Tompkins Financial(TMP) - 2025 Q3 - Quarterly Results

Financial Performance - Diluted earnings per share for Q3 2025 were $1.65, up 10.0% from Q2 2025 and up 26.9% from Q3 2024[1] - Net income for Q3 2025 was $23.7 million, an increase of $2.2 million or 10.3% compared to Q2 2025, and up $5.0 million or 27.0% from Q3 2024[1] - Basic earnings per share increased to $1.66 for the three months ended September 30, 2025, up from $1.31 in the same period last year, representing a growth of 26.7%[27] - Net income attributable to Tompkins Financial Corporation was $23,673,000, compared to $21,471,000 in the previous quarter, marking an increase of 10.3%[34] Income and Expenses - Net interest income for Q3 2025 was $63.9 million, up $3.7 million or 6.2% from Q2 2025, and up $10.7 million or 20.1% from Q3 2024[5] - Noninterest income for Q3 2025 was $23.6 million, up $179,000 or 0.8% compared to Q3 2024[12] - Noninterest expense for Q3 2025 was $53.8 million, up $4.0 million or 8.0% compared to Q3 2024[13] - Total noninterest expenses increased to $53,847 thousand for the three months ended September 30, 2025, compared to $49,877 thousand for the same period in 2024, reflecting an increase of 8.0%[27] Credit and Loans - Provision for credit losses for Q3 2025 was $2.5 million, compared to $2.2 million for Q3 2024[16] - The allowance for credit losses represented 0.95% of total loans and leases at September 30, 2025, unchanged from the prior quarter[15] - Net loans and leases rose to $6,228,182 thousand, an increase of 4.5% from $5,963,426 thousand at the end of 2024[25] - Total loans and leases reached $6,216,384 thousand for the quarter ended September 30, 2025, compared to $5,830,899 thousand for the same quarter last year, reflecting an increase of 6.61%[28] Assets and Deposits - Total assets increased to $8,468,731 thousand as of September 30, 2025, up from $8,109,080 thousand at December 31, 2024, representing a growth of 4.4%[25] - Total deposits at September 30, 2025 were $7.1 billion, up $337.3 million or 5.0% compared to Q2 2025, and up $475.2 million or 7.2% from Q3 2024[10] - Total deposits grew to $7,053,070 thousand, reflecting a 9.0% increase from $6,471,805 thousand at December 31, 2024[25] - Total deposits rose to $7,053,070 thousand as of September 30, 2025, compared to $6,471,805 thousand a year prior, indicating an increase of 8.99%[31] Capital and Equity - The company's retained earnings increased to $575,112 thousand as of September 30, 2025, up from $537,157 thousand at December 31, 2024, a growth of 7.1%[25] - Total equity rose to $788,805 thousand as of September 30, 2025, compared to $713,444 thousand at December 31, 2024, representing an increase of 10.5%[25] - Total equity increased to $771,527 thousand as of September 30, 2025, compared to $696,532 thousand a year earlier, reflecting a growth of 10.77%[28] Performance Ratios - The return on average assets improved to 1.13%, up from 1.05% in the previous quarter[36] - The Tier 1 Capital ratio to average assets was reported at 9.41%, slightly up from 9.36% in the previous quarter, indicating strong capital adequacy[36] - The average yield on interest-earning assets improved to 4.90% for the quarter ended September 30, 2025, compared to 4.66% for the same quarter last year[28] - The interest rate spread for the quarter was 2.45%, an increase from 1.95% in the same quarter of the previous year[28]