2O2O
Service | Stability | Strength
DELIVERING FOR OUR CLIENTS & COMMUNITIES
TOMPKINS FINANCIAL CORPORATION IS PROUD
TO SERVE A VITALLY IMPORTANT ROLE
AS A TRUSTED, DEDICATED
AND TRULY LOCAL COMMUNITY BANK.
No matter what may be
going on around the world,
our focus is—and always
will be—our customers and neighbors.
WHEN THE INDIVIDUALS, FAMILIES,
BUSINESSES AND ORGANIZATIONS OF OUR REGIONS
FACE CHALLENGES, WE ARE HERE
TO HELP THEM NAVIGATE EACH NEW DAY.
Our banking, insurance and wealth management
teams are committed to delivering the
service, stability and strength
our customers and communities need.
THAT’S THE ROLE OF A LOCALLY FOCUSED
COMMUNITY BANK. THAT’S THE PROMISE OF TOMPKINS.
FINANCIAL HIGHLIGHTS
IN THOUSANDS, EXCEPT PER SHARE DATA
2020
2019
% CHANGE
Total assets
Net income attributable to Tompkins Financial Corporation
Diluted earnings per share
Adjusted diluted earnings per share1
Cash dividends per share
$7,622,171 $6,725,623
81,718
5.37
5.37
2.02
77,588
5.20
5.24
2.10
13.33%
-5.05%
-3.17%
-2.42%
4.00%
The following consolidated selected financial data is taken from the Company’s audited consolidated financial statements as of and for the five years ended December 31, 2020. The following
selected financial data should be read in conjunction with the consolidated financial statements and the notes thereto in Part II, Item 8. of this report. All of the Company’s acquisitions during
the five year period were accounted for using the purchase method. Accordingly, the operating results of the acquired companies are included in the Company’s results of operations since
their respective acquisition dates.
IN THOUSANDS, EXCEPT PER SHARE DATA
2020
2019
2018
2017
2016
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 credit loss expense
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)
$7,622,171
5,260,327
6,437,752
265,000
717,689
254,330
28,991
225,339
16,151
443
$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 $6,236,756
4,258,033
4,669,120
4,625,139
4,837,807
884,815
1,071,742
549,405
576,202
202,739
226,764
25,460
22,103
180,636
201,304
4,321
4,161
926
(407)
77,588
81,718
82,308
52,494
59,340
5.22
5.20
5.24
2.10
47.98
1.05 %
11.09 %
9.51 %
40.23 %
1,057
64
85
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
3.94
3.91
3.91
1.77
36.20
0.82 % 1.01 %
9.09 % 10.85 %
9.04 % 9.28 %
52.60 % 44.92 %
1,041
1,047
1,035
64 66
65
87 83 84
1,019
66
85
$4,447,019 $ 4,062,325 $ 3,806,274 $ 4,017,363 $ 3,941,484
1 Adjusted diluted earnings per share reflects adjustments made for certain nonrecurring items. Adjustments for nonrecurring items in 2020 included a $673,000 loss on the write-down of real
estate pending sale ($0.04 per share). Adjustments 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. 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.
2020 Corporate Report | FINANCIAL HIGHLIGHTS | 1
A message from Tom Rochon & Steve Romaine
Dr. Thomas R. Rochon
C H A I R
Stephen S. Romaine
P R E S I D E N T & C E O
We entered 2020 with a strong financial position,
coming off a year of record earnings per share in
2019, and with our 2019 risk-based capital ratio at its
highest level since 2014. Our long-held philosophy
of maintaining Tompkins as a sustainable high
performing company, supported with prudent risk
management practices, was more important than
ever during this tumultuous year.
This year, diluted earnings per share were down 3.2% to $5.20
for the full year, largely due to the provision expense for the first
quarter of 2020 of $16.3 million. It is important to note that this
was not a result of specific credit risks currently identified in
the loan portfolio—it was due to the impact of the economic
shutdown related to COVID-19 on economic forecasts and other
model assumptions relied upon by management in determining
the allowance. Compared with December 31, 2019, the end of
2020 saw total deposits of $6.4 billion up 23.5%, and total loans
of $5.3 billion up 7.0%. Growth in both areas was due, in part, to
our participation in the Paycheck Protection Program (PPP).
As banking was deemed an essential industry with a key role in
the government’s plans to shore up the economy, we moved
swiftly to implement previously developed business continuity
and pandemic plans early in the year. Significant investments
we made to digital technologies and internal systems over
recent years were proven invaluable, as improved remote
banking and remote working capabilities allowed us to operate
with limited disruption to business.
During the first quarter of 2020, we designated a Pandemic
Planning Committee, made up of members of senior
management, to oversee our company-wide response to
COVID-19. We implemented a number of risk mitigation
measures designed to keep our employees and customers safe,
including restrictions on business travel and the establishment
of a remote work environment for nearly 100% of our non-
retail employees. We also implemented drive-up-only or by-
appointment-only operations across our branch network.
Our preparedness and commitment to unwavering service
meant that we could provide the help our customers needed,
quickly and efficiently. Prior to New York State’s loan forbearance
announcement, we had already put together a program to
provide business and individual customers the ability to defer
loan payments during the crisis. The customer response to this
initiative has been tremendous, and we continue to help our
customers through this program today. As of December 31,
2020, more than 90% of loans that received deferrals have
returned to payment status.
In early spring, the Small Business Administration (SBA) was
looking to banks to administer the PPP to help fund small
businesses and their workers during the pause in normal
business. Because all of our banks are certified SBA lenders, we
were quick to answer the call—and we were one of the first
banks to do so. Our customers’ gratitude has been profound as
we have worked tirelessly to serve their needs. We funded 2,998
loans totaling approximately $465.6 million through the end
of the 2020 program. We continue to help local businesses by
participating in the 2021 PPP program.
As the pandemic unfolded, the stock market became increasingly
volatile—and Tompkins Financial Advisors† was there to provide
advice, guidance and a steadying hand for our clients.
2 | MESSAGE TO SHAREHOLDERS | 2020 Corporate Report
For nearly two centuries, Tompkins Financial has been a stable
presence helping our customers through times of prosperity
as well as times of uncertainty. Though we could not have
anticipated the circumstances we have been experiencing due
to COVID-19, we are extremely proud of the exceptional way
the Tompkins team has stepped up to address the specific
needs of our customers and communities.
Our chief investment officer and advisors regularly connected
with clients through frequent communications, including market
updates, blogs and ongoing conversations to help put their minds
at ease. Reflecting on the past year’s challenges, and considering
the lens through which we view the world today, Tompkins
Financial Advisors’ 2019 transition of our Social Responsibility
Index portfolio to an Environmental, Social and Governance (ESG)
portfolio has proven a vital and insightful move.
Tompkins Insurance Agencies was also helping customers weather
the storm, with enhancements including new cloud technology,
increased self-service capabilities and the introduction of Saturday
Customer Care Center hours. We would like to congratulate the
insurance team on their continued national recognition—they
were once again ranked one of the Top 100 Largest Commercial
Insurance Brokers in the country by Business Insurance Magazine,
one of the Top 100 Property & Casualty Agencies in the country
by Insurance Journal Magazine and a Best Practices Agency by the
Independent Insurance Agents & Brokers of America.
In leadership news, we are excited to welcome Tompkins Mahopac
Bank director Ita M. Rahilly to the Tompkins Financial Board of
Directors. Ms. Rahilly’s qualifications to sit on our Board include 25
years of extensive experience dealing with financial and accounting
matters for clients, complex organizations and closely held
businesses and their shareholders. She has also acquired a deep
understanding of the Hudson Valley business environment during
her years working with commercial clients in the region.
As always, our ability to remain focused on helping customers
thrive is made possible thanks in large part to our shareholders.
Our Annual Meeting of Shareholders will be held on May 11,
2021 at 5:30 p.m. Information about how to participate and vote
was sent to shareholders in March 2021.
Through a year when health and safety were top of mind, we
have been more committed than ever to the well-being of our
people. Over 85% of our workforce continued working remotely
as of year-end, and we have remained diligent about social
distancing for employees required to complete essential on-site
functions. We have stayed true to our word in not furloughing
any employees during the period of social distancing, as well as
continuing to pay employees even if they could not perform
their job function. We have also continued to recruit and
promote team members.
We prioritized crucial work toward equity and social justice
throughout the year—launching our first ever employee-
driven Diversity, Inclusion and Belonging group, in addition to
establishing regional focus groups to address social justice at the
local community level. We also sponsored Racial Equity Institute
(REI) Training for 120 team members plus 80 community
members. While these were great steps forward, we know there
is still much to be done. In 2021, we will continue to assess
company “norms,” including systemic and structural barriers, to
promote a workplace culture of belonging.
As we look back on 2020 and look forward to the
year ahead, it is important that our employees know
how much their dedication means to us. Our ability
to help customers through this challenging year was
thanks to the remarkably hard-working, community-
focused individuals and teams across our lines of
business and regions. We conclude by thanking you
for your work toward enabling our communities to
heal and thrive.
2020 Corporate Report | MESSAGE TO SHAREHOLDERS | 3
Tompkins Trust Company
— CENTRAL NEW YORK —
At Tompkins Trust Company, we are wholly committed to the people
and businesses that call Central New York home. As a true community
bank, we are uniquely invested in the families, neighborhoods and
organizations of our region—especially as global events and economic
shifts impact them in new ways.
Even as our employees were dealing with many
held extensive training across our banking, insurance
of the same challenges as our customers, such as
and wealth teams on using Webex for video
transitioning to remote work or balancing family
conferencing, and they have been meeting virtually
needs, they stepped up to provide invaluable
with clients and prospects ever since.
help, guidance and support.
With residential mortgage rates at historic lows,
Our teams stayed informed about the latest
our teams worked diligently to help local
COVID-19 developments and worked to understand
homebuyers and homeowners take advantage of the
how to best serve customers in the way they needed
rate environment. We delivered a record number of
to be served. We worked with the SBA to provide
home mortgages, with strong purchase activity and
PPP loans to 650 Central New York companies, for a
record volumes in terms of new residential mortgage
total of $102 million in assistance, which supported
loans and refinancing.
6,000 local jobs. We also acted very quickly in the
early stages of the pandemic to offer relief through
Our Syracuse office continues to grow and has
loan payment deferrals—and more than 1,400
exceeded its commercial loan and deposit plan for
customers took advantage of this program.
the fifth consecutive year, with loans above $250
When it became clear that in-person banking would
not always be possible, we leveraged technology
to keep business moving forward. Thanks to our
enhanced digital banking platforms, we were able to
see a significant increase in digital banking. We also
million and deposits more than doubling since
the end of 2019. Our Syracuse office, with the
addition of a branch manager, has rounded
out its full complement of business lines to
help customers with their banking, insurance
and financial advising needs.
4 | CENTRAL NEW YORK | 2020 Corporate Report
A HEALTHY
WAY Forward
Dr. Josie McAllister has worked with Tompkins Trust Company and
Tompkins Insurance Agencies since founding Dermatology Associates
of Ithaca in 2011. “As we’ve grown and evolved as a practice, they’ve
been able to help us every step of the way,” Dr. McAllister says.
DERMATOLOGY
ASSOCIATES of ITHACA
Dr. Josie McAllister, Founder
2020 Corporate Report | CENTRAL NEW YORK | 5
When the practice needed a larger office space, the Tompkins team told
Dr. McAllister about a space perfectly suited to their needs: the former
Tompkins Insurance building. After a successful bidding process, the
practice was ready to move in—after making a few updates. “Tompkins
provided crucial financing, as well as extremely valuable advice, oversight
and support to keep the project on time and on budget,” says Dr.
McAllister. Soon after the project was completed, COVID-19 drastically
changed the way the practice had to function. The Tompkins team was
there to assist with the PPP loan process, and the practice was able to
remain fully staffed and accessible to patients. “It really helps to have a
bank that we know is here for us.”
As 2020 brought a number of unique challenges,
we are so proud of how our banking, insurance
and wealth teams came through for the people
of Central New York in remarkable, inspiring
ways—supporting customers through a number
of transitions and helping our communities stay
strong during an incredibly difficult time in history.
The Tompkins Financial Advisors team made a
number of key hires in the region, including
wealth advisors. They also designed and delivered
a monthly virtual financial education series for
the women of Central New York called “Women
and Wellness”—which is expanding into our other
regions with plans to cover finance as well as
additional wellness topics.
As always, our commitment to our community
went far beyond our customers’ financial needs.
We were honored to receive the Corporate
Philanthropist of the Year Award from the Southern
Tier Chapter of the Association of Fundraising
Professionals. We supported more than 100 local
nonprofit organizations with financial contributions
and/or volunteer time during this particularly
difficult year and helped put food on our neighbors’
holiday tables through our “Banksgiving” initiative.
We also sent food to essential workers who were
working on the front lines of the crisis.
6 | CENTRAL NEW YORK | 2020 Corporate Report
Tompkins Bank of Castile
— WESTERN NEW YORK —
In early 2020, the Genesee County Chamber of Commerce honored
Tompkins Bank of Castile as the 2019 Business of the Year—an award
which recognizes organizations that demonstrate significant business
stability, commitment to the community and leadership. We are incredibly
proud of this recognition and we are even more proud of how we
followed through on each of those points in the year that followed.
Throughout the COVID-19 pandemic, we have
restaurant closures, we were there to provide PPP
worked to keep the safety of our customers
loan assistance and loan payment relief they needed
and employees front and center, while offering
to keep business moving forward.
uninterrupted customer service. When many
banks found themselves overwhelmed with PPP
Through it all, we continued to help customers with
loan applications, our employees put in night and
their day-to-day banking needs without disruption.
weekend hours to ensure that customers were able
It was a high volume year in both mortgage loans
to receive the assistance they needed—and it paid
and refinancing, as we helped customers take
off for our region in a big way. We helped customers
advantage of the year’s lower interest rates. We
with 738 PPP loans, which meant more than $120
also rolled out a new and improved version of
million reinvested in our community and more than
our commercial management system, providing
7,000 local jobs protected.
customers hands-on support and assistance every
step of the way. In the Buffalo area, we continued
With a loan relief plan in place prior to New York’s
to build momentum and brand recognition, and
announcement, we were well-prepared to lead our
have made significant progress in developing new
customers and communities through this difficult
customer relationships and expanding existing ones.
time. And as the last truly independent bank
dedicated to agriculture in our region, we also held
Equity and inclusion remained an important area of
true to our commitment to support our local farm
focus across our region. We implemented a Western
customers. When the dairy industry faced unique
New York Diversity and Inclusion Team to enhance
demand challenges in the spring due to school and
our understanding and expand our engagement in
2020 Corporate Report | WESTERN NEW YORK | 7
2020 Corporate Report | WESTERN NEW YORK | 7
A SHARED
SET
of Values
LIBERTY PUMPS
Charlie Cook, CEO
Robyn Brookhart,
President and COO
8 | WESTERN NEW YORK | 2020 Corporate Report
Liberty Pumps focuses on creating innovative, reliable products and building
strong customer relationships—while also supporting their local community
and creating a positive work environment. “Working with Tompkins Bank
of Castile, it’s clear that they share those values,” says Charlie Cook, Liberty
Pumps CEO. The team at Tompkins helped the pump manufacturer fund
an employee stock ownership plan (ESOP) to give their employees greater
ownership of the business. In addition to supporting this evolution of Liberty
Pumps’ corporate philosophy, Tompkins assisted with the financing they
needed to grow their physical footprint to more than 247,000 square feet.
“Tompkins is very competitive, flexible and nimble. They’re always there when
we need them,” Charlie says. “They give us confidence in our financial picture
and they’ve helped us double our business more than once.”
supporting racial equity. The initial focus of the team
initiative. On a more global level, Tompkins Financial
has been around education and awareness, with a
Advisors continued to encourage our Environmental,
plan to leverage that understanding into actionable,
Social and Governance portfolio as world events
impactful activities. We also participated in Rochester’s
have prompted clients and companies to embrace
21-Day Racial Equity Challenge, a region-wide effort
responsible investing.
led by the United Way to empower individuals
and organizations with the knowledge needed to
confront racism, bias and other social inequities.
Together with our insurance and wealth partners,
we also maintained our strong focus on community
involvement. Knowing that community need in
In such a challenging year, we are incredibly
proud of how our employees led our customers
and communities through the uncertainty.
Many customers have reached out to let
2020 was greater than ever, we proactively reached
us know how much they appreciate the
out to support the vital work of local nonprofit
ongoing communication, knowledgeable
organizations through donations, even as they were
unable to hold their annual fundraising events. We
also organized food delivery for our frontline health
care workers and provided funding for local food
pantries to feed families through our “Banksgiving”
help, and clear dedication of our teams—
and we echo that sentiment wholeheartedly.
2020 Corporate Report | WESTERN NEW YORK | 9
of Values
Solutions
MADE
SIMPLE
Tompkins Mahopac Bank
— HUDSON VALLEY —
At Tompkins Mahopac Bank, we found ourselves near the epicenter
of the U.S. COVID-19 crisis, and it was vital that we acted swiftly and
effectively to help our customers and communities through every new
development and each disruption to business as usual.
We moved quickly to develop efficient solutions
the SBA. We employed a simplified application
and open the process for PPP applications – assisting
portal so customers could apply online and review
customers along the way and ensuring smooth
applications for accuracy. We then worked with
communication between our customers and
customers to fill in the blanks.
10 | HUDSON VALLEY | 2020 Corporate Report
PASCAL COFFEE ROASTERS
Dean Pialtos, President and CEO
Charles Pialtos, Executive VP and CFO
James Ranni, Treasurer
As a fourth generation family business established more than 100 years ago,
Pascal Coffee Roasters makes it a point to get to know their customers and
understand their needs—and they wanted to work with a local bank that
would do the same.
The PPP process was a tremendous undertaking
happening in the market and with the CARES Act
by our staff, who worked long hours and over the
and putting minds at ease.
weekends to get applications processed and into the
SBA system on a timely basis. We helped more than
It was a record year for new residential mortgage
800 businesses through the PPP process, funded
loans as borrowers took advantage of low interest
$116 million in loans and protected more than
rates to lower their payments or shorten their loan
8,000 local jobs.
terms. The record volume also included a surge in
activity for new home and condominium purchases
Throughout the year, we were sure to maintain open
in our region as borrowing became more affordable
and consistent communication with our customers.
in the existing rate environment. As business
Our teams began utilizing Webex video conferencing,
and consumer spending slowed and economic
where our teams worked together to virtually assist
conditions felt uncertain, we helped customers who
customers with banking, investment management,
were opting to increase their liquid reserves, which
residential mortgages and more. The team at
resulted in a substantial increase in deposits.
Tompkins Financial Advisors also expanded its
Investment Committee client outreach—delivering
With proper planning and safety measures, we
timely, calming content, breaking down what was
successfully relocated our LaGrange Branch to a
2020 Corporate Report | HUDSON VALLEY | 11
new, modern office. The new space provides
incredibly important in-home healthcare work for
customers with a fresh and modern environment
individuals with disabilities. It was also important
in which to do business with us. As a way to
to us to continue offering informative educational
celebrate our new location with the community,
programming for our customers and local
we partnered with the Arlington Central School
community members. We hosted virtual business
District to provide much-needed art supplies
fraud protection and first time homebuyer
to students navigating remote learning. We
events, and plan to expand with more topics in
also partnered with the LaGrange Library on
2021 to help our customers and neighbors grow
their Capital Campaign to help them with
their knowledge.
their own relocation.
Our employees’ commitment to our community
shone through during a trying year for local
families and organizations. We had our best United
Way Workplace Campaign ever, raising more
than $5,000 in a short period of time. We were
also able to shift the focus of our “Acorn Alliance
2020 brought obstacles none of us could have
imagined, and we are in awe of the way our
employees rose to the occasion in the face of
each new shift in the financial environment.
Our teams have proven once again how
Community Volunteering” program to offer
extraordinarily dedicated they are to the
financial support to organizations facing budget
communities of the Hudson Valley.
shortfalls. Through our “Food to the Front Lines”
program, we had food brought to direct support
professionals—frontline workers who do
“They know who we are. They’re loyal, they’re hard working and they’re
there for us,” says company President and CEO Dean Pialtos, who runs the
business with help from his mother, Barbara, brother, Charles, and cousin,
James Ranni. As COVID-19 caused travel restrictions in early 2020, local
country clubs saw their membership numbers growing—along with their
coffee and brewing equipment needs. The Pialtos family worked with the
team at Tompkins to secure a loan for more trucks and equipment so they
could continue to grow these vital customer relationships. “They came
through for us,” Dean says. “I see a long relationship with Tompkins.
They’re good people.”
12 | HUDSON VALLEY | 2020 Corporate Report
Tompkins VIST Bank
— SOUTHEASTERN PENNSYLVANIA —
In a year marked by unimaginable change, Tompkins VIST Bank
employees have gone above and beyond to serve our customers and
communities. Thanks to our strong reputation in our region and the
environment our employees have created through teamwork and
dedication, we have been able to continue growing our teams and
providing much needed support to the people of Southeastern PA.
Small businesses and their employees are crucial to
This has allowed us to continue to grow customer
our region’s economy and key to us as a community
relationships safely and effectively from a distance,
bank. Without hesitation, our teams worked around
and to maximize our Power of Partnership program
the clock to process PPP loans as quickly and
as our insurance and wealth partners were able to
efficiently as possible to help customers receive this
join the virtual meetings from anywhere.
crucial lifeline. We provided 767 local companies with
a total of $127 million in PPP loans—protecting more
COVID-19 also brought an increase in fraud across
than 7,000 jobs in the process.
the industry. With our new digital business banking
system, launched in February, our customers had
Our employees work hard to proactively help
access to new features and enhanced security
customers find solutions to any issue. We were
measures to help them stay protected.
one of the first banks to create a loan deferment
program to provide much needed assistance and
Even during a challenging year, we were able to
relief to consumer and commercial customers
bring in new deposit relationships and expand
faced with unexpected financial burdens during
existing ones by remaining true to who we are—a
the pandemic crisis.
locally focused, financially stable community bank
committed to helping the families and businesses in
As COVID-19 necessitated a change in normal
our region thrive.
business, we shifted to virtual business development
using the Webex video conferencing platform.
2020 Corporate Report | SOUTHEASTERN PENNSYLVANIA | 13
SCHATZ ELECTRIC, INC.
Jeff Schatz, Owner/President
Powering
Growth
14 | SOUTHEASTERN PENNSYLVANIA | 2020 Corporate Report
Our mortgage team had a record-breaking year
nonprofit organizations, boards and committees.
both in mortgage loan dollars and homeowners
Our community support also came in the
served—the team’s loan origination goal for the
form of virtual educational events, including an
year was met by August of 2020. It was also a very
Accountant-Lawyer Alliance webinar, a virtual
strong year in agriculture lending, as we continue
version of our first time homebuyer event and a
to offer lending solutions to a diverse community
cybersecurity webinar for small business customers.
of critical food production businesses. Our
commitment to this vital sector of our regional
economy is unwavering.
As a community bank, we have seen first-hand the
the Tompkins VIST Bank team demonstrated
pandemic’s impact on individuals and businesses.
the utmost patience, teamwork, dedication
Despite the challenges COVID-19 created in 2020,
With food insecurity issues prevalent in our
region and Thanksgiving expected to be especially
difficult for many this past year, we launched our
“Banksgiving” initiative and donated $15,000
that was spread among several food banks in
the Southeastern PA region. We also continued
to support our local United Ways and many
members of our banking, insurance and wealth
teams continued their active involvement with
and perseverance in serving our customers, our
communities—and supporting each other. All
year long, our employees delivered on our
community banking promises, and we could
not be more grateful.
“In 45 years as an electrical contractor, I’ve seen a lot of changes—mostly
with technology. You’ve got to keep up or you’re out of business,” says Jeff
Schatz, owner and president of Schatz Electric, Inc. “There’s no question that
Tompkins VIST Bank has kept up.” As his company has grown, Jeff has worked
with his team at Tompkins—including Tompkins Insurance Agencies—to
keep his business moving forward, using new products and services such as
remote deposit to increase efficiency. “Of course, the latest issue has been
the COVID-19 virus and they have made a lot of changes to make sure
everybody was safe and secure. But we still didn’t have an interruption in any
of our banking business,” Jeff says. “I feel confident that Tompkins supports
our growth. And that’s a good feeling.”
2020 Corporate Report | SOUTHEASTERN PENNSYLVANIA | 15
Powering
Growth
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 debt securities, at fair value (amortized cost of $1,599,894 at December 31, 2020
and $1,293,239 at December 31, 2019)
Equity securities, at fair value (amortized cost $929 at December 31, 2020
and $915 at December 31, 2019)
Total loans and leases, net of unearned income and deferred costs and fees
Less: Allowance for credit 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: 14,964,389 at December 31, 2020;
and 15,014,499 at December 31, 2019
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost – 124,849 shares at December 31, 2020, and 123,956 shares at December 31, 2019
Total Tompkins Financial Corporation Shareholders’ Equity
Noncontrolling interests
Total Equity
Total Liabilities and Equity
16 | FINANCIAL HIGHLIGHTS | 2020 Corporate Report
YEAR ENDED DECEMBER 31,
2020
2019
$21,245
367,217
388,462
$136,010
1,972
137,982
1,627,193
1,298,587
929
5,260,327
51,669
915
4,917,550
39,892
5,208,658
4,877,658
16,382
88,709
84,736
92,447
4,905
109,750
33,695
94,355
82,961
92,447
6,223
100,800
$7,622,171
$6,725,623
3,761,933
746,234
1,929,585
3,080,686
675,014
1,457,221
6,437,752
5,212,921
65,845
265,000
13,220
122,665
60,346
658,100
17,035
114,167
$6,904,482
$6,062,569
1,496
333,976
418,413
(32,074)
(5,534)
716,277
1,412
$717,689
$7,622,171
1,501
338,507
370,477
(43,564)
(5,279)
661,642
1,412
$663,054
$6,725,623
CONSOLIDATED STATEMENTS of INCOME
IN THOUSANDS, EXCEPT PER SHARE DATA
INTEREST AND DIVIDEND INCOME
Loans
Due from bank
Available-for-sale securities
Held-to-maturity securities
Federal Home Loan Bank stock and Federal Reserve Bank stock
YEAR ENDED DECEMBER 31,
2020
2019
2018
$227,313 $226,723
194 41
28,460
25,450
0
1,373
3,151
3,003
$214,370
31
30,377
3,437
3,377
Total Interest and Dividend Income
254,330
261,378
251,592
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 Credit Loss Expense
3,095
27,809
3,175
16,789
95
1,133
1,276
7,799 18,427
143
28,991 50,750
1,712
14,883
152
1,227
21,818
39,792
225,339
210,628
211,800
16,151
1,366
3,942
Net Interest Income After Provision for Credit Loss Expense
209,188
209,262
207,858
NONINTEREST INCOME
Insurance commissions and fees 31,505 31,091 29,369
17,288
Investment services income
16,434
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
17,520
6,312
9,263
8,817
443
8,321
10,526
8,416
645
8,435
9,693
13,130
(466)
73,860 75,433
77,449
92,519
24,812
12,930
7,846
1,484
45,791
89,399
23,488
13,210
7,815
1,673
46,249
85,625
22,090
13,309
7,351
1,771
50,921
185,382
181,834
181,067
97,666
19,924
77,742
154
$77,588
$5.22
$5.20
102,861
104,240
21,016
81,845
127
$81,718
$5.39
$5.37
21,805
82,435
127
$82,308
$5.39
$5.35
2020 Corporate Report | FINANCIAL HIGHLIGHTS | 17
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 2019 and 2020, are presented to the right. The
per share dividends paid by the Company in each
quarterly period in 2019 and 2020 and the payment
dates of these dividends are also presented.
Market Price Cash Dividends
High Low Amount Date Paid
2019 1st Quarter $81.13 $73.00 $0.50 2/15/19
2nd Quarter 83.73 75.93 0.50 5/15/19
3rd Quarter 84.31 76.76 0.50 8/15/19
4th Quarter 91.14 78.52 0.52 11/15/19
2020 1st Quarter $92.88 $61.75 $0.52 2/18/20
2nd Quarter 74.99 56.02 0.52 5/18/20
3rd Quarter 70.64 55.47 0.52 8/14/20
4th Quarter 71.79 54.65 0.54 11/13/20
$5.37
$5.35
$5.33
$5.24
$5.20
$4.42
$3.43
$3.91
$2.10
$2.02
$1.94
$1.77
$1.82
0.00
0.00
16 17 18 19 20
Diluted Earnings1
PER SHARE IN DOLLARS
16 17 18 19 20
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 2020 included a $673,000 write-down of real estate pending sale ($0.04 per share). 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. 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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Shareholders and Board of Directors
Tompkins Financial Corporation:
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the consolidated statement of condition of Tompkins Financial Corporation and subsidiaries as of December 31, 2020, 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 1, 2021, 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.
Rochester, New York
March 1, 2021
March 1, 2018
18 | FINANCIAL HIGHLIGHTS | 2020 Corporate Report
TOMPKINS FINANCIAL CORPORATION
BOARD of DIRECTORS
Thomas R. Rochon
Chair
President, ERB Learn
Stephen S. Romaine
President & CEO
James W. Fulmer
Vice Chair
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
Frank C. Milewski
Retired VP Regional Operations
Pathways Health
Ita M. Rahilly, CPA, AEP
Partner
RBT CPAs, LLP
Michael H. Spain
Executive Vice President
Brown & Brown
Jennifer R. Tegan
Managing Director
NY Ventures
Alfred J. Weber
President
Tweed-Weber-Danks, Inc.
Craig Yunker
Managing Partner
CY Farms
2020 Corporate Report | BOARD OF DIRECTORS | 19
BOARDS of DIRECTORS
TOMPKINS TRUST COMPANY
TOMPKINS BANK OF CASTILE
TOMPKINS MAHOPAC BANK
TOMPKINS VIST BANK
Stephen S. Romaine
Chair
President & CEO
Tompkins Financial Corporation
James W. Fulmer
Chair
Vice Chair
Tompkins Financial Corporation
Michael H. Spain
Chair
Executive Vice President
Brown & Brown
Alfred J. Weber
Chair
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.
Paul J. Battaglia, CPA
Retired Director
Freed Maxick CPAs, P.C.
Francis M. Fetsko
EVP, CFO, COO & Treasurer
Tompkins Financial Corporation
Helen S. Eaton
CEO
Settlement Music School
Johanna B. Anderson
Executive Director
Ithaca Neighborhood Housing
Services
Joseph G. Bucci Jr.
Environmental Manager
American Rock Salt Company,
LLC
Kevin J. Plunkett
Director of Strategic Initiatives
Simone Development
Companies
Larry F. Baum
Founder
The Computing Center
Nancy E. Catarisano, CPA
Managing Partner
Insero & Co. CPAs, LLP
Ita M. Rahilly, CPA, AEP
Partner
RBT CPAs, LLP
Daniel J. Fessenden
Executive Director
Fred L. Emerson Foundation, Inc.
David N. DeLaVergne
Retired Senior Vice President
Tompkins Bank of Castile
Thomas R. Rochon
President
ERB Learn
Ryan T. Lombardi
VP Student & Campus Life
Cornell University
Jennifer R. Tegan
Managing Director
NY Ventures
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
C. Compton Spain
Attorney
Spain & Spain, PC
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
James W. Fulmer
Vice Chair
Tompkins Financial Corporation
Philip E. Hughes, Esq., CPA
Vice Chair
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
TOMPKINS INSURANCE
AGENCIES, INC.
James W. Fulmer
Chair
Vice Chair
Tompkins Financial Corporation
David S. Boyce
President & CEO
Stephen S. Romaine
President & CEO
Tompkins Financial Corporation
20 | BOARDS OF DIRECTORS | 2020 Corporate Report
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
Corporate Marketing Officer
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 Officer
Amanda L. Lippincott
Corporate Secretary &
Legal Analyst
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
Website: 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:
Wendy Fonder
Tompkins Financial Corporation
P.O. Box 460
Ithaca, NY 14851
1-888-503-5753 or 1-607-274-2096
E-mail address:
wfonder@tompkinsfinancial.com
Form 10-K
Copies of the Company’s Form
10-K (Annual Report) for 2020, 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 1,810 lbs of paper which has a
postconsumer recycled percentage
of 10%.
2.2 trees preserved for the future
200 gallons of wastewater flow saved
10 lbs solid waste not generated
1,000 lbs net greenhouse gases prevented
.9 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