|
☒
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ANNUAL 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)
|
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(I.R.S. Employer Identification No.)
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock ($.10 Par Value Per Share)
|
TMP
|
NYSE American
|
Large Accelerated Filer
|
☒
|
Accelerated Filer
|
☐
|
Nonaccelerated 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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|
–
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A simplified capital rule change that exempts "qualifying community banks" from all risk-based capital requirements, including Basel III, and deems such banks "well capitalized" for purposes of federal "prompt corrective action" capital standards. To qualify for the framework, a community bank must have less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than nine percent. Under the final rules, effective January 1, 2020, qualifying community banks may elect to adopt the simplifying changes beginning on January 1, 2020. The Company was, as of December 31, 2019, a qualifying community bank.
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–
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Amendment of the Liquidity Coverage Ratio Rule such that all qualifying investment-grade, liquid and readily-marketable municipal securities are treated as level 2B liquid assets;
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–
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Modification of the definition of "high volatility commercial real estate" loans that trigger heightened risk-based capital requirements to ease the burden of those requirements;
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–
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Exemption of certain reciprocal deposits of certain FDIC-insured institutions from being considered "brokered deposits," subject to certain limitations, for institutions meeting minimum capital and exam-rating requirements;
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–
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Exemption of some community banks from mortgage escrow requirements, exempts certain transactions involving real property in rural areas and valued at less than $400,000 from appraisal requirements and implements a "qualified mortgage" exemption for community banks which satisfies, subject to certain limitations, the "ability to repay" requirements in the Truth in Lending Act; and
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–
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Exemption of certain qualifying financial institutions with less than $10 billion in total assets, such as the Company, from the Volcker Rule proprietary trading requirements implemented under the Dodd-Frank Act.
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–
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Applying a 150% risk weight instead of a 100% risk weight for certain high volatility commercial real estate acquisition, development and construction loans.
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–
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For residential mortgage exposures, the current approach of a 50% risk weight for high-quality seasoned mortgages and a 100% risk-weight for all other mortgages is replaced with a risk weight of between 35% and 200% depending upon the mortgage’s loan-to-value ratio and whether the mortgage is a “category 1” or “category 2” residential mortgage exposure (based on eight criteria that include the term, use of negative amortization, balloon payments and certain rate increases).
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–
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Assigning a 150% risk weight to exposures (other than residential mortgage exposures) that are 90 days past due.
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–
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Providing for a 20% credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable (currently set at 0%).
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–
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Providing for a risk weight, generally not less than 20% with certain exceptions, for securities lending transactions based on the risk weight category of the underlying collateral securing the transaction.
|
–
|
Providing for a 100% risk weight for claims on securities firms.
|
–
|
Eliminating the current 50% cap on the risk weight for OTC derivatives.
|
–
|
consumer and business confidence levels could be lowered and cause declines in credit usage, adverse changes in payment patterns, decreases in demand for loans or other financial products and services and decreases in deposits or investments in accounts with Company;
|
–
|
the Company’s ability to assess the creditworthiness of its customers may be impaired if the models and approaches the Company uses to select, manage and underwrite its customers become less predictive of future behaviors;
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–
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demand for and income received from the Company's fee-based services, including investment services and insurance commissions and fees, could decline, the cost to the Company to provide any or all products and services could increase and the levels of assets under management could materially impact revenues from our trust and wealth management businesses; and
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–
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the credit quality or value of loans and other assets or collateral securing loans may decrease.
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–
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affect the difference between the interest that the Company earns on assets and the interest that the Company pays on liabilities, which impacts the Company's overall net interest income and profitability.
|
–
|
adversely affect the ability of borrowers to meet obligations under variable or adjustable rate loans and other debt instruments, which in turn, affects the Company's loss rates on those assets.
|
–
|
decrease the demand for interest rate-based products and services, including loans and deposits.
|
–
|
affect prepayment rates on the Company's loans and securities, which could adversely affect the Company's earnings, financial condition and cash flow.
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Name
|
Age
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Title
|
Year Joined Company
|
Stephen S. Romaine
|
55
|
President and CEO
|
January 2000
|
David S. Boyce
|
53
|
Executive Vice President
|
January 2001
|
Francis M. Fetsko
|
55
|
Executive Vice President, COO, CFO and Treasurer
|
October 1996
|
Alyssa H. Fontaine
|
39
|
Executive Vice President & General Counsel
|
January 2016
|
Scott L. Gruber
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63
|
Executive Vice President
|
April 2013
|
Gregory J. Hartz
|
59
|
Executive Vice President
|
August 2002
|
Brian A. Howard
|
55
|
Executive Vice President
|
July 2016
|
Gerald J. Klein, Jr.
|
61
|
Executive Vice President
|
January 2000
|
John M. McKenna
|
53
|
Executive Vice President
|
April 2009
|
Susan M. Valenti
|
65
|
Executive Vice President of Corporate Marketing
|
March 2012
|
Steven W. Cribbs
|
43
|
Senior Vice President, Chief Risk Officer
|
June 2018
|
Bonita N. Lindberg
|
63
|
Senior Vice President, Director of Human Resources
|
December 2015
|
Issuer Purchases of Equity Securities
|
||||||||||||
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||
Period
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|||||
October 1, 2019 through
|
|
|
|
|
|
|
|
|||||
October 31, 2019
|
37,383
|
|
|
$
|
80.11
|
|
|
35,821
|
|
|
6,996
|
|
|
|
|
|
|
|
|
|
|||||
November 1, 2019 through
|
|
|
|
|
|
|
|
|||||
November 30, 2019
|
17,435
|
|
|
$
|
88.21
|
|
|
0
|
|
|
6,996
|
|
|
|
|
|
|
|
|
|
|||||
December 1, 2019 through
|
|
|
|
|
|
|
|
|||||
December 31, 2019
|
0
|
|
|
|
|
|
0
|
|
|
6,996
|
|
|
Total
|
54,818
|
|
|
$
|
84.16
|
|
|
35,821
|
|
|
6,996
|
|
|
Period Ending
|
|||||
Index
|
12/31/14
|
12/31/15
|
12/31/16
|
12/31/17
|
12/31/18
|
12/31/19
|
Tompkins Financial Corporation
|
100.00
|
104.81
|
181.32
|
159.43
|
150.61
|
188.29
|
NASDAQ Composite
|
100.00
|
106.96
|
116.45
|
150.96
|
146.67
|
200.49
|
SNL Bank
|
100.00
|
101.71
|
128.51
|
151.75
|
126.12
|
170.79
|
|
Year ended December 31,
|
||||||||||||||||||
(In thousands except per share data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
FINANCIAL STATEMENT HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
$
|
6,725,623
|
|
|
$
|
6,758,436
|
|
|
$
|
6,648,290
|
|
|
$
|
6,236,756
|
|
|
$
|
5,689,995
|
|
Total loans
|
4,917,550
|
|
|
4,833,939
|
|
|
4,669,120
|
|
|
4,258,033
|
|
|
3,772,042
|
|
|||||
Deposits
|
5,212,921
|
|
|
4,888,959
|
|
|
4,837,807
|
|
|
4,625,139
|
|
|
4,395,306
|
|
|||||
Other borrowings
|
658,100
|
|
|
1,076,075
|
|
|
1,071,742
|
|
|
884,815
|
|
|
536,285
|
|
|||||
Total equity
|
663,054
|
|
|
620,871
|
|
|
576,202
|
|
|
549,405
|
|
|
516,466
|
|
|||||
Interest and dividend income
|
261,378
|
|
|
251,592
|
|
|
226,764
|
|
|
202,739
|
|
|
188,746
|
|
|||||
Interest expense
|
50,750
|
|
|
39,792
|
|
|
25,460
|
|
|
22,103
|
|
|
20,365
|
|
|||||
Net interest income
|
210,628
|
|
|
211,800
|
|
|
201,304
|
|
|
180,636
|
|
|
168,381
|
|
|||||
Provision for loan and lease losses
|
1,366
|
|
|
3,942
|
|
|
4,161
|
|
|
4,321
|
|
|
2,945
|
|
|||||
Net gains (losses) on securities transactions
|
645
|
|
|
(466
|
)
|
|
(407
|
)
|
|
926
|
|
|
1,108
|
|
|||||
Net income attributable to Tompkins
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Corporation
|
81,718
|
|
|
82,308
|
|
|
52,494
|
|
|
59,340
|
|
|
58,421
|
|
|||||
PER SHARE INFORMATION
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
5.39
|
|
|
5.39
|
|
|
3.46
|
|
|
3.94
|
|
|
3.91
|
|
|||||
Diluted earnings per share
|
5.37
|
|
|
5.35
|
|
|
3.43
|
|
|
3.91
|
|
|
3.87
|
|
|||||
Adjusted diluted earnings per share1
|
5.37
|
|
|
5.33
|
|
|
4.42
|
|
|
3.91
|
|
|
3.63
|
|
|||||
Cash dividends per share
|
2.02
|
|
|
1.94
|
|
|
1.82
|
|
|
1.77
|
|
|
1.70
|
|
|||||
Common equity per share
|
44.17
|
|
|
40.45
|
|
|
37.65
|
|
|
36.20
|
|
|
34.38
|
|
|||||
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.22
|
%
|
|
1.23
|
%
|
|
0.82
|
%
|
|
1.01
|
%
|
|
1.07
|
%
|
|||||
Return on average equity
|
12.55
|
%
|
|
13.93
|
%
|
|
9.09
|
%
|
|
10.85
|
%
|
|
11.51
|
%
|
|||||
Average shareholders’ equity to average assets
|
9.75
|
%
|
|
8.83
|
%
|
|
9.04
|
%
|
|
9.28
|
%
|
|
9.31
|
%
|
|||||
Dividend payout ratio
|
37.48
|
%
|
|
35.99
|
%
|
|
52.60
|
%
|
|
44.92
|
%
|
|
43.48
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER SELECTED DATA (in whole numbers, unless otherwise noted)
|
|
|
|
|
|||||||||||||||
Employees (average full-time equivalent)
|
1,047
|
|
|
1,035
|
|
|
1,041
|
|
|
1,019
|
|
|
998
|
|
|||||
Banking offices
|
64
|
|
|
66
|
|
|
65
|
|
|
66
|
|
|
63
|
|
|||||
Bank access centers (ATMs)
|
87
|
|
|
83
|
|
|
84
|
|
|
85
|
|
|
85
|
|
|||||
Trust and investment services assets under management, or custody (In thousands)
|
$
|
4,062,325
|
|
|
$
|
3,806,274
|
|
|
$
|
4,017,363
|
|
|
$
|
3,941,484
|
|
|
$
|
3,852,972
|
|
1
|
Adjusted diluted earnings per share reflects adjustments made for certain nonrecurring items. Adjustments for nonrecurring items in 2018 included a $2.2 million gain on sale of real estate and a $1.9 million write-down of impaired leases ($0.02 per share). Adjustments in 2017 included a $14.9 million ($0.99 per share) one-time non-cash write-down of net deferred tax assets related to the Tax Cuts and Jobs Act of 2017. Adjustments in 2015 included a $3.6 million ($0.24 per share) after-tax gain on a pension plan curtailment. There were no adjustments in 2019 and 2016. Adjusted diluted earnings per share is a non-GAAP measure. Please see the discussion below under “Results of Operations (Comparison of December 31, 2019 and 2018 results) Non-GAAP Disclosure” for an explanation of why management believes this non-GAAP financial measure is useful and a reconciliation to diluted earnings per share.
|
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)
|
|||||||||||||||
|
For the year ended
|
||||||||||||||
|
December 31,
|
||||||||||||||
(In thousands, except per share data)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||
Net income attributable to Tompkins Financial Corporation
|
$
|
81,718
|
|
$
|
82,308
|
|
$
|
52,494
|
|
$
|
59,340
|
|
$
|
58,421
|
|
Less: income attributable to unvested stock-based compensations awards
|
(1,306
|
)
|
(1,315
|
)
|
(818
|
)
|
(912
|
)
|
(834
|
)
|
|||||
Net income available to common shareholders (GAAP)
|
80,412
|
|
80,993
|
|
51,676
|
|
58,428
|
|
57,587
|
|
|||||
Diluted earnings per share (GAAP)
|
5.37
|
|
5.35
|
|
3.43
|
|
3.91
|
|
3.87
|
|
|||||
|
|
|
|
|
|
||||||||||
Adjustments for non-operating income and expense:
|
|
|
|
|
|
||||||||||
Gain on pension plan curtailment
|
0
|
|
0
|
|
0
|
|
0
|
|
(6,003
|
)
|
|||||
Gain on sale of real estate
|
0
|
|
(2,950
|
)
|
0
|
|
0
|
|
0
|
|
|||||
Write-down of impaired leases
|
0
|
|
2,536
|
|
0
|
|
0
|
|
0
|
|
|||||
Remeasurement of deferred taxes
|
0
|
|
0
|
|
14,944
|
|
0
|
|
0
|
|
|||||
Total adjustments
|
0
|
|
(414
|
)
|
14,944
|
|
0
|
|
(6,003
|
)
|
|||||
Tax expense
|
0
|
|
102
|
|
0
|
|
0
|
|
2,401
|
|
|||||
Total adjustments, net of tax
|
0
|
|
(312
|
)
|
14,944
|
|
0
|
|
(3,602
|
)
|
|||||
|
|
|
|
|
|
||||||||||
Net operating income available to common shareholders (Non-GAAP)
|
80,412
|
|
80,681
|
|
66,620
|
|
58,428
|
|
53,985
|
|
|||||
Adjusted diluted earnings per share (Non-GAAP)
|
5.37
|
|
5.33
|
|
4.42
|
|
3.91
|
|
3.63
|
|
|||||
|
|
|
|
|
|
||||||||||
Net operating income available to common shareholders' (Non-GAAP)
|
80,412
|
|
80,681
|
|
66,620
|
|
58,428
|
|
53,985
|
|
|||||
Amortization of intangibles
|
1,673
|
|
1,771
|
|
1,932
|
|
2,090
|
|
2,013
|
|
|||||
Tax expense
|
410
|
|
434
|
|
773
|
|
836
|
|
805
|
|
|||||
Amortization of intangibles, net of tax
|
1,263
|
|
1,337
|
|
1,159
|
|
1,254
|
|
1,208
|
|
|||||
Adjusted net income available to common shareholders' (Non-GAAP)
|
81,675
|
|
82,018
|
|
67,779
|
|
59,682
|
|
55,193
|
|
|||||
|
|
|
|
|
|
||||||||||
Average Tompkins Financial Corporation shareholders' common equity
|
649,871
|
|
589,475
|
|
575,958
|
|
545,545
|
|
506,243
|
|
|||||
Average goodwill and intangibles
|
98,104
|
|
99,999
|
|
101,583
|
|
104,263
|
|
104,837
|
|
|||||
Average Tompkins Financial Corporation shareholders' tangible common equity (Non-GAAP)
|
551,767
|
|
489,476
|
|
474,375
|
|
441,282
|
|
401,406
|
|
|||||
|
|
|
|
|
|
||||||||||
Adjusted operating return on average shareholders' tangible common equity (Non-GAAP)
|
14.80
|
%
|
16.76
|
%
|
14.29
|
%
|
13.52
|
%
|
13.75
|
%
|
1
|
Average goodwill and intangibles excludes mortgage servicing rights.
|
Reconciliation of Shareholders' Common Equity/Common Equity Per Share (GAAP) to Tangible Common Equity/Tangible Common Equity Per Share (Non-GAAP)
|
|||||
|
As of December 31,
|
||||
(In thousands, except per share data)
|
2019
|
|
2018
|
||
Tompkins Financial Corporations Shareholders' common equity (GAAP)
|
661,642
|
|
|
619,459
|
|
Goodwill and intangibles 1
|
97,855
|
|
|
99,106
|
|
Tangible common equity (Non-GAAP)
|
563,787
|
|
|
520,353
|
|
|
|
|
|
||
Common equity per share
|
44.17
|
|
|
40.45
|
|
Tangible common equity per share (Non-GAAP)
|
37.64
|
|
|
33.98
|
|
|
For the year ended December 31,
|
|||||||||||||||||||||||
|
2019
|
2018
|
2017
|
|||||||||||||||||||||
(dollar amounts in thousands)
|
Average
Balance (YTD) |
Interest
|
Average
Yield/Rate |
Average
Balance (YTD) |
Interest
|
Average
Yield/Rate |
Average
Balance (YTD) |
Interest
|
Average
Yield/Rate |
|||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing balances due from banks
|
$
|
1,647
|
|
$
|
41
|
|
2.49
|
%
|
$
|
2,139
|
|
$
|
31
|
|
1.45
|
%
|
$
|
4,599
|
|
$
|
37
|
|
0.80
|
%
|
Securities1
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Government securities
|
1,301,813
|
|
29,411
|
|
2.26
|
%
|
1,429,875
|
|
31,645
|
|
2.21
|
%
|
1,471,717
|
|
31,006
|
|
2.11
|
%
|
||||||
State and municipal2
|
93,168
|
|
2,547
|
|
2.73
|
%
|
97,116
|
|
2,520
|
|
2.59
|
%
|
100,595
|
|
3,393
|
|
3.37
|
%
|
||||||
Other securities2
|
3,417
|
|
158
|
|
4.62
|
%
|
3,491
|
|
153
|
|
4.38
|
%
|
3,597
|
|
129
|
|
3.59
|
%
|
||||||
Total securities
|
1,398,398
|
|
32,116
|
|
2.30
|
%
|
1,530,482
|
|
34,318
|
|
2.24
|
%
|
1,575,909
|
|
34,528
|
|
2.19
|
%
|
||||||
FHLBNY and FRB stock
|
38,308
|
|
3,003
|
|
7.84
|
%
|
51,815
|
|
3,377
|
|
6.52
|
%
|
42,465
|
|
2,121
|
|
4.99
|
%
|
||||||
Total loans and leases, net of unearned income2,3
|
4,830,089
|
|
227,869
|
|
4.72
|
%
|
4,757,583
|
|
215,648
|
|
4.53
|
%
|
4,401,205
|
|
194,433
|
|
4.42
|
%
|
||||||
Total interest-earning assets
|
6,268,442
|
|
263,029
|
|
4.20
|
%
|
6,342,019
|
|
253,374
|
|
4.00
|
%
|
6,024,178
|
|
231,119
|
|
3.84
|
%
|
||||||
Other assets
|
411,136
|
|
|
|
350,659
|
|
|
|
365,326
|
|
|
|
||||||||||||
Total assets
|
$
|
6,679,578
|
|
|
|
$
|
6,692,678
|
|
|
|
$
|
6,389,504
|
|
|
|
|||||||||
LIABILITIES & EQUITY
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest bearing checking, savings, & money market
|
3,007,221
|
|
20,099
|
|
0.67
|
%
|
2,822,747
|
|
9,847
|
|
0.35
|
%
|
2,674,204
|
|
5,141
|
|
0.19
|
%
|
||||||
Time deposits
|
676,106
|
|
10,805
|
|
1.60
|
%
|
664,788
|
|
6,748
|
|
1.02
|
%
|
827,181
|
|
6,992
|
|
0.85
|
%
|
||||||
Total interest-bearing deposits
|
3,683,327
|
|
30,904
|
|
0.84
|
%
|
3,487,535
|
|
16,595
|
|
0.48
|
%
|
3,501,385
|
|
12,133
|
|
0.35
|
%
|
||||||
Federal funds purchased & securities sold under agreements to repurchase
|
59,825
|
|
143
|
|
0.24
|
%
|
63,472
|
|
152
|
|
0.24
|
%
|
64,888
|
|
235
|
|
0.36
|
%
|
||||||
Other borrowings
|
762,993
|
|
18,427
|
|
2.42
|
%
|
1,086,847
|
|
21,818
|
|
2.01
|
%
|
882,235
|
|
11,934
|
|
1.35
|
%
|
||||||
Trust preferred debentures
|
16,943
|
|
1,276
|
|
7.53
|
%
|
16,771
|
|
1,227
|
|
7.32
|
%
|
18,338
|
|
1,158
|
|
6.31
|
%
|
||||||
Total interest-bearing liabilities
|
4,523,088
|
|
50,750
|
|
1.12
|
%
|
4,654,625
|
|
39,792
|
|
0.85
|
%
|
4,466,846
|
|
25,460
|
|
0.57
|
%
|
||||||
Noninterest bearing deposits
|
1,403,330
|
|
|
|
1,382,550
|
|
|
|
1,279,027
|
|
|
|
||||||||||||
Accrued expenses and other liabilities
|
101,819
|
|
|
|
64,559
|
|
|
|
66,185
|
|
|
|
||||||||||||
Total liabilities
|
6,028,237
|
|
|
|
6,101,734
|
|
|
|
5,812,058
|
|
|
|
||||||||||||
Tompkins Financial Corporation Shareholders’ equity
|
649,871
|
|
|
|
589,475
|
|
|
|
575,958
|
|
|
|
||||||||||||
Noncontrolling interest
|
1,470
|
|
|
|
1,469
|
|
|
|
1,488
|
|
|
|
||||||||||||
Total equity
|
651,341
|
|
|
|
590,944
|
|
|
|
577,446
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
6,679,578
|
|
|
|
$
|
6,692,678
|
|
|
|
$
|
6,389,504
|
|
|
|
|||||||||
Interest rate spread
|
|
|
3.07
|
%
|
|
|
3.14
|
%
|
|
|
3.27
|
%
|
||||||||||||
Net interest income /margin on earning assets
|
|
212,279
|
|
3.39
|
%
|
|
213,582
|
|
3.37
|
%
|
|
205,659
|
|
3.41
|
%
|
|||||||||
Tax Equivalent Adjustment
|
|
(1,651
|
)
|
|
|
(1,782
|
)
|
|
|
(4,355
|
)
|
|
||||||||||||
Net interest income per consolidated financial statements
|
|
$
|
210,628
|
|
|
|
$
|
211,800
|
|
|
|
$
|
201,304
|
|
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||||||||||
|
Increase (Decrease) Due to Change
in Average |
|
Increase (Decrease) Due to Change
in Average |
||||||||||||||||
(In thousands)(taxable equivalent)
|
Volume
|
Yield/Rate
|
Total
|
|
Volume
|
Yield/Rate
|
Total
|
||||||||||||
INTEREST INCOME:
|
|
|
|
|
|
|
|
||||||||||||
Certificates of deposit, other banks
|
$
|
(10
|
)
|
$
|
20
|
|
$
|
10
|
|
|
$
|
(28
|
)
|
$
|
22
|
|
$
|
(6
|
)
|
Investments1
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
(2,896
|
)
|
667
|
|
(2,229
|
)
|
|
(931
|
)
|
1,594
|
|
663
|
|
||||||
Tax-exempt
|
(105
|
)
|
132
|
|
27
|
|
|
(102
|
)
|
(771
|
)
|
(873
|
)
|
||||||
FHLB and FRB stock
|
(970
|
)
|
596
|
|
(374
|
)
|
|
538
|
|
718
|
|
1,256
|
|
||||||
Loans, net1
|
3,354
|
|
8,867
|
|
12,221
|
|
|
15,948
|
|
5,267
|
|
21,215
|
|
||||||
Total interest income
|
$
|
(627
|
)
|
$
|
10,282
|
|
$
|
9,655
|
|
|
$
|
15,425
|
|
$
|
6,830
|
|
$
|
22,255
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
||||||||||||
Interest checking, savings and money market
|
938
|
|
9,314
|
|
10,252
|
|
|
401
|
|
4,305
|
|
4,706
|
|
||||||
Time
|
148
|
|
3,909
|
|
4,057
|
|
|
(1,505
|
)
|
1,261
|
|
(244
|
)
|
||||||
Federal funds purchased and securities sold under agreements to repurchase
|
(9
|
)
|
0
|
|
(9
|
)
|
|
(5
|
)
|
(78
|
)
|
(83
|
)
|
||||||
Other borrowings
|
(7,148
|
)
|
3,806
|
|
(3,342
|
)
|
|
3,339
|
|
6,614
|
|
9,953
|
|
||||||
Total interest expense
|
$
|
(6,071
|
)
|
$
|
17,029
|
|
$
|
10,958
|
|
|
$
|
2,230
|
|
$
|
12,102
|
|
$
|
14,332
|
|
Net interest income
|
$
|
5,444
|
|
$
|
(6,747
|
)
|
$
|
(1,303
|
)
|
|
$
|
13,195
|
|
$
|
(5,272
|
)
|
$
|
7,923
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Insurance commissions and fees
|
$
|
31,091
|
|
|
$
|
29,369
|
|
|
$
|
28,778
|
|
Investment services
|
16,434
|
|
|
17,288
|
|
|
15,665
|
|
|||
Service charges on deposit accounts
|
8,321
|
|
|
8,435
|
|
|
8,437
|
|
|||
Card services
|
10,526
|
|
|
9,693
|
|
|
9,100
|
|
|||
Other income
|
8,416
|
|
|
13,130
|
|
|
7,631
|
|
|||
Net gain (loss) on securities transactions
|
645
|
|
|
(466
|
)
|
|
(407
|
)
|
|||
Total
|
$
|
75,433
|
|
|
$
|
77,449
|
|
|
$
|
69,204
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Salaries and wages
|
$
|
89,399
|
|
|
$
|
85,625
|
|
|
$
|
81,948
|
|
Other employee benefits
|
23,488
|
|
|
22,090
|
|
|
21,458
|
|
|||
Net occupancy expense of premises
|
13,210
|
|
|
13,309
|
|
|
13,214
|
|
|||
Furniture and fixture expense
|
7,815
|
|
|
7,351
|
|
|
7,028
|
|
|||
FDIC insurance
|
773
|
|
|
2,618
|
|
|
2,527
|
|
|||
Amortization of intangible assets
|
1,673
|
|
|
1,771
|
|
|
1,932
|
|
|||
Other
|
45,476
|
|
|
48,303
|
|
|
42,998
|
|
|||
Total
|
$
|
181,834
|
|
|
$
|
181,067
|
|
|
$
|
171,105
|
|
|
As of December 31,
|
||||||||||||||||||||||
Available-for-Sale Securities
|
2019
|
2018
|
2017
|
||||||||||||||||||||
(In thousands)
|
Amortized
Cost |
|
Fair Value
|
|
Amortized
Cost |
|
Fair Value
|
|
Amortized
Cost |
|
Fair Value
|
||||||||||||
U.S. Treasuries
|
$
|
1,840
|
|
|
$
|
1,840
|
|
|
$
|
289
|
|
|
$
|
289
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Obligations of U.S. Government sponsored entities
|
$
|
367,551
|
|
|
$
|
372,488
|
|
|
$
|
493,371
|
|
|
$
|
485,898
|
|
|
$
|
507,248
|
|
|
$
|
504,193
|
|
Obligations of U.S. states and political subdivisions
|
96,668
|
|
|
97,785
|
|
|
86,260
|
|
|
85,440
|
|
|
91,659
|
|
|
91,519
|
|
||||||
Mortgage-backed securities-residential, issued by
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
164,643
|
|
|
164,451
|
|
|
131,831
|
|
|
128,267
|
|
|
139,747
|
|
|
137,735
|
|
||||||
U.S. Government sponsored entities
|
660,037
|
|
|
659,590
|
|
|
649,620
|
|
|
630,558
|
|
|
667,767
|
|
|
656,178
|
|
||||||
Non-U.S. Government agencies or sponsored entities
|
0
|
|
|
0
|
|
|
31
|
|
|
31
|
|
|
75
|
|
|
75
|
|
||||||
U.S. corporate debt securities
|
2,500
|
|
|
2,433
|
|
|
2,500
|
|
|
2,175
|
|
|
2,500
|
|
|
2,162
|
|
||||||
Total available-for-sale securities
|
$
|
1,293,239
|
|
|
$
|
1,298,587
|
|
|
$
|
1,363,902
|
|
|
$
|
1,332,658
|
|
|
$
|
1,408,996
|
|
|
$
|
1,391,862
|
|
Held-to-Maturity Securities
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
(In thousands)
|
Amortized
Cost |
|
Fair Value
|
|
Amortized
Cost |
|
Fair Value
|
|
Amortized
Cost |
|
Fair Value
|
||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
Obligations of U.S. Government sponsored entities
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
131,306
|
|
|
$
|
130,108
|
|
|
$
|
131,707
|
|
|
$
|
132,720
|
|
Obligations of U.S. states and political subdivisions
|
0
|
|
|
0
|
|
|
9,273
|
|
|
9,269
|
|
|
7,509
|
|
|
7,595
|
|
||||||
Total held-to-maturity securities
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
140,579
|
|
|
$
|
139,377
|
|
|
$
|
139,216
|
|
|
$
|
140,315
|
|
|
As of December 31, 2019
|
|||||||||
|
Securities
Available-for-Sale1 |
Securities
Held-to-Maturity |
||||||||
(dollar amounts in thousands)
|
Amount
|
Yield2
|
Amount
|
Yield2
|
||||||
|
|
|
|
|
||||||
U.S. Treasury
|
|
|
|
|
||||||
Within 1 year
|
$
|
1,840
|
|
0.00
|
%
|
$
|
0
|
|
0.00
|
%
|
|
$
|
1,840
|
|
0.00
|
%
|
$
|
0
|
|
0.00
|
%
|
|
|
|
|
|
||||||
Obligations of U.S. Government sponsored entities
|
|
|
|
|
||||||
Within 1 year
|
$
|
95,765
|
|
1.97
|
%
|
$
|
0
|
|
0.00
|
%
|
Over 1 to 5 years
|
246,887
|
|
2.28
|
%
|
0
|
|
0.00
|
%
|
||
Over 5 to 10 years
|
24,899
|
|
2.60
|
%
|
0
|
|
0.00
|
%
|
||
|
$
|
367,551
|
|
2.22
|
%
|
$
|
0
|
|
0.00
|
%
|
|
|
|
|
|
||||||
Obligations of U.S. state and political subdivisions
|
|
|
|
|
||||||
Within 1 year
|
$
|
10,370
|
|
3.09
|
%
|
$
|
0
|
|
0.00
|
%
|
Over 1 to 5 years
|
23,590
|
|
2.43
|
%
|
0
|
|
0.00
|
%
|
||
Over 5 to 10 years
|
50,311
|
|
2.99
|
%
|
0
|
|
0.00
|
%
|
||
Over 10 years
|
12,397
|
|
3.27
|
%
|
0
|
|
0.00
|
%
|
||
|
$
|
96,668
|
|
2.90
|
%
|
$
|
0
|
|
0.00
|
%
|
|
|
|
|
|
||||||
Mortgage-backed securities - residential
|
|
|
|
|
||||||
Within 1 year
|
$
|
16
|
|
6.76
|
%
|
$
|
0
|
|
0.00
|
%
|
Over 1 to 5 years
|
4,378
|
|
3.75
|
%
|
0
|
|
0.00
|
%
|
||
Over 5 to 10 years
|
154,689
|
|
2.22
|
%
|
0
|
|
0.00
|
%
|
||
Over 10 years
|
665,597
|
|
2.13
|
%
|
0
|
|
0.00
|
%
|
||
|
$
|
824,680
|
|
2.16
|
%
|
$
|
0
|
|
0.00
|
%
|
|
|
|
|
|
||||||
Other securities
|
|
|
|
|
||||||
Over 5 to 10 years
|
$
|
2,500
|
|
4.70
|
%
|
$
|
0
|
|
0.00
|
%
|
|
$
|
2,500
|
|
4.70
|
%
|
$
|
0
|
|
0.00
|
%
|
|
|
|
|
|
||||||
Total securities
|
|
|
|
|
||||||
Within 1 year
|
$
|
107,991
|
|
2.04
|
%
|
$
|
0
|
|
0.00
|
%
|
Over 1 to 5 years
|
274,854
|
|
2.31
|
%
|
0
|
|
0.00
|
%
|
||
Over 5 to 10 years
|
232,399
|
|
2.45
|
%
|
0
|
|
0.00
|
%
|
||
Over 10 years
|
677,995
|
|
2.15
|
%
|
0
|
|
0.00
|
%
|
||
|
$
|
1,293,239
|
|
2.24
|
%
|
$
|
0
|
|
0.00
|
%
|
Originated Loans and Leases
|
As of December 31,
|
||||||||||||||
(In thousands)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
||||||||||
Agriculture
|
$
|
105,786
|
|
$
|
107,494
|
|
$
|
108,608
|
|
$
|
118,247
|
|
$
|
88,299
|
|
Commercial and industrial other
|
863,199
|
|
926,429
|
|
932,067
|
|
847,055
|
|
768,024
|
|
|||||
Subtotal commercial and industrial
|
968,985
|
|
1,033,923
|
|
1,040,675
|
|
965,302
|
|
856,323
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|||||||||
Construction
|
212,302
|
|
164,285
|
|
202,486
|
|
135,834
|
|
103,037
|
|
|||||
Agriculture
|
184,701
|
|
170,005
|
|
129,712
|
|
102,509
|
|
86,935
|
|
|||||
Commercial real estate other
|
1,899,645
|
|
1,827,279
|
|
1,660,782
|
|
1,431,690
|
|
1,167,250
|
|
|||||
Subtotal commercial real estate
|
2,296,648
|
|
2,161,569
|
|
1,992,980
|
|
1,670,033
|
|
1,357,222
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|||||||||
Home equity
|
203,894
|
|
208,459
|
|
212,812
|
|
209,277
|
|
202,578
|
|
|||||
Mortgages
|
1,140,572
|
|
1,083,802
|
|
1,039,040
|
|
947,378
|
|
823,841
|
|
|||||
Subtotal residential real estate
|
1,344,466
|
|
1,292,261
|
|
1,251,852
|
|
1,156,655
|
|
1,026,419
|
|
|||||
Consumer and other
|
|
|
|
|
|
|
|||||||||
Indirect
|
12,964
|
|
12,663
|
|
12,144
|
|
14,835
|
|
17,829
|
|
|||||
Consumer and other
|
60,661
|
|
57,565
|
|
50,214
|
|
44,393
|
|
40,904
|
|
|||||
Subtotal consumer and other
|
73,625
|
|
70,228
|
|
62,358
|
|
59,228
|
|
58,733
|
|
|||||
Leases
|
17,322
|
|
14,556
|
|
14,467
|
|
16,650
|
|
14,861
|
|
|||||
Total loans and leases
|
4,701,046
|
|
4,572,537
|
|
4,362,332
|
|
3,867,868
|
|
3,313,558
|
|
|||||
Less: unearned income and deferred costs and fees
|
(3,645
|
)
|
(3,796
|
)
|
(3,789
|
)
|
(3,946
|
)
|
(2,790
|
)
|
|||||
Total originated loans and leases, net of unearned income and deferred costs and fees
|
$
|
4,697,401
|
|
$
|
4,568,741
|
|
$
|
4,358,543
|
|
$
|
3,863,922
|
|
$
|
3,310,768
|
|
|
|
|
|
|
|
||||||||||
Acquired Loans
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
||||||||||
Commercial and industrial other
|
$
|
39,076
|
|
$
|
43,712
|
|
$
|
50,976
|
|
$
|
79,317
|
|
$
|
84,810
|
|
Subtotal commercial and industrial
|
39,076
|
|
43,712
|
|
50,976
|
|
79,317
|
|
84,810
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|||||||||
Construction
|
1,335
|
|
1,384
|
|
1,480
|
|
8,936
|
|
4,892
|
|
|||||
Agriculture
|
197
|
|
224
|
|
247
|
|
267
|
|
2,095
|
|
|||||
Commercial real estate other
|
145,385
|
|
177,484
|
|
206,020
|
|
241,605
|
|
284,952
|
|
|||||
Subtotal commercial real estate
|
146,917
|
|
179,092
|
|
207,747
|
|
250,808
|
|
291,939
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|||||||||
Home equity
|
15,351
|
|
21,149
|
|
28,444
|
|
37,737
|
|
42,092
|
|
|||||
Mortgages
|
18,020
|
|
20,484
|
|
22,645
|
|
25,423
|
|
27,491
|
|
|||||
Subtotal residential real estate
|
33,371
|
|
41,633
|
|
51,089
|
|
63,160
|
|
69,583
|
|
|||||
Consumer and other
|
|
|
|
|
|
|
|||||||||
Consumer and other
|
785
|
|
761
|
|
765
|
|
826
|
|
911
|
|
|||||
Subtotal consumer and other
|
785
|
|
761
|
|
765
|
|
826
|
|
911
|
|
|||||
Covered loans
|
0
|
|
0
|
|
0
|
|
0
|
|
14,031
|
|
|||||
Total acquired loans and leases
|
$
|
220,149
|
|
$
|
265,198
|
|
$
|
310,577
|
|
$
|
394,111
|
|
$
|
461,274
|
|
|
As of December 31,
|
||||||||||||||
(In thousands)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||
Loans 90 days past due and accruing1
|
|
|
|
|
|
||||||||||
Commercial real estate
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
Residential real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
58
|
|
|||||
Consumer and other
|
0
|
|
0
|
|
44
|
|
0
|
|
0
|
|
|||||
Total loans 90 days past due and accruing
|
0
|
|
0
|
|
44
|
|
0
|
|
58
|
|
|||||
Nonaccrual loans
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
2,335
|
|
1,883
|
|
2,852
|
|
738
|
|
1,738
|
|
|||||
Commercial real estate
|
10,789
|
|
8,007
|
|
5,948
|
|
9,076
|
|
6,054
|
|
|||||
Residential real estate
|
10,882
|
|
12,072
|
|
10,363
|
|
9,061
|
|
9,863
|
|
|||||
Consumer and other
|
275
|
|
234
|
|
354
|
|
166
|
|
182
|
|
|||||
Leases
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
|||||
Total nonaccrual loans and leases
|
24,281
|
|
22,196
|
|
19,517
|
|
19,041
|
|
17,837
|
|
|||||
Troubled debt restructurings not included above
|
7,154
|
|
4,395
|
|
3,449
|
|
2,631
|
|
3,915
|
|
|||||
Total nonperforming loans and leases
|
31,435
|
|
26,591
|
|
23,010
|
|
21,672
|
|
21,810
|
|
|||||
Other real estate owned
|
428
|
|
1,595
|
|
2,047
|
|
908
|
|
2,692
|
|
|||||
Total nonperforming assets
|
$
|
31,863
|
|
$
|
28,186
|
|
$
|
25,057
|
|
$
|
22,580
|
|
$
|
24,502
|
|
Total nonperforming loans and leases as a percentage of total loans and leases
|
0.64
|
%
|
0.55
|
%
|
0.49
|
%
|
0.51
|
%
|
0.58
|
%
|
|||||
Total nonperforming assets as a percentage of total assets
|
0.47
|
%
|
0.42
|
%
|
0.38
|
%
|
0.36
|
%
|
0.43
|
%
|
|||||
Allowance as a percentage of nonperforming loans and leases
|
126.90
|
%
|
163.25
|
%
|
172.84
|
%
|
164.98
|
%
|
146.74
|
%
|
–
|
An acknowledgment that arriving at an appropriate allowance requires a high degree of management judgment.
|
–
|
The allowance should be maintained at a level appropriate to cover estimated losses on loans individually evaluated for impairment, as well as estimated credit losses inherent in the remainder of the portfolio.
|
–
|
Estimates of credit losses should consider all significant factors that affect the collectability of the portfolio as of the evaluation date.
|
–
|
Loss emergence period is a critical assumption in the allowance estimate, which represents the average amount of time between when loss events occur for specific loan types and when such problem loans are identified and the related loss amounts are confirmed through charge-offs.
|
–
|
The allowance should be based on a comprehensive, well-documented, and consistently applied analysis of the loan portfolio.
|
–
|
Impaired Loans - Management considers a loan to be impaired if, based on current information, it is probable that the Company will be unable to collect all scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the effective interest rate of the loan or, as a practical expedient, at the observable market price or the fair value of collateral (less costs to sell) if the loan is collateral dependent. Management excludes large groups of smaller balance homogeneous loans such as residential mortgages, consumer loans, and leases, which are collectively evaluated.
|
–
|
Criticized and Classified Credits – For loans that are not impaired, but are rated special mention or worse, management evaluates credits based on elevated risk characteristics and assigns reserves based upon analysis of historical loss experience of loans with similar risk characteristics.
|
–
|
Historical Loss Experience - For loans that are not impaired, or reviewed individually, management assigns a reserve based upon historical loss experience over a designated look-back period. Management has evaluated a variety of look-back periods and has determined that an eight year look back period is appropriate to capture a full range of economic cycles.
|
–
|
Qualitative/Subjective Analysis – The model also includes an analysis of a variety of subjective factors to support the reserve estimate. These subjective factors may include reserve allocations for risks that may not otherwise be fully recognized in other components of the model. Among the subjective factors that are routinely considered as part of this analysis are: growth trends in the portfolio, changes in management and/or polices related to lending activities, trends in classified or past due/nonaccrual loans, concentrations of credit, local and national economic trends, and industry trends.
|
|
As of December 31,
|
||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Originated loans outstanding at end of year
|
$
|
4,697,401
|
|
|
$
|
4,568,741
|
|
|
$
|
4,358,543
|
|
|
$
|
3,863,922
|
|
|
$
|
3,310,768
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allocation of the originated allowance by originated loan type:
|
|||||||||||||||||||
Commercial and industrial
|
$
|
10,541
|
|
|
$
|
11,217
|
|
|
$
|
11,812
|
|
|
$
|
9,389
|
|
|
$
|
10,495
|
|
Commercial real estate
|
21,557
|
|
|
23,483
|
|
|
20,412
|
|
|
19,836
|
|
|
15,479
|
|
|||||
Residential real estate
|
6,360
|
|
|
7,317
|
|
|
6,161
|
|
|
5,149
|
|
|
4,070
|
|
|||||
Consumer and other
|
1,356
|
|
|
1,304
|
|
|
1,301
|
|
|
1,224
|
|
|
1,268
|
|
|||||
Total
|
$
|
39,814
|
|
|
$
|
43,321
|
|
|
$
|
39,686
|
|
|
$
|
35,598
|
|
|
$
|
31,312
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allocation of the originated allowance as a percentage of total originated allowance:
|
|||||||||||||||||||
Commercial and industrial
|
27
|
%
|
|
26
|
%
|
|
30
|
%
|
|
27
|
%
|
|
34
|
%
|
|||||
Commercial real estate
|
54
|
%
|
|
54
|
%
|
|
51
|
%
|
|
56
|
%
|
|
49
|
%
|
|||||
Residential real estate
|
16
|
%
|
|
17
|
%
|
|
16
|
%
|
|
14
|
%
|
|
13
|
%
|
|||||
Consumer and other
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
4
|
%
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|||||
Loan and lease types as a percentage of total originated loans and leases:
|
|||||||||||||||||||
Commercial and industrial
|
21
|
%
|
|
23
|
%
|
|
24
|
%
|
|
25
|
%
|
|
26
|
%
|
|||||
Commercial real estate
|
48
|
%
|
|
47
|
%
|
|
46
|
%
|
|
43
|
%
|
|
41
|
%
|
|||||
Residential real estate
|
29
|
%
|
|
28
|
%
|
|
29
|
%
|
|
30
|
%
|
|
31
|
%
|
|||||
Consumer and other
|
2
|
%
|
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
2
|
%
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
As of December 31,
|
||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Acquired loans outstanding at end of year
|
$
|
220,149
|
|
|
$
|
265,198
|
|
|
$
|
310,577
|
|
|
$
|
394,111
|
|
|
$
|
461,274
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allocation of the acquired allowance by acquired loan type:
|
|||||||||||||||||||
Commercial and industrial
|
$
|
0
|
|
|
$
|
55
|
|
|
$
|
25
|
|
|
$
|
0
|
|
|
$
|
433
|
|
Commercial real estate
|
51
|
|
|
0
|
|
|
0
|
|
|
97
|
|
|
61
|
|
|||||
Residential real estate
|
21
|
|
|
28
|
|
|
54
|
|
|
54
|
|
|
198
|
|
|||||
Consumer and other
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
0
|
|
|||||
Total
|
$
|
78
|
|
|
$
|
89
|
|
|
$
|
85
|
|
|
$
|
157
|
|
|
$
|
692
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allocation of the acquired allowance as a percentage of total acquired allowance:
|
|||||||||||||||||||
Commercial and industrial
|
0
|
%
|
|
62
|
%
|
|
29
|
%
|
|
0
|
%
|
|
62
|
%
|
|||||
Commercial real estate
|
65
|
%
|
|
0
|
%
|
|
0
|
%
|
|
62
|
%
|
|
9
|
%
|
|||||
Residential real estate
|
27
|
%
|
|
31
|
%
|
|
64
|
%
|
|
34
|
%
|
|
29
|
%
|
|||||
Consumer and other
|
8
|
%
|
|
7
|
%
|
|
7
|
%
|
|
4
|
%
|
|
0
|
%
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|||||
Loan and lease types as a percentage of total acquired loans and leases:
|
|||||||||||||||||||
Commercial and industrial
|
18
|
%
|
|
16
|
%
|
|
16
|
%
|
|
20
|
%
|
|
18
|
%
|
|||||
Commercial real estate
|
67
|
%
|
|
68
|
%
|
|
67
|
%
|
|
64
|
%
|
|
64
|
%
|
|||||
Residential real estate
|
15
|
%
|
|
16
|
%
|
|
17
|
%
|
|
16
|
%
|
|
15
|
%
|
|||||
Consumer and other
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|||||
Covered
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|
3
|
%
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Average originated loans outstanding during year
|
$
|
4,586,484
|
|
|
$
|
4,472,682
|
|
|
$
|
4,051,298
|
|
|
$
|
3,525,649
|
|
|
$
|
3,023,456
|
|
Balance of allowance at beginning of year
|
43,321
|
|
|
39,686
|
|
|
35,598
|
|
|
31,312
|
|
|
28,156
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated loans charged-off:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
653
|
|
|
293
|
|
|
291
|
|
|
878
|
|
|
221
|
|
|||||
Commercial real estate
|
4,013
|
|
|
60
|
|
|
21
|
|
|
12
|
|
|
363
|
|
|||||
Residential real estate
|
90
|
|
|
424
|
|
|
584
|
|
|
263
|
|
|
338
|
|
|||||
Consumer and other
|
816
|
|
|
1,350
|
|
|
960
|
|
|
521
|
|
|
1,074
|
|
|||||
Leases
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|||||
Total loans charged-off
|
$
|
5,572
|
|
|
$
|
2,127
|
|
|
$
|
1,856
|
|
|
$
|
1,674
|
|
|
$
|
1,996
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries of originated loans previously charged-off:
|
|||||||||||||||||||
Commercial and industrial
|
70
|
|
|
50
|
|
|
119
|
|
|
576
|
|
|
809
|
|
|||||
Commercial real estate
|
100
|
|
|
812
|
|
|
980
|
|
|
859
|
|
|
1,277
|
|
|||||
Residential real estate
|
283
|
|
|
324
|
|
|
212
|
|
|
63
|
|
|
112
|
|
|||||
Consumer and other
|
294
|
|
|
679
|
|
|
405
|
|
|
325
|
|
|
487
|
|
|||||
Total loan recoveries
|
$
|
747
|
|
|
$
|
1,865
|
|
|
$
|
1,716
|
|
|
$
|
1,823
|
|
|
$
|
2,685
|
|
Net loan charge-offs and (recoveries)
|
4,825
|
|
|
262
|
|
|
140
|
|
|
(149
|
)
|
|
(689
|
)
|
|||||
Additions to allowance charged to operations
|
1,318
|
|
|
3,897
|
|
|
4,228
|
|
|
4,137
|
|
|
2,467
|
|
|||||
Balance of originated allowance at end of year
|
$
|
39,814
|
|
|
$
|
43,321
|
|
|
$
|
39,686
|
|
|
$
|
35,598
|
|
|
$
|
31,312
|
|
Originated allowance as a percentage of originated loans and leases outstanding
|
0.85
|
%
|
|
0.95
|
%
|
|
0.91
|
%
|
|
0.92
|
%
|
|
0.95
|
%
|
|||||
Net charge-offs (recoveries) as a percentage of average originated loans and leases outstanding during the year
|
0.11
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
(0.02
|
)%
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Average acquired loans outstanding during year
|
$
|
243,607
|
|
|
$
|
284,901
|
|
|
$
|
349,915
|
|
|
$
|
431,572
|
|
|
$
|
508,490
|
|
Balance of allowance at beginning of year
|
89
|
|
|
85
|
|
|
157
|
|
|
692
|
|
|
841
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquired loans charged-off:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
43
|
|
|
41
|
|
|
74
|
|
|
698
|
|
|
77
|
|
|||||
Commercial real estate
|
2
|
|
|
82
|
|
|
159
|
|
|
181
|
|
|
400
|
|
|||||
Residential real estate
|
166
|
|
|
190
|
|
|
483
|
|
|
35
|
|
|
302
|
|
|||||
Consumer and other
|
7
|
|
|
0
|
|
|
2
|
|
|
121
|
|
|
6
|
|
|||||
Total loans charged-off
|
$
|
218
|
|
|
$
|
313
|
|
|
$
|
718
|
|
|
$
|
1,035
|
|
|
$
|
785
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries of acquired loans previously charged-off:
|
|||||||||||||||||||
Commercial and industrial
|
33
|
|
|
106
|
|
|
24
|
|
|
20
|
|
|
7
|
|
|||||
Commercial real estate
|
74
|
|
|
31
|
|
|
637
|
|
|
268
|
|
|
142
|
|
|||||
Residential real estate
|
51
|
|
|
135
|
|
|
44
|
|
|
0
|
|
|
9
|
|
|||||
Consumer and other
|
1
|
|
|
0
|
|
|
8
|
|
|
28
|
|
|
0
|
|
|||||
Total loan recoveries
|
$
|
159
|
|
|
$
|
272
|
|
|
$
|
713
|
|
|
$
|
316
|
|
|
$
|
158
|
|
Net loans charged-off
|
59
|
|
|
41
|
|
|
5
|
|
|
719
|
|
|
627
|
|
|||||
Additions (reductions) to allowance charged to operations
|
48
|
|
|
45
|
|
|
(67
|
)
|
|
184
|
|
|
478
|
|
|||||
Balance of acquired allowance at end of year
|
$
|
78
|
|
|
$
|
89
|
|
|
$
|
85
|
|
|
$
|
157
|
|
|
$
|
692
|
|
Acquired allowance as a percentage of acquired loans outstanding
|
0.03
|
%
|
|
0.03
|
%
|
|
0.02
|
%
|
|
0.04
|
%
|
|
0.14
|
%
|
|||||
Net charge-offs as a percentage of average acquired loans and leases outstanding during the year
|
0.02
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.17
|
%
|
|
0.12
|
%
|
|||||
Total net charge-offs as a percentage of average total loans and leases outstanding during the year
|
0.10
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
Remaining maturity of originated loans
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Total
|
|
Less than 1 year
|
|
After 1 year to 5 years
|
|
After 5 years
|
||||||||
Commercial and industrial
|
$
|
968,985
|
|
|
$
|
237,057
|
|
|
$
|
289,483
|
|
|
$
|
442,445
|
|
Commercial real estate
|
2,296,648
|
|
|
113,282
|
|
|
237,165
|
|
|
1,946,201
|
|
||||
Residential real estate
|
1,344,466
|
|
|
111
|
|
|
14,882
|
|
|
1,329,473
|
|
||||
Total
|
$
|
4,610,099
|
|
|
$
|
350,450
|
|
|
$
|
541,530
|
|
|
$
|
3,718,119
|
|
Remaining maturity of acquired loans
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Total
|
|
Less than 1 year
|
|
After 1 year to 5 years
|
|
After 5 years
|
||||||||
Commercial and industrial
|
$
|
39,076
|
|
|
$
|
19,065
|
|
|
$
|
3,619
|
|
|
$
|
16,392
|
|
Commercial real estate
|
146,917
|
|
|
11,867
|
|
|
70,529
|
|
|
64,521
|
|
||||
Residential real estate
|
33,371
|
|
|
2,795
|
|
|
4,179
|
|
|
26,397
|
|
||||
Total
|
$
|
219,364
|
|
|
$
|
33,727
|
|
|
$
|
78,327
|
|
|
$
|
107,310
|
|
Contractual cash obligations
|
At December 31, 2019
Payments due within |
||||||||||||||||||
(In thousands)
|
Total
|
|
1 year
|
|
1-3 years
|
|
3-5 years
|
|
After 5 years
|
||||||||||
Long-term debt
|
$
|
436,320
|
|
|
$
|
177,017
|
|
|
$
|
127,092
|
|
|
$
|
132,211
|
|
|
$
|
0
|
|
Trust Preferred Debentures1
|
32,472
|
|
|
1,000
|
|
|
2,001
|
|
|
2,001
|
|
|
27,470
|
|
|||||
Operating leases 2
|
46,826
|
|
|
4,492
|
|
|
8,221
|
|
|
7,508
|
|
|
26,605
|
|
|||||
Software contracts
|
6,731
|
|
|
1,568
|
|
|
2,956
|
|
|
2,207
|
|
|
0
|
|
|||||
Total contractual cash obligations
|
$
|
522,349
|
|
|
$
|
184,077
|
|
|
$
|
140,270
|
|
|
$
|
143,927
|
|
|
$
|
54,075
|
|
Condensed Static Gap - December 31, 2019
|
|
||||||||||||||
(In thousands)
|
Total
|
0-3 months
|
3-6 months
|
6-12 months
|
12 months
|
||||||||||
Interest-earning assets1
|
$
|
6,246,457
|
|
$
|
1,256,500
|
|
$
|
351,806
|
|
$
|
612,716
|
|
$
|
2,221,022
|
|
Interest-bearing liabilities
|
4,491,182
|
|
1,967,200
|
|
144,863
|
|
282,567
|
|
2,394,630
|
|
|||||
Net gap position
|
|
(710,700
|
)
|
206,943
|
|
330,149
|
|
(173,608
|
)
|
||||||
Net gap position as a percentage of total assets
|
|
(10.57
|
)%
|
3.08
|
%
|
4.91
|
%
|
(2.58
|
)%
|
Index to Financial Statements
|
Page
|
|
|
/s/ Stephen S. Romaine
|
|
/s/ Francis M. Fetsko
|
|
Date:
|
March 2, 2020
|
|
|
|
|
|
|
Stephen S. Romaine
|
|
Francis M. Fetsko
|
|
|
|
Chief Executive Officer
|
|
Chief Financial Officer
|
|
|
|
|
|
Chief Operating Officer
|
|
|
|
/s/ KPMG LLP
|
|
Albany, New York
|
|
March 2, 2020
|
|
–
|
evaluating the relevance of peer group and industry proxy loss data and sources of data and assumptions used to allocate the qualitative factors,
|
–
|
evaluating fluctuations over the look-back period in criticized and classified loans and basis points applied for the qualitative factors by loan segment,
|
–
|
analyzing the determination of each qualitative factor and corresponding allowance based on management’s qualitative framework process, basis point adjustment, and supporting documentation, and
|
–
|
evaluating trends in the ALLL, including the qualitative factors, for consistency with trends in loan portfolio growth and credit performance.
|
–
|
Company’s ALLL methodology for compliance with U.S. generally accepted accounting principles,
|
–
|
length of the look-back period assumption,
|
–
|
methodology used to develop the loss emergence periods,
|
–
|
internal risk ratings for commercial loans,
|
–
|
analysis used to develop the resulting qualitative factors and the effect of those factors on the ALLL compared with relevant credit risk factors and credit trends,
|
–
|
maximum qualitative factor adjustment by considering the stability of the loss emergence period based on consistency in historic loss experience, and
|
–
|
allocation of the maximum qualitative factor adjustment to each qualitative factor based on consideration of which factors are more relevant in driving losses, and changes in weightings year-over-year.
|
/s/ KPMG LLP
|
|
|
|
We have served as the Company's auditor since 1995.
|
|
|
|
Albany, New York
|
|
March 2, 2020
|
|
(In thousands, except share and per share data)
|
As of
|
As of
|
||||
ASSETS
|
12/31/2019
|
12/31/2018
|
||||
|
|
|
||||
Cash and noninterest bearing balances due from banks
|
$
|
136,010
|
|
$
|
78,524
|
|
Interest bearing balances due from banks
|
1,972
|
|
1,865
|
|
||
Cash and Cash Equivalents
|
137,982
|
|
80,389
|
|
||
|
|
|
||||
Available-for-sale securities, at fair value (amortized cost of $1,293,239 at December 31, 2019 and $1,363,902 at December 31, 2018)
|
1,298,587
|
|
1,332,658
|
|
||
Held-to-maturity securities, at amortized cost (fair value of $0 at December 31, 2019 and $139,377 at December 31, 2018)
|
0
|
|
140,579
|
|
||
Equity securities, at fair value (amortized cost $915 at December 31, 2019 and $887 at December 31, 2018)
|
915
|
|
887
|
|
||
Originated loans and leases, net of unearned income and deferred costs and fees
|
4,697,401
|
|
4,568,741
|
|
||
Acquired loans
|
220,149
|
|
265,198
|
|
||
Less: Allowance for loan and lease losses
|
39,892
|
|
43,410
|
|
||
Net Loans and Leases
|
4,877,658
|
|
4,790,529
|
|
||
|
|
|
||||
Federal Home Loan Bank and other stock
|
33,695
|
|
52,262
|
|
||
Bank premises and equipment, net
|
94,355
|
|
97,202
|
|
||
Corporate owned life insurance
|
82,961
|
|
81,928
|
|
||
Goodwill
|
92,447
|
|
92,283
|
|
||
Other intangible assets, net
|
6,223
|
|
7,628
|
|
||
Accrued interest and other assets
|
100,800
|
|
82,091
|
|
||
Total Assets
|
6,725,623
|
|
6,758,436
|
|
||
LIABILITIES
|
|
|
||||
Deposits:
|
|
|
||||
Interest bearing:
|
|
|
||||
Checking, savings and money market
|
3,080,686
|
|
2,853,190
|
|
||
Time
|
675,014
|
|
637,295
|
|
||
Noninterest bearing
|
1,457,221
|
|
1,398,474
|
|
||
Total Deposits
|
5,212,921
|
|
4,888,959
|
|
||
|
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
60,346
|
|
81,842
|
|
||
Other borrowings
|
658,100
|
|
1,076,075
|
|
||
Trust preferred debentures
|
17,035
|
|
16,863
|
|
||
Other liabilities
|
114,167
|
|
73,826
|
|
||
Total Liabilities
|
6,062,569
|
|
6,137,565
|
|
||
EQUITY
|
|
|
||||
Tompkins Financial Corporation shareholders' equity:
|
|
|
||||
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,014,499 at December 31, 2019; and 15,348,287 at December 31, 2018
|
1,501
|
|
1,535
|
|
||
Additional paid-in capital
|
338,507
|
|
366,595
|
|
||
Retained earnings
|
370,477
|
|
319,396
|
|
||
Accumulated other comprehensive loss
|
(43,564
|
)
|
(63,165
|
)
|
||
Treasury stock, at cost – 123,956 shares at December 31, 2019, and 122,227 shares at December 31, 2018
|
(5,279
|
)
|
(4,902
|
)
|
||
Total Tompkins Financial Corporation Shareholders’ Equity
|
661,642
|
|
619,459
|
|
||
|
|
|
||||
Noncontrolling interests
|
1,412
|
|
1,412
|
|
||
Total Equity
|
$
|
663,054
|
|
$
|
620,871
|
|
Total Liabilities and Equity
|
$
|
6,725,623
|
|
$
|
6,758,436
|
|
|
Year ended December 31,
|
||||||||||
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2017
|
||||||
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
|
||||||
Loans
|
$
|
226,723
|
|
|
$
|
214,370
|
|
|
$
|
191,410
|
|
Due from banks
|
41
|
|
|
31
|
|
|
37
|
|
|||
Available-for-sale securities
|
28,460
|
|
|
30,377
|
|
|
29,721
|
|
|||
Held-to-maturity securities
|
3,151
|
|
|
3,437
|
|
|
3,475
|
|
|||
Federal Home Loan Bank stock and Federal Reserve Bank stock
|
3,003
|
|
|
3,377
|
|
|
2,121
|
|
|||
Total Interest and Dividend Income
|
261,378
|
|
|
251,592
|
|
|
226,764
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|
||||||
Time certificates of deposits of $250,000 or more
|
3,095
|
|
|
1,712
|
|
|
1,880
|
|
|||
Other deposits
|
27,809
|
|
|
14,883
|
|
|
10,253
|
|
|||
Federal funds purchased and securities sold under agreements to repurchase
|
143
|
|
|
152
|
|
|
235
|
|
|||
Trust preferred debentures
|
1,276
|
|
|
1,227
|
|
|
1,158
|
|
|||
Other borrowings
|
18,427
|
|
|
21,818
|
|
|
11,934
|
|
|||
Total Interest Expense
|
50,750
|
|
|
39,792
|
|
|
25,460
|
|
|||
Net Interest Income
|
210,628
|
|
|
211,800
|
|
|
201,304
|
|
|||
Less: Provision for loan and lease losses
|
1,366
|
|
|
3,942
|
|
|
4,161
|
|
|||
Net Interest Income After Provision for Loan and Lease Losses
|
209,262
|
|
|
207,858
|
|
|
197,143
|
|
|||
NONINTEREST INCOME
|
|
|
|
|
|
||||||
Insurance commissions and fees
|
31,091
|
|
|
29,369
|
|
|
28,778
|
|
|||
Investment services income
|
16,434
|
|
|
17,288
|
|
|
15,665
|
|
|||
Service charges on deposit accounts
|
8,321
|
|
|
8,435
|
|
|
8,437
|
|
|||
Card services income
|
10,526
|
|
|
9,693
|
|
|
9,100
|
|
|||
Other income
|
8,416
|
|
|
13,130
|
|
|
7,631
|
|
|||
Net gain (loss) on securities transactions
|
645
|
|
|
(466
|
)
|
|
(407
|
)
|
|||
Total Noninterest Income
|
75,433
|
|
|
77,449
|
|
|
69,204
|
|
|||
NONINTEREST EXPENSES
|
|
|
|
|
|
||||||
Salaries and wages
|
89,399
|
|
|
85,625
|
|
|
81,948
|
|
|||
Other employee benefits
|
23,488
|
|
|
22,090
|
|
|
21,458
|
|
|||
Net occupancy expense of premises
|
13,210
|
|
|
13,309
|
|
|
13,214
|
|
|||
Furniture and fixture expense
|
7,815
|
|
|
7,351
|
|
|
7,028
|
|
|||
Amortization of intangible assets
|
1,673
|
|
|
1,771
|
|
|
1,932
|
|
|||
Other operating expenses
|
46,249
|
|
|
50,921
|
|
|
45,525
|
|
|||
Total Noninterest Expenses
|
181,834
|
|
|
181,067
|
|
|
171,105
|
|
|||
Income Before Income Tax Expense
|
102,861
|
|
|
104,240
|
|
|
95,242
|
|
|||
Income Tax Expense
|
21,016
|
|
|
21,805
|
|
|
42,620
|
|
|||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation
|
81,845
|
|
|
82,435
|
|
|
52,622
|
|
|||
Less: Net income attributable to noncontrolling interests
|
127
|
|
|
127
|
|
|
128
|
|
|||
Net Income Attributable to Tompkins Financial Corporation
|
$
|
81,718
|
|
|
$
|
82,308
|
|
|
$
|
52,494
|
|
Basic Earnings Per Share
|
$
|
5.39
|
|
|
$
|
5.39
|
|
|
$
|
3.46
|
|
Diluted Earnings Per Share
|
$
|
5.37
|
|
|
$
|
5.35
|
|
|
$
|
3.43
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
$
|
81,845
|
|
|
$
|
82,435
|
|
|
$
|
52,622
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Change in net unrealized gain (loss) during the period
|
25,241
|
|
|
(10,981
|
)
|
|
(2,681
|
)
|
|||
Unrealized gains on HTM securities transferred to AFS securities
|
2,852
|
|
|
0
|
|
|
0
|
|
|||
Reclassification adjustment for net realized (gain) loss on sale included in available-for-sale securities
|
(465
|
)
|
|
332
|
|
|
244
|
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Net retirement plan loss
|
(7,642
|
)
|
|
(2,594
|
)
|
|
(3,434
|
)
|
|||
Net actuarial gain due to curtailment
|
(302
|
)
|
|
0
|
|
|
0
|
|
|||
Net retirement plan prior service (credit) cost
|
(1,373
|
)
|
|
0
|
|
|
728
|
|
|||
Amortization of net retirement plan actuarial gain
|
1,266
|
|
|
1,298
|
|
|
905
|
|
|||
Amortization of net retirement plan prior service cost
|
24
|
|
|
11
|
|
|
9
|
|
|||
|
|
|
|
|
|
||||||
Other comprehensive income (loss)
|
19,601
|
|
|
(11,934
|
)
|
|
(4,229
|
)
|
|||
|
|
|
|
|
|
||||||
Subtotal comprehensive income attributable to noncontrolling interests and Tompkins Financial Corporation
|
101,446
|
|
|
70,501
|
|
|
48,393
|
|
|||
Less: Total comprehensive income attributable to noncontrolling interests
|
(127
|
)
|
|
(127
|
)
|
|
(128
|
)
|
|||
Total comprehensive income attributable to Tompkins Financial Corporation
|
$
|
101,319
|
|
|
$
|
70,374
|
|
|
$
|
48,265
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income attributable to Tompkins Financial Corporation
|
$
|
81,718
|
|
|
$
|
82,308
|
|
|
$
|
52,494
|
|
Adjustments to reconcile net income attributable to Tompkins Financial Corporation, to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Provision for loan and lease losses
|
1,366
|
|
|
3,942
|
|
|
4,161
|
|
|||
Depreciation and amortization of premises, equipment, and software
|
10,044
|
|
|
9,554
|
|
|
8,269
|
|
|||
Accretion related to purchase accounting
|
(1,448
|
)
|
|
(1,948
|
)
|
|
(2,978
|
)
|
|||
Amortization of intangible assets
|
1,673
|
|
|
1,771
|
|
|
1,932
|
|
|||
Earnings from corporate owned life insurance, net
|
(2,164
|
)
|
|
(1,818
|
)
|
|
(2,196
|
)
|
|||
Net amortization on securities
|
7,435
|
|
|
8,816
|
|
|
10,483
|
|
|||
Deferred income tax expense
|
3,073
|
|
|
2,354
|
|
|
14,598
|
|
|||
Net (gain) loss on sale of securities transactions
|
(645
|
)
|
|
466
|
|
|
407
|
|
|||
Net gain on sale of loans
|
(227
|
)
|
|
(458
|
)
|
|
(50
|
)
|
|||
Proceeds from sale of loans
|
17,122
|
|
|
28,195
|
|
|
4,601
|
|
|||
Loans originated for sale
|
(15,007
|
)
|
|
(30,151
|
)
|
|
(4,831
|
)
|
|||
Net gain on sale of bank premises and equipment
|
(98
|
)
|
|
(2,946
|
)
|
|
(30
|
)
|
|||
Net excess tax benefit from stock based compensation
|
944
|
|
|
680
|
|
|
1,635
|
|
|||
Stock-based compensation expense
|
4,235
|
|
|
3,477
|
|
|
2,956
|
|
|||
Increase (decrease) in interest receivable
|
1,629
|
|
|
(800
|
)
|
|
(2,731
|
)
|
|||
Increase in accrued interest payable
|
78
|
|
|
355
|
|
|
152
|
|
|||
Contribution to pension plan
|
0
|
|
|
0
|
|
|
(1,750
|
)
|
|||
Other, net
|
(8,113
|
)
|
|
3,468
|
|
|
(1,057
|
)
|
|||
Net Cash Provided by Operating Activities
|
101,615
|
|
|
107,265
|
|
|
86,065
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Proceeds from maturities, calls and principal paydowns of available-for-sale securities
|
302,978
|
|
|
151,053
|
|
|
166,625
|
|
|||
Proceeds from sales of available-for-sale securities
|
232,598
|
|
|
70,652
|
|
|
64,106
|
|
|||
Proceeds from maturities, calls and principal paydowns of held-to-maturity securities
|
9,588
|
|
|
6,729
|
|
|
8,068
|
|
|||
Purchases of available-for-sale securities
|
(333,151
|
)
|
|
(185,467
|
)
|
|
(208,502
|
)
|
|||
Purchases of held-to-maturity securities
|
(7,589
|
)
|
|
(8,492
|
)
|
|
(5,556
|
)
|
|||
Net increase in loans and leases
|
(89,582
|
)
|
|
(161,760
|
)
|
|
(411,770
|
)
|
|||
Net increase in Federal Home Loan Bank stock
|
18,567
|
|
|
(1,764
|
)
|
|
(7,365
|
)
|
|||
Proceeds from sale of bank premises and equipment
|
448
|
|
|
3,317
|
|
|
157
|
|
|||
Purchases of bank premises, equipment and software
|
(6,014
|
)
|
|
(18,084
|
)
|
|
(35,290
|
)
|
|||
Redemption of corporate owned life insurance
|
1,370
|
|
|
0
|
|
|
0
|
|
|||
Net cash used in acquisitions
|
(436
|
)
|
|
0
|
|
|
0
|
|
|||
Other, net
|
5,209
|
|
|
216
|
|
|
2,576
|
|
|||
Net Cash Provided by (Used in) Investing Activities
|
133,986
|
|
|
(143,600
|
)
|
|
(426,951
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in demand, money market, and savings deposits
|
286,243
|
|
|
162,107
|
|
|
335,207
|
|
|||
Net increase (decrease) in time deposits
|
38,591
|
|
|
(109,732
|
)
|
|
(121,459
|
)
|
|||
Net (decrease) increase in securities sold under agreements to repurchase and Federal funds purchased
|
(21,496
|
)
|
|
6,665
|
|
|
6,115
|
|
|||
Increase in other borrowings
|
526,853
|
|
|
524,492
|
|
|
750,918
|
|
|||
Redemption of trust preferred debentures
|
0
|
|
|
0
|
|
|
(21,161
|
)
|
|||
Repayment of other borrowings
|
(944,828
|
)
|
|
(520,159
|
)
|
|
(563,991
|
)
|
|||
Net shares issued related to restricted stock awards
|
(1,875
|
)
|
|
(1,403
|
)
|
|
(1,294
|
)
|
|||
Cash dividends
|
(30,637
|
)
|
|
(29,634
|
)
|
|
(27,627
|
)
|
|||
Repurchase of common stock
|
(29,867
|
)
|
|
(2,448
|
)
|
|
0
|
|
|||
Shares issued for dividend reinvestment plan
|
0
|
|
|
0
|
|
|
2,872
|
|
|||
Shares issued for employee stock ownership plan
|
0
|
|
|
3,073
|
|
|
2,296
|
|
|||
Net proceeds from exercise of stock options
|
(992
|
)
|
|
(540
|
)
|
|
(641
|
)
|
|||
Net Cash Provided by (Used in) Financing Activities
|
(178,008
|
)
|
|
32,421
|
|
|
361,235
|
|
|||
Net Increase (Decrease) Cash and Cash Equivalents
|
57,593
|
|
|
(3,914
|
)
|
|
20,349
|
|
|||
Cash and cash equivalents at beginning of year
|
80,389
|
|
|
84,303
|
|
|
63,954
|
|
|||
Total Cash & Cash Equivalents at End of Year
|
$
|
137,982
|
|
|
$
|
80,389
|
|
|
$
|
84,303
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
Cash paid during the year for - Interest
|
$
|
51,545
|
|
|
$
|
40,660
|
|
|
$
|
26,387
|
|
Cash paid, net of refunds, during the year for - Income taxes
|
16,727
|
|
|
16,949
|
|
|
31,011
|
|
|||
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Transfer of loans to other real estate owned
|
803
|
|
|
518
|
|
|
2,886
|
|
|||
Transfer of securities from held-to-maturity to available-for-sale
|
138,206
|
|
|
0
|
|
|
0
|
|
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
|||||||||||||||||||||||||||
(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 December 31, 2016
|
$
|
1,517
|
|
|
$
|
357,414
|
|
|
$
|
230,182
|
|
|
$
|
(37,109
|
)
|
|
$
|
(4,051
|
)
|
|
$
|
1,452
|
|
|
$
|
549,405
|
|
Reclassification due to the adoption of ASU No. 2018-02
|
|
|
|
|
|
|
9,958
|
|
|
(9,958
|
)
|
|
|
|
|
|
|
|
0
|
|
|||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
|
|
52,494
|
|
|
|
|
|
|
128
|
|
|
52,622
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(4,229
|
)
|
|
|
|
|
|
(4,229
|
)
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
48,393
|
|
|||||||||||||
Cash dividends ($1.82 per share)
|
|
|
|
|
(27,627
|
)
|
|
|
|
|
|
|
|
(27,627
|
)
|
||||||||||||
Net exercise of stock options (22,277 shares, net)
|
2
|
|
|
(643
|
)
|
|
|
|
|
|
|
|
|
|
(641
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
2,956
|
|
|
|
|
|
|
|
|
|
|
2,956
|
|
||||||||||||
Shares issued for dividend reinvestment plan (34,750 shares)
|
4
|
|
|
2,868
|
|
|
|
|
|
|
|
|
|
|
2,872
|
|
|||||||||||
Shares issued for employee stock ownership plan (27,412 shares)
|
3
|
|
|
2,293
|
|
|
|
|
|
|
|
|
|
|
|
2,296
|
|
||||||||||
Directors deferred compensation plan (2,808 shares)
|
|
|
|
441
|
|
|
|
|
|
|
(441
|
)
|
|
|
|
0
|
|
||||||||||
Restricted stock activity (45,269 shares)
|
4
|
|
|
(1,298
|
)
|
|
|
|
|
|
|
|
|
|
(1,294
|
)
|
|||||||||||
Partial repurchase of noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||||||
Dividend to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
(128
|
)
|
|
(128
|
)
|
||||||||||||
Balances at December 31, 2017
|
$
|
1,530
|
|
|
$
|
364,031
|
|
|
$
|
265,007
|
|
|
$
|
(51,296
|
)
|
|
$
|
(4,492
|
)
|
|
$
|
1,422
|
|
|
$
|
576,202
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
|
|
82,308
|
|
|
|
|
|
|
127
|
|
|
82,435
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(11,934
|
)
|
|
|
|
|
|
(11,934
|
)
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
70,501
|
|
|||||||||||||
Cash dividends ($1.94 per share)
|
|
|
|
|
(29,634
|
)
|
|
|
|
|
|
|
|
(29,634
|
)
|
||||||||||||
Net exercise of stock options (10,786 shares)
|
1
|
|
|
(541
|
)
|
|
|
|
|
|
|
|
|
|
(540
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status (32,483 shares)
|
(3
|
)
|
|
(2,445
|
)
|
|
|
|
|
|
|
|
|
|
(2,448
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
3,477
|
|
|
|
|
|
|
|
|
|
|
3,477
|
|
||||||||||||
Shares issued for employee stock ownership plan (38,883 shares)
|
4
|
|
|
3,069
|
|
|
|
|
|
|
|
|
|
|
3,073
|
|
|||||||||||
Directors deferred compensation plan (1,422 shares)
|
|
|
|
410
|
|
|
|
|
|
|
(410
|
)
|
|
|
|
0
|
|
||||||||||
Restricted stock activity (29,577 shares)
|
3
|
|
|
(1,406
|
)
|
|
|
|
|
|
|
|
|
|
(1,403
|
)
|
|||||||||||
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
|
)
|
||||||||||||
Dividend to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
(127
|
)
|
|
(127
|
)
|
||||||||||||
Balances at December 31, 2018
|
$
|
1,535
|
|
|
$
|
366,595
|
|
|
$
|
319,396
|
|
|
$
|
(63,165
|
)
|
|
$
|
(4,902
|
)
|
|
$
|
1,412
|
|
|
$
|
620,871
|
|
TOMPKINS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)
|
|||||||||||||||||||||||||||
(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 December 31, 2018
|
$
|
1,535
|
|
|
$
|
366,595
|
|
|
$
|
319,396
|
|
|
$
|
(63,165
|
)
|
|
$
|
(4,902
|
)
|
|
$
|
1,412
|
|
|
$
|
620,871
|
|
Net income attributable to noncontrolling interests and Tompkins Financial Corporation
|
|
|
|
|
81,718
|
|
|
|
|
|
|
127
|
|
|
81,845
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
19,601
|
|
|
|
|
|
|
19,601
|
|
||||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
101,446
|
|
|||||||||||||
Cash dividends ($2.02 per share)
|
|
|
|
|
(30,637
|
)
|
|
|
|
|
|
|
|
(30,637
|
)
|
||||||||||||
Net exercise of stock options (18,053 shares)
|
2
|
|
|
(994
|
)
|
|
|
|
|
|
|
|
|
|
(992
|
)
|
|||||||||||
Common stock repurchased and returned to unissued status (376,021 shares)
|
(38
|
)
|
|
(29,829
|
)
|
|
|
|
|
|
|
|
|
|
(29,867
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
4,235
|
|
|
|
|
|
|
|
|
|
|
4,235
|
|
||||||||||||
Directors deferred compensation plan (1,729 shares)
|
|
|
|
377
|
|
|
|
|
|
|
(377
|
)
|
|
|
|
0
|
|
||||||||||
Restricted stock activity (24,180 shares)
|
2
|
|
|
(1,877
|
)
|
|
|
|
|
|
|
|
|
|
(1,875
|
)
|
|||||||||||
Dividend to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
(127
|
)
|
|
(127
|
)
|
||||||||||||
Balances at December 31, 2019
|
$
|
1,501
|
|
|
$
|
338,507
|
|
|
$
|
370,477
|
|
|
$
|
(43,564
|
)
|
|
$
|
(5,279
|
)
|
|
$
|
1,412
|
|
|
$
|
663,054
|
|
|
Available-for-Sale Securities
|
||||||||||||||
December 31, 2019
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
1,840
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
1,840
|
|
Obligations of U.S. Government sponsored entities
|
$
|
367,551
|
|
|
$
|
5,021
|
|
|
$
|
84
|
|
|
$
|
372,488
|
|
Obligations of U.S. states and political subdivisions
|
96,668
|
|
|
1,178
|
|
|
61
|
|
|
97,785
|
|
||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
164,643
|
|
|
1,327
|
|
|
1,519
|
|
|
164,451
|
|
||||
U.S. Government sponsored entities
|
660,037
|
|
|
2,940
|
|
|
3,387
|
|
|
659,590
|
|
||||
U.S. corporate debt securities
|
2,500
|
|
|
0
|
|
|
67
|
|
|
2,433
|
|
||||
Total available-for-sale securities
|
$
|
1,293,239
|
|
|
$
|
10,466
|
|
|
$
|
5,118
|
|
|
$
|
1,298,587
|
|
|
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
|
||||||||||||||
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
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Proceeds from sales
|
$
|
232,598
|
|
|
$
|
70,652
|
|
|
$
|
64,106
|
|
Gross realized gains
|
1,123
|
|
|
327
|
|
|
19
|
|
|||
Gross realized losses
|
(595
|
)
|
|
(767
|
)
|
|
(426
|
)
|
|||
Net gains (losses) on sales of available-for-sale securities
|
$
|
528
|
|
|
$
|
(440
|
)
|
|
$
|
(407
|
)
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-Sale Securities
|
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
|
$
|
18,654
|
|
|
$
|
76
|
|
|
$
|
3,479
|
|
|
$
|
8
|
|
|
$
|
22,133
|
|
|
$
|
84
|
|
Obligations of U.S. states and political subdivisions
|
10,456
|
|
|
54
|
|
|
2,300
|
|
|
7
|
|
|
12,756
|
|
|
61
|
|
||||||
Mortgage-backed securities – residential, issued by
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
54,846
|
|
|
489
|
|
|
45,999
|
|
|
1,030
|
|
|
100,845
|
|
|
1,519
|
|
||||||
U.S. Government sponsored entities
|
157,801
|
|
|
752
|
|
|
233,999
|
|
|
2,635
|
|
|
391,800
|
|
|
3,387
|
|
||||||
U.S. corporate debt securities
|
0
|
|
|
0
|
|
|
2,433
|
|
|
67
|
|
|
2,433
|
|
|
67
|
|
||||||
Total available-for-sale securities
|
$
|
241,757
|
|
|
$
|
1,371
|
|
|
$
|
288,210
|
|
|
$
|
3,747
|
|
|
$
|
529,967
|
|
|
$
|
5,118
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-Sale Securities
|
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
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-Maturity Securities
|
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. sponsored entities
|
8,127
|
|
|
24
|
|
|
0
|
|
|
0
|
|
|
8,127
|
|
|
24
|
|
||||||
Total held-to-maturity securities
|
$
|
13,107
|
|
|
$
|
33
|
|
|
$
|
125,128
|
|
|
$
|
1,189
|
|
|
$
|
138,235
|
|
|
$
|
1,222
|
|
December 31, 2019
|
|
|
|
||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
Available-for-sale securities:
|
|
|
|
||||
Due in one year or less
|
$
|
107,975
|
|
|
$
|
108,089
|
|
Due after one year through five years
|
270,477
|
|
|
274,798
|
|
||
Due after five years through ten years
|
77,710
|
|
|
79,165
|
|
||
Due after ten years
|
12,397
|
|
|
12,494
|
|
||
Total
|
468,559
|
|
|
474,546
|
|
||
Mortgage-backed securities
|
824,680
|
|
|
824,041
|
|
||
Total available-for-sale debt securities
|
$
|
1,293,239
|
|
|
$
|
1,298,587
|
|
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
|
|
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
|
|
||
Due after ten years
|
0
|
|
|
0
|
|
||
Total held-to-maturity debt securities
|
$
|
140,579
|
|
|
$
|
139,377
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
Originated
|
|
Acquired
|
|
Total Loans and Leases
|
|
Originated
|
|
Acquired
|
|
Total Loans and Leases
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agriculture
|
$
|
105,786
|
|
|
$
|
0
|
|
|
$
|
105,786
|
|
|
$
|
107,494
|
|
|
$
|
0
|
|
|
$
|
107,494
|
|
Commercial and industrial other
|
863,199
|
|
|
39,076
|
|
|
902,275
|
|
|
926,429
|
|
|
43,712
|
|
|
970,141
|
|
||||||
Subtotal commercial and industrial
|
968,985
|
|
|
39,076
|
|
|
1,008,061
|
|
|
1,033,923
|
|
|
43,712
|
|
|
1,077,635
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
212,302
|
|
|
1,335
|
|
|
213,637
|
|
|
164,285
|
|
|
1,384
|
|
|
165,669
|
|
||||||
Agriculture
|
184,701
|
|
|
197
|
|
|
184,898
|
|
|
170,005
|
|
|
224
|
|
|
170,229
|
|
||||||
Commercial real estate other
|
1,899,645
|
|
|
145,385
|
|
|
2,045,030
|
|
|
1,827,279
|
|
|
177,484
|
|
|
2,004,763
|
|
||||||
Subtotal commercial real estate
|
2,296,648
|
|
|
146,917
|
|
|
2,443,565
|
|
|
2,161,569
|
|
|
179,092
|
|
|
2,340,661
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
203,894
|
|
|
15,351
|
|
|
219,245
|
|
|
208,459
|
|
|
21,149
|
|
|
229,608
|
|
||||||
Mortgages
|
1,140,572
|
|
|
18,020
|
|
|
1,158,592
|
|
|
1,083,802
|
|
|
20,484
|
|
|
1,104,286
|
|
||||||
Subtotal residential real estate
|
1,344,466
|
|
|
33,371
|
|
|
1,377,837
|
|
|
1,292,261
|
|
|
41,633
|
|
|
1,333,894
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Indirect
|
12,964
|
|
|
0
|
|
|
12,964
|
|
|
12,663
|
|
|
0
|
|
|
12,663
|
|
||||||
Consumer and other
|
60,661
|
|
|
785
|
|
|
61,446
|
|
|
57,565
|
|
|
761
|
|
|
58,326
|
|
||||||
Subtotal consumer and other
|
73,625
|
|
|
785
|
|
|
74,410
|
|
|
70,228
|
|
|
761
|
|
|
70,989
|
|
||||||
Leases
|
17,322
|
|
|
0
|
|
|
17,322
|
|
|
14,556
|
|
|
0
|
|
|
14,556
|
|
||||||
Total loans and leases
|
4,701,046
|
|
|
220,149
|
|
|
4,921,195
|
|
|
4,572,537
|
|
|
265,198
|
|
|
4,837,735
|
|
||||||
Less: unearned income and deferred costs and fees
|
(3,645
|
)
|
|
0
|
|
|
(3,645
|
)
|
|
(3,796
|
)
|
|
0
|
|
|
(3,796
|
)
|
||||||
Total loans and leases, net of unearned income and deferred costs and fees
|
$
|
4,697,401
|
|
|
$
|
220,149
|
|
|
$
|
4,917,550
|
|
|
$
|
4,568,741
|
|
|
$
|
265,198
|
|
|
$
|
4,833,939
|
|
(In thousands)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Acquired Credit Impaired Loans
|
|
|
|
||||
Outstanding principal balance
|
$
|
10,604
|
|
|
$
|
12,822
|
|
Carrying amount
|
9,149
|
|
|
11,036
|
|
||
|
|
|
|
||||
Acquired Non-Credit Impaired Loans
|
|
|
|
||||
Outstanding principal balance
|
212,518
|
|
|
256,265
|
|
||
Carrying amount
|
211,000
|
|
|
254,162
|
|
||
|
|
|
|
||||
Total Acquired Loans
|
|
|
|
||||
Outstanding principal balance
|
$
|
223,122
|
|
|
$
|
269,087
|
|
Carrying amount
|
$
|
220,149
|
|
|
$
|
265,198
|
|
(In thousands)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Balance at beginning of year
|
$
|
39,595
|
|
|
$
|
14,503
|
|
New Directors/Executive Officers
|
0
|
|
|
467
|
|
||
New loans and advancements
|
19,393
|
|
|
30,570
|
|
||
Loan payments
|
(10,599
|
)
|
|
(5,945
|
)
|
||
Balance at end of year
|
$
|
48,389
|
|
|
$
|
39,595
|
|
December 31, 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
|
|
|
$
|
65
|
|
|
$
|
105,721
|
|
|
$
|
105,786
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Commercial and industrial other
|
413
|
|
|
2,079
|
|
|
860,707
|
|
|
863,199
|
|
|
0
|
|
|
2,334
|
|
||||||
Subtotal commercial and industrial
|
413
|
|
|
2,144
|
|
|
966,428
|
|
|
968,985
|
|
|
0
|
|
|
2,334
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
0
|
|
|
0
|
|
|
212,302
|
|
|
212,302
|
|
|
0
|
|
|
0
|
|
||||||
Agriculture
|
0
|
|
|
0
|
|
|
184,701
|
|
|
184,701
|
|
|
0
|
|
|
0
|
|
||||||
Commercial real estate other
|
1,116
|
|
|
10,095
|
|
|
1,888,434
|
|
|
1,899,645
|
|
|
0
|
|
|
10,617
|
|
||||||
Subtotal commercial real estate
|
1,116
|
|
|
10,095
|
|
|
2,285,437
|
|
|
2,296,648
|
|
|
0
|
|
|
10,617
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
290
|
|
|
602
|
|
|
203,002
|
|
|
203,894
|
|
|
0
|
|
|
1,924
|
|
||||||
Mortgages
|
1,261
|
|
|
3,314
|
|
|
1,135,997
|
|
|
1,140,572
|
|
|
0
|
|
|
7,335
|
|
||||||
Subtotal residential real estate
|
1,551
|
|
|
3,916
|
|
|
1,338,999
|
|
|
1,344,466
|
|
|
0
|
|
|
9,259
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Indirect
|
312
|
|
|
60
|
|
|
12,592
|
|
|
12,964
|
|
|
0
|
|
|
117
|
|
||||||
Consumer and other
|
167
|
|
|
66
|
|
|
60,428
|
|
|
60,661
|
|
|
0
|
|
|
158
|
|
||||||
Subtotal consumer and other
|
479
|
|
|
126
|
|
|
73,020
|
|
|
73,625
|
|
|
0
|
|
|
275
|
|
||||||
Leases
|
0
|
|
|
0
|
|
|
17,322
|
|
|
17,322
|
|
|
0
|
|
|
0
|
|
||||||
Total loans and leases
|
3,559
|
|
|
16,281
|
|
|
4,681,206
|
|
|
4,701,046
|
|
|
0
|
|
|
22,485
|
|
||||||
Less: unearned income and deferred costs and fees
|
0
|
|
|
0
|
|
|
(3,645
|
)
|
|
(3,645
|
)
|
|
0
|
|
|
0
|
|
||||||
Total originated loans and leases, net of unearned income and deferred costs and fees
|
$
|
3,559
|
|
|
$
|
16,281
|
|
|
$
|
4,677,561
|
|
|
$
|
4,697,401
|
|
|
$
|
0
|
|
|
$
|
22,485
|
|
Acquired Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
0
|
|
|
$
|
2
|
|
|
$
|
39,074
|
|
|
$
|
39,076
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Subtotal commercial and industrial
|
0
|
|
|
2
|
|
|
39,074
|
|
|
39,076
|
|
|
2
|
|
|
1
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
0
|
|
|
0
|
|
|
1,335
|
|
|
1,335
|
|
|
0
|
|
|
0
|
|
||||||
Agriculture
|
0
|
|
|
0
|
|
|
197
|
|
|
197
|
|
|
0
|
|
|
0
|
|
||||||
Commercial real estate other
|
24
|
|
|
685
|
|
|
144,676
|
|
|
145,385
|
|
|
542
|
|
|
172
|
|
||||||
Subtotal commercial real estate
|
24
|
|
|
685
|
|
|
146,208
|
|
|
146,917
|
|
|
542
|
|
|
172
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
58
|
|
|
125
|
|
|
15,168
|
|
|
15,351
|
|
|
55
|
|
|
872
|
|
||||||
Mortgages
|
83
|
|
|
671
|
|
|
17,266
|
|
|
18,020
|
|
|
195
|
|
|
751
|
|
||||||
Subtotal residential real estate
|
141
|
|
|
796
|
|
|
32,434
|
|
|
33,371
|
|
|
250
|
|
|
1,623
|
|
||||||
Consumer and other
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer and other
|
0
|
|
|
0
|
|
|
785
|
|
|
785
|
|
|
0
|
|
|
0
|
|
||||||
Subtotal consumer and other
|
0
|
|
|
0
|
|
|
785
|
|
|
785
|
|
|
0
|
|
|
0
|
|
||||||
Total acquired loans and leases, net of unearned income and deferred costs and fees
|
$
|
165
|
|
|
$
|
1,483
|
|
|
$
|
218,501
|
|
|
$
|
220,149
|
|
|
$
|
794
|
|
|
$
|
1,796
|
|
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
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Total allowance at beginning of year
|
$
|
43,410
|
|
|
$
|
39,771
|
|
|
$
|
35,755
|
|
Provisions charged to operations
|
1,366
|
|
|
3,942
|
|
|
4,161
|
|
|||
Recoveries on loans and leases
|
906
|
|
|
2,137
|
|
|
2,429
|
|
|||
Charge-offs on loans and leases
|
(5,790
|
)
|
|
(2,440
|
)
|
|
(2,574
|
)
|
|||
Total allowance at end of year
|
$
|
39,892
|
|
|
$
|
43,410
|
|
|
$
|
39,771
|
|
December 31, 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
|
$
|
11,217
|
|
|
$
|
23,483
|
|
|
$
|
7,317
|
|
|
$
|
1,304
|
|
|
$
|
0
|
|
|
$
|
43,321
|
|
Charge-offs
|
(653
|
)
|
|
(4,013
|
)
|
|
(90
|
)
|
|
(816
|
)
|
|
0
|
|
|
(5,572
|
)
|
||||||
Recoveries
|
70
|
|
|
100
|
|
|
283
|
|
|
294
|
|
|
0
|
|
|
747
|
|
||||||
Provision
|
(93
|
)
|
|
1,987
|
|
|
(1,150
|
)
|
|
574
|
|
|
0
|
|
|
1,318
|
|
||||||
Ending Balance
|
$
|
10,541
|
|
|
$
|
21,557
|
|
|
$
|
6,360
|
|
|
$
|
1,356
|
|
|
$
|
0
|
|
|
$
|
39,814
|
|
December 31, 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
|
(43
|
)
|
|
(2
|
)
|
|
(166
|
)
|
|
(7
|
)
|
|
0
|
|
|
(218
|
)
|
||||||
Recoveries
|
33
|
|
|
74
|
|
|
51
|
|
|
1
|
|
|
0
|
|
|
159
|
|
||||||
Provision
|
(45
|
)
|
|
(21
|
)
|
|
108
|
|
|
6
|
|
|
0
|
|
|
48
|
|
||||||
Ending Balance
|
$
|
0
|
|
|
$
|
51
|
|
|
$
|
21
|
|
|
$
|
6
|
|
|
$
|
0
|
|
|
$
|
78
|
|
December 31, 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
|
$
|
11,812
|
|
|
$
|
20,412
|
|
|
$
|
6,161
|
|
|
$
|
1,301
|
|
|
$
|
0
|
|
|
$
|
39,686
|
|
Charge-offs
|
(293
|
)
|
|
(60
|
)
|
|
(424
|
)
|
|
(1,350
|
)
|
|
0
|
|
|
(2,127
|
)
|
||||||
Recoveries
|
50
|
|
|
812
|
|
|
324
|
|
|
679
|
|
|
0
|
|
|
1,865
|
|
||||||
Provision
|
(352
|
)
|
|
2,319
|
|
|
1,256
|
|
|
674
|
|
|
0
|
|
|
3,897
|
|
||||||
Ending Balance
|
$
|
11,217
|
|
|
$
|
23,483
|
|
|
$
|
7,317
|
|
|
$
|
1,304
|
|
|
$
|
0
|
|
|
$
|
43,321
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Consumer and Other
|
|
Finance Leases
|
|
Total
|
||||||||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
2
|
|
|
$
|
714
|
|
|
$
|
2,114
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
2,830
|
|
Loans acquired with deteriorated credit quality
|
173
|
|
|
5,674
|
|
|
3,302
|
|
|
0
|
|
|
0
|
|
|
9,149
|
|
||||||
Collectively evaluated for impairment
|
38,901
|
|
|
140,529
|
|
|
27,955
|
|
|
785
|
|
|
0
|
|
|
208,170
|
|
||||||
Total
|
$
|
39,076
|
|
|
$
|
146,917
|
|
|
$
|
33,371
|
|
|
$
|
785
|
|
|
$
|
0
|
|
|
$
|
220,149
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Consumer and Other
|
|
Finance Leases
|
|
Total
|
||||||||||||
Originated loans and leases:
|
|
|
|
|
|
|
|
|
|||||||||||||||
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
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In thousands)
|
Commercial and Industrial
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Consumer and Other
|
|
Finance Leases
|
|
Total
|
||||||||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
||||||||||||
Originated loans and leases with no related allowance
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
1,865
|
|
|
$
|
1,965
|
|
|
$
|
0
|
|
|
$
|
183
|
|
|
$
|
271
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
10,205
|
|
|
11,017
|
|
|
0
|
|
|
3,205
|
|
|
3,405
|
|
|
0
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
3,779
|
|
|
3,992
|
|
|
0
|
|
|
3,915
|
|
|
4,168
|
|
|
0
|
|
||||||
Subtotal
|
$
|
15,849
|
|
|
$
|
16,974
|
|
|
$
|
0
|
|
|
$
|
7,303
|
|
|
$
|
7,844
|
|
|
$
|
0
|
|
Originated loans and leases with related allowance
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
245
|
|
|
$
|
245
|
|
|
$
|
245
|
|
|
$
|
5,183
|
|
|
$
|
5,183
|
|
|
$
|
3,365
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
3,291
|
|
|
3,291
|
|
|
662
|
|
|
1,681
|
|
|
1,681
|
|
|
397
|
|
||||||
Subtotal
|
3,536
|
|
|
3,536
|
|
|
907
|
|
|
6,864
|
|
|
6,864
|
|
|
3,762
|
|
||||||
Total
|
$
|
19,385
|
|
|
$
|
20,510
|
|
|
$
|
907
|
|
|
$
|
14,167
|
|
|
$
|
14,708
|
|
|
$
|
3,762
|
|
|
December 31, 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
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
0
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
714
|
|
|
714
|
|
|
0
|
|
|
842
|
|
|
924
|
|
|
0
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
2,114
|
|
|
2,217
|
|
|
0
|
|
|
2,564
|
|
|
2,696
|
|
|
0
|
|
||||||
Total
|
$
|
2,830
|
|
|
$
|
2,933
|
|
|
$
|
0
|
|
|
$
|
3,438
|
|
|
$
|
3,652
|
|
|
$
|
0
|
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
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
|
$
|
1,830
|
|
|
$
|
0
|
|
|
$
|
1,979
|
|
|
$
|
0
|
|
|
$
|
718
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
7,552
|
|
|
0
|
|
|
5,165
|
|
|
0
|
|
|
7,287
|
|
|
0
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
3,943
|
|
|
0
|
|
|
3,983
|
|
|
0
|
|
|
3,551
|
|
|
0
|
|
||||||
Subtotal
|
$
|
13,325
|
|
|
$
|
0
|
|
|
$
|
11,127
|
|
|
$
|
0
|
|
|
$
|
11,556
|
|
|
$
|
0
|
|
Originated loans and leases with related allowance
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
132
|
|
|
$
|
0
|
|
|
$
|
1,374
|
|
|
$
|
0
|
|
|
$
|
276
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
1,391
|
|
|
0
|
|
|
1,357
|
|
|
0
|
|
|
0
|
|
|
0
|
|
||||||
Subtotal
|
$
|
1,523
|
|
|
$
|
0
|
|
|
$
|
2,731
|
|
|
$
|
0
|
|
|
$
|
276
|
|
|
$
|
0
|
|
Total
|
$
|
14,848
|
|
|
$
|
0
|
|
|
$
|
13,858
|
|
|
$
|
0
|
|
|
$
|
11,832
|
|
|
$
|
0
|
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
(In thousands)
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||||
Acquired loans with no related allowance
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
21
|
|
|
$
|
0
|
|
|
$
|
50
|
|
|
$
|
0
|
|
|
$
|
111
|
|
|
$
|
0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate other
|
822
|
|
|
0
|
|
|
999
|
|
|
0
|
|
|
2,141
|
|
|
0
|
|
||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
2,503
|
|
|
0
|
|
|
2,945
|
|
|
0
|
|
|
1,861
|
|
|
0
|
|
||||||
Subtotal
|
$
|
3,346
|
|
|
$
|
0
|
|
|
$
|
3,994
|
|
|
$
|
0
|
|
|
$
|
4,113
|
|
|
$
|
0
|
|
Acquired loans with related allowance
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial other
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
10
|
|
|
$
|
0
|
|
Subtotal
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
10
|
|
|
$
|
0
|
|
Total
|
$
|
3,346
|
|
|
$
|
0
|
|
|
$
|
3,994
|
|
|
$
|
0
|
|
|
$
|
4,123
|
|
|
$
|
0
|
|
December 31, 2019
|
Twelve months ended
|
||||||||||||||||
|
|
|
|
|
|
|
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 |
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial other1
|
2
|
|
|
604
|
|
|
604
|
|
|
0
|
|
|
0
|
|
|||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other1
|
1
|
|
|
1,577
|
|
|
1,577
|
|
|
0
|
|
|
0
|
|
|||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity1
|
2
|
|
|
$
|
181
|
|
|
$
|
181
|
|
|
1
|
|
|
$
|
93
|
|
Total
|
5
|
|
|
$
|
2,362
|
|
|
$
|
2,362
|
|
|
1
|
|
|
$
|
93
|
|
December 31, 2018
|
Twelve months ended
|
||||||||||||||||
|
|
|
|
|
|
|
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 |
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate other1
|
1
|
|
|
26
|
|
|
26
|
|
|
0
|
|
|
0
|
|
|||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||
Home equity1
|
6
|
|
|
$
|
507
|
|
|
$
|
507
|
|
|
0
|
|
|
$
|
0
|
|
Total
|
7
|
|
|
$
|
533
|
|
|
$
|
533
|
|
|
0
|
|
|
$
|
0
|
|
December 31, 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
|
$
|
851,517
|
|
|
$
|
89,892
|
|
|
$
|
1,857,142
|
|
|
$
|
166,888
|
|
|
$
|
212,302
|
|
|
$
|
3,177,741
|
|
Special Mention
|
8,306
|
|
|
1,698
|
|
|
16,623
|
|
|
3,173
|
|
|
0
|
|
|
29,800
|
|
||||||
Substandard
|
3,376
|
|
|
14,196
|
|
|
25,880
|
|
|
14,640
|
|
|
0
|
|
|
58,092
|
|
||||||
Total
|
$
|
863,199
|
|
|
$
|
105,786
|
|
|
$
|
1,899,645
|
|
|
$
|
184,701
|
|
|
$
|
212,302
|
|
|
$
|
3,265,633
|
|
December 31, 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
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Internal risk grade:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
$
|
38,879
|
|
|
$
|
0
|
|
|
$
|
143,175
|
|
|
$
|
197
|
|
|
$
|
1,335
|
|
|
$
|
183,586
|
|
Special Mention
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
||||||
Substandard
|
197
|
|
|
0
|
|
|
2,210
|
|
|
0
|
|
|
0
|
|
|
2,407
|
|
||||||
Total
|
$
|
39,076
|
|
|
$
|
0
|
|
|
$
|
145,385
|
|
|
$
|
197
|
|
|
$
|
1,335
|
|
|
$
|
185,993
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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
|
|
December 31, 2019
|
|||||||||||||||||||
(In thousands)
|
Residential Home Equity
|
|
Residential Mortgages
|
|
Consumer Indirect
|
|
Consumer Other
|
|
Total
|
||||||||||
Originated loans and leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
201,970
|
|
|
$
|
1,133,237
|
|
|
$
|
12,847
|
|
|
$
|
60,503
|
|
|
$
|
1,408,557
|
|
Nonperforming
|
1,924
|
|
|
7,335
|
|
|
117
|
|
|
158
|
|
|
9,534
|
|
|||||
Total
|
$
|
203,894
|
|
|
$
|
1,140,572
|
|
|
$
|
12,964
|
|
|
$
|
60,661
|
|
|
$
|
1,418,091
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands)
|
Residential Home Equity
|
|
Residential Mortgages
|
|
Consumer Indirect
|
|
Consumer Other
|
|
Total
|
||||||||||
Acquired Loans and Leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
$
|
14,479
|
|
|
$
|
17,269
|
|
|
$
|
0
|
|
|
$
|
785
|
|
|
$
|
32,533
|
|
Nonperforming
|
872
|
|
|
751
|
|
|
0
|
|
|
0
|
|
|
1,623
|
|
|||||
Total
|
$
|
15,351
|
|
|
$
|
18,020
|
|
|
$
|
0
|
|
|
$
|
785
|
|
|
$
|
34,156
|
|
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
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth Management
|
|
Total
|
||||||||
Balance at January 1, 2018
|
$
|
64,369
|
|
|
$
|
19,711
|
|
|
$
|
8,211
|
|
|
$
|
92,291
|
|
Goodwill related to sale of portion of business unit1
|
0
|
|
|
(8
|
)
|
|
0
|
|
|
(8
|
)
|
||||
Balance at December 31, 2018
|
$
|
64,369
|
|
|
$
|
19,703
|
|
|
$
|
8,211
|
|
|
$
|
92,283
|
|
Acquisitions
|
0
|
|
|
164
|
|
|
0
|
|
|
164
|
|
||||
Balance at December 31, 2019
|
$
|
64,369
|
|
|
$
|
19,867
|
|
|
$
|
8,211
|
|
|
$
|
92,447
|
|
December 31, 2019
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
||||||
Core deposit intangible
|
$
|
18,774
|
|
|
$
|
16,404
|
|
|
$
|
2,370
|
|
Customer relationships
|
9,048
|
|
|
6,405
|
|
|
2,643
|
|
|||
Other intangibles
|
6,197
|
|
|
4,987
|
|
|
1,210
|
|
|||
Total intangible assets
|
$
|
34,019
|
|
|
$
|
27,796
|
|
|
$
|
6,223
|
|
December 31, 2018
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
||||||
Core deposit intangible
|
$
|
18,774
|
|
|
$
|
15,386
|
|
|
$
|
3,388
|
|
Customer relationships
|
8,877
|
|
|
5,888
|
|
|
2,989
|
|
|||
Other intangibles
|
5,983
|
|
|
4,732
|
|
|
1,251
|
|
|||
Total intangible assets
|
$
|
33,634
|
|
|
$
|
26,006
|
|
|
$
|
7,628
|
|
Estimated amortization expense:1
|
|
||
(In thousands)
|
|
||
For the year ended December 31, 2020
|
$
|
1,509
|
|
For the year ended December 31, 2021
|
1,342
|
|
|
For the year ended December 31, 2022
|
897
|
|
|
For the year ended December 31, 2023
|
334
|
|
|
For the year ended December 31, 2024
|
294
|
|
(In thousands)
|
2019
|
|
2018
|
||||
Land
|
$
|
9,195
|
|
|
$
|
9,348
|
|
Premises and equipment
|
103,631
|
|
|
103,850
|
|
||
Furniture, fixtures, and equipment
|
77,518
|
|
|
73,013
|
|
||
Accumulated depreciation and amortization
|
(95,989
|
)
|
|
(89,009
|
)
|
||
Total
|
$
|
94,355
|
|
|
$
|
97,202
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Premises
|
$
|
2,809
|
|
|
$
|
2,989
|
|
|
$
|
2,527
|
|
Furniture, fixtures, and equipment
|
4,906
|
|
|
4,615
|
|
|
4,297
|
|
|||
Total
|
$
|
7,715
|
|
|
$
|
7,604
|
|
|
$
|
6,824
|
|
(In thousands)
|
Less than $250,000
|
|
$250,000 and over
|
|
Total
|
||||||
Maturity
|
|
|
|
|
|
||||||
Three months or less
|
$
|
105,906
|
|
|
$
|
57,279
|
|
|
$
|
163,185
|
|
Over three through six months
|
75,507
|
|
|
36,826
|
|
|
112,333
|
|
|||
Over six through twelve months
|
144,920
|
|
|
46,046
|
|
|
190,966
|
|
|||
Total due in 2020
|
$
|
326,333
|
|
|
$
|
140,151
|
|
|
$
|
466,484
|
|
2021
|
98,389
|
|
|
28,416
|
|
|
126,805
|
|
|||
2022
|
57,080
|
|
|
12,584
|
|
|
69,664
|
|
|||
2023
|
7,726
|
|
|
262
|
|
|
7,988
|
|
|||
2024
|
3,886
|
|
|
0
|
|
|
3,886
|
|
|||
Thereafter
|
187
|
|
|
0
|
|
|
187
|
|
|||
Total
|
$
|
493,601
|
|
|
$
|
181,413
|
|
|
$
|
675,014
|
|
Securities Sold Under Agreements to Repurchase
|
2019
|
|
2018
|
|
2017
|
||||||
(dollar amounts in thousands)
|
|
|
|
|
|
||||||
Total outstanding at December 31
|
$
|
60,346
|
|
|
$
|
81,842
|
|
|
$
|
75,177
|
|
|
|
|
|
|
|
||||||
Maximum month-end balance
|
71,875
|
|
|
81,842
|
|
|
80,326
|
|
|||
Average balance during the year
|
59,742
|
|
|
63,472
|
|
|
64,888
|
|
|||
Weighted average rate at December 31
|
0.22
|
%
|
|
0.22
|
%
|
|
0.23
|
%
|
|||
Average interest rate paid during the year
|
0.24
|
%
|
|
0.24
|
%
|
|
0.36
|
%
|
|||
Federal Funds Purchased
|
|
|
|
|
|
||||||
Average balance during the year
|
82
|
|
|
0
|
|
|
0
|
|
|||
Weighted average rate at December 31
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Average interest rate paid during the year
|
2.86
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
(In thousands)
|
2019
|
|
2018
|
||||
Overnight FHLB advances
|
$
|
239,100
|
|
|
$
|
647,075
|
|
Term FHLB advances
|
415,000
|
|
|
425,000
|
|
||
Other
|
4,000
|
|
|
4,000
|
|
||
Total other borrowings
|
$
|
658,100
|
|
|
$
|
1,076,075
|
|
Description
|
Issuance Date
|
Par Amount
|
Interest Rate
|
Maturity Date
|
|
|
|
|
|
Sleepy Hollow Capital Trust I
|
August 2003
|
$4.0 million
|
3-month LIBOR plus 3.05%
|
August 2033
|
Leesport Capital Trust II
|
September 2002
|
$10.0 million
|
3-month LIBOR plus 3.45%
|
September 2032
|
Madison Statutory Trust I
|
June 2003
|
$5.0 million
|
3-month LIBOR plus 3.10%
|
June 2033
|
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at beginning of year
|
$
|
79,689
|
|
|
$
|
82,748
|
|
|
$
|
7,857
|
|
|
$
|
8,995
|
|
|
$
|
23,539
|
|
|
$
|
26,142
|
|
Service cost
|
0
|
|
|
0
|
|
|
159
|
|
|
212
|
|
|
157
|
|
|
160
|
|
||||||
Interest cost
|
2,936
|
|
|
2,508
|
|
|
289
|
|
|
270
|
|
|
909
|
|
|
833
|
|
||||||
Plan participants’ contributions
|
0
|
|
|
0
|
|
|
87
|
|
|
122
|
|
|
0
|
|
|
0
|
|
||||||
Amendments
|
0
|
|
|
0
|
|
|
(203
|
)
|
|
0
|
|
|
2,022
|
|
|
0
|
|
||||||
Actuarial loss (gain)
|
10,996
|
|
|
(2,324
|
)
|
|
1,218
|
|
|
(1,337
|
)
|
|
6,128
|
|
|
(2,987
|
)
|
||||||
Benefits paid
|
(3,275
|
)
|
|
(3,243
|
)
|
|
(385
|
)
|
|
(405
|
)
|
|
(602
|
)
|
|
(609
|
)
|
||||||
Benefit obligation at end of year
|
$
|
90,346
|
|
|
$
|
79,689
|
|
|
$
|
9,022
|
|
|
$
|
7,857
|
|
|
$
|
32,153
|
|
|
$
|
23,539
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at beginning of year
|
$
|
72,474
|
|
|
$
|
80,154
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Actual return on plan assets
|
13,153
|
|
|
(4,437
|
)
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
||||||
Plan participants’ contributions
|
0
|
|
|
0
|
|
|
87
|
|
|
122
|
|
|
0
|
|
|
0
|
|
||||||
Employer contributions
|
0
|
|
|
0
|
|
|
298
|
|
|
283
|
|
|
602
|
|
|
609
|
|
||||||
Benefits paid
|
(3,275
|
)
|
|
(3,243
|
)
|
|
(385
|
)
|
|
(405
|
)
|
|
(602
|
)
|
|
(609
|
)
|
||||||
Fair value of plan assets at end of year
|
$
|
82,352
|
|
|
$
|
72,474
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Unfunded status
|
$
|
(7,994
|
)
|
|
$
|
(7,215
|
)
|
|
$
|
(9,022
|
)
|
|
$
|
(7,857
|
)
|
|
$
|
(32,153
|
)
|
|
$
|
(23,539
|
)
|
(In thousands)
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
||||||||||||||||||||||||
Components of net periodic benefit cost
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
||||||||||||||||||
Service cost
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
|
$
|
159
|
|
$
|
212
|
|
$
|
192
|
|
|
$
|
157
|
|
$
|
160
|
|
$
|
166
|
|
Interest cost
|
2,936
|
|
2,508
|
|
2,501
|
|
|
289
|
|
270
|
|
268
|
|
|
909
|
|
833
|
|
852
|
|
|||||||||
Expected return on plan assets
|
(4,933
|
)
|
(5,648
|
)
|
(5,088
|
)
|
|
0
|
|
0
|
|
0
|
|
|
0
|
|
0
|
|
0
|
|
|||||||||
Amortization of prior service (credit) cost
|
(10
|
)
|
(10
|
)
|
(10
|
)
|
|
(62
|
)
|
(62
|
)
|
(62
|
)
|
|
104
|
|
87
|
|
87
|
|
|||||||||
Recognized net actuarial loss
|
1,334
|
|
1,118
|
|
1,075
|
|
|
0
|
|
62
|
|
34
|
|
|
343
|
|
539
|
|
399
|
|
|||||||||
Recognized net actuarial gain due to curtailments
|
0
|
|
0
|
|
0
|
|
|
(399
|
)
|
0
|
|
0
|
|
|
0
|
|
0
|
|
0
|
|
|||||||||
Net periodic benefit (credit) cost
|
$
|
(673
|
)
|
$
|
(2,032
|
)
|
$
|
(1,522
|
)
|
|
$
|
(13
|
)
|
$
|
482
|
|
$
|
432
|
|
|
$
|
1,513
|
|
$
|
1,619
|
|
$
|
1,504
|
|
(In thousands)
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
||||||||||||||||||||||||
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
||||||||||||||||||
Net actuarial loss (gain)
|
$
|
2,776
|
|
$
|
7,761
|
|
$
|
1,434
|
|
|
$
|
1,218
|
|
$
|
(1,337
|
)
|
$
|
708
|
|
|
$
|
6,128
|
|
$
|
(2,987
|
)
|
$
|
2,407
|
|
Recognized actuarial loss
|
(1,334
|
)
|
(1,118
|
)
|
(1,075
|
)
|
|
0
|
|
(62
|
)
|
(34
|
)
|
|
(343
|
)
|
(539
|
)
|
(399
|
)
|
|||||||||
Prior service credit
|
0
|
|
0
|
|
0
|
|
|
(203
|
)
|
0
|
|
(964
|
)
|
|
2,022
|
|
0
|
|
0
|
|
|||||||||
Recognized prior service cost (credit)
|
10
|
|
10
|
|
10
|
|
|
62
|
|
62
|
|
62
|
|
|
(104
|
)
|
(87
|
)
|
(87
|
)
|
|||||||||
Prior service cost (credit) recognized due to curtailment
|
0
|
|
0
|
|
0
|
|
|
399
|
|
0
|
|
0
|
|
|
0
|
|
0
|
|
0
|
|
|||||||||
Recognized in other comprehensive income (loss)
|
$
|
1,452
|
|
$
|
6,653
|
|
$
|
369
|
|
|
$
|
1,476
|
|
$
|
(1,337
|
)
|
$
|
(228
|
)
|
|
$
|
7,703
|
|
$
|
(3,613
|
)
|
$
|
1,921
|
|
Total recognized in net periodic benefit cost and other comprehensive income (loss)
|
$
|
779
|
|
$
|
4,621
|
|
$
|
(1,153
|
)
|
|
$
|
1,463
|
|
$
|
(855
|
)
|
$
|
204
|
|
|
$
|
9,216
|
|
$
|
(1,994
|
)
|
$
|
3,425
|
|
(In thousands)
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
Net actuarial loss (gain)
|
$
|
48,045
|
|
|
$
|
46,603
|
|
|
$
|
39,960
|
|
|
$
|
1,586
|
|
|
$
|
368
|
|
|
$
|
1,767
|
|
|
$
|
11,345
|
|
|
$
|
5,560
|
|
|
$
|
9,086
|
|
Prior service cost (credit)
|
(9
|
)
|
|
(20
|
)
|
|
(30
|
)
|
|
(348
|
)
|
|
(606
|
)
|
|
(668
|
)
|
|
2,433
|
|
|
514
|
|
|
602
|
|
|||||||||
Total
|
$
|
48,036
|
|
|
$
|
46,583
|
|
|
$
|
39,930
|
|
|
$
|
1,238
|
|
|
$
|
(238
|
)
|
|
$
|
1,099
|
|
|
$
|
13,778
|
|
|
$
|
6,074
|
|
|
$
|
9,688
|
|
(In thousands)
|
Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
|||
Actuarial loss
|
1,359
|
|
|
103
|
|
|
796
|
|
Prior service cost
|
(10
|
)
|
|
(61
|
)
|
|
285
|
|
Total
|
1,349
|
|
|
42
|
|
|
1,081
|
|
(In thousands)
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
|||||||||||||||
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
2017
|
|||||||||
Discount Rates
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Benefit Cost for Plan Year
|
4.08
|
%
|
3.43
|
%
|
3.89
|
%
|
|
4.13
|
%
|
3.51
|
%
|
3.97
|
%
|
|
4.16
|
%
|
3.55
|
%
|
4.10
|
%
|
Benefit Obligation at End of Plan Year
|
3.04
|
%
|
4.08
|
%
|
3.43
|
%
|
|
3.10
|
%
|
4.13
|
%
|
3.51
|
%
|
|
3.14
|
%
|
4.16
|
%
|
3.55
|
%
|
Expected long-term return on plan assets
|
7.00
|
%
|
7.25
|
%
|
7.25
|
%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Rate of compensation increase
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Benefit Cost for Plan Year
|
N/A
|
|
N/A
|
|
N/A
|
|
|
4.00
|
%
|
5.00
|
%
|
5.00
|
%
|
|
5.00
|
%
|
5.00
|
%
|
5.00
|
%
|
Benefit Obligation at End of Plan Year
|
N/A
|
|
N/A
|
|
N/A
|
|
|
4.00
|
%
|
4.00
|
%
|
5.00
|
%
|
|
5.00
|
%
|
5.00
|
%
|
5.00
|
%
|
(In thousands)
|
DB Pension Plans
|
|
Life and Healthcare Plan
|
|
SERP Plan
|
||||||
2020
|
$
|
4,125
|
|
|
$
|
557
|
|
|
$
|
708
|
|
2021
|
4,275
|
|
|
447
|
|
|
700
|
|
|||
2022
|
4,209
|
|
|
436
|
|
|
754
|
|
|||
2023
|
4,386
|
|
|
429
|
|
|
863
|
|
|||
2024
|
4,478
|
|
|
423
|
|
|
846
|
|
|||
2025-2029
|
23,939
|
|
|
2,162
|
|
|
4,949
|
|
|||
Total
|
$
|
45,412
|
|
|
$
|
4,454
|
|
|
$
|
8,820
|
|
|
2019
|
|
2018
|
||
Equity securities
|
62
|
%
|
|
61
|
%
|
Debt securities
|
36
|
%
|
|
38
|
%
|
Other
|
2
|
%
|
|
1
|
%
|
Total Allocation
|
100
|
%
|
|
100
|
%
|
–
|
Restricted stock, private placements, short positions, calls, puts, or margin transactions;
|
–
|
Commodities, oil and gas properties, real estate properties, or
|
–
|
Any investment that would constitute a prohibited transaction as described in the Employee Retirement Income Security Act of 1974 (“ERISA”), section 407, 29 U.S.C. 1106.
|
Fair Value Measurements
|
|
|
|
|
|
|
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
Fair Value 2019
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Cash and cash equivalents
|
$
|
1,367
|
|
|
$
|
1,367
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Common stocks
|
26,574
|
|
|
26,574
|
|
|
0
|
|
|
0
|
|
||||
Mutual funds
|
54,411
|
|
|
54,411
|
|
|
0
|
|
|
0
|
|
||||
Total Fair Value of Plan Assets
|
$
|
82,352
|
|
|
$
|
82,352
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Fair Value Measurements
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
Fair Value 2018
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Cash and cash equivalents
|
$
|
1,018
|
|
|
$
|
1,018
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Common stocks
|
20,648
|
|
|
20,648
|
|
|
0
|
|
|
0
|
|
||||
Mutual funds
|
50,808
|
|
|
50,808
|
|
|
0
|
|
|
0
|
|
||||
Total Fair Value of Plan Assets
|
$
|
72,474
|
|
|
$
|
72,474
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
Number of Shares/Rights
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2019
|
225,375
|
|
|
$
|
48.02
|
|
|
|
|
|
||
Granted
|
0
|
|
|
0.00
|
|
|
|
|
|
|||
Exercised
|
(64,865
|
)
|
|
43.41
|
|
|
|
|
|
|||
Forfeited
|
(2,888
|
)
|
|
58.91
|
|
|
|
|
|
|||
Outstanding at December 31, 2019
|
157,622
|
|
|
$
|
49.72
|
|
|
4.34
|
|
$
|
6,585,638
|
|
Exercisable at December 31, 2019
|
103,927
|
|
|
$
|
46.91
|
|
|
3.83
|
|
$
|
4,634,146
|
|
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Proceeds from stock option exercises
|
$
|
(992
|
)
|
|
$
|
(540
|
)
|
|
$
|
(641
|
)
|
Tax benefits related to stock option exercises
|
944
|
|
|
680
|
|
|
1,634
|
|
|||
Intrinsic value of stock option exercises
|
2,460
|
|
|
1,447
|
|
|
3,139
|
|
|
Number of Shares
|
|
Weighted Average Fair Value
|
|||
Unvested at January 1, 2019
|
255,239
|
|
|
$
|
66.52
|
|
Granted
|
62,360
|
|
|
89.21
|
|
|
Vested
|
(61,275
|
)
|
|
60.48
|
|
|
Forfeited
|
(8,357
|
)
|
|
70.62
|
|
|
Unvested at December 31, 2019
|
247,967
|
|
|
$
|
73.66
|
|
|
Year ended December 31,
|
||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
NONINTEREST INCOME
|
|
|
|
|
|
||||||
Other service charges
|
$
|
3,166
|
|
|
$
|
3,263
|
|
|
$
|
2,982
|
|
Increase in cash surrender value of corporate owned life insurance
|
2,164
|
|
|
1,818
|
|
|
2,196
|
|
|||
Net gain on sale of loans
|
227
|
|
|
458
|
|
|
50
|
|
|||
Gain on sale of fixed assets
|
98
|
|
|
2,954
|
|
|
30
|
|
|||
Other miscellaneous income
|
2,761
|
|
|
4,637
|
|
|
2,373
|
|
|||
Total other noninterest income
|
$
|
8,416
|
|
|
$
|
13,130
|
|
|
$
|
7,631
|
|
NONINTEREST EXPENSES
|
|
|
|
|
|
||||||
Marketing expense
|
$
|
4,856
|
|
|
$
|
5,495
|
|
|
$
|
5,013
|
|
Professional fees
|
8,942
|
|
|
8,564
|
|
|
5,725
|
|
|||
Technology expense
|
10,666
|
|
|
10,099
|
|
|
8,332
|
|
|||
Cardholder expense
|
3,238
|
|
|
3,277
|
|
|
3,391
|
|
|||
FDIC insurance
|
773
|
|
|
2,618
|
|
|
2,527
|
|
|||
Other miscellaneous expenses
|
17,774
|
|
|
20,868
|
|
|
20,537
|
|
|||
Total other noninterest expenses
|
$
|
46,249
|
|
|
$
|
50,921
|
|
|
$
|
45,525
|
|
|
Year Ended
|
|||||
(In thousands)
|
12/31/2019
|
12/31/2018
|
||||
Noninterest Income
|
|
|
||||
In-scope of Topic 606:
|
|
|
||||
Commissions and Fees
|
$
|
28,252
|
|
$
|
27,272
|
|
Installment Billing
|
|
(35
|
)
|
|
6
|
|
Refund of Commissions
|
|
30
|
|
|
(29
|
)
|
Contract Liabilities/Deferred Revenue
|
|
(195
|
)
|
|
(181
|
)
|
Contingent Commissions
|
|
3,039
|
|
|
2,301
|
|
Subtotal Insurance Revenues
|
|
31,091
|
|
|
29,369
|
|
Trust and Asset Management
|
|
11,441
|
|
|
11,848
|
|
Mutual Fund & Investment Income
|
|
4,993
|
|
|
5,440
|
|
Subtotal Investment Service Income
|
|
16,434
|
|
|
17,288
|
|
Service Charges on Deposit Accounts
|
|
8,321
|
|
|
8,435
|
|
Card Services Income
|
|
10,526
|
|
|
9,693
|
|
Other
|
|
1,183
|
|
|
1,176
|
|
Noninterest Income (in-scope of ASC 606)
|
|
67,555
|
|
|
65,961
|
|
Noninterest Income (out-of-scope of ASC 606)1
|
|
7,878
|
|
|
11,488
|
|
Total Noninterest Income
|
$
|
75,433
|
|
$
|
77,449
|
|
(In thousands)
|
Current
|
|
Deferred
|
|
Total
|
||||||
2019
|
|
|
|
|
|
||||||
Federal
|
$
|
15,161
|
|
|
$
|
2,668
|
|
|
$
|
17,829
|
|
State
|
2,782
|
|
|
405
|
|
|
3,187
|
|
|||
Total
|
$
|
17,943
|
|
|
$
|
3,073
|
|
|
$
|
21,016
|
|
2018
|
|
|
|
|
|
||||||
Federal
|
$
|
16,391
|
|
|
$
|
2,281
|
|
|
$
|
18,672
|
|
State
|
3,060
|
|
|
73
|
|
|
3,133
|
|
|||
Total
|
$
|
19,451
|
|
|
$
|
2,354
|
|
|
$
|
21,805
|
|
2017
|
|
|
|
|
|
||||||
Federal
|
$
|
26,860
|
|
|
$
|
14,749
|
|
|
$
|
41,609
|
|
State
|
1,162
|
|
|
(151
|
)
|
|
1,011
|
|
|||
Total
|
$
|
28,022
|
|
|
$
|
14,598
|
|
|
$
|
42,620
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Statutory federal income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal benefit
|
2.5
|
|
|
2.4
|
|
|
0.7
|
|
Tax exempt income
|
(1.5
|
)
|
|
(1.5
|
)
|
|
(2.6
|
)
|
Excess benefits from equity-based compensation
|
(0.8
|
)
|
|
(0.6
|
)
|
|
(1.6
|
)
|
Bank-owned life insurance income
|
(0.5
|
)
|
|
(0.4
|
)
|
|
(0.8
|
)
|
Federal tax credit
|
(0.7
|
)
|
|
(0.6
|
)
|
|
(2.0
|
)
|
Enactment of Federal tax reform
|
0.0
|
|
|
0.0
|
|
|
15.7
|
|
All other
|
0.5
|
|
|
0.6
|
|
|
0.4
|
|
Total
|
20.5
|
%
|
|
20.9
|
%
|
|
44.8
|
%
|
(In thousands)
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
9,913
|
|
|
$
|
10,676
|
|
Lease liability
|
8,363
|
|
|
0
|
|||
Interest income on nonperforming loans
|
368
|
|
|
384
|
|
||
Compensation and benefits
|
10,972
|
|
|
10,885
|
|
||
Liabilities held at fair value
|
4
|
|
|
12
|
|
||
Other
|
1,842
|
|
|
2,333
|
|
||
Total
|
$
|
31,462
|
|
|
$
|
24,290
|
|
Deferred tax liabilities:
|
|
|
|
||||
Prepaid pension
|
9,856
|
|
|
8,700
|
|
||
Right of use asset
|
7,790
|
|
|
0
|
|||
Depreciation
|
4,688
|
|
|
4,193
|
|
||
Intangibles
|
1,128
|
|
|
971
|
|
||
Purchase accounting adjustments
|
274
|
|
|
328
|
|
||
Leases
|
2,472
|
|
|
1,790
|
|
||
Other
|
1,478
|
|
|
1,459
|
|
||
Total deferred tax liabilities
|
$
|
27,686
|
|
|
$
|
17,441
|
|
Net deferred tax asset at year-end
|
$
|
3,776
|
|
|
$
|
6,849
|
|
Net deferred tax asset at beginning of year
|
$
|
6,849
|
|
|
$
|
9,203
|
|
Decrease in net deferred tax asset
|
(3,073
|
)
|
|
(2,354
|
)
|
||
Federal tax reform remeasurement of AOCI deferred tax asset
|
$
|
0
|
|
|
$
|
0
|
|
Deferred tax expense
|
$
|
3,073
|
|
|
$
|
2,354
|
|
December 31, 2019
|
Before-Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Change in net unrealized gain during the period
|
$
|
33,431
|
|
|
$
|
(8,190
|
)
|
|
$
|
25,241
|
|
Unrealized gains on HTM securities transferred to AFS securities
|
3,777
|
|
|
(925
|
)
|
|
2,852
|
|
|||
Reclassification adjustment for net realized gain on sale included in available-for-sale securities
|
(616
|
)
|
|
151
|
|
|
(465
|
)
|
|||
Net unrealized gains
|
36,592
|
|
|
(8,964
|
)
|
|
27,628
|
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Net retirement plan loss
|
(10,122
|
)
|
|
2,480
|
|
|
(7,642
|
)
|
|||
Net actuarial gain due to curtailment
|
(399
|
)
|
|
97
|
|
|
(302
|
)
|
|||
Net retirement plan prior service credit
|
(1,819
|
)
|
|
446
|
|
|
(1,373
|
)
|
|||
Amortization of net retirement plan actuarial gain
|
1,677
|
|
|
(411
|
)
|
|
1,266
|
|
|||
Amortization of net retirement plan prior service (cost) credit
|
32
|
|
|
(8
|
)
|
|
24
|
|
|||
Employee benefit plans
|
(10,631
|
)
|
|
2,604
|
|
|
(8,027
|
)
|
|||
|
|
|
|
|
|
||||||
Other comprehensive income
|
$
|
25,961
|
|
|
$
|
(6,360
|
)
|
|
$
|
19,601
|
|
December 31, 2018
|
Before-Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Change in net unrealized loss during the period
|
$
|
(14,550
|
)
|
|
$
|
3,569
|
|
|
$
|
(10,981
|
)
|
Reclassification adjustment for net realized loss on sale included in available-for-sale securities
|
440
|
|
|
(108
|
)
|
|
332
|
|
|||
Net unrealized losses
|
(14,110
|
)
|
|
3,461
|
|
|
(10,649
|
)
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Net retirement plan loss
|
(3,437
|
)
|
|
843
|
|
|
(2,594
|
)
|
|||
Amortization of net retirement plan actuarial gain
|
1,719
|
|
|
(421
|
)
|
|
1,298
|
|
|||
Amortization of net retirement plan prior service (cost) credit
|
15
|
|
|
(4
|
)
|
|
11
|
|
|||
Employee benefit plans
|
(1,703
|
)
|
|
418
|
|
|
(1,285
|
)
|
|||
|
|
|
|
|
|
||||||
Other comprehensive loss
|
$
|
(15,813
|
)
|
|
$
|
3,879
|
|
|
$
|
(11,934
|
)
|
December 31, 2017
|
Before-Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Change in net unrealized loss during the period
|
$
|
(4,442
|
)
|
|
$
|
1,761
|
|
|
$
|
(2,681
|
)
|
Reclassification adjustment for net realized loss on sale included in available-for-sale securities
|
407
|
|
|
(163
|
)
|
|
244
|
|
|||
Net unrealized losses
|
(4,035
|
)
|
|
1,598
|
|
|
(2,437
|
)
|
|||
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Net retirement plan loss
|
(4,549
|
)
|
|
1,115
|
|
|
(3,434
|
)
|
|||
Net retirement plan prior service credit
|
964
|
|
|
(236
|
)
|
|
728
|
|
|||
Amortization of net retirement plan actuarial loss
|
1,508
|
|
|
(603
|
)
|
|
905
|
|
|||
Amortization of net retirement plan prior service (cost) credit
|
15
|
|
|
(6
|
)
|
|
9
|
|
|||
Employee benefit plans
|
(2,062
|
)
|
|
270
|
|
|
(1,792
|
)
|
|||
|
|
|
|
|
|
||||||
Other comprehensive loss
|
$
|
(6,097
|
)
|
|
$
|
1,868
|
|
|
$
|
(4,229
|
)
|
(In thousands)
|
Available-for-Sale
Securities |
|
Employee Benefit
Plans
|
|
Accumulated Other
Comprehensive Income (loss) |
||||||
Balance at January 1, 2017
|
$
|
(7,915
|
)
|
|
$
|
(29,194
|
)
|
|
$
|
(37,109
|
)
|
Other comprehensive loss
|
(2,437
|
)
|
|
(1,792
|
)
|
|
(4,229
|
)
|
|||
Reclassification due to adoption of ASU 2018-02
|
(2,653
|
)
|
|
(7,305
|
)
|
|
(9,958
|
)
|
|||
Balance at December 31, 2017
|
$
|
(13,005
|
)
|
|
$
|
(38,291
|
)
|
|
$
|
(51,296
|
)
|
|
|
|
|
|
|
||||||
Balance at January 1, 2018
|
(13,005
|
)
|
|
(38,291
|
)
|
|
(51,296
|
)
|
|||
Other comprehensive loss
|
(10,649
|
)
|
|
(1,285
|
)
|
|
(11,934
|
)
|
|||
Adoption of ASU 2016-01
|
65
|
|
|
0
|
|
|
65
|
|
|||
Balance at December 31, 2018
|
$
|
(23,589
|
)
|
|
$
|
(39,576
|
)
|
|
$
|
(63,165
|
)
|
|
|
|
|
|
|
||||||
Balance at January 1, 2019
|
(23,589
|
)
|
|
(39,576
|
)
|
|
(63,165
|
)
|
|||
Other comprehensive income
|
27,628
|
|
|
(8,027
|
)
|
|
19,601
|
|
|||
Balance at December 31, 2019
|
$
|
4,039
|
|
|
$
|
(47,603
|
)
|
|
$
|
(43,564
|
)
|
December 31, 2019
|
|
|
|
||
Details about Accumulated other Comprehensive Income Components (in thousands)
|
Amount Reclassified from Accumulated Other Comprehensive (Loss)1
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
616
|
|
|
Net (loss) gain on securities transactions
|
|
(151
|
)
|
|
Tax expense
|
|
|
465
|
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following2
|
|
|
|
||
Net retirement plan actuarial gain
|
(1,677
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service credit
|
(32
|
)
|
|
Other operating expense
|
|
|
(1,709
|
)
|
|
Total before tax
|
|
|
419
|
|
|
Tax benefit
|
|
|
(1,290
|
)
|
|
Net of tax
|
December 31, 2018
|
|
|
|
||
Details about Accumulated other Comprehensive Income Components (in thousands)
|
Amount Reclassified from Accumulated Other Comprehensive (Loss)1
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||
Available-for-sale securities:
|
|
|
|
||
Unrealized gains and losses on available-for-sale securities
|
$
|
(440
|
)
|
|
Net (loss) gain on securities transactions
|
|
108
|
|
|
Tax benefit
|
|
|
(332
|
)
|
|
Net of tax
|
|
Employee benefit plans:
|
|
|
|
||
Amortization of the following2
|
|
|
|
||
Net retirement plan actuarial gain
|
(1,719
|
)
|
|
Other operating expense
|
|
Net retirement plan prior service credit
|
(15
|
)
|
|
Other operating expense
|
|
|
(1,734
|
)
|
|
Total before tax
|
|
|
425
|
|
|
Tax benefit
|
|
|
(1,309
|
)
|
|
Net of tax
|
(In thousands)
|
2019
|
|
2018
|
||||
Loan commitments
|
$
|
149,397
|
|
|
$
|
156,111
|
|
Standby letters of credit
|
30,460
|
|
|
21,685
|
|
||
Undisbursed portion of lines of credit
|
800,316
|
|
|
819,252
|
|
||
Total
|
$
|
980,173
|
|
|
$
|
997,048
|
|
|
Year ended December 31,
|
||||||||||
(In thousands, except share and per share data)
|
2019
|
|
2018
|
|
2017
|
||||||
Basic
|
|
|
|
|
|
||||||
Net income available to common shareholders
|
$
|
81,718
|
|
|
$
|
82,308
|
|
|
$
|
52,494
|
|
Less: income attributable to unvested stock-based compensation awards
|
(1,306
|
)
|
|
(1,315
|
)
|
|
(818
|
)
|
|||
Net earnings allocated to common shareholders
|
80,412
|
|
|
80,993
|
|
|
51,676
|
|
|||
|
|
|
|
|
|
||||||
Weighted average shares outstanding, including unvested stock-based compensation awards
|
15,149,535
|
|
|
15,283,914
|
|
|
15,193,438
|
|
|||
|
|
|
|
|
|
||||||
Less: average unvested stock-based compensation awards
|
(242,478
|
)
|
|
(244,685
|
)
|
|
(243,006
|
)
|
|||
Weighted average shares outstanding - Basic
|
14,907,057
|
|
|
15,039,229
|
|
|
14,950,432
|
|
|||
|
|
|
|
|
|
||||||
Diluted
|
|
|
|
|
|
||||||
Net earnings allocated to common shareholders
|
80,412
|
|
|
80,993
|
|
|
51,676
|
|
|||
|
|
|
|
|
|
||||||
Weighted average shares outstanding - Basic
|
14,907,057
|
|
|
15,039,229
|
|
|
14,950,432
|
|
|||
|
|
|
|
|
|
||||||
Plus: incremental shares from assumed conversion of stock-based compensation awards
|
66,894
|
|
|
93,028
|
|
|
122,823
|
|
|||
|
|
|
|
|
|
||||||
Weighted average shares outstanding - Diluted
|
14,973,951
|
|
|
15,132,257
|
|
|
15,073,255
|
|
|||
|
|
|
|
|
|
||||||
Basic EPS
|
$
|
5.39
|
|
|
$
|
5.39
|
|
|
$
|
3.46
|
|
Diluted EPS
|
$
|
5.37
|
|
|
$
|
5.35
|
|
|
$
|
3.43
|
|
(In thousands)
|
Fair Value
12/31/2019 |
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasuries
|
$
|
1,840
|
|
|
$
|
0
|
|
|
$
|
1,840
|
|
|
$
|
0
|
|
Obligations of U.S. Government sponsored entities
|
372,488
|
|
|
0
|
|
|
372,488
|
|
|
0
|
|
||||
Obligations of U.S. states and political subdivisions
|
97,785
|
|
|
0
|
|
|
97,785
|
|
|
0
|
|
||||
Mortgage-backed securities - residential
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
164,451
|
|
|
0
|
|
|
164,451
|
|
|
0
|
|
||||
U.S. Government sponsored entities
|
659,590
|
|
|
0
|
|
|
659,590
|
|
|
0
|
|
||||
Non-U.S. Government agencies or sponsored entities
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
||||
U.S. corporate debt securities
|
2,433
|
|
|
0
|
|
|
2,433
|
|
|
0
|
|
||||
Total Available-for-sale securities
|
1,298,587
|
|
|
0
|
|
|
1,298,587
|
|
|
0
|
|
||||
Equity securities
|
915
|
|
|
0
|
|
|
0
|
|
|
915
|
|
(In thousands)
|
Fair Value
12/31/2018 |
|
(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
|
|
|
|
|
|
|
|
||||||||
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
|
887
|
|
|
0
|
|
|
0
|
|
|
887
|
|
(In thousands)
|
|
|
Fair value measurements at reporting date using:
|
|
Gain (losses) from fair value changes
|
||||||||||||||
|
As of
|
|
Quoted prices in active markets for identical assets
|
|
Significant other observable inputs
|
|
Significant unobservable inputs
|
|
Twelve months ended
|
||||||||||
Assets:
|
12/31/2019
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
12/31/2019
|
||||||||||
Impaired loans
|
$
|
14,050
|
|
|
$
|
0
|
|
|
$
|
14,050
|
|
|
$
|
0
|
|
|
$
|
(4,184
|
)
|
Other real estate owned
|
315
|
|
|
0
|
|
|
315
|
|
|
0
|
|
|
(94
|
)
|
(In thousands)
|
|
|
Fair value measurements at reporting date using:
|
|
Gain (losses) from fair value changes
|
||||||||||||||
|
As of
|
|
Quoted prices in active markets for identical assets
|
|
Significant other observable inputs
|
|
Significant unobservable inputs
|
|
Twelve months ended
|
||||||||||
Assets:
|
12/31/2018
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
12/31/2018
|
||||||||||
Impaired loans
|
$
|
6,500
|
|
|
$
|
0
|
|
|
$
|
6,500
|
|
|
$
|
0
|
|
|
$
|
(173
|
)
|
Other real estate owned
|
1,594
|
|
|
0
|
|
|
1,594
|
|
|
0
|
|
|
(211
|
)
|
(In thousands)
|
Year Ended December 31, 2019
|
|||
Lease Costs
|
|
|||
Operating lease cost
|
$
|
4,683
|
|
|
Variable lease cost
|
466
|
|
||
Short-term lease cost
|
1
|
|
||
Sublease income
|
(35
|
)
|
||
Total lease cost
|
$
|
5,115
|
|
(In thousands)
|
Year Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$4,680
|
||
Weighted-average remaining lease term on operating leases
|
13.85
|
|
|
Weighted-average discount rates on operating leases
|
3.53
|
%
|
|
ROU assets obtained in exchange for lease liabilities
|
$39,508
|
(In thousands)
|
Operating Leases
|
|||
2020
|
$
|
4,454
|
|
|
2021
|
4,106
|
|
||
2022
|
4,059
|
|
||
2023
|
3,816
|
|
||
2024
|
3,684
|
|
||
2025 and subsequent years
|
26,605
|
|
||
Total lease payments
|
$
|
46,724
|
|
|
Less: Interest
|
(10,802
|
)
|
||
Present value of lease liabilities
|
$
|
35,922
|
|
|
Actual
|
|
Minimum Capital Required- Basel III Fully-Phased-In
|
|
Required
to be Considered Well Capitalized |
(dollar amounts in thousands)
|
Amount/Ratio
|
|
Amount/Ratio
|
|
Amount/Ratio
|
December 31, 2019
|
|
|
|
|
|
Total Capital (to risk-weighted assets)
|
|
|
|
|
|
The Company (consolidated)
|
$666,106 /13.5%
|
|
$517,039 />10.5%
|
|
$492,418 />10.0%
|
Trust Company
|
$197,660/14.1%
|
|
$147,405 />10.5%
|
|
$140,386 />10.0%
|
Castile
|
$145,669/12.2%
|
|
$125,493 />10.5%
|
|
$119,517 />10.0%
|
Mahopac
|
$128,238/13.0%
|
|
$103,800 />10.5%
|
|
$98,857 />10.0%
|
VIST
|
$161,559/12.2%
|
|
$139,235 />10.5%
|
|
$132,605 />10.0%
|
Common Equity Tier 1 Capital (to risk-weighted assets)
|
|
|
|||
The Company (consolidated)
|
$607,290/12.3%
|
|
$344,692 />7.0%
|
|
$320,072 />6.5%
|
Trust Company
|
$185,499/13.2%
|
|
$98,270 />7.0%
|
|
$91,251 />6.5%
|
Castile
|
$136,342/11.4%
|
|
$83,662 />7.0%
|
|
$77,686 />6.5%
|
Mahopac
|
$116,953/11.8%
|
|
$69,200 />7.0%
|
|
$64,257 />6.5%
|
VIST
|
$152,550/11.5%
|
|
$92,823 />7.0%
|
|
$86,193 />6.5%
|
Tier 1 Capital (to risk-weighted assets)
|
|
|
|
|
|
The Company (consolidated)
|
$624,325/12.7%
|
|
$418,555 />8.5%
|
|
$393,934 />8.0%
|
Trust Company
|
$185,499/13.2%
|
|
$119,328 />8.5%
|
|
$112,309 />8.0%
|
Castile
|
$136,342/11.4%
|
|
$101,589 />8.5%
|
|
$95,614 />8.0%
|
Mahopac
|
$116,953/11.8%
|
|
$84,029 />8.5%
|
|
$79,086 />8.0%
|
VIST
|
$152,550/11.5%
|
|
$112,714 />8.5%
|
|
$106,084 />8.0%
|
Tier 1 Capital (to average assets)
|
|
|
|
|
|
The Company (consolidated)
|
$624,325/9.6%
|
|
$259,903 />4.0%
|
|
$324,879 />5.0%
|
Trust Company
|
$185,499/9.2%
|
|
$81,001 />4.0%
|
|
$101,252 />5.0%
|
Castile
|
$136,342/9.2%
|
|
$59,239 />4.0%
|
|
$74,049 />5.0%
|
Mahopac
|
$116,953/8.9%
|
|
$52,469 />4.0%
|
|
$65,586 />5.0%
|
VIST
|
$152,550/8.7%
|
|
$70,228 />4.0%
|
|
$87,785 />5.0%
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
|
|
Total Capital (to risk-weighted assets)
|
|
|
|
|
|
The Company (consolidated)
|
$645,891 /13.1%
|
|
$517,500 />10.5%
|
|
$492,857 />10.0%
|
Trust Company
|
$191,872/13.9%
|
|
$144,822 />10.5%
|
|
$137,926 />10.0%
|
Castile
|
$138,816/11.7%
|
|
$124,738 />10.5%
|
|
$118,798 />10.0%
|
Mahopac
|
$126,342/12.7%
|
|
$104,146 />10.5%
|
|
$99,186 />10.0%
|
VIST
|
$158,557/11.7%
|
|
$142,048 />10.5%
|
|
$135,284 />10.0%
|
Common Equity Tier 1 Capital (to risk-weighted assets)
|
|||||
The Company (consolidated)
|
$583,458/11.8%
|
|
$345,000 />7.0%
|
|
$320,357 />6.5%
|
Trust Company
|
$180,077/13.1%
|
|
$96,548 />7.0%
|
|
$89,652 />6.5%
|
Castile
|
$129,482/10.9%
|
|
$83,159 />7.0%
|
|
$77,219 />6.5%
|
Mahopac
|
$114,327/11.5%
|
|
$69,431 />7.0%
|
|
$64,471 />6.5%
|
VIST
|
$146,131/10.8%
|
|
$94,699 />7.0%
|
|
$87,934 />6.5%
|
Tier 1 Capital (to risk-weighted assets)
|
|
|
|
|
|
The Company (consolidated)
|
$600,321/12.2%
|
|
$418,929 />8.5%
|
|
$394,286 />8.0%
|
Trust Company
|
$180,077/13.1%
|
|
$117,237 />8.5%
|
|
$110,341 />8.0%
|
Castile
|
$129,482/10.9%
|
|
$100,978 />8.5%
|
|
$95,038 />8.0%
|
Mahopac
|
$114,327/11.5%
|
|
$84,309 />8.5%
|
|
$79,349 />8.0%
|
VIST
|
$146,131/10.8%
|
|
$114,991 />8.5%
|
|
$108,227 />8.0%
|
Tier 1 Capital (to average assets)
|
|
|
|
|
|
The Company (consolidated)
|
$600,321/9.1%
|
|
$265,465 />4.0%
|
|
$331,832 />5.0%
|
Trust Company
|
$180,077/8.5%
|
|
$84,592 />4.0%
|
|
$105,740 />5.0%
|
Castile
|
$129,482/8.6%
|
|
$60,368 />4.0%
|
|
$75,460 />5.0%
|
Mahopac
|
$114,327/8.4%
|
|
$54,219 />4.0%
|
|
$67,773 />5.0%
|
VIST
|
$146,131/8.8%
|
|
$66,282 />4.0%
|
|
$82,853 />5.0%
|
Condensed Statements of Condition
|
|
|
|
||||
(In thousands)
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
14,631
|
|
|
$
|
6,235
|
|
Investment in subsidiaries, at equity
|
664,775
|
|
|
625,193
|
|
||
Other
|
3,873
|
|
|
9,416
|
|
||
Total Assets
|
$
|
683,279
|
|
|
$
|
640,844
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Borrowings
|
4,000
|
|
|
4,000
|
|
||
Trust preferred debentures issued to non-consolidated subsidiary
|
17,035
|
|
|
16,863
|
|
||
Other liabilities
|
602
|
|
|
522
|
|
||
Tompkins Financial Corporation Shareholders’ Equity
|
661,642
|
|
|
619,459
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
683,279
|
|
|
$
|
640,844
|
|
Condensed Statements of Income
|
|
|
|
|
|
||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Dividends received from subsidiaries
|
$
|
72,827
|
|
|
$
|
44,518
|
|
|
$
|
33,522
|
|
Other income
|
240
|
|
|
332
|
|
|
281
|
|
|||
Total Operating Income
|
$
|
73,067
|
|
|
$
|
44,850
|
|
|
$
|
33,803
|
|
Interest expense
|
1,450
|
|
|
1,468
|
|
|
1,550
|
|
|||
Other expenses
|
8,409
|
|
|
7,222
|
|
|
6,120
|
|
|||
Total Operating Expenses
|
$
|
9,859
|
|
|
$
|
8,690
|
|
|
$
|
7,670
|
|
Income Before Taxes and Equity in Undistributed
|
|
|
|
|
|
||||||
Earnings of Subsidiaries
|
63,208
|
|
|
36,160
|
|
|
26,133
|
|
|||
Income tax benefit
|
2,085
|
|
|
1,687
|
|
|
1,867
|
|
|||
Equity in undistributed earnings of subsidiaries
|
16,425
|
|
|
44,461
|
|
|
24,494
|
|
|||
Net Income
|
$
|
81,718
|
|
|
$
|
82,308
|
|
|
$
|
52,494
|
|
Condensed Statements of Cash Flows
|
|
|
|
|
|
||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
81,718
|
|
|
$
|
82,308
|
|
|
$
|
52,494
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
||||||
Equity in undistributed earnings of subsidiaries
|
(16,425
|
)
|
|
(44,461
|
)
|
|
(24,494
|
)
|
|||
Other, net
|
3,209
|
|
|
1,014
|
|
|
(1,569
|
)
|
|||
Net Cash Provided by Operating Activities
|
68,502
|
|
|
38,861
|
|
|
26,431
|
|
|||
Investing activities
|
|
|
|
|
|
||||||
Other, net
|
3,265
|
|
|
0
|
|
|
1,052
|
|
|||
Net Cash Provided by Investing Activities
|
3,265
|
|
|
0
|
|
|
1,052
|
|
|||
Financing activities
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Borrowings, net
|
0
|
|
|
(5,000
|
)
|
|
(28,161
|
)
|
|||
Cash dividends
|
(30,637
|
)
|
|
(29,634
|
)
|
|
(27,627
|
)
|
|||
Repurchase of common shares
|
(29,867
|
)
|
|
(2,448
|
)
|
|
0
|
|
|||
Net proceeds from restricted stock awards
|
(1,875
|
)
|
|
(1,403
|
)
|
|
(1,294
|
)
|
|||
Shares issued for dividend reinvestment plans
|
0
|
|
|
0
|
|
|
2,872
|
|
|||
Shares issued for employee stock ownership plan
|
0
|
|
|
3,073
|
|
|
2,296
|
|
|||
Net proceeds from exercise of stock options
|
(992
|
)
|
|
(540
|
)
|
|
(641
|
)
|
|||
Net Cash Used in Financing Activities
|
(63,371
|
)
|
|
(35,952
|
)
|
|
(52,555
|
)
|
|||
Net increase (decrease) in cash
|
8,396
|
|
|
2,909
|
|
|
(25,072
|
)
|
|||
Cash at beginning of year
|
6,235
|
|
|
3,326
|
|
|
28,398
|
|
|||
Cash at End of Year
|
$
|
14,631
|
|
|
$
|
6,235
|
|
|
$
|
3,326
|
|
As of and for the year ended December 31, 2019
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth Management
|
|
Intercompany
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
261,378
|
|
|
$
|
3
|
|
|
$
|
0
|
|
|
$
|
(3
|
)
|
|
$
|
261,378
|
|
Interest expense
|
50,753
|
|
|
0
|
|
|
0
|
|
|
(3
|
)
|
|
50,750
|
|
|||||
Net interest income
|
210,625
|
|
|
3
|
|
|
0
|
|
|
0
|
|
|
210,628
|
|
|||||
Provision for loan and lease losses
|
1,366
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
1,366
|
|
|||||
Noninterest income
|
29,054
|
|
|
31,501
|
|
|
17,001
|
|
|
(2,123
|
)
|
|
75,433
|
|
|||||
Noninterest expense
|
145,102
|
|
|
25,908
|
|
|
12,947
|
|
|
(2,123
|
)
|
|
181,834
|
|
|||||
Income before income tax expense
|
93,211
|
|
|
5,596
|
|
|
4,054
|
|
|
0
|
|
|
102,861
|
|
|||||
Income tax expense
|
18,598
|
|
|
1,426
|
|
|
992
|
|
|
0
|
|
|
21,016
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
74,613
|
|
|
4,170
|
|
|
3,062
|
|
|
0
|
|
|
81,845
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
127
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
127
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
74,486
|
|
|
$
|
4,170
|
|
|
$
|
3,062
|
|
|
$
|
0
|
|
|
$
|
81,718
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
9,778
|
|
|
$
|
225
|
|
|
$
|
41
|
|
|
$
|
0
|
|
|
$
|
10,044
|
|
Assets
|
6,671,409
|
|
|
41,841
|
|
|
24,313
|
|
|
(11,940
|
)
|
|
6,725,623
|
|
|||||
Goodwill
|
64,370
|
|
|
19,866
|
|
|
8,211
|
|
|
0
|
|
|
92,447
|
|
|||||
Other intangibles, net
|
3,215
|
|
|
2,860
|
|
|
148
|
|
|
0
|
|
|
6,223
|
|
|||||
Net loans and leases
|
4,877,658
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,877,658
|
|
|||||
Deposits
|
5,223,893
|
|
|
0
|
|
|
0
|
|
|
(10,972
|
)
|
|
5,212,921
|
|
|||||
Total equity
|
608,901
|
|
|
32,204
|
|
|
21,949
|
|
|
0
|
|
|
663,054
|
|
As of and for the year ended December 31, 2018
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth Management
|
|
Intercompany & Merger
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
251,592
|
|
|
$
|
3
|
|
|
$
|
0
|
|
|
$
|
(3
|
)
|
|
$
|
251,592
|
|
Interest expense
|
39,795
|
|
|
0
|
|
|
0
|
|
|
(3
|
)
|
|
39,792
|
|
|||||
Net interest income
|
211,797
|
|
|
3
|
|
|
0
|
|
|
0
|
|
|
211,800
|
|
|||||
Provision for loan and lease losses
|
3,942
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
3,942
|
|
|||||
Noninterest income
|
31,738
|
|
|
29,760
|
|
|
17,997
|
|
|
(2,046
|
)
|
|
77,449
|
|
|||||
Noninterest expense
|
145,070
|
|
|
25,427
|
|
|
12,616
|
|
|
(2,046
|
)
|
|
181,067
|
|
|||||
Income before income tax expense
|
94,523
|
|
|
4,336
|
|
|
5,381
|
|
|
0
|
|
|
104,240
|
|
|||||
Income tax expense
|
19,486
|
|
|
1,092
|
|
|
1,227
|
|
|
0
|
|
|
21,805
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
75,037
|
|
|
3,244
|
|
|
4,154
|
|
|
0
|
|
|
82,435
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
127
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
127
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
74,910
|
|
|
$
|
3,244
|
|
|
$
|
4,154
|
|
|
$
|
0
|
|
|
$
|
82,308
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
9,194
|
|
|
$
|
230
|
|
|
$
|
130
|
|
|
$
|
0
|
|
|
$
|
9,554
|
|
Assets
|
6,707,625
|
|
|
42,088
|
|
|
21,365
|
|
|
(12,642
|
)
|
|
6,758,436
|
|
|||||
Goodwill
|
64,370
|
|
|
19,702
|
|
|
8,211
|
|
|
0
|
|
|
92,283
|
|
|||||
Other intangibles, net
|
4,224
|
|
|
3,192
|
|
|
212
|
|
|
0
|
|
|
7,628
|
|
|||||
Net loans and leases
|
4,790,529
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,790,529
|
|
|||||
Deposits
|
4,900,464
|
|
|
0
|
|
|
0
|
|
|
(11,505
|
)
|
|
4,888,959
|
|
|||||
Total equity
|
568,988
|
|
|
32,996
|
|
|
18,887
|
|
|
0
|
|
|
620,871
|
|
As of and for the year ended December 31, 2017
|
|||||||||||||||||||
(In thousands)
|
Banking
|
|
Insurance
|
|
Wealth Management
|
|
Intercompany & Merger
|
|
Consolidated
|
||||||||||
Interest income
|
$
|
226,764
|
|
|
$
|
2
|
|
|
$
|
0
|
|
|
$
|
(2
|
)
|
|
$
|
226,764
|
|
Interest expense
|
25,462
|
|
|
0
|
|
|
0
|
|
|
(2
|
)
|
|
25,460
|
|
|||||
Net interest income
|
201,302
|
|
|
2
|
|
|
0
|
|
|
0
|
|
|
201,304
|
|
|||||
Provision for loan and lease losses
|
4,161
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,161
|
|
|||||
Noninterest income
|
25,498
|
|
|
29,106
|
|
|
16,345
|
|
|
(1,745
|
)
|
|
69,204
|
|
|||||
Noninterest expense
|
135,750
|
|
|
24,503
|
|
|
12,597
|
|
|
(1,745
|
)
|
|
171,105
|
|
|||||
Income before income tax expense
|
86,889
|
|
|
4,605
|
|
|
3,748
|
|
|
0
|
|
|
95,242
|
|
|||||
Income tax expense
|
39,731
|
|
|
1,705
|
|
|
1,184
|
|
|
0
|
|
|
42,620
|
|
|||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation
|
47,158
|
|
|
2,900
|
|
|
2,564
|
|
|
0
|
|
|
52,622
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
128
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
128
|
|
|||||
Net Income attributable to Tompkins Financial Corporation
|
$
|
47,030
|
|
|
$
|
2,900
|
|
|
$
|
2,564
|
|
|
$
|
0
|
|
|
$
|
52,494
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
7,927
|
|
|
285
|
|
|
57
|
|
|
0
|
|
|
$
|
8,269
|
|
||||
Assets
|
6,602,242
|
|
|
39,599
|
|
|
17,779
|
|
|
(11,330
|
)
|
|
6,648,290
|
|
|||||
Goodwill
|
64,369
|
|
|
19,711
|
|
|
8,211
|
|
|
0
|
|
|
92,291
|
|
|||||
Other intangibles, net
|
5,170
|
|
|
3,812
|
|
|
281
|
|
|
0
|
|
|
9,263
|
|
|||||
Net loans and leases
|
4,629,349
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
4,629,349
|
|
|||||
Deposits
|
4,848,654
|
|
|
0
|
|
|
0
|
|
|
(10,847
|
)
|
|
4,837,807
|
|
|||||
Total equity
|
530,386
|
|
|
31,083
|
|
|
14,733
|
|
|
0
|
|
|
576,202
|
|
Unaudited Quarterly Financial Data
|
|||||||||||||||
|
2019
|
||||||||||||||
(in thousands)
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Interest and dividend income
|
$
|
64,927
|
|
|
$
|
66,093
|
|
|
$
|
65,775
|
|
|
$
|
64,583
|
|
Interest expense
|
13,013
|
|
|
13,775
|
|
|
12,619
|
|
|
11,343
|
|
||||
Net interest income
|
51,914
|
|
|
52,318
|
|
|
53,156
|
|
|
53,240
|
|
||||
Provision for loan and lease losses
|
445
|
|
|
601
|
|
|
1,320
|
|
|
(1,000
|
)
|
||||
Income before income taxes
|
26,667
|
|
|
24,167
|
|
|
25,715
|
|
|
26,312
|
|
||||
Net income
|
21,040
|
|
|
19,392
|
|
|
20,206
|
|
|
21,080
|
|
||||
Net income per common share (basic)
|
1.37
|
|
|
1.28
|
|
|
1.34
|
|
|
1.41
|
|
||||
Net income per common share (diluted)
|
1.37
|
|
|
1.27
|
|
|
1.34
|
|
|
1.40
|
|
Unaudited Quarterly Financial Data
|
|||||||||||||||
|
2018
|
||||||||||||||
(in thousands)
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Interest and dividend income
|
$
|
60,140
|
|
|
$
|
62,143
|
|
|
$
|
63,984
|
|
|
$
|
65,325
|
|
Interest expense
|
7,453
|
|
|
9,429
|
|
|
10,821
|
|
|
12,089
|
|
||||
Net interest income
|
52,687
|
|
|
52,714
|
|
|
53,163
|
|
|
53,236
|
|
||||
Provision for loan and lease losses
|
567
|
|
|
1,045
|
|
|
272
|
|
|
2,058
|
|
||||
Income before income taxes
|
26,229
|
|
|
27,842
|
|
|
26,361
|
|
|
23,808
|
|
||||
Net income
|
20,436
|
|
|
22,059
|
|
|
20,902
|
|
|
18,911
|
|
||||
Net income per common share (basic)
|
1.34
|
|
|
1.44
|
|
|
1.37
|
|
|
1.24
|
|
||||
Net income per common share (diluted)
|
1.33
|
|
|
1.43
|
|
|
1.36
|
|
|
1.23
|
|
Equity Compensation Plan Information
|
|||||||
Plan Category
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
|
Weighted Average Exercise Price of Outstanding Options, Warrants and Rights
|
Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (excluding Securities in Column (a))
|
||||
|
|
|
|
||||
|
(a)
|
(b)
|
(c)
|
||||
Equity Compensation Plans Approved by Security Holders
|
157,622
|
|
$
|
49.72
|
|
237,800 1
|
|
Equity Compensation Plans Not Approved by Security Holders
|
0
|
|
0.00
|
|
0
|
|
(a)(1)
|
The following financial statements and Reports of KPMG LLP are included in this Annual Report on Form 10-K:
|
|
Reports of KPMG LLP, Independent Registered Public Accounting Firm on Consolidated Financial Statements and Internal Control over Financial Reporting
Consolidated Statements of Condition as of December 31, 2019 and 2018
Consolidated Statements of Income for the years ended December 31, 2019, 2018, and 2017
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018, and 2017
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018, and 2017
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2019, 2018, and 2017
Notes to Consolidated Financial Statements
Unaudited Quarterly Financial Data
|
(a)(2)
|
List of Financial Statement Schedules
|
|
Not Applicable.
|
(a)(3)
|
Exhibits
|
|
|
|
|
The following exhibits are filed as a part of this report:
|
||
|
|
|
Item No.
|
|
Description
|
|
|
|
2.1
|
|
Agreement and Plan of Reorganization, dated as of March 14, 1995, among the Bank, the Company and the Interim Bank, incorporated herein by reference to Exhibit 2 to the Company’s Registration Statement on From 8-A (No. 0-38625), filed with the Commission on January 22, 1996.
|
|
|
|
2.2
|
|
|
|
|
|
2.3
|
|
|
|
|
|
2.4
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
Form of Specimen Common Stock Certificate of the Company, incorporated herein by reference to Exhibit 4 to the Company’s Registration Statement on Form 8-A (No. 0-27514), filed with the Commission on December 29, 1995.
|
|
|
|
4.2
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3*
|
|
Form of Director Deferred Compensation Agreement, incorporated herein by reference to Exhibit 10.4 to the Company’s Registration Statement on Form 8-A (No. 0-27514), filed with the Commission on December 29, 1995.
|
|
|
|
10.4*
|
|
Deferred Compensation Plan for Senior Officers, incorporated herein by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 8-A (No. 0-27514), filed with the Commission on December 29, 1995.
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
10.8*
|
|
|
|
|
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
10.11*
|
|
|
|
|
|
10.12*
|
|
|
|
|
|
10.13*
|
|
|
|
|
|
10.14*
|
|
|
|
|
|
10.15*
|
|
|
|
|
|
10.16*
|
|
|
|
|
|
10.17*
|
|
|
|
|
|
10.18
|
|
|
|
|
|
10.19
|
|
|
|
|
|
10.20*
|
|
|
|
|
|
10.21*
|
|
|
|
|
|
10.22*
|
|
|
|
|
|
10.23*
|
|
|
|
|
|
10.24*
|
|
|
|
|
|
10.25*
|
|
|
|
|
|
10.26*
|
|
|
|
|
|
10.27*
|
|
|
|
|
|
10.28*
|
|
|
|
|
|
10.29*
|
|
|
|
|
|
10.30*
|
|
|
|
|
|
10.31*
|
|
|
|
|
|
10.32*
|
|
|
|
|
|
|
TOMPKINS FINANCIAL CORPORATION
|
|
|
|
|
/S/ Stephen S. Romaine
|
|
|
|
|
|
By:
|
Stephen S. Romaine
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date: March 2, 2020
|
Signature
|
|
Date
|
|
Capacity
|
|
Signature
|
|
Date
|
|
Capacity
|
/S/Thomas R. Rochon
|
|
3/2/2020
|
|
Chairman of the Board
|
|
/S/Jennifer R. Tegan
|
|
3/2/2020
|
|
Director
|
Thomas R. Rochon
|
|
|
|
Director
|
|
Jennifer R. Tegan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/Stephen S. Romaine
|
|
3/2/2020
|
|
President and Chief Executive
|
|
/S/Patricia A. Johnson
|
|
3/2/2020
|
|
Director
|
Stephen S. Romaine
|
|
|
|
Officer (Principal Executive Officer)
|
|
Patricia A. Johnson
|
|
|
|
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/Frank C. Milewski
|
|
3/2/2020
|
|
Director
|
/S/James W. Fulmer
|
|
3/2/2020
|
|
Vice Chairman, Director
|
|
Frank C. Milewski
|
|
|
|
|
James W. Fulmer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/Michael H. Spain
|
|
3/2/2020
|
|
Director
|
/S/Francis M. Fetsko
|
|
3/2/2020
|
|
Executive Vice President and
|
|
Michael H. Spain
|
|
|
|
|
Francis M. Fetsko
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
(Principal Financial Officer)
|
|
/S/Alfred J. Weber
|
|
3/2/2020
|
|
Director
|
|
|
|
|
(Principal Accounting
|
|
Alfred J. Weber
|
|
|
|
|
|
|
|
|
Officer)
|
|
|
|
|
|
|
/S/John E. Alexander
|
|
3/2/2020
|
|
Director
|
|
/S/Craig Yunker
|
|
3/2/2020
|
|
Director
|
John E. Alexander
|
|
|
|
|
|
Craig Yunker
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/Paul J. Battaglia
|
|
3/2/2020
|
|
Director
|
|
|
|
|
|
|
Paul J. Battaglia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/Daniel J. Fessenden
|
|
3/2/2020
|
|
Director
|
|
|
|
|
|
|
Daniel J. Fessenden
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
designation;
|
•
|
number of shares that constitute the series;
|
•
|
dividends (which may be cumulative or noncumulative), the dividend rate, or the method of calculating the dividend rate;
|
•
|
dividend periods, or the method of calculating the dividend periods;
|
•
|
redemption provisions, including whether, on what terms and at what prices the shares will be subject to redemption at our option and whether a sinking fund will be established;
|
•
|
voting rights;
|
•
|
preferences and rights upon liquidation or winding up;
|
•
|
whether and on what terms the shares will be convertible into or exchangeable for shares of any other class, series or security of ours or any other corporation or any other property (including whether the conversion or exchange is mandatory, at the option of the holder or at our option, the period during which conversion or exchange may occur, the initial conversion or exchange price or rate and the circumstances or manner in which the amount of common or preferred stock or other securities issuable upon conversion or exchange may be adjusted);
|
•
|
for preferred stock convertible into our common stock, the number of shares of common stock to be reserved in connection with, and issued upon conversion of, the preferred stock (including whether the conversion or exchange is mandatory, the initial conversion or exchange price or rate and the circumstances or manner in which the amount of common stock issuable upon conversion or exchange may be adjusted) at the option of the holder or our option and the period during which conversion or exchange may occur; and
|
•
|
other rights and privileges and any qualifications, limitations or restrictions of those rights or privileges.
|
(i)
|
Four (4) times the Participant’s Base Annual Salary, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
(ii)
|
The amount of death benefit based on the Vesting Schedule attached hereto as Exhibit C, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
3.
|
The beneficiary of any remaining death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death shall be Tompkins Financial Corporation (the “Company”).
|
(i)
|
Four (4) times the Participant’s Base Annual Salary, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
(ii)
|
The amount of death benefit based on the Vesting Schedule attached hereto as Exhibit C, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
3.
|
The beneficiary of any remaining death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death shall be Tompkins Financial Corporation (the “Company”).
|
(i)
|
Four (4) times the Participant’s Base Annual Salary, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
(ii)
|
The amount of death benefit based on the Vesting Schedule attached hereto as Exhibit C, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
|
3.
|
The beneficiary of any remaining death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death shall be Tompkins Financial Corporation (the “Company”).
|
/s/ KPMG LLP
|
|
Albany, New York
|
|
March 2, 2020
|
|
/s/ Stephen S. Romaine
|
|
|
|
Stephen S. Romaine
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ Francis M. Fetsko
|
|
Francis M. Fetsko
|
|
Executive Vice President, Chief Financial Officer, and Chief Operating Officer
|
|
(Principal Financial Officer)
|
|
(Principal Accounting Officer)
|
|
|
/s/ Stephen S. Romaine
|
|
Stephen S. Romaine
|
|
President and Chief
|
|
Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ Francis M. Fetsko
|
|
Francis M. Fetsko
|
|
Executive Vice President, Chief Financial Officer, and
|
|
Chief Operating Officer
|
|
(Principal Financial Officer)
|
|
(Principal Accounting Officer)
|