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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 Financial Corporation (TMP) reported record diluted earnings per share of $6.05 for the year ended December 31, 2021, marking a 16.4% increase from 2020. Net income rose to $89.3 million, up $11.7 million year-over-year. However, Q4 diluted EPS dropped 17.4% to $1.33, with net income decreasing $4.5 million to $19.5 million, largely due to a higher provision for credit losses. Total loans declined to $5.1 billion, influenced by a fall in PPP loans. Nonperforming loans improved, dropping to 0.61% of total loans.
The Board of Directors of Tompkins VIST Bank has announced the retirement of Scott L. Gruber, who served as president and CEO for nearly nine years. Ginger G. Kunkel will succeed Gruber, currently serving as COO, ensuring a smooth transition. Gruber's leadership strengthened the bank and enhanced shareholder value. Additionally, Gary Moyer, the chief lending officer, will retire in 2022, with James Whitton taking over. Tompkins Financial Corporation, the bank's parent company, operates in the Central and Western New York and Southeastern Pennsylvania regions, providing diverse financial services.
Tompkins Financial Corporation (NYSE American: TMP) has declared a quarterly cash dividend of $0.57 per share, to be paid on November 15, 2021, for shareholders of record on November 2, 2021. This marks a 5.6% increase compared to the previous quarter's dividend. The company, headquartered in Ithaca, NY, serves the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania. Additionally, Tompkins Financial is merging its banking subsidiaries into a single entity named Tompkins Community Bank.
Tompkins Financial Corporation (NYSE American: TMP) reported diluted earnings per share of $1.45 for Q3 2021, down from $1.63 in Q3 2020. Net income decreased to $21.3 million from $24.2 million YoY, affected by $4.1 million in nonrecurring expenses. Year-to-date EPS increased 31.5% to $4.72. Net interest income rose to $56.1 million from the previous quarter. Noninterest income grew 10.4% YoY. Total loans decreased to $5.1 billion, driven by a decline in PPP loans. The company announced a new stock repurchase program for 400,000 shares.
Tompkins Financial Corporation (NYSE American: TMP) reported diluted earnings per share of $1.54 for Q2 2021, a 6.9% increase from $1.44 in Q2 2020. Net income rose to $22.8 million from $21.4 million year-over-year. For the first half of 2021, EPS increased 65.5% to $3.26, with net income of $48.5 million, up 64.9%. Although the net interest margin narrowed to 2.91%, total deposits grew 7.2% to $6.8 billion. Noninterest income also rose 9.8% to $18.9 million. The company continues to show strong earnings trends despite challenges in the current interest rate environment.
Tompkins Financial Corporation (TMP) has declared a quarterly cash dividend of $0.54 per share, set to be paid on August 13, 2021, to shareholders on record as of August 3, 2021. The company operates multiple financial services across New York and Pennsylvania and is preparing for a significant rebranding. This involves merging its banking subsidiaries into a single entity named Tompkins Community Bank, pending regulatory approval. For further details, visit www.tompkinsfinancial.com.
Tompkins Financial Corporation (TMP) has declared a quarterly cash dividend of $0.54 per share, scheduled for payment on May 17, 2021. Shareholders on record as of May 11, 2021, will be eligible for this dividend. The corporation provides financial services across New York's Central, Western, and Hudson Valley regions, as well as southeastern Pennsylvania. Its subsidiaries include Tompkins Trust Company and Tompkins Bank of Castile, among others.
Tompkins Financial Corporation (TMP) reported record earnings for Q1 2021, with diluted EPS at $1.72, up 224.5% year-over-year. Net income surged to $25.6 million, a 222.4% increase from $7.9 million in Q1 2020. Total loans reached $5.3 billion, marking a 7.2% increase, largely due to the PPP. Deposits rose 28.4% to $6.9 billion. Noninterest income was $20.0 million, up 5.4%. However, net interest margin decreased to 3.01% compared to 3.44% a year prior. The provision for credit losses showed a credit of $2.5 million versus a $16.3 million expense in Q1 2020.
The Board of Directors of Tompkins Mahopac Bank has announced the retirement of Gerald J. Klein, Jr. as president and CEO after 26 years of service. In preparation for this transition, David DeMilia, the current senior vice president, has been appointed as the new president and CEO. Klein, who became CEO in January 2007, will assist with the leadership change during the first half of the year before retiring mid-year.
Tompkins Financial Corporation (NYSE American: TMP) announced a quarterly cash dividend of $0.54 per share, an increase of 3.8% from last year's $0.52. The dividend is set to be paid on February 16, 2021, to shareholders of record on February 9, 2021. This reflects the company's commitment to returning value to its shareholders amidst ongoing operations in the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania.
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