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tompkins financial corporation

April 30, 2019 - 5:23pm
posted by Billie Owens in business, tompkins financial corporation.

Press release:

ITHACA -- Tompkins Financial Corporation (NYSE American: TMP), parent company of Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors, has reported record year-to-date and second quarter earnings.

The company also has announced that its Board of Directors approved payment of a regular quarterly cash dividend, and has authorized a new stock repurchase program.

Tompkins Financial Corporation announced Monday that its Board of Directors approved payment of a regular quarterly cash dividend of $0.50 per share, payable on May 15, 2019, to common shareholders of record on May 7, 2019.

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, 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.

Tompkins Financial Corporation reported net income of $21.0 million for the first quarter of 2019, an increase of 3.0 percent from the $20.4 million reported for the same period in 2018. Diluted earnings per share were $1.37 for the first quarter of 2019, a 3.0 percent increase from $1.33 reported for the first quarter of 2018.

President and CEO Stephen S. Romaine said “We are excited to start 2019 with the best first quarter in our Company's history. Growth in loans and deposits, higher fee income, and improved credit quality all contributed to the improved results in 2019.

"During the quarter we celebrated the grand opening of our office in Amherst. This is our first office in the Buffalo market and provides banking, wealth management and insurance services."

Selected highlights for first quarter:

•      Diluted earnings per share of $1.37 represent the best first quarter in Company history, and are up 3.0 percent over the same period in 2018

•      Total loans of $4.8 billion were up 1.8 percent over the same period in 2018

•      Total deposits of $5.0 billion reflect an increase of 1.2 percent over the same period last year

•      Total nonperforming loans were down 8.9 percent compared to the same period last year, and down 13.6 percentfrom Dec. 31, 2018

•      Tangible book value per share is up 14.4 percent from the first quarter of 2018 and reflects the fifth consecutive quarterly increase

NET INTEREST INCOME

The net interest margin was 3.34 percent for the first quarter of 2019, flat compared to the fourth quarter of 2018, and is down from 3.42 percent for the first quarter of 2018. The net interest margin in the prior year benefited from reduced interest expense associated with accelerated accretion of purchase accounting related to certain acquired deposits.

Net interest income of $51.9 million for the first quarter of 2019 decreased by 1.5 percent compared to the same period in 2018, and was down 2.5 percent compared to the fourth quarter of 2018. The decrease in net interest income over prior year was mainly due to higher cost on interest-bearing deposits, which was largely driven by the higher market interest rate environment.

NONINTEREST INCOME

Noninterest income represented 27.2 percent of total revenues in the first quarter of 2019, compared to 25.3 percent in the same period in 2018, and 23.9 percent for the most recent prior quarter. Noninterest income of $19.4 million was up 8.8 percent compared to the same period last year, and down 2.3 percent compared to the fourth quarter of 2018. Insurance revenue was the largest contributor to noninterest income and reflected an increase of 8.8 percent over the same period last year. Noninterest income also included a one-time incentive payment of $500,000 (pre-tax) related to our card services business in the first quarter of 2019.

NONINTEREST EXPENSE

Noninterest expense was $44.2 million for the first quarter of 2019, which was up 1.1 percent from the same period in 2018, and down 6.4 percent compared to the fourth quarter of 2018. The increase in noninterest expense from the same period last year was mainly related to higher salaries and wages in the first quarter of 2019. The decline from the most recent prior quarter was primarily due to higher cost in the fourth quarter of 2018 for professional fees, primarily related to investments in strengthening the Company’s compliance and information security infrastructure.

INCOME TAX EXPENSE

The Company’s effective tax rate was 21.0 percent in the first quarter of 2019, compared to 22.0 percent for the same period in 2018.

ASSET QUALITY

Asset quality trends remained strong in the first quarter of 2019. Nonperforming assets represented 0.36 percent of total assets at March 31, 2019, down from 0.42 percent at Dec. 31, 2018. Nonperforming asset levels continue to be below the most recent Federal Reserve Board Peer Group Average1of 0.59 percent.

Provision for loan and lease losses was $445,000 for the first quarter of 2019, down from $567,000 reported for the first quarter of 2018, and $1.6 million reported for the fourth quarter of 2018. Net charge-offs for the first quarter of 2019 were $3.5 million compared to $127,000 reported in the first quarter of 2018. The first quarter of 2019 included a write-down on one large credit in the commercial real estate portfolio, the credit did have an impairment reserve at Dec. 31, 2018.

The Company’s allowance for originated loan and lease losses totaled $40.2 million at March 31, 2019, and represented 0.89 percent of total originated loans and leases at March 31, 2019, compared to 0.91 percent at March 31, 2018, and 0.95 percent at Dec. 31, 2018. The total allowance coverage of nonperforming loans and leases increased to 175.50 percent at March 31, 2019, up from 159.34 percent at March 31, 2018, and 163.25 percent at Dec. 31, 2018.

CAPITAL POSITION

Capital ratios remain well above the regulatory well capitalized minimums. The ratio of tangible common equity to tangible assets was 8.24 percent at March 31, 2019, improved from the 7.81 percent reported for the most recent prior quarter ended Dec. 31, 2018, and 7.29 percent at March 31, 2018.

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. Tompkins Financial operates in Western New York as Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors. Further information is available at www.tompkinsfinancial.com

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. Further information about the bank is available on its website, www.bankofcastile.com.

Tompkins Insurance Agencies Inc., offers personalized service, local decision-making and a broad range of services for consumers and businesses. It is an independent insurance agency offering personal and business insurance and employee benefits services through more than 50 different companies. The firm operates six offices in central New York, 16 offices in Western New York and seven offices in Southeast Pennsylvania. Further information is available at www.tompkinsins.com.

Tompkins Financial Advisors is the wealth management firm of Tompkins Financial Corporation. With more than a century of experience in helping clients to build, protect, and preserve wealth, Tompkins Financial Advisors provides financial planning, investment management, trust services and estate administration. For more information, visit www.tompkinsfinancialadvisors.com.

March 29, 2019 - 6:07pm
posted by Billie Owens in tompkins financial corporation, business, news, Milestones.

Press release:

Tompkins Bank of Castile is celebrating its 150th anniversary this spring. Together with our partners at Tompkins Insurance Agencies, and Tompkins Financial Advisors, we plan to acknowledge this important milestone in a number of ways and at several key events throughout the year.

The anniversary celebrations will kick off at the original Tompkins Bank of Castile branch on May 1 and continue at the bank’s annual WNY informational shareholders meeting on May 14 at 5:30 p.m. at the Genesee Country Village and Museum in Mumford.

A century and a half is certainly a long time, but it’s even more impressive when you consider that fewer than 5 percent of the banks currently operating today in the United States have been around as long as Tompkins Bank of Castile. What’s even more impressive is that Tompkins’ mission and values have remained the same, allowing us to consistently perform at a level ranking among the best in the industry. 

“For years, we’ve taken great pride in supporting the communities where we operate,” says John McKenna, president and CEO of Tompkins Bank of Castile. “We look forward to serving our customers for the next 150 years.”

Tompkins Financial Corporation is committed to creating long-term value for its clients, communities, and shareholders. Based in Batavia, Tompkins Bank of Castile serves the GLOW (Genesee, Livingston, Orleans and Wyoming counties and beyond), Rochester, and recently expanded into Buffalo with the opening of the new Amherst location.

“We believe in the power of the local people working together to help our communities grow and thrive,” McKenna continued.

Since 1869, Tompkins has valued its employees and invested in the communities they serve by volunteering and donating to charities, nonprofits and civic organizations.

The Bank is a subsidiary of Tompkins Financial Corporation, which is also parent company to Tompkins Trust Company, Tompkins Mahopac Bank, Tompkins Insurance Agencies and Tompkins Financial Advisors.

Together, Tompkins operates a total of 65 banking offices serving throughout New York and Pennsylvania. The Corporation as a whole takes pride in providing its clients with the highest-quality financial products and exceptional service.

March 17, 2018 - 3:24pm
posted by Billie Owens in tompkins financial corporation, business.

Press release:

Tompkins Financial Corporation recently hosted a recognition luncheon to honor the significant career milestones reached by several of its employees across Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors.

For 11 employees, 2017 marked milestones of 20 years or more working at Tompkins, including two who celebrated their 40-year anniversary with the company. 

40-Year Milestones

Frank Vitagliano, a senior vice president at Tompkins Insurance Agencies, began his insurance career in 1977 when he joined his family-owned insurance business. He operated the business for 18 years before combining it with Austin, Hardie, Wise. In 2001, the business became part of Tompkins Financial and a newly-formed entity: Tompkins Insurance Agencies. Vitagliano was an original board member of Tompkins Insurance Agencies, until his retirement in 2017. Among other roles, Vitagliano served as the chief operating officer of Tompkins Insurance Agencies for several years. During his career, he has been very active on numerous civic organizations, including serving as the vice president of the Wyoming County Community Health System Board of Managers and as a councilman for the Town of Castile. Vitagliano resides in Silver Lake and winters in Ft. Myers Beach, Fla.

Cathy LaDuca is an account manager for the Core Business Unit of Tompkins Insurance Agencies and began her career working in the Alden office as a personal lines and small commercial account manager. She worked in Alden for 25 years before transferring to the Attica branch. After two years in Attica, she moved to the Tompkins Insurance Agencies headquarters in Batavia and became the commercial lines marketing specialist. LaDuca resides in Alden.   

30-Year Milestones

Anthony Gugino is executive vice president and senior wealth advisor for Tompkins Financial Advisors, where he works with clients to identify financial strategies that address their specific needs. Gugino joined AM&M Financial Services in 1987 and became a shareholder of the firm, which was acquired by Tompkins Financial Corporation in January 2006. Gugino is committed to community service and helps fund a scholarship at St. John Fisher’s College. Gugino resides in Pittsford.

Janice Donovan is a wealth management assistant for Tompkins Financial Advisors. Her responsibilities include account administration, performance report preparation, client service, and providing support to wealth advisors.

As a Registered Paraplanner (RP®) and Accredited Asset Management Specialist (AAMS®), Donovan is certified by the College for Financial Planning. She resides in Brighton.

25-Year Milestones

Don Herman is the chief financial officer and treasurer for Tompkins Insurance Agencies and works in the Batavia office. Herman started his career in the field of public accounting, and in 1992 joined the Austin, Hardie, Wise agency in Attica as a controller. The firm was later acquired by Tompkins in 2001. He resides in Attica.

Lee Landowski-Rice is a commercial credit services associate for Tompkins Bank of Castile. Landowski-Rice’s current role at the bank includes working with customers, branch managers and staff on a daily basis. She started out as a teller in the Perry branch and has worked in collections, consumer direct and indirect lending. Landowski-Rice resides in Perry.

20-Year Milestones 

Additionally, four employees celebrated 20th anniversaries with the company in 2017: 

  • Lisa Townes, BSA/AML and security officer at Tompkins Bank of Castile;
  • Donna Hummel, commercial insurance account manager at Tompkins Insurance Agencies;
  • Joan Johnston, assistant branch manager, Tompkins Bank of Castile in Avon;
  • Anna Rumfola, senior teller, Tompkins Bank of Castile in Avon.

# # #

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. Tompkins Financial operates in Western New York as Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors. Further information is available at www.tompkinsfinancial.com

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. Further information about the bank is available on its website, www.bankofcastile.com.

Tompkins Insurance Agencies operates 17 offices in Western New York. It is an independent insurance agency offering personal and business insurance and employee benefits services through more than 50 of the nation’s leading insurance carriers. Further information is available at www.tompkinsins.com.

Tompkins Financial Advisors is the wealth management firm of Tompkins Financial Corporation. With more than a century of experience in helping clients to build, protect, and preserve wealth, Tompkins Financial Advisors provides financial planning, investment management, trust services and estate administration. For more information, visit www.tompkinsfinancialadvisors.com.

December 9, 2017 - 3:52pm
posted by Billie Owens in tompkins financial corporation, business.

Press release:

Tompkins Financial Corporation has named Abby Peterson as Marketing Communications Manager.

Peterson will be responsible for overseeing the marketing communications efforts for Tompkins Financial’s four community banks: Tompkins Bank of Castile in Western NY, Tompkins Trust Company in Central NY, Tompkins Mahopac Bank in the Hudson Valley, and Tompkins VIST Bank in Southeastern Pennsylvania. She will be based in the company’s Ithaca headquarters.

“Abby's experience in the marketing industry, her time with Tompkins Financial and her deep commitment to our communities and customers will allow her to excel in this roll," said Susan Valenti, EVP, Marketing, Sales and Service. "I look forward to her continued contribution to our organization."

Prior to joining Tompkins as a Marketing Communications Business Partner in 2016, Peterson served as a marketing and public relations specialist at Hagan Associates in Vermont, where she planned and managed marketing and public relations initiatives for multiple clients. She received her bachelor’s degree in Integrated Marketing Communications from Ithaca College in 2011 and has resided in Ithaca with her wife since 2013.

Peterson is an active member in the community and serves on the Downtown Ithaca Alliance Board of Directors and marketing committees, and the Historic Ithaca Development Committee. She is also a Leadership Tompkins Graduate, and Fab5 Planning Committee Member/Tompkins Trust Company Representative.

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, 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.

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