Tompkins Financial Corporation Announces Stock Repurchase Program

Rhea-AI Summary

Tompkins Financial Corporation has authorized a new stock repurchase program of up to 400,000 shares of its outstanding common stock. The program is expected to be completed over the next 24 months and shares may be repurchased through various means.

Positive

• Tompkins Financial Corporation has authorized a new stock repurchase program, which could positively impact the stock price. The program allows for the repurchase of up to 400,000 shares of the Company's outstanding common stock, potentially reducing the number of shares available in the market and increasing the value of existing shares.

Negative

• No negative takes found.

ITHACA, N.Y.--(BUSINESS WIRE)-- 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 October 22, 2021.

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 in connection with its overall capital management strategies and will depend on a number of factors, including the market price of the Company's stock, general market and economic conditions, interest rates, financial forecasts, other strategic uses of capital, and applicable legal requirements. The Company has no obligation to repurchase any shares and may discontinue repurchases at any time.

About Tompkins Financial Corporation
Tompkins Financial Corporation is a banking and 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 Community Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. 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 may be identified by use of such words as “may”, “will”, “estimate”, “intend”, “continue”, “believe”, “expect”, “plan”, or “anticipate”, the negative and other variations of these terms and other similar words. This press release includes forward‑looking statements with respect to corporate plans and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230721635834/en/

Stephen S. Romaine, President & CEO

Francis M. Fetsko, Executive VP, CFO & COO

Tompkins Financial Corporation (888) 503-5753

Source: Tompkins Financial Corporation

FAQ

What is the new stock repurchase program authorized by Tompkins Financial Corporation?

Tompkins Financial Corporation has authorized a new stock repurchase program of up to 400,000 shares of its outstanding common stock.

How long is the new stock repurchase program expected to take?

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

How will the shares be repurchased under the program?

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.

What factors will determine the timing and value of shares repurchased?

The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on factors such as the market price of the Company's stock, general market and economic conditions, interest rates, financial forecasts, other strategic uses of capital, and applicable legal requirements.

Does the Company have any obligation to repurchase shares?

The Company has no obligation to repurchase any shares and may discontinue repurchases at any time.