prior periods was mainly in the commercial real estate and commercial and industrial portfolios. The average yield on interest-earning assets for the quarter ended December 31, 2024 was 4.67%, a slight increase from 4.66% for the quarter ended September 30, 2024, and up from 4.34% for the quarter ended December 31, 2023.

    Average total deposits of $6.6 billion for the fourth quarter of 2024 were up $217.3 million, or 3.4%, compared to the third quarter of 2024, and up $91.9 million or 1.4% compared to the same period in 2023. The cost of interest-bearing deposits of 2.31% for the fourth quarter of 2024 was down 4 basis points from 2.35% for the third quarter of 2024, and up 27 basis points from 2.04% for the fourth quarter of 2023. The ratio of average noninterest bearing deposits to average total deposits for the fourth quarter of 2024 was 28.0% compared to 28.9% for the third quarter of 2024, and 29.6% for the fourth quarter of 2023. The average cost of interest-bearing liabilities for the fourth quarter of 2024 of 2.53% represents a decrease of 18 basis points over the third quarter of 2024, and an increase of 28 basis points over the same period in 2023.

    NONINTEREST INCOME

    Noninterest income of $20.8 million for the fourth quarter of 2024 was up $2.0 million or 10.5% compared to the same period in 2023. The increase in quarterly noninterest income when compared to the same period in 2023 was mainly due to increases in fee-based revenues, which includes insurance commissions and fees, up $698,000 or 9.0%; wealth management fees, up $456,000 or 10.3%; service charges on deposit accounts, up $81,000 or 4.6%; and card services income, up $60,000 or 2.1%. Other income was up $763,000 or 38.6% for the quarter ended December 31, 2024 compared to the same period in 2023, and included increases in gains on loan sales and derivative swap fee income.

    Noninterest income of $88.1 million for the year ended December 31, 2024 was up $77.9 million or 760.5% compared to the year ended December 31, 2023. The increase in noninterest income compared to 2023 was mainly due to the $70.0 million pre-tax loss on the sale of available-for-sale debt securities in 2023 as discussed above. Also contributing to the increase for the year ended December 31, 2024 over the prior year were fee-based revenues, which includes insurance commissions and fees, up $1.7 million or 4.7%; wealth management fees, up $1.6 million or 9.1%; service charges on deposit accounts, up $375,000 or 5.4%; and card services income, up $569,000 or 5.0%. Other income was up $3.6 million for the year ended December 31, 2024 compared to 2023, and included increases in gains on loan sales, derivative swap fee income and earnings on bank-owned life insurance.

    NONINTEREST EXPENSE

    Noninterest expense was $50.0 million for the fourth quarter of 2024, down $1.3 million or 2.6% compared to the fourth quarter of 2023. Other operating expenses for the quarter were down $3.0 million or 20.4% from the same period prior year and included decreases in technology, down $1.1 million; marketing, down $665,000; other losses, down $364,000; and professional fees, down $242,000. Noninterest expense for the year ended December 31, 2024 was $199.6 million, a decrease of $3.7 million or 1.8% compared to the $203.3 million reported for 2023. The year-over-year decrease was mainly driven by lower other operating expenses, which were down $5.1 million or 9.1% and included decreases in technology, down $1.3 million; marketing, down $1.2 million; professional fees, down $1.0 million; retirement plan expense, down $709,000; and travel and meeting expense, down $667,000. Partially offsetting these decreases, FDIC insurance expense was up $1.4 million or 32.5% year-over-year.

    INCOME TAX EXPENSE

    The provision for income tax expense for the fourth quarter of 2024 was $6.0 million for an effective rate of 23.5%, compared to a provision for tax expense of $3.1 million and an effective rate of 17.2% for the same quarter in 2023. For the year ended December 31, 2024, the provision for income tax expense was $22.0 million and the effective tax rate was 23.7% compared to tax expense of $2.5 million and an effective tax rate of 20.6% for 2023. Increased tax expense for both the quarter and year-to-date periods in 2024 was mainly a result of lower income in 2023 associated with the loss on the sale of securities described above.

    In 2024, the Company's average assets exceeded the $8.0 billion threshold for receiving certain New York State tax benefits associated with the Company's real estate investment trust ("REIT") subsidiaries. Therefore, the Company did not recognize any tax benefit in connection with the REITs in 2024. In the fourth quarter of 2024, the Company's bank subsidiary approved the dissolution of the REITs.

    ASSET QUALITY

    The allowance for credit losses represented 0.94% of total loans and leases at December 31, 2024, unchanged compared to the most recent prior quarter, and up from 0.92% reported at December 31, 2023. The year over year increase in the allowance for credit losses coverage ratio includes changes for qualitative factors relating to loan growth and asset quality, model assumptions changes, and updates to economic forecasts for unemployment and GDP. The increase in allowance for credit losses was partially offset by lower off-balance sheet reserves due to model changes related to utilization rates and a decrease in loan pipeline. The ratio of the allowance to total nonperforming loans and leases was 111.06% at December 31, 2024, compared to 88.51% at September 30, 2024, and 82.84% at December 31, 2023. The increase in the ratio compared to the same prior year period was due to the decrease in nonperforming loans and leases discussed in more detail below.

    Provision for credit losses for the fourth quarter of 2024 was $1.4 million compared to $1.8 million for the same period in 2023. Provision for credit losses for the year ended December 31, 2024 was $6.6 million compared to $4.3 million for the year ended December 31, 2023. The increase in provision expense for the full year compared to 2023 was mainly driven by loan growth, an increase in net charge-offs and model assumption updates. Net charge-offs for the three months and year ended December 31, 2024 were $857,000 and $2.5 million, respectively, compared to net charge-offs of $410,000 and $1.6 million for the same periods in 2023.

    Nonperforming assets represented 0.80% of total assets at December 31, 2024, unchanged from December 31, 2023 but up slightly compared to 0.78% at September 30, 2024. At December 31, 2024, nonperforming loans and leases totaled $50.9 million, compared to $62.6 million at September 30, 2024 and $62.3 million at December 31, 2023. The decrease in nonperforming loans and leases at December 31, 2024 compared to December 31, 2023 was due to one commercial real estate loan for $14.2 million being moved from nonperforming loans to other real estate owned. The increase in loans past due 30-89 days at December 31, 2024 compared to prior quarter end and December 31, 2023 was mainly due to the inclusion of a $17.4 million commercial real estate loan.

    Special Mention and Substandard loans and leases totaled $111.1 million at December 31, 2024, compared to $126.0 million reported at September 30, 2024, and $123.1 million reported at December 31, 2023. The decrease was mainly due to the reclassification of one commercial real estate loan from nonperforming loans to other real estate owned as mentioned above.

    CAPITAL POSITION

    Capital ratios at December 31, 2024 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was 13.08% at December 31, 2024, compared to 13.21% at September 30, 2024, and 13.36% at December 31, 2023. The decrease in the ratio is mainly a result of loan growth during the fourth quarter of 2024. The ratio of Tier 1 capital to average assets was 9.27% at December 31, 2024, compared to 9.19% at September 30, 2024, and 9.08% at December 31, 2023.

    LIQUIDITY POSITION

    The Company's liquidity position at December 31, 2024 was stable and consistent with the immediate prior quarter end. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank's Discount Window advances and Federal Home Loan Banks (FHLB) advances. The Company maintained ready access to liquidity of $1.3 billion, or 16.4% of total assets at December 31, 2024.

    ABOUT TOMPKINS FINANCIAL CORPORATION

    Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Community Bank and Tompkins Insurance Agencies, Inc. Tompkins Community Bank provides a full array of wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning services. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

    "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", "commit", or "anticipate", as well as the negative and other variations of these terms and other similar words. Examples of forward-looking statements may include statements regarding the sufficiency of existing collateral to cover exposure related to nonperforming loans and future growth. Forward-looking statements are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factors in Item 1A in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ materially from the forward-looking statements and historical performance: changes in general economic, market and regulatory conditions; our ability to attract and retain deposits and other sources of liquidity; gross domestic product growth and inflation trends; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company's operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and state and local government mandates; the impact of any change in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount; increased supervisory and regulatory scrutiny of financial institutions; technological developments and changes; cybersecurity incidents and threats; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; the ability to access financial resources in the amounts, at the times, and on the terms required to support the Company's future businesses; and the economic impact, including potential market volatility, of national and global events, including the response to bank failures, war and geopolitical matters (including the war in Israel and surrounding regions and the war in Ukraine), widespread protests, civil unrest, political uncertainty, and pandemics or other public health crises. The Company does not undertake any obligation to update its forward-looking statements.

     

    TOMPKINS FINANCIAL CORPORATION

    CONSOLIDATED STATEMENTS OF CONDITION

    (In thousands, except share and per share data) (Unaudited)

    As of

    As of

    ASSETS

    12/31/2024

    12/31/2023

     

     

    (Audited)

     

     

     

    Cash and noninterest bearing balances due from banks

    $

    53,635

     

    $

    67,212

     

    Interest bearing balances due from banks

     

    80,763

     

     

    12,330

     

    Cash and Cash Equivalents

     

    134,398

     

     

    79,542

     

     

     

     

    Available-for-sale debt securities, at fair value (amortized cost of $1,367,123 at December 31, 2024 and $1,548,482 at December 31, 2023)

     

    1,231,532

     

     

    1,416,650

     

    Held-to-maturity debt securities, at amortized cost (fair value of $267,295 at December 31, 2024 and $267,455 at December 31, 2023)

     

    312,462

     

     

    312,401

     

    Equity securities, at fair value

     

    768

     

     

    787

     

    Total loans and leases, net of unearned income and deferred costs and fees

     

    6,019,922

     

     

    5,605,935

     

    Less: Allowance for credit losses

     

    56,496

     

     

    51,584

     

    Net Loans and Leases

     

    5,963,426

     

     

    5,554,351

     

     

     

     

    Federal Home Loan Bank and other stock

     

    42,255

     

     

    33,719

     

    Bank premises and equipment, net

     

    76,626

     

     

    79,687

     

    Corporate owned life insurance

     

    76,448

     

     

    67,884

     

    Goodwill

     

    92,602

     

     

    92,602

     

    Other intangible assets, net

     

    2,203

     

     

    2,327

     

    Accrued interest and other assets

     

    176,360

     

     

    179,799

     

    Total Assets

    $

    8,109,080

     

    $

    7,819,749

     

    LIABILITIES

     

     

    Deposits:

     

     

    Interest bearing:

     

     

    Checking, savings and money market

     

    3,558,946

     

     

    3,484,878

     

    Time

     

    1,068,375

     

     

    998,013

     

    Noninterest bearing

     

    1,844,484

     

     

    1,916,956

     

    Total Deposits

     

    6,471,805

     

     

    6,399,847

     

     

     

     

    Federal funds purchased and securities sold under agreements to repurchase

     

    37,036

     

     

    50,996

     

    Other borrowings

     

    790,247

     

     

    602,100

     

    Other liabilities

     

    96,548

     

     

    96,872

     

    Total Liabilities

    $

    7,395,636

     

    $

    7,149,815

     

    EQUITY

     

     

    Tompkins Financial Corporation shareholders' equity:

     

     

    Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,468,013 at December 31, 2024; and 14,441,830 at December 31, 2023

     

    1,447

     

     

    1,444

     

    Additional paid-in capital

     

    300,073

     

     

    297,183

     

    Retained earnings

     

    537,157

     

     

    501,510

     

    Accumulated other comprehensive loss

     

    (118,492

    )

     

    (125,005

    )

    Treasury stock, at cost – 131,497 shares at December 31, 2024, and 132,097 shares at December 31, 2023

     

    (6,741

    )

     

    (6,610

    )

    Total Tompkins Financial Corporation Shareholders' Equity

     

    713,444

     

     

    668,522

     

    Noncontrolling interests

     

    0

     

     

    1,412

     

    Total Equity

    $

    713,444

     

    $

    669,934

     

    Total Liabilities and Equity

    $

    8,109,080

     

    $

    7,819,749

     

     

     

     

    TOMPKINS FINANCIAL CORPORATION

    CONSOLIDATED STATEMENTS OF INCOME

    (In thousands, except per share data) (Unaudited)

    Three Months Ended

    Year Ended

     

    12/31/2024

    09/30/2024

    12/31/2023

    12/31/2024

    12/31/2023

    INTEREST AND DIVIDEND INCOME

     

     

     

     

     

    Loans

    $

    78,911

     

    $

    77,814

    $

    69,035

    $

    301,970

    $

    260,434

     

    Due from banks

     

    235

     

     

    168

     

    227

     

    741

     

    674

     

    Available-for-sale debt securities

     

    8,760

     

     

    9,037

     

    9,717

     

    36,779

     

    29,677

     

    Held-to-maturity debt securities

     

    1,222

     

     

    1,222

     

    1,222

     

    4,881

     

    4,876

     

    Federal Home Loan Bank and other stock

     

    894

     

     

    888

     

    584

     

    3,203

     

    1,697

     

    Total Interest and Dividend Income

     

    90,022

     

    $

    89,129

    $

    80,785

    $

    347,574

    $

    297,358

     

    INTEREST EXPENSE

     

     

     

     

     

    Time certificates of deposits of $250,000 or more

     

    4,698

     

     

    4,158

     

    3,949

     

    16,914

     

    11,421

     

    Other deposits

     

    22,856

     

     

    22,553

     

    19,526

     

    87,069

     

    59,387

     

    Federal funds purchased and securities sold under agreements to repurchase

     

    11

     

     

    11

     

    14

     

    46

     

    58

     

    Other borrowings

     

    6,176

     

     

    9,214

     

    4,937

     

    32,443

     

    16,978

     

    Total Interest Expense

     

    33,741

     

     

    35,936

     

    28,426

     

    136,472

     

    87,844

     

    Net Interest Income

     

    56,281

     

     

    53,193

     

    52,359

     

    211,102

     

    209,514

     

    Less: Provision for credit loss expense

     

    1,411

     

     

    2,174

     

    1,761

     

    6,611

     

    4,339

     

    Net Interest Income After Provision for Credit Loss Expense

     

    54,870

     

     

    51,019

     

    50,598

     

    204,491

     

    205,175

     

    NONINTEREST INCOME

     

     

     

     

     

    Insurance commissions and fees

     

    8,471

     

     

    11,283

     

    7,773

     

    39,100

     

    37,351

     

    Wealth management fees

     

    4,878

     

     

    4,925

     

    4,422

     

    19,589

     

    17,951

     

    Service charges on deposit accounts

     

    1,854

     

     

    1,872

     

    1,773

     

    7,288

     

    6,913

     

    Card services income

     

    2,919

     

     

    2,921

     

    2,859

     

    12,057

     

    11,488

     

    Other income

     

    2,740

     

     

    2,299

     

    1,977

     

    10,061

     

    6,511

     

    Net gain (loss) on securities transactions

     

    (33

    )

     

    85

     

    46

     

    32

     

    (69,973

    )

    Total Noninterest Income

     

    20,829

     

     

    23,385

     

    18,850

     

    88,127

     

    10,241

     

    NONINTEREST EXPENSE

     

     

     

     

     

    Salaries and wages

     

    25,870

     

     

    25,664

     

    23,710

     

    101,150

     

    97,370

     

    Other employee benefits

     

    7,429

     

     

    6,276

     

    6,626

     

    26,661

     

    27,333

     

    Net occupancy expense of premises

     

    2,873

     

     

    3,065

     

    3,544

     

    12,634

     

    13,278

     

    Furniture and fixture expense

     

    1,834

     

     

    1,797

     

    2,425

     

    7,666

     

    8,663

     

    Amortization of intangible assets

     

    90

     

     

    86

     

    84

     

    332

     

    334

     

    Other operating expense

     

    11,870

     

     

    12,989

     

    14,911

     

    51,199

     

    56,314

     

    Total Noninterest Expenses

     

    49,966

     

     

    49,877

     

    51,300

     

    199,642

     

    203,292

     

    Income Before Income Tax Expense

     

    25,733

     

     

    24,527

     

    18,148

     

    92,976

     

    12,124

     

    Income Tax Expense

     

    6,045

     

     

    5,858

     

    3,114

     

    22,003

     

    2,495

     

    Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation

     

    19,688

     

     

    18,669

     

    15,034

     

    70,973

     

    9,629

     

    Less: Net Income Attributable to Noncontrolling Interests

     

    30

     

     

    31

     

    31

     

    123

     

    124

     

    Net Income Attributable to Tompkins Financial Corporation

    $

    19,658

     

     

    18,638

     

    15,003

     

    70,850

     

    9,505

     

    Basic Earnings Per Share

    $

    1.38

     

    $

    1.31

    $

    1.06

    $

    4.98

    $

    0.66

     

    Diluted Earnings Per Share

    $

    1.37

     

    $

    1.30

    $

    1.05

    $

    4.97

    $

    0.66

     

    Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)

     

    Quarter Ended

    Quarter Ended

     

    December 31, 2024

    September 30, 2024

     

    Average

     

     

    Average

     

     

     

    Balance

     

    Average

    Balance

     

    Average

    (Dollar amounts in thousands)

    (QTD)

    Interest

    Yield/Rate

    (QTD)

    Interest

    Yield/Rate

    ASSETS

     

     

     

     

     

     

    Interest-earning assets

     

     

     

     

     

     

    Interest-bearing balances due from banks

    $

    19,065

    $

    235

     

    4.90

    %

    $

    13,189

    $

    168

     

    5.07

    %

    Securities1

     

     

     

     

     

     

    U.S. Government securities

     

    1,619,973

     

    9,471

     

    2.33

    %

     

    1,664,611

     

    9,740

     

    2.33

    %

    State and municipal2

     

    86,481

     

    557

     

    2.56

    %

     

    87,799

     

    560

     

    2.54

    %

    Other securities

     

    3,287

     

    55

     

    6.66

    %

     

    3,282

     

    60

     

    7.27

    %

    Total securities

     

    1,709,741

     

    10,083

     

    2.35

    %

     

    1,755,692

     

    10,360

     

    2.35

    %

    FHLBNY and FRB stock

     

    30,665

     

    894

     

    11.60

    %

     

    38,534

     

    888

     

    9.17

    %

    Total loans and leases, net of unearned income2,3

     

    5,931,771

     

    79,126

     

    5.31

    %

     

    5,830,899

     

    78,040

     

    5.32

    %

    Total interest-earning assets

     

    7,691,242

     

    90,338

     

    4.67

    %

     

    7,638,314

     

    89,456

     

    4.66

    %

    Other assets

     

    282,490

     

     

     

    276,610

     

     

    Total assets

    $

    7,973,732

     

     

    $

    7,914,924

     

     

    LIABILITIES & EQUITY

     

     

     

     

     

     

    Deposits

     

     

     

     

     

     

    Interest-bearing deposits

     

     

     

     

     

     

    Interest bearing checking, savings, & money market

    $

    3,661,006

    $

    17,223

     

    1.87

    %

    $

    3,509,116

    $

    16,635

     

    1.89

    %

    Time deposits

     

    1,076,300

     

    10,331

     

    3.82

    %

     

    1,016,949

     

    10,076

     

    3.94

    %

    Total interest-bearing deposits

     

    4,737,306

     

    27,554

     

    2.31

    %

     

    4,526,065

     

    26,711

     

    2.35

    %

    Federal funds purchased & securities sold under agreements to repurchase

     

    39,519

     

    11

     

    0.11

    %

     

    42,449

     

    11

     

    0.10

    %

    Other borrowings

     

    534,219

     

    6,176

     

    4.60

    %

     

    709,474

     

    9,214

     

    5.17

    %

    Total interest-bearing liabilities

     

    5,311,044

     

    33,741

     

    2.53

    %

     

    5,277,988

     

    35,936

     

    2.71

    %

    Noninterest bearing deposits

     

    1,844,772

     

     

     

    1,838,725

     

     

    Accrued expenses and other liabilities

     

    101,370

     

     

     

    101,679

     

     

    Total liabilities

     

    7,257,186

     

     

     

    7,218,392

     

     

    Tompkins Financial Corporation Shareholders' equity

     

    715,299

     

     

     

    695,057

     

     

    Noncontrolling interest

     

    1,247

     

     

     

    1,475

     

     

    Total equity

     

    716,546

     

     

     

    696,532

     

     

     

     

     

     

     

     

     

    Total liabilities and equity

    $

    7,973,732

     

     

    $

    7,914,924

     

     

    Interest rate spread

     

     

    2.15

    %

     

     

    1.95

    %

    Net interest income (TE)/margin on earning assets

     

     

    56,597

     

    2.93

    %

     

     

    53,520

     

    2.79

    %

     

     

     

     

     

     

     

    Tax Equivalent Adjustment

     

     

    (316

    )

     

     

     

    (327

    )

     

    Net interest income

     

    $

    56,281

     

     

     

    $

    53,193

     

     

    Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)

     

    Quarter Ended

    Quarter Ended

     

    December 31, 2024

    December 31, 2023

     

    Average

     

     

    Average

     

     

     

    Balance

     

    Average

    Balance

     

    Average

    (Dollar amounts in thousands)

    (QTD)

    Interest

    Yield/Rate

    (QTD)

    Interest

    Yield/Rate

    ASSETS

     

     

     

     

     

     

    Interest-earning assets

     

     

     

     

     

     

    Interest-bearing balances due from banks

    $

    19,065

    $

    235

     

    4.90

    %

    $

    14,351

    $

    227

     

    6.28

    %

    Securities1

     

     

     

     

     

     

    U.S. Government securities

     

    1,619,973

     

    9,471

     

    2.33

    %

     

    1,789,043

     

    10,411

     

    2.31

    %

    State and municipal2

     

    86,481

     

    557

     

    2.56

    %

     

    90,070

     

    574

     

    2.53

    %

    Other securities

     

    3,287

     

    55

     

    6.66

    %

     

    3,242

     

    60

     

    7.37

    %

    Total securities

     

    1,709,741

     

    10,083

     

    2.35

    %

     

    1,882,355

     

    11,045

     

    2.33

    %

    FHLBNY and FRB stock

     

    30,665

     

    894

     

    11.60

    %

     

    24,555

     

    584

     

    9.44

    %

    Total loans and leases, net of unearned income2,3

     

    5,931,771

     

    79,126

     

    5.31

    %

     

    5,486,715

     

    69,197

     

    5.00

    %

    Total interest-earning assets

     

    7,691,242

     

    90,338

     

    4.67

    %

     

    7,407,976

     

    81,053

     

    4.34

    %

    Other assets

     

    282,490

     

     

     

    259,006

     

     

    Total assets

    $

    7,973,732

     

     

    $

    7,666,982

     

     

    LIABILITIES & EQUITY

     

     

     

     

     

     

    Deposits

     

     

     

     

     

     

    Interest-bearing deposits

     

     

     

     

     

     

    Interest bearing checking, savings, & money market

    $

    3,661,006

    $

    17,223

     

    1.87

    %

    $

    3,643,919

    $

    14,915

     

    1.62

    %

    Time deposits

     

    1,076,300

     

    10,331

     

    3.82

    %

     

    925,790

     

    8,560

     

    3.67

    %

    Total interest-bearing deposits

     

    4,737,306

     

    27,554

     

    2.31

    %

     

    4,569,709

     

    23,475

     

    2.04

    %

    Federal funds purchased & securities sold under agreements to repurchase

     

    39,519

     

    11

     

    0.11

    %

     

    51,903

     

    14

     

    0.10

    %

    Other borrowings

     

    534,219

     

    6,176

     

    4.60

    %

     

    398,932

     

    4,937

     

    4.91

    %

    Total interest-bearing liabilities

     

    5,311,044

     

    33,741

     

    2.53

    %

     

    5,020,544

     

    28,426

     

    2.25

    %

    Noninterest bearing deposits

     

    1,844,772

     

     

     

    1,920,510

     

     

    Accrued expenses and other liabilities

     

    101,370

     

     

     

    103,648

     

     

    Total liabilities

     

    7,257,186

     

     

     

    7,044,702

     

     

    Tompkins Financial Corporation Shareholders' equity

     

    715,299

     

     

     

    620,789

     

     

    Noncontrolling interest

     

    1,247

     

     

     

    1,491

     

     

    Total equity

     

    716,546

     

     

     

    622,280

     

     

     

     

     

     

     

     

     

    Total liabilities and equity

    $

    7,973,732

     

     

    $

    7,666,982

     

     

    Interest rate spread

     

     

    2.15

    %

     

     

    2.09

    %

    Net interest income (TE)/margin on earning assets

     

     

    56,597

     

    2.93

    %

     

     

    52,627

     

    2.82

    %

     

     

     

     

     

     

     

    Tax Equivalent Adjustment

     

     

    (316

    )

     

     

     

    (268

    )

     

    Net interest income

     

    $

    56,281

     

     

     

    $

    52,359

     

     

    Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)

     

    Year to Date Period Ended

    Year to Date Period Ended

     

    December 31, 2024

    December 31, 2023

     

    Average

     

     

    Average

     

     

     

    Balance

     

    Average

    Balance

     

    Average

    (Dollar amounts in thousands)

    (YTD)

    Interest

    Yield/Rate

    (YTD)

    Interest

    Yield/Rate

    ASSETS

     

     

     

     

     

     

    Interest-earning assets

     

     

     

     

     

     

    Interest-bearing balances due from banks

    $

    14,052

    $

    741

     

    5.27

    %

    $

    13,064

    $

    674

     

    5.16

    %

    Securities1

     

     

     

     

     

     

    U.S. Government securities

     

    1,689,411

     

    39,580

     

    2.34

    %

     

    1,920,678

     

    32,432

     

    1.69

    %

    State and municipal2

     

    88,414

     

    2,254

     

    2.55

    %

     

    91,407

     

    2,338

     

    2.56

    %

    Other securities

     

    3,277

     

    235

     

    7.17

    %

     

    3,272

     

    229

     

    6.99

    %

    Total securities

     

    1,781,102

     

    42,069

     

    2.36

    %

     

    2,015,357

     

    35,000

     

    1.74

    %

    FHLBNY and FRB stock

     

    35,369

     

    3,203

     

    9.06

    %

     

    22,284

     

    1,697

     

    7.63

    %

    Total loans and leases, net of unearned income2,3

     

    5,768,575

     

    302,780

     

    5.25

    %

     

    5,357,699

     

    261,144

     

    4.87

    %

    Total interest-earning assets

     

    7,599,098

     

    348,793

     

    4.59

    %

     

    7,408,404

     

    298,515

     

    4.03

    %

    Other assets

     

    276,241

     

     

     

    233,268

     

     

    Total assets

    $

    7,875,339

     

     

    $

    7,641,672

     

     

    LIABILITIES & EQUITY

     

     

     

     

     

     

    Deposits

     

     

     

     

     

     

    Interest-bearing deposits

     

     

     

     

     

     

    Interest bearing checking, savings, & money market

    $

    3,553,942

    $

    64,647

     

    1.82

    %

    $

    3,697,780

    $

    46,820

     

    1.27

    %

    Time deposits

     

    1,017,532

     

    39,336

     

    3.87

    %

     

    793,709

     

    23,988

     

    3.02

    %

    Total interest-bearing deposits

     

    4,571,474

     

    103,983

     

    2.27

    %

     

    4,491,489

     

    70,808

     

    1.58

    %

    Federal funds purchased & securities sold under agreements to repurchase

     

    42,752

     

    46

     

    0.11

    %

     

    55,773

     

    58

     

    0.10

    %

    Other borrowings

     

    638,721

     

    32,443

     

    5.08

    %

     

    363,530

     

    16,978

     

    4.67

    %

    Total interest-bearing liabilities

     

    5,252,947

     

    136,472

     

    2.60

    %

     

    4,910,792

     

    87,844

     

    1.79

    %

    Noninterest bearing deposits

     

    1,838,036

     

     

     

    1,994,861

     

     

    Accrued expenses and other liabilities

     

    98,542

     

     

     

    101,287

     

     

    Total liabilities

     

    7,189,525

     

     

     

    7,006,940

     

     

    Tompkins Financial Corporation Shareholders' equity

     

    684,417

     

     

     

    633,267

     

     

    Noncontrolling interest

     

    1,397

     

     

     

    1,465

     

     

    Total equity

     

    685,814

     

     

     

    634,732

     

     

     

     

     

     

     

     

     

    Total liabilities and equity

    $

    7,875,339

     

     

    $

    7,641,672

     

     

    Interest rate spread

     

     

    1.99

    %

     

     

    2.24

    %

    Net interest income (TE)/margin on earning assets

     

     

    212,321

     

    2.79

    %

     

     

    210,671

     

    2.84

    %

     

     

     

     

     

     

     

    Tax Equivalent Adjustment

     

     

    (1,219

    )

     

     

     

    (1,157

    )

     

    Net interest income

     

    $

    211,102

     

     

     

    $

    209,514

     

     

    Tompkins Financial Corporation - Summary Financial Data (Unaudited)

    (In thousands, except per share data)

     

     

     

     

     

     

     

    Quarter-Ended

    Year-Ended

    Period End Balance Sheet

    Dec-24

    Sep-24

    Jun-24

    Mar-24

    Dec-23

    Dec-24

    Securities

    $

    1,544,762

    $

    1,622,526

    $

    1,630,654

    $

    1,679,542

    $

    1,729,838

    $

    1,544,762

    Total Loans

     

    6,019,922

     

    5,881,261

     

    5,761,864

     

    5,640,524

     

    5,605,935

     

    6,019,922

    Allowance for credit losses

     

    56,496

     

    55,384

     

    53,059

     

    51,704

     

    51,584

     

    56,496

    Total assets

     

    8,109,080

     

    8,006,427

     

    7,869,522

     

    7,778,034

     

    7,819,749

     

    8,109,080

    Total deposits

     

    6,471,805

     

    6,577,896

     

    6,285,896

     

    6,449,616

     

    6,399,847

     

    6,471,805

    Federal funds purchased and securities sold under agreements to repurchase

     

    37,036

     

    67,506

     

    35,989

     

    43,681

     

    50,996

     

    37,036

    Other borrowings

     

    790,247

     

    539,327

     

    773,627

     

    522,600

     

    602,100

     

    790,247

    Total common equity

     

    713,444

     

    719,855

     

    674,630

     

    667,906

     

    668,522

     

    713,444

    Total equity

     

    713,444

     

    721,348

     

    676,093

     

    669,338

     

    669,934

     

    713,444

    Average Balance Sheet

     

     

     

     

     

     

    Average earning assets

    $

    7,691,242

    $

    7,638,314

    $

    7,547,689

    $

    7,517,705

    $

    7,407,976

    $

    7,599,098

    Average assets

     

    7,973,732

     

    7,914,924

     

    7,810,061

     

    7,801,125

     

    7,666,982

     

    7,875,339

    Average interest-bearing liabilities

     

    5,311,044

     

    5,277,988

     

    5,215,003

     

    5,206,836

     

    5,020,544

     

    5,252,947

    Average equity

     

    716,546

     

    696,532

     

    662,969

     

    666,752

     

    622,280

     

    685,814

    Share data

     

     

     

     

     

     

    Weighted average shares outstanding (basic)

     

    14,230,297

     

    14,215,607

     

    14,214,574

     

    14,211,910

     

    14,194,503

     

    14,218,106

    Weighted average shares outstanding (diluted)

     

    14,312,497

     

    14,283,255

     

    14,239,626

     

    14,238,357

     

    14,246,024

     

    14,268,443

    Period-end shares outstanding

     

    14,436,363

     

    14,394,255

     

    14,395,204

     

    14,405,019

     

    14,405,920

     

    14,436,363

    Common equity book value per share

    $

    49.42

    $

    50.01

    $

    46.86

    $

    46.37

    $

    46.41

    $

    49.42

    Tangible book value per share (Non-GAAP)**

    $

    42.93

    $

    43.50

    $

    40.35

    $

    39.85

    $

    39.88

    $

    42.93

    **See "Non-GAAP measures" below for a discussion of non-GAAP financial measures and a reconciliation of non-GAAP financial measures to the most directly comparable financial measures presented in accordance with GAAP.

    Income Statement

     

     

     

     

     

     

    Net interest income

    $

    56,281

    $

    53,193

    $

    50,953

    $

    50,675

    $

    52,359

    $

    211,102

    Provision for credit loss expense

     

    1,411

     

    2,174

     

    2,172

     

    854

     

    1,761

     

    6,611

    Noninterest income

     

    20,829

     

    23,385

     

    21,776

     

    22,137

     

    18,850

     

    88,127

    Noninterest expense

     

    49,966

     

    49,877

     

    49,942

     

    49,857

     

    51,300

     

    199,642

    Income tax expense

     

    6,045

     

    5,858

     

    4,902

     

    5,198

     

    3,114

     

    22,003

    Net income attributable to Tompkins Financial Corporation

     

    19,658

     

    18,638

     

    15,682

     

    16,872

     

    15,003

     

    70,850

    Noncontrolling interests

     

    30

     

    31

     

    31

     

    31

     

    31

     

    123

    Basic earnings per share4

     

    1.38

     

    1.31

     

    1.10

     

    1.19

     

    1.06

     

    4.98

    Diluted earnings per share4

     

    1.37

     

    1.30

     

    1.10

     

    1.18

     

    1.05

     

    4.97

    Nonperforming Assets

     

     

     

     

     

     

    Nonaccrual loans and leases

    $

    50,548

    $

    62,381

    $

    62,253

    $

    62,544

    $

    62,165

    $

    50,548

    Loans and leases 90 days past due and accruing

     

    323

     

    193

     

    215

     

    151

     

    101

     

    323

    Total nonperforming loans and leases

     

    50,871

     

    62,574

     

    62,468

     

    62,695

     

    62,266

     

    50,871

    OREO

     

    14,314

     

    81

     

    80

     

    0

     

    131

     

    14,314

    Total nonperforming assets

    $

    65,185

    $

    62,655

    $

    62,548

    $

    62,695

    $

    62,397

    $

    65,185

    Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued

     

    Quarter-Ended

    Year-Ended

    Delinquency - Total loan and lease portfolio

    Dec-24

    Sep-24

    Jun-24

    Mar-24

    Dec-23

    Dec-24

    Loans and leases 30-89 days past due and

     

     

     

     

     

     

    accruing

    $

    28,828

    $

    7,031

    $

    5,286

    $

    8,015

    $

    4,210

    $

    28,828

    Loans and leases 90 days past due and accruing

     

    323

     

    193

     

    215

     

    151

     

    101

     

    323

    Total loans and leases past due and accruing

     

    29,151

     

    7,224

     

    5,501

     

    8,166

     

    4,311

     

    29,151

    Allowance for Credit Losses

    Balance at beginning of period

    $

    55,384

     

    $

    53,059

     

    $

    51,704

    $

    51,584

    $

    49,336

     

    $

    51,584

     

    Provision for credit losses

     

    1,969

     

     

    3,237

     

     

    1,864

     

    348

     

    2,658

     

    $

    7,418

     

    Net loan and lease charge-offs (recoveries)

     

    857

     

     

    912

     

     

    509

     

    228

     

    410

     

    $

    2,506

     

    Allowance for credit losses at end of period

    $

    56,496

     

    $

    55,384

     

    $

    53,059

    $

    51,704

    $

    51,584

     

    $

    56,496

     

     

     

     

     

     

     

     

    Allowance for Credit Losses - Off-Balance Sheet Exposure

    Balance at beginning of period

    $

    2,021

     

    $

    3,084

     

    $

    2,776

    $

    2,270

    $

    3,167

     

    $

    2,270

     

    (Credit) provision for credit losses

     

    (558

    )

     

    (1,063

    )

     

    308

     

    506

     

    (897

    )

    $

    (807

    )

    Allowance for credit losses at end of period

    $

    1,463

     

    $

    2,021

     

    $

    3,084

    $

    2,776

    $

    2,270

     

    $

    1,463

     

    Loan Classification - Total Portfolio

     

     

     

     

     

     

    Special Mention

    $

    36,923

    $

    58,758

    $

    48,712

    $

    46,302

    $

    50,368

    $

    36,923

    Substandard

     

    74,163

     

    67,261

     

    67,509

     

    72,412

     

    72,717

     

    74,163

    Ratio Analysis

    Credit Quality

     

     

     

     

     

     

    Nonperforming loans and leases/total loans and leases

    0.85

    %

    1.06

    %

    1.08

    %

    1.11

    %

    1.11

    %

    0.85

    %

    Nonperforming assets/total assets

    0.80

    %

    0.78

    %

    0.79

    %

    0.81

    %

    0.80

    %

    0.80

    %

    Allowance for credit losses/total loans and leases

    0.94

    %

    0.94

    %

    0.92

    %

    0.92

    %

    0.92

    %

    0.94

    %

    Allowance/nonperforming loans and leases

    111.06

    %

    88.51

    %

    84.94

    %

    82.47

    %

    82.84

    %

    111.06

    %

    Net loan and lease losses (recoveries) annualized/total average loans and leases

    0.06

    %

    0.06

    %

    0.04

    %

    0.02

    %

    0.03

    %

    0.04

    %

    Capital Adequacy

     

     

     

     

     

     

    Tier 1 Capital (to average assets)

    9.27

    %

    9.19

    %

    9.15

    %

    9.08

    %

    9.08

    %

    9.27

    %

    Total Capital (to risk-weighted assets)

    13.08

    %

    13.21

    %

    13.26

    %

    13.43

    %

    13.36

    %

    13.08

    %

    Profitability (period-end)

     

     

     

     

     

     

    Return on average assets *

    0.98

    %

    0.94

    %

    0.81

    %

    0.87

    %

    0.78

    %

    0.90

    %

    Return on average equity *

    10.91

    %

    10.65

    %

    9.51

    %

    10.18

    %

    9.56

    %

    10.33

    %

    Net interest margin (TE) *

    2.93

    %

    2.79

    %

    2.73

    %

    2.73

    %

    2.82

    %

    2.79

    %

    Average yield on interest-earning assets*

    4.67

    %

    4.66

    %

    4.56

    %

    4.47

    %

    4.34

    %

    4.59

    %

    Average cost of deposits*

    1.67

    %

    1.67

    %

    1.61

    %

    1.54

    %

    1.43

    %

    1.62

    %

    Average cost of funds*

    1.88

    %

    2.01

    %

    1.96

    %

    1.86

    %

    1.62

    %

    1.92

    %

    * Quarterly ratios have been annualized

    Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued

    Non-GAAP Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as reconciliation to the comparable GAAP measure, is provided in the below tables. The Company believes the non-GAAP measures provide meaningful comparisons of our underlying operational performance and facilitate management's and investors' assessments of business and performance trends in comparison to others in the financial services industry. These non-GAAP financial measures should not be considered in isolation or as a measure of the Company's profitability or liquidity; they are in addition to, and are not a substitute for, financial measures under GAAP. The non-GAAP financial measures presented herein may be different from non-GAAP financial measures used by other companies, and may not be comparable to similarly titled measures reported by other companies. Further, the Company may utilize other measures to illustrate performance in the future. Non-GAAP financial measures have limitations since they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP.

    Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP)

     

    Quarter-Ended

    Year-Ended

     

    Dec-24

    Sep-24

    Jun-24

    Mar-24

    Dec-23

    Dec-24

    Common equity book value per share (GAAP)

    $

    49.42

    $

    50.01

    $

    46.86

    $

    46.37

    $

    46.41

    $

    49.42

    Total common equity

    $

    713,444

    $

    719,855

    $

    674,630

    $

    667,906

    $

    668,522

    $

    713,444

    Less: Goodwill and intangibles

     

    93,670

     

    93,760

     

    93,847

     

    93,926

     

    94,003

     

    93,670

    Tangible common equity (Non-GAAP)

     

    619,774

     

    626,095

     

    580,783

     

    573,980

     

    574,519

     

    619,774

    Ending shares outstanding

     

    14,436,363

     

    14,394,255

     

    14,395,204

     

    14,405,019

     

    14,405,920

     

    14,436,363

    Tangible book value per share (Non-GAAP)

    $

    42.93

    $

    43.50

    $

    40.35

    $

    39.85

    $

    39.88

    $

    42.93

    1 Average balances and yields on available-for-sale securities are based on historical amortized cost.

    2 Interest income includes the tax effects of taxable-equivalent adjustments using an effective income tax rate of 21% in 2024 and 2023 to increase tax exempt interest income to taxable-equivalent basis.

    3 Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company's consolidated financial statements included in Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

    4 Earnings per share for the full fiscal year may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250131969196/en/

    Stephen S. Romaine, President & CEO

    Matthew Tomazin, Executive VP, CFO & Treasurer

    Tompkins Financial Corporation (888) 503-5753

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