TOMPKINS FINANCIAL CORP
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
TMP$99.44-0.6%Stored close · as of Nov 6, 2026
Contents
Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| (In thousands, except per share data) (Unaudited) | 9/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 |
| INTEREST AND DIVIDEND INCOME | ||||
| Loans | $77,814 | $67,030 | $223,059 | $191,399 |
| Due from banks | 168 | 125 | 506 | 447 |
| Available-for-sale debt securities | 9,037 | 6,599 | 28,019 | 19,960 |
| Held-to-maturity debt securities | 1,222 | 1,221 | 3,659 | 3,654 |
| Federal Home Loan Bank and other stock | 888 | 490 | 2,309 | 1,113 |
| Total Interest and Dividend Income | 89,129 | 75,465 | 257,552 | 216,573 |
| INTEREST EXPENSE | ||||
| Time certificates of deposits of $250,000 or more | 4,158 | 3,158 | 12,216 | 7,472 |
| Other deposits | 22,553 | 16,348 | 64,213 | 39,861 |
| Federal funds purchased and securities sold under agreements to repurchase | 11 | 15 | 35 | 44 |
| Other borrowings | 9,214 | 4,931 | 26,267 | 12,041 |
| Total Interest Expense | 35,936 | 24,452 | 102,731 | 59,418 |
| Net Interest Income | 53,193 | 51,013 | 154,821 | 157,155 |
| Less: Provision for credit loss expense | 2,174 | 1,150 | 5,200 | 2,578 |
| Net Interest Income After Provision for Credit Loss Expense | 51,019 | 49,863 | 149,621 | 154,577 |
| NONINTEREST INCOME | ||||
| Insurance commissions and fees | 11,283 | 11,397 | 30,629 | 29,578 |
| Wealth management fees | 4,925 | 4,342 | 14,711 | 13,529 |
| Service charges on deposit accounts | 1,872 | 1,754 | 5,434 | 5,140 |
| Card services income | 2,921 | 2,860 | 9,138 | 8,629 |
| Other income | 2,299 | 990 | 7,321 | 4,534 |
| Net gain (loss) on securities transactions | 85 | (62,967) | 65 | (70,019) |
| Total Noninterest Income | 23,385 | (41,624) | 67,298 | (8,609) |
| NONINTEREST EXPENSE | ||||
| Salaries and wages | 25,664 | 23,811 | 75,280 | 73,660 |
| Other employee benefits | 6,276 | 7,319 | 19,232 | 20,707 |
| Net occupancy expense of premises | 3,065 | 3,108 | 9,761 | 9,734 |
| Furniture and fixture expense | 1,797 | 2,079 | 5,832 | 6,238 |
| Amortization of intangible assets | 86 | 83 | 242 | 250 |
| Other operating expense | 12,989 | 13,466 | 39,329 | 41,403 |
| Total Noninterest Expenses | 49,877 | 49,866 | 149,676 | 151,992 |
| Income/(Loss) Before Income Tax Expense/(Benefit) | 24,527 | (41,627) | 67,243 | (6,024) |
| Income Tax Expense/(Benefit) | 5,858 | (8,304) | 15,958 | (619) |
| Net Income/(Loss) Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 18,669 | (33,323) | 51,285 | (5,405) |
| Less: Net Income Attributable to Noncontrolling Interests | 31 | 31 | 93 | 93 |
| Net Income/(Loss) Attributable to Tompkins Financial Corporation | $18,638 | $(33,354) | $51,192 | $(5,498) |
| Basic Earnings (Loss) Per Share | $1.31 | $(2.35) | $3.60 | $(0.39) |
| Diluted Earnings (Loss) Per Share | $1.30 | $(2.35) | $3.59 | $(0.39) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended | ||
|---|---|---|
| (In thousands) (Unaudited) | 9/30/2024 | 9/30/2023 |
| Net income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | $18,669 | $(33,323) |
| Other comprehensive (loss) income, net of tax: | ||
| Available-for-sale debt securities: | ||
| Change in net unrealized loss during the period | 34,300 | (28,273) |
| Reclassification adjustment for net realized (gain) loss on sale of available-for-sale debt securities included in net income | (38) | 47,513 |
| Employee benefit plans: | ||
| Amortization of net retirement plan actuarial loss | 173 | 211 |
| Amortization of net retirement plan prior service cost | 35 | 40 |
| Other comprehensive income | 34,470 | 19,491 |
| Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 53,139 | (13,832) |
| Less: Net income attributable to noncontrolling interests | 31 | 31 |
| Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $53,108 | $(13,863) |
| Nine Months Ended | ||
|---|---|---|
| (In thousands) (Unaudited) | 9/30/2024 | 9/30/2023 |
| Net income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | $51,285 | $(5,405) |
| Other comprehensive income, net of tax: | ||
| Available-for-sale debt securities: | ||
| Change in net unrealized loss during the period | 23,221 | (20,932) |
| Reclassification adjustment for net realized (gain) loss on sale of available-for-sale debt securities included in net income | (38) | 52,838 |
| Employee benefit plans: | ||
| Amortization of net retirement plan actuarial loss | 518 | 632 |
| Amortization of net retirement plan prior service cost | 104 | 122 |
| Other comprehensive income | 23,805 | 32,660 |
| Subtotal comprehensive income attributable to noncontrolling interests and Tompkins Financial Corporation | 75,090 | 27,255 |
| Less: Net income attributable to noncontrolling interests | 93 | 93 |
| Total comprehensive income attributable to Tompkins Financial Corporation | $74,997 | $27,162 |
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