Tompkins Financial(TMP) - 2024 Q3 - Quarterly Results

Financial Performance - Diluted earnings per share for Q3 2024 were $1.30, up 18.2% from Q2 2024 and up 155.3% from Q3 2023[1] - Net income for Q3 2024 was $18.6 million, an increase of $3.0 million or 18.9% compared to Q2 2024, and up $52.0 million or 155.9% from Q3 2023[1] - Year-to-date net income for the nine months ended September 30, 2024, was $51.2 million, up $56.7 million from a net loss of $(5.5) million for the same period in 2023[2] - Net income attributable to Tompkins Financial Corporation was $18,638 thousand for the three months ended September 30, 2024, compared to a loss of $33,354 thousand in the same period last year[23] Income and Revenue - Noninterest income for Q3 2024 was $23.4 million, up $65.0 million or 156.2% compared to Q3 2023[9] - Noninterest income totaled $23,385 thousand for the three months ended September 30, 2024, compared to $21,776 thousand in the previous quarter, indicating an increase of 7.4%[23] Loans and Deposits - Total loans at September 30, 2024, increased by $119.4 million or 2.1% from June 30, 2024, and by $446.4 million or 8.2% from September 30, 2023[4] - Total loans reached $5,881,261 thousand, up from $5,434,860 thousand in the same period last year, representing an increase of about 8.2%[28] - Average total deposits for Q3 2024 were $6.4 billion, up $41.4 million or 0.7% from Q2 2024, but down $67.0 million or 1.0% from Q3 2023[8] - Total deposits rose to $6,577,896 thousand from $6,623,436 thousand a year ago, a decrease of approximately 0.7%[28] Asset Management - Total assets increased to $8,006,427 thousand as of September 30, 2024, compared to $7,819,749 thousand at December 31, 2023, reflecting a growth of 2.4%[21] - Total assets increased to $7,914,924, up from $7,810,061 in the previous quarter, reflecting a growth of 1.33%[24] - Total interest-earning assets rose to $7,638,314, compared to $7,547,689 in the prior quarter, marking an increase of 1.20%[24] Credit Quality - Provision for credit losses for Q3 2024 was $2.2 million, compared to $1.2 million for the same period in 2023[13] - The provision for credit loss expense was $2,174 thousand for the three months ended September 30, 2024, compared to $1,150 thousand in the same period last year, reflecting a significant increase[23] - The allowance for credit losses represented 0.94% of total loans and leases at September 30, 2024, up from 0.92% at June 30, 2024[12] - Total loans and leases past due and accruing reached $7,224 million, with $193 million in loans and leases 90 days past due[31] - The allowance for credit losses at the end of the period was $55,384 million, reflecting a provision for credit losses of $3,237 million[31] - Nonperforming loans and leases as a percentage of total loans and leases decreased to 1.06% from 1.08%[32] Capital and Ratios - Capital ratios at September 30, 2024, remained well above regulatory minimums, with Tier 1 capital to average assets at 9.19%[16] - Total equity rose to $696,532, up from $662,969 in the previous quarter, reflecting a growth of 5.06%[24] - The total capital ratio to risk-weighted assets was 13.21%, slightly down from 13.26%[32] - The tangible common equity (Non-GAAP) increased to $626,095 million, compared to $580,783 million in the previous quarter[34] - The tangible book value per share (Non-GAAP) rose to $43.50, up from $40.35[34] Interest and Yield - Net interest margin for Q3 2024 was 2.79%, improved from 2.73% in Q2 2024 and 2.75% in Q3 2023[3] - Net interest income after provision for credit loss expense was $51,019 thousand for the three months ended September 30, 2024, compared to $48,781 thousand for the previous quarter, representing a growth of 2.5%[23] - The average yield on total interest-earning assets improved to 4.66%, up from 4.56% in the previous quarter[24] - The average yield on total loans and leases increased to 5.32%, compared to 5.22% in the previous quarter, indicating improved loan profitability[24] - The interest rate spread increased to 1.95%, compared to 1.91% in the previous quarter, indicating improved profitability[24]