Market Overview

Tompkins Financial Corporation Reports Record First Quarter Earnings.

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Tompkins Financial Corporation (NYSE:TMP)

Tompkins Financial Corporation reported net income of $20.4 million for
the first quarter of 2018, an increase of 30.0% from the $15.7 million
reported for the same period in 2017. Diluted earnings per share were
$1.33 for the first quarter of 2018, a 29.1% increase from $1.03
reported for the first quarter of 2017.

President and CEO, Stephen S. Romaine said "We are excited to start 2018
with very strong earnings growth. Solid loan growth, an improved net
interest margin, and higher fee income all contributed to earnings
improvement over the prior year. Our first quarter earnings also
benefited from a lower tax rate in 2018."

Selected highlights for first quarter:

  • Diluted earnings per share of $1.33 represent the best quarterly
    earnings in Company history, and are up 29.1% over the same period in
    2017
  • Net interest income of $52.7 million was up 9.7% compared to the first
    quarter of 2017
  • Total loans of $4.7 billion were up 9.5% over the same period in 2017,
    and are up 0.8% compared to December 31, 2017
  • Total deposits of $4.9 billion reflect an increase of 1.6% over the
    same period last year, and are up 1.9% from December 31, 2017

NET INTEREST INCOME

Net interest income of $52.7 million for the first quarter of 2018
increased by $4.7 million, or 9.7% compared to the same period in 2017,
and was up 1.4% compared to the fourth quarter of 2017. The increase in
net interest income over prior year benefited from a 10.0% increase in
average loans and a 13.7% increase in average noninterest-bearing
deposits when compared to the same period in 2017. Net interest income
was also positively impacted by reduced interest expense on time
deposits, which benefited from accelerated accretion of purchase
accounting deposit discounts from certain VIST acquired deposits. The
net interest margin was 3.42% for the first quarter of 2018, up from
3.38% for the first quarter of 2017, and in line with the fourth quarter
of 2017.

NONINTEREST INCOME

Noninterest income represented 25.3% of total revenues in the first
quarter of 2018, compared to 26.4% in the same period in 2017, and 25.0%
for the most recent prior quarter. Noninterest income of $17.8 million
was up 3.4% compared to the same period last year, and up 3.0% over the
fourth quarter of 2017. Contributing to the increase was fee based
income related to insurance and investment services, card services and
deposit account fees which improved a combined 5.5% over the same period
in 2017.

NONINTEREST EXPENSE

Noninterest expense was $43.7 million for the first quarter of 2018,
which was up 5.7% from the same period in 2017, and down 5.5% compared
to the fourth quarter of 2017. The increase in noninterest expense was
mainly related to higher salaries and wages in the first quarter of
2018. Other operating expenses in the fourth quarter of 2017 included
$2.7 million related to a write off of a historic tax credit investment.

INCOME TAX EXPENSE

The Company's effective tax rate was 22.0% in the first quarter of 2018,
compared to 31.9% for the same period in 2017. The decrease is a direct
result of The Tax Cuts and Jobs Act of 2017, which reduced the Federal
statutory tax rate from 35% in 2017, to 21% in 2018.

ASSET QUALITY

Asset quality trends remained strong in the first quarter of 2018.
Nonperforming assets represented 0.41% of total assets at March 31,
2018, up slightly from 0.38% at December 31, 2017. Nonperforming asset
levels continue to be below the most recent Federal Reserve Board Peer
Group Average1 of 0.63%.

Provision for loan and lease losses was $567,000 for the first quarter
of 2018, down from $769,000 reported for the first quarter of 2017. Net
charge-offs for the first quarter of 2018 were $127,000 compared to
$358,000 reported in the first quarter of 2017.

The Company's allowance for originated loan and lease losses totaled
$40.1 million at March 31, 2018, and represented 0.91% of total
originated loans and leases at March 31, 2018, compared to 0.92% at
March 31, 2017. The total allowance represented 159.34% of total
nonperforming loans and leases at March 31, 2018, down from 180.02% at
March 31, 2017, and 172.84% at December 31, 2017.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized
minimums. The ratio of tangible common equity to tangible assets was
7.29% at March 31, 2018, improved from the 7.24% reported for the most
recent prior quarter ended December 31, 2017, and down from 7.44% at
March 31, 2017.

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a 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 Trust Company, Tompkins Bank of
Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance
Agencies, Inc., and offers wealth management services through Tompkins
Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

"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, risks, and uncertainties, all of
which could change over time. Actual results could differ materially
from forward-looking statements.

The statements made herein shall not confer upon any person any rights
or remedies of any nature, and shall not be construed to establish,
amend, or modify any benefit plan, program, agreement, or arrangement,
nor to alter any existing at-will employment relationship between the
Company and its employees.

           
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 
(In thousands, except share and per share data) (Unaudited) As of As of
ASSETS 03/31/2018 12/31/2017
 
Cash and noninterest bearing balances due from banks $ 66,396 $ 77,688
Interest bearing balances due from banks         1,706       6,615  
Cash and Cash Equivalents 68,102 84,303
 
Available-for-sale securities, at fair value (amortized cost of
$1,408,360 at March 31,
2018 and $1,409,996 at December 31, 2017) 1,371,664 1,392,775
Held-to-maturity securities, at amortized cost (fair value of
$137,843 at March 31, 2018
and $140,315 at December 31, 2017) 139,131 139,216
Originated loans and leases, net of unearned income and deferred
costs and fees (2)
4,408,081 4,358,543
Acquired loans (3) 296,765 310,577
Less: Allowance for loan and lease losses         40,211       39,771  
Net Loans and Leases 4,664,635 4,629,349
 
Federal Home Loan Bank and other stock 47,019 50,498
Bank premises and equipment, net 92,139 86,995
Corporate owned life insurance 80,623 80,106
Goodwill 92,291 92,291
Other intangible assets, net 8,791 9,263
Accrued interest and other assets         83,732       83,494  
  Total Assets       $ 6,648,128     $ 6,648,290  
 
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market 2,893,619 2,651,632
Time 685,600 748,250
  Noninterest bearing         1,350,684       1,437,925  
Total Deposits 4,929,903 4,837,807
 
Federal funds purchased and securities sold under agreements to
repurchase
69,131 75,177
Other borrowings 995,074 1,071,742
Trust preferred debentures 16,734 16,691
Other liabilities         57,875       70,671  
  Total Liabilities       $ 6,068,717     $ 6,072,088  
 
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000
shares; Issued:
15,321,245 at March 31, 2018; and 15,301,524 at December 31, 2017 1,532 1,530
Additional paid-in capital 366,666 364,031
Retained earnings 279,895 265,007
Accumulated other comprehensive loss (65,682 ) (51,296 )

Treasury stock, at cost – 116,587 shares at March 31,2018, and
120,805 shares

at December 31, 2017 (4,444 ) (4,492 )
 
Total Tompkins Financial Corporation Shareholders' Equity 577,967 574,780
Noncontrolling interests         1,444       1,422  
  Total Equity       $ 579,411     $ 576,202  
  Total Liabilities and Equity       $ 6,648,128     $ 6,648,290  
 
 
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
      Three Months Ended
(In thousands, except per share data) (Unaudited) 03/31/2018     03/31/2017
INTEREST AND DIVIDEND INCOME
Loans $ 50,894 $ 44,951
Due from banks 7 2
Available-for-sale securities 7,644 7,322
Held-to-maturity securities 858 878
Federal Home Loan Bank and other stock         737         468
Total Interest and Dividend Income         60,140         53,621
INTEREST EXPENSE
Time certificates of deposits of $250,000 or more (14 ) 441
Other deposits 2,783 2,347
Federal funds purchased and securities sold under agreements to
repurchase 46 108
Trust preferred debentures 279 367
Other borrowings         4,359         2,324
Total Interest Expense         7,453         5,587
Net Interest Income         52,687         48,034
Less: Provision for loan and lease losses         567         769
Net Interest Income After Provision for Loan and Lease Losses         52,120         47,265
NONINTEREST INCOME
Insurance commissions and fees 7,394 7,118
Investment services income 4,246 3,791
Service charges on deposit accounts 2,132 2,167
Card services income 2,146 2,009
Other income 1,788 2,155
(Loss)/gain on sale of available-for-sale securities         124         0
Total Noninterest Income         17,830         17,240
NONINTEREST EXPENSE
Salaries and wages 20,998 19,635
Other employee benefits 5,376 5,634
Net occupancy expense of premises 3,646 3,511
Furniture and fixture expense 1,975 1,597
FDIC insurance 667 538
Amortization of intangible assets 451 493
Other operating expense         10,608         9,960
Total Noninterest Expenses         43,721         41,368
Income Before Income Tax Expense         26,229         23,137
Income Tax Expense         5,761         7,388
Net Income attributable to Noncontrolling Interests and Tompkins
Financial Corporation
        20,468         15,749
Less: Net income attributable to noncontrolling interests         32         32
Net Income Attributable to Tompkins Financial Corporation       $ 20,436       $ 15,717
Basic Earnings Per Share $ 1.34 $ 1.04
Diluted Earnings Per Share       $ 1.33       $ 1.03
 
 
Average Consolidated Statements of Condition and Net Interest
Analysis (Unaudited)
                             
Quarter Ended Quarter Ended
              March 31, 2018       March 31, 2017
Average Average
Balance Average Balance Average
(Dollar amounts in thousands)         (QTD)     Interest     Yield/Rate       (YTD)     Interest     Yield/Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from banks $ 2,565 $ 7 1.11% $ 5,214 $ 2 0.16%
Securities (4)
U.S. Government securities 1,454,229 7,954 2.22% 1,479,516 7,659 2.10%
State and municipal (5) 99,766 643 2.61% 100,698 840 3.38%
Other securities (5)   3,571     35     3.97%       3,613     31     3.48%
Total securities 1,557,566 8,632 2.25% 1,583,827 8,530 2.18%
FHLBNY and FRB stock 49,509 737 6.04% 38,105 468 4.98%
 
Total loans and leases, net of unearned income (5)(6)   4,688,087     51,229     4.43%       4,263,799     45,675     4.34%
Total interest-earning assets   6,297,727     60,605     3.90%       5,890,945     54,674     3.76%
 
Other assets 355,036 350,443
 
Total assets $

6,652,763

$ 6,241,388
                                               
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings, & money market $ 2,796,197 1,646 0.24% $ 2,664,848 1,061 0.16%
Time deposits   717,617     1,123     0.63%       869,949       1,727     0.81%
Total interest-bearing deposits 3,513,814 2,769 0.32% 3,534,797 2,788 0.32%
 
Federal funds purchased & securities sold under
agreements to repurchase 75,167 46 0.25% 77,980 108 0.56%
Other borrowings 1,053,311 4,359 1.68% 791,136 2,324 1.19%
Trust preferred debentures   16,706     279     6.77%       23,588     367     6.31%
Total interest-bearing liabilities 4,658,998 7,453 0.65% 4,427,501 5,587 0.51%
 
Noninterest bearing deposits 1,351,307 1,188,567
Accrued expenses and other liabilities 67,495 69,423
Total liabilities 6,077,800 5,685,491
 
Tompkins Financial Corporation Shareholders' equity 573,536 554,428
Noncontrolling interest 1,427 1,469
Total equity 574,963 555,897
 
Total liabilities and equity $ 6,652,763 $ 6,241,388
Interest rate spread       3.25%       3.25%
Net interest income/margin on earning assets 53,152 3.42% 49,088 3.38%
 
Tax Equivalent Adjustment (465) (1,054)
 
  Net interest income per consolidated financial statements               $ 52,687                   $ 48,034      
   
 
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)                                            
      Quarter-Ended     Year-Ended
Period End Balance Sheet      

Mar-18

   

Dec-17

   

Sep-17

   

Jun-17

   

Mar-17

   

Dec-17

Securities       $ 1,510,795     $ 1,531,991     $ 1,546,199     $ 1,564,865     $ 1,569,068     $ 1,531,991

Originated loans and leases, net of unearned
income and
deferred costs and fees (2)

        4,408,081       4,358,543       4,167,254       4,070,755       3,922,413       4,358,543
Acquired loans and leases (3)         296,765       310,577       323,259       347,841       375,380       310,577
Allowance for loan and lease losses         40,211       39,771       38,038       37,157       36,166       39,771
Total assets         6,648,128       6,648,290       6,524,060       6,415,012       6,280,047       6,648,290
Total deposits         4,929,903       4,837,807       4,943,944       4,750,722       4,850,585       4,837,807

Federal funds purchased and securities sold under
agreements
to repurchase

        69,131       75,177       73,874       50,360       70,716       75,177
Other borrowings         995,074       1,071,742       834,574       952,035       717,285       1,071,742
Trust preferred debentures         16,734       16,691       16,648       16,605       16,562       16,691
Total common equity         577,967       574,780       588,349       575,428       562,064       574,780
Total equity         579,411       576,202       589,868       576,915       563,518       576,202
                 
 
Average Balance Sheet                                                
Average earning assets       $ 6,297,727     $ 6,159,396     $ 6,072,269     $ 5,970,653     $ 5,890,945     $ 6,024,186
Average assets         6,652,763       6,552,414       6,430,497       6,329,847       6,241,388       6,389,504
Average interest-bearing liabilities         4,658,998       4,500,649       4,463,606       4,474,860       4,427,501       4,466,846
Average equity         574,963       593,956       586,671       572,741       555,893       577,446
 
Share data                                                  
Weighted average shares outstanding (basic)       15,013,478     14,988,542     14,966,231     14,944,934     14,900,938     14,950,432
Weighted average shares outstanding (diluted)       15,112,518     15,103,906     15,078,555     15,066,861     15,042,614     15,073,255
Period-end shares outstanding       15,285,335     15,265,614     15,202.44     15,189.45     15,181.20     15,265,614
Common equity book value per share       $ 37.81     $ 37.65     $

38.70

    $ 37.88     $ 37.02     $ 37.65
Tangible book value per share (Non-GAAP)       $ 31.24     $ 31.04     $ 32.03     $ 31.18     $ 30.28     $ 31.04
 
Income Statement                                                  
Net interest income       $ 52,687     $ 51,969     $ 51,000     $ 50,301     $ 48,034     $ 201,304
Provision for loan/lease losses         567       2,014       402       976       769       4,161
Noninterest income         17,830       17,312       17,202       17,450       17,240       69,204
Noninterest expense         43,721       46,286       41,883       41,568       41,368       171,105
Income tax expense         5,761       18,493       8,491       8,248       7,388       42,620
Net income attributable to Tompkins Financial Corporation         20,436       2,457       17,394       16,926       15,717       52,494
Noncontrolling interests         32       31       32       33       32       128
Basic earnings per share (8)       $ 1.34     $ 0.16     $ 1.14     $ 1.11     $ 1.04     $ 3.46
Diluted earnings per share (8)       $ 1.33     $ 0.16     $ 1.14     $ 1.11     $ 1.03     $ 3.43
 
Nonperforming Assets                                                
Originated nonaccrual loans and leases       $ 18,429     $ 16,253     $ 15,667     $ 14,284     $ 13,786     $ 16,253
Acquired nonaccrual loans and leases         3,352       3,264       3,152       2,903       3,356       3,264
Originated loans and leases 90 days past due and accruing         0       44       0       639       0       44
Troubled debt restructurings not included above         3,455       3,449       3,541       2,980       2,948       3,449
Total nonperforming loans and leases         25,236       23,010       22,360       20,806       20,090       23,010
OREO         2,047       2,047       2,030       2,331       2,520       2,047
Total nonperforming assets       $ 27,283     $ 25,057     $ 24,390     $ 23,137     $ 22,610     $ 25,057
 
                       
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
                                                           

 

Quarter-Ended

    Year-Ended

Delinquency - Originated loan and lease portfolio

Mar-18

   

Dec-17

   

Sep-17

   

Jun-17

   

Mar-17

   

Dec-17

Loans and leases 30-89 days past due and      
accruing (2)       $ 6,513     $ 6,791     $ 5,567     $ 6,188     $ 5,462     $ 6,791
Loans and leases 90 days past due and accruing (2)     0       44       0       639       0       44
Total originated loans and leases past due and accruing (2)     6,513       6,835       5,567       6,827       5,462       6,835
 
Delinquency - Acquired loan and lease portfolio                                              
Loans 30-89 days past due and accruing (3)(7)       $ 823     $ 1,256     $ 2,857     $ 751     $ 907     $ 1,256
Loans 90 days or more past due     1,077       1,146       1,306       2,581       2,701       1,146
Total acquired loans and leases past due and accruing     1,900       2,402       4,163       3,332       3,608       2,402
Total loans and leases past due and accruing       $ 8,413     $ 9,237     $ 9,730     $ 10,159     $ 9,070     $ 9,237
 
Allowance for Loan Losses - Originated loan and lease portfolio                                          
Balance at beginning of period       $ 39,686     $ 37,903     $ 36,960     $ 35,915     $ 35,598     $ 35,598
Provision for loan and lease losses     609       1,849       931       846       602       4,428
Net loan and lease (recoveries) charge-offs     187       66       (12)       (199)       285       140
Allowance for loan and lease losses (originated
loan portfolio) - balance at end of period       $ 40,107     $ 39,686     $ 37,903     $ 36,960     $ 35,915     $ 39,686
 
Allowance for Loan Losses - Acquired loan and lease portfolio                                            
Balance at beginning of period       $ 85     $ 135     $ 197     $ 251     $ 157     $ 157
Provision (credit) for loan and lease losses     (41)       165       (529)       130       167       (67)
Net loan and lease (recoveries) charge-offs     (60)       215       (467)       184       73       5
Allowance for loan and lease losses (acquired
loan portfolio) - balance at end of period     104       85       135       197       251       85
                                                               
Total allowance for loan and lease losses       $ 40,211     $ 39,771     $ 38,038     $ 37,157     $ 36,166     $ 39,771
 
Loan Classification - Originated Portfolio                                                    
Special Mention       $ 34,546     $ 46,074     $ 50,423     $ 38,488     $ 18,861     $ 46,074
Substandard     35,746       20,584       20,532       19,532       20,909       20,584
Loan Classification - Acquired Portfolio                                                    
Special Mention     476       525       539       547       519       525
Substandard     3,468       5,355       8,193       8,796       9,628       5,355
Loan Classifications - Total Portfolio                                                    
Special Mention     35,022       46,599       50,962       39,035       19,380       46,599
Substandard     39,214       25,939       28,725       28,328       30,537       25,939
 
Ratio Analysis
Credit Quality                                                          

Nonperforming loans and leases/total loans and
leases (7)

    0.54%       0.49%      

0.50%

      0.47%       0.47%       0.49%
Nonperforming assets/total assets     0.41%       0.38%       0.37%       0.36%       0.36%       0.38%

Allowance for originated loan and lease losses/total
originated
loans and leases

    0.91%       0.91%       0.91%       0.91%       0.92%       0.91%
Allowance/nonperforming loans and leases     159.34%       172.84%       170.12%       178.59%       180.02%       172.84%

Net loan and lease losses (recoveries)
annualized/total
average loans and leases

    0.01%       0.02%       (0.04)%      

0.00%

      0.03%      

0.00%

 
                                     
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Quarter-Ended     Year-Ended
Capital Adequacy (period-end)      

Mar-18

   

Dec-17

   

Sep-17

   

Jun-17

   

Mar-17

   

Dec-17

Tangible common equity/tangible assets         7.29%       7.24%       7.58%      

7.50%

      7.44%       7.24%
           
 
Profitability                                                              
Return on average assets *         1.25%       0.15%       1.07%       1.07%       1.02%       0.82%
Return on average equity *         14.41%       1.64%       11.77%       11.85%       11.47%       9.09%
Net interest margin (TE) *         3.42%       3.42%      

3.40%

      3.45%       3.38%       3.41%

* Quarterly ratios have been annualized

 

Non-GAAP Measures

This press release contains financial information determined by methods
other than in accordance with accounting principles generally accepted
in the United States of America (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
accompanying tables. Management believes that these non-GAAP measures
provide useful information. Non-GAAP measures should not be considered a
substitute for financial measures determined in accordance with GAAP and
investors should consider the Company's performance and financial
condition as reported under GAAP and all other relevant information when
assessing the performance or financial condition of the Company. See
"Tompkins Financial Corporation - Summary Financial Data (Unaudited)"
tables for Non-GAAP related calculations.

                             
Non-GAAP Disclosure - Adjusted Diluted Earnings Per Share
Quarter-Ended     Year-Ended
         

Mar-18

     

Dec-17

     

Sep-17

     

Jun-17

     

Mar-17

     

Dec-17

Net income available to common shareholders      

$

20,436     $ 2,457     $ 17,394     $ 16,926     $ 15,717     $ 52,494

Less: Income attributable to unvested stock-
based
compensation awards

        351       26       266       266       260       818
Tangible common equity         20,085       2,431       17,128       16,660       15,457       51,676
Remeasurement of net deferred taxes         0       14,944       0       0       0       14,994
Net income (Non-GAAP)         20,085       17,375       17,128       16,660       15,457       66,620
Weighted average shares outstanding (diluted)      

 

15,112,518

   

 

15,103,906

   

 

15,078,555

   

 

15,066,861

   

 

15,042,614

   

 

15,073,255

Adjusted diluted earnings per share (Non-GAAP)       $ 1.33     $ 1.15     $ 1.14     $ 1.11     $ 1.03     $ 4.42
     
Non-GAAP Disclosure - Tangible Book Value Per Share                                                
Total common equity       $ 577,967     $ 574,780     $ 588,349     $ 575,428     $ 562,064     $ 574,780
Less: Goodwill and intangibles (9)         100,436       100,887       101,360       101,840       102,326       100,887
Tangible common equity         477,531       473,893       486,989       473,588       459,738       473,893
Ending shares outstanding      

 

15,285,335

   

 

15,265,614

   

 

15,202,444

   

 

15,189,453

   

 

15,181,198

   

 

15,265,614

Tangible book value per share (Non-GAAP)       $ 31.24     $ 31.04     $ 32.03     $ 31.18     $ 30.28     $ 31.04
 

(1) Federal Reserve peer ratio as of December 31, 2017, includes
banks and bank holding companies with consolidated assets between $3
billion and $10 billion.

(2) "Originated" equals loans and
leases not included by definition in "acquired loans".

(3)
"Acquired Loans and Leases" equals loans and leases acquired at fair
value, accounted for in accordance with FASB ASC Topic 805.

(4)
Average balances and yields on available-for-sale securities are based
on historical amortized cost.

(5) Interest income includes
the tax effects of taxable-equivalent basis.

(6) 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, 2017.

(7) Certain acquired loans and leases
that are past due are not on nonaccrual and are not included in
nonperforming loans.
The risk of credit loss on these loans has
been considered by virtue of the Corporation's estimate of
acquisition-date fair value and these loans are considered accruing as
the Corporation primarily recognizes interest income through accretion
of the difference between the carrying value of these loans and their
expected cash flows.

(8)Earnings per share year-to-date may
not equal the sum of the quarterly earnings per share as a result of
rounding of average shares

(9) "Goodwill and intangibles"
equal Total Intangible Assets less Mortgage Servicing Rights in the
above tables.

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