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Tompkins Financial Corporation Reports First Quarter Earnings

ITHACA, N.Y.--(BUSINESS WIRE)-- Tompkins Financial Corporation (NYSEMKT:TMP)

Tompkins Financial Corporation reported net income and earnings per share that were in line with the same period last year. Net income was $12.7 million for the first quarter of 2015, compared to $12.6 million for the first quarter of 2014. Diluted earnings per share were $0.84 for the first quarter of 2015, unchanged from the same period last year.

President and CEO, Stephen S. Romaine said "We saw positive trends for business growth during the first quarter with loan and deposit levels both up from the same period last year, and from the most recent prior quarter. At the same time, our already excellent asset quality improved further, as we saw a decline in nonperforming assets and net recoveries during the period.”

FIRST QUARTER SELECTED HIGHLIGHTS:

  • Net interest income of $41.2 million was up 3.0% from the same period last year.
  • Total loans of $3.4 billion were up 7.0% over the same period in 2014.
  • Credit quality improved with non-performing assets representing 0.49% of total assets, which is the lowest this percentage has been over the past 24 quarters, and remains well below the most recent peer average of 1.24% reported by the Federal Reserve1.
  • Annualized return on average equity was 10.35% for the quarter ended March 31, 2015, compared to 10.88% for the same period in 2014.
  • Tangible book value per share is up 7.9% from the first quarter of 2014. Refer to Non-GAAP disclosure for additional details on tangible book value per share.

NET INTEREST INCOME

Net interest income of $41.2 million for the first quarter of 2015 increased 3.0% compared to the same period in 2014, and was down 1.1% from the fourth quarter of 2014. The fourth quarter included higher interest income related to interest collected on the payoff of a nonaccrual loan and a higher level of purchase accounting accretion related to loans paid off during the fourth quarter of 2014. Although net interest margin declined from 3.53% in the fourth quarter of 2014, to 3.45% in the first quarter of 2015, the impact of the margin decline on net interest income was largely offset by $205.8 million growth in average loans during in the first quarter.

NONINTEREST INCOME

Noninterest income was $17.6 million for the first quarter of 2015, which reflects an increase of 1.2% over the same period last year and a decline of 2.3% from the fourth quarter of 2014. The decline from the prior quarter is primarily the result of higher gains on the sale of other real estate owned (OREO) in the fourth quarter of 2014. Fee based revenue related to insurance and deposit fees were up from the same quarter last year, while fees related to wealth management services were flat.

NONINTEREST EXPENSE

Noninterest expense was $39.7 million for the first quarter of 2015, up 3.9% compared to March 31, 2014, and up 1.7% from the fourth quarter of 2014. The increase in noninterest expense compared to the same period prior year is mainly a result of higher salary and wages expense.

ASSET QUALITY

Asset quality trends improved in nearly all categories during the quarter. Substandard and Special Mention loans declined by $45.8 million from the same period last year, and by $2.7 million from the previous quarter. The percentage of nonperforming assets to total assets improved to 0.49% at March 31, 2015, compared to 0.81% at March 31, 2014.

Provision for loan and lease losses was $209,000 for the first quarter of 2015, which was an improvement from the $743,000 for the first quarter of 2014. The Company reported net loan and lease recoveries of $279,000 in the first quarter of 2015, compared to net charge-offs of $699,000 in the first quarter of 2014.

The Company’s allowance for originated loan and lease losses totaled $28.7 million at March 31, 2015, which represented 0.99% of total originated loans, compared to 1.04% at March 31, 2014 and 0.99% at year-end 2014. The allowance for loan and lease losses covered 145.11% of nonperforming loans and leases as of March 31, 2015, compared to 78.88% at March 31, 2014 and 128.43% at year-end 2014.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital to average assets of 8.85% is up from 8.68% at March 31, 2014. The ratio of tangible common equity to tangible assets (refer to Non-GAAP disclosures) improved to 7.57%, up from 7.40% a year earlier.

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a 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 Trust Company, The Bank of Castile, Mahopac Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

NON-GAAP MEASURES

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (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 accompanying tables. Management believes that these non-GAAP measures provide useful information. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. See “Tompkins Financial Corporation - Summary Financial Data (Unaudited)” tables for Non-GAAP related calculations.

"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.

           
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 
(In thousands, except share and per share data) (Unaudited) As of As of
ASSETS 03/31/2015   12/31/2014  
 
Cash and noninterest bearing balances due from banks $ 62,017 $ 53,921
Interest bearing balances due from banks       1,979         2,149  
Cash and Cash Equivalents 63,996 56,070
 
Trading securities, at fair value 8,605 8,992
Available-for-sale securities, at fair value (amortized cost of $1,436,118 at March 31,
2015 and $1,397,458 at December 31, 2014) 1,449,926 1,402,236
Held-to-maturity securities, at amortized cost (fair value of $99,258 at March 31, 2015
and $89,036 at December 31, 2014) 97,066 88,168
Originated loans and leases, net of unearned income and deferred costs and fees 2,898,533 2,839,974
Acquired loans and leases, covered 16,768 19,319
Acquired loans and leases, non-covered 512,256 533,995
Less: Allowance for loan and lease losses       29,485         28,997  
Net Loans and Leases 3,398,072 3,364,291
 
FDIC indemnification asset 1,318 1,903
Federal Home Loan Bank stock 21,035 21,259
Bank premises and equipment, net 59,650 59,800
Corporate owned life insurance 74,339 73,725
Goodwill 92,243 92,243
Other intangible assets, net 14,110 14,649
Accrued interest and other assets       77,173         86,225  
  Total Assets     $ 5,357,533       $ 5,269,561  
 
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market 2,398,201 2,247,708
Time 916,975 898,081
  Noninterest bearing       967,590         1,023,365  
Total Deposits 4,282,766 4,169,154
 
Federal funds purchased and securities sold under agreements to repurchase 135,769 147,037
Other borrowings, including certain amounts at fair value of $10,920 at March 31, 2015
and $10,961 at December 31, 2014 330,850 356,541
Trust preferred debentures 37,380 37,337
Other liabilities       66,472         69,909  
  Total Liabilities     $ 4,853,237       $ 4,779,978  
 
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
14,997,989 at March 31, 2015; and 14,931,354 at December 31, 2014 1,500 1,493
Additional paid-in capital 352,096 348,889
Retained earnings 170,854 165,160
Accumulated other comprehensive loss </td>

 (18,262 ) (24,011 )
Treasury stock, at cost – 109,098 shares at March 31, 2015, and 111,436 shares
at December 31, 2014 (3,377 ) (3,400 )
 
Total Tompkins Financial Corporation Shareholders’ Equity 502,811 488,131
Noncontrolling interests       1,485         1,452  
  Total Equity $ 504,296   $ 489,583  
  Total Liabilities and Equity     $ 5,357,533       $ 5,269,561  
 
See notes to consolidated financial statements
 

<tr>

 
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
      Three Months Ended
(In thousands, except per share data) (Unaudited) 03/31/2015       03/31/2014  
INTEREST AND DIVIDEND INCOME
Loans $ 37,376 $ 36,954
Due from banks 1 1
Trading securities 94 112
Available-for-sale securities 7,814 7,936
Held-to-maturity securities 596 152
Federal Home Loan Bank stock and Federal Reserve Bank stock         347         210  
Total Interest and Dividend Income         46,228         45,365  
INTEREST EXPENSE
Time certificates of deposits of $100,000 or more 906 952
Other deposits 1,715 1,790
Federal funds purchased and securities sold under agreements to
repurchase 670 817
Trust preferred debentures 570 570
Other borrowings         1,139         1,209  
Total Interest Expense         5,000         5,338  
Net Interest Income         41,228         40,027  
Less: Provision for loan and lease losses         209         743  
Net Interest Income After Provision for Loan and Lease Losses         41,019         39,284  
NONINTEREST INCOME
Insurance commissions and fees 7,370 7,257
Investment services income 4,007 4,010
Service charges on deposit accounts 2,157 2,116
Card services income 1,818 2,112
Mark-to-market loss on trading securities (63 ) (59 )
Mark-to-market gain on liabilities held at fair value 41 65
Other income 2,026 1,839
Gain on sale of available-for-sale securities         290         94  
Total Noninterest Income         17,646         17,434  
NONINTEREST EXPENSES
Salaries and wages 17,568 16,646
Pension and other employee benefits 5,994 6,045
Net occupancy expense of premises 3,339 3,260
Furniture and fixture expense 1,450 1,337
FDIC insurance 741 811
Amortization of intangible assets 507 527
Other operating expense         10,093         9,584  
Total Noninterest Expenses         39,692         38,210  
Income Before Income Tax Expense         18,973         18,508  
Income Tax Expense         6,260         5,906  
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation         12,713         12,602  
Less: Net income attributable to noncontrolling interests         33         33  
Net Income Attributable to Tompkins Financial Corporation       $ 12,680       $ 12,569  
Basic Earnings Per Share $ 0.85 $ 0.85
Diluted Earnings Per Share       $ 0.84       $ 0.84  
 
See notes to consolidated financial statements
 

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Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
                   
Year to Date Period Ended Year to Date Period Ended
            March 31, 2015       March 31, 2014
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 $ 1,388 $ 1 0.29 % $ 1,026 $ 1 0.40 %
Securities (4)
U.S. Government securities 1,435,574 7,853 2.22 % 1,284,771 7,373 2.33 %
Trading securities 8,858 94 4.30 % 10,832 112 4.19 %
State and municipal (5) 88,304 870 4.00 % 88,037 1,109 5.11 %
Other securities (5)   3,764     30     3.23 %       5,194     44     3.44 %
Total securities 1,536,500 8,847 2.34 % 1,388,834 8,638 2.52 %
FHLBNY and FRB stock 20,765 347 6.78 % 20,137 210 4.23 %
 
Total loans and leases, net of unearned income (5)(6)   3,398,319     37,954     4.53 %       3,192,520     37,399     4.75 %
Total interest-earning assets   4,956,972     47,149     3.86 %       4,602,517     46,248     4.08 %
 
Other assets 358,030 379,516
 
Total assets 5,315,002 4,982,033
                                         
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market 2,348,973 990 0.17 % 2,287,871 1,097 0.19 %
Time deposits   905,981     1,631     0.73 %       888,474     1,645     0.75 %
Total interest-bearing deposits 3,254,954 2,621 0.33 % 3,176,345 2,742 0.35 %
 
Federal funds purchased & securities sold under
agreements to repurchase 142,359 670 1.91 % 162,348 817 2.04 %
Other borrowings 347,690 1,139 1.33 % 248,678 1,209 1.97 %
Trust preferred debentures   37,352     570     6.19 %       37,184     570     6.22 %
Total interest-bearing liabilities 3,782,355 5,000 0.54 % 3,624,555 5,338 0.60 %
 
Noninterest bearing deposits 973,212 834,864
Accrued expenses and other liabilities 62,388 54,099
Total liabilities 4,817,955 4,513,518
 
Tompkins Financial Corporation Shareholders’ equity 495,579 467,048
Noncontrolling interest 1,468 1,467
Total equity 497,047 468,515
 
Total liabilities and equity $ 5,315,002 $ 4,982,033
Interest rate spread     3.32 %     3.48 %
Net interest income/margin on earning assets 42,149 3.45 % 40,910 3.60 %
 
Tax Equivalent Adjustment (921 ) (883 )
 
  Net interest income per consolidated financial statements           $ 41,228                 $ 40,027      
 

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Tompkins Financial Corporation - Summary Financial Data (Unaudited)
                       
(In thousands, except per share data)   Quarter-Ended Year-Ended
  Mar-15   Dec-14   Sep-14   Jun-14   Mar-14   Dec-14
 
Period End Balance Sheet                        
Securities $ 1,555,597   $ 1,499,396   $ 1,431,837   $ 1,420,226   $ 1,408,918   $ 1,499,396  

Originated loans and leases, net of unearned income
and deferred costs and fees (2)

  2,898,533     2,839,974     2,674,971     2,610,289     2,555,522     2,839,974  
Acquired loans and leases (3)   529,024     553,314     582,498     618,679     648,690     553,314  
Allowance for loan and lease losses   29,485     28,997     27,786     27,517     28,014     28,997  
Total assets   5,357,533     5,269,561     5,090,919     5,057,821     5,041,800     5,269,561  
Total deposits   4,282,766     4,169,154     4,212,860     4,044,389     4,105,170     4,169,154  

Federal funds purchased and securities sold under
agreements to repurchase

  135,769     147,037     128,368     144,796     158,794     147,037  
Other borrowings   330,850     356,541     166,509     287,158     214,616     356,541  
Trust preferred debentures   37,380     37,337     37,298     37,254     37,211     37,337  
Total common equity   502,811     488,131     489,060     487,720     472,337     488,131  
Total equity   504,296     489,583     490,611     489,237     473,822     489,583  
 
Average Balance Sheet                        
Average earning assets $ 4,956,972   $ 4,799,027   $ 4,695,860   $ 4,666,722   $ 4,602,517   $ 4,691,582  
Average assets   5,315,002     5,193,347     5,058,608     5,030,395     4,982,033     5,066,655  
Average interest-bearing liabilities   3,782,355     3,668,311     3,587,673   3,620,130     3,624,555     3,625,184  
Average equity   497,047     495,531     489,920     480,063     468,515     483,599  
 
Share data                        
Weighted average shares outstanding (basic)   14,701,397     14,639,631     14,711,709     14,709,881     14,644,548     14,676,622  
Weighted average shares outstanding (diluted)   14,837,935     14,765,855     14,795,343     14,821,191     14,775,386     14,789,624  
Period-end shares outstanding   14,962,079     14,895,444     14,794,092     14,853,439     14,829,007     14,895,444  
Common equity book value per share $ 33.61   $ 32.77   $ 33.06   $ 32.84   $ 31.85   $ 32.77  
Tangible book value per share (Non-GAAP) $ 26.56   $ 25.66   $ 25.87   $ 25.65   $ 24.62   $ 25.66  
 
Income Statement                        
Net interest income $ 41,228   $ 41,692   $ 41,575   $ 40,516   $ 40,027   $ 163,810  
Provision (Credit) for loan/lease losses   209     1,555     (59 )   67     743     2,306  
Noninterest income   17,646     18,056     17,555     17,720     17,434     70,765  
Noninterest expense   39,692     39,018     38,537     38,928     38,210     154,693  
Income tax expense   6,260     6,453     6,897     6,148     5,906     25,404  
Net income attributable to Tompkins Financial Corporation   12,680     12,689     13,722     13,061     12,569     52,041  
Noncontrolling interests   33     33     33     32     33     131  
Basic earnings per share (9) $ 0.85   $ 0.86   $ 0.92   $ 0.88   $ 0.85   $ 3.51  
Diluted earnings per share (9) $ 0.84   $ 0.85   $ 0.92   $ 0.87   $ 0.84   $ 3.48  
 
Nonperforming Assets                        
Originated nonaccrual loans and leases $ 13,811   $ 14,299   $ 16,319   $ 16,918   $ 26,974   $ 14,299  
Acquired nonaccrual loans and leases   4,683     4,729     4,998     5,907     6,936     4,729  
Originated loans and leases 90 days past due and accruing   236     106     395     543     339     106  
Troubled debt restructurings not included above   1,589     3,444     3,800     3,327     1,266     3,444  
Total nonperforming loans and leases   20,319     22,578     25,512     26,695     35,515     22,578  
OREO (8)   5,816     5,683     6,533     6,795     5,351     5,683  
Total nonperforming assets $ 26,135   $ 28,261   $ 32,045   $ 33,490   $ 40,866   $ 28,261  
 
                       
  Quarter-Ended Year-Ended
Delinquency - Originated loan and lease portfolio   Mar-15   Dec-14   Sep-14   Jun-14   Mar-14   Dec-14
Loans and leases 30-89 days past due and
accruing (2) $ 2,438   $ 6,849   $ 3,811   $ 5,221   $ 5,660   $ 6,849  
Loans and leases 90 days past due and accruing (2)   236     106     395     543     339     106  
Total originated loans and leases past due and accruing (2)   2,674     6,955     4,206     5,764     5,999     6,955  
 
Delinquency - Acquired loan and lease portfolio

Covered loans and leases 30-89 days past due and
accruing (3)(7)

$ 547   $ 533   $ 0   $ 0   $ 635   $ 533  
Covered loans and leases 90 days or more past
due and accruing (3)(7)   682     914     1,149     904     1,135     914  
Non-covered loans and leases 30-89 days past
due and accruing (3)(7)   2,546     1,186     736     1,620     2,293     1,186  
Non-covered loans and leases 90 days past
due and accruing (3)(7)   2,811     2,614     3,171     3,048     3,746     2,614  
Total acquired loans and leases past due and accruing   6,586     5,247     5,056     5,572     7,809     5,247  
Total loans and leases past due and accruing $ 9,260   $ 12,202   $ 9,262   $ 11,336   $ 13,808   $ 12,202  
 
Allowance for Loan Losses - Originated loan and lease portfolio
Balance at beginning of period $ 28,156   $ 27,185   $ 26,752   $ 26,661   $ 26,700   $ 26,700  
Provision (Credit) for loan and lease losses   340     1,102     (264 )   (56 )   511     1,293  
Net loan and lease (recoveries) charge-offs   (194 )   131     (697 )   (147 )   550     (163 )
Allowance for loan and lease losses (originated 28,690   28,156   27,185   26,752   26,661   28,156  
loan portfolio) - balance at end of period $ $ $ $ $ $
 
Allowance for Loan Losses - Acquired loan and lease portfolio
Balance at beginning of period $ 841   $ 601   $ 765   $ 1,353   $ 1,270   $ 1,270  
Provision for loan and lease losses   (131 )   453     205     123     232     1,013  
Net loan and lease charge-offs   (85 )   213     369     711     149     1,442  
Allowance for loan and lease losses (acquired
loan portfolio) - balance at end of period   795     841     601     765     1,353     841  
Total allowance for loan and lease losses $ 29,485   $ 28,997   $ 27,786   $ 27,517   $ 28,014   $ 28,997  
 
Loan Classification - Originated Portfolio                        
Special Mention $ 34,965   $ 36,331   $ 27,854   $ 35,484   $ 44,725   $ 36,331  
Substandard   19,150     19,970     25,889     21,253     32,917     19,970  
Loan Classification - Acquired Portfolio                        
Special Mention   5,053     5,758     7,605     12,124     14,936     5,758  
Substandard   21,752     21,567     24,034     30,273     34,137     21,567  
Loan Classifications - Total Portfolio                        
Special Mention   40,018     42,089     35,459     47,608     59,661     42,089  
Substandard   40,902     41,537     49,923     51,526     67,054     41,537  
 
                       
RATIO ANALYSIS   Quarter-Ended Year-Ended
Credit Quality   Mar-15   Dec-14   Sep-14   Jun-14   Mar-14   Dec-14
Nonperforming loans and leases/total loans and leases (7)   0.59 %   0.67 %   0.78 %   0.83 %   1.11 %   0.67 %
Nonperforming assets/total assets   0.49 %   0.54 %   0.63 %   0.66 %   0.81 %   0.54 %

Allowance for originated loan and lease losses/total
originated loans and leases

  0.99 %   0.99 %   1.02 %   1.02 %   1.04 %   0.99 %
Allowance/nonperforming loans and leases   145.11 %   128.43 %   108.92 %   103.08 %   78.88 %   128.43 %

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

  (0.03 %)   0.04 %   (0.04 %)   0.07 %   0.09 %   0.04 %
 
Capital Adequacy (period-end)                        
Tier 1 capital / average assets *   8.85 %   8.75 %   8.85 %   8.79 %   8.68 %   8.75 %
Total capital / risk-weighted assets *   13.37 %   13.60 %   13.92 %   13.92 %   13.67 %   13.60 %

*Beginning with March 31, 2015, ratios are calculated utilizing Basel III regulatory capital framework
 
Profitability                        
Return on average assets *   0.97 %   0.97 %   1.08 %   1.04 %   1.02 %   %
Return on average equity *   10.35 %   10.16 %   11.11 %   10.91 %   10.88 %   10.76 %
Net interest margin (TE) *   3.45 %   3.53 %   3.58 %   3.55 %   3.60 %   3.57 %
* Quarterly ratios have been annualized
 
 
Non-GAAP Disclosure - Tangible Common Equity / Tangible Assets                
Total Common equity $ 502,811   $ 488,131   $ 489,060   $ 487,720   $ 472,337   $ 488,131  
Less: Goodwill and intangibles (10)   105,344     105,852     106,377     106,690     107,219     105,852  
Tangible common equity   397,467     382,279     382,683     381,030     365,118     382,279  
Total assets   5,357,533     5,269,561     5,090,919     5,057,821     5,041,800     5,269,561  
Less: Goodwill and intangibles (10)   105,344     105,852     106,377     106,690     107,219     105,852  
Tangible assets   5,252,189     5,163,709     4,984,542     4,951,131     4,934,581     5,163,709  
Tangible common equity / tangible assets (Non-GAAP)   7.57 %   7.40 %   7.68 %   7.70 %   7.40 %   7.40 %
 
                       
Non-GAAP Disclosure - Return on Average   Quarter-Ended Year-Ended
Tangible Common Equity   Mar-15   Dec-14   Sep-14   Jun-14   Mar-14   Dec-14
Net income available to common shareholders $ 12,680   $ 12,689   $ 13,722   $ 13,061   $ 12,569   $ 52,041  

Less: Dividends and undistributed earnings allocated
to unvested restricted stock awards

  182     150     119     118     117     503  
Net income available to common shareholders   12,498     12,539     13,603     12,943     12,452     51,538  
Amortization of intangibles (net of tax)   304     315     311     315     316     1,257  
Adjusted net operating income (Non-GAAP)   12,802     12,854     27,755     26,437     12,768     52,795  
Average common equity $ 495,579   $ 493,986   $ 488,386   $ 478,561   $ 467,048   $ 482,087  
Less: Average goodwill and intangibles (10)   105,644     106,151     106,471     106,988     107,399     106,748  
Average tangible common equity capital   389,935     387,835     381,915     371,573     359,649     375,339  

Adjusted operating return on average tangible
common equity (annualized) (Non-GAAP)

  13.32 %   13.15 %   14.46 %   14.31 %   14.40 %   14.07 %
</td>

  
 
Non-GAAP Disclosure - Tangible Book Value Per Share  
Total common equity $ 502,811   $ 488,131   $ 489,060   $ 487,720   $ 472,337   $ 488,131  
Less: Goodwill and intangibles (10)   105,344     105,852     106,377     106,690     107,219     105,852  
Tangible common equity   397,467     382,279     382,683     381,030     365,118      
Ending shares outstanding   14,962,079     14,895,444     14,794,092     14,853,439     14,829,007     14,895,444  
Tangible book value per share (Non-GAAP) $ 26.56   $ 25.66   $ 25.87   $ 25.65   $ 24.62   $ 25.66  
 
 

(1) Federal Reserve peer ratio as of December 31, 2014, includes banks and bank holding companies with consolidated assets between $3
billion and $10 billion.
(2) "Originated" equals loans and leases not included by definition in "acquired loans"

(3)"Acquired Loans and Leases" equals loans and leases acquired at fair value, accounted for in accordance with FASB ASC Topic 805.
"Covered Loans" are loans for which the Company will share losses with the FDIC and consist of loans VIST Bank acquired as part of an
FDIC-assisted transaction during the fourth quarter of 2010.
(4) Average balances and yields on available-for-sale securities are based on historical amortized cost.
(5) Interest income includes the tax effects of taxable-equivalent basis.

(6) 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, 2014.

(7) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. The risk of
credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are
considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value
of these loans and their expected cash flows.
(8) Includes all other real estate owned, including those balances acquired through business combinations.
(9)Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.
(10) "Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables.
 

Tompkins Financial Corporation

Stephen S. Romaine, 888-503-5753

President & CEO

or

Francis M. Fetsko, 888-503-5753

Executive VP, CFO & COO

Source: Tompkins Financial Corporation

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