Tompkins Financial Corporation (NYSE Amex: TMP)
Tompkins Financial Corporation reported record net income of
$8.5 million for the third quarter of 2009, an increase of 6.6%
over the $7.9 million reported for the same period in 2008. Diluted
earnings per share were $0.86 for the third quarter of 2009, a 6.2%
increase over the $0.81 reported for the third quarter of 2008.
Stephen S. Romaine, President and CEO, stated, “We would be
proud of these quarterly results in the best of economic times. It
is especially rewarding to report on such positive results in
today’s difficult economic environment. In addition to our record
quarterly earnings, we continue to see solid business growth
trends, as evidenced by our total assets exceeding $3 billion for
the first time at the end of the third quarter.”
For the nine months ended September 30, 2009, net income was
$23.6 million compared to $22.6 million for the same period prior
year. Diluted earnings per share totaled $2.41 for the first nine
months of 2009, an increase of 3.9% over the $2.32 reported for the
same period in 2008. Growth in diluted earnings per share for the
first nine months of 2009 would have been 12.6% over the prior
year, if certain non-recurring items were excluded from 2009 and
2008 year to date results. These non-recurring items included: $1.4
million of expense ($0.09 per diluted share) related to the FDIC’s
special deposit insurance assessment, which negatively impacted
2009 earnings; and $1.6 million ($0.10 per diluted share) of
pre-tax revenue related to the VISA IPO in the first quarter of
2008, which had a favorable impact on 2008 year to date earning.
Please refer to the attached non-GAAP disclosure table for
additional details on these items.
Selected highlights for the third quarter and year-to-date
period are included below. For the year-to-date period, growth in
average assets and average liabilities and growth in certain
revenue and expense categories were impacted by the May 2008
acquisition of Sleepy Hollow.
- Net interest income for the
third quarter of 2009 was $26.8 million, up 11.4% from the same
quarter last year, and up 1.0% over the second quarter of 2009. Net
interest income for the year-to-date period ended September 30,
2009 was $79.1 million, an increase of 20.6% over the same period
prior year.
- The net interest margin for the
third quarter of 2009 was 3.91% compared to 3.92% for the third
quarter of 2008, and 3.93% for the second quarter of 2009.
- Noninterest expense for the
third quarter of 2009 was $23.7 million, up 6.9% over the same
period prior year. Noninterest expense for the year-to-date period
ended September 30, 2009 was $71.7 million, an increase of 11.4%
over the same period in 2008. Higher FDIC insurance costs
contributed to the higher expense levels in 2009.
- Total loans were $1.9 billion at
September 30, 2009, up 9.5% from September 30, 2008; while total
deposits were $2.4 billion at quarter end, up 14.5% from the same
period in 2008.
- Asset quality indicators remain
significantly better than Federal Reserve Board peer group1
averages and showed some stabilizing trends during the quarter.
When compared to the most recent previous quarter end, the ratio of
nonperforming assets to total assets remained unchanged at 0.87% at
September 30, 2009, compared to 0.87% at June 30, 2009. Net
charge-offs as a percentage of total loans declined from 0.23% in
the second quarter of 2009, to 0.14% in the third quarter of
2009.
- Capital levels at September 30,
2009, remain comfortably above the regulatory minimums to be
considered well capitalized, with a ratio of Tier I capital to
average assets of 7.5%; and a ratio of total capital to
risk-weighted assets of 11.9%. These ratios are improved from 7.0%
and 10.9%, respectively at September 30, 2008. The improved capital
ratios continue to be supported by retained earnings which has
added $17.7 million in capital over the last 12 months. Growth in
regulatory capital was supplemented by, the issuance of $18.6
million of 7% fixed rate Trust preferred securities in the second
quarter of 2009.
Growth in average earning assets and deposits has contributed to
the increase in net interest income in 2009. Net interest income of
$26.8 million in the third quarter of 2009 was up 11.4% over the
same period in 2008. This represented our 11th consecutive quarter
of increased net interest income. Net interest margin of 3.91% in
the third quarter remained relatively flat compared to 3.93% in the
second quarter of 2009, and compared to 3.92% in the third quarter
of 2008.
The provision for loan and lease losses increased to $2.1
million in the third quarter of 2009, compared to $1.5 million in
the third quarter of 2008. For the first nine months of 2009, the
provision for loan and lease losses totaled $6.5 million, up from
$3.3 million for the same period in 2008. An increase in net
charge-offs and nonperforming loans and general economic conditions
all contributed to the increased provision expense this year. Mr.
Romaine commented, “Although we have seen some deterioration in
asset quality, our levels of nonperforming assets and net
charge-offs remain significantly below national averages. We are
also encouraged that many credit quality indicators have
stabilized, when compared to the second quarter of 2009. We remain
diligent in our monitoring of the credit portfolio, as we recognize
that a continuation or worsening of the current economic situation
may result in further stress on the portfolio.”
Annualized net charge-offs for the three months ended September
30, 2009, represented 0.14% of average loans compared to 0.25% for
the three months ended September 30, 2008. The Company’s net
charge-off ratio compares favorably to the most recent Federal
Reserve Board peer group1 ratio of 1.07%. Nonperforming assets
represented 0.87% of total assets as of September 30, 2009 (up from
0.56% at December 31, 2008, and 0.48% at September 30, 2008), which
compares to a Federal Reserve Board peer group1 ratio of 3.06%. The
Company’s allowance for loan and lease losses totaled $22.8 million
at September 30, 2009, which represented 1.21% of total loans, an
increase of 18 basis points from a ratio of 1.03% at year-end
2008.
Noninterest income for the third quarter of 2009 was $11.6
million, which is in line with the same period in 2008.
Year-to-date 2009 noninterest income was $34.1 million, a decrease
of 4.5% compared to the same period in 2008. Insurance revenues
were up for the quarter and year to date periods, which partially
offset declining trends in investment services fees and service
charges on deposit accounts, both of which have been impacted by
the current weak economic climate. As previously mentioned,
year-to-date 2008 noninterest income included nonrecurring income
of $1.6 million related to the VISA IPO.
Noninterest expenses for the third quarter 2009 were $23.7
million, up 6.9% from the same period last year. For the year to
date period, noninterest expenses were $71.7 million, an increase
of 11.4% over the same period in 2008. The increase was largely in
the salary and wages and net occupancy expense of premises
categories and other noninterest expense. The salary and wages and
occupancy expenses were directly impacted by the May 2008 Sleepy
Hollow acquisition with the addition of five staffed branches. FDIC
insurance expense, included in other noninterest expense, totaled
$810,000 in the third quarter of 2009 compared to $347,000 in the
third quarter of 2008. For the year to date period, FDIC expense
was $3.3 million in 2009, versus $556,000 in 2008. FDIC insurance
expense for the first nine months in 2009 includes a special
assessment of $1.4 million in the second quarter.
Mr. Romaine concluded, “Our commitment to long term results has
allowed us to perform well, even in these difficult economic times.
This long term focus was recently recognized by The Staton
Institute in its newly released 2010 edition of America’s Finest
Companies.®. According to Staton, ‘Tompkins Financial’s record of
36 consecutive years of legitimate earnings growth (EPS) is the
second longest among all U.S. public companies’ and only Walmart
has a longer history of consecutive years of earnings growth. We
are very proud to have received this recognition, and even more
proud of the talented and dedicated employees who continue to
deliver these outstanding results year after year.”
Tompkins Financial Corporation operates 45 banking offices in
the New York State markets served by the Company's subsidiary banks
- Tompkins Trust Company, The Bank of Castile, and Mahopac National
Bank. Through its community banking subsidiaries, the Company
provides traditional banking services, and offers a full range of
money management services through Tompkins Investment Services (a
division of Tompkins Trust Company). The Company offers insurance
services through its Tompkins Insurance Agencies, Inc. subsidiary,
an independent agency serving individuals and business clients
throughout New York State. The Company offers fee-based financial
planning and wealth management services through its AM&M
Financial Services, Inc. subsidiary. AM&M Financial Services,
Inc. is also the parent company to Ensemble Financial Services,
Inc., an independent broker dealer and leading outsourcing company
for financial planners and investment advisors. Each Tompkins
subsidiary operates with a community focus, meeting the unique
needs of the communities served.
"Safe Harbor" Statement under the Private Securities Litigation
Reform of 1995:
This press release may include forward-looking statements with
respect to revenue sources, growth, market risk, and corporate
objectives. The Company assumes no duty, and specifically disclaims
any obligation, to update forward-looking statements, and cautions
that these statements are subject to numerous assumptions, risks,
and uncertainties, all of which could change over time. Actual
results could differ materially from forward-looking
statements.
1 Federal Reserve peer ratio as of June 30, 2009, includes banks
and bank holding companies with consolidated assets between $1
billion and $3 billion.
Tompkins Financial Corporation
– Condensed Consolidated Statements of Condition
(Unaudited)
(In thousands, except share data)
As of As of
ASSETS 9/30/2009 12/31/2008 Cash and
noninterest bearing balances due from banks $ 84,068 $ 48,133
Interest bearing balances due from banks 1,681 4,116 Federal funds
sold 27,000 0 Money market funds 27,000 0
Cash and Cash Equivalents 139,749
52,249 Trading securities, at fair value 33,363
38,101 Available-for-sale securities, at fair value 852,705 764,193
Held-to-maturity securities, fair value of $44,578 at September 30,
2009, and $55,064 at December 31, 2008 42,806 54,453 Loans and
leases, net of unearned income and deferred costs and fees
1,882,321 1,817,531 Less: Allowance for loan and lease losses
22,800
18,672
Net Loans and Leases 1,859,521
1,798,859 Bank premises and equipment, net 45,793
46,613 Corporate owned life insurance 35,635 34,804 Goodwill 41,529
41,479 Other intangible assets, net 5,063 5,299 Accrued interest
and other assets 31,875
31,672
Total Assets
$ 3,088,039 $
2,867,722 LIABILITIES Deposits:
Interest bearing: Checking, savings and money market $ 1,147,381 $
980,011 Time 797,214 703,107 Noninterest bearing
452,836 450,889
Total Deposits 2,397,431 2,134,007
Federal funds purchased and securities sold under agreements to
repurchase, fair value of $15,926 at September 30, 2009 and $16,170
at December 31, 2008 192,099 196,304 Other borrowings, fair value
of $11,662 at September 30, 2009 and $12,179 at December 31, 2008
194,795 274,791 Trust preferred debentures 23,018 3,888 Other
liabilities 39,049
39,371
Total Liabilities
2,846,392
2,648,361 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock – par value $.10 per
share: Authorized 25,000,000 shares; Issued: 9,755,480 at September
30, 2009; and 9,727,418 at December 31, 2008 976 973 Additional
paid-in capital 154,512 152,842 Retained earnings 87,493 73,779
Accumulated other comprehensive loss (659 ) (7,602 ) Treasury
stock, at cost – 79,310 shares at September 30, 2009, and 76,881
shares at December 31, 2008
(2,225 ) (2,083 )
Total Tompkins Financial
Corporation Shareholders’ Equity 240,097 217,909
Noncontrolling interest 1,550
1,452
Total Equity
$ 241,647 $
219,361 Total Liabilities and Equity
$ 3,088,039
$ 2,867,722
Tompkins Financial Corporation
– Condensed Consolidated Statements of Income (Unaudited)
Three months ended Nine months ended (In
thousands, except per share data) (Unaudited)
09/30/2009
09/30/2008 09/30/2009 09/30/2008
INTEREST AND DIVIDEND INCOME Loans $26,916 $26,624 $80,092
$75,944 Due from banks 3 14 15 124 Federal funds sold 2 40 10 115
Money market funds 7 5 35 237 Trading securities 342 424 1,049
1,517 Available-for-sale securities 8,877 8,638 26,769 24,960
Held-to-maturity securities 411
455 1,397 1,388
Total Interest and Dividend Income
36,558 36,200
109,367 104,285
INTEREST EXPENSE Time certificates of deposits of $100,000
or more 1,352 2,069 4,157 7,155 Other deposits 4,468 6,111 14,427
19,668 Federal funds purchased and repurchase agreements 1,560
1,738 4,690 5,760 Other borrowings
2,398 2,244 6,954
6,080
Total Interest Expense
9,778 12,162
30,228 38,663 Net
Interest Income
26,780 24,038
79,139 65,622 Less: Provision
for loan/lease losses 2,127
1,515 6,530 3,323
Net Interest Income After Provision for Loan/Lease Losses
24,653
22,523 72,609
62,299 NONINTEREST INCOME Investment
services income 3,287 3,492 9,826 10,728 Insurance commissions and
fees 3,198 3,048 9,438 8,774 Service charges on deposit accounts
2,371 2,671 6,861 7,663 Card services income 960 730 2,684 2,511
Other service charges 605 660 1,398 1,960 Mark-to-market gain
(loss) on trading securities 256 204 354 (172 ) Mark-to-market gain
(loss) on liabilities held at fair value 73 (203 ) 761 (162 )
Increase in cash surrender value of corporate owned life insurance
348 398 774 1,087 Gain on VISA stock redemption 0 0 0 1,639 Gains
on sale of loans 188 48 1,155 90 Other income 356 376 836 1,127 Net
other than temporary impairment losses (1) (146 ) 0 (146 ) 0 Net
gain (loss) on sale of available-for-sale securities
104 18 130
424
Total Noninterest Income
11,600 11,442
34,071 35,669
NONINTEREST EXPENSES Salary and wages 10,265 10,208
29,862 29,353 Pension and other employee benefits 3,340 2,561
10,086 7,753 Net occupancy expense of premises 1,680 1,718 5,467
5,086 Furniture and fixture expense 1,117 1,075 3,361 3,152
Marketing expense 952 847 2,774 2,768 Professional fees 800 707
2,402 2,145 Software licenses and maintenance 565 581 1,753 1,807
FDIC insurance 810 347 3,328 556 Cardholder expense 382 407 1,122
920 Amortization of intangible assets 218 239 702 600 Other
operating expense 3,594
3,500 10,830 10,188
Total Noninterest Expenses
23,723 22,190
71,687 64,328 Income Before
Income Tax Expense
12,530 11,775
34,993 33,640 Income Tax
Expense 4,037
3,725 11,279 10,816
Net
Income attributable to Noncontrolling Interests and Tompkins
Financial Corporation 8,493
8,050 23,714 22,824
Less: Net income attributable to noncontrolling interest
33 117
98 264
Net Income Attributable to
Tompkins Financial Corporation
$8,460 $7,933
$23,616 $22,560 Basic
Earnings Per Share
$0.87 $0.82 $2.43
$2.34 Diluted Earnings Per Share
$0.86
$0.81 $2.41 $2.32
(1) During the three and nine months ended September 30, 2009,
$2.0 million of gross other-than-temporary impairment losses on
debt securities available for sale were recognized, of which $1.9
million, were recognized in accumulated other comprehensive income,
net of tax.
Tompkins Financial Corporation
– Average Consolidated Balance Sheet and Net Interest
Analysis
(Unaudited)
Quarter Ended Year to Date Period Ended
Year to Date Period Ended
Sep-09 Sept-09
Sep-08 Average Average
Average Balance Average Balance Average Balance
Average (Dollar amounts in thousands)
(QTD) Interest Yield/Rate (YTD)
Interest Yield/Rate (YTD)
Interest Yield/Rate
ASSETS Interest-earning assets
Interest-bearing balances due from banks $11,181 $3 0.11% $9,730
$15 0.21% $6,876
$124
2.41% Money market funds 24,572 7 0.11% 19,447 35 0.24% 11,073 224
2.70% Securities (1) U.S. Government Securities 702,606 7,757 4.38%
700,549 23,605 4.51% 603,517 21,467 4.75% Trading Securities 34,131
342 3.98% 35,851 1,049 3.91% 45,112 1,517 4.49% State and municipal
(2) 106,664 1,611 5.99% 112,657 5,111 6.07% 108,154 4,886 6.03%
Other Securities (2) 40,880 540 5.24%
41,470 1,413 4.56% 39,226
1,842 6.27% Total securities 884,281 10,250 4.60%
890,527 31,178 4.68% 796,009 29,712 4.99% Federal Funds Sold 5,509
2 0.14% 7,642 10 0.17% 7,003 115 2.19% Loans, net of unearned
income (3) Real Estate 1,291,725 18,865 5.79% 1,273,356 56,447
5.93% 1,051,557 49,110 6.24% Commercial Loans (2) 474,795 6,423
5.37% 460,777 18,756 5.44% 416,496 22,057 7.07% Consumer Loans
87,348 1,532 6.96% 87,239 4,525 6.93% 81,661 4,342 7.10% Direct
Lease Financing (2) 12,908 192 5.90%
13,269 602 6.07% 14,471
631 5.82% Total loans, net of unearned income
1,866,776 27,012 5.74% 1,834,641
80,330 5.85% 1,564,185
76,140 6.50%
Total interest-earning assets
2,792,319 37,274 5.30%
2,761,987 111,568
5.40% 2,385,146
106,315 5.95% Other assets 207,642
205,370 187,394
Total assets
2,999,961 2,967,357 2,572,540
LIABILITIES &
EQUITY Deposits Interest-bearing deposits Interest bearing
checking, savings, & money market 1,103,365 2,059 0.74%
1,106,931 6,632 0.80% 889,022 9,993 1.50% Time Dep > $100,000
317,366 1,352 1.69% 295,103 4,157 1.88% 280,406 7,155 3.41% Time
Dep < $100,000 416,617 2,208 2.10% 419,254 7,150 2.28% 370,460
9,566 3.45% Brokered Time Dep < $100,000 41,529 201
1.92% 42,493 645 2.03%
3,886 109 3.75% Total
interest-bearing deposits 1,878,877 5,820 1.23% 1,863,781 18,584
1.33% 1,543,774 26,823 2.32% Federal funds purchased &
securities sold under agreements to repurchase 192,116 1,560 3.22%
188,403 4,690 3.33% 204,104 5,760 3.77% Other borrowings 195,134
2,051 4.17% 207,496 6,229 4.01% 180,691 5,987 4.43% Trust preferred
debentures 23,017 347 5.98%
15,260 725 6.35% 2,103 93
5.91%
Total interest-bearing liabilities
2,289,144 9,778 1.69% 2,274,940
30,228 1.78% 1,930,672 38,663
2.67% Noninterest bearing deposits 434,357 423,588
396,676 Accrued expenses and other liabilities 42,925 39,920 35,763
Total liabilities 2,766,426 2,738,448 2,363,111
Tompkins Financial Corporation Shareholders’ equity 232,001 227,408
205,632 Noncontrolling interest 1,534 1,501 3,797
Total
equity 233,535 228,909 209,429
Total liabilities and equity $2,999,961
$2,967,357 $2,572,540 Interest rate spread
3.61% 3.62%
3.28% Net interest income/margin on earning
assets
27,496 3.91% 81,340 3.94%
67,652 3.79% Tax Equivalent Adjustment (715)
(2,201)
(2,030) Net interest income per consolidated
financial statements
$26,781
$79,139
65,622
(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 a combined New York State and
Federal effective income tax rate of 40% 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 consolidated financial
statements.
Tompkins Financial Corporation
– Summary Financial Data (Unaudited)
(In thousands, except share and per share data)
Quarter-Ended Year-Ended Sep-09 Jun-09
Mar-09 Dec-08 Sep-08
Dec-08
Period End Balance Sheet
Securities
928,874 896,758 962,914 856,747
800,398 $856,747 Loans and leases, net of unearned income
and deferred costs
and fees 1,882,321
1,841,198 1,811,792 1,817,531 1,718,378
1,817,531 Allowance for loan and lease losses
22,800 21,319 19,980 18,672
17,306 18,672 Total assets
3,088,039 2,968,057 2,993,312
2,867,722 2,725,014 2,867,722
Total deposits
2,397,431 2,288,809 2,335,937
2,134,007 2,094,647 2,134,007 Federal funds
purchased and securities sold under agreements to repurchase
192,099 189,993 182,744
196,304 190,299 196,304 Other borrowings
194,795 217,771
206,056 274,791 185,067 274,791 Trust
Preferred Debentures 23,018
23,017 3,891 3,890 3,890 3,888
Total equity 241,647
227,791 227,385 219,361 212,632 219,361
Average Balance Sheet
Average earning assets
$2,792,319 $2,778,425 $2,714,669
$2,613,324 $2,512,077 $2,442,502 Average assets
2,999,961 2,982,077
2,919,147 2,813,158 2,708,126 2,633,020
Average interest-bearing liabilities
2,289,144 2,295,454 2,235,793 1,691,860
2,034,353 1,976,963 Average equity
233,535 227,791 227,385
219,361 212,632 210,785
Share data
Weighted average
shares outstanding (basic)
9,721,544 9,708,835 9,701,539 9,683,177
9,668,256 9,651,341 Weighted average shares outstanding
(diluted) 9,784,886
9,785,267 9,779,003 9,780,358 9,752,250
9,744,402 Period-end shares outstanding
9,722,834 9,720,440 9,699,828 9,694,772
9,671,379 9,694,772 Book value per share
$24.69 $23.43 $23.44
$22.63 $21.99 $22.63
Income
Statement
Net
interest income $26,780
$26,509 $25,851 $24,803 $24,038 $90,390
Provision for loan/lease losses
2,127 2,367 2,036 2,105 1,515
5,428 Noninterest income 11,600
11,538 10,933 10,331 11,442
46,035 Noninterest expenses
23,723 24,674 23,289 22,728 22,190
87,056 Income tax expense
4,037 3,526 3,716 2,994 3,725
13,810 Net income attributable to Tompkins Financial
8,460 7,447 7,710 7,274
7,933 29,834 Noncontrolling interest
33 33 33 33 117
297 Basic earnings per share
$0.87 $0.77 $0.79 $0.75 $0.82
$3.09 Diluted earnings per share
$0.86 $0.76 $0.79 $0.74 $0.81
$3.06
Asset Quality
Net charge-offs
$646 $1,028 $728 $739
$1,043 $2,848 Nonaccrual loans and leases
25,837 24,661 15,478
15,798 12,463 15,798 Loans and leases 90 days past
due and accruing 579
1,073 677 161 0 161 Troubled debt
restructurings not included above
0 0 0 69 132 69 Total
nonperforming loans and leases
26,416 25,734 16,155 16,028 12,595
16,028 OREO 440 68
103 110 526 110 Nonperforming assets
26,856 25,802
16,258 16,138 13,121 16,138
Tompkins Financial Corporation
– Summary Financial Data (Unaudited)
Quarter-Ended Year-Ended Sep-09
Jun-09 Mar-09 Dec-08 Sep-08
Dec-08 Credit Quality
Net loan and lease losses/ average loans
and leases *
0.14% 0.23% 0.16% 0.17%
0.25% 0.18% Nonperforming loans and leases/loans and leases
1.40% 1.40% 0.89%
0.88% 0.73% 0.88% Nonperforming assets/assets
0.87% 0.87% 0.54%
0.56% 0.48% 0.56% Allowance/nonperforming
loans and leases 86.31%
82.84% 123.68% 116.50% 137.40% 116.50%
Allowance/loans and leases 1.21%
1.16% 1.10% 1.03% 1.01% 1.03%
Capital Adequacy (period-end)
Tier I capital / average assets
7.5% 7.4% 6.7%
6.7% 7.0% 6.7% Total capital / risk-weighted assets
11.9% 11.7% 10.8%
10.6% 10.9% 10.6%
Profitability
Return on average
assets * 1.12% 1.00%
1.07% 1.03% 1.17% 1.13% Return on
average equity * 14.37%
12.98% 14.12% 13.61% 15.37% 13.89% Net
interest margin (TE) * 3.91%
3.93% 3.97% 3.89% 3.92% 3.81% *
Quarterly ratios have been annualized
Quarter-ended Year-Ended Non-GAAP
Disclosure Sep-09
Jun-09 Mar-09 Dec-08
Sep-08 Dec-08 Reported net income
$8,460 $7,447
$7,710 $7,274 $7,933 $29,834 Adjustments:
Proceeds and accrual adjustment
fromVISA IPO (after-tax)
0
0
0
0
0
(983)
FDIC special insurance
assessment(after-tax)
0
822
0
0
0
0
Subtotal adjustments 0
822 0 0 0 (983) Adjusted net income
$8,460
$8,269 $7,710 $7,274
$7,933 $28,851 Weighted average shares
outstanding (diluted) 9,784,886
9,785,267 9,779,003 9,780,358 9,752,250
9,744,402 Adjusted diluted earnings per share
$.86 $.85 $.79 $.74
$.81 $2.96
Year-to-date period ended
Non-GAAP Disclosure
Sep-09 Sep-08
Reported net income
$23,616 $22,560 Adjustments:
Proceeds and accrual adjustment
fromVISA IPO (after-tax)
0
(983)
FDIC special insurance
assessment(after-tax)
822
0
Subtotal adjustments
822 (983) Adjusted net income
$24,438 $21,577 Weighted average shares
outstanding (diluted)
9,783,126 9,732,339 Adjusted diluted
earnings per share
$2.50 $2.22
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