Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported diluted earnings per
share of $0.76 (adjusted for 10% stock dividend approved on January
27, 2010; refer to footnote1) for the fourth quarter of 2009, an
11.8% increase over the $0.68 reported for the fourth quarter of
2008. Net income of $8.2 million for the fourth quarter of 2009,
represented an increase of 12.9% over the $7.3 million reported for
the same period in 2008.
Full year diluted earnings per share1 of $2.96 were at an all
time high and represent a 6.5% increase over the $2.78 reported for
the twelve months ended December 31, 2008. Full year net income was
$31.8 million in 2009 up 6.7%, compared to $29.8 million in
2008.
Selected highlights for the fourth quarter and year-to-date
period are included below:
- Fourth quarter 2009 diluted
earnings per share1 up 11.8%, from same period in 2008
- Record full year diluted
earnings per share1 of $2.96 in 2009
- Fourth quarter 2009 represented
the 11th consecutive quarter of net interest income growth
- Full year return on equity of
13.66%, ranked in top 15% of similar sized bank holding in most
recent Federal Reserve performance report 2
- Book value per share1 of $22.87,
up 11.2% from December 31, 2008
- Full year dividends per share1
of $1.24, represented the 21st consecutive year of increased
dividends per share1
Stephen S. Romaine, President and CEO stated, “We are obviously
pleased to report record earnings in a year when the financial
services industry has seen significant turmoil and when many in our
industry have reported losses. As good as our 2009 results were,
comparison of growth in diluted earnings per share between 2009 and
2008 would have been even stronger 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 ($0.07 per
diluted share) related to the FDIC’s special deposit insurance
assessment, which negatively impacted 2009 earnings; and $1.6
million ($0.09 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 earnings. Please refer to the attached
non-GAAP disclosure table for additional details on these
items.
Further details on the Company’s performance are discussed
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 Bancorp.
Net interest income for the fourth quarter of 2009 was $27.9
million, up 12.5% from the same quarter last year. Net interest
income was also up 4.2% over the third quarter of 2009,
representing our 11th consecutive quarter of increased net interest
income. Net interest income for the year ended December 31, 2009
was $107.0 million, an increase of 18.4% over the prior year.
Growth in average earning assets and deposits has contributed to
the increase in net interest income in 2009. Total loans were $1.9
billion at December 31, 2009, up 5.4% from December 31, 2008; while
total deposits were $2.4 billion at quarter end, up 14.3% from the
same period in 2008. The net interest margin for the fourth quarter
of 2009 was 3.89%, unchanged from the fourth quarter of 2008, and
down slightly from the 3.91% reported for the third quarter of
2009.
The provision for loan and lease losses increased to $2.8
million in the fourth quarter of 2009, compared to $2.1 million in
the fourth quarter of 2008. The full year provision for loan and
lease losses totaled $9.3 million in 2009, up from $5.4 million in
2008. An increase in net charge-offs, nonperforming loans and
general economic conditions all contributed to the increased
provision expense this year. Mr. Romaine commented, “Like most
banks, we have seen deteriorating trends in asset quality; however,
our levels of nonperforming assets and net charge-offs remain well
below national averages. It is also encouraging that approximately
57% of our nonperforming loans were less than 30 days past due as
of year end 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 December
31, 2009, represented 0.25% of average loans compared to 0.17% for
the three months ended December 31, 2008. The Company’s net
charge-off ratio compares favorably to the most recent Federal
Reserve Board peer group2 ratio of 1.46%. Nonperforming assets
represented 1.12% of total assets as of December 31, 2009 (up from
0.56% at December 31, 2008), which compares to a Federal Reserve
Board peer group1 ratio of 3.30%. The Company’s allowance for loan
and lease losses totaled $24.4 million at December 31, 2009, which
represented 1.27% of total loans, an increase of 24 basis points
from a ratio of 1.03% at year-end 2008.
Noninterest income for the fourth quarter of 2009 was $12.1
million, up 17.5% from the same period in 2008. Year-to-date 2009
noninterest income was $46.2 million, roughly flat in comparison to
the same period in 2008. As previously mentioned, year-to-date 2008
noninterest income included nonrecurring income of $1.6 million
related to the VISA IPO. Full year and quarterly results for 2009
were favorably impacted by net mark-to-market gains on assets and
liabilities carried at fair value. Increased residential mortgage
origination volumes in 2009 resulted in higher gains on sale of
loans, both in the fourth quarter and full year periods in
2009.
Noninterest expenses for the fourth quarter 2009 were $24.9
million, up 9.7% from the same period last year. For the year to
date period, noninterest expenses were $96.6 million, an increase
of 11.0% over the same period in 2008. Higher FDIC insurance costs
were the most significant contributor to the higher expense levels
in 2009. FDIC insurance expense, included in other noninterest
expense, totaled $1.6 million in the fourth quarter of 2009
compared to $378,000 in the fourth quarter of 2008. For the year to
date period, FDIC expense was $5.0 million in 2009, versus $933,000
in 2008. FDIC insurance expense for the year to date period in 2009
includes a special assessment of $1.4 million in the second
quarter. Salary and wages, pensions and employee benefits, and
occupancy expenses were directly impacted by the May 2008 Sleepy
Hollow acquisition with the addition of five staffed branches.
Mr. Romaine concluded, “The challenges facing our industry in
this current economic climate are unprecedented. We recognize that
maintaining a strong capital base is more important than ever to
allow for future growth and the management of risk. We are pleased
that we continue to grow equity through retained earnings, and in
2009, we were able to further supplement capital through a private
placement offering of Trust Preferred Securities that added over
$20 million in regulatory capital.” Capital levels at December 31,
2009, remain comfortably above the regulatory minimums to be
considered “well capitalized”, with a ratio of Tier 1 capital to
average assets of 7.4%; and a ratio of total capital to
risk-weighted assets of 12.1%. These ratios are improved from 6.7%
and 10.6%, respectively, at December 31, 2008.
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 Share and per share data in this press release have been
retroactively adjusted to reflect a 10% stock dividend approved on
January 27, 2010 and payable on February 15, 2010, to shareholders
of record on February 5, 2010. 2 Federal Reserve peer ratio as of
September 30, 2009, includes banks and bank holding companies with
consolidated assets between $3 billion and $10 billion.
Tompkins
Financial Corporation – Condensed Consolidated Statements of
Condition (Unaudited) (In thousands, except share
data)
(Unaudited) As of As of ASSETS
12/31/2009 12/31/2008 Cash and noninterest
bearing balances due from banks $ 43,686 $ 48,133 Interest bearing
balances due from banks 1,676 4,116 Money market funds
100 100
Cash and Cash
Equivalents 45,462 52,349 Trading
securities, at fair value 31,718 38,101 Available-for-sale
securities, at fair value 948,811 764,093 Held-to-maturity
securities, fair value of $46,340 at December 31, 2009 and $55,064
at December 31, 2008 44,825 54,453 Loans and leases, net of
unearned income and deferred costs and fees 1,914,818 1,817,531
Less: Allowance for loan and lease losses 24,350
18,672
Net Loans and Leases
1,890,468 1,798,859 Bank premises and
equipment, net 46,650 46,613 Corporate owned life insurance 35,953
34,804 Goodwill 41,589 41,479 Other intangible assets, net 4,864
5,299 Accrued interest and other assets 62,920
31,672
Total Assets $
3,153,260 $ 2,867,722
LIABILITIES Deposits: Interest bearing:
Checking, savings and money market $ 1,183,145 $ 980,011 Time
794,738 703,107 Noninterest bearing 461,981
450,889
Total Deposits 2,439,864
2,134,007 Federal funds purchased and securities sold
under agreements to repurchase, fair value of $5,500 at December
31, 2009 and $16,170 at December 31, 2008 192,784 196,304 Other
borrowings 208,965 274,791 Trust preferred debentures, fair value
of $11,335 at December 31, 2009 and $12,179 at December 31, 2008
25,056 3,888 Other liabilities 41,583
39,371
Total Liabilities
2,908,252 2,648,361
Equity Tompkins Financial Corporation
shareholders' equity: Common Stock - par value $.10 per share,
authorized 25,000,000 shares Issued: 9,772,365 at December 31,
2009; and 9,727,418 at December 31,
2008
977 973 Additional paid-in capital 155,590 152,842 Retained
earnings 92,402 73,779 Accumulated other comprehensive loss (3,087
) (7,602 ) Treasury stock, at cost - 81,723 shares at December 31,
2009, and 76,881 at December 31, 2008. (2,326 )
(2,083 )
Total Tompkins Financial Corporation
Shareholders' Equity 243,556 217,909 Noncontrolling interest
1,452 1,452
Total
Equity 245,008 219,361
Total Liabilities and Equity $
3,153,260 $ 2,867,722
Tompkins Financial Corporation
– Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
Three months ended Twelve months ended
12/31/2009 12/31/2008 12/31/2009
12/31/2008 INTEREST AND DIVIDEND INCOME Loans 27,359
26,931 107,452 102,840 Due from banks 12 9 27 133 Federal funds
sold 4 0 15 115 Money market funds 1 10 36 246 Trading securities
313 406 1,362 1,923 Available-for-sale securities 9,321 8,674
36,089 33,635 Held-to-maturity securities 417
503 1,814
1,891
Total Interest and Dividend Income
37,427 36,533
146,795 140,783
INTEREST EXPENSE Deposits: Time certificates
of deposits of $100,000 or more 1,286 1,883 5,442 9,039 Other
deposits 4,340 5,825 18,769 25,489 Federal funds purchased
and securities sold under agreements to repurchase 1,565 1,734
6,254 7,496 Other borrowings 2,339
2,288 9,293 8,369
Total Interest Expense 9,530
11,730
39,758 50,393 Net
Interest Income 27,897
24,803 107,037
90,390 Less: Provision for loan/lease
losses 2,758 2,105
9,288 5,428
Net Interest
Income After Provision for Loan/Lease Losses
25,139 22,698
97,749 84,962
NONINTEREST INCOME Investment services income 3,502
3,451 13,328 14,179 Insurance commissions and fees 2,870 2,833
12,307 11,607 Service charges on deposit accounts 2,451 2,529 9,312
10,192 Card services income 980 844 3,664 3,338 Other service
charges 539 661 1,937 2,657 Mark-to-market (loss) gain on trading
securities (150 ) 983 204 811 Mark-to-market gain (loss) on
liabilities held at fair value 502 (1,839 ) 1,263 (2,001 ) Increase
in cash surrender value of corporate owned life insurance 316 361
1,090 1,448 Gains on sale of loans 202 15 1,357 105 Gain on VISA
stock redemption 0 0 0 1,639 Other income 712 440 1,549 1,583 Net
other-than temporary impairment losses 0 0 (146 ) 0 Net realized
gain on available-for-sale securities 218
53 348 477
Total Noninterest Income 12,142 10,331
46,213 46,035 NONINTEREST EXPENSES
Salary and wages 10,597 10,787 40,459 40,140 Pension and other
employee benefits 3,281 2,555 13,367 10,307 Net occupancy expense
of bank premises 1,668 1,753 7,135 6,839 Furniture and fixture
expense 1,101 1,045 4,462 4,197 Marketing expense 1,004 812 3,778
3,581 Professional fees 906 904 3,307 3,011 Software licensing and
maintenance 920 460 2,812 2,503 FDIC insurance 1,648 378 4,976 933
Cardholder expense 410 305 1,532 1,225 Amortization of intangible
assets 213 306 915 906 Other operating expense 3,183
3,423 13,874
13,414
Total Noninterest Expenses
24,931 22,728
96,617
87,056 Income Before Income Tax Expense
12,350 10,301
47,345 43,941
Income Tax Expense 4,104
2,994 15,383
13,810
Net Income attributable to Noncontrolling
Interests and Tompkins Financial Corporation
8,246 7,307 31,962
30,131 Less: Net income attributable to
noncontrolling interests 32 33
131 297
Net
Income Attributable to Tompkins Financial Corporation
$ 8,214 $ 7,274
$ 31,831 $ 29,834
Basic Earnings Per Share1
$ 0.77
$ 0.68 $
2.98 $ 2.81 Diluted
Earnings Per Share1
$ 0.76
$ 0.68 $ 2.96
$ 2.78
During the twelve months ended
December 31, 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 YTD Period Ended YTD Period Ended
Dec-09 Dec-09 Dec-08
Average Average Average Average Average Average Balance
Yield/ Balance Yield/ Balance Yield/ (Dollar amounts in thousands)
(QTD) Interest Rate (YTD)
Interest Rate (YTD) Interest Rate
ASSETS Interest-earning assets Interest-bearing balances due
from banks $ 38,639 $ 12 0.12 % $ 17,017 $27 0.16 % $ 6,239 $ 133
2.13 % Money market funds 10,255 1 0.04 % 17,130 36 0.21 % 9,064
233 2.57 % Securities (1) U.S. Government Securities 783,422 8,208
4.16 % 721,438 31,812 4.41 % 615,234 29,130 4.73 % Trading Assets
32,741 313 3.79 % 35,067 1,362 3.88 % 43,331 1,923 4.44 % State and
municipal (2) 107,087 1,603 5.94 % 111,253 6,715 6.04 % 110,551
6,648 6.01 % Other Securities (2) 39,541 544
5.46 % 40,984 1,957
4.78 % 40,110 2,251
5.61 % Total securities 962,791 10,668 4.40 % 908,742 41,846
4.60 % 809,226 39,952 4.94 % Federal Funds Sold 11,210 4 0.14 %
8,542 15 0.18 % 5,258 115 2.19 % Loans, net of unearned income (3)
Real Estate Loans 1,315,835 19,032 5.74 % 1,284,063 75,479 5.88 %
1,166,532 71,732 6.15 % Commercial Loans (2) 481,802 6,705 5.52 %
466,076 25,461 5.46 % 346,453 24,419 7.05 % Consumer Loans 87,414
1,558 7.07 % 87,283 6,083 6.97 % 85,350 6,118 7.17 % Direct Lease
Financing (2) 12,323 183 5.89 %
13,031 784 6.02 %
14,381 877 6.10 % Total loans, net of
unearned income 1,897,374 27,478
5.74 % 1,850,453 107,807 5.83 %
1,612,716 103,146 6.40 %
Total interest-earning assets 2,920,269
38,163 5.18 %
2,801,884 149,731
5.34 % 2,442,503
143,592 5.88 % Other
assets 212,330 207,123 190,517
Total
assets 3,132,599 3,009,007
2,633,020
LIABILITIES & SHAREHOLDERS' EQUITY
Deposits Interest-bearing deposits Interest bearing checking,
savings & money market 1,193,092 2,062 0.69 % 1,128,648 8,694
0.77 % 906,404 12,983 1.43 % Time Dep > $100,000 329,448 1,286
1.55 % 303,761 5,442 1.79 % 282,547 9,039 3.20 % Time Dep <
$100,000 423,607 2,072 1.94 % 420,351 9,223 2.19 % 384,903 12,273
3.19 % Brokered Time Dep < $100,000 45,372
206 1.81 % 43,218 852
1.97 % 7,580 233
3.07 % Total interest-bearing deposits 1,991,518 5,626 1.12 %
1,895,978 24,211 1.28 % 1,581,434 34,528 2.18 % Federal
funds purchased & securities sold under agreements to
repurchase 198,607 1,565 3.12 % 190,975 6,254 3.27 % 203,385 7,496
3.69 % Other borrowings 195,477 1,976 4.01 % 204,467 8,206 4.01 %
192,144 8,216 4.28 % Trust Preferred Debentures 23,395
363 6.15 % 17,311
1,087 6.28 % 2,552 153
6.00 %
Total interest-bearing liabilities
2,408,997 9,530 1.57 % 2,308,731
39,758 1.72 % 1,979,515 50,393
2.55 % Non-interest bearing deposits 437,224
427,025 407,336 Accrued expenses and other liabilities
41,202 40,242 35,384
Total liabilities
2,887,423 2,775,998 2,422,235 Tompkins Financial Corporation
Shareholders' Equity 243,635 231,498 207,382 Noncontrolling
Interest 1,541 1,511 3,403
Total
shareholders' equity 245,176
233,009 210,785 Total liabilities
and shareholders' equity $ 3,132,599 $
3,009,007 $ 2,633,020 Interest rate spread
3.61 % 3.62
% 3.33 % Net interest
income/margin on earning assets
28,633 3.89 %
109,973 3.92 % 93,163 3.81
% Tax Equivalent Adjustment
(736
) (2,936 ) (2,773 ) Net
interest income per consolidated Financial statements
$ 27,897
$107,037
$ 90,390 (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 per share
data)
Quarter-Ended Year-Ended Dec-09
Sep-09 Jun-09 Mar-09 Dec-08 Dec-09
Period End Balance Sheet
Securities $ 1,025,354 $
928,874 $ 923,758 $ 989,914
$ 856,647 $ 1,025,354 Loans and leases,
net of unearned income and deferred costs and fees
1,914,818 1,882,321
1,841,198 1,811,792
1,817,531 1,914,818 Allowance for loan
and lease losses 24,350 22,800
21,319 19,980
18,672 24,350 Total
assets 3,153,260 3,088,039
2,968,057 2,993,312
2,867,722 3,153,260
Total deposits
2,439,864 2,397,431
2,288,809 2,335,937
2,134,007 2,439,864 Federal funds
purchased and securities sold under agreements to repurchase
192,784 192,099
189,993 182,744 196,304
192,784 Other borrowings
208,965 194,795 194,754
206,056 274,791
208,965 Trust Preferred Debentures
25,056 23,018
23,017 4,101 3,888
25,056 Shareholders' Equity
245,008 241,647 229,308
227,385 219,361
245,008
Average Balance Sheet
Average earning assets $ 2,920,269
$ 2,792,319 $ 2,778,425 $
2,714,669 $ 2,613,324 $ 2,801,884
Average assets 3,132,599
2,999,961 2,982,077
2,919,147 2,813,158
3,009,007 Average interest-bearing liabilities
2,408,997 2,289,144
2,295,454 2,235,793
1,691,860 2,308,731 Average equity
245,176 233,535
230,117 222,957
212,608 233,009
Share
data
Weighted average shares outstanding
(basic) 1 10,702,447 10,693,698
10,679,709 10,671,693
10,651,495 10,686,989
Weighted average shares outstanding (diluted) 1
10,752,737 10,763,374
10,763,784 10,756,903
10,758,394 10,759,302 Period-end
shares outstanding 9,739,719
9,722,834 9,720,440
9,699,828 9,694,772
9,739,719 Book value per share1 $ 22.87
$ 22.59 $ 21.45 $ 21.31 $
20.57 $ 22.87
Income Statement
Net interest income $ 27,897
$ 26,780 $ 26,509 $ 25,851
$ 24,803 $ 107,037 Provision for
loan/lease losses 2,758 2,127
2,367 2,036
2,105 9,288 Noninterest income
12,142 11,600
11,538 10,933
10,331 46,213 Noninterest expense
24,931 23,723
24,674 23,289
22,728 96,617 Income tax expense
4,104 4,037 3,526
3,716 2,995
15,383 Net income attributable to Tompkins Financial
8,214 8,460
7,447 7,710 7,274
31,831 Noncontrolling interest
32 33 33
33 32 131
Basic earnings per share1 $ 0.77 $ 0.79
$ 0.70 $ 0.72 $ 0.68
$ 2.98 Diluted earnings per share1 $ 0.76
$ 0.79 $ 0.69 $ 0.72
$ 0.68 $ 2.96
Asset
Quality
Net charge-offs $ 1,208
$ 646 $ 1,028 $ 728
$ 739 $ 3,610 Nonaccrual loans and
leases 31,289 25,837
24,662 15,478
15,798 31,289 Loans and leases
90 days past due and accruing 369
579 1,073 677
161 369 Troubled
debt restructurings not included above 3,265
0 0 0
69 3,265 Total
nonperforming loans and leases 34,923
26,416 25,735
16,155 16,028 34,923
OREO 299 440
68 103 110
299 Nonperforming assets
35,222 26,856 25,803
16,258 16,138
35,222
Credit Quality
Net loan and lease losses/ average loans and leases *
0.25 % 0.14 % 0.23 %
0.16 % 0.17 % 0.20 %
Nonperforming loans and leases/loans and
Leases
1.82 % 1.40 % 1.40 %
0.89 % 0.88 % 1.82 %
Nonperforming assets/assets 1.12 % 0.87
% 0.87 % 0.54 % 0.56 %
1.12 % Allowance/nonperforming loans and leases
69.72 % 86.31 % 82.84 %
123.68 % 116.50 % 69.72 %
Allowance/loans and leases 1.27 % 1.21
% 1.16 % 1.10 % 1.03 %
1.27 %
Capital Adequacy (period-end)
Tier 1 capital / average assets
7.44 % 7.47 % 7.30 % 6.70
% 6.70 % 7.44 % Total capital /
risk-weighted assets 12.14 % 11.89 %
11.70 % 10.80 % 10.60 %
12.14 %
Profitability
Return on average assets * 1.04 %
1.12 % 1.00 % 1.07 %
1.03 % 1.06 % Return on average equity *
13.29 % 14.37 % 12.98 %
14.02 % 13.61 % 13.66 %
Net interest margin (TE) * 3.89 % 3.91
% 3.93 % 3.97 % 3.89 %
3.92 % * Quarterly ratios have been annualized
Quarter-Ended Year-Ended Non-GAAP
Disclosure Dec-09 Sep-09 Jun-09
Mar-09 Dec-08 Dec-09 Reported net income $
8,214 $ 8,460 $ 7,447 $
7,710 $ 7,274 $ 31,831
Adjustments:
FDIC special insurance
assessment
(after-tax)
0 0 822
0 0
822 Subtotal adjustments 0
0 822 0
0 822 Adjusted net income
8,214 8,460
8,269 7,710
7,274 32,653
Weighted average shares outstanding (diluted) 1
10,752,737 10,760,912
10,763,794 10,756,903
10,758,394 10,759,302 Adjusted
diluted earnings per share1 $ 0.76 $ 0.79
$ 0.77 $ 0.72 $ 0.68
$ 3.03
Year-to-date period ended Non-GAAP
Disclosure Dec-09 Dec-08 Reported net income
$ 31,831 $ 29,834 Adjustments:
Proceeds and accrual adjustment from VISA IPO
(after-tax) 0
(983 ) FDIC special insurance assessment (after-tax)
822
0 Subtotal adjustments 822
(983 ) Adjusted net income 32,653
28,851 Weighted average shares outstanding
(diluted) 1 10,759,302
10,718,842 Adjusted diluted earnings per share1 $
3.03 $ 2.69 1 Share and per share data
in this press release have been retroactively adjusted to reflect a
10% stock dividend approved on January 27, 2010 and payable on
February 15, 2010, to shareholders of record on February 5, 2010.
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