Tompkins Financial(US:TMP)2021-08-09 16:29Financial Performance - Net income attributable to Tompkins Financial Corporation was $48,457 thousand for the six months ended June 30, 2021, compared to $29,380 thousand for the same period in 2020, a significant increase of 64.88%[14]. - Basic earnings per share increased to $3.28 for the six months ended June 30, 2021, compared to $1.97 for the same period in 2020, a rise of 66.99%[14]. - For the three months ended June 30, 2021, net income available to common shareholders was $22,831,000, an increase of 6.5% from $21,431,000 in the same period of 2020[85]. - Year-to-date net income for the first six months of 2021 was $48.5 million, or $3.26 diluted earnings per share, a 64.9% increase from $29.4 million, or $1.97 per share in the same period of 2020[176]. Asset and Equity Growth - Total assets increased to $7,988,208 thousand as of June 30, 2021, up from $7,622,171 thousand at December 31, 2020, representing an increase of 4.82%[11]. - As of June 30, 2021, total shareholders' equity was $728,253,000, an increase from $698,029,000 at the same date in 2020[24]. - Total equity as of June 30, 2021, was $728,253,000, reflecting a stable financial position[122]. Loan and Lease Performance - Net loans and leases decreased to $5,127,624 thousand from $5,208,658 thousand, a decline of 1.55%[11]. - Total loans and leases as of June 30, 2021, amounted to $5,188,142, a decrease of 1.5% from $5,267,910 on December 31, 2020[52]. - The allowance for credit losses on loans decreased to $47.505 million as of June 30, 2021, from $49.339 million at the beginning of the period[70]. - The total past due loans as of June 30, 2021, were $13,338, which includes loans past due for 90 days or more[55]. Income and Expense Analysis - Net interest income after provision for credit loss expense was $114,784 thousand for the six months ended June 30, 2021, compared to $91,699 thousand for the same period in 2020, reflecting a growth of 25.14%[14]. - Noninterest income totaled $38,841 thousand for the six months ended June 30, 2021, up from $36,137 thousand, an increase of 7.48%[14]. - Total other operating expenses for the six months ended June 30, 2021, were $21,355,000, a decrease from $22,847,000 in the prior year[102]. - Noninterest expense for the three months ended June 30, 2021, was $91,953,000, an increase from $45,663,000, indicating higher operational costs[124]. Credit Quality and Losses - The provision for credit loss expense for the three months ended June 30, 2021, was $(2.718) million, compared to $(348) thousand for the same period in 2020[72]. - The company recognized $0 of interest income on nonaccrual loans during the three and six months ended June 30, 2021[61]. - Nonperforming assets represented 0.67% of total assets as of June 30, 2021, up from 0.60% at December 31, 2020[174]. - Loans rated Special Mention totaled $108.3 million at June 30, 2021, an increase from $44.7 million at June 30, 2020[174]. Strategic Initiatives - The company plans to rebrand and combine its four wholly-owned banking subsidiaries into one entity, anticipated to take effect later in 2021, subject to regulatory approval[25]. - Tompkins Financial Corporation aims for responsible and sustainable growth, focusing on organic growth and potential acquisitions of financial institutions to enhance market presence[152]. - The company has maintained a strong focus on market expansion and product development, as evidenced by the growth in both interest and noninterest income[124]. Market and Regulatory Environment - The company is subject to comprehensive regulation by various authorities, including the Federal Reserve Board and the FDIC, ensuring compliance with financial regulations[26]. - The company operates 63 banking offices across New York and Pennsylvania, providing a variety of commercial and consumer banking services[153].