EX-99.1 2 q22025pressrelease.htm EX-99.1 Document


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For more information contact:
Stephen S. Romaine, President & CEO
Matthew Tomazin, Executive VP, CFO & Treasurer
Tompkins Financial Corporation (888) 503-5753

For Immediate Release
Friday, July 25, 2025

Tompkins Financial Corporation Reports Improved Second Quarter Financial Results

ITHACA, NY - Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.50 for the second quarter of 2025, up 9.5% from the immediate prior quarter, and up 36.4% from the diluted earnings per share of $1.10 reported for the second quarter of 2024. Net income for the second quarter of 2025 was $21.5 million, up $1.8 million, or 9.1%, compared to the first quarter of 2025, and up $5.8 million, or 36.9%, when compared to the second quarter of 2024.

For the six months ended June 30, 2025, diluted earnings per share were $2.87, up 25.3% from the $2.29 reported for the six months ended June 30, 2024. Year-to-date net income was $41.2 million for the six months ended June 30, 2025, up $8.6 million or 26.4% when compared to $32.6 million for the same six month period in 2024.

Tompkins President and CEO, Stephen Romaine, commented, "Our second quarter financial results reflect continued positive momentum. Net income year-to-date was up over 25% as compared to 2024 and was mainly driven by net interest margin expansion and growth throughout our business. Our year-to-date results included average loan growth of 7.5%, average deposit growth of 5.2% and growth in fee-based services revenue of 4.5%. We believe our balance sheet remains well positioned to continue to support growth, while also committed to supporting our local communities, and building quality customer relationships."

SELECTED HIGHLIGHTS FOR THE PERIOD:
•Net interest margin improved to 3.08% in the second quarter of 2025, up 10 basis points from the immediate prior quarter, and up 35 basis points from the second quarter of 2024.


•Total loans at June 30, 2025 were up $106.0 million, or 1.8% compared to March 31, 2025 (7.0% on an annualized basis), and up $410.8 million, or 7.1%, from June 30, 2024.
•Total deposits at June 30, 2025 were $6.7 billion, which were in line with the most recent prior quarter end, and up $429.9 million, or 6.8%, from June 30, 2024.
•Total average cost of funds of 1.84% for the second quarter of 2025 was unchanged from the most recent prior quarter, and down 12 basis points compared to the same period of the prior year, as a result of funding mix and lower interest rates.
•Provision expense for the second quarter of 2025 was $2.8 million, compared to $5.3 million for the first quarter of 2025 and $2.2 million for the second quarter of 2024.
•Total fee-based services revenues (revenue from insurance, wealth management, service charges on deposit accounts, and card services) for the second quarter of 2025 were up $533,000 or 2.8% compared to the second quarter of 2024.
•Loan to deposit ratio at June 30, 2025 was 91.9%, compared to 89.8% at March 31, 2025, and 91.7% at June 30, 2024.
•Regulatory Tier 1 capital to average assets was 9.36% at June 30, 2025, up compared to 9.31% at March 31, 2025, and 9.15% at June 30, 2024.

NET INTEREST INCOME
Net interest income was $60.1 million for the second quarter of 2025, up $3.5 million or 6.1% compared to the first quarter of 2025, and up $9.2 million or 18.0% compared to the second quarter of 2024. The increase in net interest income compared to both periods was due to improvement in net interest margin, which is discussed below, and growth in average loans.

For the six months ended June 30, 2025, net interest income was $116.8 million, up $15.2 million or 14.9% when compared to the same period in 2024.

Net interest margin was 3.08% for the second quarter of 2025, up 10 basis points when compared to the immediate prior quarter, and up 35 basis points from 2.73% for the second quarter of 2024. The increase in net interest margin, when compared to the most recent prior quarter, was mainly due to increased yields on average interest earning assets and higher average loan balances. The increase over the prior year second quarter was due to the same factors, as well as lower funding costs resulting from improved funding mix.

Average loans for the quarter ended June 30, 2025 were up $104.2 million, or 1.7%, from the most recent prior quarter, and were up $442.0 million, or 7.8%, compared to the same prior year period. The increase in average loans over both prior periods was mainly in the commercial real estate and commercial and industrial portfolios. The average yield on interest-earning assets for the quarter ended June 30, 2025 was 4.79%, an increase of 10 basis points from 4.69% for the quarter ended March 31, 2025, and up 23 basis points from 4.56% for the quarter ended June 30, 2024.



Average total deposits of $6.7 billion for the second quarter of 2025 were up $109.3 million, or 1.7%, compared to the first quarter of 2025, and up $406.4 million, or 6.4%, compared to the second quarter of 2024. The cost of interest-bearing deposits of 2.24% for the second quarter of 2025 was up 1 basis point compared to the most recent prior quarter, and down 3 basis points from 2.27% for the second quarter of 2024. The ratio of average noninterest bearing deposits to average total deposits for the second quarter of 2025 was 27.0% compared to 26.9% for the first quarter of 2025, and 29.1% for the second quarter of 2024. The average cost of interest-bearing liabilities for the second quarter of 2025 was 2.44%, unchanged when compared to the most recent prior quarter, and down 20 basis points from the same period in 2024.

NONINTEREST INCOME
Noninterest income of $22.5 million for the second quarter of 2025 was up $736,000 or 3.4% compared to the second quarter of 2024, mainly due to an increase in insurance commissions and fees, which were up $522,000 or 5.7%, and an increase in wealth management fees, which were up $115,000 or 2.4%. These increases were partially offset by lower card services income, which was down $128,000 or 3.9%. Year-to-date noninterest income of $47.5 million was up $3.6 million or 8.3% compared to the same period in 2024, mainly due to a $1.8 million, or 36.7% increase in other income, which included a $1.9 million gain on the sale of other real estate owned, and an increase in insurance commissions and fees of $1.9 million or 9.6%. The increase for the year-to-date period also included an increase in wealth management fees of $297,000 or 3.0%. These increases were partially offset by lower card services income of $440,000 or 7.1%. Card services income in the first six months of 2024 included a $255,000 sign-on bonus related to the renewal of a card services contract.

NONINTEREST EXPENSE
Noninterest expense was $51.6 million for the second quarter of 2025, up $1.7 million or 3.4% compared to the same period in 2024. Noninterest expense for the year-to-date period ended June 30, 2025 was $102.2 million, an increase of $2.4 million or 2.4% compared to the $99.8 million reported for the same period in 2024. For both periods, the increase was mainly driven by personnel-related expenses, which were up $2.1 million or 6.6% in the second quarter of 2025, and up $3.0 million or 4.9% for the year-to-date period ended June 30, 2025, compared to the same quarter and year-to-date periods in 2024. The increase mainly reflects annual merit adjustments.

INCOME TAX EXPENSE
Provision for income tax expense was $6.8 million for an effective rate of 24.0% for the second quarter of 2025, compared to $4.9 million for an effective rate of 23.8% for the second quarter of 2024. For the first six months of 2025, the provision for income tax expense was $12.9 million and the effective tax rate was 23.9% compared to $10.1 million for an effective tax rate of 23.6% for the same period in 2024.



ASSET QUALITY
The allowance for credit losses represented 0.95% of total loans and leases at June 30, 2025, down from 1.01% at March 31, 2025, and up from 0.92% reported at June 30, 2024. The decrease in the allowance for credit losses coverage ratio compared to prior quarter end was mainly due to lower specific reserves for individually analyzed nonaccrual commercial real estate credits and lower qualitative reserves related to asset quality. These were partially offset by increased reserves driven by updates to economic forecasts for unemployment and GDP. During the second quarter of 2025, the Company recorded a partial charge-off of $4.7 million related to one commercial real estate relationship totaling $18.1 million, for which there was a specific reserve of $4.2 million. The specific reserve was added in the first quarter of 2025 and reflected the estimated decrease in fair value of the collateral based on a new appraisal received at the end of that quarter. The ratio of the allowance to total nonperforming loans and leases was 111.55% at June 30, 2025, compared to 85.85% at March 31, 2025, and 84.94% at June 30, 2024. The increase in the ratio compared to the prior quarter end and the end of the second quarter of the prior year was due to the decrease in nonperforming loans and leases, discussed in more detail below.

Provision for credit losses for the second quarter of 2025 was $2.8 million compared to $2.2 million for the second quarter of 2024. Provision for credit losses for the six months ended June 30, 2025 was $8.1 million compared to $3.0 million for the six months ended June 30, 2024. The increase in provision expense for the quarter and year-to-date periods compared to the same periods in 2024 was mainly due to the previously discussed charge-off on one commercial real estate relationship, and updated economic forecasts. Net charge-offs for the three months ended June 30, 2025 were $5.3 million, compared to $733,000 for the first quarter of 2025, and $509,000 for the second quarter of 2024. The increase in net charge-offs was mainly related to the previously discussed $4.7 million partial charge-off on one commercial real estate relationship.

Nonperforming assets of $52.6 million represented 0.63% of total assets at June 30, 2025, down from $71.2 million or 0.87% at March 31, 2025, and $62.5 million or 0.79% at June 30, 2024. The decrease in nonperforming assets at June 30, 2025 compared to March 31, 2025 was largely due to the above mentioned commercial real estate relationship totaling $18.1 million no longer being included in non-performing loans at the end of the second quarter of 2025. The balance, net of the $4.7 million charge-off, is now included in other assets on the Company's Consolidated Statements of Condition. The property currently generates positive cash flow and a majority of it is tenant occupied. At June 30, 2025, nonperforming loans and leases totaled $52.5 million, compared to $71.1 million at March 31, 2025, and $62.5 million at June 30, 2024. Loans past due 30-89 days totaled $5.9 million at June 30, 2025, $12.3 million at March 31, 2025, and $5.3 million at June 30, 2024.

Special Mention and Substandard loans and leases totaled $96.8 million at June 30, 2025, compared to $110.8 million reported at March 31, 2025, and $116.2 million reported at June 30, 2024.



CAPITAL POSITION
Capital ratios at June 30, 2025 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was 13.15% at June 30, 2025, compared to 13.28% at March 31, 2025, and 13.26% at June 30, 2024. The ratio of Tier 1 capital to average assets was 9.36% at June 30, 2025, compared to 9.31% at March 31, 2025, and 9.15% at June 30, 2024.

The Company announced today that its Board of Directors has approved a new Stock Repurchase Program, authorizing the Company to repurchase up to 400,000 shares of its outstanding common stock, par value $0.10 per share, from time to time, over the next 24 months.

LIQUIDITY POSITION
The Company's liquidity position at June 30, 2025 was stable and consistent with the quarter ended March 31, 2025. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank's Discount Window advances and Federal Home Loan Bank (FHLB) advances. The Company maintained ready access to liquidity of $1.5 billion, or 18.0% of total assets, at June 30, 2025.

ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a banking and 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 Community Bank and Tompkins Insurance Agencies, Inc. Tompkins Community Bank provides a full array of wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning services. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", "commit", or "anticipate", as well as the negative and other variations of these terms and other similar words. Examples of forward-looking statements may include statements regarding future growth. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company’s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factors in Item 1A in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ


materially from the forward-looking statements and historical performance: changes in general economic, market and regulatory conditions; our ability to attract and retain deposits and other sources of liquidity; gross domestic product growth and inflation trends; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company's operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and other federal, state and local government mandates; the impact of any change in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount; increased supervisory and regulatory scrutiny of financial institutions; technological developments and changes; cybersecurity incidents and threats; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; the ability to access financial resources in the amounts, at the times, and on the terms required to support the Company's future businesses; and the economic impact, including market volatility, of national and global events, including the response to bank failures, war and geopolitical matters (including the war in Ukraine and the impacts of continued or escalating hostilities in the Middle East), tariffs and trade wars, widespread protests, civil unrest, political uncertainty, and pandemics or other public health crises. The Company does not undertake any obligation to update its forward-looking statements.


TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(In thousands, except share and per share data)As ofAs of
ASSETS06/30/202512/31/2024
(Audited)
Cash and noninterest bearing balances due from banks$93,731 $53,635 
Interest bearing balances due from banks118,820 80,763 
Cash and Cash Equivalents212,551 134,398 
Available-for-sale debt securities, at fair value (amortized cost of $1,380,080 at June 30, 2025 and $1,367,123 at December 31, 2024)1,275,370 1,231,532 
Held-to-maturity debt securities, at amortized cost (fair value of $278,948 at June 30, 2025 and $267,295 at December 31, 2024)312,493 312,462 
Equity securities, at fair value784 768 
Total loans and leases, net of unearned income and deferred costs and fees6,172,654 6,019,922 
Less: Allowance for credit losses58,555 56,496 
Net Loans and Leases6,114,099 5,963,426 
Federal Home Loan Bank and other stock37,129 42,255 
Bank premises and equipment, net74,408 76,627 
Corporate owned life insurance76,835 76,448 
Goodwill92,602 92,602 
Other intangible assets, net2,237 2,203 
Accrued interest and other assets175,310 176,359 
Total Assets$8,373,818 $8,109,080 
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market3,616,117 3,558,946 
Time1,225,941 1,068,375 
Noninterest bearing1,873,737 1,844,484 
Total Deposits6,715,795 6,471,805 
Federal funds purchased and securities sold under agreements to repurchase127,111 37,036 
Other borrowings672,696 790,247 
Other liabilities96,423 96,548 
Total Liabilities$7,612,025 $7,395,636 
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 14,461,505 at June 30, 2025; and 14,468,013 at December 31, 20241,447 1,447 
Additional paid-in capital300,001 300,073 
Retained earnings560,385 537,157 
Accumulated other comprehensive loss(95,115)(118,492)
Treasury stock, at cost – 98,489 shares at June 30, 2025, and 131,497 shares at December 31, 2024(4,925)(6,741)
Total Equity$761,793 $713,444 
Total Liabilities and Equity$8,373,818 $8,109,080 


TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) (Unaudited)Three Months EndedSix Months Ended
06/30/202503/31/202506/30/202406/30/202506/30/2024
INTEREST AND DIVIDEND INCOME
Loans$82,293 $78,630 $73,646 $160,923 $145,245 
Due from banks187 175 184 362 338 
Available-for-sale debt securities9,311 8,729 9,371 18,040 18,982 
Held-to-maturity debt securities1,220 1,217 1,219 2,437 2,437 
Federal Home Loan Bank and other stock635 711 820 1,346 1,421 
Total Interest and Dividend Income93,646 $89,462 $85,240 $183,108 $168,423 
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more4,140 4,507 4,048 8,647 8,058 
Other deposits23,339 22,143 21,236 45,482 41,660 
Federal funds purchased and securities sold under agreements to repurchase61 41 11 102 24 
Other borrowings5,976 6,109 8,992 12,085 17,053 
Total Interest Expense33,516 32,800 34,287 66,316 66,795 
Net Interest Income60,130 56,662 50,953 116,792 101,628 
Less: Provision for credit loss expense2,780 5,287 2,172 8,067 3,026 
Net Interest Income After Provision for Credit Loss Expense57,350 51,375 48,781 108,725 98,602 
NONINTEREST INCOME
Insurance commissions and fees9,609 11,599 9,087 21,208 19,346 
Wealth management fees4,964 5,119 4,849 10,083 9,786 
Service charges on deposit accounts1,790 1,805 1,766 3,595 3,562 
Card services income3,150 2,626 3,278 5,776 6,217 
Other income2,998 3,869 2,802 6,867 5,022 
Net gain (loss) on securities transactions1 14 (6)15 (20)
Total Noninterest Income22,512 25,032 21,776 47,544 43,913 
NONINTEREST EXPENSE
Salaries and wages26,368 24,977 24,919 51,345 49,616 
Other employee benefits7,162 7,100 6,545 14,262 12,956 
Net occupancy expense of premises3,108 3,570 3,139 6,678 6,696 
Furniture and fixture expense2,069 1,787 1,910 3,856 4,035 
Amortization of intangible assets84 84 80 168 156 
Other operating expense12,832 13,089 13,349 25,921 26,340 
Total Noninterest Expenses51,623 50,607 49,942 102,230 99,799 
Income Before Income Tax Expense28,239 25,800 20,615 54,039 42,716 
Income Tax Expense6,768 6,121 4,902 12,889 10,100 
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation21,471 19,679 15,713 41,150 32,616 
Less: Net Income Attributable to Noncontrolling Interests0 0 31 0 62 
Net Income Attributable to Tompkins Financial Corporation$21,471 19,679 15,682 41,150 32,554 
Basic Earnings Per Share$1.51 $1.38 $1.10 $2.89 $2.29 
Diluted Earnings Per Share$1.50 $1.37 $1.10 $2.87 $2.29 



Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Quarter EndedQuarter EndedQuarter Ended
June 30, 2025March 31, 2025June 30, 2024
(dollar amounts in thousands)Average
Balance
(QTD)		InterestAverage
Yield/Rate		Average
Balance
(QTD)		InterestAverage
Yield/Rate		Average
Balance
(QTD)		InterestAverage
Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks$15,820 $187 4.74 %$16,424 $175 4.32 %$11,707 $184 6.33 %
Securities1
U.S. Government securities1,610,090 10,026 2.50 %1,598,785 9,441 2.39 %1,717,975 10,067 2.36 %
State and municipal2
85,080 554 2.61 %85,893 554 2.62 %89,518 566 2.55 %
Other Securities2
3,279 53 6.48 %3,275 53 6.56 %3,260 59 7.32 %
Total securities1,698,449 10,633 2.51 %1,687,953 10,048 2.41 %1,810,753 10,692 2.38 %
FHLBNY and FRB stock31,660 635 8.05 %31,983 711 9.01 %37,681 820 8.76 %
Total loans and leases, net of unearned income2,3
6,129,561 82,499 5.40 %6,025,363 78,835 5.31 %5,687,548 73,839 5.22 %
Total interest-earning assets7,875,490 93,954 4.79 %7,761,723 89,769 4.69 %7,547,689 85,535 4.56 %
Other assets293,105 294,855 262,372 
Total assets$8,168,595 $8,056,578 $7,810,061 
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market$3,680,761 $16,504 1.80 %$3,682,318 $16,093 1.77 %$3,498,746 $15,754 1.81 %
Time deposits1,230,182 10,975 3.58 %1,159,039 10,557 3.69 %987,348 9,530 3.88 %
Total interest-bearing deposits4,910,943 27,479 2.24 %4,841,357 26,650 2.23 %4,486,094 25,284 2.27 %
Federal funds purchased & securities sold under agreements to repurchase42,123 61 0.58 %47,653 41 0.35 %40,298 11 0.11 %
Other borrowings550,558 5,976 4.35 %561,983 6,109 4.41 %688,611 8,992 5.25 %
Total interest-bearing liabilities5,503,624 33,516 2.44 %5,450,993 32,800 2.44 %5,215,003 34,287 2.64 %
Noninterest bearing deposits1,818,922 1,779,197 1,837,325 
Accrued expenses and other liabilities96,074 98,278 94,764 
Total liabilities7,418,620 7,328,468 7,147,092 
Tompkins Financial Corporation Shareholders’ equity749,975 728,110 661,523 
Noncontrolling interest0 0 1,446 
Total equity749,975 728,110 662,969 
Total liabilities and equity$8,168,595 $8,056,578 $7,810,061 
Interest rate spread2.34 %2.25 %1.91 %
Tax-equivalent net interest income/margin on earning assets60,438 3.08 %56,969 2.98 %51,248 2.73 %
Tax-equivalent adjustment(308)(307)(295)
Net interest income$60,130 $56,662 $50,953 




Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited)
Year to Date Period EndedYear to Date Period Ended
June 30, 2025June 30, 2024
AverageAverage
BalanceAverageBalanceAverage
(Dollar amounts in thousands)(YTD)InterestYield/Rate(YTD)InterestYield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks$16,121 $362 4.53 %$11,955 $338 5.69 %
Securities1
U.S. Government securities1,604,469 19,467 2.45 %1,737,049 20,370 2.36 %
State and municipal2
85,484 1,108 2.61 %89,702 1,137 2.55 %
Other securities3,277 106 6.52 %3,269 119 7.32 %
Total securities1,693,230 20,681 2.46 %1,830,020 21,626 2.38 %
FHLBNY and FRB stock31,821 1,346 8.53 %36,147 1,421 7.90 %
Total loans and leases, net of unearned income2,3
6,077,749 161,335 5.35 %5,654,576 145,616 5.18 %
Total interest-earning assets7,818,921 183,724 4.74 %7,532,698 169,001 4.51 %
Other assets293,975 272,895 
Total assets$8,112,896 $7,805,593 
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market3,681,535 32,597 1.79 %3,522,481 30,790 1.76 %
Time deposits1,194,807 21,532 3.63 %988,119 18,928 3.85 %
Total interest-bearing deposits4,876,342 54,129 2.24 %4,510,600 49,718 2.22 %
Federal funds purchased & securities sold under agreements to repurchase44,873 102 0.46 %44,538 24 0.11 %
Other borrowings556,239 12,085 4.38 %655,781 17,053 5.23 %
Total interest-bearing liabilities5,477,454 66,316 2.44 %5,210,919 66,795 2.58 %
Noninterest bearing deposits1,799,169 1,834,284 
Accrued expenses and other liabilities97,170 95,529 
Total liabilities7,373,793 7,140,732 
Tompkins Financial Corporation Shareholders’ equity739,103 663,428 
Noncontrolling interest0 1,433 
Total equity739,103 664,861 
Total liabilities and equity$8,112,896 $7,805,593 
Interest rate spread2.30 %1.93 %
Net interest income (TE)/margin on earning assets117,408 3.03 %102,206 2.73 %
Tax Equivalent Adjustment(616)(578)
Net interest income$116,792 $101,628 


Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data)
Quarter-EndedYear-Ended
Period End Balance SheetJun-25Mar-25Dec-24Sep-24Jun-24Dec-24
Securities$1,588,647 $1,572,602 $1,544,762 $1,622,526 $1,630,654 $1,544,762 
Total Loans6,172,654 6,066,645 6,019,922 5,881,261 5,761,864 6,019,922 
Allowance for credit losses58,555 61,023 56,496 55,384 53,059 56,496 
Total assets8,373,818 8,199,653 8,109,080 8,006,427 7,869,522 8,109,080 
Total deposits6,715,795 6,753,502 6,471,805 6,577,896 6,285,896 6,471,805 
Brokered deposits138,787 99,763 0 20,383 22,808 0 
Federal funds purchased and securities sold under agreements to repurchase127,111 122,985 37,036 67,506 35,989 37,036 
Other borrowings672,696 493,247 790,247 539,327 773,627 790,247 
Total common equity761,793 741,377 713,444 719,855 674,630 713,444 
Total equity761,793 741,377 713,444 721,348 676,093 713,444 

Average Balance Sheet
Average earning assets$7,875,490 $7,761,723 $7,691,242 $7,638,314 $7,547,689 $7,599,098 
Average assets8,168,595 8,056,578 7,973,732 7,914,924 7,810,061 7,875,339 
Average interest-bearing liabilities5,503,624 5,450,993 5,311,044 5,277,988 5,215,003 5,252,947 
Average equity749,975 728,110 716,546 696,532 662,969 685,814 
Share data
Weighted average shares outstanding (basic)14,246,395 14,246,140 14,230,297 14,215,607 14,214,574 14,218,106 
Weighted average shares outstanding (diluted)14,320,125 14,319,440 14,312,497 14,283,255 14,239,626 14,268,443 
Period-end shares outstanding14,430,985 14,433,873 14,436,363 14,394,255 14,395,204 14,436,363 
Common equity book value per share$52.79 $51.36 $49.42 $50.01 $46.86 $49.42 
Tangible book value per share (Non-GAAP)**$46.31 $44.88 $42.93 $43.50 $40.35 $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$60,130 $56,662 $56,281 $53,193 $50,953 $211,102 
Provision for credit loss expense2,780 5,287 1,411 2,174 2,172 6,611 
Noninterest income22,512 25,032 20,829 23,385 21,776 88,127 
Noninterest expense51,623 50,607 49,966 49,877 49,942 199,642 
Income tax expense6,768 6,121 6,045 5,858 4,902 22,003 
Net income attributable to Tompkins Financial Corporation21,471 19,679 19,658 18,638 15,682 70,850 
Noncontrolling interests0 0 30 31 31 123 
Basic earnings per share4
1.51 1.38 1.38 1.31 1.10 4.98 
Diluted earnings per share4
1.50 1.37 1.37 1.30 1.10 4.97 
Nonperforming Assets
Nonaccrual loans and leases$52,325 $70,891 $50,548 $62,381 $62,253 $50,548 
Loans and leases 90 days past due and accruing166 187 323 193 215 323 
Total nonperforming loans and leases52,491 71,078 50,871 62,574 62,468 50,871 
OREO81 81 14,314 81 80 14,314 
Total nonperforming assets$52,572 $71,159 $65,185 $62,655 $62,548 $65,185 


Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Quarter-EndedYear-Ended
Delinquency - Total loan and lease portfolioJun-25Mar-25Dec-24Sep-24Jun-24Dec-24
Loans and leases 30-89 days past due and
accruing$5,857 $12,285 $28,828 $7,031 $5,286 $28,828 
Loans and leases 90 days past due and accruing166 187 323 193 215 323 
Total loans and leases past due and accruing6,023 12,472 29,151 7,224 5,501 29,151 

Allowance for Credit Losses
Balance at beginning of period$61,023 $56,496 $55,384 $53,059 $51,704 $51,584 
Provision for credit losses2,786 5,260 1,969 3,237 1,864 $7,418 
Net loan and lease charge-offs (recoveries) 5,254 733 857 912 509 $2,506 
Allowance for credit losses at end of period$58,555 $61,023 $56,496 $55,384 $53,059 $56,496 
Allowance for Credit Losses - Off-Balance Sheet Exposure
Balance at beginning of period$1,490 $1,463 $2,021 $3,084 $2,776 $2,270 
Provision (credit) for credit losses(6)27 (558)(1,063)308 $(807)
Allowance for credit losses at end of period$1,484 $1,490 $1,463 $2,021 $3,084 $1,463 
Loan Classification - Total Portfolio
Special Mention$40,048 $34,790 $36,923 $58,758 $48,712 $36,923 
Substandard56,740 75,980 74,163 67,261 67,509 74,163 

Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans and leases0.85 %1.17 %0.85 %1.06 %1.08 %0.85 %
Nonperforming assets/total assets0.63 %0.87 %0.80 %0.78 %0.79 %0.80 %
Allowance for credit losses/total loans and leases0.95 %1.01 %0.94 %0.94 %0.92 %0.94 %
Allowance/nonperforming loans and leases111.55 %85.85 %111.06 %88.51 %84.94 %111.06 %
Net loan and lease losses (recoveries) annualized/total average loans and leases0.34 %0.05 %0.06 %0.06 %0.04 %0.04 %
Capital Adequacy
Tier 1 Capital (to average assets)9.36 %9.31 %9.27 %9.19 %9.15 %9.27 %
Total Capital (to risk-weighted assets)13.15 %13.28 %13.07 %13.21 %13.26 %13.07 %
Profitability (period-end)
Return on average assets *1.05 %0.99 %0.98 %0.94 %0.81 %0.90 %
Return on average equity *11.48 %10.96 %10.91 %10.65 %9.51 %10.33 %
Net interest margin (TE) *3.08 %2.98 %2.93 %2.79 %2.73 %2.79 %
Average yield on interest-earning assets*4.79 %4.69 %4.67 %4.66 %4.56 %4.59 %
Average cost of deposits*1.64 %1.63 %1.67 %1.67 %1.61 %1.62 %
Average cost of funds*1.84 %1.84 %1.88 %2.01 %1.96 %1.92 %
* Quarterly ratios have been annualized








Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued

Non-GAAP Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (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 below table. The Company believes the non-GAAP measures provide meaningful comparisons of our underlying operational performance and facilitate management's and investors' assessments of business and performance trends in comparison to others in the financial services industry. These non-GAAP financial measures should not be considered in isolation or as a measure of the Company's profitability or liquidity; they are in addition to, and are not a substitute for, financial measures under GAAP. The non-GAAP financial measures presented herein may be different from non-GAAP financial measures used by other companies, and may not be comparable to similarly titled measures reported by other companies. Further, the Company may utilize other measures to illustrate performance in the future. Non-GAAP financial measures have limitations since they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP.

Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP)
Quarter-EndedYear-Ended
Jun-25Mar-25Dec-24Sep-24Jun-24Dec-24
Common equity book value per share (GAAP)$52.79 $51.36 $49.42 $50.01 $46.86 $49.42 
Total common equity$761,793 $741,377 $713,444 $719,855 $674,630 $713,444 
Less: Goodwill and intangibles93,50393,58693,67093,76093,84793,670 
Tangible common equity (Non-GAAP)668,290 647,791 619,774 626,095 580,783 619,774 
Ending shares outstanding14,430,985 14,433,873 14,436,363 14,394,255 14,395,204 14,436,363 
Tangible book value per share (Non-GAAP)$46.31 $44.88 $42.93 $43.50 $40.35 $42.93 

1 Average balances and yields on available-for-sale securities are based on historical amortized cost.
2 Interest income includes the tax effects of taxable-equivalent adjustments using an effective income tax rate of 21% in 2025 and 2024 to increase tax exempt interest income to taxable-equivalent basis.
3 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, 2024.
4 Earnings per share for the full fiscal year may not equal the sum of the quarterly earnings per share as a result of rounding of average shares.