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CSG to Present at Oppenheimer's 28 th Annual Technology, Internet & Communications Conference

CSG to Present at Oppenheimer's 28 th Annual Technology, Internet & Communications Conference

Business Wire16-07-2025
DENVER--(BUSINESS WIRE)-- CSG ® (NASDAQ: CSGS) today announced that the company will present at Oppenheimer's 28 th Annual Technology, Internet & Communications Conference on Monday, August 11 th. The presentation will be held at 1:15 p.m. EST and will feature comments from CSG Chief Executive Officer Brian Shepherd.
The conference presentation will be available via webcast here.
About CSG
CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future and tap into guidance along the way from our fiercely committed and forward-thinking CSGers around the world.
Want to be future-ready and a change-maker like the global brands that trust CSG? Visit csgi.com to learn more.
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BitGo Establishes Official Presence in Brazil to Offer Crypto Custody and Digital Treasury Services to Financial Institutions
BitGo Establishes Official Presence in Brazil to Offer Crypto Custody and Digital Treasury Services to Financial Institutions

Business Wire

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  • Business Wire

BitGo Establishes Official Presence in Brazil to Offer Crypto Custody and Digital Treasury Services to Financial Institutions

SíO PAULO--(BUSINESS WIRE)--BitGo, a leading digital asset infrastructure company, today announces the operations launch of BitGo Brasil Tecnologia Ltda., its Brazilian subsidiary established to reinforce the company's commitment to international expansion and alignment with upcoming regulations for virtual asset service providers. With over a decade of experience in custody solutions, products, and services for digital assets, BitGo believes that ongoing discussions in Brazil are moving toward requiring local management of cryptographic keys, a capability the company is already prepared to deliver. By establishing a local presence, BitGo aims to ensure compliance, security, and sovereignty in providing services to financial institutions such as banks, brokerages, and asset managers. The decision to enter the Brazilian market follows the company's receipt of the MiCa license in Germany, one of the industry's most rigorous certifications, which enables BitGo to operate under European standards. The current focus is on building a strong foundation in Brazil, regardless of the country's final regulatory outcome. 'We want banks to see us as allies. We are prepared to meet any demands that arise, with security, technology, and respect for local laws. Even if the legislation takes another path, we will remain here as partners of Brazilian institutions,' says Luis Ayala, BitGo's LatAm Director. Recently, the company expanded its operations with a full portfolio of corporate treasury solutions for digital assets. In addition to insured cold storage custody and OTC trading for institutional investors, BitGo offers automated treasury workflows, audit-ready APIs, and highly specialized technical support. These services were developed for companies seeking not only security but also efficiency and control in their crypto asset operations. With the new Brazilian operation, these services are now offered through a truly localized approach, taking into account Brazil's economic, regulatory, and cultural context. BitGo is prepared to support companies that view cryptocurrencies as a strategic alternative for cash diversification, asset protection, and capital growth. The company believes that by providing technical and regulatory support tailored to the national reality, it is possible to unlock institutional use of digital assets, contributing to market maturity and the development of new, more decentralized, robust, and trend-globally-aligned financial management. 'BitGo Brasil represents not just a geographical expansion but our commitment to the sustainable development of the local crypto ecosystem, offering robust infrastructure tailored to Brazil's economic and regulatory landscape, with a focus on institutional trust,' concludes Luis Ayala. About BitGo BitGo is the leading infrastructure provider of digital asset solutions, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have focused on enabling our clients to securely navigate the digital asset space. With a large global presence through multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, as well as millions of retail investors worldwide. As the operational backbone of the digital economy, BitGo handles a significant portion of Bitcoin network transactions and is the largest independent digital asset custodian, and staking provider, in the world. For more information, visit

Tompkins Financial Corporation Reports Improved Second Quarter Financial Results
Tompkins Financial Corporation Reports Improved Second Quarter Financial Results

Business Wire

time17 minutes ago

  • Business Wire

Tompkins Financial Corporation Reports Improved Second Quarter Financial Results

ITHACA, N.Y.--(BUSINESS WIRE)-- Tompkins Financial Corporation (NYSE American: TMP) Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.50 for the second quarter of 2025, up 9.5% from the immediate prior quarter, and up 36.4% from the diluted earnings per share of $1.10 reported for the second quarter of 2024. Net income for the second quarter of 2025 was $21.5 million, up $1.8 million, or 9.1%, compared to the first quarter of 2025, and up $5.8 million, or 36.9%, when compared to the second quarter of 2024. For the six months ended June 30, 2025, diluted earnings per share were $2.87, up 25.3% from the $2.29 reported for the six months ended June 30, 2024. Year-to-date net income was $41.2 million for the six months ended June 30, 2025, up $8.6 million or 26.4% when compared to $32.6 million for the same six month period in 2024. Tompkins President and CEO, Stephen Romaine, commented, "Our second quarter financial results reflect continued positive momentum. Net income year-to-date was up over 25% as compared to 2024 and was mainly driven by net interest margin expansion and growth throughout our business. Our year-to-date results included average loan growth of 7.5%, average deposit growth of 5.2% and growth in fee-based services revenue of 4.5%. We believe our balance sheet remains well positioned to continue to support growth, while also committed to supporting our local communities, and building quality customer relationships." SELECTED HIGHLIGHTS FOR THE PERIOD: Net interest margin improved to 3.08% in the second quarter of 2025, up 10 basis points from the immediate prior quarter, and up 35 basis points from the second quarter of 2024. Total loans at June 30, 2025 were up $106.0 million, or 1.8% compared to March 31, 2025 (7.0% on an annualized basis), and up $410.8 million, or 7.1%, from June 30, 2024. Total deposits at June 30, 2025 were $6.7 billion, which were in line with the most recent prior quarter end, and up $429.9 million, or 6.8%, from June 30, 2024. Total average cost of funds of 1.84% for the second quarter of 2025 was unchanged from the most recent prior quarter, and down 12 basis points compared to the same period of the prior year, as a result of funding mix and lower interest rates. Provision expense for the second quarter of 2025 was $2.8 million, compared to $5.3 million for the first quarter of 2025 and $2.2 million for the second quarter of 2024. Total fee-based services revenues (revenue from insurance, wealth management, service charges on deposit accounts, and card services) for the second quarter of 2025 were up $533,000 or 2.8% compared to the second quarter of 2024. Loan to deposit ratio at June 30, 2025 was 91.9%, compared to 89.8% at March 31, 2025, and 91.7% at June 30, 2024. Regulatory Tier 1 capital to average assets was 9.36% at June 30, 2025, up compared to 9.31% at March 31, 2025, and 9.15% at June 30, 2024. NET INTEREST INCOME Net interest income was $60.1 million for the second quarter of 2025, up $3.5 million or 6.1% compared to the first quarter of 2025, and up $9.2 million or 18.0% compared to the second quarter of 2024. The increase in net interest income compared to both periods was due to improvement in net interest margin, which is discussed below, and growth in average loans. For the six months ended June 30, 2025, net interest income was $116.8 million, up $15.2 million or 14.9% when compared to the same period in 2024. Net interest margin was 3.08% for the second quarter of 2025, up 10 basis points when compared to the immediate prior quarter, and up 35 basis points from 2.73% for the second quarter of 2024. The increase in net interest margin, when compared to the most recent prior quarter, was mainly due to increased yields on average interest earning assets and higher average loan balances. The increase over the prior year second quarter was due to the same factors, as well as lower funding costs resulting from improved funding mix. Average loans for the quarter ended June 30, 2025 were up $104.2 million, or 1.7%, from the most recent prior quarter, and were up $442.0 million, or 7.8%, compared to the same prior year period. The increase in average loans over both prior periods was mainly in the commercial real estate and commercial and industrial portfolios. The average yield on interest-earning assets for the quarter ended June 30, 2025 was 4.79%, an increase of 10 basis points from 4.69% for the quarter ended March 31, 2025, and up 23 basis points from 4.56% for the quarter ended June 30, 2024. Average total deposits of $6.7 billion for the second quarter of 2025 were up $109.3 million, or 1.7%, compared to the first quarter of 2025, and up $406.4 million, or 6.4%, compared to the second quarter of 2024. The cost of interest-bearing deposits of 2.24% for the second quarter of 2025 was up 1 basis point compared to the most recent prior quarter, and down 3 basis points from 2.27% for the second quarter of 2024. The ratio of average noninterest bearing deposits to average total deposits for the second quarter of 2025 was 27.0% compared to 26.9% for the first quarter of 2025, and 29.1% for the second quarter of 2024. The average cost of interest-bearing liabilities for the second quarter of 2025 was 2.44%, unchanged when compared to the most recent prior quarter, and down 20 basis points from the same period in 2024. NONINTEREST INCOME Noninterest income of $22.5 million for the second quarter of 2025 was up $736,000 or 3.4% compared to the second quarter of 2024, mainly due to an increase in insurance commissions and fees, which were up $522,000 or 5.7%, and an increase in wealth management fees, which were up $115,000 or 2.4%. These increases were partially offset by lower card services income, which was down $128,000 or 3.9%. Year-to-date noninterest income of $47.5 million was up $3.6 million or 8.3% compared to the same period in 2024, mainly due to a $1.8 million, or 36.7% increase in other income, which included a $1.9 million gain on the sale of other real estate owned, and an increase in insurance commissions and fees of $1.9 million or 9.6%. The increase for the year-to-date period also included an increase in wealth management fees of $297,000 or 3.0%. These increases were partially offset by lower card services income of $440,000 or 7.1%. Card services income in the first six months of 2024 included a $255,000 sign-on bonus related to the renewal of a card services contract. NONINTEREST EXPENSE Noninterest expense was $51.6 million for the second quarter of 2025, up $1.7 million or 3.4% compared to the same period in 2024. Noninterest expense for the year-to-date period ended June 30, 2025 was $102.2 million, an increase of $2.4 million or 2.4% compared to the $99.8 million reported for the same period in 2024. For both periods, the increase was mainly driven by personnel-related expenses, which were up $2.1 million or 6.6% in the second quarter of 2025, and up $3.0 million or 4.9% for the year-to-date period ended June 30, 2025, compared to the same quarter and year-to-date periods in 2024. The increase mainly reflects annual merit adjustments. INCOME TAX EXPENSE Provision for income tax expense was $6.8 million for an effective rate of 24.0% for the second quarter of 2025, compared to $4.9 million for an effective rate of 23.8% for the second quarter of 2024. For the first six months of 2025, the provision for income tax expense was $12.9 million and the effective tax rate was 23.9% compared to $10.1 million for an effective tax rate of 23.6% for the same period in 2024. ASSET QUALITY The allowance for credit losses represented 0.95% of total loans and leases at June 30, 2025, down from 1.01% at March 31, 2025, and up from 0.92% reported at June 30, 2024. The decrease in the allowance for credit losses coverage ratio compared to prior quarter end was mainly due to lower specific reserves for individually analyzed nonaccrual commercial real estate credits and lower qualitative reserves related to asset quality. These were partially offset by increased reserves driven by updates to economic forecasts for unemployment and GDP. During the second quarter of 2025, the Company recorded a partial charge-off of $4.7 million related to one commercial real estate relationship totaling $18.1 million, for which there was a specific reserve of $4.2 million. The specific reserve was added in the first quarter of 2025 and reflected the estimated decrease in fair value of the collateral based on a new appraisal received at the end of that quarter. The ratio of the allowance to total nonperforming loans and leases was 111.55% at June 30, 2025, compared to 85.85% at March 31, 2025, and 84.94% at June 30, 2024. The increase in the ratio compared to the prior quarter end and the end of the second quarter of the prior year was due to the decrease in nonperforming loans and leases, discussed in more detail below. Provision for credit losses for the second quarter of 2025 was $2.8 million compared to $2.2 million for the second quarter of 2024. Provision for credit losses for the six months ended June 30, 2025 was $8.1 million compared to $3.0 million for the six months ended June 30, 2024. The increase in provision expense for the quarter and year-to-date periods compared to the same periods in 2024 was mainly due to the previously discussed charge-off on one commercial real estate relationship, and updated economic forecasts. Net charge-offs for the three months ended June 30, 2025 were $5.3 million, compared to $733,000 for the first quarter of 2025, and $509,000 for the second quarter of 2024. The increase in net charge-offs was mainly related to the previously discussed $4.7 million partial charge-off on one commercial real estate relationship. Nonperforming assets of $52.6 million represented 0.63% of total assets at June 30, 2025, down from $71.2 million or 0.87% at March 31, 2025, and $62.5 million or 0.79% at June 30, 2024. The decrease in nonperforming assets at June 30, 2025 compared to March 31, 2025 was largely due to the above mentioned commercial real estate relationship totaling $18.1 million no longer being included in non-performing loans at the end of the second quarter of 2025. The balance, net of the $4.7 million charge-off, is now included in other assets on the Company's Consolidated Statements of Condition. The property currently generates positive cash flow and a majority of it is tenant occupied. At June 30, 2025, nonperforming loans and leases totaled $52.5 million, compared to $71.1 million at March 31, 2025, and $62.5 million at June 30, 2024. Loans past due 30-89 days totaled $5.9 million at June 30, 2025, $12.3 million at March 31, 2025, and $5.3 million at June 30, 2024. Special Mention and Substandard loans and leases totaled $96.8 million at June 30, 2025, compared to $110.8 million reported at March 31, 2025, and $116.2 million reported at June 30, 2024. CAPITAL POSITION Capital ratios at June 30, 2025 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was 13.15% at June 30, 2025, compared to 13.28% at March 31, 2025, and 13.26% at June 30, 2024. The ratio of Tier 1 capital to average assets was 9.36% at June 30, 2025, compared to 9.31% at March 31, 2025, and 9.15% at June 30, 2024. The Company announced today that its Board of Directors has approved a new Stock Repurchase Program, authorizing the Company to repurchase up to 400,000 shares of its outstanding common stock, par value $0.10 per share, from time to time, over the next 24 months. LIQUIDITY POSITION The Company's liquidity position at June 30, 2025 was stable and consistent with the quarter ended March 31, 2025. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank's Discount Window advances and Federal Home Loan Bank (FHLB) advances. The Company maintained ready access to liquidity of $1.5 billion, or 18.0% of total assets, at June 30, 2025. ABOUT TOMPKINS FINANCIAL CORPORATION Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Community Bank and Tompkins Insurance Agencies, Inc. Tompkins Community Bank provides a full array of wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning services. For more information on Tompkins Financial, visit "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", "commit", or "anticipate", as well as the negative and other variations of these terms and other similar words. Examples of forward-looking statements may include statements regarding future growth. Forward-looking statements are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factors in Item 1A in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ materially from the forward-looking statements and historical performance: changes in general economic, market and regulatory conditions; our ability to attract and retain deposits and other sources of liquidity; gross domestic product growth and inflation trends; the impact of the interest rate and inflationary environment on the Company's business, financial condition and results of operations; other income or cash flow anticipated from the Company's operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, including the Dodd-Frank Act, and other federal, state and local government mandates; the impact of any change in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount; increased supervisory and regulatory scrutiny of financial institutions; technological developments and changes; cybersecurity incidents and threats; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; the ability to access financial resources in the amounts, at the times, and on the terms required to support the Company's future businesses; and the economic impact, including market volatility, of national and global events, including the response to bank failures, war and geopolitical matters (including the war in Ukraine and the impacts of continued or escalating hostilities in the Middle East), tariffs and trade wars, widespread protests, civil unrest, political uncertainty, and pandemics or other public health crises. The Company does not undertake any obligation to update its forward-looking statements. TOMPKINS FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended 06/30/2025 03/31/2025 06/30/2024 06/30/2025 06/30/2024 INTEREST AND DIVIDEND INCOME Loans $ 82,293 $ 78,630 $ 73,646 $ 160,923 $ 145,245 Due from banks 187 175 184 362 338 Available-for-sale debt securities 9,311 8,729 9,371 18,040 18,982 Held-to-maturity debt securities 1,220 1,217 1,219 2,437 2,437 Federal Home Loan Bank and other stock 635 711 820 1,346 1,421 Total Interest and Dividend Income 93,646 $ 89,462 $ 85,240 $ 183,108 $ 168,423 INTEREST EXPENSE Time certificates of deposits of $250,000 or more 4,140 4,507 4,048 8,647 8,058 Other deposits 23,339 22,143 21,236 45,482 41,660 Federal funds purchased and securities sold under agreements to repurchase 61 41 11 102 24 Other borrowings 5,976 6,109 8,992 12,085 17,053 Total Interest Expense 33,516 32,800 34,287 66,316 66,795 Net Interest Income 60,130 56,662 50,953 116,792 101,628 Less: Provision for credit loss expense 2,780 5,287 2,172 8,067 3,026 Net Interest Income After Provision for Credit Loss Expense 57,350 51,375 48,781 108,725 98,602 NONINTEREST INCOME Insurance commissions and fees 9,609 11,599 9,087 21,208 19,346 Wealth management fees 4,964 5,119 4,849 10,083 9,786 Service charges on deposit accounts 1,790 1,805 1,766 3,595 3,562 Card services income 3,150 2,626 3,278 5,776 6,217 Other income 2,998 3,869 2,802 6,867 5,022 Net gain (loss) on securities transactions 1 14 (6 ) 15 (20 ) Total Noninterest Income 22,512 25,032 21,776 47,544 43,913 NONINTEREST EXPENSE Salaries and wages 26,368 24,977 24,919 51,345 49,616 Other employee benefits 7,162 7,100 6,545 14,262 12,956 Net occupancy expense of premises 3,108 3,570 3,139 6,678 6,696 Furniture and fixture expense 2,069 1,787 1,910 3,856 4,035 Amortization of intangible assets 84 84 80 168 156 Other operating expense 12,832 13,089 13,349 25,921 26,340 Total Noninterest Expenses 51,623 50,607 49,942 102,230 99,799 Income Before Income Tax Expense 28,239 25,800 20,615 54,039 42,716 Income Tax Expense 6,768 6,121 4,902 12,889 10,100 Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation 21,471 19,679 15,713 41,150 32,616 Less: Net Income Attributable to Noncontrolling Interests 0 0 31 0 62 Net Income Attributable to Tompkins Financial Corporation $ 21,471 19,679 15,682 41,150 32,554 Basic Earnings Per Share $ 1.51 $ 1.38 $ 1.10 $ 2.89 $ 2.29 Diluted Earnings Per Share $ 1.50 $ 1.37 $ 1.10 $ 2.87 $ 2.29 Expand Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 (dollar amounts in thousands) Average Balance (QTD) Interest Average Yield/Rate Average Balance (QTD) Interest Average Yield/Rate Average Balance (QTD) Interest Average Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 15,820 $ 187 4.74 % $ 16,424 $ 175 4.32 % $ 11,707 $ 184 6.33 % Securities 1 U.S. Government securities 1,610,090 10,026 2.50 % 1,598,785 9,441 2.39 % 1,717,975 10,067 2.36 % State and municipal 2 85,080 554 2.61 % 85,893 554 2.62 % 89,518 566 2.55 % Other Securities 2 3,279 53 6.48 % 3,275 53 6.56 % 3,260 59 7.32 % Total securities 1,698,449 10,633 2.51 % 1,687,953 10,048 2.41 % 1,810,753 10,692 2.38 % FHLBNY and FRB stock 31,660 635 8.05 % 31,983 711 9.01 % 37,681 820 8.76 % Total loans and leases, net of unearned income 2,3 6,129,561 82,499 5.40 % 6,025,363 78,835 5.31 % 5,687,548 73,839 5.22 % Total interest-earning assets 7,875,490 93,954 4.79 % 7,761,723 89,769 4.69 % 7,547,689 85,535 4.56 % Other assets 293,105 294,855 262,372 Total assets $ 8,168,595 $ 8,056,578 $ 7,810,061 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market $ 3,680,761 $ 16,504 1.80 % $ 3,682,318 $ 16,093 1.77 % $ 3,498,746 $ 15,754 1.81 % Time deposits 1,230,182 10,975 3.58 % 1,159,039 10,557 3.69 % 987,348 9,530 3.88 % Total interest-bearing deposits 4,910,943 27,479 2.24 % 4,841,357 26,650 2.23 % 4,486,094 25,284 2.27 % Federal funds purchased & securities sold under agreements to repurchase 42,123 61 0.58 % 47,653 41 0.35 % 40,298 11 0.11 % Other borrowings 550,558 5,976 4.35 % 561,983 6,109 4.41 % 688,611 8,992 5.25 % Total interest-bearing liabilities 5,503,624 33,516 2.44 % 5,450,993 32,800 2.44 % 5,215,003 34,287 2.64 % Noninterest bearing deposits 1,818,922 1,779,197 1,837,325 Accrued expenses and other liabilities 96,074 98,278 94,764 Total liabilities 7,418,620 7,328,468 7,147,092 Tompkins Financial Corporation Shareholders' equity 749,975 728,110 661,523 Noncontrolling interest 0 0 1,446 Total equity 749,975 728,110 662,969 Total liabilities and equity $ 8,168,595 $ 8,056,578 $ 7,810,061 Interest rate spread 2.34 % 2.25 % 1.91 % Tax-equivalent net interest income/margin on earning assets 60,438 3.08 % 56,969 2.98 % 51,248 2.73 % Tax-equivalent adjustment (308 ) (307 ) (295 ) Net interest income $ 60,130 $ 56,662 $ 50,953 Expand Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) June 30, 2025 June 30, 2024 Average Average Balance Average Balance Average (Dollar amounts in thousands) (YTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 16,121 $ 362 4.53 % $ 11,955 $ 338 5.69 % Securities 1 U.S. Government securities 1,604,469 19,467 2.45 % 1,737,049 20,370 2.36 % State and municipal 2 85,484 1,108 2.61 % 89,702 1,137 2.55 % Other securities 3,277 106 6.52 % 3,269 119 7.32 % Total securities 1,693,230 20,681 2.46 % 1,830,020 21,626 2.38 % FHLBNY and FRB stock 31,821 1,346 8.53 % 36,147 1,421 7.90 % Total loans and leases, net of unearned income 2,3 6,077,749 161,335 5.35 % 5,654,576 145,616 5.18 % Total interest-earning assets 7,818,921 183,724 4.74 % 7,532,698 169,001 4.51 % Other assets 293,975 272,895 Total assets $ 8,112,896 $ 7,805,593 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 3,681,535 32,597 1.79 % 3,522,481 30,790 1.76 % Time deposits 1,194,807 21,532 3.63 % 988,119 18,928 3.85 % Total interest-bearing deposits 4,876,342 54,129 2.24 % 4,510,600 49,718 2.22 % Federal funds purchased & securities sold under agreements to repurchase 44,873 102 0.46 % 44,538 24 0.11 % Other borrowings 556,239 12,085 4.38 % 655,781 17,053 5.23 % Total interest-bearing liabilities 5,477,454 66,316 2.44 % 5,210,919 66,795 2.58 % Noninterest bearing deposits 1,799,169 1,834,284 Accrued expenses and other liabilities 97,170 95,529 Total liabilities 7,373,793 7,140,732 Tompkins Financial Corporation Shareholders' equity 739,103 663,428 Noncontrolling interest 0 1,433 Total equity 739,103 664,861 Total liabilities and equity $ 8,112,896 $ 7,805,593 Interest rate spread 2.30 % 1.93 % Net interest income (TE)/margin on earning assets 117,408 3.03 % 102,206 2.73 % Tax Equivalent Adjustment ) (578 ) Net interest income $ 116,792 $ 101,628 Expand Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Period End Balance Sheet Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Dec-24 Securities $ 1,588,647 $ 1,572,602 $ 1,544,762 $ 1,622,526 $ 1,630,654 $ 1,544,762 Total Loans 6,172,654 6,066,645 6,019,922 5,881,261 5,761,864 6,019,922 Allowance for credit losses 58,555 61,023 56,496 55,384 53,059 56,496 Total assets 8,373,818 8,199,653 8,109,080 8,006,427 7,869,522 8,109,080 Total deposits 6,715,795 6,753,502 6,471,805 6,577,896 6,285,896 6,471,805 Brokered deposits 138,787 99,763 0 20,383 22,808 0 Federal funds purchased and securities sold under agreements to repurchase 127,111 122,985 37,036 67,506 35,989 37,036 Other borrowings 672,696 493,247 790,247 539,327 773,627 790,247 Total common equity 761,793 741,377 713,444 719,855 674,630 713,444 Total equity 761,793 741,377 713,444 721,348 676,093 713,444 Expand Share data Weighted average shares outstanding (basic) 14,246,395 14,246,140 14,230,297 14,215,607 14,214,574 14,218,106 Weighted average shares outstanding (diluted) 14,320,125 14,319,440 14,312,497 14,283,255 14,239,626 14,268,443 Period-end shares outstanding 14,430,985 14,433,873 14,436,363 14,394,255 14,395,204 14,436,363 Common equity book value per share $ 52.79 $ 51.36 $ 49.42 $ 50.01 $ 46.86 $ 49.42 Tangible book value per share (Non-GAAP)** $ 46.31 $ 44.88 $ 42.93 $ 43.50 $ 40.35 $ 42.93 **See "Non-GAAP measures" below for a discussion of non-GAAP financial measures and a reconciliation of non-GAAP financial measures to the most directly comparable financial measures presented in accordance with GAAP. Expand Income Statement Net interest income $ 60,130 $ 56,662 $ 56,281 $ 53,193 $ 50,953 $ 211,102 Provision for credit loss expense 2,780 5,287 1,411 2,174 2,172 6,611 Noninterest income 22,512 25,032 20,829 23,385 21,776 88,127 Noninterest expense 51,623 50,607 49,966 49,877 49,942 199,642 Income tax expense 6,768 6,121 6,045 5,858 4,902 22,003 Net income attributable to Tompkins Financial Corporation 21,471 19,679 19,658 18,638 15,682 70,850 Noncontrolling interests 0 0 30 31 31 123 Basic earnings per share 4 1.51 1.38 1.38 1.31 1.10 4.98 Diluted earnings per share 4 1.50 1.37 1.37 1.30 1.10 4.97 Expand Nonperforming Assets Nonaccrual loans and leases $ 52,325 $ 70,891 $ 50,548 $ 62,381 $ 62,253 $ 50,548 Loans and leases 90 days past due and accruing 166 187 323 193 215 323 Total nonperforming loans and leases 52,491 71,078 50,871 62,574 62,468 50,871 OREO 81 81 14,314 81 80 14,314 Total nonperforming assets $ 52,572 $ 71,159 $ 65,185 $ 62,655 $ 62,548 $ 65,185 Expand Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued Delinquency - Total loan and lease portfolio Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Dec-24 Loans and leases 30-89 days past due and accruing $ 5,857 $ 12,285 $ 28,828 $ 7,031 $ 5,286 $ 28,828 Loans and leases 90 days past due and accruing 166 187 323 193 215 323 Total loans and leases past due and accruing 6,023 12,472 29,151 7,224 5,501 29,151 Expand Allowance for Credit Losses Balance at beginning of period $ 61,023 $ 56,496 $ 55,384 $ 53,059 $ 51,704 $ 51,584 Provision for credit losses 2,786 5,260 1,969 3,237 1,864 $ 7,418 Net loan and lease charge-offs (recoveries) 5,254 733 857 912 509 $ 2,506 Allowance for Credit Losses - Off-Balance Sheet Exposure Balance at beginning of period $ 1,490 $ 1,463 $ 2,021 $ 3,084 $ 2,776 $ 2,270 Provision (credit) for credit losses (6 ) 27 (558 ) (1,063 ) 308 $ (807 ) Allowance for credit losses at end of period $ 1,484 $ 1,490 $ 1,463 $ 2,021 $ 3,084 $ 1,463 Expand Loan Classification - Total Portfolio Special Mention $ 40,048 $ 34,790 $ 36,923 $ 58,758 $ 48,712 $ 36,923 Substandard 56,740 75,980 74,163 67,261 67,509 74,163 Expand Ratio Analysis Credit Quality Nonperforming loans and leases/total loans and leases 0.85 % 1.17 % 0.85 % 1.06 % 1.08 % 0.85 % Nonperforming assets/total assets 0.63 % 0.87 % 0.80 % 0.78 % 0.79 % 0.80 % Allowance for credit losses/total loans and leases 0.95 % 1.01 % 0.94 % 0.94 % 0.92 % 0.94 % Allowance/nonperforming loans and leases 111.55 % 85.85 % 111.06 % 88.51 % 84.94 % 111.06 % Net loan and lease losses (recoveries) annualized/total average loans and leases 0.34 % 0.05 % 0.06 % 0.06 % 0.04 % 0.04 % Expand Capital Adequacy Tier 1 Capital (to average assets) 9.36 % 9.31 % 9.27 % 9.19 % 9.15 % 9.27 % Total Capital (to risk-weighted assets) 13.15 % 13.28 % 13.07 % 13.21 % 13.26 % 13.07 % Expand Profitability (period-end) Return on average assets * 1.05 % 0.99 % 0.98 % 0.94 % 0.81 % 0.90 % Return on average equity * 11.48 % 10.96 % 10.91 % 10.65 % 9.51 % 10.33 % Net interest margin (TE) * 3.08 % 2.98 % 2.93 % 2.79 % 2.73 % 2.79 % Average yield on interest-earning assets* 4.79 % 4.69 % 4.67 % 4.66 % 4.56 % 4.59 % Average cost of deposits* 1.64 % 1.63 % 1.67 % 1.67 % 1.61 % 1.62 % Average cost of funds* 1.84 % 1.84 % 1.88 % 2.01 % 1.96 % 1.92 % * Quarterly ratios have been annualized Expand Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued Non-GAAP Measures This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as reconciliation to the comparable GAAP measure, is provided in the below table. The Company believes the non-GAAP measures provide meaningful comparisons of our underlying operational performance and facilitate management's and investors' assessments of business and performance trends in comparison to others in the financial services industry. These non-GAAP financial measures should not be considered in isolation or as a measure of the Company's profitability or liquidity; they are in addition to, and are not a substitute for, financial measures under GAAP. The non-GAAP financial measures presented herein may be different from non-GAAP financial measures used by other companies, and may not be comparable to similarly titled measures reported by other companies. Further, the Company may utilize other measures to illustrate performance in the future. Non-GAAP financial measures have limitations since they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Reconciliation of Tangible Book Value Per Share (non-GAAP) to Common Equity Book Value Per Share (GAAP) Quarter-Ended Year-Ended Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Dec-24 Common equity book value per share (GAAP) $ 52.79 $ 51.36 $ 49.42 $ 50.01 $ 46.86 $ 49.42 Total common equity $ 761,793 $ 741,377 $ 713,444 $ 719,855 $ 674,630 $ 713,444 Less: Goodwill and intangibles 93,503 93,586 93,670 93,760 93,847 93,670 Tangible common equity (Non-GAAP) 668,290 647,791 619,774 626,095 580,783 619,774 Ending shares outstanding 14,430,985 14,433,873 14,436,363 14,394,255 14,395,204 14,436,363 Tangible book value per share (Non-GAAP) $ 46.31 $ 44.88 $ 42.93 $ 43.50 $ 40.35 $ 42.93 1 Average balances and yields on available-for-sale securities are based on historical amortized cost. 2 Interest income includes the tax effects of taxable-equivalent adjustments using an effective income tax rate of 21% in 2025 and 2024 to increase tax exempt interest income to taxable-equivalent basis. 3 Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company's consolidated financial statements included in Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 4 Earnings per share for the full fiscal year may not equal the sum of the quarterly earnings per share as a result of rounding of average shares. Expand

Grove Nursery Joins SiteOne Landscape Supply
Grove Nursery Joins SiteOne Landscape Supply

Business Wire

time17 minutes ago

  • Business Wire

Grove Nursery Joins SiteOne Landscape Supply

ROSWELL, Ga.--(BUSINESS WIRE)--SiteOne ® Landscape Supply, Inc. (NYSE: SITE) announced today its acquisition of Grove Nursery, a wholesale distributor of nursery products with one location in northwest Minneapolis, Minnesota. 'The addition of Grove Nursery expands our product offering in Minneapolis and its surrounding suburbs and provides a platform to expand our presence in this growing market,' said Doug Black, Chairman and CEO of SiteOne. 'The expert team at Grove Nursery has developed a tremendous reputation as a nursery leader in the local market, and we look forward to welcoming them to the SiteOne family and continuing to provide outstanding quality and service to our combined customers.' 'Grove Nursery has built a strong reputation for superior quality and customer service, backed by a long history of proven performance," said George Ritten, President of Grove Nursery. "Joining SiteOne marks a new and exciting chapter for our company. Their extensive network, track record of successful growth, and breadth of resources—ranging from advanced customer service tools to enterprise systems—will enable us to expand and enhance the value we deliver to our customers. We're excited about what's ahead and confident this will help us serve our customers even better in the years to come.' This is the third acquisition in 2025 for SiteOne as the company continues to expand the number of markets in which it offers a full range of landscape supplies and services to landscape professionals. About SiteOne Landscape Supply: SiteOne Landscape Supply, Inc. (NYSE: SITE), is the largest and only full product line national wholesale distributor of landscape supplies in the United States and has an established presence in Canada. Its customers are primarily residential and commercial landscape professionals who specialize in the design, installation and maintenance of lawns, gardens, golf courses and other outdoor spaces.

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