Tompkins Financial Corporation is headquartered in Ithaca, New York and is
registered as a Financial Holding Company with the Federal Reserve Board under
the Bank Holding Company Act of 1956, as amended. The Company is a locally oriented,
community-based financial services organization that offers a full array of
products and services, including commercial and consumer banking, leasing, trust
and investment management, financial planning and wealth management, and insurance.
The Company’s subsidiaries included: four wholly-owned banking subsidiaries,
Tompkins Trust Company, The Bank of Castile (DBA Tompkins Bank of Castile),
Mahopac Bank (formerly known as Mahopac National Bank, DBA Tompkins Mahopac
Bank), VIST Bank (DBA Tompkins VIST Bank); and a wholly-owned insurance agency
subsidiary, Tompkins Insurance Agencies, Inc. The Trust Company provides a full
array of trust and investment services under the Tompkins Financial Advisors
brand, including investment management, trust and estate, financial and tax
planning as well as life, disability and long-term care insurance services.
The Company’s principal offices are located at The Commons, Ithaca, New
York, 14851, and its telephone number is (888) 503-5753. The Company’s
common stock is traded on the NYSE MKT LLC under the Symbol “TMP.”
The Company’s strategic initiatives include diversification within its
markets, growth of its fee-based businesses, and growth internally and through
acquisitions of financial institutions, branches, and financial services businesses.
As such, the Company from time to time considers acquiring banks, thrift institutions,
branch offices of banks or thrift institutions, or other businesses within markets
currently served by the Company or in other locations that would complement
the Company’s business or its geographic reach. The Company generally
targets merger or acquisition partners that are culturally similar and have
experienced management and possess either significant market presence or have
potential for improved profitability through financial management, economies
of scale and expanded services. The Company has pursued acquisition opportunities
in the past, and continues to review new opportunities. The Companys most recent
material acquisition was its 2012 acquisition of VIST Financial, a financial
holding company headquartered in Wyomissing, Pennsylvania, and parent to VIST
Bank, VIST Insurance, LLC ("VIST Insurance"), and VIST Capital Management,
LLC ("VIST Capital Management").
Although Tompkins is a corporate entity, legally separate and distinct from
its affiliates, bank holding companies such as Tompkins are generally required
to act as a source of financial strength for their banking subsidiaries. Tompkins’
principal source of income is dividends from its subsidiaries. There are certain
regulatory restrictions on the extent to which these subsidiaries can pay dividends
or otherwise supply funds to Tompkins. See the section “Supervision and
Regulation” for further details.
Banking services consist primarily of attracting deposits from the areas served
by the Company’s four banking subsidiaries’ 63 banking offices (44
offices in New York and 19 offices in Pennsylvania), and using those deposits
to originate a variety of commercial loans, agricultural loans, consumer loans,
real estate loans, and leases in those same areas. The Company’s lending
function is managed within the guidelines of a comprehensive Board-approved
lending policy. Policies and procedures are reviewed on a regular basis. Reporting
systems are in place to provide management with ongoing information related
to loan production, loan quality, concentrations of credit, loan delinquencies
and nonperforming and potential problem loans. The Company has an independent
third party loan review process that reviews and validates the risk identification
and assessment made by the lenders and credit personnel. The results of these
reviews are presented to the Board of Directors of each of the Company’s
banking subsidiaries, and the Company’s Audit Committee.
The Company’s principal expenses are interest on deposits, interest on
borrowings, and operating and general administrative expenses, as well as provisions
for loan and lease losses. Funding sources, other than deposits, include borrowings,
securities sold under agreements to repurchase, and cash flow from lending and
investing activities. The Company’s principal sources of income include
interest income on loans and securities.
The Company maintains a portfolio of securities such as obligations of U.S.
government agencies and U.S. government sponsored entities, obligations of states
and political subdivisions thereof, and equity securities. Management typically
invests in securities with short to intermediate average lives in order to better
match the interest rate sensitivities of its assets and liabilities. Investment
decisions are made within policy guidelines established by the Company’s
Board of Directors. The investment policy is based on the asset/liability management
goals of the Company, and is monitored by the Company’s Asset/Liability
Management Committee. The intent of the policy is to establish a portfolio of
high quality diversified securities, which optimizes net interest income within
safety and liquidity limits deemed acceptable by the Asset/Liability Management
Committee.
Tompkins Insurance Agencies Inc. was formed in 2001, resulting from an acquisition.
Insurance services include property and casualty insurance, employee benefit
consulting, and life, long-term care and disability insurance. Tompkins Insurance
is headquartered in Batavia, New York. Over the years, Tompkins Insurance has
acquired smaller insurance agencies in the market areas serviced by the Company’s
banking subsidiaries and successfully consolidated them into Tompkins Insurance.
The VIST Financial acquisition in 2012, which included VIST Insurance, nearly
doubled the Company’s annual insurance revenues. Tompkins Insurance offers
services to customers of the Company’s banking subsidiaries by sharing
offices with The Bank of Castile, Trust Company, and VIST Bank. In addition
to these shared offices, Tompkins Insurance has five stand-alone offices in
Western New York, two stand-alone offices in Tompkins County, New York and one
stand-alone office in Montgomery County, Pennsylvania.
Wealth management services consists of investment management, trust and estate,
financial and tax planning as well as life, disability and long-term care insurance
services. Wealth management services are under the trade name Tompkins Financial
Advisors. Tompkins Financial Advisors has office locations at all four of the
Company’s subsidiary banks.
0.82% 