Exhibit 99.1
[GRAPHIC LOGO OMITTED]
TOMPKINS TRUSTCO INC.
For more information contact:
James J. Byrnes, Chairman & CEO
James W. Fulmer, President
Francis M. Fetsko, CFO
Tompkins Trustco, Inc. 607.273.3210
For Immediate Release
Wednesday, April 23, 2003
Tompkins Trustco, Inc. reports first quarter earnings up 13.1%
ITHACA, NY - Tompkins Trustco, Inc. (TMP - American Stock Exchange)
Tompkins Trustco, Inc. reported net income of $5.9 million for the first quarter
of 2003, an increase of 13.1% over the first quarter of 2002. On a per share
basis, the Company earned $0.78 per diluted common share in the first quarter of
2003, up 13.0% over the $0.69 earned in the same quarter last year.
James J. Byrnes, Chairman and Chief Executive Officer stated, "Despite continued
uncertainty in the economy, the Company's key performance ratios remained strong
for the quarter, with return on assets of 1.40% and return on equity of 15.89%.
We are particularly pleased that in this challenging economic climate, asset
quality has remained high, while over the past twelve months we have seen our
loan and lease outstandings increase by 12.3%." Net loan and lease charge-offs
for the first quarter of 2003 represented a modest 0.10% of average loans and
leases, which is unchanged from the same period last year. Nonperforming assets
represented 0.43% of total assets at March 31, 2003, compared to 0.47% at March
31, 2002.
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Total assets were $1.8 billion at March 31, 2003, up 14.9% over March 31, 2002.
Asset growth included a 12.3% increase in total loans and leases, and a 24.4%
increase in the securities portfolio. Favorable trends in deposits provided the
main funding source for asset growth. Total deposits of $1.4 billion at March
31, 2003, were up 10.1% over March 31, 2002.
Net interest income was $16.5 million for the first quarter of 2003, an increase
of 6.2% from the same period in 2002. Growth in earning assets helped offset a
decline in net interest margin, from 4.80% in the first quarter of 2002, to
4.45% in the first quarter of 2003. Average earning assets of $1.6 billion for
the first quarter of 2003, were up 14.9% over the same period in 2002.
Noninterest income was $6.1 million for the first quarter of 2003, an increase
of 15.3% from 2002. Noninterest income for the current period benefited from
growth in nearly all fee income categories. Key noninterest income growth
categories for the quarter included: $1.7 million in service charges on deposit
accounts, up $364,000; $1.3 million in insurance commissions and fees, up
$93,000; and $500,000 in gains on the sale of residential mortgage loans, up
$290,000. Revenue from trust and investment services was $1.0 million for the
quarter, down $79,000 form the prior year. Mr. Byrnes commented, "Fees from
trust and investment services are largely affected by the overall performance of
the stock market. We are very happy with the success of our new business efforts
in this area, which should serve us well when general market trends improve."
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Noninterest expenses for the first quarter of 2003 were $13.2 million, up 4.7%
over the same period in 2002. These increases were primarily due to higher
salary and wages as well as pension related expenses. The expense growth for the
quarter was relatively modest in comparison to revenue growth and the Company
saw improvement in most efficiency measures.
Tompkins Trustco, Inc. operates 33 banking offices in the New York State markets
served by the Company's subsidiary banks - Tompkins Trust Company, The Bank of
Castile, and Mahopac National Bank. Through its community banking subsidiaries,
the Company provides traditional banking services, and offers a full range of
money management services through Tompkins Investment Services (a division of
Tompkins Trust Company). The Company also offers insurance services through its
Tompkins Insurance Agencies, Inc. subsidiary, an independent agency serving
individuals and business clients throughout western New York. Each Tompkins
subsidiary operates with a community focus, meeting the needs of the unique
communities served.
"Safe Harbor" Statement under the Private Securities Litigation Reform of 1995:
This press release may include forward-looking statements with respect to
revenue sources, growth, market risk, and corporate objectives. The Company
assumes no duty, and specifically disclaims any obligation, to update
forward-looking statements, and cautions that these statements are subject to
numerous assumptions, risk, and uncertainties, all of which could change over
time. Actual results could differ materially from forward-looking statements.
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Tompkins Trustco, Inc. - Consolidated Statements of Condition
(In thousands, except share data) (Unaudited)
As of As of
03/31/2003 12/31/2002
------------ ------------
ASSETS
Cash & noninterest bearing balances due from banks $ 60,158 $ 53,898
Interest bearing balances due from banks 0 10,000
Federal funds sold 325 400
Available-for-sale securities, at fair value 580,133 493,780
Held-to-maturity securities, fair value of $42,030 at
March 31, 2003 and $40,260 at December 31, 2002 40,311 38,722
Loans and leases net of unearned income and deferred costs and fees 1,004,471 995,346
Less: Reserve for loan/lease losses 11,990 11,704
------------ ------------
Net Loans/Leases 992,481 983,642
Bank premises and equipment, net 27,174 27,111
Corporate owned life insurance 21,634 21,382
Goodwill 10,757 10,684
Intangible assets 3,332 3,422
Accrued interest and other assets 27,552 27,162
------------ ------------
Total Assets $ 1,763,857 $ 1,670,203
============ ============
LIABILITIES, MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARIES AND SHAREHOLDERS' EQUITY
Deposits:
Interest bearing:
Checking, savings and money market $ 718,090 $ 710,753
Time 392,625 379,603
Noninterest bearing 245,177 249,929
------------ ------------
Total Deposits 1,355,892 1,340,285
Federal funds purchased and securities sold under agreements to repurchase 120,386 77,843
Other borrowings 116,790 81,930
Other liabilities 19,607 18,059
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Total Liabilities $ 1,612,675 $ 1,518,117
============ ============
Minority interest in consolidated subsidiaries 1,523 1,489
Shareholders' equity:
Common Stock - par value $.10 per share, authorized 15,000,000 shares
Issued: 7,394,127 at March 31, 2003; and 7,465,286 at December 31, 2002 740 747
Surplus 42,812 45,997
Undivided profits 100,380 96,722
Accumulated other comprehensive income 6,193 7,597
Treasury stock, at cost - 24,529 shares at March 31, 2003,
and December 31, 2002 (466) (466)
------------ ------------
Total Shareholders' Equity $ 149,659 $ 150,597
============ ============
Total Liabilities, Minority Interest in Consolidated Subsidiaries
and Shareholders' Equity $ 1,763,857 $ 1,670,203
============ ============
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Tompkins Trustco, Inc. - Consolidated Statements of Income (Unaudited)
Quarter Ending
03/31/2003 03/31/2002
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INTEREST AND DIVIDEND INCOME
Loans $ 16,891 $ 16,766
Interest on balances due from banks 15 0
Federal funds sold 13 56
Available-for-sale securities 5,476 5,645
Held-to-maturity securities 394 286
---------- ----------
Total Interest and Dividend Income 22,789 22,753
---------- ----------
INTEREST EXPENSE
Deposits:
Time certificates of deposits of $100,000 or more 754 903
Other deposits 3,809 4,613
Federal funds purchased and securities sold under
agreements to repurchase 620 639
Other borrowings 1,062 1,021
---------- ----------
Total Interest Expense 6,245 7,176
---------- ----------
Net Interest Income 16,544 15,577
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Less: Provision for loan/lease losses 540 376
---------- ----------
Net Interest Income After Provision for Loan/Lease Losses 16,004 15,201
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NONINTEREST INCOME
Trust and investment services income 1,000 1,079
Service charges on deposit accounts 1,679 1,315
Insurance commissions and fees 1,270 1,177
Other service charges 1,330 1,098
Increase in cash surrender value of corporate owned life insurance 252 311
Other income 535 330
Net realized gain on available-for-sale securities 59 0
---------- ----------
Total Noninterest Income 6,125 5,310
---------- ----------
NONINTEREST EXPENSES
Salary and wages 5,987 5,430
Pension and other employee benefits 1,833 1,574
Net occupancy expense of bank premises 896 736
Furniture and fixture expense 822 817
Amortization of intangible assets 190 238
Other operating expense 3,499 3,833
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Total Noninterest Expenses 13,227 12,628
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Income Before Income Tax Expense and Minority
Interest in Consolidated Subsidiaries 8,902 7,883
---------- ----------
Minority interest in consolidated subsidiaries 33 34
Income Tax Expense 2,984 2,644
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Net Income $ 5,885 $ 5,205
---------- ----------
Basic Earnings Per Share $ 0.79 $ 0.70
Diluted Earnings Per Share $ 0.78 $ 0.69
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Tompkins Trustco, Inc.
Summary Financial Data (Unaudited) Quarter-Ended Year-Ended
------------------------------------------------------------------ ---------
Mar-03 Dec-02 Sep-02 Jun-02 Mar-02 Dec-02
---------- ---------- ---------- ---------- ---------- ---------
Period End Balance Sheet (in thousands)
Securities $ 620,444 $ 532,502 $ 527,717 $ 523,814 $ 498,819 $ 532,502
---------- ---------- ---------- ---------- ---------- ----------
Loans and leases, net of unearned income and
deferred costs and fees 1,004,471 995,346 950,766 927,863 894,475 995,346
---------- ---------- ---------- ---------- ---------- ----------
Reserve for loan/lease losses 11,990 11,704 11,345 11,055 10,864 11,704
---------- ---------- ---------- ---------- ---------- ----------
Total assets 1,763,857 1,670,203 1,639,879 1,586,178 1,535,732 1,670,203
---------- ---------- ---------- ---------- ---------- ----------
Total deposits 1,355,892 1,340,285 1,313,387 1,270,185 1,230,997 1,340,285
---------- ---------- ---------- ---------- ---------- ----------
Federal funds purchased and securities sold under
agreements to repurchase 120,386 77,843 74,133 69,752 72,742 77,843
---------- ---------- ---------- ---------- ---------- ----------
Other borrowings 116,790 81,930 82,076 84,361 84,569 81,930
---------- ---------- ---------- ---------- ---------- ----------
Shareholders' Equity 149,659 150,597 146,553 140,758 131,918 150,597
---------- ---------- ---------- ---------- ---------- ----------
Average Balance Sheet (in thousands)
Average assets $1,701,291 $1,665,469 $1,609,206 $1,574,592 $1,482,520 $1,583,503
---------- ---------- ---------- ---------- ---------- ----------
Average equity 150,209 146,926 142,991 135,245 133,107 139,614
---------- ---------- ---------- ---------- ---------- ----------
Share data
Weighted average shares outstanding (basic) 7,413,866 7,415,112 7,402,341 7,409,957 7,411,335 7,409,672
---------- ---------- ---------- ---------- ---------- ----------
Weighted average shares outstanding (diluted) 7,532,194 7,569,106 7,563,959 7,544,742 7,540,233 7,553,261
---------- ---------- ---------- ---------- ---------- ----------
Period-end shares outstanding 7,369,598 7,440,757 7,410,465 7,395,792 7,412,769 7,440,757
---------- ---------- ---------- ---------- ---------- ----------
Book value per share $ 20.31 $ 20.24 $ 19.78 $ 19.03 $ 17.80 $ 20.24
---------- ---------- ---------- ---------- ---------- ----------
Income Statement (in thousands, except per share
data)
Net interest income $ 16,544 $ 16,628 $ 16,551 $ 16,385 $ 15,577 $ 65,141
---------- ---------- ---------- ---------- ---------- ----------
Provision for loan/lease losses 540 738 686 435 376 2,235
---------- ---------- ---------- ---------- ---------- ----------
Noninterest income 6,125 6,338 6,302 5,754 5,310 23,704
---------- ---------- ---------- ---------- ---------- ----------
Noninterest expense 13,227 14,149 12,797 12,696 12,628 52,270
---------- ---------- ---------- ---------- ---------- ----------
Minority interest in consolidated subsidiaries 33 33 34 33 34 134
---------- ---------- ---------- ---------- ---------- ----------
Income tax expense 2,984 2,467 3,128 3,053 2,644 11,292
---------- ---------- ---------- ---------- ---------- ----------
Net income 5,885 5,579 6,208 5,922 5,205 22,914
---------- ---------- ---------- ---------- ---------- ----------
Basic earnings per share $ 0.79 $ 0.75 $ 0.84 $ 0.80 $ 0.70 $ 3.09
---------- ---------- ---------- ---------- ---------- ----------
Diluted earnings per share $ 0.78 $ 0.74 $ 0.82 $ 0.78 $ 0.69 $ 3.03
---------- ---------- ---------- ---------- ---------- ----------
Asset Quality (in thousands)
Net charge-offs $ 254 $ 379 $ 396 $ 244 $ 218 $ 1,237
---------- ---------- ---------- ---------- ---------- ----------
Nonaccrual loans and leases 6,585 6,977 6,891 6,152 6,823 6,977
---------- ---------- ---------- ---------- ---------- ----------
Loans and leases 90 days past due and accruing 317 368 40 40 88 368
---------- ---------- ---------- ---------- ---------- ----------
Troubled debt restructurings not included above 252 179 180 180 183 179
---------- ---------- ---------- ---------- ---------- ----------
Total nonperforming loans and leases 7,154 7,524 7,111 6,372 7,094 7,524
---------- ---------- ---------- ---------- ---------- ----------
OREO 399 279 282 267 77 279
---------- ---------- ---------- ---------- ---------- ----------
Nonperforming assets 7,553 7,803 7,393 6,639 7,171 7,803
---------- ---------- ---------- ---------- ---------- ----------
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Tompkins Trustco, Inc.
Summary Financial Data - Continued (Unaudited) Quarter-Ended Year-Ended
------------------------------------------------------------------ ----------
Mar-03 Dec-02 Sep-02 Jun-02 Mar-02 Dec-02
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RATIO ANALYSIS
Credit Quality
Net loan and lease losses/ average loans
and leases * 0.10% 0.16% 0.17% 0.11% 0.10% 0.13%
---------- ---------- ---------- ---------- ---------- ----------
Nonperforming loans and leases/loans and leases 0.71% 0.76% 0.75% 0.69% 0.79% 0.76%
---------- ---------- ---------- ---------- ---------- ----------
Nonperforming assets/assets 0.43% 0.47% 0.45% 0.42% 0.47% 0.47%
---------- ---------- ---------- ---------- ---------- ----------
Reserve/ nonperforming loans loans and leases 167.60% 155.56% 159.54% 173.49% 153.14% 155.56%
---------- ---------- ---------- ---------- ---------- ----------
Reserve/loans and leases 1.19% 1.18% 1.19% 1.19% 1.21% 1.18%
---------- ---------- ---------- ---------- ---------- ----------
Capital Adequacy (period-end)
Tier I capital / average assets 7.9% 8.0% 8.1% 8.0% 8.2% 8.0%
---------- ---------- ---------- ---------- ---------- ----------
Total capital / risk-weighted assets 13.5% 13.7% 13.8% 13.8% 13.9% 13.7%
---------- ---------- ---------- ---------- ---------- ----------
Profitability
Return on average assets * 1.40% 1.33% 1.53% 1.51% 1.42% 1.45%
---------- ---------- ---------- ---------- ---------- ----------
Return on average equity * 15.89% 15.06% 17.22% 17.56% 15.86% 16.41%
---------- ---------- ---------- ---------- ---------- ----------
Net interest margin (TE) * 4.45% 4.48% 4.61% 4.69% 4.80% 4.64%
---------- ---------- ---------- ---------- ---------- ----------
* Quarterly ratios have been annualized
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