Tompkins Financial(US:TMP)2024-11-06 18:16Financial Performance - Net income attributable to Tompkins Financial Corporation for the three months ended September 30, 2024, was $18,669 thousand, a significant recovery from a loss of $33,323 thousand in the same period last year[13]. - Comprehensive income attributable to Tompkins Financial Corporation was $53,108 thousand for the three months ended September 30, 2024, compared to a loss of $13,863 thousand in the prior year[12]. - The company reported a net income of $51,285 thousand for the nine months ended September 30, 2024, compared to a loss of $5,405 thousand in the same period of 2023[14]. - Net income attributable to Tompkins Financial Corporation for the nine months ended September 30, 2024, was $51,192,000, compared to a net loss of $(5,498,000) for the same period in 2023[16]. - Total comprehensive income for the nine months ended September 30, 2024, was $53,139,000, reflecting a recovery from a total comprehensive loss of $(13,832,000) in the previous year[19]. - The company reported a net loss of $5,498,000 for the three months ended September 30, 2024, compared to a net loss of $13,523,000 in the same period of 2023, reflecting an improvement of 59.3%[144]. Assets and Liabilities - Total assets increased to $8,006,427 thousand as of September 30, 2024, up from $7,819,749 thousand at December 31, 2023, representing a growth of 2.4%[9]. - Total deposits reached $6,577,896 thousand, reflecting a growth of 2.8% compared to $6,399,847 thousand at the end of 2023[9]. - Total liabilities increased to $7,285,079 thousand from $7,149,815 thousand, reflecting a growth of 1.9%[9]. - Total equity rose to $721,348 thousand as of September 30, 2024, compared to $669,934 thousand at the end of 2023, marking an increase of 7.7%[9]. - The company’s common stock issued decreased slightly from 14,441,830 shares at December 31, 2023, to 14,426,922 shares at September 30, 2024[9]. Loans and Credit Losses - Net loans and leases rose to $5,825,877 thousand, an increase of 4.9% from $5,554,351 thousand in the previous year[9]. - The allowance for credit losses increased to $55,384 thousand, up from $51,584 thousand, indicating a proactive approach to risk management[9]. - Provision for credit loss expense increased to $5,200,000 from $2,578,000 year-over-year[16]. - The total past due loans as of September 30, 2024, amounted to $44,073,000, with a total of $5,842,422,000 in current loans[59]. - The company did not record an allowance for credit losses for U.S. Treasury securities and government-sponsored enterprise securities as of September 30, 2024, due to their risk-free status[48]. Income and Expenses - Total interest income for the nine months ended September 30, 2024, was $257,552,000, up from $216,573,000 in the prior year, reflecting a growth of 18.9%[143][144]. - Noninterest expenses for the nine months ended September 30, 2024, totaled $39,329,000, down from $41,403,000 in the same period of 2023[119]. - Total noninterest income for the nine months ended September 30, 2024, was $67,298,000, compared to a loss of $8,609,000 for the same period in 2023, representing a significant recovery[130]. - The company reported net gains on the sale of loans originated for sale of $387,000 for the three months ended September 30, 2024, compared to $21,000 in the same period of 2023[119]. Regulatory and Market Environment - The company is subject to comprehensive regulation by the Federal Reserve Board and other regulatory authorities, ensuring compliance with various financial regulations[23][24]. - The Company operates in a highly competitive market for commercial banking and financial services, facing competition from various financial institutions with greater resources[196]. - Management believes that the Company's community-based approach enhances its ability to establish personalized financial relationships, contributing to its competitiveness[197]. Shareholder Information - Basic EPS for the three months ended September 30, 2024, was $1.31, a significant improvement from a loss of $2.35 in the prior year[97]. - For the nine months ended September 30, 2024, net income available to common shareholders was $51,192, compared to a loss of $5,498 in the same period of 2023[98]. - The weighted average shares outstanding for the three months ended September 30, 2024, was 14,215,607, slightly up from 14,185,763 in the same period of 2023[97]. Investment and Securities - The total available-for-sale debt securities as of September 30, 2024, amounted to $1,309,279,000, compared to $1,416,650,000 as of December 31, 2023, indicating a decrease of 7.6%[147][149]. - The fair value of available-for-sale debt securities with unrealized losses as of September 30, 2024, was $979,560,000, with total unrealized losses of $113,493,000[41]. - The company realized gains of $50,300,000 on sales of available-for-sale debt securities for both the three and nine months ended September 30, 2024, compared to realized losses of $62.9 million and $70.0 million for the same periods in 2023[40]. Forward-Looking Statements - Forward-looking statements in the report highlight risks related to economic conditions, interest rates, and regulatory changes that could impact future performance[201]. - The Company does not undertake any obligation to update its forward-looking statements, acknowledging the uncertainties involved[202].