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8-K - CURRENT REPORT - TOMPKINS FINANCIAL CORP | tmpk-8k_012513.htm |
EX-99.2 - PRESS RELEASE OF TOMPKINS FINANCIAL CORPORATION DATED JANUARY 25, 2013 - TOMPKINS FINANCIAL CORP | ex99_2.htm |
Exhibit 99.1
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For more information contact:
Stephen S. Romaine, President & CEO
Francis M. Fetsko, Executive VP & CFO
Tompkins Financial Corporation 607.273.3210
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For Immediate Release
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Friday, January 25, 2013
Tompkins Financial Corporation Reports Fourth Quarter Operating Results
ITHACA, NY – Tompkins Financial Corporation (TMP–NYSE MKT LLC)
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Tompkins Financial Corporation today released operating results and selected other financial information for the three and twelve month periods ended December 31, 2012. The fourth quarter represents the first full quarter reflecting results inclusive of the VIST Financial Corporation acquisition, which closed on August 1, 2012.
Stephen S. Romaine, President and CEO commented, “2012 was an eventful year for our Company. The acquisition of VIST Financial gives us exciting new growth opportunities in a new geography with attractive demographics. Results for the year to date and the fourth quarter were negatively impacted by merger related costs. Excluding those costs, our per share earnings performance for the two quarters that have included results with VIST has been among the best of any six month period in our Company’s long history.”
SUMMARY HIGHLIGHTS
Net Income for the fourth quarter of 2012 was $11.2 million, up from $9.4 million in the same period in 2011. Despite the rise in net income, diluted earnings per share of $0.77 for the quarter was down 8.3% from the fourth quarter of 2011 due to the greater number shares outstanding in 2012 as a result of shares issued to complete the VIST acquisition. Net income was reduced by after-tax merger related expenses of $462,000 in the fourth quarter of 2012 and $152,000 in the fourth quarter of 2011. Non-GAAP operating income, which excludes merger related expenses, was $11.6 million for the quarter, or $0.81 diluted operating earnings per share. This represents a decrease of 5.8% from the $0.86 diluted operating earnings per share reported for the fourth quarter of 2011. The decrease in current period operating performance is attributable to higher provision expense primarily related to loan charge-offs in the Hudson Valley Region. A more detailed discussion of credit quality is included later in this press release.
Net income for the year ended December 31, 2012 was $31.3 million, down from $35.4 million in 2011. Diluted earnings per share of $2.43 for the full year in 2012 represents a decline from diluted earnings per share of $3.20 in 2011. The decline from 2011 is primarily due to the $9.7 million ($0.76 diluted per share) in after tax merger related expenses included in 2012 results, versus $152,000 ($0.01 per share) in after tax merger related expenses included in 2011 results; as well as the increase in weighted average shares outstanding.
NET INTEREST INCOME
Net interest income for the fourth quarter of 2012 was $41.8 million, compared to $28.0 million for the same period in 2011. The increase in 2012 reflects the addition of VIST Bank, which was acquired on August 1, 2012. The net interest margin for the fourth quarter of 2012 was 3.83%, an improvement from the 3.66% margin reported in the third quarter of 2012, and from the 3.62% margin reported in the fourth quarter of 2011. The margin improvement in the most recent two quarters benefited from the inclusion of VIST Bank into the Company’s combined results. The paydown of certain higher cost borrowings and non-core time deposits also helped the margin in the fourth quarter of 2012.
NONINTEREST INCOME
Noninterest income for the fourth quarter of 2012 was $15.6 million, up 39.4% over the same period in 2011. The largest category of improvement was insurance commissions and fees, which nearly doubled as a result of the VIST acquisition. The increase was partially offset by lower service charges on deposit accounts, which were impacted by regulatory changes implemented in the first quarter of 2012. Improvement in other income benefited from higher loan related fees (up $334,000) and gains on the sale of loans (up $187,000). Fourth quarter noninterest income also reflected $499,000 in losses on the sale of investments, which were used to pay down certain higher cost borrowings and non-core time deposits.
NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2012 was $38.2 million, up 57.8% from the same period last year. The increase was mainly a result of the VIST acquisition and additional expenses related to the integration of VIST into the Company’s operations beginning in the third quarter of this year. Mr. Romaine added, “We are pleased that our system conversion for VIST Bank was successfully completed in December 2012 and we are on track to realize the cost savings from the integration that were contemplated when the merger was announced.”
ASSET QUALITY
Asset quality trends were generally positive during the quarter, despite a spike in the level of loan charge-offs. Mr. Romaine stated, “The charge-offs during the quarter consisted of a handful of loans that had previously been reported as nonperforming, classified and impaired. While deterioration in these credits during the fourth quarter resulted in elevated charge-offs, the result is that the overall risk profile of the loan portfolio has improved, as some of the most risky loans have now been removed from the balance sheet.”
The ratio of nonperforming assets to total assets of 0.92% at December 31, 2012, has improved from a ratio of 1.26% as of the year ending December 31, 2011 and remains well below the most recent peer averages of 2.21% published the Federal Reserve1. The balance of originated loans classified as either Substandard or Special Mention improved for 2 consecutive quarters. The majority of the improvement from the third quarter of 2012 came in the more severe Substandard category, which declined by approximately $9.3 million. Although there was an increase in loans classified as Substandard or Special Mention in the acquired loan portfolio, the changes in risk ratings are not impactful to the credit marks that were recorded at the time of acquisition. Furthermore, the level of past due loans in the acquired portfolio have remained relatively steady between periods.
Provision for loan and lease losses was $5.7 million for the fourth quarter of 2012, up from $1.0 million for the third quarter of 2012, and $1.2 million in the fourth quarter of 2011. The increased provision was largely due to $7.6 million in net charge-offs during the quarter, which is up from $1.3 million in the third quarter of 2012, and $1.4 million in the fourth quarter 2011. Despite the elevated charge-offs in the most recent quarter, net charge-offs for the full year in 2012, represented only 0.49% of average total loans, which compares favorably to the most recent Federal Reserve peer ratio1 of 0.64%.
The Company’s allowance for loan and lease losses totaled $24.6 million at December 31, 2012, which represented 1.16% of total originated loans, compared to an allowance for loan and lease losses of $27.6 million, representing 1.39% of total originated loans at December 31, 2011. The allowance for loan and lease losses covered 70.05% of originated nonperforming loans and leases as of December 31, 2012, up from 69.01% at September 30, 2012, and 66.66% at December 31, 2011.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. Tier 1 capital as a percentage of average assets at December 31, 2012 was 7.95% and the ratio of total capital to risk-weighted assets was 12.94%.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a financial services company with $4.8 billion in assets serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.
NON-GAAP MEASURES
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. See “Tompkins Financial Corporation- Summary Financial Data” tables for Non-GAAP related calculations.
"Safe Harbor" Statement under the Private Securities Litigation Reform of 1995:
This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.
TOMPKINS FINANCIAL CORPORATION
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CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
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(In thousands, except share and per share data) (Unaudited)
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As of
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As of
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||||||
ASSETS
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12/31/2012
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12/31/2011
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||||||
Cash and noninterest bearing balances due from banks
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$ | 117,448 | $ | 47,297 | ||||
Interest bearing balances due from banks
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1,482 | 2,170 | ||||||
Money market funds
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0 | 100 | ||||||
Cash and Cash Equivalents
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118,930 | 49,567 | ||||||
Trading securities, at fair value
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16,450 | 19,598 | ||||||
Available-for-sale securities, at fair value
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1,393,340 | 1,143,546 | ||||||
Held-to-maturity securities, fair value of $25,163 at December 31, 2012, and $27,255
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at December 31, 2011
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24,062 | 26,673 | ||||||
Originated loans and leases, net of unearned income and deferred costs and fees (2)
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2,133,106 | 1,981,849 | ||||||
Less: Allowance for originated loan and lease losses
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24,643 | 27,593 | ||||||
Acquired loans and leases, covered (3)
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37,600 | 0 | ||||||
Acquired loans and leases, non-covered (3)
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783,904 | 0 | ||||||
Net Loans and Leases
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2,929,967 | 1,954,256 | ||||||
FDIC Idemnification Asset
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4,385 | 0 | ||||||
Federal Home Loan Bank stock and Federal Reserve Bank stock
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19,388 | 19,070 | ||||||
Bank premises and equipment, net
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54,581 | 44,712 | ||||||
Corporate owned life insurance
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65,102 | 43,044 | ||||||
Goodwill
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92,305 | 43,898 | ||||||
Other intangible assets, net
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18,643 | 4,096 | ||||||
Accrued interest and other assets
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100,044 | 51,788 | ||||||
Total Assets
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$ | 4,837,197 | $ | 3,400,248 | ||||
LIABILITIES
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Deposits:
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||||||||
Interest bearing:
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||||||||
Checking, savings and money market
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2,144,367 | 1,356,870 | ||||||
Time
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973,883 | 687,321 | ||||||
Noninterest bearing
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831,919 | 616,373 | ||||||
Total Deposits
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3,950,169 | 2,660,564 | ||||||
Federal funds purchased and securities sold under agreements to repurchase
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213,973 | 169,090 | ||||||
Other borrowings, including certain amounts at fair value of $11,847 at December 31, 2012
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||||||||
and $12,093 at December 31, 2011
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111,848 | 186,075 | ||||||
Trust preferred debentures
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43,668 | 25,065 | ||||||
Other liabilities
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76,179 | 60,311 | ||||||
Total Liabilities
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$ | 4,395,837 | $ | 3,101,105 | ||||
EQUITY
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Tompkins Financial Corporation shareholders' equity:
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Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
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14,426,711 at December 31, 2012; and 11,159,466 at December 31, 2011
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1,443 | 1,116 | ||||||
Additional paid-in capital
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334,649 | 206,395 | ||||||
Retained earnings
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108,709 | 96,445 | ||||||
Accumulated other comprehensive loss
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(2,106 | ) | (3,677 | ) | ||||
Treasury stock, at cost – 100,054 shares at December 31, 2012, and 95,105 shares
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at December 31, 2011
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(2,787 | ) | (2,588 | ) | ||||
Total Tompkins Financial Corporation Shareholders’ Equity
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439,908 | 297,691 | ||||||
Noncontrolling interests
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1,452 | 1,452 | ||||||
Total Equity
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$ | 441,360 | $ | 299,143 | ||||
Total Liabilities and Equity
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$ | 4,837,197 | $ | 3,400,248 | ||||
TOMPKINS FINANCIAL CORPORATION
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CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended
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Twelve Months Ended
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(In thousands, except per share data) (Unaudited)
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12/31/2012
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12/31/2011
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12/31/2012
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12/31/2011
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INTEREST AND DIVIDEND INCOME
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Loans
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$ | 39,952 | $ | 26,280 | $ | 124,662 | $ | 103,998 | ||||||||
Due from banks
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19 | 1 | 32 | 12 | ||||||||||||
Federal funds sold
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0 | 2 | 2 | 7 | ||||||||||||
Trading securities
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175 | 205 | 744 | 873 | ||||||||||||
Available-for-sale securities
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8,214 | 6,996 | 31,232 | 30,103 | ||||||||||||
Held-to-maturity securities
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203 | 240 | 860 | 1,185 | ||||||||||||
Federal Home Loan Bank stock and Federal Reserve Bank stock
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205 | 189 | 824 | 910 | ||||||||||||
Total Interest and Dividend Income
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48,768 | 33,913 | 158,356 | 137,088 | ||||||||||||
INTEREST EXPENSE
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||||||||||||||||
Interest on deposits
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3,805 | 2,914 | 12,231 | 13,087 | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
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1,111 | 1,129 | 4,451 | 4,872 | ||||||||||||
Trust preferred debentures
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798 | 382 | 2,094 | 1,580 | ||||||||||||
Other borrowings
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1,205 | 1,489 | 5,437 | 6,143 | ||||||||||||
Total Interest Expense
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6,919 | 5,914 | 24,213 | 25,682 | ||||||||||||
Net Interest Income
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41,849 | 27,999 | 134,143 | 111,406 | ||||||||||||
Less: Provision for loan and lease losses
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5,659 | 1,160 | 8,837 | 8,945 | ||||||||||||
Net Interest Income After Provision for Loan and Lease Losses
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36,190 | 26,839 | 125,306 | 102,461 | ||||||||||||
NONINTEREST INCOME
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||||||||||||||||
Investment services income
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3,836 | 3,196 | 14,340 | 14,287 | ||||||||||||
Insurance commissions and fees
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6,237 | 3,136 | 19,421 | 13,542 | ||||||||||||
Service charges on deposit accounts
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2,076 | 2,235 | 7,441 | 8,491 | ||||||||||||
Card services income
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1,678 | 1,275 | 6,030 | 5,060 | ||||||||||||
Mark-to-market (loss) gain on trading securities
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(134 | ) | (108 | ) | (332 | ) | 62 | |||||||||
Mark-to-market gain (loss) on liabilities held at fair value
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108 | 25 | 246 | (464 | ) | |||||||||||
Net other-than-temporary impairment losses
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(76 | ) | (65 | ) | (196 | ) | (65 | ) | ||||||||
Other income
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2,382 | 1,488 | 7,534 | 6,705 | ||||||||||||
Net (loss) gain on securities transactions
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(499 | ) | 15 | 324 | 396 | |||||||||||
Total Noninterest Income
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15,608 | 11,197 | 54,808 | 48,014 | ||||||||||||
NONINTEREST EXPENSES
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||||||||||||||||
Salaries and wages
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15,427 | 10,914 | 51,700 | 44,140 | ||||||||||||
Pension and other employee benefits
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4,827 | 3,213 | 18,075 | 14,275 | ||||||||||||
Net occupancy expense of premises
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2,899 | 1,796 | 8,969 | 7,117 | ||||||||||||
Furniture and fixture expense
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1,416 | 1,138 | 4,996 | 4,463 | ||||||||||||
FDIC insurance
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844 | 471 | 2,685 | 2,527 | ||||||||||||
Amortization of intangible assets
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580 | 136 | 1,264 | 589 | ||||||||||||
Merger and integration related expenses
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770 | 174 | 15,584 | 174 | ||||||||||||
Other operating expense
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11,425 | 6,358 | 34,335 | 25,267 | ||||||||||||
Total Noninterest Expenses
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38,188 | 24,200 | 137,608 | 98,552 | ||||||||||||
Income Before Income Tax Expense
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13,610 | 13,836 | 42,506 | 51,923 | ||||||||||||
Income Tax Expense
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2,416 | 4,417 | 11,090 | 16,373 | ||||||||||||
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation
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11,194 | 9,419 | 31,416 | 35,550 | ||||||||||||
Less: Net income attributable to noncontrolling interests
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33 | 32 | 131 | 131 | ||||||||||||
Net Income Attributable to Tompkins Financial Corporation
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$ | 11,161 | $ | 9,387 | $ | 31,285 | $ | 35,419 | ||||||||
Basic Earnings Per Share
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$ | 0.78 | $ | 0.84 | $ | 2.44 | $ | 3.21 | ||||||||
Diluted Earnings Per Share
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$ | 0.77 | $ | 0.84 | $ | 2.43 | $ | 3.20 | ||||||||
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
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||||||||||||||||||||||||||||||||||||
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Quarter Ended
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Year to Date Period Ended
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Year to Date Period Ended
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December 31, 2012
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December 31, 2012
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December 31, 2011
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Average
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Average
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Average
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|||||||||||||||||||||||||||
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Balance
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Average
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Balance
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Average
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Balance
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Average
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|||||||||||||||||||||||||||
(Dollar amounts in thousands)
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(QTD)
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Interest
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Yield/Rate
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(YTD)
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Interest
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Yield/Rate
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(YTD)
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Interest
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Yield/Rate
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ASSETS
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Interest-earning assets
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Interest-bearing balances due from banks
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$ | 27,905 | $ | 19 | 0.27 | % | $ | 21,442 | $ | 32 | 0.15 | % | $ | 12,717 | $ | 12 | 0.09 | % | ||||||||||||||||||
Money market funds
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— | — | 0.00 | % | 18 | — | 0.00 | % | 100 | — | 0.00 | % | ||||||||||||||||||||||||
Securities (4)
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U.S. Government securities
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1,309,625 | 7,457 | 2.27 | % | 1,205,759 | 28,547 | 2.37 | % | 969,303 | 27,504 | 2.84 | % | ||||||||||||||||||||||||
Trading securities
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17,080 | 175 | 4.08 | % | 18,162 | 744 | 4.10 | % | 21,262 | 873 | 4.11 | % | ||||||||||||||||||||||||
State and municipal (5)
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105,944 | 1,352 | 5.08 | % | 95,095 | 4,946 | 5.20 | % | 95,039 | 5,143 | 5.41 | % | ||||||||||||||||||||||||
Other securities
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11,745 | 140 | 4.74 | % | 11,766 | 544 | 4.62 | % | 13,971 | 648 | 4.64 | % | ||||||||||||||||||||||||
Total securities
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1,444,394 | 9,124 | 2.51 | % | 1,330,782 | 34,781 | 2.61 | % | 1,099,575 | 34,168 | 3.11 | % | ||||||||||||||||||||||||
Federal Funds Sold
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— | — | 0.00 | % | 1,837 | 2 | 0.11 | % | 5,837 | 7 | 0.12 | % | ||||||||||||||||||||||||
FHLBNY and FRB stock
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19,587 | 205 | 4.16 | % | 18,479 | 824 | 4.46 | % | 17,992 | 910 | 5.06 | % | ||||||||||||||||||||||||
Total loans, net of unearned income (6)
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2,939,812 | 40,274 | 5.45 | % | 2,382,109 | 125,541 | 5.27 | % | 1,928,540 | 104,548 | 5.42 | % | ||||||||||||||||||||||||
Total interest-earning assets
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4,431,698 | 49,622 | 4.45 | % | 3,754,667 | 161,180 | 4.29 | % | 3,064,761 | 139,645 | 4.56 | % | ||||||||||||||||||||||||
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Other assets
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469,676 | 337,806 | 230,221 | |||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
Total assets
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4,901,374 | 4,092,473 | 3,294,982 | |||||||||||||||||||||||||||||||||
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LIABILITIES & EQUITY
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Deposits
|
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Interest-bearing deposits
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||||||||||||||||||||||||||||||||||||
Interest bearing checking, savings, & money market
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2,166,739 | 1,604 | 0.29 | % | 1,750,444 | 4,854 | 0.28 | % | 1,350,659 | 4,741 | 0.35 | % | ||||||||||||||||||||||||
Time deposits
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1,022,807 | 2,201 | 0.86 | % | 846,166 | 7,377 | 0.87 | % | 717,514 | 8,346 | 1.16 | % | ||||||||||||||||||||||||
Total interest-bearing deposits
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3,189,546 | 3,805 | 0.47 | % | 2,596,610 | 12,231 | 0.47 | % | 2,068,173 | 13,087 | 0.63 | % | ||||||||||||||||||||||||
Federal funds purchased & securities sold under agreements
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||||||||||||||||||||||||||||||||||||
to repurchase
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216,848 | 1,111 | 2.04 | % | 200,906 | 4,451 | 2.22 | % | 173,692 | 4,872 | 2.80 | % | ||||||||||||||||||||||||
Other borrowings
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113,680 | 1,205 | 4.22 | % | 132,746 | 5,437 | 4.10 | % | 155,650 | 6,143 | 3.95 | % | ||||||||||||||||||||||||
Trust preferred debentures
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43,657 | 798 | 7.27 | % | 32,835 | 2,094 | 6.38 | % | 25,062 | 1,580 | 6.30 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,563,731 | 6,919 | 0.77 | % | 2,963,097 | 24,213 | 0.82 | % | 2,422,577 | 25,682 | 1.06 | % | ||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits
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786,867 | 681,260 | 539,917 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities
|
107,184 | 71,226 | 37,868 | |||||||||||||||||||||||||||||||||
Total liabilities
|
4,457,782 | 3,715,583 | 3,000,362 | |||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Tompkins Financial Corporation Shareholders’ equity
|
442,051 | 375,378 | 292,845 | |||||||||||||||||||||||||||||||||
Noncontrolling interest
|
1,541 | 1,512 | 1,775 | |||||||||||||||||||||||||||||||||
Total equity
|
443,592 | 376,890 | 294,620 | |||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total liabilities and equity
|
$ | 4,901,374 | $ | 4,092,473 | $ | 3,294,982 | ||||||||||||||||||||||||||||||
Interest rate spread
|
3.68 | % | 3.47 | % | 3.50 | % | ||||||||||||||||||||||||||||||
Net interest income/margin on earning assets
|
42,703 | 3.83 | % | 136,967 | 3.65 | % | 113,963 | 3.72 | % | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment
|
(854 | ) | (2,824 | ) | (2,557 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net interest income per consolidated financial statements
|
$ | 41,849 | $ | 134,143 | $ | 111,406 |
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data)
|
|||||||||||||||||||
|
Quarter-Ended
|
Year-Ended
|
|||||||||||||||||
|
Dec-12
|
|
Sep-12
|
|
Jun-12
|
|
Mar-12
|
|
Dec-11
|
|
Dec-12
|
||||||||
|
|
|
|
|
|
||||||||||||||
Period End Balance Sheet
|
|
|
|
|
|
||||||||||||||
Securities
|
$
|
1,433,852
|
$
|
1,516,913
|
$
|
1,228,143
|
$
|
1,285,685
|
$
|
1,189,817
|
$
|
1,433,852
|
|||||||
Originated loans and leases, net of unearned income and deferred costs and fees (2)
|
|
2,133,106
|
|
2,060,539
|
|
2,019,681
|
|
1,977,569
|
|
1,981,849
|
|
2,133,106
|
|||||||
Allowance for originated loan and lease losses
|
|
24,643
|
|
26,632
|
|
26,865
|
|
26,948
|
|
27,593
|
|
24,643
|
|||||||
Acquired loans and leases (3)
|
|
821,504
|
|
869,211
|
|
0
|
|
0
|
|
0
|
|
821,504
|
|||||||
Total assets
|
|
4,837,197
|
|
4,924,786
|
|
3,482,669
|
|
3,546,694
|
|
3,400,248
|
|
4,837,197
|
|||||||
Total deposits
|
|
3,950,169
|
|
4,037,644
|
|
2,765,093
|
|
2,859,436
|
|
2,660,564
|
|
3,950,169
|
|||||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
213,973
|
|
206,996
|
|
161,662
|
|
169,456
|
|
169,090
|
|
213,973
|
|||||||
Other borrowings
|
|
111,848
|
|
125,461
|
|
121,934
|
|
132,884
|
|
186,075
|
|
111,848
|
|||||||
Trust preferred debentures
|
|
43,668
|
|
43,651
|
|
25,067
|
|
25,066
|
|
25,065
|
|
43,668
|
|||||||
Shareholders' equity
|
|
441,360
|
|
440,950
|
|
353,700
|
|
305,967
|
|
299,143
|
|
441,360
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average earning assets
|
$
|
4,431,698
|
$
|
4,087,264
|
$
|
3,278,519
|
$
|
3,211,533
|
$
|
3,131,051
|
$
|
3,754,667
|
|||||||
Average assets
|
|
4,901,374
|
|
4,450,013
|
|
3,539,170
|
|
3,464,917
|
|
3,368,135
|
|
4,092,473
|
|||||||
Average interest-bearing liabilities
|
|
3,563,731
|
|
3,248,839
|
|
2,521,285
|
|
2,507,146
|
|
2,435,326
|
|
2,963,097
|
|||||||
Average equity
|
|
443,592
|
|
410,300
|
|
349,021
|
|
303,546
|
|
307,539
|
|
376,890
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average shares outstanding (basic)
|
|
14,332,672
|
|
13,580,771
|
|
12,146,622
|
|
11,103,192
|
|
11,074,330
|
|
12,797,173
|
|||||||
Weighted average shares outstanding (diluted)
|
|
14,374,368
|
|
13,630,464
|
|
12,166,417
|
|
11,147,490
|
|
11,104,623
|
|
12,836,043
|
|||||||
Period-end shares outstanding
|
|
14,390,801
|
|
14,358,230
|
|
12,223,790
|
|
11,197,370
|
|
11,123,556
|
|
14,390,801
|
|||||||
Book value per share
|
|
30.67
|
|
30.71
|
|
28.94
|
|
27.32
|
|
26.89
|
|
30.67
|
|||||||
Tangible book value per share (Non-GAAP)
|
22.96
|
22.71
|
24.96
|
22.99
|
22.58
|
22.96
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income
|
$
|
41,849
|
$
|
36,743
|
$
|
28,110
|
$
|
27,441
|
$
|
27,999
|
$
|
134,143
|
|||||||
Provision for loan/lease losses
|
|
5,659
|
|
1,042
|
|
1,011
|
|
1,125
|
|
1,160
|
|
8,837
|
|||||||
Noninterest income
|
|
15,608
|
|
14,773
|
|
12,766
|
|
11,661
|
|
11,197
|
|
54,808
|
|||||||
Noninterest expense
|
|
38,188
|
|
46,194
|
|
26,855
|
|
26,371
|
|
24,200
|
|
137,608
|
|||||||
Income tax expense
|
|
2,416
|
|
761
|
|
4,151
|
|
3,762
|
|
4,417
|
|
11,090
|
|||||||
Net income attributable to Tompkins Financial Corporation
|
|
11,161
|
|
3,487
|
|
8,826
|
|
7,811
|
|
9,387
|
|
31,285
|
|||||||
Noncontrolling interests
|
|
33
|
|
32
|
|
33
|
|
33
|
|
32
|
|
131
|
|||||||
Basic earnings per share (9)
|
$
|
0.78
|
$
|
0.26
|
$
|
0.72
|
$
|
0.70
|
$
|
0.84
|
$
|
2.44
|
|||||||
Diluted earnings per share (9)
|
$
|
0.77
|
$
|
0.25
|
$
|
0.72
|
$
|
0.70
|
$
|
0.84
|
$
|
2.43
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data)
|
||||||||||||||||||
Quarter-Ended
|
Year-Ended
|
|||||||||||||||||
Dec-12
|
Sep-12
|
Jun-12
|
Mar-12
|
Dec-11
|
Dec-12
|
|||||||||||||
Period End Balance Sheet
|
||||||||||||||||||
Securities
|
$
|
1,433,852
|
$
|
1,516,913
|
$
|
1,228,143
|
$
|
1,285,685
|
$
|
1,189,817
|
$
|
1,433,852
|
||||||
Originated loans and leases, net of unearned income and deferred costs and fees (2)
|
2,133,106
|
2,060,539
|
2,019,681
|
1,977,569
|
1,981,849
|
2,133,106
|
||||||||||||
Allowance for originated loan and lease losses
|
24,643
|
26,632
|
26,865
|
26,948
|
27,593
|
24,643
|
||||||||||||
Acquired loans and leases (3)
|
821,504
|
869,211
|
0
|
0
|
0
|
821,504
|
||||||||||||
Total assets
|
4,837,197
|
4,924,786
|
3,482,669
|
3,546,694
|
3,400,248
|
4,837,197
|
||||||||||||
Total deposits
|
3,950,169
|
4,037,644
|
2,765,093
|
2,859,436
|
2,660,564
|
3,950,169
|
||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
213,973
|
206,996
|
161,662
|
169,456
|
169,090
|
213,973
|
||||||||||||
Other borrowings
|
111,848
|
125,461
|
121,934
|
132,884
|
186,075
|
111,848
|
||||||||||||
Trust preferred debentures
|
43,668
|
43,651
|
25,067
|
25,066
|
25,065
|
43,668
|
||||||||||||
Shareholders' equity
|
441,360
|
440,950
|
353,700
|
305,967
|
299,143
|
441,360
|
||||||||||||
Average Balance Sheet
|
||||||||||||||||||
Average earning assets
|
$
|
4,431,698
|
$
|
4,087,264
|
$
|
3,278,519
|
$
|
3,211,533
|
$
|
3,131,051
|
$
|
3,754,667
|
||||||
Average assets
|
4,901,374
|
4,450,013
|
3,539,170
|
3,464,917
|
3,368,135
|
4,092,473
|
||||||||||||
Average interest-bearing liabilities
|
3,563,731
|
3,248,839
|
2,521,285
|
2,507,146
|
2,435,326
|
2,963,097
|
||||||||||||
Average equity
|
443,592
|
410,300
|
349,021
|
303,546
|
307,539
|
376,890
|
||||||||||||
Share data
|
||||||||||||||||||
Weighted average shares outstanding (basic)
|
14,332,672
|
13,580,771
|
12,146,622
|
11,103,192
|
11,074,330
|
12,797,173
|
||||||||||||
Weighted average shares outstanding (diluted)
|
14,374,368
|
13,630,464
|
12,166,417
|
11,147,490
|
11,104,623
|
12,836,043
|
||||||||||||
Period-end shares outstanding
|
14,390,801
|
14,358,230
|
12,223,790
|
11,197,370
|
11,123,556
|
14,390,801
|
||||||||||||
Book value per share
|
30.67
|
30.71
|
28.94
|
27.32
|
26.89
|
30.67
|
||||||||||||
Tangible book value per share (Non-GAAP)
|
22.96
|
22.71
|
24.96
|
22.99
|
22.58
|
22.96
|
||||||||||||
Income Statement
|
||||||||||||||||||
Net interest income
|
$
|
41,849
|
$
|
36,743
|
$
|
28,110
|
$
|
27,441
|
$
|
27,999
|
$
|
134,143
|
||||||
Provision for loan/lease losses
|
5,659
|
1,042
|
1,011
|
1,125
|
1,160
|
8,837
|
||||||||||||
Noninterest income
|
15,608
|
14,773
|
12,766
|
11,661
|
11,197
|
54,808
|
||||||||||||
Noninterest expense
|
38,188
|
46,194
|
26,855
|
26,371
|
24,200
|
137,608
|
||||||||||||
Income tax expense
|
2,416
|
761
|
4,151
|
3,762
|
4,417
|
11,090
|
||||||||||||
Net income attributable to Tompkins Financial Corporation
|
11,161
|
3,487
|
8,826
|
7,811
|
9,387
|
31,285
|
||||||||||||
Noncontrolling interests
|
33
|
32
|
33
|
33
|
32
|
131
|
||||||||||||
Basic earnings per share (9)
|
$
|
0.78
|
$
|
0.26
|
$
|
0.72
|
$
|
0.70
|
$
|
0.84
|
$
|
2.44
|
||||||
Diluted earnings per share (9)
|
$
|
0.77
|
$
|
0.25
|
$
|
0.72
|
$
|
0.70
|
$
|
0.84
|
$
|
2.43
|
||||||
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
|
||||||||||||||||||
|
|
Quarter-Ended
|
Year-Ended
|
|||||||||||||||
Dec-12
|
|
Sep-12
|
Jun-12
|
|
Mar-12
|
Dec-11
|
|
Dec-12
|
||||||||||
Asset Quality
|
||||||||||||||||||
Nonaccrual loans and leases (7)
|
$
|
37,740
|
$
|
36,996
|
36,749
|
$
|
38,455
|
$ |
39,588
|
$
|
37,740
|
|||||||
Loans and leases 90 days past due and accruing (7)
|
|
257
|
|
126
|
321
|
|
1,552
|
1,380
|
|
257
|
||||||||
Troubled debt restructurings not included above (7)
|
|
1,532
|
|
1,468
|
1,507
|
|
423
|
428
|
|
1,532
|
||||||||
Total nonperforming loans and leases (7)
|
|
39,529
|
|
38,590
|
38,577
|
|
40,430
|
41,396
|
|
39,529
|
||||||||
OREO (8)
|
|
4,862
|
|
4,675
|
2,161
|
|
1,906
|
1,334
|
|
4,862
|
||||||||
Total nonperforming assets
|
|
44,391
|
|
43,265
|
40,738
|
|
42,336
|
42,730
|
|
44,391
|
||||||||
Delinquency- Originated loan and lease portfolio
|
||||||||||||||||||
Loans and leases 30-89 days past due and accruing (2)
|
$
|
8,818
|
$
|
9,412
|
$ |
10,149
|
$
|
12,080
|
$ |
13,171
|
$
|
8,818
|
||||||
Loans and leases 90 days past due and accruing (2)
|
|
257
|
|
126
|
321
|
|
1,552
|
1,380
|
|
257
|
||||||||
Nonaccrual loans and leases (2)
|
|
33,388
|
|
36,996
|
36,749
|
|
38,455
|
39,588
|
|
33,388
|
||||||||
Total past due and accruing and nonaccrual originated loans (2)
|
|
42,463
|
|
46,534
|
47,219
|
|
52,087
|
54,139
|
|
42,463
|
||||||||
Delinquency- Acquired loan and lease portfolio
|
||||||||||||||||||
Covered loans and leases 30-89 days past due and accruing (3)(7)
|
|
1,014
|
|
669
|
0
|
|
0
|
0
|
|
1,014
|
||||||||
Covered loans and leases 90 days or more past due and accruing (3)(7)
|
|
4,754
|
|
2,837
|
0
|
|
0
|
0
|
|
4,754
|
||||||||
Non-covered loans and leases 30-89 days past due and accruing (3)(7)
|
|
4,249
|
|
5,848
|
0
|
|
0
|
0
|
|
4,249
|
||||||||
Non-covered loans and leases 90 days or more past due and accruing (3)(7)
|
|
14,506
|
|
19,339
|
0
|
|
0
|
0
|
|
14,506
|
||||||||
Non-covered Nonaccrual loans and leases (3)
|
|
4,352
|
|
0
|
0
|
|
0
|
0
|
|
4,352
|
||||||||
Total past due and accruing and nonaccrual acquired loans and leases
|
|
28,875
|
|
28,693
|
0
|
|
0
|
0
|
|
28,875
|
Allowance for Loan Losses - Originated loan and lease portfolio
Balance at beginning of period
|
$
|
26,632
|
$
|
26,865
|
$
|
26,948
|
$
|
27,593
|
$
|
27,878
|
$
|
27,593
|
||||||
Provision for loan and lease losses
|
5,659
|
1,042
|
1,011
|
1,125
|
1,160
|
8,837
|
||||||||||||
Net loan and lease charge-offs
|
7,648
|
1,275
|
1,094
|
1,770
|
1,445
|
11,787
|
||||||||||||
Allowance for loan and lease losses (originated loan portfolio)
|
24,643
|
26,632
|
26,865
|
26,948
|
27,593
|
24,643
|
||||||||||||
Allowance for loan and lease losses (acquired loan portfolio)
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||
Total allowance for loan and lease losses
|
24,643
|
26,632
|
26,865
|
26,948
|
27,593
|
24,643
|
Loan Classifications - Originated portfolio
Special Mention
|
$
|
56,342
|
$
|
58,598
|
$
|
63,652
|
$
|
62,649
|
$
|
52,156
|
$ |
56,342
|
||||||
Substandard
|
|
45,083
|
|
54,383
|
|
58,185
|
58,272
|
72,920
|
45,083
|
|||||||||
Doubtful
|
|
0
|
|
494
|
|
588
|
|
1,344
|
|
1,494
|
0
|
Loan Classifications - Acquired portfolio
Special Mention
|
|
25,381
|
|
17,743
|
|
0
|
|
0
|
|
0
|
25,381
|
|||||||
Substandard
|
|
45,207
|
|
39,860
|
|
0
|
|
0
|
|
0
|
45,207
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
|
||||||||||||||||||
|
Quarter-Ended
|
Year-Ended
|
||||||||||||||||
Dec-12
|
|
Sep-12
|
|
Jun-12
|
|
Mar-12
|
|
Dec-11
|
|
Dec-12
|
RATIO ANALYSIS
|
|
|
|
|||||||||||||||
Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nonperforming originated loans and leases/total originated loans and leases (2)(7)
|
|
1.65%
|
|
1.87%
|
|
1.91%
|
|
2.04%
|
|
2.09%
|
|
1.65%
|
||||||
Nonperforming assets/total assets
|
|
0.92%
|
|
0.88%
|
|
1.17%
|
|
1.19%
|
|
1.26%
|
|
0.92%
|
||||||
Allowance for loan and lease losses/total originated loans and leases
|
|
1.16%
|
|
1.29%
|
|
1.33%
|
|
1.36%
|
|
1.39%
|
|
1.16%
|
||||||
Allowance/nonperforming loans and leases
|
|
62.34%
|
|
69.01%
|
|
69.75%
|
|
66.65%
|
|
66.65%
|
|
62.34%
|
||||||
Net loan and lease losses (annualized)/total average loans and leases
|
|
1.03%
|
|
0.19%
|
|
0.22%
|
|
0.36%
|
|
0.29%
|
|
0.49%
|
Capital Adequacy (period-end)
Tier I capital / average assets
|
|
7.95%
|
8.50%
|
|
9.53%
|
8.46%
|
|
8.51%
|
|
7.95%
|
||||||||
Total capital / risk-weighted assets
|
|
12.94%
|
12.42%
|
|
16.22%
|
14.37%
|
|
14.17%
|
|
12.94%
|
||||||||
Tangible Common Equity / Tangible Assets
|
6.99%
|
6.78%
|
8.88%
|
7.36%
|
7.49%
|
6.99%
|
||||||||||||
|
||||||||||||||||||
Profitability
|
||||||||||||||||||
Return on average assets *
|
|
0.91%
|
0.31%
|
|
1.00%
|
0.91%
|
|
1.11%
|
|
0.76%
|
||||||||
Return on average equity *
|
|
10.01%
|
3.38%
|
|
10.17%
|
10.35%
|
|
12.07%
|
|
8.30%
|
||||||||
Net interest margin (TE)
|
|
3.83%
|
3.66%
|
|
3.52%
|
3.51%
|
|
3.62%
|
|
3.65%
|
||||||||
* Quarterly ratios have been annualized
|
Non-GAAP Disclosure
|
||||||||||||||||||
Reported net income (GAAP)
|
$
|
11,161
|
$
|
3,487
|
$
|
8,826
|
$
|
7,811
|
$
|
9,387
|
$
|
31,285
|
||||||
Adjustments (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accrual adjustment VISA
|
0
|
0
|
(243)
|
0
|
0
|
(243)
|
||||||||||||
Merger related expenses
|
|
462
|
|
8,424
|
|
703
|
|
75
|
|
152
|
|
9,664
|
||||||
Subtotal adjustments
|
|
462
|
|
8,424
|
|
460
|
|
75
|
|
152
|
|
9,421
|
||||||
Net operating income (Non-GAAP)
|
|
11,623
|
|
11,911
|
|
9,286
|
|
7,886
|
|
9,539
|
|
40,706
|
||||||
Weighted average shares outstanding (diluted)
|
14,374,368
|
13,630,464
|
12,166,417
|
11,147,490
|
11,104,623
|
12,836,043
|
||||||||||||
Adjusted diluted earnings per share (Non-GAAP)
|
$
|
0.81
|
$
|
0.87
|
$
|
0.76
|
$
|
0.71
|
$
|
0.86
|
$
|
3.17
|
Non-GAAP Disclosure
|
||||||||||||||||||
Reported net income (GAAP)
|
$
|
11,161
|
$
|
3,487
|
$
|
8,826
|
$
|
7,811
|
$
|
9,387
|
$
|
31,285
|
||||||
Merger related expenses (net of tax)
|
|
462
|
|
8,424
|
|
703
|
|
75
|
|
152
|
|
9,664
|
||||||
Net operating income (Non-GAAP)
|
$
|
11,623
|
$
|
11,911
|
$
|
9,529
|
$
|
7,886
|
$
|
9,539
|
$
|
40,949
|
||||||
Amortization of intangibles, (net of tax)
|
|
348
|
|
256
|
|
74
|
|
80
|
|
81
|
|
758
|
||||||
Adjusted net operating income (Non-GAAP)
|
|
11,971
|
|
12,167
|
|
9,603
|
|
7,966
|
|
9,620
|
|
41,707
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average total shareholders' equity
|
|
443,592
|
|
410,300
|
|
349,021
|
|
303,546
|
|
307,539
|
|
376,890
|
||||||
Less: Average goodwill and intangibles
|
|
114,644
|
|
92,789
|
|
48,665
|
|
47,922
|
|
48,195
|
|
76,149
|
||||||
Average tangible shareholders' equity (Non-GAAP)
|
|
328,948
|
|
317,511
|
|
300,356
|
|
255,624
|
|
259,344
|
|
300,741
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted operating return on shareholders' tangible equity (annualized) (Non-GAAP)
|
14.56%
|
15.24%
|
12.86%
|
12.53%
|
14.71%
|
13.87%
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited) – continued
|
||||||||||||||||||
|
Quarter-Ended
|
Year-Ended
|
||||||||||||||||
Dec-12
|
|
Sep-12
|
|
Jun-12
|
|
Mar-12
|
|
Dec-11
|
|
Dec-12
|
Non-GAAP Disclosure
Total shareholders' equity (GAAP)
|
$
|
441,360
|
$
|
440,950
|
$
|
353,700
|
$
|
305,967
|
$
|
299,143
|
$
|
441,360
|
||||||
Less: goodwill and intangibles
|
|
110,947
|
|
114,920
|
|
48,652
|
|
48,569
|
|
47,994
|
|
110,947
|
||||||
Tangible shareholders' equity (Non-GAAP)
|
|
330,413
|
|
326,030
|
|
305,048
|
|
257,398
|
|
251,149
|
|
330,413
|
||||||
Ending shares outstanding
|
14,390,801
|
14,358,230
|
12,223,790
|
11,197,370
|
11,123,556
|
14,390,801
|
||||||||||||
Tangible book value per share (Non-GAAP)
|
|
22.96
|
|
22.71
|
|
24.96
|
|
22.99
|
|
22.58
|
|
22.96
|
Non-GAAP Disclosure
|
Year-to-date period ended
|
|
|
|
|
|
|
|
|
||||
|
Dec-12
|
Dec-11
|
|
|
|
|
|
|
|
|
|||
Reported net income (GAAP)
|
$
|
31,285
|
$
|
35,419
|
|
|
|
|
|
|
|
|
|
Adjustments (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrual adjustment VISA
|
|
(243)
|
|
0
|
|
|
|
|
|
|
|
|
|
Merger related expenses
|
|
9,664
|
|
152
|
|
|
|
|
|
|
|
|
|
Subtotal adjustments
|
|
9,421
|
|
152
|
|
|
|
|
|
|
|
|
|
Net operating income (Non-GAAP)
|
|
40,706
|
|
35,571
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (diluted)
|
|
12,836,043
|
|
11,035,384
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share (Non-GAAP)
|
$
|
3.17
|
$
|
3.22
|
(1) Federal Reserve peer ratio as of September 30, 2012, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
|
||||
(2) "Originated" equals loans and leases not included by definition in "acquired loans"
|
||||
(3) "Acquired Loans and Leases" equals loans and leases acquired at fair value, accounted for in accordance with FASB ASC Topic 805. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows. Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance of loan losses recognized subsequent to acquisition. "Covered Loans" are loans for which the Company will share losses with the FDIC and consist of loans VIST Bank acquired as part of an FDIC-assisted transaction during the fourth quarter of 2010.
|
||||
(4) Average balances and yields on available-for-sale securities are based on historical amortized cost.
|
||||
(5) Interest income includes the tax effects of taxable-equivalent basis.
|
||||
(6) Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company's consolidated financial statements included in Part I of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2011.
|
||||
(7) Acquired loans and leases are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, as we can reasonably estimate the timing and amount of the expected cash flows on the acquired loans and we expect to fully collect the new carrying value of the loans. As such, we do not consider the loans to be nonaccrual or nonperforming.
|
||||
(8) Includes all other real estate owned, including those balances acquired through business combinations.
|
||||
(9)Earnings per share year-to-date may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.
|