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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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New York
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16-1482357
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
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Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
Common Stock, $0.10 par value
|
TMP
|
NYSE American, LLC
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Large Accelerated Filer
|
☒
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Accelerated Filer
|
☐
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Non-Accelerated Filer
|
☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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PAGE
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(In thousands, except share and per share data)
|
As of
|
As of
|
||||
ASSETS
|
9/30/2019
|
12/31/2018
|
||||
|
(unaudited)
|
(audited)
|
||||
Cash and noninterest bearing balances due from banks
|
$
|
124,939
|
|
$
|
78,524
|
|
Interest bearing balances due from banks
|
2,488
|
|
1,865
|
|
||
Cash and Cash Equivalents
|
127,427
|
|
80,389
|
|
||
|
|
|
||||
Available-for-sale securities, at fair value (amortized cost of $1,140,086 at September 30, 2019 and $1,363,902 at December 31, 2018)
|
1,142,452
|
|
1,332,658
|
|
||
Held-to-maturity securities, at amortized cost (fair value of $142,583 at September 30, 2019 and $139,377 at December 31, 2018)
|
138,657
|
|
140,579
|
|
||
Equity securities, at fair value (amortized cost $1,000 at September 30, 2019 and $1,000 at December 31, 2018)
|
917
|
|
887
|
|
||
Originated loans and leases, net of unearned income and deferred costs and fees
|
4,628,616
|
|
4,568,741
|
|
||
Acquired loans
|
228,457
|
|
265,198
|
|
||
Less: Allowance for loan and lease losses
|
41,371
|
|
43,410
|
|
||
Net Loans and Leases
|
4,815,702
|
|
4,790,529
|
|
||
|
|
|
||||
Federal Home Loan Bank and other stock
|
24,881
|
|
52,262
|
|
||
Bank premises and equipment, net
|
94,861
|
|
97,202
|
|
||
Corporate owned life insurance
|
82,516
|
|
81,928
|
|
||
Goodwill
|
92,447
|
|
92,283
|
|
||
Other intangible assets, net
|
6,647
|
|
7,628
|
|
||
Accrued interest and other assets
|
101,475
|
|
82,091
|
|
||
Total Assets
|
$
|
6,627,982
|
|
$
|
6,758,436
|
|
LIABILITIES
|
|
|
||||
Deposits:
|
|
|
||||
Interest bearing:
|
|
|
||||
Checking, savings and money market
|
3,165,622
|
|
2,853,190
|
|
||
Time
|
701,444
|
|
637,295
|
|
||
Noninterest bearing
|
1,502,924
|
|
1,398,474
|
|
||
Total Deposits
|
5,369,990
|
|
4,888,959
|
|
||
|
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
50,541
|
|
81,842
|
|
||
Other borrowings
|
429,000
|
|
1,076,075
|
|
||
Trust preferred debentures
|
16,992
|
|
16,863
|
|
||
Other liabilities
|
101,594
|
|
73,826
|
|
||
Total Liabilities
|
$
|
5,968,117
|
|
$
|
6,137,565
|
|
EQUITY
|
|
|
||||
Tompkins Financial Corporation shareholders' equity:
|
|
|
||||
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,011,660 at September 30, 2019; and 15,348,287 at December 31, 2018
|
1,501
|
|
1,535
|
|
||
Additional paid-in capital
|
341,654
|
|
366,595
|
|
||
Retained earnings
|
357,165
|
|
319,396
|
|
||
Accumulated other comprehensive loss
|
(36,851
|
)
|
(63,165
|
)
|
||
Treasury stock, at cost – 121,880 shares at September 30, 2019, and 122,227 shares at December 31, 2018
|
(5,111
|
)
|
(4,902
|
)
|
||
Total Tompkins Financial Corporation Shareholders’ Equity
|
658,358
|
|
619,459
|
|
||
|
|
|
||||
Noncontrolling interests
|
1,507
|
|
1,412
|
|
||
Total Equity
|
$
|
659,865
|
|
$
|
620,871
|
|
Total Liabilities and Equity
|
$
|
6,627,982
|
|
$
|
6,758,436
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
(In thousands, except per share data) (Unaudited)
|
9/30/2019
|
9/30/2018
|
9/30/2019
|
9/30/2018
|
||||||||
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
||||||||
Loans
|
$
|
57,621
|
|
$
|
54,769
|
|
$
|
169,685
|
|
$
|
158,419
|
|
Due from banks
|
11
|
|
8
|
|
31
|
|
22
|
|
||||
Available-for-sale securities
|
6,511
|
|
7,448
|
|
22,055
|
|
22,821
|
|
||||
Held-to-maturity securities
|
862
|
|
860
|
|
2,583
|
|
2,572
|
|
||||
Federal Home Loan Bank and other stock
|
770
|
|
899
|
|
2,442
|
|
2,433
|
|
||||
Total Interest and Dividend Income
|
65,775
|
|
63,984
|
|
196,796
|
|
186,267
|
|
||||
INTEREST EXPENSE
|
|
|
|
|
||||||||
Time certificates of deposits of $250,000 or more
|
823
|
|
563
|
|
2,184
|
|
1,088
|
|
||||
Other deposits
|
7,583
|
|
3,830
|
|
20,409
|
|
9,699
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
34
|
|
35
|
|
110
|
|
115
|
|
||||
Trust preferred debentures
|
317
|
|
318
|
|
974
|
|
904
|
|
||||
Other borrowings
|
3,862
|
|
6,075
|
|
15,731
|
|
15,897
|
|
||||
Total Interest Expense
|
12,619
|
|
10,821
|
|
39,408
|
|
27,703
|
|
||||
Net Interest Income
|
53,156
|
|
53,163
|
|
157,388
|
|
158,564
|
|
||||
Less: Provision for loan and lease losses
|
1,320
|
|
272
|
|
2,366
|
|
1,884
|
|
||||
Net Interest Income After Provision for Loan and Lease Losses
|
51,836
|
|
52,891
|
|
155,022
|
|
156,680
|
|
||||
NONINTEREST INCOME
|
|
|
|
|
||||||||
Insurance commissions and fees
|
8,517
|
|
7,903
|
|
24,314
|
|
22,684
|
|
||||
Investment services income
|
4,175
|
|
4,097
|
|
12,166
|
|
12,365
|
|
||||
Service charges on deposit accounts
|
2,191
|
|
2,088
|
|
6,210
|
|
6,300
|
|
||||
Card services income
|
2,550
|
|
2,442
|
|
8,090
|
|
7,209
|
|
||||
Other income
|
1,963
|
|
2,057
|
|
6,247
|
|
8,743
|
|
||||
Net gain on securities transactions
|
138
|
|
16
|
|
434
|
|
290
|
|
||||
Total Noninterest Income
|
19,534
|
|
18,603
|
|
57,461
|
|
57,591
|
|
||||
NONINTEREST EXPENSE
|
|
|
|
|
||||||||
Salaries and wages
|
22,960
|
|
22,029
|
|
66,149
|
|
64,404
|
|
||||
Other employee benefits
|
5,821
|
|
5,300
|
|
17,094
|
|
15,859
|
|
||||
Net occupancy expense of premises
|
3,236
|
|
3,057
|
|
10,095
|
|
9,873
|
|
||||
Furniture and fixture expense
|
1,919
|
|
1,814
|
|
5,894
|
|
5,461
|
|
||||
Amortization of intangible assets
|
421
|
|
440
|
|
1,251
|
|
1,334
|
|
||||
Other operating expense
|
11,298
|
|
12,493
|
|
35,451
|
|
36,908
|
|
||||
Total Noninterest Expenses
|
45,655
|
|
45,133
|
|
135,934
|
|
133,839
|
|
||||
Income Before Income Tax Expense
|
25,715
|
|
26,361
|
|
76,549
|
|
80,432
|
|
||||
Income Tax Expense
|
5,478
|
|
5,427
|
|
15,816
|
|
16,939
|
|
||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation
|
20,237
|
|
20,934
|
|
60,733
|
|
63,493
|
|
||||
Less: Net Income Attributable to Noncontrolling Interests
|
31
|
|
32
|
|
95
|
|
96
|
|
||||
Net Income Attributable to Tompkins Financial Corporation
|
$
|
20,206
|
|
$
|
20,902
|
|
$
|
60,638
|
|
$
|
63,397
|
|
Basic Earnings Per Share
|
$
|
1.34
|
|
$
|
1.37
|
|
$
|
3.99
|
|
$
|
4.15
|
|
Diluted Earnings Per Share
|
$
|
1.34
|
|
$
|
1.36
|
|
$
|
3.97
|
|
$
|
4.12
|
|
|
Three Months Ended
|
||||||
(In thousands) (Unaudited)
|
9/30/2019
|
|
9/30/2018
|
||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
$
|
20,237
|
|
|
$
|
20,934
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
|
|
|
|
||||
Available-for-sale securities:
|
|
|
|
||||
Change in net unrealized gain/(loss) during the period
|
3,111
|
|
|
(5,806
|
)
|
||
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(101
|
)
|
|
(23
|
)
|
||
|
|
|
|
||||
Employee benefit plans:
|
|
|
|
||||
Amortization of net retirement plan actuarial loss
|
310
|
|
|
325
|
|
||
Amortization of net retirement plan prior service cost
|
3
|
|
|
3
|
|
||
|
|
|
|
||||
Other comprehensive income (loss)
|
3,323
|
|
|
(5,501
|
)
|
||
|
|
|
|
||||
Subtotal comprehensive income attributable to noncontrolling interests and Tompkins Financial Corporation
|
23,560
|
|
|
15,433
|
|
||
Less: Net income attributable to noncontrolling interests
|
(31
|
)
|
|
(32
|
)
|
||
Total comprehensive income attributable to Tompkins Financial Corporation
|
$
|
23,529
|
|
|
$
|
15,401
|
|
|
Nine Months Ended
|
||||||
(In thousands) (Unaudited)
|
9/30/2019
|
|
9/30/2018
|
||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
$
|
60,733
|
|
|
$
|
63,493
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
||||
|
|
|
|
||||
Available-for-sale securities:
|
|
|
|
||||
Change in net unrealized gain/loss during the period
|
25,681
|
|
|
(24,443
|
)
|
||
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(305
|
)
|
|
(245
|
)
|
||
|
|
|
|
||||
Employee benefit plans:
|
|
|
|
||||
Amortization of net retirement plan actuarial loss
|
930
|
|
|
973
|
|
||
Amortization of net retirement plan prior service cost
|
8
|
|
|
9
|
|
||
|
|
|
|
||||
Other comprehensive income (loss)
|
26,314
|
|
|
(23,706
|
)
|
||
|
|
|
|
||||
Subtotal comprehensive income attributable to noncontrolling interests and Tompkins Financial Corporation
|
87,047
|
|
|
39,787
|
|
||
Less: Net income attributable to noncontrolling interests
|
(95
|
)
|
|
(96
|
)
|
||
Total comprehensive income attributable to Tompkins Financial Corporation
|
$
|
86,952
|
|
|
$
|
39,691
|
|
|
Nine Months Ended
|
||||||
(In thousands) (Unaudited)
|
9/30/2019
|
|
9/30/2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income attributable to Tompkins Financial Corporation
|
$
|
60,638
|
|
|
$
|
63,397
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for loan and lease losses
|
2,366
|
|
|
1,884
|
|
||
Depreciation and amortization of premises, equipment, and software
|
7,495
|
|
|
6,937
|
|
||
Amortization of intangible assets
|
1,251
|
|
|
1,334
|
|
||
Earnings from corporate owned life insurance
|
(1,612
|
)
|
|
(1,519
|
)
|
||
Net amortization on securities
|
5,425
|
|
|
6,775
|
|
||
Amortization/accretion related to purchase accounting
|
(1,091
|
)
|
|
(1,603
|
)
|
||
Net gain on securities transactions
|
(434
|
)
|
|
(290
|
)
|
||
Net gain on sale of loans originated for sale
|
(139
|
)
|
|
(295
|
)
|
||
Proceeds from sale of loans originated for sale
|
11,532
|
|
|
15,585
|
|
||
Loans originated for sale
|
(9,961
|
)
|
|
(16,970
|
)
|
||
Net gain on sale of bank premises and equipment
|
(110
|
)
|
|
(2,946
|
)
|
||
Net excess tax benefit from stock based compensation
|
574
|
|
|
496
|
|
||
Stock-based compensation expense
|
3,009
|
|
|
2,511
|
|
||
Increase in accrued interest receivable
|
(488
|
)
|
|
(2,989
|
)
|
||
(Decrease) increase in accrued interest payable
|
(114
|
)
|
|
112
|
|
||
Other, net
|
(4,132
|
)
|
|
(4,829
|
)
|
||
Net Cash Provided by Operating Activities
|
74,209
|
|
|
67,590
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Proceeds from maturities, calls and principal paydowns of available-for-sale securities
|
232,792
|
|
|
105,220
|
|
||
Proceeds from sales of available-for-sale securities
|
176,249
|
|
|
60,888
|
|
||
Proceeds from maturities, calls and principal paydowns of held-to-maturity securities
|
9,205
|
|
|
5,791
|
|
||
Purchases of available-for-sale securities
|
(189,940
|
)
|
|
(123,772
|
)
|
||
Purchases of held-to-maturity securities
|
(7,589
|
)
|
|
(8,110
|
)
|
||
Net increase in loans
|
(28,395
|
)
|
|
(131,513
|
)
|
||
Net decrease in Federal Home Loan Bank stock
|
27,381
|
|
|
2,042
|
|
||
Proceeds from sale of bank premises and equipment
|
449
|
|
|
3,274
|
|
||
Purchases of bank premises, equipment and software
|
(4,049
|
)
|
|
(14,380
|
)
|
||
Net cash used in acquisition
|
(436
|
)
|
|
0
|
|
||
Other, net
|
4,887
|
|
|
132
|
|
||
Net Cash Provided by (Used in) Investing Activities
|
220,554
|
|
|
(100,428
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Net increase in demand, money market, and savings deposits
|
416,882
|
|
|
295,423
|
|
||
Net increase (decrease) in time deposits
|
64,831
|
|
|
(107,071
|
)
|
||
Net decrease in Federal funds purchased and securities sold under agreements to repurchase
|
(31,301
|
)
|
|
(22,302
|
)
|
||
Increase in other borrowings
|
252,753
|
|
|
415,932
|
|
||
Repayment of other borrowings
|
(899,828
|
)
|
|
(499,159
|
)
|
||
Cash dividends
|
(22,869
|
)
|
|
(21,998
|
)
|
||
Repurchase of common stock
|
(26,992
|
)
|
|
(1,206
|
)
|
||
Shares issued for employee stock ownership plan
|
0
|
|
|
3,073
|
|
||
Net shares issued related to restricted stock awards
|
(385
|
)
|
|
(494
|
)
|
||
Net proceeds from exercise of stock options
|
(816
|
)
|
|
(501
|
)
|
||
Net Cash (Used in) Provided by Financing Activities
|
(247,725
|
)
|
|
61,697
|
|
||
Net Increase in Cash and Cash Equivalents
|
47,038
|
|
|
28,859
|
|
||
Cash and cash equivalents at beginning of period
|
80,389
|
|
|
84,303
|
|
||
Total Cash and Cash Equivalents at End of Period
|
$
|
127,427
|
|
|
$
|
113,162
|
|
|
Nine Months Ended
|
||||||
(In thousands) (Unaudited)
|
9/30/2019
|
|
9/30/2018
|
||||
Supplemental Information:
|
|
|
|
||||
Cash paid during the year for - Interest
|
$
|
40,204
|
|
|
$
|
28,668
|
|
Cash paid during the year for - Taxes
|
11,241
|
|
|
14,963
|
|
||
Transfer of loans to other real estate owned
|
774
|
|
|
242
|
|
(In thousands except share and per share data)
|
Common
Stock |
Additional Paid-in Capital
|
Retained
Earnings |
Accumulated Other Comprehensive (Loss) Income
|
Treasury
Stock |
Non-
controlling Interests |
Total
|
||||||||||||||
Balances at July 1, 2018
|
$
|
1,532
|
|
$
|
367,121
|
|
$
|
294,553
|
|
$
|
(69,436
|
)
|
$
|
(4,597
|
)
|
$
|
1,476
|
|
$
|
590,649
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
|
|
20,902
|
|
|
|
|
|
32
|
|
20,934
|
|
|||||||
Other comprehensive (loss)
|
|
|
|
|
|
|
(5,501
|
)
|
|
|
|
|
(5,501
|
)
|
|||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
15,433
|
|
|||||||
Cash dividends ($0.48 per share)
|
|
|
(7,334
|
)
|
|
|
|
(7,334
|
)
|
||||||||||||
Net exercise of stock options (5,293 shares)
|
1
|
|
(288
|
)
|
|
|
|
|
(287
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status
|
(1
|
)
|
|
|
|
|
|
(1
|
)
|
||||||||||||
Stock-based compensation expense
|
|
815
|
|
|
|
|
|
815
|
|
||||||||||||
Directors deferred compensation plan (1,967 shares)
|
|
151
|
|
|
|
(151
|
)
|
|
0
|
|
|||||||||||
Restricted stock activity ((10,078) shares)
|
(1
|
)
|
(130
|
)
|
|
|
|
|
(131
|
)
|
|||||||||||
Balances at September 30, 2018
|
$
|
1,531
|
|
$
|
367,669
|
|
$
|
308,121
|
|
$
|
(74,937
|
)
|
$
|
(4,748
|
)
|
$
|
1,508
|
|
$
|
599,144
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balances at July 1, 2019
|
$
|
1,520
|
|
$
|
355,284
|
|
$
|
344,513
|
|
$
|
(40,174
|
)
|
$
|
(4,942
|
)
|
$
|
1,476
|
|
$
|
657,677
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
20,206
|
|
|
|
31
|
|
20,237
|
|
|||||||||||
Other comprehensive income
|
|
|
|
3,323
|
|
|
|
3,323
|
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
23,560
|
|
|||||||||||||
Cash dividends ($0.50 per share)
|
|
|
(7,554
|
)
|
|
|
|
(7,554
|
)
|
||||||||||||
Net exercise of stock options (2,902 shares)
|
0
|
|
(106
|
)
|
|
|
|
|
(106
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status (185,107 shares)
|
(18
|
)
|
(14,690
|
)
|
|
|
|
|
(14,708
|
)
|
|||||||||||
Stock-based compensation expense
|
|
997
|
|
|
|
|
|
997
|
|
||||||||||||
Directors deferred compensation plan (2,027 shares)
|
|
169
|
|
|
|
(169
|
)
|
|
0
|
|
|||||||||||
Restricted stock activity ((2,764) shares)
|
(1
|
)
|
0
|
|
|
|
|
|
(1
|
)
|
|||||||||||
Balances at September 30, 2019
|
$
|
1,501
|
|
$
|
341,654
|
|
$
|
357,165
|
|
$
|
(36,851
|
)
|
$
|
(5,111
|
)
|
$
|
1,507
|
|
$
|
659,865
|
|
(In thousands except share and per share data)
|
Common
Stock |
Additional Paid-in Capital
|
Retained
Earnings |
Accumulated Other Comprehensive (Loss) Income
|
Treasury
Stock |
Non-
controlling Interests |
Total
|
||||||||||||||
Balances at January 1, 2018
|
$
|
1,530
|
|
$
|
364,031
|
|
$
|
265,007
|
|
$
|
(51,296
|
)
|
$
|
(4,492
|
)
|
$
|
1,422
|
|
$
|
576,202
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
63,397
|
|
|
|
96
|
|
63,493
|
|
|||||||||||
Other comprehensive (loss)
|
|
|
|
(23,706
|
)
|
|
|
(23,706
|
)
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
39,787
|
|
|||||||||||||
Cash dividends ($1.44 per share)
|
|
|
(21,998
|
)
|
|
|
|
(21,998
|
)
|
||||||||||||
Net exercise of stock options (10,136 shares)
|
1
|
|
(502
|
)
|
|
|
|
|
(501
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status (15,500 shares)
|
(2
|
)
|
(1,204
|
)
|
|
|
|
|
(1,206
|
)
|
|||||||||||
Stock-based compensation expense
|
|
2,511
|
|
|
|
|
|
2,511
|
|
||||||||||||
Shares issued for employee stock ownership plan (38,883 shares)
|
4
|
|
3,069
|
|
|
|
|
|
3,073
|
|
|||||||||||
Directors deferred compensation plan ((527) shares)
|
|
256
|
|
|
|
(256
|
)
|
|
0
|
|
|||||||||||
Restricted stock activity ((21,218) shares)
|
(2
|
)
|
(492
|
)
|
|
|
|
|
(494
|
)
|
|||||||||||
Adoption of Accounting Guidance ASU 2016-01
|
|
|
(65
|
)
|
65
|
|
|
|
0
|
|
|||||||||||
Adoption of Accounting Guidance ASU 2014-09
|
|
|
1,780
|
|
|
|
|
1,780
|
|
||||||||||||
Partial repurchase of noncontrolling interest
|
|
|
|
|
|
(10
|
)
|
(10
|
)
|
||||||||||||
Balances at September 30, 2018
|
$
|
1,531
|
|
$
|
367,669
|
|
$
|
308,121
|
|
$
|
(74,937
|
)
|
$
|
(4,748
|
)
|
$
|
1,508
|
|
$
|
599,144
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balances at January 1, 2019
|
$
|
1,535
|
|
$
|
366,595
|
|
$
|
319,396
|
|
$
|
(63,165
|
)
|
$
|
(4,902
|
)
|
$
|
1,412
|
|
$
|
620,871
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
60,638
|
|
|
|
95
|
|
60,733
|
|
|||||||||||
Other comprehensive income
|
|
|
|
26,314
|
|
|
|
26,314
|
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
87,047
|
|
|||||||||||||
Cash dividends ($1.50 per share)
|
|
|
(22,869
|
)
|
|
|
|
(22,869
|
)
|
||||||||||||
Net exercise of stock options (15,201 shares)
|
1
|
|
(817
|
)
|
|
|
|
|
(816
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status (340,200 shares)
|
(34
|
)
|
(26,958
|
)
|
|
|
|
|
(26,992
|
)
|
|||||||||||
Stock-based compensation expense
|
|
3,009
|
|
|
|
|
|
3,009
|
|
||||||||||||
Directors deferred compensation plan ((347) shares)
|
|
209
|
|
|
|
(209
|
)
|
|
0
|
|
|||||||||||
Restricted stock activity ((11,628) shares)
|
(1
|
)
|
(384
|
)
|
|
|
|
|
(385
|
)
|
|||||||||||
Balances at September 30, 2019
|
$
|
1,501
|
|
$
|
341,654
|
|
$
|
357,165
|
|
$
|
(36,851
|
)
|
$
|
(5,111
|
)
|
$
|
1,507
|
|
$
|
659,865
|
|
|
Available-for-Sale Securities
|
||||||||||||||
September 30, 2019
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
1,356
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
1,356
|
|
Obligations of U.S. Government sponsored entities
|
314,740
|
|
|
2,039
|
|
|
63
|
|
|
316,716
|
|
||||
Obligations of U.S. states and political subdivisions
|
84,744
|
|
|
1,152
|
|
|
60
|
|
|
85,836
|
|
||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
176,737
|
|
|
1,429
|
|
|
1,319
|
|
|
176,847
|
|
||||
U.S. Government sponsored entities
|
560,009
|
|
|
2,920
|
|
|
3,664
|
|
|
559,265
|
|
||||
U.S. corporate debt securities
|
2,500
|
|
|
0
|
|
|
68
|
|
|
2,432
|
|
||||
Total available-for-sale securities
|
$
|
1,140,086
|
|
|
$
|
7,540
|
|
|
$
|
5,174
|
|
|
$
|
1,142,452
|
|
|
Available-for-Sale Securities
|
||||||||||||||
December 31, 2018
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
289
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
289
|
|
Obligations of U.S. Government sponsored entities
|
493,371
|
|
|
80
|
|
|
7,553
|
|
|
485,898
|
|
||||
Obligations of U.S. states and political subdivisions
|
86,260
|
|
|
113
|
|
|
933
|
|
|
85,440
|
|
||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
131,831
|
|
|
168
|
|
|
3,732
|
|
|
128,267
|
|
||||
U.S. Government sponsored entities
|
649,620
|
|
|
537
|
|
|
19,599
|
|
|
630,558
|
|
||||
Non-U.S. Government agencies or sponsored entities
|
31
|
|
|
0
|
|
|
0
|
|
|
31
|
|
||||
U.S. corporate debt securities
|
2,500
|
|
|
0
|
|
|
325
|
|
|
2,175
|
|
||||
Total available-for-sale securities
|
$
|
1,363,902
|
|
|
$
|
898
|
|
|
$
|
32,142
|
|
|
$
|
1,332,658
|
|
|
Held-to-Maturity Securities
|
||||||||||||||
September 30, 2019
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored entities
|
$
|
131,001
|
|
|
$
|
3,882
|
|
|
$
|
0
|
|
|
$
|
134,883
|
|
Obligations of U.S. states and political subdivisions
|
7,656
|
|
|
44
|
|
|
0
|
|
|
7,700
|
|
||||
Total held-to-maturity debt securities
|
$
|
138,657
|
|
|
$
|
3,926
|
|
|
$
|
0
|
|
|
$
|
142,583
|
|
|
Held-to-Maturity Securities
|
||||||||||||||
December 31, 2018
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored entities
|
$
|
131,306
|
|
|
$
|
0
|
|
|
$
|
1,198
|
|
|
$
|
130,108
|
|
Obligations of U.S. states and political subdivisions
|
9,273
|
|
|
20
|
|
|
24
|
|
|
9,269
|
|
||||
Total held-to-maturity debt securities
|
$
|
140,579
|
|
|
$
|
20
|
|
|
$
|
1,222
|
|
|
$
|
139,377
|
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Obligations of U.S. Government sponsored entities
|
$
|
9,451
|
|
|
$
|
49
|
|
|
$
|
8,540
|
|
|
$
|
14
|
|
|
$
|
17,991
|
|
|
$
|
63
|
|
Obligations of U.S. states and political subdivisions
|
5,761
|
|
|
45
|
|
|
2,295
|
|
|
15
|
|
|
8,056
|
|
|
60
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
57,136
|
|
|
336
|
|
|
49,624
|
|
|
983
|
|
|
106,760
|
|
|
1,319
|
|
||||||
U.S. Government sponsored entities
|
42,056
|
|
|
276
|
|
|
296,532
|
|
|
3,388
|
|
|
338,588
|
|
|
3,664
|
|
||||||
U.S. corporate debt securities
|
0
|
|
|
0
|
|
|
2,432
|
|
|
68
|
|
|
2,432
|
|
|
68
|
|
||||||
Total available-for-sale securities
|
$
|
114,404
|
|
|
$
|
706
|
|
|
$
|
359,423
|
|
|
$
|
4,468
|
|
|
$
|
473,827
|
|
|
$
|
5,174
|
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Obligations of U.S. Government sponsored entities
|
$
|
21,660
|
|
|
$
|
183
|
|
|
$
|
449,141
|
|
|
$
|
7,370
|
|
|
$
|
470,801
|
|
|
$
|
7,553
|
|
Obligations of U.S. states and political subdivisions
|
11,971
|
|
|
19
|
|
|
49,756
|
|
|
914
|
|
|
61,727
|
|
|
933
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
16,854
|
|
|
22
|
|
|
96,247
|
|
|
3,710
|
|
|
113,101
|
|
|
3,732
|
|
||||||
U.S. Government sponsored entities
|
61,163
|
|
|
662
|
|
|
512,216
|
|
|
18,937
|
|
|
573,379
|
|
|
19,599
|
|
||||||
U.S. corporate debt securities
|
0
|
|
|
0
|
|
|
2,175
|
|
|
325
|
|
|
2,175
|
|
|
325
|
|
||||||
Total available-for-sale securities
|
$
|
111,648
|
|
|
$
|
886
|
|
|
$
|
1,109,535
|
|
|
$
|
31,256
|
|
|
$
|
1,221,183
|
|
|
$
|
32,142
|
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Obligations of U.S. Government sponsored entities
|
$
|
4,980
|
|
|
$
|
9
|
|
|
$
|
125,128
|
|
|
$
|
1,189
|
|
|
$
|
130,108
|
|
|
$
|
1,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of U.S. states and political subdivisions
|
8,127
|
|
|
24
|
|
|
0
|
|
|
0
|
|
|
8,127
|
|
|
24
|
|
||||||
Total held-to-maturity securities
|
$
|
13,107
|
|
|
$
|
33
|
|
|
$
|
125,128
|
|
|
$
|
1,189
|
|
|
$
|
138,235
|
|
|
$
|
1,222
|
|
•
|
The length of time and the extent to which the fair value has been less than the amortized cost basis;
|
•
|
The level of credit enhancement provided by the structure which includes, but is not limited to, credit subordination positions, excess spreads, over collateralization, protective triggers;
|
•
|
Changes in the near term prospects of the issuer or underlying collateral of a security, such as changes in default rates, loss severities given default and significant changes in prepayment assumptions;
|
•
|
The level of excess cash flow generated from the underlying collateral supporting the principal and interest payments of the debt securities; and
|
•
|
Any adverse change to the credit conditions of the issuer or the security such as credit downgrades by the rating agencies.
|
September 30, 2019
|
|
|
|
||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
Available-for-sale securities:
|
|
|
|
||||
Due in one year or less
|
$
|
91,952
|
|
|
$
|
92,005
|
|
Due after one year through five years
|
225,410
|
|
|
227,476
|
|
||
Due after five years through ten years
|
75,180
|
|
|
75,930
|
|
||
Due after ten years
|
10,798
|
|
|
10,929
|
|
||
Total
|
403,340
|
|
|
406,340
|
|
||
Mortgage-backed securities
|
736,746
|
|
|
736,112
|
|
||
Total available-for-sale debt securities
|
$
|
1,140,086
|
|
|
$
|
1,142,452
|
|
December 31, 2018
|
|
|
|
||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
Available-for-sale securities:
|
|
|
|
||||
Due in one year or less
|
$
|
78,160
|
|
|
$
|
77,930
|
|
Due after one year through five years
|
355,499
|
|
|
350,470
|
|
||
Due after five years through ten years
|
139,560
|
|
|
136,734
|
|
||
Due after ten years
|
9,201
|
|
|
8,668
|
|
||
Total
|
582,420
|
|
|
573,802
|
|
||
Mortgage-backed securities
|
781,482
|
|
|
758,856
|
|
||
Total available-for-sale debt securities
|
$
|
1,363,902
|
|
|
$
|
1,332,658
|
|
September 30, 2019
|
|
|
|
||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
Held-to-maturity securities:
|
|
|
|
||||
Due in one year or less
|
$
|
17,696
|
|
|
$
|
17,744
|
|
Due after one year through five years
|
95,979
|
|
|
98,494
|
|
||
Due after five years through ten years
|
24,982
|
|
|
26,345
|
|
||
Total held-to-maturity debt securities
|
$
|
138,657
|
|
|
$
|
142,583
|
|
December 31, 2018
|
|
|
|
||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
Held-to-maturity securities:
|
|
|
|
||||
Due in one year or less
|
$
|
8,850
|
|
|
$
|
8,832
|
|
Due after one year through five years
|
86,520
|
|
|
85,645
|
|
||
Due after five years through ten years
|
45,209
|
|
|
44,900
|
|
||
Total held-to-maturity debt securities
|
$
|
140,579
|
|
|
$
|
139,377
|
|
|
9/30/2019
|
|
12/31/2018
|
||||||||||||||||||||
(In thousands)
|
Originated
|
|
Acquired
|
|
Total Loans and Leases
|
|
Originated
|
|
Acquired
|
|
Total Loans and Leases
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agriculture
|
$
|
94,302
|
|
|
$
|
0
|
|
|
$
|
94,302
|
|
|
$
|
107,494
|
|
|
$
|
0
|
|
|
$
|
107,494
|
|
Commercial and industrial other
|
860,432
|
|
|
39,771
|
|
|
900,203
|
|
|
926,429
|
|
|
43,712
|
|
|
970,141
|
|
||||||
Subtotal commercial and industrial
|
954,734
|
|
|
39,771
|
|
|
994,505
|
|
|
1,033,923
|
|
|
43,712
|
|
|
1,077,635
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Construction
|
190,657
|
|
|
1,358
|
|
|
192,015
|
|
|
164,285
|
|
|
1,384
|
|
|
165,669
|
|
||||||
Agriculture
|
180,385
|
|
|
208
|
|
|
180,593
|
|
|
170,005
|
|
|
224
|
|
|
170,229
|
|
||||||
Commercial real estate other
|
1,902,939
|
|
|
151,223
|
|
|
2,054,162
|
|
|
1,827,279
|
|
|
177,484
|
|
|
2,004,763
|
|
||||||
Subtotal commercial real estate
|
2,273,981
|
|
|
152,789
|
|
|
2,426,770
|
|
|
2,161,569
|
|
|
179,092
|
|
|
2,340,661
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Home equity
|
205,050
|
|
|
16,488
|
|
|
221,538
|
|
|
208,459
|
|
|
21,149
|
|
|
229,608
|
|
||||||
Mortgages
|
1,107,147
|
|
|
18,635
|
|
|
1,125,782
|
|
|
1,083,802
|
|
|
20,484
|
|
|
1,104,286
|
|
||||||
Subtotal residential real estate
|
1,312,197
|
|
|
35,123
|
|
|
1,347,320
|
|
|
1,292,261
|
|
|
41,633
|
|
|
1,333,894
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Indirect
|
13,611
|
|
|
0
|
|
|
13,611
|
|
|
12,663
|
|
|
0
|
|
|
12,663
|
|
||||||
Consumer and other
|
60,789
|
|
|
774
|
|
|
61,563
|
|
|
57,565
|
|
|
761
|
|
|
58,326
|
|
||||||
Subtotal consumer and other
|
74,400
|
|
|
774
|
|
|
75,174
|
|
|
70,228
|
|
|
761
|
|
|
70,989
|
|
||||||
Leases
|
17,129
|
|
|
0
|
|
|
17,129
|
|
|
14,556
|
|
|
0
|
|
|
14,556
|
|
||||||
Total loans and leases
|
4,632,441
|
|
|
228,457
|
|
|
4,860,898
|
|
|
4,572,537
|
|
|
265,198
|
|
|
4,837,735
|
|
||||||
Less: unearned income and deferred costs and fees
|
(3,825
|
)
|
|
0
|
|
|
(3,825
|
)
|
|
(3,796
|
)
|
|
0
|
|
|
(3,796
|
)
|
||||||
Total loans and leases, net of unearned income and deferred costs and fees
|
$
|
4,628,616
|
|
|
$
|
228,457
|
|
|
$
|
4,857,073
|
|
|
$
|
4,568,741
|
|
|
$
|
265,198
|
|
|
$
|
4,833,939
|
|
(In thousands)
|
09/30/2019
|
|
|
12/31/2018
|
|||
Acquired Credit Impaired Loans
|
|
|
|
||||
Outstanding principal balance
|
$
|
11,267
|
|
|
$
|
12,822
|
|
Carrying amount
|
9,651
|
|
|
11,036
|
|
||
|
|
|
|
||||
Acquired Non-Credit Impaired Loans
|
|
|
|
||||
Outstanding principal balance
|
220,563
|
|
|
256,265
|
|
||
Carrying amount
|
218,806
|
|
|
254,162
|
|
||
|
|
|
|
||||
Total Acquired Loans
|
|
|
|
||||
Outstanding principal balance
|
$
|
231,830
|
|
|
$
|
269,087
|
|
Carrying amount
|
$
|
228,457
|
|
|
$
|
265,198
|
|
September 30, 2019
|
|
|
|
|||||||||||||||
(In thousands)
|
30-89 days
|
90 days or more
|
Current Loans
|
Total Loans
|
90 days and accruing1
|
Nonaccrual
|
||||||||||||
Originated Loans and Leases
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||
Agriculture
|
$
|
0
|
|
$
|
0
|
|
$
|
94,302
|
|
$
|
94,302
|
|
$
|
0
|
|
$
|
0
|
|
Commercial and industrial other
|
200
|
|
1,037
|
|
859,195
|
|
860,432
|
|
0
|
|
1,707
|
|
||||||
Subtotal commercial and industrial
|
200
|
|
1,037
|
|
953,497
|
|
954,734
|
|
0
|
|
1,707
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||
Construction
|
210
|
|
0
|
|
190,447
|
|
190,657
|
|
0
|
|
0
|
|
||||||
Agriculture
|
216
|
|
0
|
|
180,169
|
|
180,385
|
|
0
|
|
0
|
|
||||||
Commercial real estate other
|
0
|
|
4,635
|
|
1,898,304
|
|
1,902,939
|
|
0
|
|
10,329
|
|
||||||
Subtotal commercial real estate
|
426
|
|
4,635
|
|
2,268,920
|
|
2,273,981
|
|
0
|
|
10,329
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
||||||||||||
Home equity
|
725
|
|
1,226
|
|
203,099
|
|
205,050
|
|
0
|
|
1,859
|
|
||||||
Mortgages
|
1,614
|
|
4,164
|
|
1,101,369
|
|
1,107,147
|
|
0
|
|
7,260
|
|
||||||
Subtotal residential real estate
|
2,339
|
|
5,390
|
|
1,304,468
|
|
1,312,197
|
|
0
|
|
9,119
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
||||||||||||
Indirect
|
222
|
|
96
|
|
13,293
|
|
13,611
|
|
0
|
|
145
|
|
||||||
Consumer and other
|
100
|
|
76
|
|
60,613
|
|
60,789
|
|
0
|
|
104
|
|
||||||
Subtotal consumer and other
|
322
|
|
172
|
|
73,906
|
|
74,400
|
|
0
|
|
249
|
|
||||||
Leases
|
0
|
|
0
|
|
17,129
|
|
17,129
|
|
0
|
|
0
|
|
||||||
Total loans and leases
|
3,287
|
|
11,234
|
|
4,617,920
|
|
4,632,441
|
|
0
|
|
21,404
|
|
||||||
Less: unearned income and deferred costs and fees
|
0
|
|
0
|
|
(3,825
|
)
|
(3,825
|
)
|
0
|
|
0
|
|
||||||
Total originated loans and leases, net of unearned income and deferred costs and fees
|
$
|
3,287
|
|
$
|
11,234
|
|
$
|
4,614,095
|
|
$
|
4,628,616
|
|
$
|
0
|
|
$
|
21,404
|
|
Acquired Loans and Leases
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
0
|
|
2
|
|
39,769
|
|
39,771
|
|
2
|
|
45
|
|
||||||
Subtotal commercial and industrial
|
0
|
|
2
|
|
39,769
|
|
39,771
|
|
2
|
|
45
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||
Construction
|
0
|
|
0
|
|
1,358
|
|
1,358
|
|
0
|
|
0
|
|
||||||
Agriculture
|
0
|
|
0
|
|
208
|
|
208
|
|
0
|
|
0
|
|
||||||
Commercial real estate other
|
0
|
|
720
|
|
150,503
|
|
151,223
|
|
564
|
|
289
|
|
||||||
Subtotal commercial real estate
|
0
|
|
720
|
|
152,069
|
|
152,789
|
|
564
|
|
289
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
||||||||||||
Home equity
|
212
|
|
271
|
|
16,005
|
|
16,488
|
|
57
|
|
923
|
|
||||||
Mortgages
|
20
|
|
1,125
|
|
17,490
|
|
18,635
|
|
596
|
|
907
|
|
||||||
Subtotal residential real estate
|
232
|
|
1,396
|
|
33,495
|
|
35,123
|
|
653
|
|
1,830
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
||||||||||||
Consumer and other
|
0
|
|
0
|
|
774
|
|
774
|
|
0
|
|
0
|
|
||||||
Subtotal consumer and other
|
0
|
|
0
|
|
774
|
|
774
|
|
0
|
|
0
|
|
||||||
Total acquired loans and leases, net of unearned income and deferred costs and fees
|
$
|
232
|
|
$
|
2,118
|
|
$
|
226,107
|
|
$
|
228,457
|
|
$
|
1,219
|
|
$
|
2,164
|
|
December 31, 2018
|
||||||||||||||||||
(In thousands)
|
30-89 days
|
90 days or more
|
Current Loans
|
Total Loans
|
90 days and accruing1
|
Nonaccrual
|
||||||||||||
Originated loans and leases
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||
Agriculture
|
$
|
0
|
|
$
|
0
|
|
$
|
107,494
|
|
$
|
107,494
|
|
$
|
0
|
|
$
|
0
|
|
Commercial and industrial other
|
2,367
|
|
1,659
|
|
922,403
|
|
926,429
|
|
0
|
|
1,861
|
|
||||||
Subtotal commercial and industrial
|
2,367
|
|
1,659
|
|
1,029,897
|
|
1,033,923
|
|
0
|
|
1,861
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||
Construction
|
0
|
|
0
|
|
164,285
|
|
164,285
|
|
0
|
|
0
|
|
||||||
Agriculture
|
71
|
|
0
|
|
169,934
|
|
170,005
|
|
0
|
|
0
|
|
||||||
Commercial real estate other
|
1,201
|
|
1,856
|
|
1,824,222
|
|
1,827,279
|
|
0
|
|
7,691
|
|
||||||
Subtotal commercial real estate
|
1,272
|
|
1,856
|
|
2,158,441
|
|
2,161,569
|
|
0
|
|
7,691
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
||||||||||||
Home equity
|
986
|
|
1,026
|
|
206,447
|
|
208,459
|
|
0
|
|
1,784
|
|
||||||
Mortgages
|
2,693
|
|
4,027
|
|
1,077,082
|
|
1,083,802
|
|
0
|
|
7,770
|
|
||||||
Subtotal residential real estate
|
3,679
|
|
5,053
|
|
1,283,529
|
|
1,292,261
|
|
0
|
|
9,554
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
||||||||||||
Indirect
|
333
|
|
59
|
|
12,271
|
|
12,663
|
|
0
|
|
155
|
|
||||||
Consumer and other
|
187
|
|
24
|
|
57,354
|
|
57,565
|
|
0
|
|
79
|
|
||||||
Subtotal consumer and other
|
520
|
|
83
|
|
69,625
|
|
70,228
|
|
0
|
|
234
|
|
||||||
Leases
|
0
|
|
0
|
|
14,556
|
|
14,556
|
|
0
|
|
0
|
|
||||||
Total loans and leases
|
7,838
|
|
8,651
|
|
4,556,048
|
|
4,572,537
|
|
0
|
|
19,340
|
|
||||||
Less: unearned income and deferred costs and fees
|
0
|
|
0
|
|
(3,796
|
)
|
(3,796
|
)
|
0
|
|
0
|
|
||||||
Total originated loans and leases, net of unearned income and deferred costs and fees
|
$
|
7,838
|
|
$
|
8,651
|
|
$
|
4,552,252
|
|
$
|
4,568,741
|
|
$
|
0
|
|
$
|
19,340
|
|
Acquired loans and leases
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
0
|
|
10
|
|
43,702
|
|
43,712
|
|
10
|
|
22
|
|
||||||
Subtotal commercial and industrial
|
0
|
|
10
|
|
43,702
|
|
43,712
|
|
10
|
|
22
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||
Construction
|
0
|
|
0
|
|
1,384
|
|
1,384
|
|
0
|
|
0
|
|
||||||
Agriculture
|
0
|
|
0
|
|
224
|
|
224
|
|
0
|
|
0
|
|
||||||
Commercial real estate other
|
0
|
|
839
|
|
176,645
|
|
177,484
|
|
525
|
|
316
|
|
||||||
Subtotal commercial real estate
|
0
|
|
839
|
|
178,253
|
|
179,092
|
|
525
|
|
316
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
||||||||||||
Home equity
|
46
|
|
803
|
|
20,300
|
|
21,149
|
|
59
|
|
1,414
|
|
||||||
Mortgages
|
18
|
|
969
|
|
19,497
|
|
20,484
|
|
722
|
|
1,104
|
|
||||||
Subtotal residential real estate
|
64
|
|
1,772
|
|
39,797
|
|
41,633
|
|
781
|
|
2,518
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
||||||||||||
Consumer and other
|
3
|
|
0
|
|
758
|
|
761
|
|
0
|
|
0
|
|
||||||
Subtotal consumer and other
|
3
|
|
0
|
|
758
|
|
761
|
|
0
|
|
0
|
|
||||||
Total acquired loans and leases, net of unearned income and deferred costs and fees
|
$
|
67
|
|
$
|
2,621
|
|
$
|
262,510
|
|
$
|
265,198
|
|
$
|
1,316
|
|
$
|
2,856
|
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for originated loans and leases
|
|||||||||||||||||||||||
Beginning balance
|
$
|
11,543
|
|
|
$
|
20,954
|
|
|
$
|
6,853
|
|
|
$
|
1,339
|
|
|
$
|
0
|
|
|
$
|
40,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(2
|
)
|
|
(551
|
)
|
|
(39
|
)
|
|
(190
|
)
|
|
0
|
|
|
(782
|
)
|
||||||
Recoveries
|
10
|
|
|
2
|
|
|
2
|
|
|
65
|
|
|
0
|
|
|
79
|
|
||||||
Provision (credit)
|
(292
|
)
|
|
2,137
|
|
|
(769
|
)
|
|
169
|
|
|
0
|
|
|
1,245
|
|
||||||
Ending Balance
|
$
|
11,259
|
|
|
$
|
22,542
|
|
|
$
|
6,047
|
|
|
$
|
1,383
|
|
|
$
|
0
|
|
|
$
|
41,231
|
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Beginning balance
|
$
|
0
|
|
|
$
|
51
|
|
|
$
|
44
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(4
|
)
|
|
0
|
|
|
(48
|
)
|
|
0
|
|
|
0
|
|
|
(52
|
)
|
||||||
Recoveries
|
0
|
|
|
0
|
|
|
13
|
|
|
3
|
|
|
0
|
|
|
16
|
|
||||||
Provision (credit)
|
36
|
|
|
6
|
|
|
36
|
|
|
(3
|
)
|
|
0
|
|
|
75
|
|
||||||
Ending Balance
|
$
|
32
|
|
|
$
|
57
|
|
|
$
|
45
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
140
|
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for originated loans and leases
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Beginning balance
|
$
|
12,866
|
|
|
$
|
20,770
|
|
|
$
|
6,147
|
|
|
$
|
1,328
|
|
|
$
|
0
|
|
|
$
|
41,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(118
|
)
|
|
0
|
|
|
(2
|
)
|
|
(224
|
)
|
|
0
|
|
|
(344
|
)
|
||||||
Recoveries
|
8
|
|
|
203
|
|
|
96
|
|
|
7
|
|
|
0
|
|
|
314
|
|
||||||
Provision (credit)
|
(335
|
)
|
|
199
|
|
|
204
|
|
|
140
|
|
|
0
|
|
|
208
|
|
||||||
Ending Balance
|
$
|
12,421
|
|
|
$
|
21,172
|
|
|
$
|
6,445
|
|
|
$
|
1,251
|
|
|
$
|
0
|
|
|
$
|
41,289
|
|
|
|||||||||||||||||||||||
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Beginning balance
|
$
|
19
|
|
|
$
|
25
|
|
|
$
|
65
|
|
|
$
|
5
|
|
|
$
|
0
|
|
|
$
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(42
|
)
|
|
(81
|
)
|
|
(45
|
)
|
|
0
|
|
|
0
|
|
|
(168
|
)
|
||||||
Recoveries
|
32
|
|
|
4
|
|
|
23
|
|
|
0
|
|
|
0
|
|
|
59
|
|
||||||
Provision (credit)
|
(9
|
)
|
|
52
|
|
|
21
|
|
|
0
|
|
|
0
|
|
|
64
|
|
||||||
Ending Balance
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
64
|
|
|
$
|
5
|
|
|
$
|
0
|
|
|
$
|
69
|
|
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|||||||||||||||||||||||
Beginning balance
|
$
|
55
|
|
|
$
|
0
|
|
|
$
|
28
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(7
|
)
|
|
0
|
|
|
(71
|
)
|
|
(3
|
)
|
|
0
|
|
|
(81
|
)
|
||||||
Recoveries
|
33
|
|
|
10
|
|
|
35
|
|
|
3
|
|
|
0
|
|
|
81
|
|
||||||
Provision (credit)
|
(49
|
)
|
|
47
|
|
|
53
|
|
|
0
|
|
|
0
|
|
|
51
|
|
||||||
Ending Balance
|
$
|
32
|
|
|
$
|
57
|
|
|
$
|
45
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
140
|
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Beginning balance
|
$
|
25
|
|
|
$
|
0
|
|
|
$
|
54
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charge-offs
|
(43
|
)
|
|
(81
|
)
|
|
(148
|
)
|
|
0
|
|
|
0
|
|
|
(272
|
)
|
||||||
Recoveries
|
88
|
|
|
27
|
|
|
106
|
|
|
2
|
|
|
0
|
|
|
223
|
|
||||||
Provision (credit)
|
(70
|
)
|
|
54
|
|
|
52
|
|
|
(3
|
)
|
|
0
|
|
|
33
|
|
||||||
Ending Balance
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
64
|
|
|
$
|
5
|
|
|
$
|
0
|
|
|
$
|
69
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for originated loans and leases
|
|
|
|
|
|||||||||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Individually evaluated for impairment
|
$
|
317
|
|
|
$
|
657
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
974
|
|
Collectively evaluated for impairment
|
10,942
|
|
|
21,885
|
|
|
6,047
|
|
|
1,383
|
|
|
0
|
|
|
40,257
|
|
||||||
Ending balance
|
$
|
11,259
|
|
|
$
|
22,542
|
|
|
$
|
6,047
|
|
|
$
|
1,383
|
|
|
$
|
0
|
|
|
$
|
41,231
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Collectively evaluated for impairment
|
32
|
|
|
57
|
|
|
45
|
|
|
6
|
|
|
0
|
|
|
140
|
|
||||||
Ending balance
|
$
|
32
|
|
|
$
|
57
|
|
|
$
|
45
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
140
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance Leases
|
|
|
Total
|
|
||||||
Allowance for originated loans and leases
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
397
|
|
|
$
|
3,365
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
3,762
|
|
Collectively evaluated for impairment
|
10,820
|
|
|
20,118
|
|
|
7,317
|
|
|
1,304
|
|
|
0
|
|
|
39,559
|
|
||||||
Ending balance
|
$
|
11,217
|
|
|
$
|
23,483
|
|
|
$
|
7,317
|
|
|
$
|
1,304
|
|
|
$
|
0
|
|
|
$
|
43,321
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Allowance for acquired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Collectively evaluated for impairment
|
55
|
|
|
0
|
|
|
28
|
|
|
6
|
|
|
0
|
|
|
89
|
|
||||||
Ending balance
|
$
|
55
|
|
|
$
|
0
|
|
|
$
|
28
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
89
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance Leases
|
|
|
Total
|
|
||||||
Originated loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
1,563
|
|
|
$
|
12,461
|
|
|
$
|
3,956
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
17,980
|
|
Collectively evaluated for impairment
|
953,171
|
|
|
2,261,520
|
|
|
1,308,241
|
|
|
74,400
|
|
|
17,129
|
|
|
4,614,461
|
|
||||||
Total
|
$
|
954,734
|
|
|
$
|
2,273,981
|
|
|
$
|
1,312,197
|
|
|
$
|
74,400
|
|
|
$
|
17,129
|
|
|
$
|
4,632,441
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Acquired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
47
|
|
|
$
|
853
|
|
|
$
|
2,539
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
3,439
|
|
Loans acquired with deteriorated credit quality
|
114
|
|
|
7,096
|
|
|
2,441
|
|
|
0
|
|
|
0
|
|
|
9,651
|
|
||||||
Collectively evaluated for impairment
|
39,610
|
|
|
144,840
|
|
|
30,143
|
|
|
774
|
|
|
0
|
|
|
215,367
|
|
||||||
Total
|
$
|
39,771
|
|
|
$
|
152,789
|
|
|
$
|
35,123
|
|
|
$
|
774
|
|
|
$
|
0
|
|
|
$
|
228,457
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance Leases
|
|
|
Total
|
|
||||||
Originated loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
1,864
|
|
|
$
|
8,388
|
|
|
$
|
3,915
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
14,167
|
|
Collectively evaluated for impairment
|
1,032,059
|
|
|
2,153,181
|
|
|
1,288,346
|
|
|
70,228
|
|
|
14,556
|
|
|
4,558,370
|
|
||||||
Total
|
$
|
1,033,923
|
|
|
$
|
2,161,569
|
|
|
$
|
1,292,261
|
|
|
$
|
70,228
|
|
|
$
|
14,556
|
|
|
$
|
4,572,537
|
|
(In thousands)
|
Commercial
and Industrial |
|
|
Commercial
Real Estate |
|
|
Residential
Real Estate |
|
|
Consumer
and Other |
|
|
Finance
Leases |
|
|
Total
|
|
||||||
Acquired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
32
|
|
|
$
|
842
|
|
|
$
|
2,564
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
3,438
|
|
Loans acquired with deteriorated credit quality
|
153
|
|
|
5,852
|
|
|
5,031
|
|
|
0
|
|
|
0
|
|
|
11,036
|
|
||||||
Collectively evaluated for impairment
|
43,527
|
|
|
172,398
|
|
|
34,038
|
|
|
761
|
|
|
0
|
|
|
250,724
|
|
||||||
Total
|
$
|
43,712
|
|
|
$
|
179,092
|
|
|
$
|
41,633
|
|
|
$
|
761
|
|
|
$
|
0
|
|
|
$
|
265,198
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
||||||||||||
Acquired loans with no related allowance
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
47
|
|
|
$
|
47
|
|
|
$
|
0
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
853
|
|
|
935
|
|
|
0
|
|
|
842
|
|
|
924
|
|
|
0
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
2,539
|
|
|
2,641
|
|
|
0
|
|
|
2,564
|
|
|
2,696
|
|
|
0
|
|
||||||
Total
|
$
|
3,439
|
|
|
$
|
3,623
|
|
|
$
|
0
|
|
|
$
|
3,438
|
|
|
$
|
3,652
|
|
|
$
|
0
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
Originated loans and leases with no related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
$
|
1,505
|
|
|
$
|
0
|
|
|
$
|
2,963
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other
|
7,380
|
|
|
0
|
|
|
5,705
|
|
|
0
|
|
||||
Residential real estate
|
|
|
|
|
|
|
|
||||||||
Home equity
|
3,963
|
|
|
0
|
|
|
4,023
|
|
|
0
|
|
||||
Subtotal
|
$
|
12,848
|
|
|
$
|
0
|
|
|
$
|
12,691
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
||||||||
Originated loans and leases with related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
273
|
|
|
0
|
|
|
1,200
|
|
|
0
|
|
||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other
|
1,708
|
|
|
0
|
|
|
44
|
|
|
0
|
|
||||
Subtotal
|
$
|
1,981
|
|
|
$
|
0
|
|
|
$
|
1,244
|
|
|
$
|
0
|
|
Total
|
$
|
14,829
|
|
|
$
|
0
|
|
|
$
|
13,935
|
|
|
$
|
0
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
Acquired loans and leases with no related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
$
|
29
|
|
|
$
|
0
|
|
|
$
|
289
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other
|
857
|
|
|
0
|
|
|
1,504
|
|
|
0
|
|
||||
Residential real estate
|
|
|
|
|
|
|
|
||||||||
Home equity
|
2,585
|
|
|
0
|
|
|
1,779
|
|
|
0
|
|
||||
Total
|
$
|
3,471
|
|
|
$
|
0
|
|
|
$
|
3,572
|
|
|
$
|
0
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
Originated loans and leases with no related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
$
|
2,123
|
|
|
$
|
0
|
|
|
$
|
2,370
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other
|
6,509
|
|
|
0
|
|
|
6,006
|
|
|
0
|
|
||||
Residential real estate
|
|
|
|
|
|
|
|
||||||||
Home equity
|
3,978
|
|
|
0
|
|
|
3,862
|
|
|
0
|
|
||||
Subtotal
|
$
|
12,610
|
|
|
$
|
0
|
|
|
$
|
12,238
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
||||||||
Originated loans and leases with related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
154
|
|
|
0
|
|
|
955
|
|
|
0
|
|
||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other
|
757
|
|
|
0
|
|
|
22
|
|
|
0
|
|
||||
Subtotal
|
$
|
911
|
|
|
$
|
0
|
|
|
$
|
977
|
|
|
$
|
0
|
|
Total
|
$
|
13,521
|
|
|
$
|
0
|
|
|
$
|
13,215
|
|
|
$
|
0
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
Acquired loans and leases with no related allowance
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other
|
$
|
28
|
|
|
$
|
0
|
|
|
$
|
235
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Construction
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
||||
Commercial real estate other
|
834
|
|
|
0
|
|
|
1,613
|
|
|
0
|
|
||||
Residential real estate
|
|
|
|
|
|
|
|
||||||||
Home equity
|
2,606
|
|
|
0
|
|
|
2,135
|
|
|
0
|
|
||||
Total
|
$
|
3,468
|
|
|
$
|
0
|
|
|
$
|
3,983
|
|
|
$
|
0
|
|
|
Three Months Ended
|
||||||||||||||||
September 30, 2019
|
|
|
|
|
|
|
Defaulted TDRs3
|
||||||||||
(In thousands)
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of Loans
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||
Commercial and Industrial
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other1
|
1
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
0
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other2
|
1
|
|
|
1,577
|
|
|
1,577
|
|
|
0
|
|
|
0
|
|
|||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity
|
0
|
|
|
0
|
|
|
0
|
|
|
1
|
|
|
93
|
|
|||
Total
|
2
|
|
|
$
|
1,586
|
|
|
$
|
1,586
|
|
|
1
|
|
|
$
|
93
|
|
|
Three Months Ended
|
||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
Defaulted TDRs2
|
||||||||||
(In thousands)
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of Loans
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity1
|
2
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
0
|
|
|
$
|
0
|
|
Total
|
2
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
0
|
|
|
$
|
0
|
|
|
Nine Months Ended
|
||||||||||||||||
September 30, 2019
|
|
|
|
|
|
|
Defaulted TDRs4
|
||||||||||
(In thousands)
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of
Loans |
|
Post-
Modification Outstanding Recorded Investment |
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other1
|
2
|
|
|
$
|
604
|
|
|
$
|
604
|
|
|
0
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other2
|
1
|
|
|
1,577
|
|
|
1,577
|
|
|
0
|
|
|
0
|
|
|||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity3
|
1
|
|
|
168
|
|
|
168
|
|
|
1
|
|
|
93
|
|
|||
Total
|
4
|
|
|
$
|
2,349
|
|
|
$
|
2,349
|
|
|
1
|
|
|
$
|
93
|
|
|
Nine Months Ended
|
||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
Defaulted TDRs2
|
||||||||||
(In thousands)
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of
Loans |
|
Post-
Modification Outstanding Recorded Investment |
||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity1
|
4
|
|
|
$
|
227
|
|
|
$
|
227
|
|
|
0
|
|
|
$
|
0
|
|
Total
|
4
|
|
|
$
|
227
|
|
|
$
|
227
|
|
|
0
|
|
|
$
|
0
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial Other
|
|
Commercial and Industrial Agriculture
|
|
Commercial Real Estate Other
|
|
Commercial Real Estate Agriculture
|
|
Commercial Real Estate Construction
|
|
Total
|
||||||||||||
Originated Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Internal risk grade:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
$
|
844,309
|
|
|
$
|
77,175
|
|
|
$
|
1,853,220
|
|
|
$
|
163,167
|
|
|
$
|
190,657
|
|
|
$
|
3,128,528
|
|
Special Mention
|
11,875
|
|
|
1,703
|
|
|
25,631
|
|
|
2,105
|
|
|
0
|
|
|
41,314
|
|
||||||
Substandard
|
4,248
|
|
|
15,424
|
|
|
24,088
|
|
|
15,113
|
|
|
0
|
|
|
58,873
|
|
||||||
Total
|
$
|
860,432
|
|
|
$
|
94,302
|
|
|
$
|
1,902,939
|
|
|
$
|
180,385
|
|
|
$
|
190,657
|
|
|
$
|
3,228,715
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial Other
|
|
Commercial and Industrial Agriculture
|
|
Commercial Real Estate Other
|
|
Commercial Real Estate Agriculture
|
|
Commercial Real Estate Construction
|
|
Total
|
||||||||||||
Acquired Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Internal risk grade:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
$
|
39,521
|
|
|
$
|
0
|
|
|
$
|
148,403
|
|
|
$
|
208
|
|
|
$
|
1,358
|
|
|
$
|
189,490
|
|
Special Mention
|
0
|
|
|
0
|
|
|
261
|
|
|
0
|
|
|
0
|
|
|
261
|
|
||||||
Substandard
|
250
|
|
|
0
|
|
|
2,559
|
|
|
0
|
|
|
0
|
|
|
2,809
|
|
||||||
Total
|
$
|
39,771
|
|
|
$
|
0
|
|
|
$
|
151,223
|
|
|
$
|
208
|
|
|
$
|
1,358
|
|
|
$
|
192,560
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial Other
|
|
Commercial and Industrial Agriculture
|
|
Commercial Real Estate Other
|
|
Commercial Real Estate Agriculture
|
|
Commercial Real Estate Construction
|
|
Total
|
||||||||||||
Originated Loans and Leases
|
|||||||||||||||||||||||
Internal risk grade:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
$
|
910,476
|
|
|
$
|
93,939
|
|
|
$
|
1,797,599
|
|
|
$
|
157,156
|
|
|
$
|
164,285
|
|
|
$
|
3,123,455
|
|
Special Mention
|
8,675
|
|
|
4,951
|
|
|
9,484
|
|
|
4,964
|
|
|
0
|
|
|
28,074
|
|
||||||
Substandard
|
7,278
|
|
|
8,604
|
|
|
20,196
|
|
|
7,885
|
|
|
0
|
|
|
43,963
|
|
||||||
Total
|
$
|
926,429
|
|
|
$
|
107,494
|
|
|
$
|
1,827,279
|
|
|
$
|
170,005
|
|
|
$
|
164,285
|
|
|
$
|
3,195,492
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial Other
|
|
Commercial and Industrial Agriculture
|
|
Commercial Real Estate Other
|
|
Commercial Real Estate Agriculture
|
|
Commercial Real Estate Construction
|
|
Total
|
||||||||||||
Acquired Loans and Leases
|
|||||||||||||||||||||||
Internal risk grade:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
$
|
43,447
|
|
|
$
|
0
|
|
|
$
|
174,383
|
|
|
$
|
224
|
|
|
$
|
1,384
|
|
|
$
|
219,438
|
|
Special Mention
|
0
|
|
|
0
|
|
|
452
|
|
|
0
|
|
|
0
|
|
|
452
|
|
||||||
Substandard
|
265
|
|
|
0
|
|
|
2,649
|
|
|
0
|
|
|
0
|
|
|
2,914
|
|
||||||
Total
|
$
|
43,712
|
|
|
$
|
0
|
|
|
$
|
177,484
|
|
|
$
|
224
|
|
|
$
|
1,384
|
|
|
$
|
222,804
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands)
|
Residential
Home Equity |
|
Residential
Mortgages |
|
Consumer
Indirect |
|
Consumer
Other |
|
Total
|
||||||||||
Originated Loans and Leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
203,191
|
|
|
$
|
1,099,887
|
|
|
$
|
13,466
|
|
|
$
|
60,685
|
|
|
$
|
1,377,229
|
|
Nonperforming
|
1,859
|
|
|
7,260
|
|
|
145
|
|
|
104
|
|
|
9,368
|
|
|||||
Total
|
$
|
205,050
|
|
|
$
|
1,107,147
|
|
|
$
|
13,611
|
|
|
$
|
60,789
|
|
|
$
|
1,386,597
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands)
|
Residential
Home Equity |
|
Residential
Mortgages |
|
Consumer
Indirect |
|
Consumer
Other |
|
Total
|
||||||||||
Acquired Loans and Leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
15,565
|
|
|
$
|
17,728
|
|
|
$
|
0
|
|
|
$
|
774
|
|
|
$
|
34,067
|
|
Nonperforming
|
923
|
|
|
907
|
|
|
0
|
|
|
0
|
|
|
1,830
|
|
|||||
Total
|
$
|
16,488
|
|
|
$
|
18,635
|
|
|
$
|
0
|
|
|
$
|
774
|
|
|
$
|
35,897
|
|
December 31, 2018
|
|||||||||||||||||||
(In thousands)
|
Residential
Home Equity |
|
Residential
Mortgages |
|
Consumer
Indirect |
|
Consumer
Other |
|
Total
|
||||||||||
Originated Loans and Leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
206,675
|
|
|
$
|
1,076,032
|
|
|
$
|
12,508
|
|
|
$
|
57,486
|
|
|
$
|
1,352,701
|
|
Nonperforming
|
1,784
|
|
|
7,770
|
|
|
155
|
|
|
79
|
|
|
9,788
|
|
|||||
Total
|
$
|
208,459
|
|
|
$
|
1,083,802
|
|
|
$
|
12,663
|
|
|
$
|
57,565
|
|
|
$
|
1,362,489
|
|
December 31, 2018
|
|||||||||||||||||||
(In thousands)
|
Residential
Home Equity |
|
Residential
Mortgages |
|
Consumer
Indirect |
|
Consumer
Other |
|
Total
|
||||||||||
Acquired Loans and Leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
19,735
|
|
|
$
|
19,380
|
|
|
$
|
0
|
|
|
$
|
761
|
|
|
$
|
39,876
|
|
Nonperforming
|
1,414
|
|
|
1,104
|
|
|
0
|
|
|
0
|
|
|
2,518
|
|
|||||
Total
|
$
|
21,149
|
|
|
$
|
20,484
|
|
|
$
|
0
|
|
|
$
|
761
|
|
|
$
|
42,394
|
|
|
Three Months Ended
|
||||||
(In thousands, except share and per share data)
|
9/30/2019
|
|
9/30/2018
|
||||
Basic
|
|
|
|
||||
Net income available to common shareholders
|
$
|
20,206
|
|
|
$
|
20,902
|
|
Less: income attributable to unvested stock-based compensation awards
|
(317
|
)
|
|
(318
|
)
|
||
Net earnings allocated to common shareholders
|
19,889
|
|
|
20,584
|
|
||
|
|
|
|
||||
Weighted average shares outstanding, including unvested stock-based compensation awards
|
15,063,202
|
|
|
15,278,661
|
|
||
|
|
|
|
||||
Less: unvested stock-based compensation awards
|
(236,088
|
)
|
|
(231,256
|
)
|
||
Weighted average shares outstanding - Basic
|
14,827,114
|
|
|
15,047,405
|
|
||
|
|
|
|
||||
Diluted
|
|
|
|
||||
Net earnings allocated to common shareholders
|
19,889
|
|
|
20,584
|
|
||
|
|
|
|
||||
Weighted average shares outstanding - Basic
|
14,827,114
|
|
|
15,047,405
|
|
||
|
|
|
|
||||
Plus: incremental shares from assumed conversion of stock-based compensation awards
|
60,512
|
|
|
97,086
|
|
||
Weighted average shares outstanding - Diluted
|
14,887,626
|
|
|
15,144,491
|
|
||
|
|
|
|
||||
Basic EPS
|
$
|
1.34
|
|
|
$
|
1.37
|
|
Diluted EPS
|
1.34
|
|
|
1.36
|
|
|
Nine Months Ended
|
||||||
(In thousands, except share and per share data)
|
9/30/2019
|
|
9/30/2018
|
||||
Basic
|
|
|
|
||||
Net income available to common shareholders
|
$
|
60,638
|
|
|
$
|
63,397
|
|
Less: income attributable to unvested stock-based compensation awards
|
(972
|
)
|
|
(1,024
|
)
|
||
Net earnings allocated to common shareholders
|
59,666
|
|
|
62,373
|
|
||
|
|
|
|
||||
Weighted average shares outstanding, including unvested stock-based compensation awards
|
15,204,170
|
|
|
15,277,026
|
|
||
|
|
|
|
||||
Less: unvested stock-based compensation awards
|
(236,088
|
)
|
|
(244,020
|
)
|
||
Weighted average shares outstanding - Basic
|
14,968,082
|
|
|
15,033,006
|
|
||
|
|
|
|
||||
Diluted
|
|
|
|
||||
Net earnings allocated to common shareholders
|
59,666
|
|
|
62,373
|
|
||
|
|
|
|
||||
Weighted average shares outstanding - Basic
|
14,968,082
|
|
|
15,033,006
|
|
||
|
|
|
|
||||
Plus: incremental shares from assumed conversion of stock-based compensation awards
|
67,698
|
|
|
98,012
|
|
||
Weighted average shares outstanding - Diluted
|
15,035,780
|
|
|
15,131,018
|
|
||
|
|
|
|
||||
Basic EPS
|
$
|
3.99
|
|
|
$
|
4.15
|
|
Diluted EPS
|
3.97
|
|
|
4.12
|
|
|
Three Months Ended September 30, 2019
|
||||||||||
(In thousands)
|
Before-Tax
Amount |
|
Tax (Expense)
Benefit |
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Change in net unrealized gain/loss during the period
|
$
|
4,122
|
|
|
$
|
(1,011
|
)
|
|
$
|
3,111
|
|
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(133
|
)
|
|
32
|
|
|
(101
|
)
|
|||
Net unrealized gains/losses
|
3,989
|
|
|
(979
|
)
|
|
3,010
|
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Amortization of net retirement plan actuarial gain
|
411
|
|
|
(101
|
)
|
|
310
|
|
|||
Amortization of net retirement plan prior service cost
|
4
|
|
|
(1
|
)
|
|
3
|
|
|||
Employee benefit plans
|
415
|
|
|
(102
|
)
|
|
313
|
|
|||
Other comprehensive income
|
$
|
4,404
|
|
|
$
|
(1,081
|
)
|
|
$
|
3,323
|
|
|
Three Months Ended September 30, 2018
|
||||||||||
(In thousands)
|
Before-Tax
Amount |
|
Tax (Expense)
Benefit |
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Change in net unrealized gain/loss during the period
|
$
|
(7,691
|
)
|
|
$
|
1,885
|
|
|
$
|
(5,806
|
)
|
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(30
|
)
|
|
7
|
|
|
(23
|
)
|
|||
Net unrealized gains/losses
|
(7,721
|
)
|
|
1,892
|
|
|
(5,829
|
)
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Amortization of net retirement plan actuarial gain
|
430
|
|
|
(105
|
)
|
|
325
|
|
|||
Amortization of net retirement plan prior service cost
|
4
|
|
|
(1
|
)
|
|
3
|
|
|||
Employee benefit plans
|
434
|
|
|
(106
|
)
|
|
328
|
|
|||
Other comprehensive loss
|
$
|
(7,287
|
)
|
|
$
|
1,786
|
|
|
$
|
(5,501
|
)
|
|
Nine Months Ended September 30, 2019
|
||||||||||
(In thousands)
|
Before-Tax
Amount |
|
Tax (Expense)
Benefit |
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Change in net unrealized gain/loss during the period
|
$
|
34,014
|
|
|
$
|
(8,333
|
)
|
|
$
|
25,681
|
|
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(404
|
)
|
|
99
|
|
|
(305
|
)
|
|||
Net unrealized gains/losses
|
33,610
|
|
|
(8,234
|
)
|
|
25,376
|
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Amortization of net retirement plan actuarial loss
|
1,232
|
|
|
(302
|
)
|
|
930
|
|
|||
Amortization of net retirement plan prior service cost
|
11
|
|
|
(3
|
)
|
|
8
|
|
|||
Employee benefit plans
|
1,243
|
|
|
(305
|
)
|
|
938
|
|
|||
Other comprehensive income
|
$
|
34,853
|
|
|
$
|
(8,539
|
)
|
|
$
|
26,314
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||
(In thousands)
|
Before-Tax
Amount |
|
Tax (Expense)
Benefit |
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Change in net unrealized gain/loss during the period
|
$
|
(32,375
|
)
|
|
$
|
7,932
|
|
|
$
|
(24,443
|
)
|
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income
|
(324
|
)
|
|
79
|
|
|
(245
|
)
|
|||
Net unrealized gains/losses
|
(32,699
|
)
|
|
8,011
|
|
|
(24,688
|
)
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Amortization of net retirement plan actuarial loss
|
1,289
|
|
|
(316
|
)
|
|
973
|
|
|||
Amortization of net retirement plan prior service cost
|
12
|
|
|
(3
|
)
|
|
9
|
|
|||
Employee benefit plans
|
1,301
|
|
|
(319
|
)
|
|
982
|
|
|||
Other comprehensive loss
|
$
|
(31,398
|
)
|
|
$
|
7,692
|
|
|
$
|
(23,706
|
)
|
(In thousands)
|
Available-for-
Sale Securities |
|
Employee
Benefit Plans |
|
Accumulated
Other Comprehensive (Loss) Income |
||||||
Balance at July 1, 2019
|
$
|
(1,223
|
)
|
|
$
|
(38,951
|
)
|
|
$
|
(40,174
|
)
|
Other comprehensive income (loss) before reclassifications
|
3,111
|
|
|
0
|
|
|
3,111
|
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income
|
(101
|
)
|
|
313
|
|
|
212
|
|
|||
Net current-period other comprehensive income
|
3,010
|
|
|
313
|
|
|
3,323
|
|
|||
Balance at September 30, 2019
|
$
|
1,787
|
|
|
$
|
(38,638
|
)
|
|
$
|
(36,851
|
)
|
|
|
|
|
|
|
||||||
Balance at January 1, 2019
|
$
|
(23,589
|
)
|
|
$
|
(39,576
|
)
|
|
$
|
(63,165
|
)
|
Other comprehensive income (loss) before reclassifications
|
25,681
|
|
|
0
|
|
|
25,681
|
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income
|
(305
|
)
|
|
938
|
|
|
633
|
|
|||
Net current-period other comprehensive income
|
25,376
|
|
|
938
|
|
|
26,314
|
|
|||
Balance at September 30, 2019
|
$
|
1,787
|
|
|
$
|
(38,638
|
)
|
|
$
|
(36,851
|
)
|
(In thousands)
|
Available-for-
Sale Securities |
|
Employee
Benefit Plans |
|
Accumulated
Other Comprehensive (Loss) Income |
||||||
Balance at July 1, 2018
|
$
|
(31,800
|
)
|
|
$
|
(37,636
|
)
|
|
$
|
(69,436
|
)
|
Other comprehensive income (loss) before reclassifications
|
(5,806
|
)
|
|
0
|
|
|
(5,806
|
)
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income
|
(23
|
)
|
|
328
|
|
|
305
|
|
|||
Net current-period other comprehensive loss
|
(5,829
|
)
|
|
328
|
|
|
(5,501
|
)
|
|||
Balance at September 30, 2018
|
$
|
(37,629
|
)
|
|
$
|
(37,308
|
)
|
|
$
|
(74,937
|
)
|
|
|
|
|
|
|
||||||
Balance at January 1, 2018
|
$
|
(13,005
|
)
|
|
$
|
(38,291
|
)
|
|
$
|
(51,296
|
)
|
Other comprehensive income (loss) before reclassifications
|
(24,444
|
)
|
|
0
|
|
|
(24,444
|
)
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income
|
(245
|
)
|
|
983
|
|
|
738
|
|
|||
Net current-period other comprehensive loss
|
(24,689
|
)
|
|
983
|
|
|
(23,706
|
)
|
|||
Adoption of ASU 2016-01
|
65
|
|
|
0
|
|
|
65
|
|
|||
Balance at September 30, 2018
|
$
|
(37,629
|
)
|
|
$
|
(37,308
|
)
|
|
$
|
(74,937
|
)
|
Three Months Ended September 30, 2019
|
|
|
|
||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)
|
Amount
Reclassified from Accumulated Other Comprehensive (Loss) Income1 |
|
Affected Line Item in the
Statement Where Net Income is Presented |
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
133
|
|
|
Net gain on securities transactions
|
|
(32
|
)
|
|
Tax expense
|
|
|
101
|
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following 2
|
|
|
|
||
Net retirement plan actuarial loss
|
(411
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service cost
|
(4
|
)
|
|
Other operating expense
|
|
|
(415
|
)
|
|
Total before tax
|
|
|
102
|
|
|
Tax benefit
|
|
|
$
|
(313
|
)
|
|
Net of tax
|
Three Months Ended September 30, 2018
|
|
|
|
||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)
|
Amount
Reclassified from Accumulated Other Comprehensive (Loss) Income1 |
|
Affected Line Item in the
Statement Where Net Income is Presented |
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
30
|
|
|
Net gain on securities transactions
|
|
(7
|
)
|
|
Tax expense
|
|
|
23
|
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following2
|
|
|
|
||
Net retirement plan actuarial loss
|
(430
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service cost
|
(4
|
)
|
|
Other operating expense
|
|
|
(434
|
)
|
|
Total before tax
|
|
|
106
|
|
|
Tax benefit
|
|
|
$
|
(328
|
)
|
|
Net of tax
|
Nine Months Ended September 30, 2019
|
|
|
|
||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)
|
Amount
Reclassified from Accumulated Other Comprehensive (Loss) Income1 |
|
Affected Line Item in the
Statement Where Net Income is Presented |
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
404
|
|
|
Net gain on securities transactions
|
|
(99
|
)
|
|
Tax expense
|
|
|
305
|
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following2
|
|
|
|
||
Net retirement plan actuarial loss
|
(1,232
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service cost
|
(11
|
)
|
|
Other operating expense
|
|
|
(1,243
|
)
|
|
Total before tax
|
|
|
305
|
|
|
Tax benefit
|
|
|
$
|
(938
|
)
|
|
Net of tax
|
Nine Months Ended September 30, 2018
|
|
|
|
||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)
|
Amount
Reclassified from Accumulated Other Comprehensive (Loss) Income1 |
|
Affected Line Item in the
Statement Where Net Income is Presented |
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
324
|
|
|
Net gain on securities transactions
|
|
(79
|
)
|
|
Tax expense
|
|
|
245
|
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following2
|
|
|
|
||
Net retirement plan actuarial loss
|
(1,289
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service cost
|
(12
|
)
|
|
Other operating expense
|
|
|
(1,301
|
)
|
|
Total before tax
|
|
|
319
|
|
|
Tax benefit
|
|
|
$
|
(982
|
)
|
|
Net of tax
|
|
Pension Benefits
Three Months Ended |
Life and Health
Three Months Ended |
SERP Benefits
Three Months Ended |
||||||||||||||||||
(In thousands)
|
9/30/2019
|
|
|
9/30/2018
|
|
9/30/2019
|
|
|
9/30/2018
|
|
9/30/2019
|
|
|
9/30/2018
|
|
||||||
Service cost
|
$
|
0
|
|
|
$
|
0
|
|
$
|
40
|
|
|
$
|
53
|
|
$
|
38
|
|
|
$
|
40
|
|
Interest cost
|
734
|
|
|
627
|
|
72
|
|
|
68
|
|
228
|
|
|
208
|
|
||||||
Expected return on plan assets
|
(1,233
|
)
|
|
(1,412
|
)
|
0
|
|
|
0
|
|
0
|
|
|
0
|
|
||||||
Amortization of net retirement plan actuarial loss
|
333
|
|
|
280
|
|
0
|
|
|
16
|
|
78
|
|
|
135
|
|
||||||
Amortization of net retirement plan prior service (credit) cost
|
(3
|
)
|
|
(3
|
)
|
(15
|
)
|
|
(15
|
)
|
22
|
|
|
22
|
|
||||||
Net periodic benefit (income) cost
|
$
|
(169
|
)
|
|
$
|
(508
|
)
|
$
|
97
|
|
|
$
|
122
|
|
$
|
366
|
|
|
$
|
405
|
|
|
Pension Benefits
Nine Months Ended |
Life and Health
Nine Months Ended |
SERP Benefits
Nine Months Ended |
||||||||||||||||||
(In thousands)
|
9/30/2019
|
|
|
9/30/2018
|
|
9/30/2019
|
|
|
9/30/2018
|
|
9/30/2019
|
|
|
9/30/2018
|
|
||||||
Service cost
|
$
|
0
|
|
|
$
|
0
|
|
$
|
120
|
|
|
$
|
159
|
|
$
|
115
|
|
|
$
|
120
|
|
Interest cost
|
2,202
|
|
|
1,881
|
|
217
|
|
|
203
|
|
684
|
|
|
625
|
|
||||||
Expected return on plan assets
|
(3,699
|
)
|
|
(4,236
|
)
|
0
|
|
|
0
|
|
0
|
|
|
0
|
|
||||||
Amortization of net retirement plan actuarial loss
|
1,000
|
|
|
839
|
|
0
|
|
|
47
|
|
232
|
|
|
404
|
|
||||||
Amortization of net retirement plan prior service cost (credit)
|
(8
|
)
|
|
(8
|
)
|
(46
|
)
|
|
(47
|
)
|
65
|
|
|
65
|
|
||||||
Net periodic benefit (income) cost
|
$
|
(505
|
)
|
|
$
|
(1,524
|
)
|
$
|
291
|
|
|
$
|
362
|
|
$
|
1,096
|
|
|
$
|
1,214
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
9/30/2019
|
|
|
9/30/2018
|
|
|
9/30/2019
|
|
|
9/30/2018
|
|
||||
Noninterest Income
|
|
|
|
|
|
|
|
||||||||
Other service charges
|
$
|
809
|
|
|
$
|
836
|
|
|
$
|
2,405
|
|
|
$
|
2,366
|
|
Increase in cash surrender value of corporate owned life insurance
|
425
|
|
|
499
|
|
|
1,612
|
|
|
1,519
|
|
||||
Net gain (loss) on sale of fixed assets
|
117
|
|
|
(11
|
)
|
|
109
|
|
|
2,954
|
|
||||
Other income
|
612
|
|
|
733
|
|
|
2,121
|
|
|
1,904
|
|
||||
Total other income
|
$
|
1,963
|
|
|
$
|
2,057
|
|
|
$
|
6,247
|
|
|
$
|
8,743
|
|
Noninterest Expenses
|
|
|
|
|
|
|
|
||||||||
Marketing expense
|
$
|
899
|
|
|
$
|
1,246
|
|
|
$
|
3,706
|
|
|
$
|
3,801
|
|
Professional fees
|
2,426
|
|
|
1,901
|
|
|
7,169
|
|
|
5,490
|
|
||||
Legal fees
|
347
|
|
|
341
|
|
|
788
|
|
|
841
|
|
||||
Software, license, and maintenance
|
1,695
|
|
|
1,796
|
|
|
4,893
|
|
|
4,647
|
|
||||
Cardholder expense
|
811
|
|
|
909
|
|
|
2,372
|
|
|
2,351
|
|
||||
FDIC insurance
|
(586
|
)
|
|
712
|
|
|
518
|
|
|
2,083
|
|
||||
Other expenses
|
5,706
|
|
|
5,588
|
|
|
16,005
|
|
|
17,695
|
|
||||
Total other operating expense
|
$
|
11,298
|
|
|
$
|
12,493
|
|
|
$
|
35,451
|
|
|
$
|
36,908
|
|
|
Three Months Ended
|
|||||
(In thousands)
|
09/30/2019
|
09/30/2018
|
||||
Noninterest Income
|
|
|
||||
In-scope of Topic 606:
|
|
|
||||
Commissions and Fees
|
$
|
7,918
|
|
$
|
7,388
|
|
Installment Billing
|
|
150
|
|
|
210
|
|
Refund of Commissions
|
|
(51
|
)
|
|
(50
|
)
|
Contract Liabilities/Deferred Revenue
|
|
0
|
|
|
(1
|
)
|
Contingent Commissions
|
|
500
|
|
|
356
|
|
Subtotal Insurance Revenues
|
|
8,517
|
|
|
7,903
|
|
Trust and Asset Management
|
|
2,920
|
|
|
2,744
|
|
Mutual Fund & Investment Income
|
|
1,255
|
|
|
1,353
|
|
Subtotal Investment Service Income
|
|
4,175
|
|
|
4,097
|
|
Service Charges on Deposit Accounts
|
|
2,191
|
|
|
2,088
|
|
Card Services Income
|
|
2,550
|
|
|
2,442
|
|
Other
|
|
306
|
|
|
289
|
|
Noninterest Income (in-scope of ASC 606)
|
|
17,739
|
|
|
16,819
|
|
Noninterest Income (out-of-scope of ASC 606)
|
|
1,795
|
|
|
1,784
|
|
Total Noninterest Income
|
$
|
19,534
|
|
$
|
18,603
|
|
|
Nine Months Ended
|
|||||
(In thousands)
|
09/30/2019
|
09/30/2018
|
||||
Noninterest Income
|
|
|
||||
In-scope of Topic 606:
|
|
|
||||
Commissions and Fees
|
$
|
21,984
|
|
$
|
21,128
|
|
Installment Billing
|
|
58
|
|
|
99
|
|
Refund of Commissions
|
|
(31
|
)
|
|
(67
|
)
|
Contract Liabilities/Deferred Revenue
|
|
(188
|
)
|
|
(175
|
)
|
Contingent Commissions
|
|
2,491
|
|
|
1,699
|
|
Subtotal Insurance Revenues
|
|
24,314
|
|
|
22,684
|
|
Trust and Asset Management
|
|
8,417
|
|
|
8,139
|
|
Mutual Fund & Investment Income
|
|
3,749
|
|
|
4,226
|
|
Subtotal Investment Service Income
|
|
12,166
|
|
|
12,365
|
|
Service Charges on Deposit Accounts
|
|
6,210
|
|
|
6,300
|
|
Card Services Income
|
|
8,090
|
|
|
7,209
|
|
Other
|
|
878
|
|
|
888
|
|
Noninterest Income (in-scope of ASC 606)
|
|
51,658
|
|
|
49,446
|
|
Noninterest Income (out-of-scope of ASC 606)1
|
|
5,803
|
|
|
8,145
|
|
Total Noninterest Income
|
$
|
57,461
|
|
$
|
57,591
|
|
As of and for the three months ended September 30, 2019
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth Management
|
|
Intercompany
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
65,775
|
|
|
$
|
1
|
|
|
$
|
0
|
|
|
$
|
(1
|
)
|
|
$
|
65,775
|
|
Interest expense
|
12,620
|
|
|
0
|
|
|
0
|
|
|
(1
|
)
|
|
12,619
|
|
|||||
Net interest income
|
53,155
|
|
|
1
|
|
|
0
|
|
|
0
|
|
|
53,156
|
|
|||||
Provision for loan and lease losses
|
1,320
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
1,320
|
|
|||||
Noninterest income
|
7,134
|
|
|
8,620
|
|
|
4,310
|
|
|
(530
|
)
|
|
19,534
|
|
|||||
Noninterest expense
|
36,309
|
|
|
6,672
|
|
|
3,204
|
|
|
(530
|
)
|
|
45,655
|
|
|||||
Income before income tax expense
|
22,660
|
|
|
1,949
|
|
|
1,106
|
|
|
0
|
|
|
25,715
|
|
|||||
Income tax expense
|
4,669
|
|
|
526
|
|
|
283
|
|
|
0
|
|
|
5,478
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
17,991
|
|
|
1,423
|
|
|
823
|
|
|
0
|
|
|
20,237
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
31
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
31
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
17,960
|
|
|
$
|
1,423
|
|
|
$
|
823
|
|
|
$
|
0
|
|
|
$
|
20,206
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
2,483
|
|
|
$
|
56
|
|
|
$
|
10
|
|
|
$
|
0
|
|
|
$
|
2,549
|
|
Assets
|
6,575,073
|
|
|
42,753
|
|
|
23,497
|
|
|
(13,341
|
)
|
|
6,627,982
|
|
|||||
Goodwill
|
64,370
|
|
|
19,866
|
|
|
8,211
|
|
|
0
|
|
|
92,447
|
|
|||||
Other intangibles, net
|
3,472
|
|
|
3,011
|
|
|
164
|
|
|
0
|
|
|
6,647
|
|
|||||
Net loans and leases
|
4,815,702
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,815,702
|
|
|||||
Deposits
|
5,382,174
|
|
|
0
|
|
|
0
|
|
|
(12,184
|
)
|
|
5,369,990
|
|
|||||
Total Equity
|
605,572
|
|
|
33,116
|
|
|
21,177
|
|
|
0
|
|
|
659,865
|
|
As of and for the three months ended September 30, 2018
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth
Management |
|
Intercompany
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
63,984
|
|
|
$
|
1
|
|
|
$
|
0
|
|
|
$
|
(1
|
)
|
|
$
|
63,984
|
|
Interest expense
|
10,822
|
|
|
0
|
|
|
0
|
|
|
(1
|
)
|
|
10,821
|
|
|||||
Net interest income
|
53,162
|
|
|
1
|
|
|
0
|
|
|
0
|
|
|
53,163
|
|
|||||
Provision for loan and lease losses
|
272
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
272
|
|
|||||
Noninterest income
|
6,777
|
|
|
7,998
|
|
|
4,345
|
|
|
(517
|
)
|
|
18,603
|
|
|||||
Noninterest expense
|
36,077
|
|
|
6,397
|
|
|
3,176
|
|
|
(517
|
)
|
|
45,133
|
|
|||||
Income before income tax expense
|
23,590
|
|
|
1,602
|
|
|
1,169
|
|
|
0
|
|
|
26,361
|
|
|||||
Income tax expense
|
4,737
|
|
|
422
|
|
|
268
|
|
|
0
|
|
|
5,427
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
18,853
|
|
|
1,180
|
|
|
901
|
|
|
0
|
|
|
20,934
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
32
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
32
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
18,821
|
|
|
$
|
1,180
|
|
|
$
|
901
|
|
|
$
|
0
|
|
|
$
|
20,902
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
2,252
|
|
|
$
|
56
|
|
|
$
|
11
|
|
|
$
|
0
|
|
|
$
|
2,319
|
|
Assets
|
6,697,701
|
|
|
41,910
|
|
|
19,703
|
|
|
(12,354
|
)
|
|
6,746,960
|
|
|||||
Goodwill
|
64,370
|
|
|
19,702
|
|
|
8,211
|
|
|
0
|
|
|
92,283
|
|
|||||
Other intangibles, net
|
4,415
|
|
|
3,345
|
|
|
229
|
|
|
0
|
|
|
7,989
|
|
|||||
Net loans and leases
|
4,761,351
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,761,351
|
|
|||||
Deposits
|
5,036,934
|
|
|
0
|
|
|
0
|
|
|
(11,852
|
)
|
|
5,025,082
|
|
|||||
Total Equity
|
548,330
|
|
|
33,248
|
|
|
17,566
|
|
|
0
|
|
|
599,144
|
|
Nine months ended September 30, 2019
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth
Management |
|
Intercompany
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
196,797
|
|
|
$
|
2
|
|
|
$
|
0
|
|
|
$
|
(3
|
)
|
|
$
|
196,796
|
|
Interest expense
|
39,410
|
|
|
0
|
|
|
0
|
|
|
(2
|
)
|
|
39,408
|
|
|||||
Net interest income
|
157,387
|
|
|
2
|
|
|
0
|
|
|
(1
|
)
|
|
157,388
|
|
|||||
Provision for loan and lease losses
|
2,366
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
2,366
|
|
|||||
Noninterest income
|
21,852
|
|
|
24,621
|
|
|
12,567
|
|
|
(1,579
|
)
|
|
57,461
|
|
|||||
Noninterest expense
|
108,704
|
|
|
19,279
|
|
|
9,529
|
|
|
(1,578
|
)
|
|
135,934
|
|
|||||
Income before income tax expense
|
68,169
|
|
|
5,344
|
|
|
3,038
|
|
|
(2
|
)
|
|
76,549
|
|
|||||
Income tax expense
|
13,650
|
|
|
1,418
|
|
|
748
|
|
|
0
|
|
|
15,816
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
54,519
|
|
|
3,926
|
|
|
2,290
|
|
|
(2
|
)
|
|
60,733
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
95
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
95
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
54,424
|
|
|
$
|
3,926
|
|
|
$
|
2,290
|
|
|
$
|
(2
|
)
|
|
$
|
60,638
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
7,296
|
|
|
$
|
168
|
|
|
$
|
31
|
|
|
$
|
0
|
|
|
$
|
7,495
|
|
Nine months ended September 30, 2018
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth
Management |
|
Intercompany
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
186,267
|
|
|
$
|
2
|
|
|
$
|
0
|
|
|
$
|
(2
|
)
|
|
$
|
186,267
|
|
Interest expense
|
27,705
|
|
|
0
|
|
|
0
|
|
|
(2
|
)
|
|
27,703
|
|
|||||
Net interest income
|
158,562
|
|
|
2
|
|
|
0
|
|
|
0
|
|
|
$
|
158,564
|
|
||||
Provision for loan and lease losses
|
1,884
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
1,884
|
|
|||||
Noninterest income
|
23,131
|
|
|
22,974
|
|
|
12,960
|
|
|
(1,474
|
)
|
|
57,591
|
|
|||||
Noninterest expense
|
107,120
|
|
|
18,918
|
|
|
9,275
|
|
|
(1,474
|
)
|
|
133,839
|
|
|||||
Income before income tax expense
|
72,689
|
|
|
4,058
|
|
|
3,685
|
|
|
0
|
|
|
$
|
80,432
|
|
||||
Income tax expense
|
15,040
|
|
|
1,046
|
|
|
853
|
|
|
0
|
|
|
16,939
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
57,649
|
|
|
3,012
|
|
|
2,832
|
|
|
0
|
|
|
$
|
63,493
|
|
||||
Less: Net income attributable to noncontrolling interests
|
96
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
96
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
57,553
|
|
|
$
|
3,012
|
|
|
$
|
2,832
|
|
|
$
|
0
|
|
|
$
|
63,397
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
6,727
|
|
|
$
|
174
|
|
|
$
|
36
|
|
|
$
|
0
|
|
|
$
|
6,937
|
|
Recurring Fair Value Measurements
|
|
|
|
|
|
|
|
||||||||
September 30, 2019
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
Total
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
1,356
|
|
|
$
|
0
|
|
|
$
|
1,356
|
|
|
$
|
0
|
|
Obligations of U.S. Government sponsored entities
|
316,716
|
|
|
0
|
|
|
316,716
|
|
|
0
|
|
||||
Obligations of U.S. states and political subdivisions
|
85,836
|
|
|
0
|
|
|
85,836
|
|
|
0
|
|
||||
Mortgage-backed securities – residential, issued by:
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
176,847
|
|
|
0
|
|
|
176,847
|
|
|
0
|
|
||||
U.S. Government sponsored entities
|
559,265
|
|
|
0
|
|
|
559,265
|
|
|
0
|
|
||||
U.S. corporate debt securities
|
2,432
|
|
|
0
|
|
|
2,432
|
|
|
0
|
|
||||
Total Available-for-sale securities
|
$
|
1,142,452
|
|
|
$
|
0
|
|
|
$
|
1,142,452
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities, at fair value
|
$
|
917
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
917
|
|
Recurring Fair Value Measurements
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
Total
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
289
|
|
|
$
|
0
|
|
|
$
|
289
|
|
|
$
|
0
|
|
Obligations of U.S. Government sponsored entities
|
485,898
|
|
|
0
|
|
|
485,898
|
|
|
0
|
|
||||
Obligations of U.S. states and political subdivisions
|
85,440
|
|
|
0
|
|
|
85,440
|
|
|
0
|
|
||||
Mortgage-backed securities – residential, issued by:
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
128,267
|
|
|
0
|
|
|
128,267
|
|
|
0
|
|
||||
U.S. Government sponsored entities
|
630,558
|
|
|
0
|
|
|
630,558
|
|
|
0
|
|
||||
Non-U.S. Government agencies or sponsored entities
|
31
|
|
|
0
|
|
|
31
|
|
|
0
|
|
||||
U.S. corporate debt securities
|
2,175
|
|
|
0
|
|
|
2,175
|
|
|
0
|
|
||||
Total Available-for-sale securities
|
$
|
1,332,658
|
|
|
$
|
0
|
|
|
$
|
1,332,658
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities, at fair value
|
$
|
887
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
887
|
|
(In thousands)
|
Three Months Ended
September 30, 2019 |
|||
Lease Costs
|
|
|||
Operating lease cost
|
$
|
1,207
|
|
|
Variable lease cost
|
144
|
|
||
Short-term lease cost
|
0
|
|
||
Sublease income
|
(9
|
)
|
||
Total lease cost
|
$
|
1,342
|
|
(In thousands)
|
Nine Months Ended September 30, 2019
|
|||
Lease Costs
|
|
|||
Operating lease cost
|
$
|
3,522
|
|
|
Variable lease cost
|
334
|
|
||
Short-term lease cost
|
1
|
|
||
Sublease income
|
(26
|
)
|
||
Total lease cost
|
$
|
3,831
|
|
(In thousands)
|
Nine Months Ended September 30, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$3,501
|
||
Weighted-average remaining lease term on operating leases
|
14.04
|
|
|
Weighted-average discount rates on operating leases
|
3.53
|
%
|
|
ROU assets obtained in exchange for lease liabilities
|
$38,925
|
(In thousands)
|
Operating Leases
|
|||
Three Months 2019
|
$
|
1,169
|
|
|
2020
|
4,365
|
|
||
2021
|
4,014
|
|
||
2022
|
3,971
|
|
||
2023
|
3,724
|
|
||
2024 and subsequent years
|
30,001
|
|
||
Total lease payments
|
$
|
47,244
|
|
|
Less: Interest
|
(11,052
|
)
|
||
Present value of lease liabilities
|
$
|
36,192
|
|
Reconciliation of Net Income/Diluted Earnings Per Share (GAAP) to Net Operating Income/Adjusted Diluted Earnings Per Share (Non-GAAP) and Adjusted Operating Return on Average Tangible Common Equity (Non-GAAP)
|
||||
|
Nine Months Ended
September 30, |
|||
(In thousands, except per share data)
|
2019
|
2018
|
||
Net income attributable to Tompkins Financial Corporation
|
$60,638
|
$63,397
|
||
Less: dividends and undistributed earnings allocated to unvested stock awards
|
(972
|
)
|
(1,024
|
)
|
Net income available to common shareholders (GAAP)
|
59,666
|
|
62,373
|
|
Diluted earnings per share (GAAP)
|
$3.97
|
$4.12
|
||
|
|
|
||
Adjustments for non-operating income and expense:
|
|
|
||
Gain on sale of real estate
|
0
|
|
(2,950
|
)
|
Write-down of impaired leases
|
0
|
|
2,536
|
|
Total adjustments
|
0
|
|
(414
|
)
|
Tax expense
|
0
|
|
(102
|
)
|
Total adjustments, net of tax
|
0
|
|
(312
|
)
|
|
|
|
||
Net operating income available to common shareholders (Non-GAAP)
|
$59,666
|
$62,061
|
||
Adjusted diluted earnings per share (Non-GAAP)
|
$3.97
|
$4.10
|
||
|
|
|
||
Net operating income available to common shareholders (Non-GAAP)
|
59,666
|
|
62,061
|
|
Amortization of intangibles, net of tax
|
941
|
|
1,007
|
|
Adjusted net income available to common shareholders (Non-GAAP)
|
60,607
|
|
63,068
|
|
|
|
|
||
Average Tompkins Financial Corporation shareholders’ common equity
|
645,466
|
|
584,331
|
|
Average goodwill and intangibles1
|
98,733
|
|
92,846
|
|
Average Tompkins Financial Corporation shareholders’ tangible common equity (Non-GAAP)
|
546,733
|
|
491,485
|
|
|
|
|
||
Adjusted operating return on average shareholders’ tangible common equity (Non-GAAP)
|
14.82
|
%
|
17.16
|
%
|
Reconciliation of Shareholders' Common Equity/Common Equity Per Share (GAAP) to Tangible Common Equity/Tangible Common Equity Per Share (Non-GAAP)
|
|||||
|
Nine Months Ended
September 30, |
||||
(In thousands, except per share data)
|
2019
|
|
2018
|
||
Tompkins Financial Corporation Shareholders' common equity (GAAP)
|
$658,358
|
|
$597,636
|
||
Goodwill and intangibles1
|
98,277
|
|
|
99,543
|
|
Tangible common equity (Non-GAAP)
|
$560,081
|
|
$498,093
|
||
|
|
|
|
||
Common equity per share
|
$43.96
|
|
$39.12
|
||
Tangible common equity per share (Non-GAAP)
|
$37.40
|
|
$32.60
|
Available-for-Sale Securities
|
|
|
|
||||||||||||
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
U.S. Treasuries
|
$
|
1,356
|
|
|
$
|
1,356
|
|
|
$
|
289
|
|
|
$
|
289
|
|
Obligations of U.S. Government sponsored entities
|
314,740
|
|
|
316,716
|
|
|
493,371
|
|
|
$
|
485,898
|
|
|||
Obligations of U.S. states and political subdivisions
|
84,744
|
|
|
85,836
|
|
|
86,260
|
|
|
85,440
|
|
||||
Mortgage-backed securities - residential, issued by
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
176,737
|
|
|
176,847
|
|
|
131,831
|
|
|
128,267
|
|
||||
U.S. Government sponsored entities
|
560,009
|
|
|
559,265
|
|
|
649,620
|
|
|
630,558
|
|
||||
Non-U.S. Government agencies or sponsored entities
|
0
|
|
|
0
|
|
|
31
|
|
|
31
|
|
||||
U.S. corporate debt securities
|
2,500
|
|
|
2,432
|
|
|
2,500
|
|
|
2,175
|
|
||||
Total available-for-sale securities
|
$
|
1,140,086
|
|
|
$
|
1,142,452
|
|
|
$
|
1,363,902
|
|
|
$
|
1,332,658
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
||||||||
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Obligations of U.S. Government sponsored entities
|
$
|
131,001
|
|
|
$
|
134,883
|
|
|
$
|
131,306
|
|
|
$
|
130,108
|
|
Obligations of U.S. states and political subdivisions
|
7,656
|
|
|
7,700
|
|
|
9,273
|
|
|
9,269
|
|
||||
Total held-to-maturity debt securities
|
$
|
138,657
|
|
|
$
|
142,583
|
|
|
$
|
140,579
|
|
|
$
|
139,377
|
|
Loans and Leases
|
|||||||||||||||||||||||
Loans and leases as of the end of the third quarter and prior year-end periods were as follows:
|
|||||||||||||||||||||||
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
Originated
|
|
Acquired
|
|
Total Loans and Leases
|
|
Originated
|
|
|
Acquired
|
|
|
Total Loans and Leases
|
|
|||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agriculture
|
$
|
94,302
|
|
|
$
|
0
|
|
|
$
|
94,302
|
|
|
$
|
107,494
|
|
|
$
|
0
|
|
|
$
|
107,494
|
|
Commercial and industrial other
|
860,432
|
|
|
39,771
|
|
|
900,203
|
|
|
926,429
|
|
|
43,712
|
|
|
970,141
|
|
||||||
Subtotal commercial and industrial
|
954,734
|
|
|
39,771
|
|
|
994,505
|
|
|
1,033,923
|
|
|
43,712
|
|
|
1,077,635
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Construction
|
190,657
|
|
|
1,358
|
|
|
192,015
|
|
|
164,285
|
|
|
1,384
|
|
|
165,669
|
|
||||||
Agriculture
|
180,385
|
|
|
208
|
|
|
180,593
|
|
|
170,005
|
|
|
224
|
|
|
170,229
|
|
||||||
Commercial real estate other
|
1,902,939
|
|
|
151,223
|
|
|
2,054,162
|
|
|
1,827,279
|
|
|
177,484
|
|
|
2,004,763
|
|
||||||
Subtotal commercial real estate
|
2,273,981
|
|
|
152,789
|
|
|
2,426,770
|
|
|
2,161,569
|
|
|
179,092
|
|
|
2,340,661
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Home equity
|
205,050
|
|
|
16,488
|
|
|
221,538
|
|
|
208,459
|
|
|
21,149
|
|
|
229,608
|
|
||||||
Mortgages
|
1,107,147
|
|
|
18,635
|
|
|
1,125,782
|
|
|
1,083,802
|
|
|
20,484
|
|
|
1,104,286
|
|
||||||
Subtotal residential real estate
|
1,312,197
|
|
|
35,123
|
|
|
1,347,320
|
|
|
1,292,261
|
|
|
41,633
|
|
|
1,333,894
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Indirect
|
13,611
|
|
|
0
|
|
|
13,611
|
|
|
12,663
|
|
|
0
|
|
|
12,663
|
|
||||||
Consumer and other
|
60,789
|
|
|
774
|
|
|
61,563
|
|
|
57,565
|
|
|
761
|
|
|
58,326
|
|
||||||
Subtotal consumer and other
|
74,400
|
|
|
774
|
|
|
75,174
|
|
|
70,228
|
|
|
761
|
|
|
70,989
|
|
||||||
Leases
|
17,129
|
|
|
0
|
|
|
17,129
|
|
|
14,556
|
|
|
0
|
|
|
14,556
|
|
||||||
Total loans and leases
|
4,632,441
|
|
|
228,457
|
|
|
4,860,898
|
|
|
4,572,537
|
|
|
265,198
|
|
|
4,837,735
|
|
||||||
Less: unearned income and deferred costs and fees
|
(3,825
|
)
|
|
0
|
|
|
(3,825
|
)
|
|
(3,796
|
)
|
|
0
|
|
|
(3,796
|
)
|
||||||
Total loans and leases, net of unearned income and deferred costs and fees
|
$
|
4,628,616
|
|
|
$
|
228,457
|
|
|
$
|
4,857,073
|
|
|
$
|
4,568,741
|
|
|
$
|
265,198
|
|
|
$
|
4,833,939
|
|
(In thousands)
|
9/30/2019
|
|
12/31/2018
|
|
9/30/2018
|
||||||
Allowance for originated loans and leases
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
11,259
|
|
|
$
|
11,217
|
|
|
$
|
12,421
|
|
Commercial real estate
|
22,542
|
|
|
23,483
|
|
|
21,172
|
|
|||
Residential real estate
|
6,047
|
|
|
7,317
|
|
|
6,445
|
|
|||
Consumer and other
|
1,383
|
|
|
1,304
|
|
|
1,251
|
|
|||
Total
|
$
|
41,231
|
|
|
$
|
43,321
|
|
|
$
|
41,289
|
|
(In thousands)
|
9/30/2019
|
|
|
12/31/2018
|
|
|
9/30/2018
|
|
|||
Allowance for acquired loans
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
32
|
|
|
$
|
55
|
|
|
$
|
0
|
|
Commercial real estate
|
57
|
|
|
0
|
|
|
0
|
|
|||
Residential real estate
|
45
|
|
|
28
|
|
|
64
|
|
|||
Consumer and other
|
6
|
|
|
6
|
|
|
5
|
|
|||
Total
|
$
|
140
|
|
|
$
|
89
|
|
|
$
|
69
|
|
Analysis of the Allowance for Acquired Loan Losses
|
|||||||
(In thousands)
|
9/30/2019
|
|
|
9/30/2018
|
|
||
Average acquired loans outstanding during period
|
$
|
250,038
|
|
|
$
|
290,630
|
|
Balance of acquired allowance at beginning of year
|
89
|
|
|
85
|
|
||
ACQUIRED LOANS CHARGED-OFF:
|
|
|
|
||||
Commercial and industrial
|
7
|
|
|
43
|
|
||
Commercial real estate
|
0
|
|
|
81
|
|
||
Residential real estate
|
71
|
|
|
148
|
|
||
Consumer and other
|
3
|
|
|
0
|
|
||
Total loans charged-off
|
$
|
81
|
|
|
$
|
272
|
|
Commercial and industrial
|
33
|
|
|
88
|
|
||
Commercial real estate
|
10
|
|
|
27
|
|
||
Residential real estate
|
35
|
|
|
106
|
|
||
Consumer and other
|
3
|
|
|
2
|
|
||
Total loans recovered
|
$
|
81
|
|
|
$
|
223
|
|
Net loans (recovered) charged-off
|
0
|
|
|
49
|
|
||
Additions to acquired allowance charged to operations
|
51
|
|
|
33
|
|
||
Balance of acquired allowance at end of period
|
$
|
140
|
|
|
$
|
69
|
|
Allowance for acquired loans as a percentage of acquired loans outstanding acquired loans and leases
|
0.06
|
%
|
|
0.02
|
%
|
||
Annualized net (recoveries) charge-offs on acquired loans as a percentage of average acquired loans and leases outstanding during the period
|
0.00
|
%
|
|
0.03
|
%
|
||
Annualized total net charge-offs as a percentage of average loans and leases outstanding during the period
|
0.12
|
%
|
|
0.01
|
%
|
Analysis of Past Due and Nonperforming Loans
|
|
|
|
|
|
|
|
||||
(In thousands)
|
9/30/2019
|
|
|
12/31/2018
|
|
|
9/30/2018
|
|
|||
Nonaccrual loans
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
1,752
|
|
|
$
|
1,883
|
|
|
$
|
3,934
|
|
Commercial real estate
|
10,618
|
|
|
8,007
|
|
|
3,972
|
|
|||
Residential real estate
|
10,949
|
|
|
12,072
|
|
|
12,018
|
|
|||
Consumer and other
|
249
|
|
|
234
|
|
|
253
|
|
|||
Total nonaccrual loans
|
$
|
23,568
|
|
|
$
|
22,196
|
|
|
$
|
20,177
|
|
Troubled debt restructurings not included above
|
6,528
|
|
|
4,395
|
|
|
4,295
|
|
|||
Total nonperforming loans and leases
|
$
|
30,096
|
|
|
$
|
26,591
|
|
|
$
|
24,472
|
|
Other real estate owned
|
888
|
|
|
1,595
|
|
|
1,870
|
|
|||
Total nonperforming assets
|
$
|
30,984
|
|
|
$
|
28,186
|
|
|
$
|
26,342
|
|
Allowance as a percentage of nonperforming loans and leases
|
137.46
|
%
|
|
163.25
|
%
|
|
169.00
|
%
|
|||
Total nonperforming loans and leases as percentage of total loans and leases
|
0.62
|
%
|
|
0.55
|
%
|
|
0.51
|
%
|
|||
Total nonperforming assets as percentage of total assets
|
0.47
|
%
|
|
0.42
|
%
|
|
0.39
|
%
|
REGULATORY CAPITAL ANALYSIS
|
||||||||||||||||||||
September 30, 2019
|
Actual
|
|
Minimum Capital Required - Basel III Fully Phased-In
|
|
Well Capitalized Requirement
|
|||||||||||||||
(dollar amounts in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
Total Capital (to risk weighted assets)
|
$
|
657,218
|
|
|
13.36
|
%
|
|
$
|
516,421
|
|
|
10.50
|
%
|
|
$
|
491,830
|
|
|
10.00
|
%
|
Tier 1 Capital (to risk weighted assets)
|
$
|
613,863
|
|
|
12.48
|
%
|
|
$
|
418,055
|
|
|
8.50
|
%
|
|
$
|
393,464
|
|
|
8.00
|
%
|
Tier 1 Common Equity (to risk weighted assets)
|
$
|
596,871
|
|
|
12.14
|
%
|
|
$
|
344,281
|
|
|
7.00
|
%
|
|
$
|
319,689
|
|
|
6.50
|
%
|
Tier 1 Capital (to average assets)
|
$
|
613,863
|
|
|
9.43
|
%
|
|
$
|
260,421
|
|
|
4.00
|
%
|
|
$
|
325,526
|
|
|
5.00
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosure About Market Risk
|
Condensed Static Gap - September 30, 2019
|
|
|
|
|
Repricing Interval
|
|
|
||||||||||||
(In thousands)
|
Total
|
|
0-3 months
|
|
3-6 months
|
|
6-12 months
|
|
Cumulative 12 months
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets1
|
$
|
6,163,185
|
|
|
$
|
1,226,509
|
|
|
$
|
329,991
|
|
|
$
|
622,902
|
|
|
$
|
2,179,402
|
|
Interest-bearing liabilities
|
4,363,600
|
|
|
1,742,883
|
|
|
199,595
|
|
|
287,203
|
|
|
2,229,681
|
|
|||||
Net gap position
|
|
|
(516,374
|
)
|
|
130,396
|
|
|
335,699
|
|
|
(50,279
|
)
|
||||||
Net gap position as a percentage of total assets
|
|
|
(7.79
|
)%
|
|
1.97
|
%
|
|
5.06
|
%
|
|
(0.76
|
)%
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Total Number of Shares Purchased (a)
|
|
|
Average Price Paid Per Share (b)
|
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (c)
|
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (d)
|
|
|
|
|
|
|
|
|
|
|
|||||
July 1, 2019 through July 31, 2019
|
64,984
|
|
|
$
|
80.24
|
|
|
63,441
|
|
|
164,483
|
|
August 1, 2019 through August 31, 2019
|
78,753
|
|
|
77.96
|
|
|
78,200
|
|
|
86,283
|
|
|
September 1, 2019 through September 30, 2019
|
43,466
|
|
|
81.08
|
|
|
43,466
|
|
|
42,817
|
|
|
Total
|
187,203
|
|
|
$
|
79.48
|
|
|
185,107
|
|
|
42,817
|
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit Number
|
Description
|
Pages
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101 INS**
|
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
|
|
|
|
|
101 SCH**
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Inline XBRL Taxonomy Extension Schema Document
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101 CAL**
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Inline XBRL Taxonomy Extension Calculation Linkbase Document
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101 DEF**
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Inline XBRL Taxonomy Extension Definition Linkbase Document
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101 LAB**
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Inline XBRL Taxonomy Extension Label Linkbase Document
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101 PRE**
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Inline XBRL Taxonomy Extension Presentation Linkbase Document
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104
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Cover Page Interactive Data File - the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document.
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** Attached as Exhibit 101 to this report are the following formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Condition as of September 30, 2019 and December 31, 2018; (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018; (v) Condensed Consolidated Statements of Changes in Shareholders' Equity for the nine months ended September 30, 2019 and 2018; and (vi Notes to Unaudited Condensed Consolidated Financial Statements.
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Date:
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November 12, 2019
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By:
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/s/ Stephen S. Romaine
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Stephen S. Romaine
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President and Chief Executive Officer
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(Principal Executive Officer)
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By:
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/s/ Francis M. Fetsko
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Francis M. Fetsko
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Executive Vice President, Chief Financial Officer, and Chief Operating Officer
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(Principal Financial Officer)
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(Principal Accounting Officer)
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Restricted Stock Award Summary
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Award Date:
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###GRANT_DATE###
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Number of Restricted Stock Shares:
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###TOTAL_AWARDS###
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Vesting Schedule:
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5 Year
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Percentage
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Date
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0%
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25%
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25%
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25%
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25%
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1.1.
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“Board of Directors” means the Board of Directors of Tompkins Financial Corporation.
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1.2.
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“Cause” means (a) the conviction of the Executive by a court of competent jurisdiction of a crime which constitutes a felony under any state or federal law, (b) an act by the Executive which in the reasonable opinion of the Board of Directors constitutes an intentional theft of property of the Company or its subsidiaries, (c) the willful and continued failure or refusal of the Executive to perform his duties, or (d) gross negligence or willful misconduct on the part of the Executive that is materially and demonstrably detrimental to the Company or its subsidiaries (as determined by the Board of Directors in its reasonable discretion)..
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1.3.
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“Code” means the Internal Revenue Code of 1986, as amended
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1.4.
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“Committee” means the Compensation Committee of the Board of Directors, which has been given authority by the Board of Directors to administer this Agreement.
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1.5.
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“Company” means Tompkins Financial Corporation.
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1.6.
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“Compensation” has the meaning set forth in Section 7.1(b).
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1.7.
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“Disabled” means that by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, the Executive is unable to engage in any substantial gainful activity.
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1.8.
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[Intentionally Omitted.]
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1.9.
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“Earnings” means the Executive's annual base salary (which excludes, among other things, any bonuses/incentive payments, profit sharing, benefits, fringe or other supplemental income)
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1.10.
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“Excise Tax” has the meaning set forth in Section 7.1(c).
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1.11.
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“Good Reason” exists in the event of (i) a material diminution in the Executive’s base compensation, authority, duties or responsibilities; (ii) a material change in the geographic location at which the Executive is required to perform the duties of the Executive’s position; or (iii) a material breach of this Agreement by the Company or its successor, or of any other agreement pursuant to which the Executive provides services for the Company or its successor, provided the Executive gives written notice to the Company or its successor, as applicable, within ninety (90) days of the initial existence of the condition described in (i), (ii) or (iii), above, and the Company or its successor fails to remedy such condition within thirty (30) days after receipt of such notice.
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1.12.
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“Interest Rate” means the Prime Rate as published in The Wall Street Journal on the first business day of the calendar year in which the interest is accrued; in the event that The Wall Street Journal does not publish a Prime Rate, the Committee is authorized to select a comparable rate or method of interest calculation, which rate or method shall be adopted by the Committee in its sole discretion..
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1.13.
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“Prohibited Activity” is an activity in which the Executive, directly or indirectly (a) comes to own, manage, operate, control, provide services to, be employed by or participate in the ownership, management, operation or control of, or be connected in any other manner with, any financial services business (but which shall exclude executive’s ownership of less than 1% of any class of equity or debt security of a publicly-traded financial services business), (b) solicits customers of the Company or any of its subsidiaries to reduce or stop doing business with the Company or any of its subsidiaries, or initiates any customer contact, for any reason, except for social contact with customers with whom Executive has a long-standing social or familial relationship, and such contact leads to the Company/subsidiary’s loss of business or business opportunities, or (c) solicits employees of the Company or any of its subsidiaries to leave such employment, or offers employment to employees of the Company or any of its subsidiaries, or initiates any employee contact, for any reason, except for social contact with employees with whom Executive has a long-standing social or familial relationship, and such contact leads to the Company/subsidiary’s loss of such employee’s services.
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1.14.
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“Qualifying Disability” has the meaning set forth in Section 6.1.
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1.15.
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“Qualifying Termination” has the meaning set forth in Section 4.2.
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1.16.
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“Release” has the meaning set forth in Section 8.11.
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1.17.
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“Release Date” has the meaning set forth in Section 8.11.
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1.18.
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“Restricted Area” means located within, or actively directing marketing efforts within, twenty-five (25) miles of any location of the Company or any of its subsidiaries.
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1.19.
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“Retirement Age” has the meaning set forth in Section 2.2.
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1.20.
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“Retirement Benefit Freeze” has the meaning set forth in Section 2.1.
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1.21.
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“Retirement Date” has the meaning set forth in Section 2.2.
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1.22.
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“SERP Account” or the “Account” means an account maintained under this Agreement on or after the effective date.
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1.23.
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“Vested” means the Executive is eligible to receive a retirement benefit hereunder because he has attained age 63 while still under the employment of the Company.
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•
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Engaging in a Prohibited Activity and forfeiting the post-employment benefits payable under this Agreement; or,
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•
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Accepting the post-employment benefits payable under this Agreement and not engaging in Prohibited Activities.
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Exhibit 31.1
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Date:
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November 12, 2019
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/s/ Stephen S. Romaine
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Stephen S. Romaine
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President and Chief Executive Officer
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(Principal Executive Officer)
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Exhibit 31.2
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Date:
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November 12, 2019
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/s/ Francis M. Fetsko
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Francis M. Fetsko
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Executive Vice President, Chief Financial Officer, and Chief Operating Officer
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(Principal Financial Officer)
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(Principal Accounting Officer)
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Exhibit 32.1
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November 12, 2019
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/s/ Stephen S. Romaine
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Stephen S. Romaine
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President and Chief Executive Officer
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(Principal Executive Officer)
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Exhibit 32.2
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November 12, 2019
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/s/ Francis M. Fetsko
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Francis M. Fetsko
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Executive Vice President,
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Chief Financial Officer, and Chief Operating Officer
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(Principal Financial Officer)
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(Principal Accounting Officer)
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