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Press release:

Breton Stephens of Alexander, NY has been named to the summer 2021 quarter Dean's List at Palmer College of Chiropractic's Florida campus in Port Orange, Florida.

Palmer College of Chiropractic, the first and largest college in the chiropractic profession, has campuses in Davenport, Iowa; San Jose, Calif.; and Port Orange, Fla.

Press release:

ITHACA, NY - Tompkins Financial Corporation (NYSE American:TMP)

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.57 per share, payable on November 15, 2021, to common shareholders of record on November 2, 2021.  The dividend amount represents an increase of $0.03 or 5.6% over the dividend paid in the third quarter of 2021.

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, and Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors.  The Company’s banks have announced plans for a rebranding effort, pursuant to which the Company’s four wholly-owned banking subsidiaries will be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company.  The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”

For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

Press release:

ITHACA, NY - Tompkins Financial Corporation (NYSE American: TMP)

Tompkins Financial Corporation reported diluted earnings per share of $1.45 for the third quarter of 2021, compared to $1.63 reported for the third quarter of 2020.  Net income for the third quarter of 2021 was $21.3 million, compared to $24.2 million for the same period in 2020.  Results for the third quarter of 2021 were negatively impacted by approximately $4.1 million ($0.21 per share) of nonrecurring expenses related to the prepayment of borrowings and the redemption of trust preferred securities. Though these transactions had a negative impact on current period earnings, they are expected to have a favorable impact on future earnings by way of reduced interest expense.  Additional details on these nonrecurring transactions are described below.  

For the year-to-date period ended September 30, 2021, diluted earnings per share were $4.72, up 31.5% from $3.59 for the same year-to-date period in 2020.  Year-to-date net income was $69.8 million for the nine-month period ended September 30, 2021, up 30.2% compared to $53.6 million for the same period in 2020. 

Tompkins President and CEO, Stephen Romaine, commented, "We are pleased to report record earnings performance through the first nine months of 2021.  The third quarter of 2021 was down from the same quarter last year due to some nonrecurring expenses related to discretionary debt restructuring transactions.  Despite higher expenses related to these transactions, several positive revenue trends were noted during the quarter, including growth in both net interest income and noninterest income when compared to the second quarter this year."   

SELECTED HIGHLIGHTS FOR THE THIRD QUARTER:

•       Net interest income was $56.1 million for the third quarter of 2021, up from $54.8 million reported in the second quarter of 2021, and down from $58.3 million reported in the same quarter of 2020.  Net interest income in the third quarter of 2021 included a $1.2 million purchase accounting charge related to the redemption of $10.0 million in trust preferred securities. Net interest income for the second quarter of 2021 included a $650,000 purchase accounting charge related to the redemption of $5.2 million in trust preferred securities.

•       Total loans at September 30, 2021 were $5.1 billion compared to $5.4 billion at September 30, 2020, and $5.3 billion at year end 2020.  The $301.5 million change in total loans compared to September 30, 2020, reflected a decline of $322.1 million in loans under the U.S. Small Business Administration's Paycheck Protection Program ("PPP") at the end of the third quarter of 2021 compared to the end of the third quarter of 2020. 

•       Largely stable credit conditions and improving macroeconomic trends contributed to a lower allowance for credit losses at September 30, 2021 when compared to September 30, 2020.  The provision for credit losses for the quarter and year-to-date periods ended September 30, 2021 were credits of $1.2 million and $6.1 million, respectively, compared to a credit of $218,000 and an expense of $17.4 million, respectively, for the same periods in 2020.  

•       Noninterest income for the quarter was $20.9 million, reflecting an increase of 10.6% over the second quarter of 2021, and 10.4% over the third quarter of 2020. 

•       Noninterest expense for the quarter was $50.2 million, an increase of 5.8% over the second quarter of 2021, and 7.3% over the same quarter last year.  The increase in the third quarter of 2021 was largely related to $2.9 million of penalties related to prepayment of $135.0 million of FHLB borrowings.

NET INTEREST INCOME

The net interest margin was 2.89% for the third quarter of 2021, compared to 2.91% for the second quarter of 2021, and 3.26% for the third quarter of 2020.  Net interest income was $56.1 million for the third quarter of 2021, compared to $58.3 million for the third quarter of 2020.  Interest income for the third quarter of 2021 included $3.3 million of net deferred loan fees associated with PPP loans, compared to net deferred PPP loan fees of $2.4 million in the third quarter of 2020.  Interest expense for the third quarter of 2021 was negatively impacted by an accelerated non-cash purchase accounting discount of $1.2 million related to the redemption of $10.0 million in trust preferred securities.

For the year-to-date period ended September 30, 2021, net interest income of $166.0 million was down 1.0% when compared to the nine month period ended September 30, 2020.  For the year-to-date period in 2021, net deferred loan fees associated with PPP loans were approximately $8.0 million as compared to $4.8 million in the same period of 2020.  Interest expense for the nine months ended September 30, 2021, was negatively impacted by an accelerated non-cash purchase accounting discount of $1.9 million related to the redemption of $15.2 million in trust preferred securities.  The $15.2 million in redeemed trust preferred securities carried a weighted average interest rate of 5.26% at the time they were redeemed and had a weighted average final maturity of slightly more than 11 years. 

 

Average loans for the quarter ended September 30, 2021 were $5.1 billion compared to $5.4 billion in the same period in 2020.  The $285.0 million change in average loan balances was primarily due to a decline in average PPP loans from the third quarter of 2020 to the third quarter of 2021.

 

Average securities for the quarter ended September 30, 2021, were up $788.2 million or 54.0% when compared to the same period in 2020.  The increase is mainly a result of investing excess cash, driven by deposit growth and PPP loan forgiveness. 

Asset yields for the quarter ended September 30, 2021 were down 44 basis points compared to the quarter ended September 30, 2020, which reflects the impact of reductions in market interest rates over the trailing twelve-month period as well as a greater percentage of earning assets being comprised of lower yielding securities and interest bearing balances due from banks, when compared to the same period in 2020.

Average total deposits for the third quarter of 2021 were up $571.9 million, or 9.0% compared to the same period in 2020.  Average noninterest bearing deposits for the three months ended September 30, 2021 were up $267.5 million or 14.1% compared to the three months ended September 30, 2020.  Average deposit balances continue to benefit from the PPP loan program, as the majority of the proceeds of the PPP loans funded by Tompkins during 2020 and the first half of 2021 were deposited in Tompkins checking accounts. The total cost of interest-bearing liabilities was 0.39% for the quarter ended September 30, 2021, a decline of 11 basis points from the quarter ended September 30, 2020.

NONINTEREST INCOME

Noninterest income of $20.9 million for the third quarter of 2021, was up 10.4% compared to the same period in 2020.  For the year-to-date period, noninterest income of $59.7 million was up 8.5% from the same period in 2020.  Growth over the same quarter and nine-month periods in the prior year was supported by increases in nearly all fee income categories, including Insurance commissions and fees (up 10.3% for the quarter, 11.7% for the year-to-date period), Investment services income (up 15.5% for the quarter, 15.6% for the year-to-date period), Service charges on deposit accounts up (13.4% for the quarter, down 2.0% for the year-to-date period), and Card services income (up 12.3% for the quarter, 16.9% for the year-to-date period).   Noninterest income represented 27.1% of total revenues for the third quarter of 2021, as compared to 24.5% of total revenues for the third quarter of 2020.

NONINTEREST EXPENSE

Noninterest expense was $50.2 million for the third quarter of 2021, up $3.4 million, or 7.3%, from the third quarter of 2020.  For the year-to-date period, noninterest expense was $142.1 million, up $4.4 million or 3.2% from the same period in 2020.  Included in the quarter and year-to-date periods of 2021 were penalties of $2.9 million related to the prepayment of $135.0 million in FHLB fixed-rate advances.  The advances, which were paid off in September 2021, carried a weighted average interest rate of 2.26% and had a weighted average maturity of 1.25 years. 

INCOME TAX EXPENSE

The Company's effective tax rate was 23.7% for the third quarter of 2021, compared to 20.7% for the same period in 2020.  The effective tax rate for the nine months ended September 30, 2021 was 22.1%, compared to 20.4% reported for the same period in 2020. 

ASSET QUALITY

The allowance for credit losses represented 0.91% of total loans and leases at September 30, 2021, down from 0.92% at June 30, 2021, and 0.98% at December 31, 2020. The ratio of the allowance to total nonperforming loans and leases declined to 76.2% at September 30, 2021, compared to 88.3% at June 30, 2021, and 112.9% at December 31, 2020.

The provision for credit loss expense for the third quarter of 2021 was a credit of $1.2 million compared to a credit of $218,000 for the same period in 2020. Net charge-offs for the quarter ended September 30, 2021 were $69,000 compared to net recoveries of $12,000 reported for the same period in 2020. Provision expense for the nine months ended September 30, 2021 was a credit of $6.1 million, compared to an expense of $17.4 million for the same period in 2020. 

Nonperforming loans and leases totaled $60.7 million at September 30, 2021, compared to $53.8 million at June 30, 2021, and $45.8 million at December 31, 2020. The increase in nonperforming loans and leases compared to prior quarter end and year end 2020 was related to two commercial real estate relationships that moved into nonperforming status, totaling $9.1 million in the second quarter of 2021 and $7.5 million in the third quarter of 2021, which continue to accrue interest.  Nonperforming assets represented 0.75% of total assets at September 30, 2021, up from 0.67% at June 30, 2021, and 0.60% at December 31, 2020.

Special Mention and Substandard loans and leases totaled $168.5 million at September 30, 2021, reflecting an improvement from $171.3 million at June 30, 2021, and $189.9 million reported at December 31, 2020.

As previously announced, the Company implemented a payment deferral program in 2020 to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19. As of September 30, 2021, total loans that continued in a deferral status amounted to approximately $12.8 million, representing 0.25% of total loans.  At June 30, 2021 total loans in deferral status totaled $129.4 million, and at December 31, 2020 total loans in deferral status totaled $212.2 million. Included in nonperforming loans and leases and Substandard loans and leases at September 30, 2021, were 2 loans totaling $3.0 million that remained in deferral status.

The Company began accepting applications for PPP loans on April 3, 2020, and had funded 2,998 loans totaling approximately $465.6 million when the initial program ended.  On January 19, 2021, the Company began accepting both first draw and second draw applications for the reopening of the PPP program.  The 2021 PPP program funding closed for new applications on May 12, 2021.  The Company funded 2,142 applications totaling $228.5 million in 2021. 

Out of the total $694.1 million of PPP loans that the Company had funded through October 12, 2021, approximately $552.0 million had been forgiven by the SBA under the terms of the program.  Total net deferred fees on the remaining balance of PPP loans amounted to $6.2 million at September 30, 2021.

CAPITAL POSITION

Capital ratios at September 30, 2021 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.21% at September 30, 2021, down from 14.62% reported at June 30, 2021, and 14.39% at December 31, 2020. The ratio of Tier 1 capital to average assets was 8.54% at September 30, 2021, compared to 8.79% at June 30, 2021, and 8.75% at December 31, 2020.

 

During the third quarter of 2021, the Company repurchased 170,775 common shares at an aggregate cost of $13.2 million. These shares were purchased under the Company's previously announced 2020 Stock Repurchase Program.   During the first nine months of 2021, the Company repurchased 272,310 shares at an aggregate cost of $21.2 million.

 

The Company announced today that its Board of Directors has authorized a new stock repurchase program of up to 400,000 shares of the Company's outstanding common stock, par value $0.10 per share, over the next 24 months.  This program replaces the Company's existing 400,000 stock repurchase program announced on January 30, 2020. 

 

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company's stock and general market and economic conditions, and applicable legal requirements.

 

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, and Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. The Company’s banks have announced plans for a rebranding effort, pursuant to which the Company’s four wholly-owned banking subsidiaries will be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company.  The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”  For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

 

"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. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", or "anticipate", and other similar words. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to certain 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. The following factors, in addition to those listed as Risk Factors in Item 1A of our Annual Reports 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: changes in general economic, market and regulatory conditions; the severity and duration of the COVID-19 pandemic and the impact of COVID-19 (including governments’ responses thereto) on economic and financial markets, potential regulatory actions, and modifications to our operations, products, and services relating thereto; disruptions in our and our customers’ operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, government-imposed travel/business restrictions, or outbreaks of infectious diseases such as the coronavirus, and the associated adverse impact on our financial position, liquidity, and our customers’ abilities to repay their obligations to us or willingness to obtain financial services products from the Company; the development of an interest rate environment that may adversely affect the Company’s interest rate spread, 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, such as the Dodd-Frank Act, Basel III and the Economic Growth, Regulatory Relief, and Consumer Protection Act; legislative and regulatory changes in response to COVID-19 with which we and our subsidiaries must comply, including the CARES Act and the Consolidated Appropriations Act, 2021 and the rules and regulations promulgated thereunder, and state and local government mandates; technological developments and changes; 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; uncertainties arising from national and global events, including the potential impact of widespread protests, civil unrest, and political uncertainty on the economy and the financial services industry; and financial resources in the amounts, at the times and on the terms required to support the Company’s future businesses. The Company does not undertake any obligation to update its forward-looking statements.

Press release:

In 2014, voters made their opposition to gerrymandering clear when they voted to authorize the Independent Redistricting Commission to work in a bipartisan fashion to draw maps for our state’s elections, so they were fair and a better reflection of real communities. This year, however, ballot proposals 1, 3, and 4 jeopardize the hard-fought wins New Yorkers have achieved in regard to redistricting and election integrity and could help the Majority retain one-party rule for years to come using partisan maps.

Ballot proposal 1 is complex, perhaps by design, and removes a requirement that maps approved by the Independent Redistricting Commission receive an approval vote from a member appointed by each leader of the Legislature, both in the Majority and the Minority. This requirement was implemented intentionally to ensure each party would have meaningful input in the drafting of electoral maps in New York. If proposal 1 passes, there will be nothing stopping the Majority from passing maps through the commission that are designed to protect their own power, and unfairly disenfranchise their political adversaries. 

Proposal 1 also removes a requirement that in the event the commission does not vote in favor of a map, that any map then approved by the Legislature be accepted by a two-thirds majority vote, as that threshold would be lowered to just 60%. This will make it even easier for the Majority to push through self-serving maps in the event they feel the commission’s maps, drafted and voted upon by their appointees, do not do enough to help them electorally. This is another step this proposal takes to weaken the commission and eradicate meaningful bipartisanship from the redistricting process, all to the benefit of the ruling legislative party.

While proponents of ballot proposals 3 and 4 argue they will bolster our democracy, I believe these measures open the door for the abuse of our electoral process and could reduce the faith people have in the integrity of our elections. We’ve seen how mail-in voting can throw elections into disarray last year, when thousands of votes were left uncounted during New York City’s primary elections and when the congressional election held in the 22nd District was left to be resolved in the courts months after voting day. When combined with same-day voter registration, our local boards of election will be overwhelmed with documents to process and verify and could have a lesser ability to properly scrutinize them for fraud and inaccuracy. Newly-registered voters will also be allowed to vote on machines rather than through affidavits, which would make it near impossible to disqualify the votes of those found to be ineligible. 

While some of these proposals may sound well-intentioned, I am greatly concerned about the effect they would have on our electoral process and our ability to maintain its integrity. Following a year in which many people have come to question their trust in our basic institutions, we should not be seeking to advance measures that open the door to gerrymandering and foul play. Do your part to defend our elections by flipping over your ballots this November and voting no on ballot proposals 1, 3, and 4”

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.39, up six cents from last week. One year ago, the price was $2.16. The New York State average is $3.53 – up ten cents from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.45 (up seven cents from last week)
• Buffalo - $3.45 (up nine cents from last week)
• Ithaca - $3.50 (up seven cents from last week)
• Rochester - $3.50 (up eight cents from last week)
• Rome - $3.51 (up seven cents from last week)
• Syracuse - $3.48 (up nine cents from last week)
• Watertown - $3.52 (up ten cents since last week)

The increase in gas prices is more drastic this week than last with the national average jumping six cents and local prices increasing even more. According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. With the U.S. economy recovering from the depths of the pandemic, demand for gas has gone up, but supply is tight. Higher demand coupled with a decline in stocks, alongside elevated crude prices, has put upward market pressure on pump prices. Pump prices will likely rise as long as crude prices remain high — above $84 per barrel this morning.

From Gas Buddy:

"Gas prices continued to soar in a majority of the nation over the last week as oil's meteoric rise pulls gasoline and other refined product prices higher. But, there may be some light at the end of the tunnel," said Patrick De Haan, head of petroleum analysis for GasBuddy. "The sharp rise we've seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil. This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago. This isn't an all clear for the future, however, as oil prices could rise again at any time. But for now, oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation."

Press release:

Top trotter Lougazi has been camera shy of late, not winning since September 17. But he smiled pretty for his picture on Friday night (Oct. 22) after capturing the $13,500 Open I Handicap trot at Batavia Downs.

As usual, Ray Fisher Jr. got away last with Lougazi and trailed the leading Barn Hall (Kevin Cummings) by 7-¼ lengths in the :27.1 first quarter. But Fisher was quickly out and moving with Lougazi at the three-eighths and slowly made his way up towards the leader. When the race reached three-quarters in a solid 1:26.4, Lougazi was within reach of Barn Hall and drew dead-even with him at the head of the lane. Heading for home he took the lead from Barn Hall and then held off a late closing Mugshots Bro (Jim Morrill Jr.) to win by ¼ length in 1:56.1. 

The sixth win of the year puts Lougazi ($6.00) over the $50,000 mark for the year for owner Mary Warriner. Ryan Swift trains the winner. 

Jim Morrill Jr. continued his torrid winning streak as he registered another grand slam at Batavia Downs. Two of those four wins just happened to come in the two co-featured trots.

In the $12,100 Open II Handicap, Morrill cleared the lead past the quarter with Party Boy Hanover ($7.70) and then ran off the screen, winning by seven lengths in 1:57.1, which was a new seasonal mark. 

Then later in the $11,250 Open III Handicap, Morrill left again with the veteran Noble Legend ($3.70), led every step of the way and then held off Simonthediamond (Dan Yetman) at the line to win by ¾'s of a length in 1:58.2. 

Both horses are owned by Vogel & Wags Nags, Team Rice Racing and Adelphi Bloodstock and both horses are trained by Maria Rice.

Morrill and Rice hooked up again to win with Americanisation (1:56.2, $17.40) which gave Rice the training hat trick. Morrill then finished off his four-bagger by winning with Graystonefastmyles (1:57.2, $2.40). 

With no single unique winning ticket purchased in the Jackpot Pick-5 on Friday night (Oct. 22), there will be a carryover of $11,214 for that bet in race nine when live racing resumes at Batavia Downs on Saturday (Oct. 23). There is also a small but mentionable carryover of $349 in the Jackpot Pick-6 in race four. 

Free full past performance programs for the entire card -- that includes these races -- can also be downloaded at bataviadownsgaming.com under the live racing tab, where they can be found for every live night of racing at Batavia Downs.

Post time for the first race Saturday is 5 p.m.