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Overview of Tompkins Financial Corp
Tompkins Financial Corp is a historic and multifaceted financial holding company based in New York State, with rich heritage spanning over 175 years. The company operates through a diversified business model centered on community banking, insurance services, and wealth management. Recognized for its commitment to high quality financial products and client service, Tompkins Financial delivers tailored solutions designed to meet the varied needs of its customers in local communities and beyond. Its long-standing mission is built on a foundation of responsible growth, reinvestment in local economies, and the creation of enduring value for its clients, communities, and shareholders.
Business Segments and Core Services
Tompkins Financial Corp operates across three primary segments, where each plays a vital role in the company’s diverse portfolio:
- Banking: This segment is the cornerstone of the company’s revenue generation, providing both commercial and consumer banking services. Through its network of community banks, Tompkins offers a comprehensive range of financial products including deposit services, lending, and specialized local banking solutions. The approach is deeply rooted in supporting local families, businesses, and community organizations by reinvesting deposits as loans, thereby reinforcing economic growth at the grassroots level.
- Insurance: The insurance arm delivers property and casualty insurance products as well as employee benefits consulting. This range of services is designed to help customers mitigate risk and safeguard their assets. The insurance segment is structured to provide both individuals and businesses with the necessary tools to manage uncertainties without compromising on quality or coverage.
- Wealth Management: The wealth management division encompasses a variety of services such as trust operations, financial planning, and investment management. Clients benefit from a personalized approach to cultivating and preserving wealth, with advisory services tailored to long-term financial goals. This segment integrates robust financial planning with strategic investment insights, serving a broad spectrum of client financial needs.
Community Focus and Strategic Commitment
At the heart of Tompkins Financial Corp’s operations is a genuine commitment to local communities. By channeling deposits into loans for local families and businesses, the company actively participates in regional economic development. This community focus is further emphasized by the company’s reinvestment strategies and support for local organizations. Such a model not only fuels local economic growth but also reinforces trust and long-term relationships with customers and community stakeholders.
Industry Position and Market Differentiation
Tompkins Financial Corp stands out in a competitive industry by prioritizing a balanced and methodical approach to financial services. Unlike larger, impersonal banks, its operations are heavily community-driven, allowing more personalized service and a nuanced understanding of local markets. The company’s diversified offerings across banking, insurance, and wealth management enable it to serve a broad range of financial needs while maintaining an agile structure that is responsive to market changes within its niche. Analysts acknowledge the sustained performance and the strategic focus on quality customer service, which are fundamental to its recognized status among financial holding companies.
Operational Excellence and Client Value
The operational excellence of Tompkins Financial Corp is closely tied to its longstanding tradition of balancing risk with responsible growth. The company employs a detailed risk management strategy that encompasses prudent lending practices and sustainable investment approaches. This methodology not only secures the financial stability of the organization but also fosters a stable and secure environment for its clients. By leveraging its expertise in all three segments, the company meets the diverse needs of its clientele by consistently delivering well-integrated and thoughtfully curated financial solutions.
Detailed Service Offering and Expertise
Delving into the specifics, Tompkins Financial Corp’s service repertoire includes:
- Commercial and Consumer Banking Products: A full suite of services to facilitate day-to-day financial operations for both individuals and businesses.
- Leasing and Lending Solutions: Programs designed to support local business expansions and individual financial progress.
- Trust and Investment Management: Expertise that helps clients grow and protect their wealth through diversified strategies and personalized financial planning.
- Insurance Offerings: Comprehensive property and casualty coverage, coupled with employee benefit programs, to manage risk effectively.
The company combines traditional community banking principles with modern financial strategies to deliver a secure and dynamic business model. Its integrated approach enables clients to access a wide variety of financial solutions under one roof, ensuring consistency, security, and reliability in service provision.
Commitment to Quality and Localized Expertise
Tompkins Financial Corp upholds a commitment to quality that is evident in every facet of its operation. With an emphasis on transparent business practices and a deep understanding of local market dynamics, the company bridges the gap between traditional financial services and modern banking needs. The emphasis on localized expertise means that every product or service is backed by tailored insights, ensuring that customer requirements are met with the highest level of professionalism and care.
Conclusion
In summary, Tompkins Financial Corp is not just a financial holding company; it is a trusted partner in financial wellbeing with a diverse range of services tailored for the community. Its robust business model across banking, insurance, and wealth management, coupled with an enduring commitment to local economic development, has cemented its reputation as a conscientious and capable institution. By adhering to stringent quality and risk management standards, Tompkins Financial continues to provide essential financial services that empower its customers and contribute to the stability of the communities it serves.
Tompkins Community Bank has named
This announcement represents a milestone in the bank's executive leadership, as it marks the first time three of the four market president roles are filled by women. Both leaders are expected to enhance client engagement and community relations while driving growth in their regions.
Tompkins Financial Corporation (NYSE American:TMP) has declared a quarterly cash dividend of
Tompkins Financial Corporation (NYSE American: TMP) reported a diluted EPS of $1.36 for Q4 2022, marking a 2.3% increase from Q4 2021. Net income remained unchanged at $19.5 million. For the year, diluted EPS fell by 2.6% to $5.89, with total net income of $85 million, reflecting a $4.2 million decline year-over-year. The drop was largely due to reduced net deferred loan fees from $11.2 million in 2021 to $3 million in 2022 and a shift from credit recoveries to a $2.8 million credit loss expense. The sale of VISA Class B shares yielded an $11.4 million gain, while available-for-sale securities incurred an $11.9 million loss. Total loans increased to $5.3 billion, while total deposits dropped to $6.6 billion.
Tompkins Financial Corporation (NYSE American: TMP) announced a quarterly cash dividend of $0.60 per share, set to be paid on November 15, 2022, to shareholders on record as of November 8, 2022. This marks a 5.3% increase from the previous quarter's dividend of $0.57 per share. The company operates within the banking and financial services sector, serving various regions in New York and Pennsylvania.
Tompkins Financial Corporation (TMP) reported a diluted EPS of $1.48 for Q3 2022, a slight increase from $1.45 in Q3 2021. Net income remained stable at $21.3 million, while year-to-date EPS decreased by 4% to $4.53, with a net income of $65.5 million, down 6.2% from 2021. The variance is primarily due to a provision for credit losses of $1.4 million in 2022, compared to a credit of $6.1 million in 2021. Total loans grew at an annualized rate of 3.8%, with total deposits at $6.9 billion, up 2.5% from the prior quarter.
Tompkins Financial Corporation (NYSE American: TMP) reported diluted earnings per share of $1.45 for Q2 2022, an 8.6% decline in net income to $20.9 million compared to Q2 2021. The decrease is largely attributed to a variance in provision for credit losses. Year-to-date EPS was $3.05, down 6.4% from the previous year. However, total revenue rose by 4.8% year-on-year, driven by an improved net interest margin of 3.09%. Total loans increased by $99.1 million, and nonperforming asset levels declined. Capital ratios remain above regulatory minimums.
Tompkins Financial Corporation (NYSE American: TMP) has announced a regular quarterly cash dividend of $0.57 per share. This dividend is scheduled for payment on August 12, 2022 to shareholders of record as of August 2, 2022. The dividend reflects the company’s ongoing commitment to returning value to its shareholders while continuing to serve the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania.
Tompkins Financial Corporation (NYSE American:TMP) has declared a quarterly cash dividend of
Tompkins Financial Corporation (NYSE: TMP) reported a diluted EPS of $1.60 for Q1 2022, a 7.0% decrease from $1.72 in Q1 2021. Net income fell 9.2% to $23.3 million, impacted by reduced income from PPP loans. Total loans slightly decreased to $5.1 billion, with nonperforming loans dropping to $30.3 million, or 0.60% of total loans. However, total deposits increased by 3.3% to $7.0 billion. The net interest margin improved to 3.04%, and net interest income rose to $56.6 million. The effective tax rate increased to 23.1% due to anticipated loss of New York State tax benefits.
Tompkins Financial Corporation (NYSE American:TMP) has declared a quarterly cash dividend of
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