Tompkins Financial(TMP) - 2024 Q2 - Quarterly Results

Earnings Performance - Diluted earnings per share for Q2 2024 were $1.10, down 6.8% from Q1 2024, but up 86.4% from $0.59 in Q2 2023[1] - Net income for Q2 2024 was $15.7 million, down 7.1% from the prior quarter, but up 85.0% from $8.5 million in Q2 2023[1] - Year-to-date net income for the first half of 2024 was $32.6 million, an increase of 16.9% compared to $27.9 million in the same period of 2023[2] - Net income attributable to Tompkins Financial Corporation was $15,682 thousand for the three months ended June 30, 2024, compared to $8,475 thousand for the same period in 2023, an increase of 85.66%[28] - Basic earnings per share for the three months ended June 30, 2024, was $1.10, compared to $0.59 for the same period in 2023, an increase of 86.44%[28] - The company reported a net income of $15,682 for the quarter, compared to $16,872 in the previous quarter, a decrease of 7.1%[36] Income and Revenue - Net interest income for Q2 2024 was $51.0 million, up from $50.7 million in Q1 2024, but down from $51.9 million in Q2 2023[5] - Noninterest income for Q2 2024 was $21.8 million, up 72.6% compared to the same period in 2023[12] - Net interest income after provision for credit loss expense was $48,781 thousand for the three months ended June 30, 2024, compared to $49,643 thousand for the same period in 2023, a decrease of 1.74%[28] - Noninterest income totaled $21,776 thousand for the three months ended June 30, 2024, compared to $12,615 thousand for the same period in 2023, an increase of 72.56%[28] - Net interest income for the year-to-date period ended June 30, 2024, was $101,628 thousand, compared to $106,142 thousand for the same period in 2023[33] Assets and Liabilities - Total assets increased to $7,869,522 thousand as of June 30, 2024, compared to $7,819,749 thousand at December 31, 2023, reflecting a growth of 0.64%[27] - Net loans and leases rose to $5,708,805 thousand, up from $5,554,351 thousand, marking an increase of 2.77%[27] - Total deposits at June 30, 2024, were $6.3 billion, down 2.5% from March 31, 2024, and down 2.6% from June 30, 2023[9] - Total deposits decreased to $6,285,896 thousand from $6,399,847 thousand, a decline of 1.77%[27] - Total loans and leases rose to $5,687,548 thousand in Q2 2024, compared to $5,621,604 thousand in Q1 2024, reflecting a net interest margin of 5.22%[30] Credit Quality - Nonperforming assets represented 0.79% of total assets at June 30, 2024, up from 0.41% at June 30, 2023[18] - The provision for credit loss expense was $2,172 thousand for the three months ended June 30, 2024, compared to $2,253 thousand for the same period in 2023, a decrease of 3.59%[28] - Nonperforming loans and leases totaled $62,468, slightly down from $62,695 in the previous quarter, indicating a decrease of 0.4%[37] - The allowance for credit losses increased to $53,059 thousand in Q2 2024 from $51,704 thousand in Q1 2024[34] - The allowance for credit losses at the end of the period was $53,059, up from $51,704 in the prior quarter, marking a 2.6% increase[38] Capital and Ratios - The ratio of total capital to risk-weighted assets was 13.26% at June 30, 2024, compared to 14.48% at June 30, 2023[20] - Total capital to risk-weighted assets ratio was 13.26%, slightly down from 13.43% in the previous quarter, a decrease of 1.3%[38] - The company reported a total equity of $676,093 thousand as of June 30, 2024, up from $669,934 thousand at December 31, 2023, an increase of 0.17%[27] - Total equity as of June 30, 2024, was $662,969 thousand, down from $666,752 thousand at the end of March 2024[30] Deposits and Interest Rates - The loan to deposit ratio at June 30, 2024, was 91.7%, compared to 87.5% for the prior quarter[9] - Average cost of deposits rose to 1.61%, up from 1.54% in the previous quarter, reflecting an increase of 4.5%[38] - Interest-bearing deposits totaled $4,486,094 thousand in Q2 2024, an increase from $4,535,107 thousand in Q1 2024, with an average yield of 2.27%[30] - The interest rate spread decreased to 1.91% in Q2 2024 from 1.95% in Q1 2024[30] - The average yield on total interest-earning assets improved to 4.56% in Q2 2024 from 4.47% in Q1 2024[30]