Business

Submitted photos and press release:

Louis Atti, CPCU, of Angola, has joined Tompkins Insurance Agencies Inc. as the Personal Insurance manager and a member of the agency’s senior leadership team. He will be working out of the 113 Main St. office in Batavia.

In his new role, Atti (inset photo right) will be responsible foroverseeing the day-to-day operations of the personal insurance service team in the Western New York and Pennsylvania regions.

Atti brings almost 30 years of experience in personal insurance, having been the Personal Insurance manager for the Evans Agency in the Buffalo area. Currently, Atti is the chairman of the Board for Adirondack Insurance and the chairman of the Board for the Big I of NY. He also served as past chairman of the board for the IIAAWNY (Independent Insurance Agents Association of WNY Inc.) and was past mayor/trustee for the Village of Angola.

“I, as well as others here, have a long and deep rooted connection to Lou,” said David Boyce, president and CEO. “We are pleased to bring his level of experience and knowledge to our agency as we continue to grow and improve our customer experience.

"Lou is a unique fit for our agency. Having worked at Evans for the last 20 years, Lou understands and appreciates the benefits of working at an integrated organization which includes banking, wealth management and insurance, and the value we bring our customers.”

Atti earned his bachelor’s degree from the State University of New York at Fredonia and earned his prestigious Chartered Property Casualty Underwriter (CPCU) designation from The Institutes, which identifies him as a property-casualty subject matter expert.

Over the next 90 days, he will transition fully into his new role, replacing Tim Spezzano, (inset photo left) currently senior vice president and personal lines manager, who has accepted the position of sales manager for the agency.

Spezzano will be responsible for the Personal, Commercial and Employee Benefits Sales teams in both New York and Pennsylvania. 

Spezzano has been in the insurance industry for 24 years, and with Tompkins Insurance for the past 18 years, holding positions such as account executive, commercial lines sales manager and claims manager, and serving on the agency’s senior leadership team.

About Tompkins Insurance Agencies

Tompkins Insurance Agencies Inc., operates 17 offices in Western New York, six offices in Central New York and seven offices in Southeast Pennsylvania. A part of Tompkins Financial Corporation (trading as TMP on the NYSE - MKT), the agency is affiliated with Tompkins Bank of Castile, Tompkins Trust Company, Tompkins VIST Bank, Tompkins Mahopac Bank and Tompkins Financial Advisors.

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 Insurance ranks No. 2 on the Rochester Business Journal’s 2018 list of top Commercial Insurance firms.*

*Source: Rochester Business Journal, Jan. 2019

There will be a speed networking (or speed business meeting) sponsored by the Genesee County Chamber of Commerce on Wednesday morning, May 15, at the Arc of Genesee Orleans Community Center in Batavia. Time is 8 to 9:30 a.m.

It's a meeting format designed to accelerate business contacts. It involves participants gathering together to exchange information. Participants greet each other in a series of brief exchanges during a set period of time.

Fill your tank and come ready to network! Coffee and tea and other light snacks will be provided.

Arc of Genesee Orleans Community Center is located at 38 Woodrow Drive.

BATAVIA – Tompkins Financial Corporation has announced the acquisition of Cali Agency Inc. by Tompkins Insurance Agencies Inc., an affiliate of the financial corporation. The acquisition was effective May 1.

“We are happy to continue to grow our business in Warsaw and serve more of our neighbors there through this acquisition,” said David S. Boyce, president and CEO of Tompkins Insurance. “Our roots run deep in Warsaw; we’ve been proudly serving families and businesses there since 1935.”

The change is a win-win for customers, Boyce said.

“In addition to continuing to receive personal attention from local insurance professionals who place a high value on customer service, customers will have 'one stop shopping' access to the comprehensive array of financial solutions offered by our affiliation with Tompkins Bank of Castile and Tompkins Financial Advisors,” Boyce said.

According to Boyce, the Cali Agency location will close and customers will be served from the Tompkins Insurance Warsaw location at 2367 State Route 19 North beginning on May 6.

In the very near future, clients of Cali Agency may also receive service at any of the convenient locations nearby, including offices at 25 State St. in Nunda; 102 N. Center St. in Perry, 14 Market St. in Attica; 11 South St. in Geneseo; through any of the agency’s Western New York locations, or through its Customer Care Center at 888-261-2688.

Tompkins Insurance serves 30,000 personal insurance customers and 7,600 commercial insurance customers, making it the third largest commercial insurance firm in the Rochester/Monroe County area and among the 100 largest agencies in the country. 

About Tompkins Insurance Agencies:

Tompkins Insurance Agencies, Inc., operates 17 offices in Western New York, seven offices in central New York and seven offices in southeast Pennsylvania. A part of Tompkins Financial Corporation, (trading as TMP on the NYSE - MKT), the agency is affiliated with Tompkins Bank of Castile, Tompkins Trust Company, Tompkins VIST Bank, Tompkins Mahopac Bank and Tompkins Financial Advisors. 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 Insurance ranks No. 2 on the Rochester Business Journal’s 2018 list of top Commercial Insurance firms.*

*Source: Rochester Business Journal, January 2019

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."

• Tompkins Financial Corporation Reports Record First Quarter Earnings
• Tompkins Financial Corporation Reports Cash Dividend

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.

Press release:

WASHINGTON, April 30 – Agriculture Secretary Sonny Perdue today unveiled a groundbreaking report, A Case for Rural Broadband: Insights on Rural Broadband Infrastructure and Next Generation Precision Agriculture Technologies (PDF, 2.5 MB).

The report finds that deployment of both broadband e-Connectivity and Next Generation Precision Agriculture Technology on farms and ranches throughout the United States could result in at least $47 billion in national economic benefits every year.

“Broadband and Next Generation Precision Agriculture are critical components for creating vital access to world-class resources, tools and opportunity for America’s farmers, ranchers, foresters and producers,” Secretary Perdue said.

“Under the leadership of President Trump, USDA is committed to doing our part to clear the way for nationwide broadband connectivity that will allow the next generation of precision agriculture technologies to thrive and expand.”

Download A Case for Rural Broadband: Insights on Rural Broadband Infrastructure and Next Generation Precision Agriculture Technologies (PDF, 2.5 MB). To see how Next Generation Precision Agriculture Technologies can work on farm and ranching operations, view the Connected Technologies infographic (PDF, 910 KB).

The report also finds that if broadband infrastructure and digital technologies at scale were available at a level that meets estimated producer demand, the U.S. economy could realize benefits equivalent to nearly 18 percent of total agriculture production. Of that 18 percent, more than one-third is dependent on broadband e-Connectivity, equivalent to at least $18 billion in annual economic benefits that only high-speed, reliable internet can provide.

For many years, USDA and the American agriculture industry have been actively researching the feasibility, usage and potential upside of Next Generation Precision Agriculture technologies. Until now though, the interdependency of these technologies and broadband e-Connectivity has not been evaluated.

The report released today explores this symbiotic relationship and quantifies the potential economic benefit of broadband buildout and the complementary adoption of connected agriculture technologies. Going forward, the U.S. Department of Agriculture (USDA) will be engaged in multiple facets of infrastructure and technology deployment, including financing rural capital investments and supporting producers who are exploring which Next Generation Precision Agriculture Technologies are best suited to improve their operations and serve their customers.

In April 2017, President Trump established the Interagency Task Force on Agriculture and Rural Prosperity to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities. In January 2018, Secretary Perdue presented the Task Force’s findings to President Trump.

These findings included 31 recommendations to align the federal government with state, local and tribal governments to take advantage of opportunities that exist in rural America. The Report identified Achieving e-Connectivity in Rural America as a cornerstone recommendation. The Administration has been executing this priority call to action through the American Broadband Initiative (ABI) (PDF, 647 KB), which reflects rural broadband build-out as one of President Trump’s directives to the Federal government. A Case for Rural Broadband: Insights on Rural Broadband Infrastructure and Next Generation Precision Agriculture Technologies (PDF, 2.5 MB) opens the next chapter in the USDA’s response to this call to action.

To view the report in its entirety, please view the Report to the President of the United States from the Task Force on Agriculture and Rural Prosperity (PDF, 5.4 MB). In addition, to view the categories of the recommendations, please view the Rural Prosperity infographic (PDF, 190 KB).

Press release:

Agriculture Secretary Sonny Perdue announced Tuesday that the U.S. Department of Agriculture (USDA) is now accepting online applications for funding through the new ReConnect Rural Broadband Pilot Program.

These funds will enable the federal government to partner with the private sector and rural communities to build modern broadband infrastructure in areas with insufficient internet service. Insufficient service is defined as connection speeds of less than 10 megabits per second download and 1 megabit per second upload.

ReConnect funding applications can be submitted now at reconnect.usda.gov.

“Reliable, high-speed broadband internet e-Connectivity is critical for economic prosperity and quality of life in the 21^st century, from education to health care to agriculture to manufacturing and beyond,” Secretary Perdue said.

“We at USDA are very excited to begin accepting applications for funds from this new and innovative program, which will bring critical infrastructure investments to homes, farms, ranches, schools and health care sites in rural America.”

Congress first appropriated funds for the new Rural e-Connectivity Pilot Program, known as ReConnect, in 2018. The program will be a proof-of-concept, enabling USDA to create and implement innovative options for rural connectivity by providing various financial packages to our customers.

In this first round of funding, USDA is making available at least $600 million in rural broadband projects, through $200 million in grants, $200 million in loan and grant combinations, and $200 million in low-interest loans. The application deadlines for each of these funding packages are as follows:

• May 31, 2019, for projects seeking federal funds from the grants-only package;
• June 21, 2019, for projects seeking a combination of federal loans and grants; and
• July 12, 2019, for projects seeking low-interest federal loans.

This $600 million appropriation from Congress more than doubles federal funding available through USDA’s longstanding broadband programs. Future rounds of funding for ReConnect will be announced later this year.

For additional information about the ReConnect program, see page 5981 of the Feb. 25, 2019, Federal Register (PDF, 230 KB) and page 64315 of the Dec. 14, 2018, Federal Register (PDF, 286 KB).

In April 2017, President Donald J. Trump established the Interagency Task Force on Agriculture and Rural Prosperity to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities. In January 2018, Secretary Perdue presented the Task Force’s findings to President Trump.

These findings included 31 recommendations to align the federal government with state, local and tribal governments to take advantage of opportunities that exist in rural America. Increasing investments in rural infrastructure, including rural broadband infrastructure, is a cornerstone recommendation of the task force.

To view the report in its entirety, please view the Report to the President of the United States from the Task Force on Agriculture and Rural Prosperity (PDF, 5.4 MB). In addition, to view the categories of the recommendations, please view the Rural Prosperity infographic (PDF, 190 KB).

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.

USDA press release:

Washington, D.C., April 18 -- U.S. Trade Representative Robert Lighthizer and Secretary of Agriculture Sonny Perdue announced today that a World Trade Organization (WTO) dispute settlement panel found that China has administered its tariff-rate quotas (TRQs) for wheat, corn, and rice inconsistently with its WTO commitments. Contrary to those commitments, China’s TRQ administration is not transparent, predictable, or fair, and it ultimately inhibits TRQs from filling, denying U.S. farmers access to China’s market for grain.

This panel report is the second significant victory for U.S. agriculture this year, and, together with the victory against China’s excessive domestic support for grains, will help American farmers compete on a more level playing field. 

“This second important victory for the United States further demonstrates that President Trump will take all steps necessary to enforce trade rules and to ensure free and fair trade for U.S. farmers. The Administration will continue to press China to promptly come into compliance with its WTO obligations,” said Ambassador Lighthizer.

China’s grain TRQs have annually underfilled.  USDA estimates that if China’s TRQs had been fully used, it would have imported as much as $3.5 billion worth of corn, wheat and rice in 2015 alone. 

“Making sure our trading partners play by the rules is vital to providing our farmers the opportunity to export high-quality, American-grown products to the world,” said Secretary Perdue. “Today’s announcement is another victory for American farmers and fairness in the global trade system. We will use every tool available to gain meaningful market access opportunities for U.S. grains and other agricultural products.”

Background:

Upon accession to the WTO, China made commitments specific to its administration of TRQs, including the commitment to administer its TRQs in a transparent, predictable, and fair basis, using clearly specified administrative procedures and requirements that do not inhibit the filling of each TRQ. In August 2017, the United States requested that the WTO establish a dispute settlement panel to consider whether China administers its TRQs for long-grain rice, short- and medium-grain rice, wheat, and corn in a manner inconsistent with its WTO commitments. 

Today’s panel report agrees with the United States that China administers its TRQs in a manner inconsistent with its Accession Protocol obligations, through its eligibility criteria, allocation and reallocation procedures, public comment process, and processing restrictions. In addition, China allocates a significant portion of each TRQ to a designated state-trading enterprise (STE) and does not subject the STE to the same rules applied to non-state trading enterprises applying for and importing grains under the TRQs. Each finding individually established that China’s TRQ measures are inconsistent with its obligations. 

Compliance with WTO rules will lead to market-oriented TRQ administration and improved access for U.S. and other exporters, overall creating a more level playing field.

(Washington, D.C., April 17) -- U.S. Trade Representative Robert Lighthizer and U.S. Secretary of Agriculture Sonny Perdue announced today that the government of Tunisia and the United States have finalized U.S. export certificates to allow imports of U.S. beef, poultry, and egg products into Tunisia.  This announcement follows meetings between U.S. and Tunisian officials on the safety and wholesomeness of U.S. beef, poultry, and egg products.

“President Trump continues to prioritize the opening of new markets for U.S. agricultural products, and we welcome Tunisia’s agreement to begin imports of U.S. beef, poultry, and egg products,” said Ambassador Lighthizer. “New access to the Tunisian market is an important step in ensuring that American farmers and ranchers can continue to expand their exports of U.S. agricultural products.”

“I'm convinced that when the Tunisians get a taste of U.S. beef, poultry, and eggs, they're going to want more. These products coming into Tunisia are safe, wholesome, and very delicious,” said Secretary Perdue. “At the direction of President Trump, USDA remains committed to opening up new markets across the globe. While we continue to supply Tunisia’s domestic animal proteins sector with quality U.S. grains and oilseeds, I have no doubt that U.S. beef, poultry, and eggs will only help increase competitiveness and consumer choice within Tunisia.”

In 2018, U.S. exports of agricultural products to Tunisia exceeded $264 million. Over 90 percent of exports were corn, soybeans, or corn and soy products.  Initial estimates are that Tunisia would import annually $5-10 million of beef, poultry, and egg products from the United States, with additional growth over time.

More details on requirements for exporting to Tunisia are available from the USDA Food Safety and Inspection Service Export Library.