Tompkins Community Bank

Tompkins Bank of Castile has promoted Mark Brooks to small business lending manager, following the retirement of Mark Barber.

Brooks has been with Tompkins Bank of Castile for more than nine years, most recently serving as commercial banking officer. He holds a bachelor’s degree in economics/finance from Niagara University and an MBA from the Rochester Institute of Technology.

“Mark has been an integral part of our small business lending program for several years,” said John McKenna, president and CEO. “He is committed to helping small businesses prosper and grow, and we’re looking forward to seeing all that he will accomplish.”

Brooks’ promotion coincides with the introduction of the new small business loans program, Lightning Loans. A fast turnaround business loan program, Lightning Loans features a streamlined online application process that allows customers to quickly apply for an affordable business loan and receive a decision in days or sooner.

“Lightning Loans will make it easy to apply for a loan from the comfort of home, but if you would like personal help, our employees and I are available to help you through the process,” said Brooks.

A native of Pavilion, he and his wife, Cherie, reside in Le Roy.

Press release:

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.45 per share, payable on May 16, 2017, to common shareholders of record on May 8, 2017.

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.

Press release:

Tompkins Financial Corporation (NYSEMKT:TMP) reported net income of $15.7 million for the first quarter of 2017, an increase of 10.8% from the $14.3 million reported for the same period in 2016. Diluted earnings per share were $1.03 for the first quarter of 2017, a 9.6% increase from $0.94 reported for the first quarter of 2016.

President and CEO, Stephen S. Romaine said “We are excited to start off the new year with the best first quarter earnings in our history. Solid loan growth and an improved net interest margin were key drivers of improved earnings over the prior year. At the same time, we have seen continued positive improvement in credit quality trends, with nonperforming assets improved from already low levels.”

SELECTED HIGHLIGHTS FOR FOURTH QUARTER:

• Diluted earnings per share of $1.03 represent the best first quarter in Company history
• Net interest income was up 9.1% compared to the same period last year, and up 3.6% compared to the fourth quarter of 2016
• Net interest margin improved over the most recent prior quarter and over the same period last year
• Total loans of $4.3 billion were up 12.5% over the same period in 2016; and are up 1.0% over December 31, 2016
• Total deposits of $4.9 billion reflect an increase of 6.5% over the same period last year, and are up 4.9% from December 31, 2016.

NET INTEREST INCOME

Net interest income of $48.0 million for the first quarter of 2017 increased by $4.0 million, or 9.1% compared to the same period in 2016, and was up 3.6% compared to the fourth quarter of 2016. The increase in net interest income over prior year was largely driven by growth in average loans of $472.6 million or 12.5% as well as an improved net interest margin. The net interest margin was 3.38% for the first quarter of 2017, up from 3.30% for the fourth quarter of 2016, and 3.36% for the first quarter of 2016. The margin improvement benefited from improved yields on investment securities as well as maturities of some higher cost borrowings.

NONINTEREST INCOME

Noninterest income represented 26.4% of total revenues in the first quarter of 2017, compared to 28.4% in the same period in 2016, and 26.0% for the most recent prior quarter. Noninterest income of $17.2 million was down slightly from the same period last year, and up 5.7% over the fourth quarter of 2016. Revenue from Insurance and Investment services are the two largest components of noninterest income, representing 41.3% and 22.0% of noninterest income, respectively at March 31, 2017.

NONINTEREST EXPENSE

Noninterest expense was $41.4 million for the first quarter of 2017, which was up 4.7% compared to the same period in 2016, and up 5.0% compared to the fourth quarter of 2016. The increase in noninterest expense was mainly related to higher salaries and benefits in the first quarter of 2017. The first quarter of 2017 also included $262,000 of deconversion expenses related to a core system conversion planned for this year.

ASSET QUALITY

Asset quality trends remained strong in the first quarter of 2017. Nonperforming loans and leases were down 3.1% compared to first quarter of 2016, and down 7.3% compared to the most recent quarter end. Nonperforming assets represented 0.36% of total assets at March 31, 2017, unchanged from December 31, 2016, and improved slightly from 0.39% at March 31, 2016. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average¹ of 0.57%.

Provision for loan and lease losses was $769,000 for the first quarter of 2017, down from $855,000 for the first quarter of 2016. Net charge-offs for the first quarter of 2017 were $358,000 compared to $329,000 reported in the first quarter of 2016.

The Company’s allowance for originated loan and lease losses totaled $35.9 million at March 31, 2017, and represented 0.92% of total originated loans and leases at March 31, 2017. The ratio is unchanged from the most recent prior quarter and is down from 0.95% one year ago. The total allowance represented 180.02% of total nonperforming loans and leases at March 31, 2017, improved from 164.98% at December 31, 2016, and 156.88% at March 31, 2016.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. The ratio of Tier 1 capital to average assets of 8.36% at March 31, 2017, compared to 8.41% reported for December 31, 2016. Total capital to risk-weighted assets at March 31, 2017 was 12.41%, compared to 12.22% reported at December 31, 2016. Both ratios are down from the same period last year, in large part due to the redemption of $20.5 million of 7% fixed rate Trust Preferred securities.

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.

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Press release:

Tompkins Bank of Castile is expanding its presence in Western New York, adding a new role to lead the further development of its commercial lending customer base in Erie and Niagara counties. The bank is also beginning a search for office space in the Buffalo area to support this expansion.

Adam Desmond, a banking industry veteran who is native to Buffalo, has been named Regional Market Leader for the Buffalo market. Desmond joined the company on April 3 and will lead the efforts to further grow the bank’s presence in the area.

“We are excited to have Adam lead our effort to significantly expand our growing presence in the Buffalo area,” said John McKenna, Tompkins Bank of Castile President & CEO. “He brings extensive banking experience, a deep network and knowledge of the Buffalo market to our team.”

Desmond joins Tompkins Bank of Castile with more than 15 years of financial services industry experience in Buffalo. In addition to his professional experience in Buffalo, Desmond was born and raised in the area and lives on Grand Island, N.Y., with his wife and children. He is active in the community, including serving as Vice Chairman of the board of the Buffalo chapter of Literacy New York. Desmond completed a bachelor’s degree with a concentration in Finance at the University of Buffalo and an MBA with a concentration in Accounting at Canisius College.

As the company looks to establish an office location in the Buffalo market, there are plans to add additional team members to support banking, insurance and wealth management customers. Founded in 1869, Tompkins Bank of Castile has a tradition of providing long-term value for its clients in Western New York.

“As a community bank, we pride ourselves on our local decision-making, which allows us to help local businesses grow,” said McKenna. “Establishing an office in the Buffalo area will allow us to provide even better service to our growing customer base across all Tompkins businesses in Erie and Niagara counties.”  

Press release:

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.45 per share, payable on February 15, 2017, to common shareholders of record on February 7, 2017.

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.

Press release:

Tompkins Financial Corporation (NYSEMKT:TMP) reported record diluted earnings per share of $0.99 for the fourth quarter of 2016, a 7.6% increase from the $0.92 reported in the fourth quarter of 2015. Net income for the fourth quarter of 2016 was $15.1 million, up 9.1% compared to the $13.9 million reported for the same period in 2015.

President and CEO, Stephen S. Romaine said "We are very pleased to end 2016 with the best fourth quarter in our Company’s long history. Fourth quarter performance reflects the ongoing success of our business development efforts that have produced solid growth in net loan and deposit balances, which are up 12.9% and 5.2%, respectively over 2015. Growth in these key balance sheet categories gives us very good momentum as we head into 2017.”

Full year results reflect the best earnings per share in Company history. For the year ended December 31, 2016, diluted earnings per share were $3.91, an increase of 1.0%, over the $3.87 per share reported in 2015. The record results for 2016 are especially noteworthy given that results for 2015 included a non-recurring curtailment gain of $3.6 million after tax ($0.24 per share) related to changes to the Company’s pension plan, which was recognized in the second quarter of 2015. Refer to the table of “NON-GAAP MEASURES” included in this press release for additional details. Full year and quarterly results for 2016 reflect the impact of the early adoption of Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which is more fully described in Footnote 10 of this press release.

SELECTED HIGHLIGHTS FOR FOURTH QUARTER:

• Net interest income of $46.4 million for the current quarter was up 6.8% compared to the fourth quarter of 2015
• Total loans of $4.3 billion at year end 2016 were up 12.9% over year end 2015
• Noninterest bearing deposit balances of $1.2 billion at year end 2016 are up 8.6% over year end 2015
• Nonperforming assets of $22.6 million at year end 2016, though up $3.3 million from the most recent prior quarter, reflect a decrease of 7.8% from year end 2015.
• During the quarter, the Company announced that it will redeem approximately $20.5 million of 7% Fixed Rate Trust Preferred securities, effective January 31, 2017. For purposes of calculating regulatory capital, these securities were not included as part of Tier 1 capital at year end 2016.

NET INTEREST INCOME

Net interest income of $46.4 million for the fourth quarter of 2016 increased by $2.9 million, or 6.8% compared to the same period in 2015. For the full year, net interest income was $180.6 million, up $12.3 million, or 7.3% from the same period in 2015.

Growth in net interest income was largely driven by $447.7 million of growth in average total loans since the fourth quarter of 2015, an increase of 12.1%. The loan growth was supported, in part, by a $212.7 million increase in average total deposits over the same period. The net interest margin was 3.30% in the fourth quarter, down from 3.31% for the most recent prior quarter, and 3.35% for the same quarter last year.

NONINTEREST INCOME

Noninterest income was $16.3 million for the fourth quarter of 2016, and was down $1.6 million or 8.9% compared to the same period in 2015. For the full year, noninterest income of $68.8 million is down from $71.9 million reported for 2015. Prior year-to-date results included net gains on the sale of other real estate owned of $946,000, which were higher by $860,000, when compared to the current year-to-date period. Fee based revenue for 2016 (including insurance, wealth management, and banking related fees), was relatively flat compared to the prior year.

NONINTEREST EXPENSE

Noninterest expense was $39.4 million for the fourth quarter of 2016, approximately flat, when compared to that same quarter in 2015. For the full year, noninterest expenses were $158.6 million in 2016, up $8.7 million, or 5.8% over 2015. The current full year results included $313,000 of expense related to the early termination of an FDIC loss share agreement, which was recognized in the third quarter of 2016; and $546,000 of deconversion expenses related to a core system conversion planned for 2017. The deconversion expenses include $306,000 of expenses that were recognized in the fourth quarter of 2016. Prior year noninterest expenses benefited from a $6.0 million (pretax) non-recurring curtailment gain (recognized in the second quarter of 2015) related to a change in the Company’s defined benefit pension plan.

ASSET QUALITY

Asset quality trends remained strong in the fourth quarter of 2016. Nonperforming assets were down $1.9 million or 7.8% compared to the fourth quarter in 2015; though they were up $3.3 million or 17.0% from the most recent prior quarter. Nonperforming assets represented 0.36% of total assets at December 31, 2016, compared to 0.32% at September 30, 2016, and 0.43% at December 31, 2015. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average¹ of 0.77%.

The provision for loan and lease losses was $1.7 million for the fourth quarter of 2016, up from $1.5 million in the fourth quarter of 2015. Full year provision expense was $4.3 million in 2016, up from $2.9 million in 2015. The year-over-year increase in provision expense is primarily due to loan growth, as well as higher net recoveries in the prior period. Net charge-offs for 2016 were $571,000 compared to net recoveries of $62,000 reported in 2015.

The Company’s allowance for originated loan and lease losses totaled $35.6 million at December 31, 2016, and represented 0.92% of total originated loans and leases at December 31, 2016, compared to 0.95% at December 31, 2015. The total allowance represented 165.0% of total nonperforming loans and leases at December 31, 2016, up from 146.7% at December 31, 2015.

CAPITAL POSITION

Capital ratios remain well above the regulatory well-capitalized minimums. The ratio Tier 1 capital to average assets of 8.41% at December 31, 2016, compared to 8.82% reported for December 31, 2015. Total capital to risk-weighted assets at December 31, 2016 was 12.22%, compared to 13.03% reported at December 31, 2015. Contributing to the decline in capital levels in the fourth quarter of 2016 was the exclusion from Tier I capital of $20.5 million in 7% Fixed Rate Trust preferred securities, which the Company plans to redeem in January 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.

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“Krysia’s marketing expertise has helped Tompkins Bank of Castile grow in Western New York,” said Gregg McAllister, vice president of marketing communications. “In addition to local advertising and public relations, Krysia also executes marketing programs for other affiliate banks of Tompkins Financial Corporation in New York and Pennsylvania. She is an important contributor to our corporate strategy.” 
Mager has been with Tompkins Bank of Castile for more than eight years. She was a member of the inaugural class of Tompkins’ Professional Development Program, which was an 18-month masters-type program enhancing cross-departmental expertise within the Tompkins Financial Corporation. She is enrolled at Marist College for a master’s degree in integrated marketing communications.

Mager is very active in the community. She served as the chairperson of the City of Batavia Centennial Celebration, on the Genesee County Chamber of Commerce Awards Night committee and volunteers at various downtown events presented by the Batavia Business Improvement District, where she previously was a member of the Board of Directors and Promotions Committee.

She and her husband, Jonathan, reside in Batavia and have two daughters, Emersyn and Evelyn.

Tompkins Bank of Castile is a community bank with 16 offices in the five-county western New York region. Services include complete lines of consumer deposit accounts and loans, business accounts and loans, and leasing. In addition, insurance is offered through an affiliate company, Tompkins Insurance Agencies. Wealth management, trust and investment services are provided through Tompkins Financial Advisors. Further information about the bank is available on its website, www.bankofcastile.com. 

585-493-2576 • 90 Main Street • Batavia, New York 14020 www.bankofcastile.com
Member FDIC