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Tompkins Financial

June 15, 2022 - 1:56pm
posted by Press Release in Tompkins Financial, business.

Press release:

Expanding its commercial banking team in the Buffalo market, Tompkins Community Bank has appointed Julie Skinner to vice president, commercial banking relationship manager. Skinner brings 25 years of deep expertise in the banking and financial services industry to her position at Tompkins, having most recently served as vice president, business banking relationship manager at KeyBank. In her new role, Skinner will provide financial services and support to commercial clients in Erie and Niagara counties.  

“We aim to provide a consistently high level of service to our valued customers, particularly as the commercial real estate market continually shifts,” said Adam Desmond, regional market executive, commercial lending. “Adding Julie to our team is our way of doubling down on this priority. We know our commercial clients will benefit from her market knowledge, dedication, and expert insights.”  

Skinner received a bachelor’s degree in biology and art history from Duke University. She is a member of the Amherst Chamber of Commerce, the Buffalo Niagara Partnership, the Construction Exchange of Buffalo and WNY, Inc., s soon-to-be confirmed as a board member of the Junior Achievement of Western New York. She resides in Williamsville, NY with her husband and three children.  

May 11, 2022 - 12:02pm
posted by Press Release in business, Tompkins Financial.

Press release:

Tompkins Financial announced the appointment of Alyssa Fontaine as chief risk officer, adding to her current role as executive vice president and general counsel. In her expanded role, Fontaine will continue to oversee the Company’s legal and corporate governance functions while also leading the corporate risk management team.  These responsibilities include corporate compliance, audit, information security, bank secrecy act/anti-money laundering compliance, third-party risk management, corporate security, and enterprise risk management. 

Fontaine began her career at Tompkins in 2016. Before joining Tompkins, she was a partner with Harris Beach PLLC. She focused on bank regulatory compliance and securities matters and worked closely with Tompkins as a corporate law partner.  

Fontaine is a graduate of Cornell University Law School and Brown University.  She received the “40 under Forty” award from the Central New York Business Journal and was named a Super Lawyers Rising Star.  She is a member of the Ithaca Community Childcare Center (IC3) and the Ithaca Little Red Lacrosse program. She also volunteers with the Cayuga Heights Elementary School PTA as an event leader. 

“Alyssa is a proven leader, elevating our corporate governance and legal departments to great success during her tenure,” said Steve Romaine, Tompkins Financial president and CEO. “I am pleased that Alyssa will expand her leadership and bring her expertise to our corporate risk management team as our industry continues to navigate an ever-evolving landscape.” 

May 5, 2022 - 2:49pm
posted by Press Release in Tompkins Financial, business.

Press release:

Tompkins Financial Corporation (the "Company") reported diluted earnings per share of $1.60 for the first quarter of 2022, down 7.0% from the diluted earnings per share of $1.72 reported in the first quarter of 2021.  Reduced income from Paycheck Protection Program loans ("PPP loans") and a smaller recapture to the provision for credit losses in the current quarter were the primary contributors to the reduced earnings when compared to the same quarter last year.  Net income for the first quarter of 2022 was $23.3 million, a decrease of 9.2% from $25.6 million for the same period in 2021.  

Tompkins President and CEO, Stephen Romaine, commented, "On January 1, 2022 the Company consolidated the four banks under one charter and the banking affiliate is now known as Tompkins Community Bank.  Results for the first quarter of 2022 included several favorable trends when compared to the most recent prior quarter and the same quarter last year.  These included an improved net interest margin, higher fee-based revenue, and lower past due and nonperforming loan balances.  Though net income for the first quarter of 2022 was below the same quarter last year, it exceeded the net income reported in each of the three most recent prior quarters."   

SELECTED HIGHLIGHTS FOR THE PERIOD: 

  • Total loans at March 31, 2022 were $5.1 billion, down $12.0 million from December 31, 2021.  The decrease was driven by a $47.2 million decline in PPP loans, compared to year-end 2021.  Total loans, exclusive of PPP loan balances, were higher than the prior quarter for the third consecutive quarter. 
  • Provision for credit losses was a recapture of $520,000 for the first quarter of 2022, compared to a recapture of $1.8 million for the first quarter of 2021. 
  • Total nonperforming loans totaled $30.3 million, or 0.60% of total loans, at March 31,2022, compared to $31.2 million, or 0.61% of total loans, at December 31, 2021, and $47.7 million, or 0.90% of total loans, at March 31, 2021.   
  • Total deposits of $7.0 billion at March 31, 2022 were up $225.3 million, or 3.3%, over December 31, 2021 and up $70.2 million, or 1.0%, over March 31, 2021. 

    NET INTEREST INCOME 
    Net interest margin was 3.04% for the first quarter of 2022, compared to 3.01% reported for both the same period in 2021 and the fourth quarter of 2021.  

    Net interest income was $56.6 million for the first quarter of 2022, an increase of $1.6 million from $55.0 million for the same period in 2021. Net interest income for the current quarter included $2.0 million of net deferred loan fees associated with PPP loans, compared to net deferred loan fees of $2.8 million in the first quarter of 2021. 

    Net interest income for the first quarter of 2022 was down $1.2 million from the immediate prior quarter, driven by a decline in net deferred loan fees associated with PPP loans, which totaled $2.0 million in the current quarter, compared to net deferred loan fees of  $3.2 million in the fourth quarter of 2021.   

    Average loans for the quarter ended March 31, 2022 were down $235.3 million, or 4.5%, compared to the same period in 2021.  The decrease in average loans was mainly in commercial loans and driven by a decrease in average PPP loans.  Asset yields for the quarter ended March 31, 2022 were down 8 basis points compared to the same period in 2021, and up 2 basis points compared to quarter ended December 31, 2021.   

    Average total deposits for the first quarter of 2022 were up $253.1 million, or 3.8% compared to the same period in 2021.  Average noninterest bearing deposits for the quarter ended March 31, 2022 were up $159.2 million or 8.2% compared to the quarter ended March 31, 2021.  For the first quarter of 2022, the average rate paid on interest-bearing deposits of 0.17%, was down 10 basis points from the same period in 2021.  The total cost of interest-bearing liabilities of 0.21% for the first quarter of 2022, represented a decline of 17 basis points versus the same period in 2021. 

    NONINTEREST INCOME 
    Noninterest income of $20.0 million for the first quarter of 2022 was in line with the same period in 2021, and represented 26.1% of total revenues. For the first quarter of 2022, all service-related fee categories showed improvement when compared to the same period prior year:  Insurance commissions and fees (up 1.7%), Investment services income (up 5.2%), Service charges on deposit accounts (up 21.0%), and Card services income (up 6.7%).  Offsetting improved service related fees was a loss of $47,000 on securities transactions, compared to a gain of $317,000 in the first quarter of 2021, and lower gains on sales on residential loans that were down $425,000 compared to the same quarter in 2021.   

    NONINTEREST EXPENSE 
    Noninterest expense was $46.8 million for the first quarter of 2022, up $2.3 million or 5.2% from the first quarter of 2021.  Salaries and employee benefits were up 3.3% compared to the same period in 2021, mainly due to normal annual merit increases and an increase in health insurance expense.  Other expense for the first quarter of 2022 increased by 13.1%, with the increase mainly due to higher marketing expense and technology expense when compared to the quarter ended March 31, 2021.   

    INCOME TAX EXPENSE 
    The Company's effective tax rate was 23.1% for the first quarter of 2022, compared to 20.7% for the same period in 2021.  The increase in the effective tax rate for the three months ended March 31, 2022, over the same period in 2021 is largely due to the anticipated loss of certain New York State tax benefits due to the expectation that average assets will exceed $8.0 billion for the 2022 tax year.     

    The Company's banking subsidiary has an investment in a real estate investment trust that provides certain benefits on its New York State tax return for qualifying entities.  A condition to claim the benefit is that the consolidated company has average assets of no more than $8.0 billion for the taxable year.  The Company expects average assets to exceed the $8.0 billion threshold for the 2022 tax year.  As of March 31, 2022, the Company's consolidated average assets, as defined by New York tax law, were slightly under the $8.0 billion threshold.  The Company will continue to monitor the consolidated average assets during 2022 to determine future eligibility. 

    ASSET QUALITY 
    Improved credit quality and improving macroeconomic trends contributed to a lower allowance for credit losses at March 31, 2022, when compared to March 31, 2021. The allowance for credit losses represented 0.83% of total loans and leases at March 31, 2022, down from 0.84% at December 31, 2021, and 0.93% at March 31, 2021. The ratio of the allowance to total nonperforming loans and leases was 139.20% at March 31, 2022, up from 137.51% at December 31, 2021 and 103.38% at March 31, 2021. 

    Provision for credit losses for the first quarter of 2022 was a credit of $520,000 compared to a credit of $1.8 million for the same period in 2021. Net recoveries for the quarter ended March 31, 2022 were $17,000 compared to net recoveries of $180,000 reported for the same period in 2021.   

    Nonperforming assets represented 0.38% as of March 31, 2022, down from 0.40% at December 31, 2021, and 0.59% at March 31, 2021.  At March 31, 2022, nonperforming loans and leases totaled $30.3 million, compared to $31.2 million at December 31, 2021, and $47.7 million at March 31, 2021.   
     
    Special Mention and Substandard loans and leases totaled $135.1 million at March 31, 2022, reflecting improvement from $137.6 million at December 31, 2021, and $185.2 million at March 31, 2021.  The decrease in Special Mention and Substandard loans, compared to the same period prior year, was mainly due to improved asset quality in the hospitality industry as occupancy rates continue to show improvement.  
     
    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 March 31, 2022, total loans that continued in a deferral status amounted to approximately $2.6 million, representing 0.05% of total loans.  At March 31, 2021 total loans in deferral status totaled $195.6 million.  
     
    The Company began accepting applications for PPP loans on April 3, 2020, and continued through the initial program end date in 2020.  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 a total of 5,140 applications totaling $694.1 million in 2020 and 2021.   

    Out of the $694.1 million of PPP loans that the Company funded, approximately $663.9 million have been forgiven by the SBA under the terms of the program as of March 31, 2022.  Total net deferred fees on the remaining balance of PPP loans amounted to $1.0 million at March 31, 2022.
     
    CAPITAL POSITION
    Capital ratios at March 31, 2022 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.23% at March 31, 2022, compared to 14.23% at December 31, 2021, and 14.62% at March 31, 2021. The ratio of Tier 1 capital to average assets was 8.89% at March 31, 2022, compared to 8.72% at December 31, 2021, and 8.89% at March 31, 2021.

    During the first quarter of 2022, the Company repurchased 130,168 common shares at an aggregate cost of $10.4 million. These shares were purchased under the Company's Stock Repurchase Program announced in the third quarter of 2021. 
October 26, 2021 - 6:13pm
posted by Press Release in Tompkins Financial, business.

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.

 

October 26, 2021 - 6:12pm
posted by Press Release in business, Tompkins Financial.

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.

November 3, 2020 - 1:54pm

Submitted photo and press release:

When Thomas A. and Kim M. Cox found out that Genesee Community College intended to move forward with their annual Encore event on Saturday, Dec. 12, despite the obstacles presented by the COVID-19 pandemic, they were intrigued.

"We've always enjoyed working with GCC, including on Encore in the past and we have been supporters of the GCC Foundation and the scholarships it provides for years," said Tom Cox. "We were excited to take on the challenge when the Foundation asked us to return and cochair Encore 2020."

Last month, Kim and Tom, a current member of the GCC Foundation Board of Directors, kicked off the Encore 2020 efforts and got right to work.

The couple excitedly announced that this year's Encore event is being sponsored by Tompkins Financial Advisors, Tompkins Bank of Castile, and Tompkins Insurance Agencies.

"Tompkins has always been community focused, and now more than ever, it's important for organizations to step up and recognize the impact GCC has on its students and our community," said David S. Boyce, Tompkins Insurance president and CEO. "Thank you to GCC for its role in educating our future leaders."

With the support of Tompkins Financial, the GCC Foundation has been able to secure very special performances by the Genesee Symphony Orchestra as well as a special appearance by members of the Genesee Chorale!

Perhaps the newest feature of this year's Encore event will be the venue -- the entire performance will be available online! Visit here for tickets to access the performance from the comfort of one's own home and an extra special offer that will make the evening even brighter!

Join the virtual celebration on Saturday, Dec. 12, at 6 p.m.

To "Be the Light" and sponsor Encore 2020, please complete the online forms here or contact the Foundation Office at (585) 345-6809, or [email protected] today.

The following sponsorships are available:

  • Virtual Table Sponsor – $2,000 Sponsorship includes 10 tickets to the event, program recognition, and dinner for 10 (takeout or gift certificate).
  • Conductor’s Circle Sponsor – $1,000 – Sponsorship includes six tickets to the event, program recognition and dinner for six (takeout or gift certificate).
  • Golden Baton Society Sponsor – $600 – Sponsorship includes four tickets to the event, program recognition and dinner for four (takeout or gift certificate).
  • Inner Circle Sponsor – $300 – Sponsorship includes two tickets to the event, program recognition and dinner for two (takeout or gift certificate).
  • Platinum Patron Ticket – $100 – Ticket includes one ticket to the event, and dinner for one (takeout or gift certificate).
  • Concert Ticket – $50 – Ticket includes admission for one to the event (no dinner).

Area Restaurants Generously Supporting Encore with Dinner Takeout Menus

Alex’s Place – Batavia

Black & Blue – Rochester

Hole In The Wall  – Perry

Yard of Ale – Piffard

Zambistro Restaurant – Medina

April 1, 2020 - 3:36pm

Press release:

In an effort to assist its employees with unexpected financial burdens faced during the current COVID-19 crisis, Tompkins Financial is offering a discount loan program to non-executive Tomkins employees who have encountered increased expenses or decreased income. These include spouse or domestic partner’s job loss, and unexpected costs for elder care or child care.

In addition, Tompkins has instituted a premium of up to 25 percent additional pay for employees whose essential work requires them to be on-site.

“Banks have been deemed to provide an essential service to our customers and communities and this is a way we can show our appreciation to our employees,” said John McKenna, president and CEO. “We understand that while we as a company are fortunate enough to maintain our workforce during this time, our team members may have spouses or partners who experience job loss.

"We also appreciate that they may experience unexpected costs related to the pandemic. We want our team members to know that Tompkins is standing by them in the same way they are standing by our customers.”

The premium pay model will apply to both exempt and non-exempt non-executive employees whose work requires them to report to a Tompkins location to perform essential job duties.

About Tompkins Bank of Castile

Tompkins Bank of Castile is a community bank with 15 offices in the six-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.

March 20, 2020 - 5:34pm
Video Sponsor

Press release:

In an effort to assist current business customers with unexpected financial burdens faced during the current COVID-19 crisis, and on the heels of its recently announced relief for consumer loan customers, Tompkins Financial has implemented a loan assistance program for its eligible commercial clients.

Tompkins’ new Loan Assistance Program provides up to 60 days of deferment for all commercial loans.

“We understand that companies, including our small business customers, are the backbone of the U.S. economy and that they need our support during this critical time more than ever,” said Stephen Romaine, president and CEO. “As a community bank, it is our duty to assist businesses in the best way we can, which includes taking a market-leading position on loan deferment that we hope will inspire others to do the same during this time of unexpected hardship.”

Tompkins announced late Wednesday that it would provide this program as well as loan relief options to retail customers, preceding New York State’s announcement Thursday. Loan customers who are experiencing challenges with loan repayment should contact their banker via phone or email immediately, or reach out to Tompkins’ Customer Care Center at 1-888-300-0110 to review options that may be available to them. 

About Tompkins Financial Corporation

It 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 online.

November 19, 2019 - 3:08pm

Press release:

Genesee Community College Foundation is proud to announce that Tompkins Financial, one of the community's leading financial services companies, is the Benefactor Sponsor of "Encore: An Evening of Elegance," which is scheduled for Saturday, Dec. 7, at 6 p.m. in the Richard C. Call Arena at GCC's Batavia Campus.

The proceeds from Encore, the Foundation's premiere fundraising event, directly benefit the scholarship program at Genesee Community College.

Scholarships recognize academic excellence, keep talented students within the GLOW community, ease financial hardships for students and prepare students for careers in occupations that are critical to this region's growth.

"Tompkins is pleased to be the lead sponsor of this important event and to celebrate the importance of GCC to our community, and its students as our future leaders," said David S. Boyce, Tompkins Insurance president and CEO.

Since its inception nearly 30 years ago, Encore has provided a fun and festive opportunity for the community to gather in the fine spirit of the holiday to raise funds for student scholarships. In 2018, the Foundation awarded more than $145,000 in scholarships to GCC students in financial need.

This year's event is co-chaired by Mary Blevins and Jenna Holota.

With guests wearing their stylish cocktail attire, "An Evening of Elegance" includes the following:

  • Cocktail Hour with DSP Jazz Trio (6 p.m.)
  • Dinner Reception with sensational food stations (7:15 p.m.)
  • Holiday Favorites and Pop Music by Nik and the Nice Guys (8-10 p.m.)
  • Delectable Desserts (8:30 p.m.)

Tickets cost:

  • $1,000 -- Holiday Chord Circle (for six tickets)
  • $600 -- Golden Guitar (for four tickets)
  • $300 -- Inner Circle (for two tickets)
  • $100 -- Platinum Patron (single ticket)

Tickets to attend Encore 2019 are on sale now here, or through the Foundation Office at (585) 345-6809, or [email protected].

April 6, 2017 - 2:04pm
posted by Howard B. Owens in batavia, Oakfield, business, Tompkins Financial.

emilybossetompkins2017.jpgPress release:

Tompkins Insurance Agencies has hired Emily Bosse as an account executive in its Personal Lines division. She is based out of the Tompkins Insurance office at 90 Main St. in Batavia.

In her new role, Bosse will be responsible for building client relationships and identifying methods to mitigate or transfer risk by creating customized insurance solutions for their organizations. She will primarily serve Genesee County and the surrounding communities.

Prior to joining Tompkins, she worked as a logistics associate for Office Max. Bosse obtained her bachelor’s degree from SUNY Brockport and resides in Oakfield.

August 4, 2016 - 12:46pm
posted by Billie Owens in business, Tompkins Financial.

Submitted photo of Brian A. Howard, and press release:

Tompkins Financial announces that Brian A. Howard has been named president of Tompkins Financial Advisors, the wealth management division of the company, with offices in Ithaca, Pittsford and White Plains, New York, and Wyomissing and Blue Bell, Pennsylvania. In addition, he will serve as a member of the leadership team of Tompkins Financial. Howard joined the company on July 25.

Howard brings more than 30 years of leadership experience with nationally recognized financial service firms to his position at Tompkins Financial Advisors. Most recently, he served as a senior vice president, market manager for Key Bank covering the Central New York region, where he oversaw the bank’s full service wealth management division for high net worth clients. At U.S. Trust, Bank of America Private Wealth Management, he held leadership positions including managing director, market executive for the Boston, MA, market and senior vice president, market leader for the Central New York market. There he was responsible for revenue growth, strategic initiatives and building collaborative and top performing teams.

“We are committed to the long-term success of our wealth management division and are pleased Brian will be working with our experienced wealth management team to expand and grow our client base in all of our markets,” said Stephen S. Romaine, president and CEO of Tompkins Financial.

A Syracuse resident, Howard will be based out of the Tompkins Financial Advisors’ Ithaca office.

 “Tompkins Financial has 180 years of solid reputation in the markets it serves, which speaks volumes to the level of commitment and performance the staff provides to its clients and communities,” Howard said. “I’m excited to be a part of Tompkins Financial Advisors and will focus on leading the division to achieve the strategic goals of Tompkins Financial, while continuing to build upon the remarkable Tompkins legacy.”

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.

July 31, 2014 - 10:48am
posted by Howard B. Owens in bank of castile, business, Tompkins Financial.
Jim Fulmer John McKenna

Press release:

After 26 years as president and CEO of Tompkins Bank of Castile, James W. Fulmer is retiring from those roles at the end of this year, but will remain as chairman of the bank’s Board of Directors, said Stephen S. Romaine, president and CEO of Tompkins Financial Corporation, the bank’s parent company.

“Jim has been instrumental in Tompkins Bank of Castile’s growth and success for the last quarter century, growing the bank from five locations with assets of $85 million in two counties, to an influential financial services organization with 17 offices in five counties and $1.2 billion in assets,” Romaine said. 

In addition to remaining as chairman of Tompkins Bank of Castile’s Board of Directors, Fulmer will retain several other corporate roles, including vice chairman of the Tompkins Financial Board of Directors, chairman of the board of Tompkins Insurance Agencies, and member of the boards of Tompkins Financial Advisors, Tompkins Mahopac Bank and Tompkins VIST Bank, all affiliates of Tompkins Financial Corp. 

“My position with Tompkins Bank of Castile has been extremely fulfilling because of the team of employees who are dedicated to providing top quality financial services and serving our Western New York communities,” Fulmer said. “Any success we have accomplished is the result of their combined efforts and the expertise of so many talented coworkers.

“My continued involvement at a strategic level will allow me to assist further growth of our affiliates, but also to enjoy some of the benefits of retirement,” he added. 

Fulmer is active in a variety of professional organizations, including the board of directors of the Federal Home Loan Bank of New York and was recently appointed to the Federal Reserve Bank of New York Community Depository Advisory Council. He actively serves as a member of the board of directors of Erie and Niagara Insurance Association of Williamsville, Cherry Valley Insurance Agencies of Williamsville, the United Memorial Medical Center of Batavia, and is vice chairman of WXXI Public Broadcasting Council of Rochester. 

He and his wife, Marjorie, live in Le Roy. They have three grown children. 

John McKenna Named New President & CEO

The company Board of Directors has named John M. McKenna president and CEO to succeed Fulmer. McKenna has been a senior vice president at Tompkins Bank of Castile for five years, concentrating in commercial lending.

“John has the depth of knowledge of banking, our company’s culture and the Western New York community to continue the bank’s success,” Fulmer said. 

McKenna brought more than 20 years of banking experience to Tompkins Bank of Castile when he joined the organization in 2009. 

A Rochester native, McKenna earned a bachelor’s degree in economics from the University of Rochester in 1988 and his M.B.A. in finance and marketing from the William E. Simon School of Business Administration in 1992. 

He resides in Brighton with his wife, Martha, and their four children. Active in the community, he is a board member of the Bishop's Stewardship Council for the Diocese of Rochester, Medical Motor Service of Rochester and Monroe Community Hospital Foundation, and treasurer of Al Sigl Community of Agencies.

Tompkins Bank of Castile is headquartered in Batavia, where McKenna will have his office.

October 23, 2008 - 8:29am
posted by Philip Anselmo in wbta, economy, Tompkins Financial.

WBTA's Dan Fischer reports this morning that as some of the nation's largest financial institutions have floundered in recent weeks, upsate financiers Tompkins Financial Corp. have reported record earnings. Reported third-quarter earnings for the parent company of Tompkins Insurance and Bank of Castile are up 16 percent over last year's figures. A statement issued by the company cites their "high standards for risk management" as one of the reasons for the solid performance in tough times.

In other news, the Genesee County Legislature tabled a decision to purchase 238 acres in the town of Pembroke. Such a decision would permit the county to borrow up to $5 million for the purchase that would use the land for economic development. All that was said of the measure was that "we need more time," and most of the discussion was had during an executive session.

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