Tompkins Financial Corp. (TMP, Financial) filed Quarterly Report for the period ended 2010-09-30.
Tompkins Financial Corp. has a market cap of $441.3 million; its shares were traded at around $40.74 with a P/E ratio of 13.6 and P/S ratio of 2.3. The dividend yield of Tompkins Financial Corp. stocks is 3.3%. Tompkins Financial Corp. had an annual average earning growth of 6.5% over the past 10 years.
The provision for loan and lease losses totaled $3.5 million and $7.1 million, respectively, in the third quarter and year to date period of 2010, compared to $2.1 million and $6.5 million for the same periods in 2009. The higher provision for loan and lease losses in 2010 over 2009 was mainly related to the increase in nonperforming loans, higher charge-offs and weak economic conditions.
The banking segment reported net income of $6.6 million for the third quarter of 2010, down $1.0 million or 13.4% from net income of $7.6 million in 2009. The decrease in net income in the quarter was the result of higher provision for loan and lease losses, lower noninterest income due to a decline in service charges on deposits, mark-to-market adjustments on trading liabilities held at fair value and an increase in noninterest expense lead by higher salaries and employee benefits costs. For the year to date period, net income was $22.3 million, an increase of $1.3 million, or 6.2% over the same period in 2009. The improvement in the year to date 2010 performance over the same period in the prior year was mainly the result of an increase in net interest income due to growth in average earning assets and lower funding costs. In addition, noninterest expense in 2009 included the FDIC special deposit insurance assessment of $1.4 million (pre-tax).
The provision for loan and lease losses for the three and nine months ended September 30, 2010, was $3.5 million and $7.1 million, compared to $2.1 million and $6.5 million for the same periods in 2009. The higher provision for loan and lease losses in 2010 over 2009 was mainly related to the increase in nonperforming loans, higher charge-offs and weak economic conditions.
Noninterest income for the three and nine months ended September 30, 2010, was down $876,000 or 16.4% and $1.4 million, or 9.2%, respectively, over the same periods in 2009. The decrease in 2010 from 2009 was mainly due to net mark-to-market losses on liabilities held at fair value, which were $323,000 for the third quarter of 2010 and $940,000, for the first nine months of 2010, compared to net mark-to-market gains of $73,000 and $761,000, respectively, for the same periods in 2009. In addition, service charges on deposit accounts were down $256,000, for the quarter due to the new Regulation E overdraft plan opt-in requirements effective in the quarter and were down $259,000 for the year to date 2010 compared to the same period in 2009. These factors were partially offset by a reduction in other-than-temporary impairment charges, and increased card service income.
The financial services segment had net income of $935,000 in the third quarter of 2010, an increase of $42,000 or 4.7% from net income of $893,000 in the same quarter of the prior year. For the year to date period, net income was $2.7 million, which is in line with the same period in 2009. Noninterest income for the three and nine months ended September 30, 2010, was up $300,000 or 4.6% and $1.2 million or 6.3%, respectively, over the same periods in 2009. The increase in noninterest income was mainly a result of higher investment services fees. Investment services fees are largely based on the market value of assets within each account. Increased stock market indices to date in 2010 compared to the same period in 2009, account retention and new account generation contributed to an increase in the fair value of assets and related investment fees. Noninterest expenses for the three and nine months ended September 30, 2010, were up $273,000 or 5.3% and $1.2 million or 7.5%, respectively, over the same periods in the prior year. The increases were mainly in salary and wages, reflecting annual merit increases, and other incentive compensation accruals.
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Tompkins Financial Corp. has a market cap of $441.3 million; its shares were traded at around $40.74 with a P/E ratio of 13.6 and P/S ratio of 2.3. The dividend yield of Tompkins Financial Corp. stocks is 3.3%. Tompkins Financial Corp. had an annual average earning growth of 6.5% over the past 10 years.
Highlight of Business Operations:
Net income for the third quarter of 2010 was $7.5 million, a decrease of 11.5% compared to $8.5 million reported in the third quarter of 2009. Diluted earnings per share for the third quarter of 2010 were $0.69, down 12.7% from $0.79 for the third quarter of 2009. Third quarter earnings for 2010 were impacted by an increase in provision expense to address deterioration in a few larger credits. For the year to date period, net income was $24.9 million or $2.30 per diluted share in 2010, up from $23.6 million or $2.19 per diluted share in 2009. Diluted per share results for the first nine months of 2010 reflect an increase of 5.0% over the same period in 2009. For the year-to-date period, the growth rates over the prior period were impacted by special events in the second quarter of 2009, which included a $1.4 million expense ($0.09 per diluted share) related to the FDIC s special deposit insurance assessment.The provision for loan and lease losses totaled $3.5 million and $7.1 million, respectively, in the third quarter and year to date period of 2010, compared to $2.1 million and $6.5 million for the same periods in 2009. The higher provision for loan and lease losses in 2010 over 2009 was mainly related to the increase in nonperforming loans, higher charge-offs and weak economic conditions.
The banking segment reported net income of $6.6 million for the third quarter of 2010, down $1.0 million or 13.4% from net income of $7.6 million in 2009. The decrease in net income in the quarter was the result of higher provision for loan and lease losses, lower noninterest income due to a decline in service charges on deposits, mark-to-market adjustments on trading liabilities held at fair value and an increase in noninterest expense lead by higher salaries and employee benefits costs. For the year to date period, net income was $22.3 million, an increase of $1.3 million, or 6.2% over the same period in 2009. The improvement in the year to date 2010 performance over the same period in the prior year was mainly the result of an increase in net interest income due to growth in average earning assets and lower funding costs. In addition, noninterest expense in 2009 included the FDIC special deposit insurance assessment of $1.4 million (pre-tax).
The provision for loan and lease losses for the three and nine months ended September 30, 2010, was $3.5 million and $7.1 million, compared to $2.1 million and $6.5 million for the same periods in 2009. The higher provision for loan and lease losses in 2010 over 2009 was mainly related to the increase in nonperforming loans, higher charge-offs and weak economic conditions.
Noninterest income for the three and nine months ended September 30, 2010, was down $876,000 or 16.4% and $1.4 million, or 9.2%, respectively, over the same periods in 2009. The decrease in 2010 from 2009 was mainly due to net mark-to-market losses on liabilities held at fair value, which were $323,000 for the third quarter of 2010 and $940,000, for the first nine months of 2010, compared to net mark-to-market gains of $73,000 and $761,000, respectively, for the same periods in 2009. In addition, service charges on deposit accounts were down $256,000, for the quarter due to the new Regulation E overdraft plan opt-in requirements effective in the quarter and were down $259,000 for the year to date 2010 compared to the same period in 2009. These factors were partially offset by a reduction in other-than-temporary impairment charges, and increased card service income.
The financial services segment had net income of $935,000 in the third quarter of 2010, an increase of $42,000 or 4.7% from net income of $893,000 in the same quarter of the prior year. For the year to date period, net income was $2.7 million, which is in line with the same period in 2009. Noninterest income for the three and nine months ended September 30, 2010, was up $300,000 or 4.6% and $1.2 million or 6.3%, respectively, over the same periods in 2009. The increase in noninterest income was mainly a result of higher investment services fees. Investment services fees are largely based on the market value of assets within each account. Increased stock market indices to date in 2010 compared to the same period in 2009, account retention and new account generation contributed to an increase in the fair value of assets and related investment fees. Noninterest expenses for the three and nine months ended September 30, 2010, were up $273,000 or 5.3% and $1.2 million or 7.5%, respectively, over the same periods in the prior year. The increases were mainly in salary and wages, reflecting annual merit increases, and other incentive compensation accruals.
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