Tompkins Financial(US:TMP)2025-10-28 17:08Financial Performance - Net income attributable to Tompkins Financial Corporation for the three months ended September 30, 2025, was $23,673 thousand, up from $18,638 thousand in the same period of 2024, marking a growth of 27.4%[17] - Net income attributable to Tompkins Financial Corporation for the nine months ended September 30, 2025, was $64,823,000, an increase of 26.5% compared to $51,192,000 for the same period in 2024[21] - Basic earnings per share for the nine months ended September 30, 2025, increased to $4.55 from $3.60 in the same period of 2024, representing a rise of 26.4%[17] - Basic earnings per share (EPS) for the three months ended September 30, 2025, was $1.66, up from $1.31 in the same period of 2024, reflecting a 26.7% growth[76] - Diluted EPS for the three months ended September 30, 2025, was $1.65, compared to $1.30 in the prior year, indicating a 27.0% increase[76] Asset Growth - 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%[15] - Total deposits rose to $7,053,070 thousand as of September 30, 2025, compared to $6,471,805 thousand at December 31, 2024, indicating an increase of 9.0%[15] - Total equity increased to $788,805 thousand as of September 30, 2025, from $713,444 thousand at December 31, 2024, reflecting a growth of 10.5%[15] - Total loans and leases amounted to $6,292,717, an increase from $6,025,108 as of December 31, 2024, representing a growth of approximately 4.45%[50] Income and Expenses - Net interest income after provision for credit loss expense for the nine months ended September 30, 2025, was $170,113 thousand, compared to $149,621 thousand for the same period in 2024, reflecting an increase of 13.7%[17] - Noninterest income for the nine months ended September 30, 2025, totaled $71,108 thousand, compared to $67,298 thousand for the same period in 2024, showing a growth of 5.2%[17] - Noninterest expense for the three months ended September 30, 2025, was $53,847,000, compared to $49,877,000 in the same period of 2024, an increase of 8.0%[91] - Total Noninterest Expenses for the nine months ended September 30, 2025, were $156,077,000, an increase from $149,676,000 in the same period of 2024[17] Credit Losses and Provisions - The provision for credit loss expense for the nine months ended September 30, 2025, was $10,557 thousand, compared to $5,200 thousand for the same period in 2024, reflecting a significant increase of 103.4%[17] - The allowance for credit losses (ACL) at the end of September 30, 2025, was $59,889, an increase from $58,555 at the end of September 30, 2024[65] - The provision for credit loss expense for the three months ended September 30, 2025, was $2,454, compared to $3,237 for the same period in 2024[65] - The total charge-offs for the three months ended September 30, 2025, were $1,333, compared to $1,049 for the same period in 2024[65] Investment and Securities - Total available-for-sale debt securities as of September 30, 2025, amounted to $1,291,053,000, with unrealized losses of $102,068,000[40] - Held-to-maturity debt securities totaled $281,624,000 as of September 30, 2025, with unrealized losses of $30,886,000[41] - The company recognized net gains on equity securities of $10,000 and $25,500 for the three and nine months ended September 30, 2025, respectively[41] - The total fair value of available-for-sale debt securities with unrealized losses was $835,428,000 as of September 30, 2025[42] Cash Flow and Liquidity - Net cash provided by operating activities increased to $76,073,000, up from $71,717,000, reflecting a growth of 6.0% year-over-year[21] - Total cash and cash equivalents at the end of the period reached $193,492,000, compared to $132,320,000 at the end of September 30, 2024, marking a 46.2% increase[21] - The company reported a net cash used in investing activities of $(270,248,000), compared to $(125,048,000) in the previous year, indicating increased investment activity[21] Comprehensive Income - Total comprehensive income attributable to Tompkins Financial Corporation for the nine months ended September 30, 2025, was $99,542 thousand, compared to $74,997 thousand for the same period in 2024, indicating an increase of 32.8%[19] - Other comprehensive income for the three months ended September 30, 2025, was $11,342, compared to $34,470 for the same period in 2024, reflecting a decrease of approximately 67.1%[79] - For the nine months ended September 30, 2025, the other comprehensive income was $34,719, compared to $23,805 for the same period in 2024, representing an increase of approximately 45.9%[80] Regulatory and Accounting Standards - The company is currently evaluating the potential impact of ASU No. 2023-09 on its consolidated financial statements, effective for fiscal years beginning after December 15, 2024[37] - The company has adopted new accounting standards that improve segment reporting disclosures, effective for fiscal years beginning after December 15, 2023[34] - The company has not identified any new accounting standards that it believes will have a material impact on its financial statements[39] Loan Performance - The total past due loans as of September 30, 2025, amounted to $52,697, with a significant portion attributed to commercial real estate[53] - Nonaccrual loans and leases totaled $9,047 as of September 30, 2025, with $52,805 past due over 89 days[55] - The total performing loans for Residential Mortgages reached $1,343,743,000, a significant increase from $649,101,000 in the previous year[72] - The total loans for Commercial Real Estate - Agriculture reached $226,656,000, with a significant portion classified as Pass[71]