Tompkins Financial

ITHACA -- Tompkins Financial Corporation (NYSE American: TMP) announced today that its Board of Directors approved payment of a regular quarterly cash dividend of 50-cents per share, payable on Aug.15 to common shareholders of record on July 30, 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.

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

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:

Tompkins Insurance Agencies has recently been named the number 1 insurance agency to work for in the Eastern region by Insurance Journal’s 2018 Best Agencies to Work For.

This award highlights the importance of competitive salaries, employee benefits, training and education, resources, and other employee perks as drivers of satisfaction in the workplace.

“Tompkins is a great place to work and that’s because of our people,” said David Boyce, president and CEO of Tompkins Insurance Agencies. “Our employees stay with us for many years and we even have multigenerational family members on our team. This speaks volumes about our company and our culture.”

The award is based on employees’ responses to Insurance Journal’s Best Agency to Work For survey. Tompkins employees made it abundantly clear that Tompkins’ commitment to serving its community has not gone unnoticed.

Tompkins offers 24/7 customer service, participates in numerous charitable initiatives in the community and serves its employees by creating a family-like work environment.

Tompkins Insurance Agencies operates 17 offices in Western New York. 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.

Press release:

Tompkins Financial Corporation recently hosted a recognition luncheon to honor the significant career milestones reached by several of its employees across Tompkins Bank of Castile, Tompkins Insurance Agencies, and Tompkins Financial Advisors.

For 11 employees, 2017 marked milestones of 20 years or more working at Tompkins, including two who celebrated their 40-year anniversary with the company. 

40-Year Milestones

Frank Vitagliano, a senior vice president at Tompkins Insurance Agencies, began his insurance career in 1977 when he joined his family-owned insurance business. He operated the business for 18 years before combining it with Austin, Hardie, Wise. In 2001, the business became part of Tompkins Financial and a newly-formed entity: Tompkins Insurance Agencies. Vitagliano was an original board member of Tompkins Insurance Agencies, until his retirement in 2017. Among other roles, Vitagliano served as the chief operating officer of Tompkins Insurance Agencies for several years. During his career, he has been very active on numerous civic organizations, including serving as the vice president of the Wyoming County Community Health System Board of Managers and as a councilman for the Town of Castile. Vitagliano resides in Silver Lake and winters in Ft. Myers Beach, Fla.

Cathy LaDuca is an account manager for the Core Business Unit of Tompkins Insurance Agencies and began her career working in the Alden office as a personal lines and small commercial account manager. She worked in Alden for 25 years before transferring to the Attica branch. After two years in Attica, she moved to the Tompkins Insurance Agencies headquarters in Batavia and became the commercial lines marketing specialist. LaDuca resides in Alden.   

30-Year Milestones

Anthony Gugino is executive vice president and senior wealth advisor for Tompkins Financial Advisors, where he works with clients to identify financial strategies that address their specific needs. Gugino joined AM&M Financial Services in 1987 and became a shareholder of the firm, which was acquired by Tompkins Financial Corporation in January 2006. Gugino is committed to community service and helps fund a scholarship at St. John Fisher’s College. Gugino resides in Pittsford.

Janice Donovan is a wealth management assistant for Tompkins Financial Advisors. Her responsibilities include account administration, performance report preparation, client service, and providing support to wealth advisors.

As a Registered Paraplanner (RP®) and Accredited Asset Management Specialist (AAMS®), Donovan is certified by the College for Financial Planning. She resides in Brighton.

25-Year Milestones

Don Herman is the chief financial officer and treasurer for Tompkins Insurance Agencies and works in the Batavia office. Herman started his career in the field of public accounting, and in 1992 joined the Austin, Hardie, Wise agency in Attica as a controller. The firm was later acquired by Tompkins in 2001. He resides in Attica.

Lee Landowski-Rice is a commercial credit services associate for Tompkins Bank of Castile. Landowski-Rice’s current role at the bank includes working with customers, branch managers and staff on a daily basis. She started out as a teller in the Perry branch and has worked in collections, consumer direct and indirect lending. Landowski-Rice resides in Perry.

20-Year Milestones 

Additionally, four employees celebrated 20^th anniversaries with the company in 2017: 

• Lisa Townes, BSA/AML and security officer at Tompkins Bank of Castile;
• Donna Hummel, commercial insurance account manager at Tompkins Insurance Agencies;
• Joan Johnston, assistant branch manager, Tompkins Bank of Castile in Avon;
• Anna Rumfola, senior teller, Tompkins Bank of Castile in Avon.

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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 operates 17 offices in Western New York. 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 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:

Tompkins Financial Corporation has named Abby Peterson as Marketing Communications Manager.

Peterson will be responsible for overseeing the marketing communications efforts for Tompkins Financial’s four community banks: Tompkins Bank of Castile in Western NY, Tompkins Trust Company in Central NY, Tompkins Mahopac Bank in the Hudson Valley, and Tompkins VIST Bank in Southeastern Pennsylvania. She will be based in the company’s Ithaca headquarters.

“Abby's experience in the marketing industry, her time with Tompkins Financial and her deep commitment to our communities and customers will allow her to excel in this roll," said Susan Valenti, EVP, Marketing, Sales and Service. "I look forward to her continued contribution to our organization."

Prior to joining Tompkins as a Marketing Communications Business Partner in 2016, Peterson served as a marketing and public relations specialist at Hagan Associates in Vermont, where she planned and managed marketing and public relations initiatives for multiple clients. She received her bachelor’s degree in Integrated Marketing Communications from Ithaca College in 2011 and has resided in Ithaca with her wife since 2013.

Peterson is an active member in the community and serves on the Downtown Ithaca Alliance Board of Directors and marketing committees, and the Historic Ithaca Development Committee. She is also a Leadership Tompkins Graduate, and Fab5 Planning Committee Member/Tompkins Trust Company Representative.

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. 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.

Press release:

In recognition of its commitment to the community, Tompkins Financial Corporation was honored by the Center for Youth as a recipient of the Chuck Cuminale Youth Advocate Award. The award was presented during the Center for Youth’s annual meeting on Sept. 25 at the Strong Museum of Play.

Created in memory of a dedicated Center For Youth counselor and champion for youth, the Cuminale Award is the agency’s highest honor. The Cuminale Awards are given to community leaders and philanthropists who are committed to improving the lives of young people in the community.

The team at Tompkins was recognized for providing support to the Center for Youth on behalf of a homeless youth who had lost both parents in a short time. Accepting the award on behalf of Tompkins Financial Corporation were Ela Hakiel, Tompkins Financial Advisors vice president and senior wealth advisor, and Lisa Formicola, Tompkins Bank of Castile Pittsford branch manager. Hakiel and Formicola led the team from Tompkins as they provided guidance to help the Center for Youth ensure the safety and security of the young person in need.

“Lisa and I are fortunate to be employed by a company whose core values include the highest commitment to the community and to the customer,” Hakiel said. “We are humbled by this honor, but the true heroes are the staff, social workers, board members and others who make significant daily contributions to the community through their work at the Center for Youth. All of us at Tompkins Financial are committed to acting as good stewards and supporters of the Center in the community.”

Tompkins Financial has a strong commitment to the community, and to the Center for Youth. In addition to the receiving the award, David Boyce, President of Tompkins Insurance Agencies, was elected as a new member of the Board of Directors of the Center for Youth.

Learn more about the Center for Youth at www.centerforyouth.net.

Press release:

Tompkins Insurance Agencies has hired Emily Bosse as an account executive in its Personal Lines division. She is based out of the Tompkins Insurance office at 90 Main St. in Batavia.

In her new role, Bosse will be responsible for building client relationships and identifying methods to mitigate or transfer risk by creating customized insurance solutions for their organizations. She will primarily serve Genesee County and the surrounding communities.

Prior to joining Tompkins, she worked as a logistics associate for Office Max. Bosse obtained her bachelor’s degree from SUNY Brockport and resides in Oakfield.

Submitted photo of Brian A. Howard, and press release:

Tompkins Financial announces that Brian A. Howard has been named president of Tompkins Financial Advisors, the wealth management division of the company, with offices in Ithaca, Pittsford and White Plains, New York, and Wyomissing and Blue Bell, Pennsylvania. In addition, he will serve as a member of the leadership team of Tompkins Financial. Howard joined the company on July 25.

Howard brings more than 30 years of leadership experience with nationally recognized financial service firms to his position at Tompkins Financial Advisors. Most recently, he served as a senior vice president, market manager for Key Bank covering the Central New York region, where he oversaw the bank’s full service wealth management division for high net worth clients. At U.S. Trust, Bank of America Private Wealth Management, he held leadership positions including managing director, market executive for the Boston, MA, market and senior vice president, market leader for the Central New York market. There he was responsible for revenue growth, strategic initiatives and building collaborative and top performing teams.

“We are committed to the long-term success of our wealth management division and are pleased Brian will be working with our experienced wealth management team to expand and grow our client base in all of our markets,” said Stephen S. Romaine, president and CEO of Tompkins Financial.

A Syracuse resident, Howard will be based out of the Tompkins Financial Advisors’ Ithaca office.

 “Tompkins Financial has 180 years of solid reputation in the markets it serves, which speaks volumes to the level of commitment and performance the staff provides to its clients and communities,” Howard said. “I’m excited to be a part of Tompkins Financial Advisors and will focus on leading the division to achieve the strategic goals of Tompkins Financial, while continuing to build upon the remarkable Tompkins legacy.”

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, NY, 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.