Tompkins Financial(US:TMP)2021-05-07 17:26Financial Performance - Net income attributable to Tompkins Financial Corporation for the three months ended March 31, 2021, was $25,626 thousand, a significant increase of 222.5% compared to $7,949 thousand for the same period in 2020[12]. - Basic earnings per share for Q1 2021 was $1.73, compared to $0.53 for Q1 2020, marking an increase of 226.4%[12]. - The total comprehensive income for the three months ended March 31, 2021, was $783,000, significantly lower than the previous year's $30,279,000[21]. - Net income available to common shareholders for the three months ended March 31, 2021, was $25,626,000, compared to $7,949,000 for the same period in 2020, representing an increase of 223%[73]. - Net income for Q1 2021 was $25.6 million, or $1.72 diluted earnings per share, compared to $7.9 million, or $0.53 diluted earnings per share in Q1 2020[148]. Asset and Liability Management - Total assets increased to $8,095,342 thousand as of March 31, 2021, up from $7,622,171 thousand as of December 31, 2020, representing an increase of 6.2%[10]. - Total liabilities increased to $7,385,406 thousand as of March 31, 2021, compared to $6,904,482 thousand as of December 31, 2020, an increase of 6.9%[10]. - The company's total shareholders' equity as of March 31, 2021, was $709,936,000, down from $717,689,000 at the beginning of the year[21]. - Total equity decreased by $7.8 million or 1.1% to $709.9 million at March 31, 2021, primarily due to an increase in accumulated other comprehensive loss[205]. Deposits and Loans - Total deposits increased to $6,946,541 thousand as of March 31, 2021, up 7.9% from $6,437,752 thousand as of December 31, 2020[10]. - The company reported a total of $5,306,446,000 in loans and leases as of March 31, 2021, an increase from $5,267,910,000 at December 31, 2020[42]. - Total loans and leases were $5.3 billion at March 31, 2021, up $32.5 million or 0.6% from December 31, 2020[182]. - Commercial and industrial loans increased by 3.0% to $1.2 billion, with PPP loans rising by 27.0% to $370.0 million[186]. Credit Quality and Provisions - The allowance for credit losses decreased to $49,339 thousand as of March 31, 2021, down from $51,669 thousand as of December 31, 2020, indicating improved credit quality[10]. - The provision for credit loss expense for Q1 2021 was $(2,510,000), indicating a credit to the allowance[59]. - The provision for credit losses for Q1 2021 was a credit of $2.5 million, compared to an expense of $16.3 million in Q1 2020, reflecting improved economic forecasts[165]. - Nonperforming loans represented 0.90% of total loans at March 31, 2021, compared to 0.87% at December 31, 2020[200]. Noninterest Income and Expenses - Noninterest income for the three months ended March 31, 2021, was $19,983 thousand, an increase of 5.4% from $18,960 thousand in the same period last year[12]. - Noninterest expense for the three months ended March 31, 2021, was $45,191,000, slightly down from $45,740,000 in the same period of 2020[104][105]. - Total other operating expenses for the three months ended March 31, 2021, were $11,305,000, down from $11,875,000 in the same period of 2020, indicating a reduction of 4.8%[85]. Strategic Initiatives - The company plans to rebrand and combine its four wholly-owned banking subsidiaries into one entity, Tompkins Community Bank, expected to take effect later in 2021, subject to regulatory approval[22]. - The Company has a strategic focus on responsible and sustainable growth, including potential acquisitions of financial institutions and services[126]. - The Company continues to utilize provisions under the CARES Act to avoid reporting eligible loan modifications as TDRs[62]. Regulatory Compliance - The company’s banking subsidiaries are subject to comprehensive regulation by various authorities, including the FDIC and NYSDFS, ensuring compliance with safety and soundness standards[23]. - The Company and its subsidiary banks are subject to various regulatory capital requirements administered by Federal bank regulatory agencies[208]. - Management believes that the Company and its subsidiary banks meet all capital adequacy requirements[208].