20/ ANNUAL / 19
Making
an impact
for our
customers
for our
community
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At Tompkins Financial Corporation,
we are proud to be a
truly local community bank.
To us, it means more than where our buildings stand.
It means we are invested in making a positive impact.
We are committed to giving back to our communities.
We are dedicated to cultivating
meaningful relationships.
As trusted partners, we are invested
in the success of our customers.
Through banking, insurance and wealth management services,
we work hard to provide the right products, advice and tools to
empower our customers— and
help our regions grow and thrive.
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Financial Highlights
IN THOUSANDS, EXCEPT PER SHARE DATA
2019
2018
% CHANGE
Total assets
Net income attributable to Tompkins Financial Corporation
Diluted earnings per share
Adjusted diluted earnings per share1
Cash dividends per share
$6,725,623
81,718
5.37
5.37
2.02
$6,758,436
82,308
5.35
5.33
1.94
-0.49%
-0.72%
0.37%
0.75%
4.12%
IN THOUSANDS, EXCEPT PER SHARE DATA
2019
2018
2017
2016
2015
Selected Financial Data
Financial Statement Highlights
Assets
Total loans
Deposits
Other borrowings
Total equity
Interest and dividend income
Interest expense
Net interest income
Provision for loan and lease losses
Net gains (losses) on securities transactions
Net income attributable to Tompkins
Financial Corporation
Per Share Information
Basic earnings per share
Diluted earnings per share
Adjusted diluted earnings per share1
Cash dividends per share
Common equity per share
Selected Ratios
Return on average assets
Return on average equity
Average shareholders’ equity to average assets
Dividend payout ratio
Other Selected Data
IN WHOLE NUMBERS, UNLESS OTHERWISE NOTED
Employees (average full-time equivalent)
Banking offices
Bank access centers (ATMs)
Trust and investment services assets under
management, or custody (in thousands)
$6,725,623
4,917,550
5,212,921
658,100
663,054
261,378
50,750
210,628
1,366
645
$6,758,436
4,833,939
4,888,959
1,076,075
620,871
251,592
39,792
211,800
3,942
(466)
$6,648,290
4,669,120
4,837,807
1,071,742
576,202
226,764
25,460
201,304
4,161
(407)
$6,236,756 $5,689,995
3,772,042
4,258,033
4,395,306
4,625,139
536,285
884,815
516,466
549,405
188,746
202,739
20,365
22,103
168,381
180,636
4,321
2,945
1,108
926
81,718
82,308
52,494
59,340
58,421
5.39
5.37
5.37
2.02
44.17
1.22 %
12.55 %
9.75 %
37.48 %
5.39
5.35
5.33
1.94
40.45
1.23 %
13.93 %
8.83 %
35.99 %
3.46
3.43
4.42
1.82
37.65
0.82 %
9.09 %
9.04 %
52.60 %
3.94
3.91
3.91
1.77
36.20
3.91
3.87
3.63
1.70
34.38
1.01 %
10.85 %
9.28 %
44.92 %
1.07 %
11.51 %
9.31 %
43.48 %
1,047
64
87
1,035
66
83
1,041
65
84
1,019
66
85
998
63
85
$4,062,325 $3,806,274 $4,017,363
$3,941,484 $3,852,972
1 Adjusted diluted earnings per share reflects adjustments made for certain nonrecurring items. Adjustments for nonrecurring items in 2018 included a $2.2 million gain on sale of real
estate and a $1.9 million write-down of impaired leases ($0.02 per share). Adjustments in 2017 included a $14.9 million ($0.99 per share) one-time non-cash write-down of net deferred
tax assets related to the Tax Cuts and Jobs Act of 2017. Adjustments in 2015 included a $3.6 million ($0.24 per share) after-tax gain on a pension plan curtailment. There were no
adjustments in 2019 and 2016. Adjusted diluted earnings per share is a non-GAAP measure. This adjusted measure is defined in the Company’s Form 10-K.
2019 Corp orate Rep or t | FINANCIAL HIGHLIGHTS — p.1
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Stephen S. Romaine
P R E S I D E N T & C E O
Dr. Thomas R. Rochon
C H A I R M A N
——————————— | A MESSAGE FROM |———————————
Tom Rochon & Steve Romaine
Since our founding in 1836, Tompkins has been a local community bank,
dedicated to the unique needs of people and businesses throughout
our region. While our industry faces significant, long-lasting structural
challenges—including heightened regulatory pressure, a volatile interest
rate environment, a slowing economy and formidable competition from
non-banks—we at Tompkins ensure continued success by remaining
steadfastly committed to the heart of our business: our relationships.
As we focus on efficiency, delivering shareholder returns and
December 31, 2018, the end of 2019 saw total loans of $4.9 billion
investing in new technologies and growth opportunities, we
continually improve the positive relationships we have worked
up 1.7% and total deposits of $5.2 billion up 6.6%. Credit quality
trends remained strong in 2019. As we embark on a new decade,
so hard to cultivate. We take time to get to know our customers
we remain focused on achieving our strategy of long-term
and offer the products and services that will bring them closer to
sustainability.
their goals. As our relationships grow stronger and our customers
experience growing success, it creates positive change not only in
Promoting an environment of highly-engaged and diverse
their lives, but in the community around them.
employees is essential to delivering superior results for our
Our strong relationships made a powerful impact throughout
2019, resulting in growth in a number of key areas. We delivered
our commitment to this initiative by engaging our employees
in diversity and inclusion learning opportunities. We are also
record diluted earnings per share of $5.37 for the full year,
ensuring that the diversity of our people reflects the diversity of
an increase of 0.4% over the previous year. Compared with
our markets—this makes us a stronger company and is critical
customers, shareholders and communities. We have heightened
2019 Corp orate Rep or t | ME SSAGE TO SHAREHOLDER S — p.2
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to the perpetuation of our industry, as employees of the future are
clients which includes a premium checking account, credit
increasingly diverse.
card and line of credit. In addition, we transitioned our Social
Responsibility Index (SRI) portfolio to an Environmental, Social
We continue to innovate to make our customers’ lives easier and
and Governance (ESG) portfolio.
more secure. Our newly upgraded digital banking experience
welcomed customers in June with a modern and consistent look
In leadership news, Jennifer Tegan was appointed a director on
and feel across their devices. The new digital platform is highly
the holding company board in May. Ms. Tegan has served as a
personalized and thoughtfully simplified, allowing customers to
Director of Tompkins Trust Company since 2016 and is a Partner/
arrange their dashboard in a way that makes the most sense for
Owner of Ithaca-based Cayuga Venture Fund (CVF), where she
them, with a more straightforward way to manage accounts, move
works with, supports and finances entrepreneurs in technology-
money and send electronic Person-to-Person (P2P) payments.
based companies. We believe that with her strong combination of
leadership experience and involvement in economic development
In this time of innovation, attention to security remains critically
and civic engagement in Tompkins County, Ms. Tegan is uniquely
important. Our new mobile app includes Touch or Face ID,
qualified to serve on our Board of Directors.
two-factor authentication and real-time transaction alerts. With
enhanced card controls, customers can use the app to temporarily
disable a misplaced card, turn it back on when located and report
it lost or stolen if needed. Mobile payments are made more secure
In addition to this achievement, Ms. Tegan has been named by
WomenInc., a leading magazine dedicated to coverage of women’s
success in business, to its 2019 Most Influential Corporate
with the launch of Tompkins Digital Wallet. With a quick tap
Directors listing—an honor she shares with fellow board director
of their smartphone, customers can use Apple Pay® or Google
Patricia Johnson. Their inclusion in the most comprehensive listing
Pay™ to pay with their Tompkins Debit Mastercard or credit card
of women executives, influencers and achievers contributing
at millions of locations, and their physical card number is never
leadership to corporate boards is remarkable and extremely well-
passed through the merchant.
For business customers, we launched Treasury Management for
Business, with a sleek new look and customizable dashboard.
We have improved and secured the login process, making login
credentials consistent across the app and website and restricting
access based on IP address, day and time of day. We have also
added PIN verification to certain transactions for increased
security. Plus, with enhanced communication via the message
center, we continue to give our very best with every interaction.
Our partnerships have remained strong and growing in 2019.
Tompkins Insurance Agencies received significant recognition for
positive customer relationships, operations and communication.
They were named among the Top 100 largest independent
property/casualty agencies in the nation by Insurance Journal for
the fifth consecutive year. They were also named a Best Practices
Agency by Independent Insurance Agents & Brokers of America,
deserved. Congratulations, Jennifer and Pat, and please accept our
sincere appreciation for your contributions to Tompkins Financial.
All of our innovation and growth would not be possible without
the support of our shareholders, who we look forward to
seeing at our upcoming annual meeting. The Annual Meeting
of Shareholders will be held at the Country Club of Ithaca on
Tuesday, May 5 at 5:30 p.m. A recording of that meeting will
be available in each of the regions at an informational viewing
hosted by the local bank president. The meeting in western New
York will be held on Tuesday, May 12 at 10:00 a.m. The meeting
in the Hudson Valley will be held on Thursday, May 14 at 12:00
noon. The meeting for southeastern Pennsylvania will be held on
Friday, May 15 at 12:00 noon. Please respond to Janet Hewitt at
jhewitt@tompkinsfinancial.com or 607-274-2004 if you wish to
reserve a space at one of the informational meetings. Locations
for the informational meetings will be identified, as we determine
attendance. Reservations are not required to attend the Annual
Meeting in Ithaca.
and received the 2019 Excellence in Social Media Award from the
As we celebrate a year of customer success, community
national Professional Insurance Agents Association.
Tompkins Financial Advisors† continues to focus on strengthening
the client experience. This year brought the launch of Tompkins
Financial Advisors Premier Banking—an exclusive package,
offered through our bank partners, for financial advising
involvement and positive relationships, it is important that
we thank the people who help us stay true to our values and
honor our commitment to community. To our customers,
our shareholders and our employees—thank you for your
dedication and support in 2019. It is because of you that we
grow stronger each year.
2019 Corp orate Rep or t | ME SSAGE TO SHAREHOLDER S — p.3
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A Confident Vision
TRUE NORTH CENTER
FOR CHILDREN
Cynthia Fowler, Owner and Director
Michael Fowler, Owner
It has been more than a year since we moved our headquarters to its
new location in Ithaca, and our relationships with our community and
local businesses remain as strong and collaborative as ever.
As the city of Ithaca continues to change and grow, we
have increased our commitment to supporting a strong
and thriving downtown. We are excited to open a new
ATM at our former historic location, at what is now the
Center for History and Culture, to continue providing our
customers with exceptional and convenient service on the
Ithaca Commons.
We have once again partnered with the Downtown Ithaca
Alliance to offer innovative and exciting events throughout the
year—like the annual Fashion Week, Applefest and the new
Winter Lights Festival—that promote community togetherness,
the arts, local businesses and the talented people of our region.
We kicked off this year’s United Way of Tompkins County
campaign in September by hosting our second annual
Community Carnival for a Cause on the Ithaca Commons.
The event was envisioned, planned and executed entirely by
Tompkins employees. It was a great success, with attendance
nearly doubled from the year before. The family-friendly
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Cynthia and Michael Fowler were
ready to open their brand new
full-service preschool and childcare
center—they had a building designed,
had made a down payment on a lot,
and were excited to get started. But
a few months into the project, their
financing plan fell through. That’s
where Tompkins Trust Company
came in. “We were able to meet with
Tompkins and they heard our story
and had confidence that we would
be able to get the customer base we
needed to be financially stable,” says
Cynthia, an experienced preschool
director and early childhood educator.
“They believed in our vision, and were
willing to help with some work and
creative planning.” With financing
through Tompkins Trust Company
and guidance from Tompkins
Insurance Agencies, True North
Center for Children opened in August
2019 with 12 classrooms, nearly two
acres of natural space for outdoor
play and enrollment near capacity.
carnival engaged our community with activities, games,
local celebrity cameos, educational demonstrations,
prizes and fundraising for a wonderful cause.
The carnival is just one of the ways our employees and
partners worked together this year to support our
community. We are proud that our people helped more
than 250 organizations across central New York in 2019 by
generously serving on nonprofit boards and committees,
volunteering and fundraising.
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Our Lyndon Corners office continues to grow in the
Syracuse market, as our employees and partners deliver
on their full suite of banking services. In the few years
since opening, Lyndon Corners employees have developed
excellent relationships with new customers and added
value to existing ones.
The commercial team in Syracuse has been a positive force
for the local economy, welcoming many new customers
and helping them exceed their business goals. We have had
a powerful year in loan originations across our region in
both personal and commercial lending.
Tompkins Insurance Agencies has continued to expand
its Syracuse presence, with a full team focused on serving
customers in the surrounding area. Our in-house, dedicated
claims department and 24/7 customer care center are real
differentiators—both of which deliver a higher level of
service that our customers, generation after generation,
have come to expect.
Tompkins Financial Advisors continues to offer valuable
financial planning for customers, with robust technology
and personalized service. We continue to focus on executing
LAMBROU REAL ESTATE/ENP ASSOCIATES
Costa Lambrou, General Manager
Nick Lambrou, Owner
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our regional strategy and ensuring that clients receive the
highest level of care.
There has been some exciting movement in senior
leadership this year, as a new Banking Operations Manager
came on board to help our teams with daily operations
and project planning. In addition, we welcomed our new
Chief Credit Officer to the Tompkins Trust Company
Leadership Team.
Thanks to a strong leadership team, a clear vision and
the most dedicated and caring employees and partners
we could possibly ask for, 2019 has been an outstanding
year. The relationships we have built and continue to
grow across central New York remain at the heart of
everything we do.
“I consider myself and my family to be products of Tompkins Trust Company,”
says Nick Lambrou, owner of Lambrou Real Estate and ENP Associates. “Our
success story is definitely supported by our business relationship.” Nick’s father
started the family business with a small grocery store and four apartments
in Ithaca’s Collegetown neighborhood more than half a century ago. They’ve
Generations of Trust
since quadrupled their holdings, expanding their footprint into downtown
Ithaca and, with their new City Harbor development, the Ithaca waterfront.
“Tompkins Trust gave us great advice about our City Harbor development.
They helped us better determine the site plan and types of offerings for the
market,” Nick says. “They challenge us to do our due diligence—to do the
hard work and analysis and come up with the right plans. I trust them to
guide us and to be there for us.”
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2019 was a momentous year for Tompkins Bank of Castile, as we
celebrated our 150th anniversary. We found plenty of ways to
celebrate, always staying true to our community banking spirit.
In honor of our 150 years, we hosted a Batavia Muckdogs
In 2019, we focused on ways to better support our business
baseball game with free general admission for our employees
and community members. With 2,779 customers, neighbors
customers. We helped more local entrepreneurs turn their
visions into realities with more than $5 million in SBA
and friends in attendance, the event was a hit.
guaranteed small business loans. We also hired a Business
Development Officer to connect business owners with the
We also partnered with Tompkins Insurance Agencies and
right partners, products and services for their needs.
Tompkins Financial Advisors to donate $150,000 to the
YMCA Healthy Living Campus Campaign, a project that
will be transformational for downtown Batavia. In addition,
our employees spent more than 13,000 hours volunteering
with nonprofit organizations in our region.
In March, we held the Grand Opening of our financial center
in Buffalo, where customers can access banking, wealth
management and insurance services all under one roof. With
this highly visible location and ease of collaboration, we grow
even more effective for Buffalo customers.
Agriculture was an important part of our founding 150
years ago, and it remains central to the economic fabric of
our region. We continue to invest in our agriculture banking
team to ensure that customers have expert advice as seasons
and economic landscapes change. As one of the last truly
independent banks dedicated to agriculture in western
New York, we are committed to supporting the many farm
families and businesses we serve.
As a chemical engineer and small business owner, Daniel Canavan appreciates
the responsive approach to problem solving he finds at Tompkins Bank of
Castile—how he can get help when he needs it, no matter who he talks to.
“Someone at the bank will answer the phone and we’ll work the problem. They’ll
take ownership of the issue,” says Daniel, who co-owns the chemical analytics and
manufacturing company, IsleChem, with his brother, Patrick. “Isn’t that what
problem solving is really all about? It’s taking ownership of the problem until
you can get the right answer to your client.” In 2017, the Canavans needed to
solve their own ownership problem by refinancing. Converting their secondary
debt to primary debt, Tompkins helped Daniel and Patrick remove the remaining
financial stake IsleChem’s previous owners still had in the company. “They give us
power and authority, and control to do what we need to do to grow our business.”
2019 Corp orate Rep or t | WE STERN NEW YORK — p.8
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Taking Ownership
ISLECHEM
Daniel Canavan
Owner and Vice President
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GLOW YMCA
Rob Walker, CEO
A Healthier Community
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GLOW YMCA CEO Rob Walker says he is deeply satisfied with the
offerings and guidance Tompkins Insurance Agencies provides—but
that the relationship goes far deeper than insurance. “It’s much more
than just the product, I’m buying the culture behind it,” Rob says. “It’s
the culture Tompkins creates for its employees to take part and be
helpful to the efforts in their local community.” These efforts include
GLOW YMCA’s capital campaign to build a Healthy Living Campus
in Batavia. With a generous gift and countless volunteer hours, the
Tompkins Insurance Agencies, Tompkins Bank of Castile and Tompkins
Financial Advisors teams are helping the Y reach their project goals.
“Volunteers helped us look over our financing options and pro formas,
keeping us level-headed so that outcomes can be met,” Rob says. Along
with providing invaluable wellness resources to families in the region, the
new facility is projected by the Genesee County Economic Development
Center to bring $60 million into the area over its first 10 years.
It is these and other longstanding relationships that
form the cornerstone of our business. We are proud
to have a number of decades-long, multi-generational
customers who not only stay with us—they refer their
friends and family. Through these referrals and our
Power of Partnership program, we have continued
to grow deposit and lending relationships in 2019.
It’s a testament to the trust we build as true partners
dedicated to customer satisfaction and success.
Our presence has expanded in Warsaw, as Tompkins
Insurance Agencies acquired Cali Agency, Inc. in May
of 2019. We have been a solid part of the Warsaw
community since 1935, and we are glad to be able
to serve the needs of more of our neighbors there.
Tompkins Insurance has also successfully
re-established a relationship with BlueCross
BlueShield of Western New York to connect
customers with another trusted name in the region.
Our partnerships grew stronger this year, as
Tompkins Financial Advisors continued to build
out its western New York team to better deliver
the client experience. We recruited a new Chief
Investment Officer for the entire Tompkins
footprint who provides dedicated service to
clients in our region as a portfolio manager.
As we reflect on a century and a half of impactful
work, it’s clear that our longevity is only possible
thanks to our powerful partnerships, our dedicated
people, and the lasting relationships we cultivate.
2019 Corp orate Rep or t | WE STERN NEW YORK — p.11
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An important area of focus in the Hudson Valley in 2019 was the
growth of knowledge and expertise—for employees, customers
and our community.
Our continued commitment to understanding our
customers’ needs has helped us see another record year of
Community College and Westchester Community College,
and creating scholarships for two local students in advanced
earnings, with growth in commercial and residential loans
and deposits in our region.
manufacturing programs.
The manufacturing sector is experiencing a strong return
We have worked hard to provide vital educational programs in
our community as well, so that our customers and neighbors
to our region, which has led to a critical need for workforce
development. We recognized a real opportunity to help
can feel safe, secure and settled. Our free fraud prevention
seminars have helped business owners and community
address this challenge through education by expanding our
partnerships with the Council of Industry, Dutchess
members recognize threats and better protect themselves,
and our first-time homebuyer education programs have
helped more local families find a home to call their own.
Handcrafted Success
David Dunning purchased Country Road Associates in 2009 with a plan
to build on the company’s decades of history giving new life to reclaimed
barnwood. “Tompkins Mahopac Bank was the only bank that would listen,”
David says. Other banks he approached with his business plan either weren’t
interested or would only offer a small portion of the financing he needed. With
help from Tompkins Mahopac Bank and Tompkins Financial Advisors, David
bought the business and has grown it ever since. He says Tompkins’ focus on
personal relationships has been a big part of his business success. “I call them
and they know me by name. It’s so much easier when someone knows who
you are. It makes it very simple and quick to accomplish something in business,”
David says. “As opportunities have come along, we’ve been able to expand and
purchase things very quickly because of our relationship with Tompkins.”
2019 Corp orate Rep or t | HUD S O N VALLEY — p.12
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COUNTRY ROAD ASSOCIATES
David Dunning, Owner
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A Higher Standard
ROSE HILL ASSET
MANAGEMENT CORP
Matthew Barbaccia
Managing Partner
John Colangelo, Jr.
Managing Partner
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“It was a breath of fresh air walking into a branch where people have worked
for a long time and they understand that client relationships matter,” says John
Colangelo, managing partner of Rose Hill Asset Management Corp, reflecting
on the reasons he and business partner Matthew Barbaccia chose Tompkins
Mahopac Bank to help finance their properties. As a college student at Fordham
University’s Rose Hill Campus in the Bronx in the late 1990s, John had discovered
that off-campus housing left a lot to be desired. He began buying and renovating
properties, and joined forces with Matthew in 2009 to continue raising the
standard of living for students. That’s when they decided it was time to raise their
standard of banking as well. “Tompkins was true to their word,” John says. “They
believed in our ability to manage and redevelop these properties and have been
a critical partner in our success and growth.”
Growing knowledge and expertise to best serve our
customers also means ensuring that we have the right teams
in place to provide the greatest value. In 2019, Tompkins
Financial Advisors built out their full Hudson Valley team to
deliver on the client experience. Our Power of Partnership
referrals have remained solid throughout the year, as we’ve
continued to work together to ensure that customers are
getting the most out of their relationship.
several branches to anyone who stopped in. In addition to
reaffirming our customer appreciation and commitment
to the needs of our community, these lunchtime events
provided another opportunity to fundraise for local
nonprofit partners.
Serving our region in the most impactful ways requires a true
commitment to knowing the people, families, businesses
and organizations in our community—the challenges and
We also work closely together to determine how we can
best serve our community. Each year, our employees and
partners share their knowledge about local causes to help
decide where our support can do the most good. We
are proud to have supported more than 160 charitable
opportunities they face, the information and resources
they need, and the types of partnerships they expect.
Our dedicated employees and partners have made this
commitment, and we are incredibly proud of the positive,
impactful relationships they continue to build.
organizations in 2019.
Our employee-led Acorn Alliance program—in which
employees volunteer their time in the community
during business hours to help local nonprofits with their
crucial work—expanded to support more than a dozen
charitable organizations in 2019. Our popular Food Truck
Fridays program also expanded, offering free lunch at
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In 2019, that promise was fulfilled across the spectrum of
banking, insurance and wealth management needs—and
——————— | BUILDING A PARTNERSHIP |———————
Since joining the Tompkins family in 2012, Tompkins VIST Bank
has been a true community bank. Our people are driven to serve
our markets with reliability, strong relationships and the highest
level of professionalism. Community banking is not just our
work, it’s our promise.
“The easiest way to describe our relationship with Tompkins VIST Bank is—a
partnership,” says Frank Barwis, owner of full-service site contracting company
Barwis Construction LLC. After a previous banking relationship ended due
As one of the largest industries in our region, agriculture is
to frustrating changes in direction, a partnership is exactly what Barwis
as vital to the local economy as it is to each individual farm
Construction needed. As the Tompkins team already handles other aspects
of Barwis’ business—from employee benefit plans to their General Liability
and Worker’s Compensation insurance—Frank knew that making Tompkins
Hand-in-hand with our positive lending relationships is our
VIST his bank would bring the same high level of customer service and
knowledgeable guidance for the years ahead. “We discuss our plans, lay out our
short and long-term goals so that when it comes time to purchase equipment,
the bank is already aware,” Frank says. “Because of their understanding of our
company and industry, they’ve helped simplify our process of growth.”
While we strive to provide more value for our customers, the
Power of Partnership program has gained momentum in our
region. Referrals between Tompkins VIST Bank, Tompkins
commitment to strong asset quality. Our relationships are
built on a foundation of trust that we will always do what’s
best for our customers, with products and offerings that
provide peace of mind.
owner and family. Our continued focus on agriculture lending
has helped our customers—and their farms—grow and thrive.
especially in the lending space. Our mortgage team helped
even more local families reach their homeownership goals
in 2019 than we projected and have received wonderfully
positive feedback from satisfied customers.
work to meet the unique needs of our community. We are
regulations, challenges and possibilities arise, we grow our
to truly understand each industry we serve. As new risks,
Our commercial loan portfolio remains diversified as we
expertise so that we can provide the products, services,
committed to putting in the time and research needed
support and advice our customers need.
significantly in 2018, hiring a senior wealth advisor, portfolio
manager, and transitioning a trust officer.
Last year we gave back to our communities by hosting
Food Truck Fridays at our two Mahopac branches providing
free lunch to anyone who stopped in. We served several-
hundred community members through the program. We
also continued to support more than 200 charitable
organizations in the communities we serve and started the
Acorn Alliance program that allows employees to volunteer
for local nonprofits during business hours as just another
way of serving the community.
Tompkins Mahopac Bank once again
“The easiest way to describe our relationship with Tompkins VIST Bank is: a
received the highest rating possible, a
partnership,” says Frank Barwis, owner of full-service site contracting company Barwis
five-star rating, from Bauer Financial, a
Construction LLC. After a previous banking relationship ended due to frustrating
top independent financial ratings firm.
Banks with four- and five-star ratings
changes in direction, a partnership is exactly what Barwis Construction needed. As the
like ours are considered financially
Tompkins team already handles other aspects of Barwis’ business—from employee
sound and operating well above their
benefit plans to their General Liability and Workers’ Compensation insurance—
regulatory capital requirements.
Frank knew that making Tompkins VIST his bank would bring the same high level of
customer service and knowledgeable guidance for the years ahead. “We discuss our
plans, lay out our short and long-term goals so that when it comes time to purchase
equipment, the bank is already aware,” Frank says. “Because of their understanding of
our company and industry, they’ve helped simplify our process of growth.”
growth and success in the region. Bankers and wealth advisors
getting full value from our relationship with them. Tompkins
Power of Partnership referrals remain a solid foundation for
continue to work closely together to ensure customers are
Financial Advisors grew the size and expertise of our team
2019 Corp orate Rep or t | S O UT H E A ST ER N PEN NSYLVAN I A — p.16
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BARWIS CONSTRUCTION LLC
Frank Barwis, Owner
Building a Partnership
2019 Corp orate Rep or t | S O UT H E A ST ER N PEN NSYLVAN I A — p.17
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Financial Advisors and Tompkins Insurance Agencies help us
identify gaps in relationships and offer a more complete suite
commercial insurance products and—most importantly—
follow up with them personally.
of products and services.
As always, our commitment to our community includes
While remaining focused on fiduciary delivery to clients
and partners in 2019, Tompkins Financial Advisors has also
giving back. Our employees have volunteered more than
10,000 hours with local nonprofit organizations to make a
brought in new talent. With the addition of a Managing
Director, Tompkins Financial Advisors now has full-time
positive impact on those who need it most. Not only does
this local involvement and service make a difference in
leadership in the southeastern Pennsylvania region.
our region—it makes a difference in the hearts and minds
of our customers. When they see us volunteering and
Year after year, Tompkins Insurance Agencies maintains a
consistent, industry leading 99% customer satisfaction
engaging meaningfully out in the community, it makes our
relationships stronger.
rate, based on survey responses from personal insurance
customers who had a homeowners or auto claim. With a
new automated marketing program, the team is able to
reach out to customers who may benefit from personal or
We could not be more proud of our employees and
partners for their dedication to our customers, our values
and our community throughout 2019.
“We’ve dealt with really small banks and we’ve dealt with a really big bank.
The really small banks can’t provide all the services we need. The big banks can
provide all the services but we’re just a number; we mean nothing to them,” says
Steve Parris, owner of PD Home & Garden, a home accent design, import and
distribution company. “Tompkins VIST Bank fits that perfect sweet spot for us.
They function like a small bank as far as accessibility and a great relationship,
and they can provide all the services that a big bank provides.” The company,
which Steve runs with his co-owner and wife Demi, has experienced double-digit
sales growth each year since working with Tompkins VIST Bank. “We’re going
to be with them for life.”
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A Feeling of Home
PD HOME & GARDEN
Demi Parris & Steve Parris, Owners
2019 Corp orate Rep or t | S O UT H E A ST ER N PEN NSYLVAN I A — p.19
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Consolidated Statements of Condition
IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA
Assets
Cash and noninterest bearing balances due from banks
Interest bearing balances due from banks
Cash and Cash Equivalents
Available-for-sale securities, at fair value (amortized cost of $1,293,239 at December 31, 2019
and $1,363,902 at December 31, 2018)
Held-to-maturity securities, at amortized cost (fair value of $0 at December 31, 2019
and $139,377 at December 31, 2018)
Equity securities, at fair value (amortized cost $915 at December 31, 2019 and $887 at
December 31, 2018)
Originated loans and leases, net of unearned income and deferred costs and fees
Acquired loans
Less: Allowance for loan and lease losses
Net Loans and Leases
Federal Home Loan Bank and other stock
Bank premises and equipment, net
Corporate-owned life insurance
Goodwill
Other intangible assets, net
Accrued interest and other assets
Total Assets
Liabilities
Deposits:
Interest bearing:
Checking, savings and money market
Time
Noninterest bearing
Total Deposits
Federal funds purchased and securities sold under agreements to repurchase
Other borrowings
Trust preferred debentures
Other liabilities
Total Liabilities
Equity
Tompkins Financial Corporation Shareholders’ Equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,014,499 at
December 31, 2019; and 15,348,287 at December 31, 2018
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost – 123,956 shares at December 31, 2019, and 122,227 shares at
December 31, 2018
Total Tompkins Financial Corporation Shareholders’ Equity
Noncontrolling interests
Total Equity
Total Liabilities and Equity
YEAR ENDED DECEMBER 31,
2019
2018
$136,010
1,972
137,982
$78,524
1,865
80,389
1,298,587
1,332,658
0
140,579
915
4,697,401
220,149
39,892
4,877,658
33,695
94,355
82,961
92,447
6,223
100,800
$6,725,623
887
4,568,741
265,198
43,410
4,790,529
52,262
97,202
81,928
92,283
7,628
82,091
$6,758,436
3,080,686
675,014
1,457,221
5,212,921
60,346
658,100
17,035
114,167
$6,062,569
2,853,190
637,295
1,398,474
4,888,959
81,842
1,076,075
16,863
73,826
$6,137,565
1,501
338,507
370,477
(43,564)
(5,279 )
661,642
1,412
$663,054
$6,725,623
1,535
366,595
319,396
(63,165)
(4,902)
619,459
1,412
$620,871
$6,758,436
2019 Corp orate Rep or t | STATE MENTS OF CONDITION — p.20
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Consolidated Statements of Income
{ CONSOLIDATED STATEMENTS OF INCOME }
YEAR ENDED DECEMBER 31,
IN THOUSANDS, EXCEPT PER SHARE DATA
Interest and Dividend Income
Loans
Due from banks
Available-for-sale securities
Held-to-maturity securities
Federal Home Loan Bank stock and Federal Reserve Bank stock
Total Interest and Dividend Income
Interest Expense
Time certificates of deposits of $250,000 or more
Other deposits
Federal funds purchased and securities sold under agreements to repurchase
Trust preferred debentures
Other borrowings
Total Interest Expense
Net Interest Income
Less: Provision for loan and lease losses
Net Interest Income After Provision for Loan and Lease Losses
Noninterest Income
Insurance commissions and fees
Investment services income
Service charges on deposit accounts
Card services income
Other income
Net gain (loss) on securities transactions
Total Noninterest Income
Noninterest Expenses
Salaries and wages
Other employee benefits
Net occupancy expense of premises
Furniture and fixture expense
Amortization of intangible assets
Other operating expenses
Total Noninterest Expenses
Income Before Income Tax Expense
Income Tax Expense
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation
Less: Net income attributable to noncontrolling interests
Net Income Attributable to Tompkins Financial Corporation
Basic Earnings Per Share
Diluted Earnings Per Share
YEAR ENDED DECEMBER 31,
2019
2018
2017
$226,723
41
28,460
3,151
3,003
261,378
3,095
27,809
143
1,276
18,427
50,750
210,628
1,366
209,262
31,091
16,434
8,321
10,526
8,416
645
75,433
89,399
23,488
13,210
7,815
1,673
46,249
181,834
102,861
21,016
81,845
127
$ 81,718
$5.39
$5.37
$214,370
31
30,377
3,437
3,377
251,592
1,712
14,883
152
1,227
21,818
39,792
211,800
3,942
207,858
29,369
17,288
8,435
9,693
13,130
(466 )
77,449
85,625
22,090
13,309
7,351
1,771
50,921
181,067
104,240
21,805
82,435
127
$ 82,308
$5.39
$5.35
$191,410
37
29,721
3,475
2,121
226,764
1,880
10,253
235
1,158
11,934
25,460
201,304
4,161
197,143
28,778
15,665
8,437
9,100
7,631
(407)
69,204
81,948
21,458
13,214
7,028
1,932
45,525
171,105
95,242
42,620
52,622
128
$ 52,494
$3.46
$3.43
2019 Corp orate Rep or t | STATE MENTS OF INCOME — p.21
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Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded under the
symbol “TMP” on the NYSE American. The high
and low closing sale prices, which represent actual
transactions as quoted on the Exchange, of the
Company’s common stock for each quarterly period
in 2018 and 2019, are presented to the right. The
per share dividends paid by the Company in each
quarterly period in 2018 and 2019 and the payment
dates of these dividends are also presented.
$5.37
$5.35
$5.33
$3.87
$3.63
$3.91
$4.42
$3.43
Market Price
Low
High
Cash Dividends
Amount Date Paid
2018 1st Quarter
$85.82
$74.35
$0.48
2/15/18
2nd Quarter
89.15
3rd Quarter
91.14
75.00
80.12
0.48
0.48
5/15/18
8/15/18
4th Quarter
83.00
69.67
0.50
11/15/18
2019 1st Quarter
$81.13
$73.00
2nd Quarter
83.73
75.93
3rd Quarter
84.31
76.76
4th Quarter
91.14
78.52
$0.50
0.50
0.50
0.52
2/15/19
5/15/19
8/15/19
11/15/19
$2.02
$1.94
$1.77
$1.82
$1.70
0.00
0.00
15 16 17 18 19
Diluted Earnings1
PER SHARE IN DOLLARS
15 16 17 18 19
Cash Dividends
PER SHARE IN DOLLARS
1. The darker shaded sections of the bars reflect GAAP earnings per share. The lighter bars reflect adjusted diluted earnings per share. Adjusted diluted earnings per share reflects adjustments
made for certain nonrecurring items. Adjustments for nonrecurring items in 2018 included a $2.2 million gain on sale of real estate and a $1.9 million write-down of impaired leases ($0.02 per
share). Adjustments in 2017 included a $14.9 million ($0.99 per share) one-time non-cash write-down of net deferred tax assets related to the Tax Cuts and Jobs Act of 2017. Adjustments in
2015 included a $3.6 million ($0.24 per share) after-tax gain on a pension plan curtailment. There were no adjustments in 2019 and 2016. Adjusted earnings per share is a non-GAAP measure.
This adjusted measure is defined in the Company’s Form 10-K.
The Shareholders and Board of Directors Tompkins Financial Corporation:
Report of Independent Registered Public Accounting Firm
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the consolidated statements of condition of Tompkins Financial Corporation and subsidiaries as of December 31, 2019, and
the related consolidated statements of income, comprehensive income, cash flows, and changes in shareholders’ equity for
the year then ended (not presented herein); and in our report dated March 2, 2020, we expressed an unqualified opinion on
those consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated,
in all material respects, in relation to the consolidated financial statements from which it has been derived.
Albany, New York
March 2, 2020
March 1, 2018
2019 Corp orate Rep or t | FI NAN CIAL H I G H LI G HTS — p.22
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Tompkins Financial Corporation Board of Directors
Frank C. Milewski
Retired VP Regional Operations
Pathways Health
Michael H. Spain
Executive Vice President
Brown & Brown
Jennifer R. Tegan
Partner
Cayuga Venture Fund
Alfred J. Weber
President, Tweed-Weber-Danks, Inc.
Craig Yunker
Managing Partner, CY Farms
Thomas R. Rochon
Chairman
President, ERB Learn
Stephen S. Romaine
President & CEO
James W. Fulmer
Vice Chairman
John E. Alexander
Founder, The CBORD Group, Inc.
Paul J. Battaglia, CPA
Retired Director
Freed Maxick CPAs, P.C.
Daniel J. Fessenden
Executive Director
Fred L. Emerson Foundation, Inc.
Patricia A. Johnson
VP of Finance & Administration
Lehigh University
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Board of Directors
TOMPKINS TRUST COMPANY
TOMPKINS BANK OF CASTILE
TOMPKINS MAHOPAC BANK
TOMPKINS VIST BANK
Stephen S. Romaine
Chairman
President & CEO
Tompkins Financial Corporation
James W. Fulmer
Chairman
Vice Chairman
Tompkins Financial Corporation
Michael Spain
Chairman
Executive Vice President
Brown & Brown
Alfred J. Weber
Chairman
President
Tweed-Weber-Danks, Inc.
Gregory J. Hartz
President & CEO
John M. McKenna
President & CEO
Gerald J. Klein, Jr.
President & CEO
Scott L. Gruber
President & CEO
John E. Alexander
Founder
The CBORD Group, Inc.
Larry F. Baum
Founder
The Computing Center
Daniel J. Fessenden
Executive Director
Fred L. Emerson Foundation, Inc.
Ryan Lombardi
Vice President
Student & Campus Life
Cornell University
Jennifer R. Tegan
Partner
Cayuga Venture Fund
Paul J. Battaglia, CPA
Retired Director
Freed Maxick CPAs, P.C.
Joseph G. Bucci Jr.
Environmental Manager
American Rock Salt
Company, LLC
David N. DeLaVergne
Retired Senior Vice President
Tompkins Bank of Castile
John D. McClurg
President
McClurg Chrysler Dodge Jeep,
Inc. & McClurg Chevrolet
Buick, Inc.
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
Stephen R. Stoddard, DVM
Partner
Perry Veterinary Clinic
Craig Yunker
Managing Partner, CY Farms
Francis M. Fetsko
EVP, CFO, COO & Treasurer
Tompkins Financial Corporation
*Edward C. Barrett, CPA
Retired EVP & CFO
Tompkins VIST Bank
Ita M. Rahilly, CPA, AEP
Partner
RBT CPAs, LLP
James W. Fulmer
Vice Chairman
Tompkins Financial Corporation
Kevin J. Plunkett
Director of Strategic Initiatives
Simone Development
Companies
Thomas R. Rochon
President
ERB Learn
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
C. Compton Spain
Attorney, Spain & Spain, P.C.
Philip E. Hughes, Esq., CPA
Vice Chairman
Keystone Industries
Patricia A. Johnson
VP of Finance & Administration
Lehigh University
Frank C. Milewski
Retired VP Regional Operations
Pathways Health
Harry J. O’Neill, III
President
Empire Group
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
*Retired from Board
December 31, 2019
TOMPKINS INSURANCE
AGENCIES, INC.
James W. Fulmer
Chairman
Vice Chairman
Tompkins Financial Corporation
David S. Boyce
President & CEO
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
2019 Corp orate Rep or t | BOARD OF DIRECTOR S — p.24
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Corporate Information
TOMPKINS FINANCIAL
CORPORATION
CORPORATE OFFICERS
Stephen S. Romaine
President & Chief Executive Officer
CORPORATE OFFICE
Tompkins Financial Corporation
P.O. Box 460
Ithaca, NY 14851
(888) 503-5753
Website:
www.tompkinsfinancial.com
E-mail:
shareholder@tompkinsfinancial.com
SUBSIDIARIES
Tompkins Trust Company
P.O. Box 460
Ithaca, NY 14851
(607) 273-3210
www.tompkinstrust.com
Tompkins Bank of Castile
90 Main St.
Batavia, NY 14020
(585) 345-0122
www.bankofcastile.com
Tompkins Mahopac Bank
1441 Route 22
Brewster, NY 10509
(845) 278-1000
www.mahopacbank.com
Tompkins VIST Bank
P.O. Box 6219
Wyomissing, PA 19610
(610) 478-9922
www.vistbank.com
Tompkins Insurance Agencies, Inc.
90 Main St.
Batavia, NY 14020
(585) 344-0833
www.tompkinsins.com
Tompkins Financial Advisors†
P.O. Box 6437
Ithaca, NY 14851
(607) 273-0037
www.tompkinsfinancialadvisors.com
David S. Boyce
Executive Vice President
Francis M. Fetsko
Executive Vice President,
Chief Financial Officer, Chief
Operating Officer & Treasurer
Alyssa H. Fontaine
Executive Vice President &
General Counsel
Scott L. Gruber
Executive Vice President
Gregory J. Hartz
Executive Vice President
Brian A. Howard
Executive Vice President
Gerald J. Klein, Jr.
Executive Vice President
John M. McKenna
Executive Vice President
Susan M. Valenti
Executive Vice President
Steven W. Cribbs
Senior Vice President &
Chief Risk Officer
Bradley G. James
Senior Vice President,
Chief Technology Officer
Bonita N. Lindberg
Senior Vice President,
Director of Human Resources
Janet L. Hewitt
Assistant Vice President,
Corporate Administrative &
Investor Relations Officer
Kathleen A. Manley
Assistant Vice President
& Corporate Secretary
STOCK LISTING
Tompkins Financial Corporation
common stock is traded on
the NYSE American under the
symbol TMP.
The Tompkins Financial Stock
Purchase Plan is administered
by American Stock Transfer &
Trust Company, LLC as transfer
agent for Tompkins Financial
Corporation. It offers a convenient
way for shareholders to increase
their investment in the Company.
The plan enables shareholders to
reinvest all or part of their cash
dividends or to make optional cash
payments, with some restrictions,
in order to purchase shares of
Tompkins Financial Corporation
common stock without incurring
charges for brokerage commissions
or service charges. Shareholders
who are interested in the plan may
receive enrollment information and
a plan enrollment application by
contacting:
American Stock Transfer & Trust
Company, LLC
Toll-free number: 1-877-573-4008
Internet: www.astfinancial.com
Mailing address:
American Stock Transfer & Trust
Company, LLC
Attn: Dividend Reinvestment
Department
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
For answers to many of your
shareholder questions or to request
forms, visit American Stock Transfer
& Trust Company’s website
www.astfinancial.com or contact:
American Stock Transfer & Trust
Company, LLC
Shareholder Relations
6201 15th Avenue
Brooklyn, NY 11219
Overnight address:
6201 15th Avenue
Brooklyn, NY 11219
1-800-937-5449 or 1-718-921-8200
E-mail address:
info@astfinancial.com
Also, Tompkins Financial Stock
Purchase Plan enrollment
information can be requested and
shareholder questions answered by
contacting the Company:
Janet L. Hewitt, AVP
Tompkins Financial Corporation
P.O. Box 460
Ithaca, NY 14851
1-888-503-5753 or 1-607-274-2004
E-mail address:
jhewitt@tompkinsfinancial.com
Form 10-K
Copies of the Company’s Form
10-K (Annual Report) for 2019, filed
with the Securities and Exchange
Commission, may be obtained by
shareholders, by written request,
from Francis M. Fetsko, Executive
Vice President and Chief Financial
Officer, P.O. Box 460, Ithaca, NY
14851.
Copies can also be obtained
from our website:
www.tompkinsfinancial.com
GO GREEN
If you would like to receive
future Tompkins Financial
Corporation Corporate Reports
and proxy materials
electronically,
please follow the
instructions on your
proxy card for voting via the internet
and select the option for electronic
transmission of proxy materials.
The savings below are achieved
when PC recycled paper is used in
place of virgin fiber. This project
uses 5,761 lbs of paper which has a
postconsumer recycled percentage
of 10%.
6 trees preserved for the future
500 gallons wastewater flow saved
20 lbs solid waste not generated
2600 lbs net greenhouse gases prevented
2.5 million BTUs energy not
consumed
†Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates.
Tompkins Trust Company and Tompkins Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and
services using Tompkins Wealth Advisors, and may also be employees of Tompkins Trust Company. These products and services are being offered through LPL or its affiliates,
which are separate entities from, and not affiliates of, Tompkins Trust Company or Tompkins Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
Not Insured by FDIC or Any
Other Government Agency
Not Bank
Guaranteed
Not Bank Deposits
or Obligations
May Lose
Value
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