Tompkins Financial Corp 8-K, filed Apr 25, 2025

Tompkins Financial Corp (TMP)

8-K 2025-04-25 For: 2025-04-24

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Added on July 04, 2026

About this 8-K

Tompkins Financial Corp filed this 8-K on April 25, 2025, reporting on events of April 24, 2025.

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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New York	1-12709	16-1482357
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	TMP	NYSE American, LLC


			(a)			Not applicable.
			(b)			Not applicable.
			(c)			Not applicable.
			(d)			Exhibits.


TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(In thousands, except share and per share data) (Unaudited)	As of		As of
ASSETS	03/31/2025		12/31/2024
			(Audited)

Cash and noninterest bearing balances due from banks	$	81,382	$	53,635
Interest bearing balances due from banks	111,683		80,763
Cash and Cash Equivalents	193,065		134,398

Available-for-sale debt securities, at fair value (amortized cost of $1,373,444 at March 31, 2025 and $1,367,123 at December 31, 2024)	1,259,342		1,231,532
Held-to-maturity debt securities, at amortized cost (fair value of $274,820 at March 31, 2025 and $267,295 at December 31, 2024)	312,477		312,462
Equity securities, at fair value	783		768
Total loans and leases, net of unearned income and deferred costs and fees	6,066,645		6,019,922
Less: Allowance for credit losses	61,023		56,496
Net Loans and Leases	6,005,622		5,963,426

Federal Home Loan Bank and other stock	29,127		42,255
Bank premises and equipment, net	75,819		76,627
Corporate owned life insurance	77,063		76,448
Goodwill	92,602		92,602
Other intangible assets, net	2,176		2,203
Accrued interest and other assets	151,577		176,359
Total Assets	$	8,199,653	$	8,109,080
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market	3,749,888		3,558,946
Time	1,183,548		1,068,375
Noninterest bearing	1,820,066		1,844,484
Total Deposits	6,753,502		6,471,805

Federal funds purchased and securities sold under agreements to repurchase	122,985		37,036
Other borrowings	493,247		790,247

Other liabilities	88,542		96,548
Total Liabilities	$	7,458,276	$	7,395,636
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,464,974 at March 31, 2025; and 14,468,013 at December 31, 2024	1,447		1,447
Additional paid-in capital	299,013		300,073
Retained earnings	547,887		537,157
Accumulated other comprehensive loss	(102,210)		(118,492)
Treasury stock, at cost – 96,360 shares at March 31, 2025, and 131,497 shares at December 31, 2024	(4,760)		(6,741)


Total Equity	$	741,377	$	713,444
Total Liabilities and Equity	$	8,199,653	$	8,109,080


TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) (Unaudited)	Three Months Ended
	03/31/2025		12/31/2024		03/31/2024
INTEREST AND DIVIDEND INCOME
Loans	$	78,630	$	78,911	$	71,599
Due from banks	175		235		154
Available-for-sale debt securities	8,729		8,760		9,611
Held-to-maturity debt securities	1,217		1,222		1,218
Federal Home Loan Bank and other stock	711		894		601
Total Interest and Dividend Income	89,462		$	90,022	$	83,183
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more	4,507		4,698		4,010
Other deposits	22,143		22,856		20,424

Federal funds purchased and securities sold under agreements to repurchase	41		11		13

Other borrowings	6,109		6,176		8,061
Total Interest Expense	32,800		33,741		32,508
Net Interest Income	56,662		56,281		50,675
Less: Provision for credit loss expense	5,287		1,411		854
Net Interest Income After Provision for Credit Loss Expense	51,375		54,870		49,821
NONINTEREST INCOME
Insurance commissions and fees	11,599		8,471		10,259
Wealth management fees	5,119		4,878		4,937
Service charges on deposit accounts	1,805		1,854		1,796
Card services income	2,626		2,919		2,939

Other income	3,869		2,740		2,220
Net gain (loss) on securities transactions	14		(33)		(14)
Total Noninterest Income	25,032		20,829		22,137
NONINTEREST EXPENSE
Salaries and wages	24,977		25,870		24,697
Other employee benefits	7,100		7,429		6,411
Net occupancy expense of premises	3,570		2,873		3,557
Furniture and fixture expense	1,787		1,834		2,125
Amortization of intangible assets	84		90		76



Other operating expense	13,089		11,870		12,991
Total Noninterest Expenses	50,607		49,966		49,857
Income Before Income Tax Expense	25,800		25,733		22,101
Income Tax Expense	6,121		6,045		5,198
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation	19,679		19,688		16,903
Less: Net Income Attributable to Noncontrolling Interests	0		30		31
Net Income Attributable to Tompkins Financial Corporation	$	19,679	19,658		16,872
Basic Earnings Per Share	$	1.38	$	1.38	$	1.19
Diluted Earnings Per Share	$	1.37	$	1.37	$	1.18


Date of Report (Date of earliest event reported)			April 24, 2025


Registrant’s telephone number, including area code			(607)			273-3210



(Former name or former address, if changed since last report.)


Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
	Quarter Ended						Quarter Ended						Quarter Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollar amounts in thousands)	Average Balance (QTD)		Interest		Average Yield/Rate		Average Balance (QTD)		Interest		Average Yield/Rate		Average Balance (QTD)		Interest		Average Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks	$	16,424	$	175	4.32	%	$	19,065	$	235	4.90	%	$	12,202	$	154	5.08	%
Securities1
U.S. Government securities	1,598,785		9,441		2.39	%	1,619,973		9,471		2.33	%	1,756,122		10,303		2.36	%

State and municipal2	85,893		554		2.62	%	86,481		557		2.56	%	89,886		570		2.55	%
Other Securities2	3,275		53		6.56	%	3,287		55		6.66	%	3,278		60		7.32	%
Total securities	1,687,953		10,048		2.41	%	1,709,741		10,083		2.35	%	1,849,286		10,933		2.38	%
FHLBNY and FRB stock	31,983		711		9.01	%	30,665		894		11.60	%	34,613		601		6.99	%
Total loans and leases, net of unearned income2,3	6,025,363		78,835		5.31	%	5,931,771		79,126		5.31	%	5,621,604		71,779		5.14	%
Total interest-earning assets	7,761,723		89,769		4.69	%	7,691,242		90,338		4.67	%	7,517,705		83,467		4.47	%
Other assets	294,855						282,490						283,420
Total assets	$	8,056,578					$	7,973,732					$	7,801,125
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market	$	3,682,318	$	16,093	1.77	%	$	3,661,006	$	17,223	1.87	%	$	3,546,216	$	15,036	1.71	%
Time deposits	1,159,039		10,557		3.69	%	1,076,300		10,331		3.82	%	988,891		9,398		3.82	%
Total interest-bearing deposits	4,841,357		26,650		2.23	%	4,737,306		27,554		2.31	%	4,535,107		24,434		2.17	%
Federal funds purchased & securities sold under agreements to repurchase	47,653		41		0.35	%	39,519		11		0.11	%	48,779		13		0.10	%
Other borrowings	561,983		6,109		4.41	%	534,219		6,176		4.60	%	622,951		8,061		5.21	%

Total interest-bearing liabilities	5,450,993		32,800		2.44	%	5,311,044		33,741		2.53	%	5,206,836		32,508		2.51	%
Noninterest bearing deposits	1,779,197						1,844,772						1,831,244
Accrued expenses and other liabilities	98,278						101,370						96,292
Total liabilities	7,328,468						7,257,186						7,134,373
Tompkins Financial Corporation Shareholders’ equity	728,110						715,299						665,333
Noncontrolling interest	0						1,247						1,419
Total equity	728,110						716,546						666,752
Total liabilities and equity	$	8,056,578					$	7,973,732					$	7,801,125
Interest rate spread					2.25	%					2.15	%					1.95	%
Tax-equivalent net interest income/margin on earning assets			56,969		2.98	%			56,597		2.93	%			50,959		2.73	%
Tax-equivalent adjustment			(307)						(316)						(284)
Net interest income			$	56,662					$	56,281					$	50,675


(In thousands, except per share data)
	Quarter-Ended										Year-Ended
Period End Balance Sheet	Mar-25		Dec-24		Sep-24		Jun-24		Mar-24		Dec-24
Securities	$	1,572,602	$	1,544,762	$	1,622,526	$	1,630,654	$	1,679,542	$	1,544,762
Total Loans	6,066,645		6,019,922		5,881,261		5,761,864		5,640,524		6,019,922
Allowance for credit losses	61,023		56,496		55,384		53,059		51,704		56,496
Total assets	8,199,653		8,109,080		8,006,427		7,869,522		7,778,034		8,109,080
Total deposits	6,753,502		6,471,805		6,577,896		6,285,896		6,449,616		6,471,805
Brokered deposits	99,763		0		20,383		22,808		55,010		0
Federal funds purchased and securities sold under agreements to repurchase	122,985		37,036		67,506		35,989		43,681		37,036
Other borrowings	493,247		790,247		539,327		773,627		522,600		790,247

Total common equity	741,377		713,444		719,855		674,630		667,906		713,444
Total equity	741,377		713,444		721,348		676,093		669,338		713,444


Average Balance Sheet
Average earning assets	$	7,761,723	$	7,691,242	$	7,638,314	$	7,547,689	$	7,517,705	$	7,599,098
Average assets	8,056,578		7,973,732		7,914,924		7,810,061		7,801,125		7,875,339
Average interest-bearing liabilities	5,450,993		5,311,044		5,277,988		5,215,003		5,206,836		5,252,947
Average equity	728,110		716,546		696,532		662,969		666,752		685,814


Share data
Weighted average shares outstanding (basic)	14,246,140		14,230,297		14,215,607		14,214,574		14,211,910		14,218,106
Weighted average shares outstanding (diluted)	14,319,440		14,312,497		14,283,255		14,239,626		14,238,357		14,268,443
Period-end shares outstanding	14,433,873		14,436,363		14,394,255		14,395,204		14,405,019		14,436,363
Common equity book value per share	$	51.36	$	49.42	$	50.01	$	46.86	$	46.37	$	49.42
Tangible book value per share (Non-GAAP)**	$	44.88	$	42.93	$	43.50	$	40.35	$	39.85	$	42.93
**See "Non-GAAP measures" below for a discussion of non-GAAP financial measures and a reconciliation of non-GAAP financial measures to the most directly comparable financial measures presented in accordance with GAAP.


Income Statement
Net interest income	$	56,662	$	56,281	$	53,193	$	50,953	$	50,675	$	211,102
Provision for credit loss expense	5,287		1,411		2,174		2,172		854		6,611
Noninterest income	25,032		20,829		23,385		21,776		22,137		88,127
Noninterest expense	50,607		49,966		49,877		49,942		49,857		199,642
Income tax expense	6,121		6,045		5,858		4,902		5,198		22,003
Net income attributable to Tompkins Financial Corporation	19,679		19,658		18,638		15,682		16,872		70,850
Noncontrolling interests	0		30		31		31		31		123
Basic earnings per share4	1.38		1.38		1.31		1.10		1.19		4.98
Diluted earnings per share4	1.37		1.37		1.30		1.10		1.18		4.97


Nonperforming Assets
Nonaccrual loans and leases	$	70,891	$	50,548	$	62,381	$	62,253	$	62,544	$	50,548
Loans and leases 90 days past due and accruing	187		323		193		215		151		323

Total nonperforming loans and leases	71,078		50,871		62,574		62,468		62,695		50,871
OREO	81		14,314		81		80		0		14,314
Total nonperforming assets	$	71,159	$	65,185	$	62,655	$	62,548	$	62,695	$	65,185


	Quarter-Ended										Year-Ended
Delinquency - Total loan and lease portfolio	Mar-25		Dec-24		Sep-24		Jun-24		Mar-24		Dec-24
Loans and leases 30-89 days past due and
accruing	$	12,285	$	28,828	$	7,031	$	5,286	$	8,015	$	28,828
Loans and leases 90 days past due and accruing	187		323		193		215		151		323
Total loans and leases past due and accruing	12,472		29,151		7,224		5,501		8,166		29,151


(Exact name of registrant as specified in its charter)


Allowance for Credit Losses
Balance at beginning of period	$	56,496	$	55,384	$	53,059	$	51,704	$	51,584	$	51,584

Provision for credit losses	5,260		1,969		3,237		1,864		348		$	7,418
Net loan and lease charge-offs (recoveries)	733		857		912		509		228		$	2,506
Allowance for credit losses at end of period	$	61,023	$	56,496	$	55,384	$	53,059	$	51,704	$	56,496

Allowance for Credit Losses - Off-Balance Sheet Exposure
Balance at beginning of period	$	1,463	$	2,021	$	3,084	$	2,776	$	2,270	$	2,270
Provision (credit) for credit losses	27		(558)		(1,063)		308		506		$	(807)
Allowance for credit losses at end of period	$	1,490	$	1,463	$	2,021	$	3,084	$	2,776	$	1,463


Loan Classification - Total Portfolio
Special Mention	$	34,790	$	36,923	$	58,758	$	48,712	$	46,302	$	36,923
Substandard	75,980		74,163		67,261		67,509		72,412		74,163


Credit Quality
Nonperforming loans and leases/total loans and leases	1.17	%	0.85	%	1.06	%	1.08	%	1.11	%	0.85	%
Nonperforming assets/total assets	0.87	%	0.80	%	0.78	%	0.79	%	0.81	%	0.80	%
Allowance for credit losses/total loans and leases	1.01	%	0.94	%	0.94	%	0.92	%	0.92	%	0.94	%
Allowance/nonperforming loans and leases	85.85	%	111.06	%	88.51	%	84.94	%	82.47	%	111.06	%
Net loan and lease losses (recoveries) annualized/total average loans and leases	0.05	%	0.06	%	0.06	%	0.04	%	0.02	%	0.04	%


Capital Adequacy
Tier 1 Capital (to average assets)	9.31	%	9.27	%	9.19	%	9.15	%	9.08	%	9.27	%
Total Capital (to risk-weighted assets)	13.28	%	13.07	%	13.21	%	13.26	%	13.43	%	13.07	%


Profitability (period-end)
Return on average assets *	0.99	%	0.98	%	0.94	%	0.81	%	0.87	%	0.90	%
Return on average equity *	10.96	%	10.91	%	10.65	%	9.51	%	10.18	%	10.33	%
Net interest margin (TE) *	2.98	%	2.93	%	2.79	%	2.73	%	2.73	%	2.79	%
Average yield on interest-earning assets*	4.69	%	4.67	%	4.66	%	4.56	%	4.47	%	4.59	%
Average cost of deposits*	1.63	%	1.67	%	1.67	%	1.61	%	1.54	%	1.62	%
Average cost of funds*	1.84	%	1.88	%	2.01	%	1.96	%	1.86	%	1.92	%
* Quarterly ratios have been annualized


Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP)
	Quarter-Ended										Year-Ended
	Mar-25		Dec-24		Sep-24		Jun-24		Mar-24		Dec-24
Common equity book value per share (GAAP)	$	51.36	$	49.42	$	50.01	$	46.86	$	46.37	$	49.42
Total common equity	$	741,377	$	713,444	$	719,855	$	674,630	$	667,906	$	713,444
Less: Goodwill and intangibles	93,586		93,670		93,760		93,847		93,926		93,670
Tangible common equity (Non-GAAP)	647,791		619,774		626,095		580,783		573,980		619,774
Ending shares outstanding	14,433,873		14,436,363		14,394,255		14,395,204		14,405,019		14,436,363
Tangible book value per share (Non-GAAP)	$	44.88	$	42.93	$	43.50	$	40.35	$	39.85	$	42.93