Tompkins Financial Corp. (TMP, Financial) filed Quarterly Report for the period ended 2009-06-30.
Tompkins Trustco Inc. is a bank holding company for Tompkins County Trust Company. The company conducts commercial and consumer banking business which primarily consists of attracting deposits and using those deposits to originate a variety of commercial consumer and real estate loans. The company provides a full range of money management services including investment management accounts custody accounts living trusts life insurance trusts standby trusts retirement plans and rollovers will trusts estate settlement and financial planning. Tompkins Financial Corp. has a market cap of $442.3 million; its shares were traded at around $45.6 with a P/E ratio of 14.7 and P/S ratio of 2.4. The dividend yield of Tompkins Financial Corp. stocks is 3%. Tompkins Financial Corp. had an annual average earning growth of 4.7% over the past 5 years.
Total revenues, consisting of net interest income and noninterest income, were $38.0 million in the second quarter of 2009 and $74.8 million for the first six months of 2009, up 13.7% and 13.7% over the comparable periods in 2008. Both periods benefited from growth in net interest income. Net interest income for the second quarter of 2009, was up 21.2% over the same prior year period, and up 2.5% over the first quarter of 2009. For the year-to-date period ended June 30, 2009, net interest income of $52.4 million was up 26.0% over the comparable year ago period. The growth in net interest income reflects lower interest expense on deposits and growth in average earning assets. Noninterest income for the second quarter and year to date 2009 was down 0.5%, and 7.4%, respectively, from the same periods in 2008, as the Companys fee-based businesses continue to be impacted by weaknesses in the economy and financial markets. Noninterest income for the first six months of 2008 also included $1.6 million of pre-tax gains related to the Visa IPO recorded in the first quarter 2008.
The provision for loan and lease losses totaled $2.4 million and $4.4 million, respectively, in the second quarter and year to date period of 2009, compared to $1.2 million and $1.8 million for the same periods in 2008. An increase in net charge-offs, nonperforming loans and general economic conditions all contributed to the higher provision expense.
The banking segment reported net income of $6.5 million for the second quarter of 2009, up $433,000 or 7.1% from net income of $6.1 million in 2008. For the year to date period, net income was $13.4 million, an increase of $722,000, or 5.7% over the same period in 2008. The increase in net income in both the quarter and year to date period in 2009 over the same periods in the prior year was mainly the result of an increase in net interest income due to growth in average earning assets and an improved net interest margin. The Companys net interest margin has benefited from disciplined deposit pricing, which has resulted in funding costs decreasing more rapidly than asset yields. The growth rates over prior periods were impacted by special events in the second quarter of 2009 and the first quarter of 2008. The second quarter of 2009 included a
The provision for loan and lease losses for the three and six months ended June 30, 2009, was $2.4 million and $4.4 million, compared to $1.2 million and $1.8 million for the same periods in 2008. An increase in net charge-offs and nonperforming assets and general economic conditions all contributed to the higher provision expense.
The financial services segment had net income of $925,000 in the second quarter of 2009, a decrease of $105,000 or 10.2% from net income of $1.0 million in the same quarter of the prior year. For the year to date period, net income was $1.7 million, a decrease of $192,000, or 10.0% over the same period in 2008. Noninterest income for the three and six months ended June 30, 2008, was down $42,000 or 0.6% and $207,000, or 1.6%, respectively, over the same periods in 2008. The decrease in noninterest income was mainly a result of lower investment services fees. Investment services fees are largely based on the market value of assets within each account. Volatility in the equity and bond markets resulted in a decrease in the market value of assets and related investment fees. Noninterest expenses for the three and six months ended June 30, 2009, were up $156,000 or 3.2% and $113,000 or 1.1%, respectively, over the same periods in the prior year. The increase was mainly in salary and wages, reflecting annual merit increases, other incentive compensation accruals, and other operating expenses.
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Tompkins Trustco Inc. is a bank holding company for Tompkins County Trust Company. The company conducts commercial and consumer banking business which primarily consists of attracting deposits and using those deposits to originate a variety of commercial consumer and real estate loans. The company provides a full range of money management services including investment management accounts custody accounts living trusts life insurance trusts standby trusts retirement plans and rollovers will trusts estate settlement and financial planning. Tompkins Financial Corp. has a market cap of $442.3 million; its shares were traded at around $45.6 with a P/E ratio of 14.7 and P/S ratio of 2.4. The dividend yield of Tompkins Financial Corp. stocks is 3%. Tompkins Financial Corp. had an annual average earning growth of 4.7% over the past 5 years.
Highlight of Business Operations:
OVERVIEW Net income for the second quarter of 2009 was $7.4 million, or $0.76 per diluted share, compared to $7.1 million or $0.73 per diluted share for the second quarter of 2008. Diluted per share results for the second quarter of 2009 represent an increase of 4.1% from the second quarter of 2008. For the year to date period, net income was $15.2 million or $1.55 per diluted share in 2009, up from the $14.6 million or $1.50 per diluted share in 2008. Diluted per share results for the first six months of 2009 reflect an increase of 3.3% over the same period in 2008. The growth rates over prior periods were impacted by special events in the second quarter of 2009 and the first quarter of 2008. The second quarter of 2009 included a $1.4 million expense ($0.08 per diluted share) related to the FDICs special deposit insurance assessment, while the first quarter of 2008 included nonrecurring pre-tax income of $1.6 million ($0.10 per diluted share) related to the Visa, Inc. initial public offering (the Visa IPO).Total revenues, consisting of net interest income and noninterest income, were $38.0 million in the second quarter of 2009 and $74.8 million for the first six months of 2009, up 13.7% and 13.7% over the comparable periods in 2008. Both periods benefited from growth in net interest income. Net interest income for the second quarter of 2009, was up 21.2% over the same prior year period, and up 2.5% over the first quarter of 2009. For the year-to-date period ended June 30, 2009, net interest income of $52.4 million was up 26.0% over the comparable year ago period. The growth in net interest income reflects lower interest expense on deposits and growth in average earning assets. Noninterest income for the second quarter and year to date 2009 was down 0.5%, and 7.4%, respectively, from the same periods in 2008, as the Companys fee-based businesses continue to be impacted by weaknesses in the economy and financial markets. Noninterest income for the first six months of 2008 also included $1.6 million of pre-tax gains related to the Visa IPO recorded in the first quarter 2008.
The provision for loan and lease losses totaled $2.4 million and $4.4 million, respectively, in the second quarter and year to date period of 2009, compared to $1.2 million and $1.8 million for the same periods in 2008. An increase in net charge-offs, nonperforming loans and general economic conditions all contributed to the higher provision expense.
The banking segment reported net income of $6.5 million for the second quarter of 2009, up $433,000 or 7.1% from net income of $6.1 million in 2008. For the year to date period, net income was $13.4 million, an increase of $722,000, or 5.7% over the same period in 2008. The increase in net income in both the quarter and year to date period in 2009 over the same periods in the prior year was mainly the result of an increase in net interest income due to growth in average earning assets and an improved net interest margin. The Companys net interest margin has benefited from disciplined deposit pricing, which has resulted in funding costs decreasing more rapidly than asset yields. The growth rates over prior periods were impacted by special events in the second quarter of 2009 and the first quarter of 2008. The second quarter of 2009 included a
The provision for loan and lease losses for the three and six months ended June 30, 2009, was $2.4 million and $4.4 million, compared to $1.2 million and $1.8 million for the same periods in 2008. An increase in net charge-offs and nonperforming assets and general economic conditions all contributed to the higher provision expense.
The financial services segment had net income of $925,000 in the second quarter of 2009, a decrease of $105,000 or 10.2% from net income of $1.0 million in the same quarter of the prior year. For the year to date period, net income was $1.7 million, a decrease of $192,000, or 10.0% over the same period in 2008. Noninterest income for the three and six months ended June 30, 2008, was down $42,000 or 0.6% and $207,000, or 1.6%, respectively, over the same periods in 2008. The decrease in noninterest income was mainly a result of lower investment services fees. Investment services fees are largely based on the market value of assets within each account. Volatility in the equity and bond markets resulted in a decrease in the market value of assets and related investment fees. Noninterest expenses for the three and six months ended June 30, 2009, were up $156,000 or 3.2% and $113,000 or 1.1%, respectively, over the same periods in the prior year. The increase was mainly in salary and wages, reflecting annual merit increases, other incentive compensation accruals, and other operating expenses.
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