Tompkins Financial Corporation Reports Record Third Quarter And Year-to-Date Earnings

Tompkins Financial Corporation (NYSE American:TMP)

Tompkins Financial Corporation reported diluted earnings per share of $1.14 for the third quarter of 2017, which represents an increase of 14.0% compared to the $1.00 reported in the third quarter of 2016. Net income for the third quarter of 2017 was $17.4 million, up 14.9% compared to the $15.1 million reported in the third quarter of 2016.

Year-to-date diluted earnings per share of $3.27 for the first nine months of 2017 represents an increase of 12.0% over the same period in 2016. Year-to-date net income was $50.0 million through the first nine months of 2017, an increase of 13.2% over the same period in 2016.

President and CEO, Stephen S. Romaine said, "We are extremely pleased with our earnings performance as the reported results reflect the best third quarter and best year-to-date performance through the first nine months of any year in our Company's history. A key growth driver for the quarter and year-to-date periods has been the improvement in net interest income, which has benefited from solid growth trends in loans and deposits."

SELECTED HIGHLIGHTS FOR THIRD QUARTER AND YEAR TO DATE:
  • Best earnings performance for the first nine months of any year in our Company's history. Also, the best third quarter earnings performance in our Company's history.
  • Net interest income for the quarter was up 12.5% compared to the third quarter of 2016, and up year-to-date 11.2% compared to the same period in 2016.
  • Net interest margin of 3.40% for the quarter and 3.41% for the year-to-date, are both improved from the same periods in 2016.
  • Total loans of $4.5 billion were up 9.8% over the same period in 2016; and are up 5.5% over December 31, 2016.
  • Total deposits of $4.9 billion reflect an increase of 5.4% over the same period last year, and are up 6.9% from December 31, 2016.
  • Third quarter return on average equity was 11.77% compared to 10.81% for the same quarter last year.

NET INTEREST INCOME

Net interest income of $51.0 million for the third quarter of 2017 increased by $5.7 million, or 12.5% compared to the same period in 2016. For the year-to-date period, net interest income was $149.3 million, up $15.1 million, or 11.2% from the same nine-month period in 2016.

Growth in net interest income for the third quarter of 2017 over the third quarter of 2016 was largely driven by $430.1 million of growth in average loans over the third quarter of 2016, an increase of 10.7%. Average deposits increased $249.1 million, or 5.5% compared to the same period in 2016. Included in the increase in average deposits was a $165.7 million or 14.4% increase in noninterest bearing deposits. For the third quarter of 2017, net interest margin measured 3.40%, compared to 3.45% for the quarter ended June 30, 2017, and 3.31% in the third quarter of 2016.

NONINTEREST INCOME

Noninterest income represented 25.2% of total revenues in the third quarter of 2017, compared to 28.3% in the same period in 2016, and 25.8% for the most recent prior quarter. Noninterest income of $17.2 million was down $703,000, or 3.9% compared to the same period last year. The third quarter of 2017 included a loss on sales of available for sale securities of approximately $423,000 compared to a gain of $455,000 reported in the third quarter of 2016. Sales of available-for-sale securities are generally the result of general investment security portfolio maintenance and interest rate risk management.

Year-to-date noninterest income of $51.9 million was in line with the previous year noninterest income of $52.5 million.

NONINTEREST EXPENSE

Noninterest expense was $41.9 million for the third quarter of 2017, up $1.6 million, or 3.9%, over the third quarter of 2016. For the year-to-date period, noninterest expense was $124.8 million, up $5.6 million, or 4.7%, from the same period in 2016. The increase in noninterest expense for both the third quarter and year-to-date periods was mainly due to higher salaries and benefits. Expenses for the quarter also included $345,000 of expense related to OREO properties held by the bank.

ASSET QUALITY

Asset quality trends remained strong in the third quarter of 2017. Nonperforming assets represented 0.37% of total assets at September 30, 2017, compared to 0.36% at December 31, 2016, and 0.32% at September 30, 2016. Though credit quality metrics showed some modest deterioration during the quarter, overall credit quality remains strong and compares favorably to our peers. Nonperforming asset levels as a percentage of total assets of 0.37% compares favorably to the most recent Federal Reserve Board Peer Group Average 1 of 0.51%.

Provision for loan and lease losses was $402,000 for the third quarter of 2017, down $380,000 compared to the third quarter of 2016. Net recoveries for the third quarter of 2017 were $479,000 compared to net recoveries of $205,000 reported in the third quarter of 2016.

The Company's allowance for originated loan and lease losses totaled $37.9 million at September 30, 2017, and represented 0.91% of total originated loans and leases at September 30, 2017, relatively unchanged from the most recent prior quarter and the third quarter of 2016. The total allowance represented 170.12% of total nonperforming loans and leases at September 30, 2017, compared to 164.98% at December 31, 2016, and 186.45% at September 30, 2016.

The level of Special Mention originated loans increased during the quarter to $50.4 million, up from $27.2 million a year ago, and up from $38.5 million at June 30, 2017. The increase is largely related to the Company's agricultural portfolio that has been negatively impacted by lower average milk prices in 2016, which had an unfavorable impact on operations of our agricultural customers. Milk prices have rebounded in 2017. As of September 30, 2017, payments on all loans in our agricultural portfolio were current. Of the $50.4 million of loans currently listed as Special Mention, 94.3% of the dollar amount outstanding was current on their payments as of September 30, 2017.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. The ratio of Tier 1 capital to average assets was 8.50% at September 30, 2017, compared to 8.41% reported at December 31, 2016. Total capital to risk-weighted assets at September 30, 2017 was 12.52%, compared to 12.22% at December 31, 2016. Both ratios are down from the same period last year, in large part due to the redemption of $20.5 million of 7% fixed rate Trust Preferred securities in January 2017.

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a financial services company 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, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

"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
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 
(In thousands, except share and per share data) (Unaudited) As of As of
ASSETS 09/30/2017 12/31/2016
 
Cash and noninterest bearing balances due from banks $ 122,213 $ 62,074
Interest bearing balances due from banks     7,199     1,880
Cash and Cash Equivalents 129,412 63,954
 
Available-for-sale securities, at fair value (amortized cost of $1,413,238 at September 30,
2017 and $1,442,724 at December 31, 2016) 1,406,231 1,429,538
Held-to-maturity securities, at amortized cost (fair value of $142,007 at September 30, 2017
and $142,832 at December 31, 2016) 139,968 142,119
Originated loans and leases, net of unearned income and deferred costs and fees (2) 4,167,254 3,863,922
Acquired loans (3) 323,259 394,111
Less: Allowance for loan and lease losses     38,038     35,755
Net Loans and Leases 4,452,475 4,222,278
 
Federal Home Loan Bank and other stock 40,310 43,133
Bank premises and equipment, net 79,940 70,016
Corporate owned life insurance 79,548 77,905
Goodwill 92,291 92,623
Other intangible assets, net 9,750 11,349
Accrued interest and other assets     94,135     83,841
Total Assets   $ 6,524,060   $ 6,236,756
 
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market 2,747,345 2,518,318
Time 786,301 870,788
Noninterest bearing     1,410,298     1,236,033
Total Deposits 4,943,944 4,625,139
 
Federal funds purchased and securities sold under agreements to repurchase 73,874 69,062
Other borrowings 834,574 884,815
Trust preferred debentures 16,648 37,681
Other liabilities     65,152     70,654
Total Liabilities   $ 5,934,192   $ 5,687,351
 
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
15,238,354 at September 30, 2017; and 15,171,816 at December 31, 2016 1,524 1,517
Additional paid-in capital 364,150 357,414
Retained earnings 259,738 230,182
Accumulated other comprehensive loss (32,715) (37,109)
Treasury stock, at cost - 119,142 shares at September 30, 2017, and 117,997 shares
at December 31, 2016 (4,348) (4,051)
 
Total Tompkins Financial Corporation Shareholders' Equity 588,349 547,953
Noncontrolling interests     1,519     1,452
Total Equity   $ 589,868   $ 549,405
Total Liabilities and Equity   $ 6,524,060   $ 6,236,756
 
 
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
   
Three Months Ended Nine Months Ended
(In thousands, except per share data) (Unaudited) 09/30/2017   09/30/2016 09/30/2017   09/30/2016
INTEREST AND DIVIDEND INCOME
Loans $ 48,949 $ 43,057 $ 141,257 $ 125,378
Due from banks 9 2 15 5
Trading securities 0 62 0 220
Available-for-sale securities 7,415 6,683 22,384 21,498
Held-to-maturity securities 865 898 2,613 2,712
Federal Home Loan Bank and other stock     534     375     1,466     990
Total Interest and Dividend Income     57,772     51,077     167,735     150,803
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more 457 402 1,364 1,214
Other deposits 2,679 2,291 7,508 6,764
Federal funds purchased and securities sold under agreements to
repurchase 44 630 195 1,940
Trust preferred debentures 265 600 888 1,783
Other borrowings     3,327     1,837     8,445     4,840
Total Interest Expense     6,772     5,760     18,400     16,541
Net Interest Income     51,000     45,317     149,335     134,262
Less: Provision for loan and lease losses     402     782     2,147     2,615
Net Interest Income After Provision for Loan and Lease Losses     50,598     44,535     147,188     131,647
NONINTEREST INCOME
Insurance commissions and fees 7,682 7,729 21,892 22,808
Investment services income 3,862 3,735 11,544 11,355
Service charges on deposit accounts 2,125 2,203 6,337 6,559
Card services income 2,190 2,037 6,875 5,980
Mark-to-market loss on trading securities 0 (76) 0 (182)
Mark-to-market gain on liabilities held at fair value 0 77 0 227
Other income 1,766 1,745 5,667 4,819
(Loss)/gain on sale of available-for-sale securities     (423)     455     (423)     926
Total Noninterest Income     17,202     17,905     51,892     52,492
NONINTEREST EXPENSE
Salaries and wages 20,931 19,801 60,868 58,123
Pension and other employee benefits 5,344 5,218 16,195 15,435
Net occupancy expense of premises 3,064 3,046 9,965 9,193
Furniture and fixture expense 1,585 1,707 4,819 4,973
FDIC insurance 620 783 1,775 2,388
Amortization of intangible assets 481 524 1,459 1,572
Other operating expense     9,858     9,245     29,738     27,534
Total Noninterest Expenses     41,883     40,324     124,819     119,218
Income Before Income Tax Expense     25,917     22,116     74,261     64,921
Income Tax Expense     8,491     6,945     24,127     20,601
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation     17,426     15,171     50,134     44,320
Less: Net income attributable to noncontrolling interests     32     33     97     98
Net Income Attributable to Tompkins Financial Corporation   $ 17,394   $ 15,138   $ 50,037   $ 44,222
Basic Earnings Per Share $ 1.14 $ 1.01 $ 3.30 $ 2.94
Diluted Earnings Per Share   $ 1.14   $ 1.00   $ 3.27   $ 2.92
 
 
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
                 
Quarter Ended Year to Date Period Ended Year to Date Period Ended
      September 30, 2017     September 30, 2017     September 30, 2016
Average Average Average
Balance Average Balance Average Balance Average
(Dollar amounts in thousands)     (QTD)     Interest   Yield/Rate     (YTD)     Interest   Yield/Rate     (YTD)     Interest   Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks $ 3,498 $ 9 1.02% $ 3,547 $ 15 0.57% $ 1,968 $ 5 0.34%
Securities (4)
U.S. Government securities 1,474,389 7,730 2.08% 1,476,459 23,352 2.11% 1,447,450 22,608 2.09%
Trading securities 0 0 0.00% 0 0 0.00% 6,536 220 4.50%
State and municipal (5) 100,060 851 3.37% 101,080 2,552 3.38% 97,906 2,488 3.39%
Other securities (5) 3,592     33   3.64%     3,602     96   3.56%     3,653     91   3.33%
Total securities 1,578,041 8,614 2.17% 1,581,141 26,000 2.20% 1,555,545 25,407 2.18%
FHLBNY and FRB stock 45,994 534 4.61% 41,639 1,466 4.71% 31,767 990 4.16%
 
Total loans and leases, net of unearned income (5)(6) 4,444,736     49,725   4.44%     4,352,292     143,497   4.41%     3,897,461     127,484   4.37%
Total interest-earning assets 6,072,269     58,882   3.85%     5,978,619     170,978   3.82%     5,486,741     153,886   3.75%
 
Other assets 358,228 355,983 351,944
 
Total assets 6,430,497 6,334,602 5,838,685
                                                 
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market 2,632,467 1,355 0.20% 2,664,405 3,620 0.18% 2,514,159 2,958 0.16%
Time deposits 800,769     1,781   0.88%     845,058     5,252   0.83%     876,947     5,020   0.76%
Total interest-bearing deposits 3,433,236 3,136 0.36% 3,509,463 8,872 0.34% 3,391,106 7,978 0.31%
 
Federal funds purchased & securities sold under
agreements to repurchase 58,397 44 0.30% 65,798 195 0.40% 108,189 1,940 2.40%
Other borrowings 955,353 3,327 1.38% 861,289 8,445 1.31% 589,726 4,840 1.10%
Trust preferred debentures 16,620     265   6.33%     18,903     888   6.28%     37,567     1,783   6.34%
Total interest-bearing liabilities 4,463,606 6,772 0.60% 4,455,453 18,400 0.55% 4,126,588 16,541 0.54%
 
Noninterest bearing deposits 1,313,773 1,241,173 1,103,108
Accrued expenses and other liabilities 66,447 66,094 65,978
Total liabilities 5,843,826 5,762,720 5,295,674
 
Tompkins Financial Corporation Shareholders' equity 585,171 570,403 541,510
Noncontrolling interest 1,500 1,479 1,501
Total equity 586,671 571,882 543,011
 
Total liabilities and equity $ 6,430,497 $ 6,334,602 $ 5,838,685
Interest rate spread     3.25%     3.27%     3.21%
Net interest income/margin on earning assets 52,110 3.40% 152,578 3.41% 137,345 3.34%
 
Tax Equivalent Adjustment (1,110) (3,243) (3,083)
 
Net interest income per consolidated financial statements         $ 51,000             $ 149,335             $ 134,262    
 
 
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
                                   
(In thousands, except per share data)   Quarter-Ended   Year-Ended
  Sep-17     Jun-17     Mar-17     Dec-16     Sep-16     Dec-16
         
Period End Balance Sheet                                    
Securities   $ 1,546,199   $ 1,564,865   $ 1,569,068   $ 1,571,657   $ 1,515,761   $ 1,571,657
Originated loans and leases, net of unearned income and deferred costs and fees (2)     4,167,254     4,070,755     3,922,413     3,863,922     3,672,539     3,863,922
Acquired loans and leases (3)     323,259     347,841     375,380     394,111     417,008     394,111
Allowance for loan and lease losses     38,038     37,157     36,166     35,755     34,112     35,755
Total assets     6,524,060     6,415,012     6,280,047     6,236,756     6,102,215     6,236,756
Total deposits     4,943,944     4,750,722     4,850,585     4,625,139     4,690,300     4,625,139
Federal funds purchased and securities sold under agreements to repurchase     73,874     50,360     70,716     69,062     77,218     69,062
Other borrowings     834,574     952,035     717,285     884,815     671,000     884,815
Trust preferred debentures     16,648     16,605     16,562     37,681     37,638     37,681
Total common equity     588,349     575,428     562,064     547,953     559,640     547,953
Total equity     589,868     576,915     563,518     549,405     561,190     549,405
 
Average Balance Sheet                                    
Average earning assets   $ 6,072,269   $ 5,970,653   $ 5,890,945   $ 5,707,121   $ 5,577,885   $ 5,542,137
Average assets     6,430,497     6,329,847     6,241,388     6,074,973     5,942,260     5,898,080
Average interest-bearing liabilities     4,463,606     4,474,860     4,427,501     4,237,126     4,168,879     4,154,374
Average equity     586,671     572,741     555,893     559,106     557,281     547,057
 
Share data                                    
Weighted average shares outstanding (basic)     14,966,231     14,944,934     14,900,938     14,862,189     14,829,222     14,812,712
Weighted average shares outstanding (diluted) (10)     15,078,555     15,066,861     15,042,614     15,014,221     14,965,233     14,936,231
Period-end shares outstanding     15,202,444     15,189,453     15,181,198     15,135,906     15,055,954     15,135,906
Common equity book value per share   $ 38.70   $ 37.88   $ 37.02   $ 36.20   $ 37.17   $ 36.20
Tangible book value per share (Non-GAAP)   $ 32.03   $ 31.18   $ 30.28   $ 29.38   $ 30.28   $ 29.38
 
Income Statement                                    
Net interest income   $ 51,000   $ 50,301   $ 48,034   $ 46,374   $ 45,317   $ 180,636
Provision for loan/lease losses     402     976     769     1,706     782     4,321
Noninterest income     17,202     17,450     17,240     16,316     17,905     68,808
Noninterest expense     41,883     41,568     41,368     39,389     40,324     158,607
Income tax expense (10)     8,491     8,248     7,388     6,444     6,945     27,045
Net income attributable to Tompkins Financial Corporation (10)     17,394     16,926     15,717     15,118     15,138     59,340
Noncontrolling interests     32     33     32     33     33     131
Basic earnings per share (8)   $ 1.14   $ 1.11   $ 1.04   $ 1.00   $ 1.01   $ 3.94
Diluted earnings per share (8) (10)   $ 1.14   $ 1.11   $ 1.03   $ 0.99   $ 1.00   $ 3.91
 
Nonperforming Assets                                    
Originated nonaccrual loans and leases   $ 15,667   $ 14,284   $ 13,786   $ 14,300   $ 11,554   $ 14,300
Acquired nonaccrual loans and leases     3,152     2,903     3,356     4,741     4,559     4,741
Originated loans and leases 90 days past due and accruing     0     639     0     0     35     0
Troubled debt restructurings not included above     3,541     2,980     2,948     2,631     2,148     2,631
Total nonperforming loans and leases     22,360     20,806     20,090     21,672     18,296     21,672
OREO     2,030     2,331     2,520     908     1,008     908
Total nonperforming assets   $ 24,390   $ 23,137   $ 22,610   $ 22,580   $ 19,304   $ 22,580
 
 

Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
  Quarter-Ended   Year-Ended
Delinquency - Originated loan and lease portfolio     Sep-17     Jun-17     Mar-17     Dec-16     Sep-16     Dec-16
Loans and leases 30-89 days past due and                                    
accruing (2)   $ 5,567   $ 6,188   $ 5,462   $ 6,694   $ 4,551   $ 6,694
Loans and leases 90 days past due and accruing (2)     0     639     0     0     35     0
Total originated loans and leases past due and accruing (2)     5,567     6,827     5,462     6,694     4,586     6,694
 
Delinquency - Acquired loan and lease portfolio
Loans 30-89 days past due and accruing (3)(7)   $ 2,857   $ 751   $ 907   $ 2,553   $ 1,069   $ 2,553
Loans 90 days or more past due     1,306     2,581     2,701     2,557     2,555     2,557
Total acquired loans and leases past due and accruing     4,163     3,332     3,608     5,110     3,624     5,110
Total loans and leases past due and accruing   $ 9,730   $ 10,159   $ 9,070   $ 11,804   $ 8,210   $ 11,804
 
Allowance for Loan Losses - Originated loan and lease portfolio
Balance at beginning of period   $ 36,960   $ 35,915   $ 35,598   $ 33,956   $ 32,968   $ 31,312
Provision for loan and lease losses     931     846     602     1,419     868     4,137
Net loan and lease (recoveries) charge-offs     (12)     (199)     285     (223)     (120)     (149)
Allowance for loan and lease losses (originated 37,903 36,960 35,915 35,598 33,956 35,598
loan portfolio) - balance at end of period   $   $   $   $   $   $
 
Allowance for Loan Losses - Acquired loan and lease portfolio
Balance at beginning of period   $ 197   $ 251   $ 157   $ 156   $ 157   $ 692
Provision (credit) for loan and lease losses     (529)     130     167     287     (86)     184
Net loan and lease (recoveries) charge-offs     (467)     184     73     286     (85)     719
Allowance for loan and lease losses (acquired
loan portfolio) - balance at end of period     135     197     251     157     156     157
                                     
Total allowance for loan and lease losses   $ 38,038   $ 37,157   $ 36,166   $ 35,755   $ 34,112   $ 35,755
 
Loan Classification - Originated Portfolio                                    
Special Mention   $ 50,423   $ 38,488   $ 18,861   $ 20,485   $ 27,215   $ 20,485
Substandard     20,532     19,532     20,909     20,316     18,121     20,316
Loan Classification - Acquired Portfolio                                    
Special Mention     539     547     519     526     540     526
Substandard     8,193     8,796     9,628     13,141     14,000     13,141
Loan Classifications - Total Portfolio                                    
Special Mention     50,962     39,035     19,380     21,011     27,755     21,011
Substandard     28,725     28,328     30,537     33,457     32,121     33,457
 
RATIO ANALYSIS                                  
Credit Quality     Sep-17     Jun-17     Mar-17     Dec-16     Sep-16     Dec-16
Nonperforming loans and leases/total loans and leases (7)     0.50%     0.47%     0.47%     0.51%     0.45%     0.51%
Nonperforming assets/total assets     0.37%     0.36%     0.36%     0.36%     0.32%     0.36%
Allowance for originated loan and lease losses/total originated loans and leases     0.91%     0.91%     0.92%     0.92%     0.92%     0.92%
Allowance/nonperforming loans and leases     170.12%     178.59%     180.02%     164.98%     186.45%     164.98%
Net loan and lease losses (recoveries) annualized/total average loans and leases     (0.04%)     0.00%     0.03%     0.01%     (0.02%)     0.01%
 
 

 

Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
                                 
  Quarter-Ended   Year-Ended
Capital Adequacy (period-end)     Sep-17     Jun-17     Mar-17     Dec-16     Sep-16     Dec-16
Tier 1 capital / average assets *     8.50%     8.43%     8.36%     8.41%     8.83%     8.41%
Total capital / risk-weighted assets *     12.52%     12.45%     12.41%     12.22%     12.97%     12.22%
 
Profitability                                    
Return on average assets * (10)     1.07%     1.07%     1.02%     0.99%     1.01%     1.01%
Return on average equity * (10)     11.77%     11.85%     11.47%     10.76%     10.81%     10.85%
Net interest margin (TE) *     3.40%     3.45%     3.38%     3.30%     3.31%     3.33%
* Quarterly ratios have been annualized
 
 
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 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 (Unaudited)" tables for Non-GAAP related calculations.
 
 
Non-GAAP Disclosure - Tangible Book Value Per Share
      Quarter-Ended   Year-Ended
      Sep-17     Jun-17     Mar-17     Dec-16     Sep-16     Dec-16
Total common equity   $ 588,349   $ 575,428   $ 562,064   $ 547,953   $ 559,640   $ 547,953
Less: Goodwill and intangibles (9)     101,360     101,840     102,326     103,214     103,732     103,214
Tangible common equity     486,989     473,588     459,738     444,739     455,908     444,739
Ending shares outstanding     15,202,444     15,189,453     15,181,198     15,135,906     15,055,954     15,135,906
Tangible book value per share (Non-GAAP)   $ 32.03   $ 31.18   $ 30.28   $ 29.38   $ 30.28   $ 29.38
           

_____________________________________________________________
(1) Federal Reserve peer ratio as of June 30, 2017, 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.
(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, 2016.
(7) Certain acquired loans and leases that are past due are not on nonaccrual and are not included in nonperforming loans. 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.
(8)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.
(9) "Goodwill and intangibles" equal Total Intangible Assets less Mortgage Servicing Rights in the above tables.
(10) The third quarter 2016 information is revised to reflect the impact of the early adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting". The early adoption resulted in $847,000 and $274,000 excess benefits recognized within "income tax expense" during the three months ended December 31, and September 30, 2016, respectively.
 

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