Tompkins Financial Corporation Reports Record First Quarter Financial Results
Key Terms
net interest margin financial
available-for-sale debt securities financial
provision for credit losses financial
nonperforming assets financial
Tier 1 capital financial
Federal Home Loan Bank (FHLB) financial
phantom stock units financial
Form 13F regulatory
Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of
Tompkins President and CEO, Stephen Romaine, commented, "We are pleased to report record first quarter 2026 earnings, building on the record results achieved in the fourth quarter of 2025. Our healthy levels of loan and deposit growth and our expanding net interest margin continued to support improving profitability in the first quarter. Our balance sheet remains flexible with strong capital and liquidity. The momentum in our earnings and the strength of our balance sheet position us well as we look forward to our future."
SELECTED HIGHLIGHTS FOR THE PERIOD:
-
Net interest margin improved to
3.57% in the first quarter of 2026, up 15 basis points from the immediate prior quarter, and up 59 basis points from the first quarter of 2025. -
Total loans at March 31, 2026 were up
$31.7 million 0.5% compared to December 31, 2025 (1.97% on an annualized basis), and up$411.3 million 6.8% , from March 31, 2025. -
Total deposits at March 31, 2026 were
$7.1 billion $116.4 million 1.7% compared to the most recent prior quarter end, and up$300.7 million 4.5% , from March 31, 2025. -
Total average cost of funds of
1.67% for the first quarter of 2026 was down 4 basis points compared to the most recent prior quarter, and down 17 basis points compared to the same period of the prior year. -
Loan to deposit ratio at March 31, 2026 was
91.8% , compared to92.9% at December 31, 2025, and89.8% at March 31, 2025. -
Regulatory Tier 1 capital to average assets was
10.58% at March 31, 2026, down compared to10.62% at December 31, 2025, and up from9.31% at March 31, 2025.
NET INTEREST INCOME
Net interest income was
Net interest margin was
Average loans for the quarter ended March 31, 2026 were up
Average total deposits of
NONINTEREST INCOME
Noninterest income of
NONINTEREST EXPENSE
Noninterest expense was
INCOME TAX EXPENSE
Provision for income tax expense was
ASSET QUALITY
The allowance for credit losses was
Provision for credit losses for the first quarter of 2025 was
Nonperforming assets of
Special Mention and Substandard loans and leases totaled
CAPITAL POSITION
Capital ratios at March 31, 2026 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was
During the first quarter of 2026, the Company repurchased 23,731 shares of common stock at an aggregate cost of
LIQUIDITY POSITION
The Company's liquidity position at March 31, 2026 was consistent with its position at December 31, 2025. 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 Bank (FHLB) advances. The Company maintained ready access to liquidity of
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of
"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", "could", "should", "will", "would", "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 capital expectations, growth, and the sufficiency of collateral to cover exposure related to special mention and substandard loans. 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 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 public companies, banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and other federal, 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; changing 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 geographic concentration of our business; 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 market volatility, of national and global events, including the response to bank failures, war and geopolitical matters (including continuing or increasing hostilities in the
TOMPKINS FINANCIAL CORPORATION |
||||||
CONSOLIDATED STATEMENTS OF CONDITION |
||||||
(In thousands, except share and per share data) |
As of |
As of |
||||
ASSETS |
03/31/2026 |
12/31/2025 |
||||
|
|
(Audited) |
||||
|
|
|
||||
Cash and noninterest bearing balances due from banks |
$ |
68,665 |
|
$ |
50,717 |
|
Interest bearing balances due from banks |
|
102,784 |
|
|
82,100 |
|
Cash and Cash Equivalents |
|
171,449 |
|
|
132,817 |
|
|
|
|
||||
Available-for-sale debt securities, at fair value (amortized cost of |
|
1,388,910 |
|
|
1,382,068 |
|
Held-to-maturity debt securities, at amortized cost (fair value of |
|
312,545 |
|
|
312,528 |
|
Equity securities, at fair value |
|
795 |
|
|
800 |
|
Loans held for sale |
|
54 |
|
|
43,440 |
|
Total loans and leases, net of unearned income and deferred costs and fees |
|
6,477,943 |
|
|
6,446,245 |
|
Less: Allowance for credit losses |
|
58,108 |
|
|
57,671 |
|
Net Loans and Leases |
|
6,419,835 |
|
|
6,388,574 |
|
|
|
|
||||
Federal Home Loan Bank and other stock |
|
27,189 |
|
|
32,307 |
|
Bank premises and equipment, net |
|
71,000 |
|
|
72,418 |
|
Corporate owned life insurance |
|
78,490 |
|
|
77,843 |
|
Goodwill |
|
72,736 |
|
|
72,736 |
|
Accrued interest and other assets |
|
152,758 |
|
|
152,737 |
|
Total Assets |
$ |
8,695,761 |
|
$ |
8,668,268 |
|
LIABILITIES |
|
|
||||
Deposits: |
|
|
||||
Interest bearing: |
|
|
||||
Checking, savings and money market |
|
3,889,995 |
|
|
3,742,402 |
|
Time |
|
1,292,391 |
|
|
1,298,393 |
|
Noninterest bearing |
|
1,871,786 |
|
|
1,896,967 |
|
Total Deposits |
|
7,054,172 |
|
|
6,937,762 |
|
|
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase |
|
118,133 |
|
|
95,569 |
|
Other borrowings |
|
449,446 |
|
|
564,446 |
|
Other liabilities |
|
127,269 |
|
|
132,114 |
|
Total Liabilities |
$ |
7,749,020 |
|
$ |
7,729,891 |
|
EQUITY |
|
|
||||
Tompkins Financial Corporation shareholders' equity: |
|
|
||||
Common Stock - par value |
|
1,443 |
|
|
1,446 |
|
Additional paid-in capital |
|
297,181 |
|
|
299,206 |
|
Retained earnings |
|
678,575 |
|
|
662,161 |
|
Accumulated other comprehensive loss |
|
(26,098 |
) |
|
(19,054 |
) |
Treasury stock, at cost – 88,982 shares at March 31, 2026, and 104,492 shares at December 31, 2025 |
|
(4,360 |
) |
|
(5,382 |
) |
Total Equity |
$ |
946,741 |
|
$ |
938,377 |
|
Total Liabilities and Equity |
$ |
8,695,761 |
|
$ |
8,668,268 |
|
TOMPKINS FINANCIAL CORPORATION |
||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(In thousands, except per share data) (Unaudited) |
Three Months Ended |
|||||||
|
03/31/2026 |
12/31/2025 |
03/31/2025 |
|||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|||||
Loans |
$ |
87,123 |
|
$ |
87,372 |
|
$ |
78,630 |
Due from banks |
|
166 |
|
|
211 |
|
|
175 |
Available-for-sale debt securities |
|
13,702 |
|
|
11,509 |
|
|
8,729 |
Held-to-maturity debt securities |
|
1,218 |
|
|
1,225 |
|
|
1,217 |
Federal Home Loan Bank and other stock |
|
460 |
|
|
593 |
|
|
711 |
Total Interest and Dividend Income |
|
102,669 |
|
$ |
100,910 |
|
$ |
89,462 |
INTEREST EXPENSE |
|
|
|
|||||
Time certificates of deposits of |
|
4,478 |
|
|
4,527 |
|
|
4,507 |
Other deposits |
|
21,531 |
|
|
23,318 |
|
|
22,143 |
Federal funds purchased and securities sold under agreements to repurchase |
|
18 |
|
|
21 |
|
|
41 |
Other borrowings |
|
4,781 |
|
|
3,983 |
|
|
6,109 |
Total Interest Expense |
|
30,808 |
|
|
31,849 |
|
|
32,800 |
Net Interest Income |
|
71,861 |
|
|
69,061 |
|
|
56,662 |
Less: Provision for credit loss expense |
|
1,502 |
|
|
977 |
|
|
5,287 |
Net Interest Income After Provision for Credit Loss Expense |
|
70,359 |
|
|
68,084 |
|
|
51,375 |
NONINTEREST INCOME |
|
|
|
|||||
Insurance commissions and fees |
|
0 |
|
|
3,079 |
|
|
11,599 |
Wealth management fees |
|
5,266 |
|
|
5,053 |
|
|
5,119 |
Service charges on deposit accounts |
|
1,795 |
|
|
1,819 |
|
|
1,805 |
Card services income |
|
2,642 |
|
|
2,835 |
|
|
2,626 |
Gain on sale of TIA |
|
0 |
|
|
188,241 |
|
|
0 |
Other income |
|
2,136 |
|
|
3,451 |
|
|
3,869 |
Net gain (loss) on securities transactions |
|
(5 |
) |
|
(78,715 |
) |
|
14 |
Total Noninterest Income |
|
11,834 |
|
|
125,763 |
|
|
25,032 |
NONINTEREST EXPENSE |
|
|
|
|||||
Salaries and wages |
|
21,948 |
|
|
29,630 |
|
|
24,977 |
Other employee benefits |
|
6,807 |
|
|
6,642 |
|
|
7,100 |
Net occupancy expense of premises |
|
3,455 |
|
|
3,102 |
|
|
3,570 |
Furniture and fixture expense |
|
2,027 |
|
|
1,795 |
|
|
1,787 |
Other operating expense |
|
13,489 |
|
|
12,966 |
|
|
13,173 |
Total Noninterest Expenses |
|
47,726 |
|
|
54,135 |
|
|
50,607 |
Income Before Income Tax Expense |
|
34,467 |
|
|
139,712 |
|
|
25,800 |
Income Tax Expense |
|
8,393 |
|
|
43,464 |
|
|
6,121 |
Net Income Attributable to Tompkins Financial Corporation |
$ |
26,074 |
|
|
96,248 |
|
|
19,679 |
Basic Earnings Per Share |
$ |
1.83 |
|
$ |
6.74 |
|
$ |
1.38 |
Diluted Earnings Per Share |
$ |
1.82 |
|
$ |
6.70 |
|
$ |
1.37 |
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) |
|
|
|
||||||||||||||||||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
||||||||||||||||||
|
March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
||||||||||||||||||
(dollar amounts in thousands) |
Average Balance (QTD) |
Interest |
Average Yield/Rate |
Average Balance (QTD) |
Interest |
Average Yield/Rate |
Average Balance (QTD) |
Interest |
Average Yield/Rate |
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing balances due from banks |
$ |
13,394 |
$ |
166 |
|
5.03 |
% |
$ |
17,795 |
$ |
211 |
|
4.70 |
% |
$ |
16,424 |
$ |
175 |
|
4.32 |
% |
Securities1 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
1,636,770 |
|
14,435 |
|
3.58 |
% |
|
1,595,043 |
|
12,244 |
|
3.04 |
% |
|
1,598,785 |
|
9,441 |
|
2.39 |
% |
State and municipal2 |
|
81,218 |
|
536 |
|
2.68 |
% |
|
81,613 |
|
537 |
|
2.61 |
% |
|
85,893 |
|
554 |
|
2.62 |
% |
Other Securities2 |
|
3,305 |
|
49 |
|
6.01 |
% |
|
3,298 |
|
52 |
|
6.25 |
% |
|
3,275 |
|
53 |
|
6.56 |
% |
Total securities |
|
1,721,293 |
|
15,020 |
|
3.54 |
% |
|
1,679,954 |
|
12,833 |
|
3.03 |
% |
|
1,687,953 |
|
10,048 |
|
2.41 |
% |
FHLBNY and FRB stock |
|
29,016 |
|
460 |
|
6.43 |
% |
|
24,113 |
|
593 |
|
9.76 |
% |
|
31,983 |
|
711 |
|
9.01 |
% |
Total loans and leases, net of unearned income2,3 |
|
6,434,853 |
|
87,337 |
|
5.50 |
% |
|
6,336,565 |
|
87,612 |
|
5.48 |
% |
|
6,025,363 |
|
78,835 |
|
5.31 |
% |
Total interest-earning assets |
|
8,198,556 |
|
102,983 |
|
5.09 |
% |
|
8,058,427 |
|
101,249 |
|
4.98 |
% |
|
7,761,723 |
|
89,769 |
|
4.69 |
% |
Other assets |
|
382,767 |
|
|
|
313,860 |
|
|
|
294,855 |
|
|
|||||||||
Total assets |
$ |
8,581,323 |
|
|
$ |
8,372,287 |
|
|
$ |
8,056,578 |
|
|
|||||||||
LIABILITIES & EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing checking, savings, & money market |
$ |
3,823,812 |
$ |
15,589 |
|
1.65 |
% |
$ |
3,779,290 |
$ |
16,695 |
|
1.75 |
% |
$ |
3,682,318 |
$ |
16,093 |
|
1.77 |
% |
Time deposits |
|
1,285,701 |
|
10,420 |
|
3.29 |
% |
|
1,282,009 |
|
11,150 |
|
3.45 |
% |
|
1,159,039 |
|
10,557 |
|
3.69 |
% |
Total interest-bearing deposits |
|
5,109,513 |
|
26,009 |
|
2.06 |
% |
|
5,061,299 |
|
27,845 |
|
2.18 |
% |
|
4,841,357 |
|
26,650 |
|
2.23 |
% |
Federal funds purchased & securities sold under agreements to repurchase |
|
42,788 |
|
18 |
|
0.17 |
% |
|
42,221 |
|
21 |
|
0.20 |
% |
|
47,653 |
|
41 |
|
0.35 |
% |
Other borrowings |
|
491,310 |
|
4,781 |
|
3.95 |
% |
|
380,920 |
|
3,983 |
|
4.15 |
% |
|
561,983 |
|
6,109 |
|
4.41 |
% |
Total interest-bearing liabilities |
|
5,643,611 |
|
30,808 |
|
2.21 |
% |
|
5,484,440 |
|
31,849 |
|
2.30 |
% |
|
5,450,993 |
|
32,800 |
|
2.44 |
% |
Noninterest bearing deposits |
|
1,855,440 |
|
|
|
1,911,583 |
|
|
|
1,779,197 |
|
|
|||||||||
Accrued expenses and other liabilities |
|
130,879 |
|
|
|
100,606 |
|
|
|
98,278 |
|
|
|||||||||
Total liabilities |
|
7,629,930 |
|
|
|
7,496,629 |
|
|
|
7,328,468 |
|
|
|||||||||
Tompkins Financial Corporation Shareholders’ equity |
|
951,393 |
|
|
|
875,658 |
|
|
|
728,110 |
|
|
|||||||||
Noncontrolling interest |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|||||||||
Total equity |
|
951,393 |
|
|
|
875,658 |
|
|
|
728,110 |
|
|
|||||||||
Total liabilities and equity |
$ |
8,581,323 |
|
|
$ |
8,372,287 |
|
|
$ |
8,056,578 |
|
|
|||||||||
Interest rate spread |
|
|
2.88 |
% |
|
|
2.68 |
% |
|
|
2.25 |
% |
|||||||||
Tax-equivalent net interest income/margin on earning assets |
|
|
72,175 |
|
3.57 |
% |
|
|
69,400 |
|
3.42 |
% |
|
|
56,969 |
|
2.98 |
% |
|||
Tax-equivalent adjustment |
|
|
(314 |
) |
|
|
|
(339 |
) |
|
|
|
(307 |
) |
|
||||||
Net interest income |
|
$ |
71,861 |
|
|
|
$ |
69,061 |
|
|
|
$ |
56,662 |
|
|
||||||
Tompkins Financial Corporation - Summary Financial Data (Unaudited) |
||||||||||||
(In thousands, except per share data) |
|
|
|
|
|
|
||||||
|
Quarter-Ended |
Year-Ended |
||||||||||
Period End Balance Sheet |
Mar-26 |
Dec-25 |
Sep-25 |
Jun-25 |
Mar-25 |
Dec-25 |
||||||
Securities |
$ |
1,702,250 |
$ |
1,695,396 |
$ |
1,604,357 |
$ |
1,588,647 |
$ |
1,572,602 |
$ |
1,695,396 |
Total Loans |
|
6,477,943 |
|
6,446,245 |
|
6,288,071 |
|
6,172,654 |
|
6,066,645 |
|
6,446,245 |
Allowance for credit losses |
|
58,108 |
|
57,671 |
|
59,889 |
|
58,555 |
|
61,023 |
|
57,671 |
Total assets |
|
8,695,761 |
|
8,668,268 |
|
8,468,731 |
|
8,373,818 |
|
8,199,653 |
|
8,668,268 |
Total deposits |
|
7,054,172 |
|
6,937,762 |
|
7,053,070 |
|
6,715,795 |
|
6,753,502 |
|
6,937,762 |
Brokered deposits |
|
109,712 |
|
114,391 |
|
145,223 |
|
138,787 |
|
99,763 |
|
114,391 |
Federal funds purchased and securities sold under agreements to repurchase |
|
118,133 |
|
95,569 |
|
80,804 |
|
127,111 |
|
122,985 |
|
95,569 |
Other borrowings |
|
449,446 |
|
564,446 |
|
444,866 |
|
672,696 |
|
493,247 |
|
564,446 |
Total equity |
|
946,741 |
|
938,377 |
|
788,805 |
|
761,793 |
|
741,377 |
|
938,377 |
Average Balance Sheet |
|
|
|
|
|
|
||||||
Average earning assets |
$ |
8,198,556 |
$ |
8,058,427 |
$ |
7,967,674 |
$ |
7,875,490 |
$ |
7,761,723 |
$ |
7,916,783 |
Average assets |
|
8,581,323 |
|
8,372,287 |
|
8,297,448 |
|
8,168,595 |
|
8,056,578 |
|
8,224,794 |
Average interest-bearing liabilities |
|
5,643,611 |
|
5,484,440 |
|
5,530,563 |
|
5,503,624 |
|
5,450,993 |
|
5,492,601 |
Average equity |
|
951,393 |
|
875,658 |
|
771,527 |
|
749,975 |
|
728,110 |
|
781,695 |
Share data |
|
|
|
|
|
|
||||||
Weighted average shares outstanding (basic) |
|
14,250,969 |
|
14,270,206 |
|
14,248,533 |
|
14,246,395 |
|
14,246,140 |
|
14,252,810 |
Weighted average shares outstanding (diluted) |
|
14,347,514 |
|
14,356,680 |
|
14,345,219 |
|
14,320,125 |
|
14,319,440 |
|
14,335,358 |
Period-end shares outstanding |
|
14,392,337 |
|
14,420,495 |
|
14,431,300 |
|
14,430,985 |
|
14,433,873 |
|
14,420,495 |
Common equity book value per share |
$ |
65.78 |
$ |
65.07 |
$ |
54.66 |
$ |
52.79 |
$ |
51.36 |
$ |
65.07 |
Tangible book value per share (Non-GAAP)** |
$ |
60.73 |
$ |
60.03 |
$ |
48.19 |
$ |
46.31 |
$ |
44.88 |
$ |
60.03 |
**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 |
$ |
71,861 |
$ |
69,061 |
$ |
63,878 |
$ |
60,130 |
$ |
56,662 |
$ |
249,731 |
Provision for credit loss expense |
|
1,502 |
|
977 |
|
2,490 |
|
2,780 |
|
5,287 |
|
11,534 |
Noninterest income |
|
11,834 |
|
125,763 |
|
23,564 |
|
22,512 |
|
25,032 |
|
196,871 |
Noninterest expense |
|
47,726 |
|
54,135 |
|
53,847 |
|
51,623 |
|
50,607 |
|
210,212 |
Income tax expense |
|
8,393 |
|
43,464 |
|
7,432 |
|
6,768 |
|
6,121 |
|
63,785 |
Net income attributable to Tompkins Financial Corporation |
|
26,074 |
|
96,248 |
|
23,673 |
|
21,471 |
|
19,679 |
|
161,071 |
Basic earnings per share4 |
|
1.83 |
|
6.74 |
|
1.66 |
|
1.51 |
|
1.38 |
|
11.30 |
Diluted earnings per share4 |
|
1.82 |
|
6.70 |
|
1.65 |
|
1.50 |
|
1.37 |
|
11.24 |
Nonperforming Assets |
|
|
|
|
|
|
||||||
Nonaccrual loans and leases |
$ |
51,271 |
$ |
47,794 |
$ |
52,805 |
$ |
52,325 |
$ |
70,891 |
$ |
47,794 |
Loans and leases 90 days past due and accruing |
|
124 |
|
146 |
|
166 |
|
166 |
|
187 |
|
146 |
Total nonperforming loans and leases |
|
51,395 |
|
47,940 |
|
52,971 |
|
52,491 |
|
71,078 |
|
47,940 |
OREO |
|
269 |
|
229 |
|
0 |
|
81 |
|
81 |
|
229 |
Total nonperforming assets |
$ |
51,664 |
$ |
48,169 |
$ |
52,971 |
$ |
52,572 |
$ |
71,159 |
$ |
48,169 |
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued |
||||||||||||
|
Quarter-Ended |
Year-Ended |
||||||||||
Delinquency - Total loan and lease portfolio |
Mar-26 |
Dec-25 |
Sep-25 |
Jun-25 |
Mar-25 |
Dec-25 |
||||||
Loans and leases 30-89 days past due and |
|
|
|
|
|
|
||||||
accruing |
$ |
5,874 |
$ |
8,806 |
$ |
7,841 |
$ |
5,857 |
$ |
12,285 |
$ |
8,806 |
Loans and leases 90 days past due and accruing |
|
124 |
|
146 |
|
166 |
|
166 |
|
187 |
|
146 |
Total loans and leases past due and accruing |
|
5,998 |
|
8,952 |
|
8,007 |
|
6,023 |
|
12,472 |
|
8,952 |
Allowance for Credit Losses |
|||||||||||||||
Balance at beginning of period |
$ |
57,671 |
$ |
59,889 |
|
$ |
58,555 |
$ |
61,023 |
|
$ |
56,496 |
$ |
56,496 |
|
Provision for credit losses |
|
1,212 |
|
1,064 |
|
|
2,454 |
|
2,786 |
|
|
5,260 |
$ |
11,564 |
|
Net loan and lease charge-offs (recoveries) |
|
775 |
|
3,282 |
|
|
1,120 |
|
5,254 |
|
|
733 |
$ |
10,389 |
|
Allowance for credit losses at end of period |
$ |
58,108 |
$ |
57,671 |
|
$ |
59,889 |
$ |
58,555 |
|
$ |
61,023 |
$ |
57,671 |
|
|
|
|
|
|
|
|
|||||||||
Allowance for Credit Losses - Off-Balance Sheet Exposure |
|||||||||||||||
Balance at beginning of period |
$ |
1,433 |
$ |
1,520 |
|
$ |
1,484 |
$ |
1,490 |
|
$ |
1,463 |
$ |
1,463 |
|
Provision (credit) for credit losses |
|
290 |
|
(87 |
) |
|
36 |
|
(6 |
) |
|
27 |
$ |
(30 |
) |
Allowance for credit losses at end of period |
$ |
1,723 |
$ |
1,433 |
|
$ |
1,520 |
$ |
1,484 |
|
$ |
1,490 |
$ |
1,433 |
|
Loan Classification - Total Portfolio |
|
|
|
|
|
|
||||||
Special Mention |
$ |
66,104 |
$ |
100,717 |
$ |
88,398 |
$ |
40,048 |
$ |
34,790 |
$ |
100,717 |
Substandard |
|
54,331 |
|
33,764 |
|
55,762 |
|
56,740 |
|
75,980 |
|
33,764 |
Ratio Analysis
Credit Quality |
|
|
|
|
|
|
||||||
Nonperforming loans and leases/total loans and leases |
0.79 |
% |
0.74 |
% |
0.84 |
% |
0.85 |
% |
1.17 |
% |
0.74 |
% |
Nonperforming assets/total assets |
0.59 |
% |
0.56 |
% |
0.63 |
% |
0.63 |
% |
0.87 |
% |
0.56 |
% |
Allowance for credit losses/total loans and leases |
0.90 |
% |
0.89 |
% |
0.95 |
% |
0.95 |
% |
1.01 |
% |
0.89 |
% |
Allowance/nonperforming loans and leases |
113.06 |
% |
120.30 |
% |
113.06 |
% |
111.55 |
% |
85.85 |
% |
120.30 |
% |
Net loan and lease losses (recoveries) annualized/total average loans and leases |
0.05 |
% |
0.21 |
% |
0.07 |
% |
0.34 |
% |
0.05 |
% |
0.17 |
% |
Capital Adequacy |
|
|
|
|
|
|
||||||
Tier 1 Capital (to average assets) |
10.58 |
% |
10.62 |
% |
9.41 |
% |
9.36 |
% |
9.31 |
% |
10.62 |
% |
Total Capital (to risk-weighted assets) |
14.78 |
% |
14.56 |
% |
13.27 |
% |
13.15 |
% |
13.28 |
% |
14.56 |
% |
Profitability (period-end) |
|
|
|
|
|
|
||||||
Return on average assets * |
1.23 |
% |
4.56 |
% |
1.13 |
% |
1.05 |
% |
0.99 |
% |
1.96 |
% |
Return on average equity * |
11.11 |
% |
43.61 |
% |
12.17 |
% |
11.48 |
% |
10.96 |
% |
20.61 |
% |
Net interest margin (TE) * |
3.57 |
% |
3.42 |
% |
3.20 |
% |
3.08 |
% |
2.98 |
% |
3.17 |
% |
Average yield on interest-earning assets* |
5.09 |
% |
4.98 |
% |
4.90 |
% |
4.79 |
% |
4.69 |
% |
4.84 |
% |
Average cost of deposits* |
1.51 |
% |
1.58 |
% |
1.64 |
% |
1.64 |
% |
1.63 |
% |
1.62 |
% |
Average cost of funds* |
1.67 |
% |
1.71 |
% |
1.83 |
% |
1.84 |
% |
1.84 |
% |
1.80 |
% |
* 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
Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP) |
||||||||||||
|
Quarter-Ended |
Year-Ended |
||||||||||
|
Mar-26 |
Dec-25 |
Sep-25 |
Jun-25 |
Mar-25 |
Dec-25 |
||||||
Common equity book value per share (GAAP) |
$ |
65.78 |
$ |
65.07 |
$ |
54.66 |
$ |
52.79 |
$ |
51.36 |
$ |
65.07 |
Total common equity |
$ |
946,741 |
$ |
938,377 |
$ |
788,805 |
$ |
761,793 |
$ |
741,377 |
$ |
938,377 |
Less: Goodwill and intangibles* |
|
72,766 |
|
72,766 |
|
93,405 |
|
93,503 |
|
93,586 |
|
72,766 |
Tangible common equity (Non-GAAP) |
|
873,975 |
|
865,611 |
|
695,400 |
|
668,290 |
|
647,791 |
|
865,611 |
Ending shares outstanding |
|
14,392,337 |
|
14,420,495 |
|
14,431,300 |
|
14,430,985 |
|
14,433,873 |
|
14,420,495 |
Tangible book value per share (Non-GAAP) |
$ |
60.73 |
$ |
60.03 |
$ |
48.19 |
$ |
46.31 |
$ |
44.88 |
$ |
60.03 |
*The decline in goodwill for the fourth quarter and full year 2025 over the prior periods shown in the table reflects the sale of TIA. |
||||||||||||
Reconciliation of Operating or Adjusted Net Income Available to Common Shareholders/Operating or Adjusted Diluted Earnings Per Share (Non-GAAP) to Net Income Available to Common Shareholders/Diluted Earnings Per Share (GAAP); Operating or Adjusted Return on Average Assets, Operating or Adjusted Return on Average Equity and Adjusted Operating Return on Average Shareholders' Tangible Common Equity (Non-GAAP) to Return on Average Assets and Return on Average Equity (GAAP) |
|||||||||
|
QTD |
QTD |
QTD |
||||||
(In thousands, except per share data) |
03/31/2026 |
12/31/2025 |
03/31/2025 |
||||||
Net income available to common shareholders |
$ |
26,074 |
|
$ |
96,248 |
|
$ |
19,679 |
|
Less: income attributable to unvested stock-based compensation awards |
|
0 |
|
|
0 |
|
|
0 |
|
Net earnings allocated to common shareholders (GAAP) |
|
26,074 |
|
|
96,248 |
|
|
19,679 |
|
Diluted earnings per share (GAAP) |
|
1.82 |
|
|
6.70 |
|
|
1.37 |
|
Adjustments for non-operating income and expense: |
|
|
|
||||||
(Gain) loss on sale of investment securities |
|
0 |
|
|
78,721 |
|
|
0 |
|
(Gain) from sale of Tompkins Insurance Agencies, Inc. |
|
0 |
|
|
(183,902 |
) |
|
0 |
|
Total adjustments |
|
0 |
|
|
(105,181 |
) |
|
0 |
|
Tax expense |
|
0 |
|
|
(34,509 |
) |
|
0 |
|
Total adjustments, net of tax |
|
0 |
|
|
(70,672 |
) |
|
0 |
|
Operating or adjusted net income (Non-GAAP) |
|
26,074 |
|
|
25,576 |
|
|
19,679 |
|
Weighted average shares outstanding (basic) |
|
14,250,969 |
|
|
14,270,206 |
|
|
14,246,140 |
|
Weighted average shares outstanding (diluted) |
|
14,347,514 |
|
|
14,356,680 |
|
|
14,319,440 |
|
Operating or adjusted basic earnings per share (Non-GAAP) |
|
1.83 |
|
|
1.79 |
|
|
1.38 |
|
Operating or adjusted diluted earnings per share (Non-GAAP) |
|
1.82 |
|
|
1.78 |
|
|
1.37 |
|
Net income available to common shareholders |
|
26,074 |
|
|
96,248 |
|
|
19,679 |
|
Operating or adjusted net income (Non-GAAP) |
|
26,074 |
|
|
25,576 |
|
|
19,679 |
|
Average total assets |
|
8,581,323 |
|
|
8,372,287 |
|
|
8,056,578 |
|
Return on average assets (GAAP) |
|
1.23 |
% |
|
4.56 |
% |
|
0.99 |
% |
Operating or adjusted return on average assets (Non-GAAP) |
|
1.23 |
% |
|
1.21 |
% |
|
0.99 |
% |
Net income available to common shareholders |
|
26,074 |
|
|
96,248 |
|
|
19,679 |
|
Operating or adjusted net income (Non-GAAP) |
|
26,074 |
|
|
25,576 |
|
|
19,679 |
|
Average total equity |
|
951,393 |
|
|
875,658 |
|
|
728,110 |
|
Return on average equity (GAAP) |
|
11.11 |
% |
|
43.61 |
% |
|
10.96 |
% |
Operating or adjusted return on average equity (Non-GAAP) |
|
11.11 |
% |
|
11.59 |
% |
|
10.96 |
% |
Operating or adjusted net income (Non-GAAP) |
|
26,074 |
|
|
25,576 |
|
|
19,679 |
|
Average Tompkins Financial Corporation shareholders' equity |
|
951,393 |
|
|
875,658 |
|
|
728,110 |
|
Amortization of intangibles |
|
0 |
|
|
27 |
|
|
0 |
|
Tax expense |
|
0 |
|
|
6 |
|
|
0 |
|
Amortization of intangibles, net of tax |
|
0 |
|
|
21 |
|
|
0 |
|
Operating or adjusted net income (Non-GAAP) |
|
26,074 |
|
|
25,597 |
|
|
19,679 |
|
Average Tompkins Financial Corporation shareholders' equity |
|
951,393 |
|
|
875,658 |
|
|
728,110 |
|
Average goodwill and intangibles |
|
72,766 |
|
|
79,494 |
|
|
93,637 |
|
Average Tompkins Financial Corporation shareholders' tangible common equity (Non-GAAP) |
$ |
878,627 |
|
$ |
796,164 |
|
$ |
634,473 |
|
Operating or adjusted return on average shareholders' tangible common equity (Non-GAAP) |
|
12.04 |
% |
|
12.76 |
% |
|
12.58 |
% |
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 |
|||||||||
| 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, 2025. | |||||||||
| 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/20260424482547/en/
Stephen S. Romaine, President & CEO
Matthew Tomazin, Executive VP & CFO
Tompkins Financial Corporation (888) 503-5753
Source: Tompkins Financial Corporation