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tompkins financial corporation

July 24, 2020 - 2:14pm

Press release:

ITHACA -- Tompkins Financial Corporation (NYSE American: TMP), parent company of Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors, today 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 of $0.52 per share, payable on Aug. 14, to common shareholders of record on Aug. 3, 2020, and has authorized a new stock repurchase program.

Tompkins Financial Corporation reported diluted earnings per share of $1.44 for the second quarter of 2020, up 13.4 percent compared to $1.27 reported in the second quarter of 2019. Net income for the second quarter of 2020 was $21.4 million, compared to $19.4 million reported for the same period in 2019. 

For the year-to-date period ended June 30, 2020, diluted earnings per share were $1.97, down 25.1 percent from the same period in 2019. Year-to-date net income was $29.4 million, down from $40.4 million, for the same period in 2019. Results for the 2020 year-to-date period were negatively impacted by economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.

"We are pleased to report strong financial results for the quarter despite a very challenging business climate," said Stephen S. Romaine, president & CEO. "Although the longer term impact of the pandemic and related economic conditions are still unknown, there have been several recent positive trends noted with certain national economic indicators, such as reduced levels of unemployment, improving retail sales and improving consumer confidence.

"At Tompkins, we have seen several positive trends as well, with very strong mortgage application volumes in the second quarter, higher levels of debit card spending, and favorable credit quality measures when compared to last quarter. We are encouraged by some of these recent favorable trends, though the recent rise in COVID-19 cases nationally makes it clear that much uncertainty remains. We will remain vigilant in monitoring risk trends as we navigate these challenging times.”  

For full details, you can access the online versions through the links below.

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.

May 1, 2020 - 12:18pm
posted by Billie Owens in business, tompkins financial corporation, covid-19.

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 first quarter earnings.

Tompkins Financial Corporation Reports Cash Dividend

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on May 18, 2020, to common shareholders of record on May 11, 2020.

Tompkins Financial Corporation Reports First Quarter Earnings

Tompkins Financial Corporation announced net income attributable to common shareholders of $7.9 million, or $0.53 per diluted common share for the first quarter of 2020, compared to $21.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Results for the first quarter of 2020 were negatively impacted by current economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the quarter under the new current expected credit losses (CECL) accounting standard. Refer to "Asset Quality" section for further discussion of the impact on the Company's financial statements upon adoption of this new accounting guidance.

"These are clearly unprecedented times for our country and our communities. I am extremely proud of the exceptional way the Tompkins team has stepped up to the current environment by addressing the specific challenges of our clients and communities who are facing hardships due to the COVID-19 pandemic. Though these are unprecedented times, Tompkins enters this environment well prepared to face the many challenges and difficulties we are all dealing with as a result of the pandemic. Over recent years, we have invested significantly in digital technologies to improve capabilities that allow our customers to bank remotely. We have also invested significantly in our internal systems, which allowed nearly 100 percent of our non-retail employees to transition quickly and securely to remote working environments with limited disruption to our business. Furthermore, we entered 2020 with a strong financial position, coming off a year of record earnings per share in 2019, and with our 2019 Risk Based Capital Ratio at its highest level since 2014."

SELECTED HIGHLIGHTS FOR THE FIRST QUARTER:

Despite the decline in earnings from the prior year, there were several favorable trends noted during the first quarter of 2020, including:

•       Total loans of $4.9 billion were up 3.1 percent over March 31, 2019

•       Total deposits of $5.4 billion increased by 8.4 percent over March 31, 2019

•       Noninterest bearing deposits of $1.4 billion increased by 5.6 percent over March 31, 2019

•       Net interest margin was 3.44 percent for the first quarter of 2020, up from 3.34 percent for the first quarter of 2019, and 3.43 percent for the fourth quarter of 2019

NET INTEREST INCOME

Net interest margin was 3.44 percent for the first quarter of 2020, up compared to the 3.34 percent reported for the first quarter of 2019, and 3.43 percent for the trailing quarter ended Dec. 31, 2019. The improved net interest margin year-over-year was largely driven by lower other borrowing balances and funding costs, primarily in other borrowings. Net interest income of $53.0 million for the first quarter of 2020 was up 2.0 percent compared to the first quarter of 2019.

NONINTEREST INCOME

Noninterest income represented 26.4 percent of total revenues in the first quarter of 2020, compared to 27.2 percent in the first quarter of 2019. Noninterest income of $19.0 million was down 2.3 percent compared to the same period in 2019. Noninterest income in the first quarter of 2019 included a one-time incentive payment of $500,000 (pre-tax) related to our card services business.

NONINTEREST EXPENSE

Noninterest expense was $45.7 million for the first quarter of 2020, which was up 3.5 percent from the same period in 2019, and in line with the fourth quarter of 2019. The increase in noninterest expense from the same period last year was mainly related to higher salaries and wages in the first quarter of 2020, largely reflective of merit increases awarded in 2019.

 INCOME TAX EXPENSE

The Company's effective tax rate was 19.4 percent in the first quarter of 2020, compared to 21.0 percent for the same period in 2019.

ASSET QUALITY

Asset quality trends remained strong in the first quarter of 2020. Nonperforming assets represented 0.46 percent of total assets at March 31, 2020, down slightly from 0.47 percent at Dec. 31, 2019. Nonperforming asset levels continue to be below the most recent Federal Reserve Board Peer Group Average1of 0.56 percent.

Net charge-offs for the first quarter of 2020 were $1.2 million compared to $3.5 million reported in the first quarter of 2019. Net charge-offs of $1.2 million in the first quarter of 2020 was largely related to a single credit, while the first quarter of 2019 included a $3.1 million write-down of one credit, both in the commercial real estate portfolio.

The Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), effective Jan. 1, 2020. The Company recorded a net increase to retained earnings of $1.7 million upon adoption of the new standard. The transition adjustment at Jan. 1, 2020 included a $2.5 million decrease in the allowance for credit losses on loans, and a $0.4 million increase in the allowance for credit losses on off-balance sheet credit exposures, net of the corresponding $0.4 million decrease in deferred tax assets. The provision for credit losses for the first quarter of 2020 was $16.3 million, increasing the allowance for credit losses to $52.4 million at March 31, 2020. The increase in the first quarter of 2020 was not a direct result of specific credit risks currently identified in the loan portfolio; rather, the increase was largely a result of the impact of the current economic shutdown related to COVID-19 on economic forecasts and other model assumptions relied upon by management in determining the allowance.

The allowance for credit losses represented 1.06 percent of total loans and leases at March 31, 2020, compared to 0.81 percent at Dec. 31, 2019, and 0.84 percent at March 31, 2019. The ratio of the allowance to total nonperforming loans and leases was 170.74 percent at March 31, 2020, compared to 126.90 percent at Dec. 31, 2019, and 175.51 percent at March 31, 2019.

CAPITAL POSITION

Capital ratios remained well above the regulatory minimums for well capitalized institutions. The ratio of Tier 1 capital to average assets was 9.53 percent at March 31, 2020, down slightly from 9.61 percent at December 31, 2019, and improved from 9.24 percent at March 31, 2019. Consistent with the Company's capital planning practices, during the quarter ended March 31, 2020, the Company repurchased 71,288 shares of common stock at an average price of $78.83 per share. On March 19, 2020, following the announcement of the national emergency related to the COVID-19 pandemic, the Company suspended the purchase of shares under the Company’s share repurchase program. During the quarter ended Dec. 31, 2019, the Company repurchased 35,821 shares of common stock at an average price of $80.25 per share. There were no shares repurchased during the first quarter of 2019.

IMPACT OF, AND RESPONSE TO, COVID-19 PANDEMIC

Economic Environment

The COVID-19 outbreak has led to government-mandated closures and stay at home orders across the nation, which have resulted in deteriorating economic conditions throughout the U.S. The various government orders issued in response to the pandemic are significantly impacting the U.S. labor market, consumer spending and business investments. During March 2020, in response to the deteriorating economic conditions, the Federal Reserve reduced the federal funds rate 1.5 percentage points, to .00 to .25 percent. The Federal Reserve also provided a pandemic-related stimulus package estimated at $4.0 trillion, in order to ease the stress on financial markets. In addition, the United States Congress passed the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), which would provide approximately $2.5 trillion of support to U.S. citizens and businesses affected by COVID-19.

Company Response

During the first quarter of 2020, the Company designated a Pandemic Planning Committee, made up of members of Senior Management, to oversee the Company’s response to COVID-19. The Company implemented a number of risk mitigation measures designed to protect our employees and customers, while maintaining services for our customers and community. These measures included restrictions on business travel and establishment of a remote work environment for all non-customer facing employees. The Company also implemented drive-up only or by appointment only operations across its branch network.

Currently, over 85 percent of our workforce is working remotely and we have imposed social distancing restrictions and provided premium pay for those employees who are required to be on premise to complete essential on-site functions. Due to the significant uncertainty of the current economic climate, and the Company's ongoing response to the pandemic and related shutdowns, annual pay increases for our Company's executive officers (which is comprised of our Senior Leadership Team members) have been deferred indefinitely.

As previously announced, Tompkins has initiated and participated in a number of credit initiatives to support employees and customers who have been impacted by the shutdown associated with the COVID-19 pandemic. For non-executive employees affected by COVID-19, the Company implemented a low interest loan program. The Company also implemented a payment deferral program to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19. The current standard program allows for the deferral of loan payments for up to 90 days and customers will be able to request a payment deferral until the middle of May 2020. As of April 20, 2020, the Company had granted payment deferral requests for approximately 2,800 loans to individuals and businesses.

The Company is participating in the U.S. Small Business Administration (SBA) Paycheck Protection Program (“PPP”). This program provides borrower guarantees for lenders, as well as loan forgiveness incentives for borrowers that utilize the loan proceeds to cover employee compensation-related expenses and certain other eligible business operating costs, all in accordance with the rules and regulations established by the SBA. The Company began accepting applications for PPP loans on April 3, 2020, and has approved approximately 2,900 loans totaling about $500 million.

Mr. Romaine added, “We enter the second quarter of 2020 in a period of significant uncertainty surrounding the COVID-19 pandemic and related economic shut-downs. Our long held philosophy of maintaining Tompkins as a sustainable high performing company, supported with prudent risk management practices, is now more important than ever. We believe our healthy capital and liquidity positions will provide flexibility to respond to current challenges. The overall impact of COVID-19 on our consolidated results of operations for the three months ended March 31, 2020 was limited, with the exception of our provision for credit losses. We did see some slowdown toward the end of the first quarter in other areas of our business, including reduced transaction volumes in our card services business, a decrease in wealth management fees due to the decline in financial markets, and decreases in certain other fee related income. However, the extent to which the COVID-19 pandemic will affect our business, results of operation and financial condition going forward is difficult to predict and depends on numerous evolving factors.”

There is currently a great deal of uncertainty regarding the length of the COVID-19 pandemic and the efficacy of the extraordinary measures being put in place to address it. If efforts to contain COVID-19 are not as successful as anticipated, if restrictions on movement last into the third quarter or beyond, or if the federal government's economic stimulus packages are ineffective or delayed, the current economic downturn will likely be much longer and much more severe. The deeper the economic downturn is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. Similarly, an extended global recession due to COVID-19 would weaken the U.S. recovery and damage business fundamentals. As a result, the pandemic and its consequences, including responsive measures to manage it, have negatively impacted, and may continue to negatively impact, demand for and profitability of our products and services, the valuation of our assets, the ability of borrowers to satisfy obligations, and our ability to meet the needs of our customers, all of which could have a material adverse effect on our business and financial performance.

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.

January 31, 2020 - 12:59pm
posted by Billie Owens in tompkins financial corporation, business.

Press release:

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

Tompkins Financial Corporation 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. This program replaces the company's existing 400,000 share repurchase program announced on July 20, 2018.

The new stock repurchase program is expected to be completed over the next 24 months.

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.

"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.

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.

July 19, 2019 - 4:10pm
posted by Billie Owens in business, tompkins financial corporation, TMP.

ITHACA -- Tompkins Financial Corporation (NYSE American: TMP) announced today that its Board of Directors approved payment of a regular quarterly cash dividend of 50-cents per share, payable on Aug.15 to common shareholders of record on July 30, 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.

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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