Business

Press Release:

Rochester Regional Health (RRH) is proud to announce its inclusion once again in the Becker’s Hospital Review list of the 100 hospitals and health systems with top-performing orthopedic programs, celebrating their leadership in advancing orthopedic care nationwide. These institutions are at the forefront of minimally invasive treatments, pioneering discoveries and innovative clinical trials that significantly improve patient outcomes. Their commitment to enhancing the quality of life for orthopedic patients sets a national standard of excellence.

"Rochester Regional Health’s inclusion in Becker’s Hospital Review list of top-performing orthopedic programs for the second time is a testament to the dedication and expertise of our orthopedic team," said Richard 'Chip' Davis, PhD, CEO of Rochester Regional Health. "At RRH, we are committed to advancing orthopedic care through innovative treatments and a relentless focus on improving patient outcomes. This recognition reflects our ongoing mission to enhance the quality of life for our patients and to set a national standard of excellence in orthopedic care."

Designated as a DNV Orthopedic Center of Excellence, Rochester Regional Health performs 18,000 orthopedic surgeries and manages more than 180,000 outpatient visits annually. RRH is a regional leader in joint replacement, performing more than 6,000 procedures yearly for hips, knees, shoulders, elbows, ankles and cervical spines. Increasingly, more of those procedures use state-of-the-art, minimally-invasive robotic techniques. RRH completes over 1,000 robotic-assisted total knee replacements annually.

“Each and every day, the orthopedics team across Rochester Regional Health delivers nationally recognized orthopedic care to thousands of people in the communities we serve,” said M. Gordon Whitbeck, MD, Executive Medical Director of Orthopedics at Rochester Regional Health. “We know that our patients are eager to receive relief from pain, restore mobility and get back to doing the things they love – we are here for it.”

Many of the patients seeking those procedures are older adults. RRH is among a select few health systems in the country offering a verified Geriatric Surgical Program that provides older adult patients personalized surgical plans, including comprehensive pre-op evaluations before they even enter the operating suite. Those individualized plans lead to improved surgical outcomes, fewer complications and shorter hospital stays.

RRH is also proud of its Sports Medicine division, which serves athletes of all levels and abilities as the designated provider of athletic training to 17 school districts and high schools and five colleges and universities.

The Becker’s editorial team curated the Top 100 list by evaluating rankings and accolades from trusted organizations like U.S. News & World Report, Newsweek and Healthgrades, along with reviewing nominations. Organizations cannot pay for inclusion on this list.

Press Release:

Demonstrating its ongoing efforts of improving employee resources and compensation, Tompkins Insurance Agencies has announced it is a recipient of Mployer’s “Top Employee Benefits Consultant Awards” in western New York. Tompkins Insurance Agencies is in good company, ranked among 750 of the highest-performing employee benefits providers in over 50 U.S. regions, and was awarded the accolade among just 25 in western New York.

"We are thrilled to have been recognized as a top-rated insurance advisor in Western New York by Mployer,” said David S. Boyce, president and CEO of Tompkins Insurance Agencies. “We pride ourselves in serving businesses and organizations that employ the people of our community, and this accolade shines a light on that distinction.”

Mployer, a nationally leading software company based in Nashville, Tennessee, offers industry-leading, transparent benefits analytics that allow employees to fully optimize their resources. Utilizing advanced technologies, Mployer pipelines employers and brokers with unbiased research in support of their efforts to help employees better manage their benefits.

As a winner of the Top Employee Benefits Consultant Award Program, Tompkins Insurance Agencies was assessed on multiple categories; the program evaluated benefit providers based on expertise throughout various industries, the size of the company, plan design features, along with client testimonials.

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today announced that Christopher J. Thome, Vice President – Finance and Chief Financial Officer, and Matt Malone, Vice President of Graham Corporation and General Manager of Barber-Nichols, will present and host investor meetings at the Noble Capital Markets Emerging Growth Equity Conference at the Florida Atlantic University in Boca Raton on Wednesday, December 4.

The Company presentation is scheduled to begin at 10:30 a.m. Eastern Time.  A high-definition video webcast of the presentation will be available the following day at GHM Investor Relations, and as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website and on Channelchek the investor portal created by Noble. The webcast will be archived on the company's website, the NobleCon website, and on Channelchek.com for 90 days following the event.

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today announced that Daniel J. Thoren, President and Chief Executive Officer and Christopher J. Thome, Vice President – Finance and Chief Financial Officer, will present and host investor meetings at the Southwest IDEAS Conference at The Statler in Dallas on Thursday, November 21.

The Company presentation is scheduled to begin at 2:45 p.m. Central Time.  A live audio webcast of the event with accompanying slides will be available at GHM Investor Relations.  An archive of the presentation will be available at the same link following the conference.

Press Release:

Daisy Rivera Algarin and Chemarrie Brown have joined the HCR Cares board of directors.

HCR Cares, a nonprofit partner of HCR Home Care, focuses on addressing barriers to independent living and nursing-workforce shortages through research projects and educational initiatives.

Daisy Rivera Algarin is the manager of special projects within the city of Rochester's Neighborhood and Business Development Department. In this role, she oversees key initiatives such as the Rochester Community University, Community Gardens, the Neighborhood Service Center location study and Respect Rochester. Algarin was also instrumental on the La Marketa Planning Team for the North Clinton Avenue revitalization project, and she co-founded Latinas Unidas, an organization dedicated to empowering Latinas to achieve their full potential.

Chemarrie Brown serves as chief legislative assistant and council coordinator in the office of Rochester Mayor Malik Evans. In this capacity, she coordinates legislation across city departments and manages the Council process for both the Mayor's office and the Neighborhood and Business Development Department. Additionally, she works as a direct-support professional for CDS Monarch, helping individuals with mental and physical disabilities manage daily life tasks.

Submitted photos.

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today reported financial results for its second quarter for the fiscal year ending March 31, 2025 (“fiscal 2025”).  Results for the quarter include the P3 Technologies, LLC (“P3”) acquisition, which closed on November 9, 2023.

• Revenue increased 19% to $53.6 million, driven by strength across its markets 
• Margin expansion fueled by sales growth and execution: Gross margin improved 790 basis points to 23.9% of sales, net margin increased 520 basis points to 6.1% of sales, and adjusted EBITDA¹ margin expanded 550 basis points to 10.5% of sales
• Net income per diluted share was $0.30 in the second quarter; adjusted net income per diluted share¹ was $0.31
• Strong orders of $63.7 million, driven by demand from defense, space, and refining, resulted in a book-to-bill ratio of 1.2x and a record backlog of $407 million²
• Strong balance sheet with no debt, $32.3 million in cash, and access to $43 million under its revolving credit facility at quarter end to support growth initiatives
• Raised full year guidance for gross margin and adjusted EBITDA¹ to reflect improved profitability

“Our team’s efforts to diversify and strengthen the business over the past few years are clearly yielding results, as shown by our record second-quarter performance,” commented Daniel J. Thoren, President and Chief Executive Officer.  “Strong sales growth in our markets, along with exceptional execution throughout the business, have driven meaningful margin expansion.  Our strategic emphasis on higher-margin opportunities and operational efficiencies has been a key driver of this success.”

Mr. Thoren added, “We are also focused on recruiting and retaining top talent, and have initiatives to enhance our supply chain, which helps us to improve performance and manage our risk.  These initiatives, along with our strengthened balance sheet, robust orders², and growing backlog², we believe positions us well to sustain growth and profitability for the next several years.  Importantly, we have raised our full-year adjusted EBITDA guidance, keeping us firmly on track to achieve our FY2027 target of low to mid-teen adjusted EBITDA margins.”

Press Release:

Graham Corporation (NYSE: GHM) (“Graham” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced today its plans to construct a state-of-the-art cryogenic propellant testing facility in Florida, near its P3 Technologies, LLC subsidiary.  

Leveraging Graham’s longstanding expertise in the cryogenic and space launch industries, this new facility will help to meet increasing demand for efficient, scalable testing solutions in key markets, including Space, Defense, New Energy, and potential applications in the medical field.

“We believe this new testing facility will strengthen our position as a trusted partner by directly addressing customer needs for timely and cost-effective cryogenic propellant testing, complementing our existing capabilities and advancing the support we can offer current programs,” said Dan Thoren, Graham Corporation President and Chief Executive Officer.  “This investment underscores our commitment to supporting both current and future customer programs through innovative and accessible testing solutions, while enhancing Graham’s role across the Space, Defense, and New Energy sectors.”

Press Release:

Graham Corporation (NYSE: GHM) (“Graham” or “the Company”), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced today the successful launch of its NextGen steam ejector nozzle with a customer installation in a Gulf Coast refinery.  This marks a significant achievement for the Company's new technology, which was designed to offer efficiency improvements, environmental benefits, and enhanced profitability for customers.

Dan Thoren, Graham Corporation President and Chief Executive Officer, commented, “We are very proud to see our NextGen nozzle technology deliver such tangible results. The successful demonstration of our R&D investments through this installation proves the value of innovation in improving efficiency and sustainability. A key benefit of reducing steam consumption is the corresponding reduction in CO2 emissions, which can have a meaningful impact on a plant’s emissions profile and carbon credit position. By optimizing vacuum systems with this new technology, we help our customers improve both their operational efficiency and profitability, while also enhancing their environmental impact.”

Press Release:

Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.30 for the third quarter of 2024, up 18.2% from the immediate prior quarter, and up 155.3% from the diluted earnings (loss) per share of $(2.35) reported in the third quarter of 2023. Net income for the third quarter of 2024 was $18.6 million, up $3.0 million or 18.9% compared to the second quarter of 2024, and up $52.0 million, or 155.9%, when compared to the net loss of $(33.4) million reported for the third quarter of 2023.  The increase in diluted earnings per share and net income compared to the results for the third quarter of 2023 largely reflects the Company's sale of $429.6 million of available-for-sale securities, which resulted in a pre-tax loss of $62.9 million (or $3.34 per share) in the third quarter of 2023.

For the nine months ended September 30, 2024, diluted earnings (loss) per share were $3.59, up from $(0.39) for the nine months ended September 30, 2023.  Year-to-date net income (loss) was $51.2 million for the nine months ended September 30, 2024, up $56.7 million when compared to $(5.5) million for the prior year period.  The growth in year-to-date diluted earnings per share and net income was mainly due the Company's sale of $510.5 million of available-for-sale securities which resulted in a pre-tax loss of $70.0 million (or $3.69 per share) for the nine months ended September 30, 2023.

Tompkins President and CEO, Stephen Romaine, commented, "Our third quarter net income was up over 18% as compared to the second quarter, driven by a strengthening net interest margin and growth across our business.  For the third quarter our net interest margin expanded 6 basis points, loan balances grew over 8% annualized and our fee-based services continue to provide diversified growing revenue as total noninterest income represented 31% of total revenue.  Year-to-date, our operating results were further supported by lower expenses, as noninterest expenses were down 1.5% as compared to prior year.  As we are seeing improving profitability we believe that we remain well positioned to continue to drive growth through quality customer relationships supported by our strong capital and liquidity."

SELECTED HIGHLIGHTS FOR THE PERIOD:

Net interest margin for the third quarter of 2024 was 2.79%, improved from the immediate prior quarter of 2.73%, and the 2.75% reported for the same period of 2023.

Total average cost of funds for the third quarter of 2024 was up 5 basis points compared to the second quarter of 2024, down from a 10 basis point increase from the first quarter of 2024 to the second quarter of 2024. 

Total fee-based services (insurance, wealth management, service charges on deposit accounts and cards) revenues for the third quarter of 2024 were up $648,000 or 3.2% compared to the third quarter of 2023.

Total noninterest expenses for the third quarter of 2024 were in line with the second quarter of 2024 and the third quarter of 2023.

Total loans at September 30, 2024 were up $119.4 million, or 2.1% (8.2% on an annualized basis) compared to June 30, 2024, and up $446.4 million, or 8.2%, from September 30, 2023.

Total deposits at September 30, 2024 were $6.6 billion, up $292.0 million, or 4.7%, from June 30, 2024, and down $45.5 million, or 0.7%, from September 30, 2023. 

Loan to deposit ratio at September 30, 2024 was 89.4%, compared to 91.7% at June 30, 2024, and 82.1% at September 30, 2023.

Regulatory Tier 1 capital to average assets was 9.19% at September 30, 2024, up compared to 9.15% at June 30, 2024, and 9.01% at September 30, 2023.

NET INTEREST INCOME

Net interest income was $53.2 million for the third quarter of 2024, up $2.2 million or 4.4% compared to the second quarter of 2024, and $2.2 million or 4.3% compared to the third quarter of 2023. The increase in net interest income compared to both the second quarter of 2024, and third quarter of 2023, resulted primarily from the increase in average loan balances and the average yield on those loan balances, partially offset by the increase in cost of deposits.

For the nine months ended September 30, 2024, net interest income was $154.8 million, down $2.3 million or 1.5% when compared to the same period in 2023.

Net interest margin was 2.79% for the third quarter of 2024, up 6 basis points when compared to the immediate prior quarter, and up 4 basis points from the 2.75% reported for the third quarter of 2023. The increase in net interest margin, when compared to the prior periods, was mainly driven by higher yields on interest earning assets and higher average loan balances, and was partially offset by higher funding costs.

Average loans for the quarter ended September 30, 2024 were up $143.4 million, or 2.5%, from the second quarter of 2024, and were up $445.7 million, or 8.3%, compared to the same period prior year. The increase in average loans over both prior periods was mainly in the commercial real estate and commercial and industrial portfolios. The average yield on interest-earning assets for the quarter ended September 30, 2024 was 4.66%, which was up from 4.56% for the quarter ended June 30, 2024, and up from 4.06% for the quarter ended September 30, 2023.

Average total deposits of $6.4 billion for the third quarter of 2024 were up $41.4 million, or 0.7%, compared to the second quarter of 2024, and down $67.0 million or 1.0% compared to the same period in 2023.  The cost of interest-bearing deposits of 2.35% for the third quarter of 2024 was up 8 basis points from 2.27% for the second quarter of 2024, and up 61 basis points from 1.74% for the third quarter of 2023.  The ratio of average noninterest bearing deposits to average total deposits for the third quarter of 2024 was 28.9% compared to 29.1% for the second quarter of 2024, and 31.0% for the third quarter of 2023.  The average cost of interest-bearing liabilities for the third quarter of 2024 of 2.71% represents an increase of 7 basis points over the second quarter of 2024, and an increase of 73 basis points over the same period in 2023.

NONINTEREST INCOME

Noninterest income of $23.4 million for the third quarter of 2024 was up $65.0 million or 156.2% compared to the same period in 2023.  Year-to-date noninterest income of $67.3 million was up $75.9 million or 881.7% compared to the same period in 2023.  The increase in quarterly and year-to-date noninterest income compared to the same periods in 2023 was mainly due to the $62.9 million and $70.0 million, respectively, pre-tax loss on the sale of available-for-sale securities in 2023 as discussed above.  Other income was up $1.3 million for the quarter ended September 30, 2024 compared to the same period in 2023, and included increases in gains on loan sales, derivative swap fee income, and BOLI income.

Also included in the increase for the third quarter of 2024 over the same period prior year were fee-based revenues which included wealth management fees, up $583,000, service charges on deposit accounts, up $118,000, card services income, up $61,000.

NONINTEREST EXPENSE

Noninterest expense was $49.9 million for the third quarter of 2024, which was in line with the third quarter of 2023.

Year-to-date noninterest expense for the period ended September 30, 2024 was $149.7 million, a decrease of $2.3 million or 1.5% compared to the $152.0 million reported for the same period in 2023.  The year-over-year decrease was mainly driven by lower other expenses (legal fees, marketing, professional fees,   retirement plan expense, and travel and meeting expense), partially offset by higher FDIC insurance expense.

INCOME TAX EXPENSE

The provision for income tax expense was $5.9 million for an effective rate of 23.9% for the third quarter of 2024, compared to tax benefit of $8.3 million and an effective rate of 20.0% for the same quarter in 2023. For the nine months ended September 30, 2024, the provision for income tax expense was $16.0 million and the effective tax rate was 23.7% compared to a tax benefit of $619,000 and an effective tax rate of 10.3% for the same period in 2023.  Lower tax expense for both the quarter and year-to-date periods in 2023 was mainly a result of lower income associated with the loss on the sale of securities described above.

ASSET QUALITY

The allowance for credit losses represented 0.94% of total loans and leases at September 30, 2024, up from 0.92% reported at both June 30, 2024 and December 31, 2023. The increase in the allowance for credit losses coverage ratio was driven primarily by updated economic forecasts for unemployment and gross domestic product for the quarter, as well as model assumption updates for prepayment speeds, curtailment rates, and recovery lag.  The increase in allowance for credit losses was partially offset by lower off-balance sheet reserves due to model changes related to utilization rates and a decrease in loan pipeline.  The ratio of the allowance to total nonperforming loans and leases was 88.51% at September 30, 2024, compared to 84.94% at June 30, 2024, and 156.96% at September 30, 2023.  The decrease in the ratio compared to the same prior year period was due to the increase in nonperforming loans and leases discussed in more detail below.

Provision for credit losses for the third quarter of 2024 was $2.2 million compared to $1.2 million for the same period in 2023. Provision for credit losses for the nine months ended September 30, 2024 was $5.2 million compared to $2.6 million for the nine months ended September 30, 2023.  The increase in provision expense for the quarter and year-to-date periods compared to the same periods in 2023 was mainly driven by loan growth which was up $119.4 million or 2.1%, and $446.4 million or 8.2%, respectively, and the increase in net charge-offs in 2024 over 2023. Net charge-offs for three and nine months ended September 30, 2024 were $912,000 and $1.6 million, respectively, compared to net charge-offs of $177,000 and net recoveries of $1.1 million for the same periods in 2023.

Nonperforming assets represented 0.78% of total assets at September 30, 2024, down slightly from 0.79% reported at June 30, 2024, and up compared to 0.41% at September 30, 2023. At September 30, 2024, nonperforming loans and leases totaled $62.6 million, compared to $62.5 million at June 30, 2024 and $31.4 million at September 30, 2023. The increase in nonperforming loans and leases at September 30, 2024 compared to September 30, 2023 was mainly due to the addition in the fourth quarter of 2023 of one relationship totaling approximately $33.3 million with two commercial real estate properties included in the office space and mixed use properties portion of the commercial real estate portfolio. The Company believes that the existing collateral securing the loans was sufficient to cover the exposure as of September 30, 2024.

Special Mention and Substandard loans and leases totaled $126.0 million at September 30, 2024, compared to $116.2 million reported at June 30, 2024, and $122.9 million reported at September 30, 2023.

CAPITAL POSITION

Capital ratios at September 30, 2024 remained well above the regulatory minimums for well-capitalized institutions. The ratio of total capital to risk-weighted assets was 13.21% at September 30, 2024, compared to 13.26% at June 30, 2024, and 13.46% at September 30, 2023. The ratio of Tier 1 capital to average assets was 9.19% at September 30, 2024, compared to 9.15% at June 30, 2024, and 9.01% at September 30, 2023.

LIQUIDITY POSITION

The Company's liquidity position at September 30, 2024 was stable and consistent with the immediate prior quarter end. Liquidity is enhanced by ready access to national and regional wholesale funding sources including Federal funds purchased, repurchase agreements, brokered deposits, Federal Reserve Bank's Discount Window advances and Federal Home Loan Banks (FHLB) advances. The Company maintained ready access to liquidity of $1.4 billion, or 18.0% of total assets at September 30, 2024.  As a member of the FHLB, the Company can use certain unencumbered mortgage-related assets and securities to secure borrowings from the FHLB. At September 30, 2024 the Company had an available borrowing capacity at the FHLB of $769.5 million. Through various programs at the Federal Reserve Bank, the Company has the ability to use certain loans and securities to secure borrowings from the Federal Reserve Bank's Discount Window.  At September 30, 2024 the available borrowing capacity with the Federal Reserve Bank was $142.0 million, secured by loans. In addition to the available borrowing lines at the FHLB and Federal Reserve Bank, at September 30, 2024, the Company maintained $508.7 million of unencumbered securities which could be pledged to further enhance secured borrowing capacity. 

Press Release:

ESL Federal Credit Union is pleased to announce that Great Place to Work® and Fortune magazine named the locally-owned financial institution one of 2024’s Best Workplaces for Women.

ESL ranked number 19 on the list of 50 Best Small and Medium Workplaces for Women. In a separate ranking, the Great Place to Work list also includes 100 large companies to complete the full list of Best Workplaces for Women.

To determine the Best Workplaces for Women™ list, Great Place to Work measures key behaviors that drive trust in management, connection with colleagues, and loyalty to the company from more than 600,000 responses. The survey gives employees the opportunity to share confidential quantitative and qualitative feedback about their organization’s culture by responding to 60 statements on a five-point scale and answering two open-ended questions.  

“We are thrilled to be named a Great Place to Work for Women once again,” said Faheem Masood, president and CEO, ESL Federal Credit Union. “We are proud that the ESL workforce is comprised of more than 65% women, working in important roles at all levels of the organization. Women find satisfying and fulfilling careers at ESL and we are so proud they report being so happy in our workplace.”

The full list of Best Workplaces for Women can be viewed at: https://www.greatplacetowork.com/best-workplaces/women/2024

This marks the third Great Place to Work selection for ESL in 2024. In September, ESL was selected as a Great Place to Work in Financial Services and Insurance, and in June ESL was selected as a Great Place to Work in New York State.

Press Release: 

Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced that it will release its second quarter fiscal year 2025 financial results before financial markets open on Friday, November 8.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

Second Quarter Fiscal Year 2025 Financial Results Conference Call

• Friday, November 8
• 11 a.m. Eastern Time
• Phone: (201) 689-8560
• Internet webcast link and accompanying slide presentation: ir.grahamcorp.com

A telephonic replay will be available from 3 p.m. ET on the day of the teleconference through Friday, November 15. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13749103 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

Press Release:

UConnectCare has promoted Jessica Ferry to the position of Assistant Chief Fiscal Officer.

John Bennett, chief executive officer of the nonprofit agency (formerly Genesee/Orleans Council on Alcoholism and Substance Abuse), announced the promotion of Ferry, who was hired as a finance manager in June.

“Jessica’s ability to tackle pressing financial issues, including budget planning, and her can-do attitude set her apart,” Bennett said. “We are very fortunate to have her on our fiscal team.”

Ferry graduated from Honeoye High School in 2010 and went on to earn a bachelor’s degree in criminal justice from SUNY Brockport. She became interested in office administration while working for a firearm restoration business in Victor, and later served as office manager and treasurer for SJF Construction in Darien.

Before coming to UConnectCare, she worked as a bookkeeper for a marketing company and staff accountant for a public accounting firm in Buffalo.

Ferry said she is impressed by UConnectCare employees’ dedication and “sense of pride” in helping people struggling with substance use disorders and in recovery.

“For me, working here is a breath of fresh air,” she said. “Our work is important in that there is a dire need for these type of services in the GLOW (Genesee-Livingston-Orleans-Wyoming) region.

A sports fan and fitness enthusiast, Ferry lives in Darien with her two young children, Molly and Hudson.