2O2I
R E P O R T
EMPOWERING OUR
COMMUNITIES
ONE RELATIONSHIP
AT A TIME.
Since our founding in 1836,
Tompkins has focused on building strong,
lasting relationships.
Every day, we make meaningful connections
that allow us to create possibilities for the
individuals, families, businesses and organizations
that we serve.
As the world changes and customer needs
evolve, our mission and promise as a local
community bank remains true.
Through our dedication to trustworthiness,
personal service, unwavering support and
locally-focused decision making, our banking,
insurance and wealth management teams will
continue empowering our communities,
one relationship at a time.
FINANCIAL HIGHLIGHTS
IN THOUSANDS, EXCEPT PER SHARE DATA
Total assets
Net income attributable to Tompkins Financial Corporation
Diluted earnings per share
Cash dividends per share
2021
2020
% CHANGE
$7,819,982
$7,622,171
89,264
77,588
6.05
2.19
5.20
2.10
2.60%
15.05%
16.35%
4.29%
The following consolidated selected financial data is taken from the Company’s audited financial statements as of and for the five years ended December 31, 2021. 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.
SELECTED FINANCIAL DATA
IN THOUSANDS, EXCEPT PER SHARE DATA
2021
2020
2019
2018
2017
FINANCIAL STATEMENT HIGHLIGHTS
Assets
Total loans
Deposits
Other borrowings
Total equity
Interest and dividend income
Interest expense
Net interest income
(Credit) 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
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
$7,819,982
$7,622,171
$6,725,623
$6,758,436
$6,648,290
5,075,467
5,260,327
4,917,550
4,833,939
4,669,120
6,791,435
6,437,752
5,212,921
4,888,959
4,837,807
124,000
728,941
241,318
17,526
223,792
(2,219)
249
265,000
717,689
254,330
28,991
658,100
663,054
261,378
50,750
1,076,075
1,071,742
620,871
251,592
39,792
576,202
226,764
25,460
225,339
210,628
211,800
201,304
17,213
443
1,366
645
3,942
(466)
4,161
(407)
89,264
77,588
81,718
82,308
52,494
6.08
6.05
2.19
49.62
1.12 %
12.32 %
9.09 %
36.02 %
5.22
5.20
2.10
5.39
5.37
2.02
5.39
5.35
1.94
3.46
3.43
1.82
47.98
44.17
40.45
37.65
1.05 %
1.22 %
11.09 %
12.55 %
9.51 %
9.75 %
40.23 %
37.48 %
1.23 %
13.93 %
8.83 %
35.99 %
0.82 %
9.09 %
9.04 %
52.60 %
Employees (average full-time equivalent)
1,032
1,057
1,047
1,035
1,041
Banking offices
Bank access centers (ATMs)
Trust and investment services assets under
management (in thousands)
Trust and investment services assets under
custody (in thousands)
Total - Trust and investment services assets under
management or custody (in thousands)
63
84
64
85
64
87
66
83
65
84
$3,368,960
$3,291,585
$3,102,690
$2,759,558
$2,980,461
$1,683,042
$1,155,434
$959,635
$1,046,717
$1,036,902
$5,052,002
$4,447,019
$4,062,325
$3,806,275
$4,017,363
1
A M E S S A G E F R O M
Tom Rochon & Steve Romaine
Dr. Thomas R. Rochon
CHAIR
Stephen S. Romaine
PRESIDENT & CEO
Our commitment to empowering our communities is what drives us, through periods
of prosperity as well as challenging times. Now entering the third year of the COVID
pandemic, we have adapted to the current state of the world—working with the agility
required to help customers navigate our rapidly changing economic landscape.
The past year brought with it low unemployment and rising
interest rates, prices and inflation. In this environment, we
are pleased to report record earnings per share of $6.05 for
the fiscal year ended December 31, 2021, up 16.4% from
December 31, 2020. Net income for 2021 was $89.3 million,
an increase of $11.7 million compared to 2020.
As the fiscal year came to a close, total loans were $5.1 billion,
compared to $5.3 billion at year-end 2020—a change driven by
a decline of loans under the U.S. Small Business Administration’s
Paycheck Protection Program (PPP). Total loans, exclusive
of PPP loan balances, were up at year end. Credit quality
remained strong.
Total revenue of $302.6 million was up 1.2% over the same
period last year, benefiting from growth in fee income from
business lines including insurance, wealth management
and card services.
The importance of a community bank with a strong local
presence has been clearer than ever over the last two years.
Fintechs and national players cannot provide the same level
of personalized, knowledgeable, locally-focused service and
support that we can—with our deep roots and even deeper
commitment to the communities we serve.
As we look to the future of local banking, our evolution to a
more efficient community bank—made possible by the
consolidation of our legal bank charters across New York State
and Pennsylvania—and to a single Tompkins brand, is well
underway. Together as one, Tompkins remains well positioned
to serve our customers and communities for generations to come.
Our alignment of bank names not only reflects the consistent
community banking experience customers enjoy at our
branches—it also supports sustainability and scalability related
to capital, liquidity and enhanced technology that continue to
improve the customer experience.
While we will be refreshing our brand, our business model, level
of service and locally-focused teams remain the same. Most
existing banking products and services are unchanged and will
continue to be offered in all markets under the Tompkins brand,
with the same local leadership and local boards in place.
The need for enhanced technology was highlighted in recent
years, as the pandemic drove greater use of mobile banking,
digital wallet and online banking. In response to our customers’
growing needs for remote services, we have continued our shift
toward a digital environment. We introduced enhanced online
account opening and eSign capabilities and launched innovative
platforms for both mortgage and Lightning Loan applications—
providing customers with intuitive, efficient ways to interact
with us or self-serve from anywhere.
The Tompkins Financial Advisors† team has also been focused
on delivering an improved client experience with its new
upgraded system, TotalWealth. This system provides advanced
functionality, more robust reporting capabilities and enhanced
security and support in order to better serve client needs.
Tompkins Insurance Agencies continued to perfect its new
digital technologies to meet client needs, as well, including their
desire to interact virtually and self-serve where possible. These
efforts were publicly recognized with the receipt of the 2021
2
While the year brought these wonderful additions to our
leadership team, we also experienced a profound loss. We are
deeply saddened by the passing of our Chief Risk Officer, Steve
Cribbs. Mr. Cribbs’ contributions to the Company were nothing
short of outstanding, and he will be greatly missed.
As we look to the future, we continuously strive to build an
inclusive workforce that reflects the diversity and strength
of the communities we serve. Our Diversity, Inclusion and
Belonging Initiative has brought together minds and ideas from
across the company to implement educational sessions and
cultural celebrations, which included Unconscious Bias Training
classes, monthly highlights on various topics of difference,
inequality, history and culture, and a podcast featuring relevant
diversity topics. Our Human Resources teams have adopted
an increased focus on diversity, inclusion and belonging in their
recruitment, onboarding and mentoring.
As people are becoming more and more discerning about the
companies they choose to support and do business with, we
have been more transparent about our ESG (Environmental
Social Governance) activities—investing in companies that
adhere to the principles of socially responsible investing while
delivering long-term capital growth. We have offered a specific
internally managed ESG portfolio for more than 10 years,
which is quite uncommon in our industry, and our portfolio
performance has remained strong over time.
When we reflect on everything we accomplished in
2021, we recognize that it is all possible thanks to our
committed Tompkins teams, our loyal customers and, of
course, our dedicated shareholders. Our Annual Meeting
of Shareholders will be held on May 10, 2022 at 5:30 p.m.
Information about how to participate and vote will be sent
to shareholders in early spring.
Throughout another unique year, one thing that remains
consistent is the incredible dedication and commitment of our
teams. Through close collaboration, colleagues from each line
of business have come together to help our customers and
communities make it through the year with confidence and
strength. Our community banking promise is made possible
because of all you do.
Reader Rankings Award for “Best Insurance Company” from
the Rochester Business Journal, in addition to once again being
named a Best Practices Agency for Operational Excellence by
the Big “I.” Tompkins Insurance Agencies was also recognized
by its own team of dedicated employees, whose votes placed
their workplace on Buffalo Business First’s list of the 2021 Best
Places to Work.
With more customers and clients across our lines of business
taking advantage of remote ways to connect, fraud risk has
been on the rise. In response to this growing issue, we put new
authentication systems in place to help us better identify our
customers and clients and keep them secure. We continue to
stay on top of the latest trends to protect our clients.
As the pandemic has changed the way many businesses work,
we have recognized that people have more opportunities
to work remotely. In order to meet our employees’ desire
for greater flexibility and accessibility—while continuing to
attract and retain top talent—we have offered hybrid working
schedules for those who are able to work remotely.
Our people remain our greatest asset, and as the labor pool
shrinks and the “Great Resignation” continues across the
country, we remain focused on both internal succession
planning—to elevate our incredible employees who are
ready for greater challenges and responsibilities—as well as
recruitment of outside talent who can bring fresh thinking and
innovative strategies to our banking, insurance and wealth
management teams.
In leadership news, Gerald Klein retired as President and CEO
of Tompkins Mahopac Bank in the Hudson Valley, and David
DeMilia assumed the role of President. In his most recent
role as Senior Commercial Lending Division Manager,
Mr. DeMilia directed and co-directed multiple important
corporate initiatives that have helped Tompkins provide
superior service for our customers and communities. He
also lives Tompkins’ values each day through service in the
community—making an especially positive impact in his
position as trustee of the WMCHealth organization.
In Pennsylvania, Scott Gruber announced his retirement as
President and CEO of Tompkins VIST Bank, effective 2nd
quarter, 2022, with Ginger Kunkel joining the Company as his
successor. Ms. Kunkel most recently served as SEVP, Chief
Operating Officer for Riverview Bank & Riverview Financial
Corporation, headquartered in Harrisburg, Pennsylvania and
is known throughout the financial services community as a
digital innovator and agile problem solver. With experience
driving a full spectrum of revenue generating businesses—
and a deep commitment to local nonprofits and community
organizations—she is an ideal fit to lead our PA market well
into the future.
3
At Tompkins, we are wholly committed to our purpose and mission as
a community-based financial services company. We provide our
customers with so much more than products and services. We are their
trusted partner, playing a critical role in advising them through every
phase of their lives. We keep their money secure, help them grow
their businesses, manage their wealth and insure what matters most to
them. As we empower our customers to reach their goals, we
strengthen the communities that we all call home.
Enhancing Our Digital Capabilities
For customers who prefer the in-person,
To ensure that we can continue to provide this
superior level of support for our customers
and communities as their needs change
and technologies advance, we have focused
on prioritizing and improving our remote
capabilities. Digital transactions increased
in 2021 as our teams continued their pivot
to connecting with customers who wish to
in-branch Tompkins experience they have
come to know and love, we have focused on
making our lobbies exceptionally safe and
welcoming—following strict protocols to help
both our customers and our employees stay
healthy and well.
Innovating Our Products
conduct their banking virtually.
As the home has become a more central
part of many customers’ lives, we saw them
For more complex transactions, customers
increasingly invest in their homes through a
have appreciated these more convenient
high volume of mortgage loans and refinances.
conversations with our banking, insurance
We continued to guide and inform our
and wealth management teams, without the
customers who are new to the home buying
barriers that may arise when trying to schedule
process during First Time Homebuyer
in-person meetings. In addition, the ability to
seminars, where we also introduced attendees
invite colleagues from other teams to join a call
to our online lending platform.
within moments has helped us deliver on even
more customer needs quickly and efficiently.
4
ITHACA COMMUNITY
CHILDCARE CENTER
Sherri Koski, Executive Director
Nurturing our
community’s FUTURE.
“Whenever there’s something happening in the community, people from Tompkins are
there, really happy to participate and serve,” says Ithaca Community Childcare Center (IC3)
Executive Director Sherri Koski. “They are deeply active, which allows them to understand
what the community needs and what the community has to offer.” The team at Tompkins
has been there for IC3 since its founding in 1976—offering the guidance and support the
nonprofit has needed to provide decades of child-inspired, professionally-nurtured care for
children in the Ithaca area. In addition to helping with financing and insurance coverage for a
recently completed 7,000-square-foot building addition and 4,400-square-foot renovation,
the Tompkins team helped Sherri fine-tune her fundraising efforts for the project. “They were
my first meeting to ask for support,” Sherri says. “To me, that speaks to the comfort level of the
relationship. They were really great at giving me feedback so I could be successful.”
A S P OT L I G H T O N C E N T R A L N E W YO R K The Central New York Tompkins team got creative with
community support in 2021 to meet the needs of underserved populations and bring our community together. By engaging
in a new sponsorship with Gadabout Transportation Services, Tompkins was able to help homebound community members
regain some of their independence. The CNY social justice team also developed and delivered financial literacy webinars for
underserved communities that were very well received. Tompkins also sponsored a number of local events—from the
Greater Ithaca Activity Center’s annual MLK Community Breakfast to the local Hangar Theatre’s outdoor stage season,
the Community Hero of the Month Awards and more—proving that they would not allow the pandemic to stand in the
way of vital community building and engagement.
5
This new, intuitive online lending platform—
We have also made enhancements to our
launched in December 2020—has streamlined
Lightning Loans product platform to provide
the mortgage application process, serving
the ability to customize application and
as a document collection and communication
documentation requirements based on the
portal and automating tasks such as gathering
customer’s selected products. With these
pay stubs and bank statements. Throughout
updates, we have been able to streamline and
2021, we saw a marked increase in completed
automate areas like credit reports and online
applications with this new system. To date,
renewals, providing a better, more efficient
over 80% of customers that start the process
customer experience.
in the new platform continue and complete
the process, an enormous improvement over
the previous system. Customer feedback about
Supporting Business Growth
the new platform and its ease of use has been
overwhelmingly positive.
Our commitment to local businesses has
remained a top priority during this critical
Since taking the reins at Becker Farms, Melinda and Oscar Vizcarra have expanded the sixth-
generation family farm into a successful agritourism business that includes wedding venues,
a winery, a brewery and more—and much of that growth was made possible with the help of
Tompkins. At a time when agritourism was new to the area, the Vizcarras found that many banks
were unwilling to take a risk on an unprecedented business model. “Tompkins really listened to my
ideas and vision and made it possible for us to build our infrastructure into what it is today,” Oscar
says. “They saw the potential of our farm.” The Tompkins team helped make the Becker Farms
vision a reality through financing for major expansions, new equipment and new constructions—
plus early and consistent support during the Paycheck Protection Program loan process.
“They know us and they know our business. We’re not just another account,” says Melinda.
“We feel like they are on our side to make the business better.”
S P OT L I G H T O N W E S T E R N N E W YO R K
In Western New York, Tompkins became the Venture Jobs
Foundation’s Annual Revitalization Partner through a donation provided to further the nonprofit organization’s mission.
The Venture Jobs Foundation’s work is focused on investing in entrepreneurs and growing businesses in high-poverty
neighborhoods to foster job creation and revitalize underserved communities in the Rochester area. Tompkins’ donation
will empower local small businesses to create new jobs and work toward rebuilding the region.
This is just one of the many
initiatives the WNY Tompkins team took part in throughout 2021, as many members of the team have taken on leadership
positions on community boards and committees throughout the area to help our communities grow and thrive.
6
and unprecedented time. We have worked
serve that are dedicated to agriculture, we
diligently to deliver exceptional service for
continue to stay ahead of farmers’ shifting
our business customers through each phase
needs and challenges, working hard to help
of the Paycheck Protection Program process.
these essential businesses grow and thrive
By enhancing our technology and growing
in our communities.
our expertise as the process evolved, we
have been able to continue providing
personalized, timely support and sending
Building Momentum in Our Markets
ongoing communications to keep
our customers ahead of each new change.
One industry that we remain uniquely
positioned to serve through this time of
change is agriculture. As one of the last truly
local independent banks in the markets we
Throughout 2021, we saw solid deposit
performance, a high demand for loan
originations, and strong successes for
commercial lending in both our well-
established and emerging markets.
BECKER FARMS | VIZCARRA VINEYARDS
Oscar Vizcarra, Owner
Melinda Vizcarra, Owner
In the business of GROWTH.
7
We have continued to build momentum in
In the Pennsylvania market, Philadelphia
those emerging markets, establishing valuable
saw significant disruption as competitor
relationships and growing brand recognition
branches closed. Through a targeted
within the local areas.
and collaborative business development
and marketing approach, we identified
As some of the Western New York market’s
opportunities to introduce these competitors’
local regional competitors become even
former customers and employees to the value
larger, it’s leading to a number of exciting
of community banking with Tompkins. We
opportunities in Buffalo and Rochester. We
leveraged centers of influence and customer
added a Business Development Officer whose
referrals, called on local businesses we knew
main focus is establishing new relationships in
we were uniquely positioned to serve, and
these two cities, and we connected with and
connected with community members by
served the communities by hosting virtual
hosting Food Truck Fridays.
seminars on cyber risk, first time home buying
and retirement planning. We have continued
The Hudson Valley market also experienced
to accelerate lending activity in Buffalo, adding
disruption, which opened up new opportunities
a dedicated Mortgage Lending Officer and
for our Yonkers locations. We connected
continuing that locations’s run as one of our
with both new and established customers—
top offices in small business lending in WNY
through targeted mail campaigns, relationship
for the third year.
management calls and referrals—to offer the
right combination of products and services
In Central New York, our Syracuse area market
to fit their needs. We also have made an
share has continued to grow since we opened
ongoing effort to ensure our branches are well
our Lyndon Corners office in 2016. The office
positioned to serve our communities, with
now includes multiple representatives from
convenient locations and the most modern
all our lines of business: commercial and retail
in-branch technology. Our LaGrange branch
banking, cash management, insurance and
moved into a more modern facility at the end
wealth management, as well as several senior
of 2020, with a grand opening held in 2021.
officers. Anchored by renowned universities
With this new facility, we implemented our
and medical centers, the city’s downtown
future branch concept with universal bankers
has seen extensive investment in housing
and teller pods to take better advantage of our
and mixed use buildings. As our teams have
digital capabilities.
focused on expanding our presence in the
strong emerging business sector, they have
established Tompkins as a trusted partner for
top tier developers and business owners.
8
Earning Recognition for Insurance Excellence
Tompkins Insurance Agencies also continued to perfect its digital capabilities in order
to meet client demands for the ability to self-serve virtually where possible. Throughout
this time of change, our insurance team was as committed as ever to providing a top-notch
claim experience.
These efforts paid off—it was a record year for new business sales, a strong year for client
retention, and Tompkins Insurance Agencies was once again publicly recognized with a
number of awards and rankings:
2021 Reader Rankings Award “Best Insurance Company” – Rochester Business Journal
2021 Best Places to Work – Buffalo Business First
Top 50 Personal Lines Agencies – Insurance Journal
Top 100 Commercial Insurance Brokers – Business Insurance
Top 100 Independent Property/Casualty Agencies – Insurance Journal
Top 3 Commercial Insurance Firms in Rochester/Monroe County – Rochester Business Journal
“Best Practices Agency” for Operational Excellence – Independent Insurance
Agents & Brokers of America (IIABA)
Top 50 Bank Holding Companies in Insurance Brokerage Fee Income – Michael White
Associates, as reported in Insurance Journal
9
WESTCHESTER INSTITUTE FOR
HUMAN DEVELOPMENT
Dr. Susan Fox, President and CEO
Marianne Ventrice, Chief Financial
and Administrative Officer
Driving a vital
mission FORWARD.
Delivering for Wealth
Management Clients
The Tompkins Financial Advisors team
was strategically focused on continuing to
enhance the client experience they provide.
They continued to examine current offerings
and developed surveys to better understand
and deliver on evolving client needs and
expectations. With the new, upgraded
TotalWealth system, clients now experience
improved digital offerings and capabilities,
a state-of-the-art website for online access
and an easy-to-use app.
The Tompkins Financial Advisors team also
provided invaluable resources and guidance
through thought leadership articles, ongoing
client communications and online education.
They participated in virtual seminars along
with branch partners to provide informative
lessons on basic investment and planning to
members of the community.
10
As a not-for-profit organization that provides innovative services and support for vulnerable
populations and their caregivers in the Hudson Valley, the Westchester Institute for Human
Development (WIHD) needed a bank with a deep connection to the community. They found
Tompkins, and discovered a level of personal service that could help them advance their mission.
“They work very hands-on,” says Dr. Susan Fox, WIHD President and CEO. “That’s something
you don’t find very often these days, so when you find it, you don’t let go.” From the beginning of
the COVID pandemic, the Tompkins team was there to help WIHD secure their financial future—
quickly releasing the organization’s line of credit, working around the clock to submit their
application for the Paycheck Protection Program as early as possible, and helping them transition
from paper checks to online bill pay and ACH payments. “They made the process as smooth
as possible,” says Dr. Fox. “Working with a community bank and having those
individual relationships makes all the difference in the world.”
A S P OT L I G H T O N H U D S O N VA L L E Y As community banks dwindle in numbers, Tompkins remains committed
to serving our communities in ways online banks and Fintechs are not able or willing to do. This commitment was
recognized in 2021 by the Think Dutchess Alliance for Business, which selected Tompkins as its Large Business of the Year
award winner—an award which recognizes Hudson Valley organizations for “their ability to thrive, expand, innovate and
strengthen the Dutchess County workforce and community post-pandemic.” The Hudson Valley Tompkins team was
also recognized with Putnam County Business Council’s Trailblazer Award for businesses whose efforts embrace diversity
and inclusivity despite the limitations and challenges of the pandemic—efforts in 2021 included helping formulate the
Westchester Multicultural Chamber of Commerce. Lastly, the team’s community service efforts did not go unnoticed.
Tompkins was also recognized with the AFP Mid-Hudson Valley Region Philanthropist of the Year award.
Proudly Serving Our Communities
Continuing our deep involvement in the
Diversity, equity and inclusion have remained
a vital area of focus across our footprint.
We developed a series of virtual financial
literacy classes and promoted them to
underserved communities, starting in Central
New York in 2021, with plans to expand across
all our markets in 2022. Our local social justice
teams also tailored our efforts to engage
with local communities.
communities we serve, our teams have stepped
up to support the local organizations and
individuals who need it most. We once again
held our Banksgiving initiative, donating
to local food pantries to ensure that our
neighbors could enjoy holiday meals with their
loved ones. We also continued Food Truck
Fridays, providing free lunch at select
branches along with donations to local
nonprofit organizations.
11
“Tompkins is the first bank that treats us like a real customer,” says Christine Folk, Executive
Director of Mary’s Shelter, a nonprofit comprehensive housing and social services provider for
pregnant women and homeless youth. “The team at Tompkins believed in us and our program
as much as we did.” When the organization was preparing to undergo a renovation that would
add much-needed bedroom space to their transitional housing program, they needed a bank
to sponsor their Federal Home Loan Bank grant application. The Tompkins team was happy to
help—and also provided a bridge loan to get the project started as soon as possible. When the
renovation was complete six months later, Tompkins had a crew of volunteers ready to jump
in and decorate one of the new rooms using a design created by local high school students.
“I can’t think of one program in our building that Tompkins hasn’t supported in one way or
another,” Christine says. “When they say they’re a community bank, they really mean it.”
12
A SPOTLIGHT ON PENNSYLVANIA
Pennsylvania team members see volunteerism as part of their
responsibility as community bankers - and they took that responsibility seriously in 2021, completing
thousands of hours of community service by adapting to how organizations were choosing to connect and
Tompkins also committed to providing empowering educational opportunities
engage in light of COVID.
across the area, using the Educational Improvement Tax Credit (EITC) to reallocate a portion of tax dollars to
organizations that provide vital educational programming and scholarships. They committed over $300,000
Continuing the focus on education, the market’s
to nearly 50 youth education organizations in 2020-2021.
social justice committee partnered with the Anti-Defamation League to provide educational programming
for schools and organizations around the importance of diversity, inclusion and social justice.
A place to
call HOME.
MARY’S SHELTER
Christine Folk
Executive Director
13
As always, our employees worked to support the local
organizations and causes that mean the most to them—our people
donate time, provide financial gifts and serve on numerous
boards and committees to ensure that community needs are met.
Strengthening Our Local Boards
Also at the local level, our boards remain strong, and we remain committed to local
representation from business and thought leaders in our communities. In 2021, we
welcomed two new local board members:
Angela Lee brings more than 30 years of human resources and talent development
experience to our Central New York Board of Directors—along with an innovative
leadership style and the ability to inspire collaboration among teams and organizations.
Ms. Lee was named among 25 Influential Black Women in Business by Network Journal
in 2019.
Joseph Kenner brings more than a decade of financial and public policy expertise
to our Hudson Valley Board of Directors. Mr. Kenner was recently appointed by then-
New York Lieutenant Governor (now Governor) Kathy Hochul to the Hudson Valley
Economic Development Council Board and the Mid-Hudson Regional Economic
Development Council.
14
As 2021 presented us with continued pandemic-related
challenges, we are so proud of how our banking,
insurance and wealth teams came through for the
individuals, families, businesses and organizations
in our communities. It is thanks to our employees
that we are able to keep our community banking
tradition alive and well. The dedication of our
teams is what makes it possible for our customers
and communities to continue moving forward,
even through the changing and uncertain times
of the past two years.
15
13
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
YEAR ENDED DECEMBER 31
2021
2020
$23,078
40,029
63,107
$21,245
367,217
388,462
Available-for-sale debt securities, at fair value (amortized cost of $2,063,790 at December 31, 2021
and $1,599,894 at December 31, 2020)
2,044,513
1,627,193
Held-to-maturity securities, at amortized cost (fair value of $282,288 at December 31, 2021
and $0 at December 31, 2020)
Equity securities, at fair value (amortized cost $902 at December 31, 2021 and $929
at December 31, 2020)
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: 14,696,911 at
December 31, 2021; and 14,964,389 at December 31, 2020
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost – 122,824 shares at December 31, 2021, and 124,849
shares at December 31, 2020
Total Tompkins Financial Corporation Shareholders’ Equity
Noncontrolling interests
Total Equity
Total Liabilities and Equity
16
284,009
902
0
929
5,075,467
5,260,327
42,843
51,669
5,032,624
5,208,658
10,996
85,416
86,495
92,447
3,643
16,382
88,709
84,736
92,447
4,905
115,830
109,750
$ 7,819,982
$ 7,622,171
4,016,025
3,761,933
639,674
746,234
2,135,736
1,929,585
6,791,435
6,437,752
66,787
124,000
0
108,819
65,845
265,000
13,220
122,665
$ 7,091,041
$ 6,904,482
1,470
312,538
475,262
(55,950)
(5,791)
727,529
1,412
1,496
333,976
418,413
(32,074)
(5,534)
716,277
1,412
$ 728,941
$ 717,689
$ 7,819,982
$ 7,622,171
CONSOLIDATED STATEMENTS of INCOME
IN THOUSANDS, EXCEPT PER SHARE DATA
INTEREST AND DIVIDEND INCOME
Loans
Due from banks
Available-for-sale debt securities
Held-to-maturity securities
Federal Home Loan Bank stock and Federal Reserve Bank stock
YEAR ENDED DECEMBER 31
2021
2020
2019
$ 214,684
$ 227,313
$ 226,723
343
23,440
2,075
776
194
25,450
0
1,373
41
28,460
3,151
3,003
Total Interest and Dividend Income
241,318
254,330
261,378
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: (Credit) provision for Credit Loss Expense
Net Interest Income After Provision for Credit Loss Expense
NONINTEREST INCOME
Insurance commissions and fees
Investment services income
Service charges on deposit accounts
Card services income
Other income
Net gain 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
2,202
8,645
64
2,233
4,382
3,175
16,789
95
1,133
7,799
17,526
28,991
3,095
27,809
143
1,276
18,427
50,750
223,792
225,339
210,628
(2,219)
17,213
1,366
226,011
208,126
209,262
34,836
19,388
6,347
10,826
7,203
249
31,505
17,520
6,312
9,263
8,817
443
78,849
73,860
96,038
24,172
13,179
8,328
1,317
92,519
24,812
12,930
7,846
1,484
47,253
44,729
190,287
184,320
114,573
25,182
89,391
127
97,666
19,924
77,742
154
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
Net Income Attributable to Tompkins Financial Corporation
$ 89,264
$ 77,588
$ 81,718
Basic Earnings Per Share
Diluted Earnings Per Share
$ 6.08
$ 6.05
$ 5.22
$ 5.20
$ 5.39
$ 5.37
17
MARKET of REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS and ISSUER PURCHASES of EQUITY SECURITIES
The Company’s common stock is traded under the symbol
MARKET PRICE CASH DIVIDENDS
“TMP” on the NYSE American. The high and low closing
High Low Amount Date Paid
sale prices, which represent actual transactions as quoted
2020 1st Quarter $92.88 $61.75 $0.52 2/18/20
on the Exchange, of the Company’s common stock for each
2nd Quarter 74.99 56.02 0.52 5/18/20
quarterly period in 2020 and 2021, are presented to the
3rd Quarter 70.64 55.47 0.52 8/14/20
right. The per share dividends paid by the Company in each
4th Quarter 71.79 54.65 0.54 11/13/20
quarterly period in 2020 and 2021 and the payment dates
of these dividends are also presented.
$6.05
$5.37
$5.35
$5.20
$3.43
2021 1st Quarter $ 92.36 $ 66.87 $ 0.54 2/16/21
2nd Quarter 85.17 76.81 0.54 5/17/21
3rd Quarter 81.76 73.63 0.54 8/13/21
4th Quarter 85.02 77.45 0.57 11/15/21
$2.19
$2.10
$2.02
$1.94
$1.82
0.00
0.00
17 18 19 20 21
17 18 19 20 21
Diluted Earnings
PER SHARE IN DOLLARS
Cash Dividends
PER SHARE IN DOLLARS
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, 2021, 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, 2022, 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, 2022
18
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
19
AFFILIATE BOARDS of DIRECTORS*
TOMPKINS - Central New York
TOMPKINS - Western New York
TOMPKINS - Hudson Valley
TOMPKINS - Pennsylvania
Stephen S. Romaine
Chair
President & CEO
Tompkins Financial
Corporation
Gregory J. Hartz
President & CEO
John E. Alexander
Founder
The CBORD Group, Inc.
Johanna Anderson
Executive Director
Ithaca Neighborhood
Housing Services
Larry F. Baum**
Founder
The Computing Center
Daniel J. Fessenden
Executive Director
Fred L. Emerson
Foundation, Inc.
Angela B. Lee
VP of Human Resources
and Chief Diversity Officer
Baxter International, Inc.
Ryan Lombardi
VP Student & Campus Life
Cornell University
Jennifer R. Tegan
Managing Director
NY Ventures
**Retiring April 2022
James W. Fulmer
Chair
John M. McKenna
President & CEO
Paul J. Battaglia, CPA
Retired Director
Freed Maxick CPAs, P.C
Joseph G. Bucci Jr.
Environmental Manager
American Rock Salt
Company, LLC
Nancy Catarisano, CPA
Managing Partner
Insero & Co. CPAs, LLP
David N. DeLaVergne**
Retired SVP
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
**Retiring April 2022
Michael H. Spain
Chair
Executive Vice President
Brown & Brown
Alfred J. Weber
Chair
President
Tweed-Weber-Danks, Inc.
David M. DeMilia
President & CEO
Scott L. Gruber
President & CEO
Francis M. Fetsko
EVP, CFO, COO & Treasurer
Tompkins Financial
Corporation
Helen S. Eaton
CEO
Settlement Music School
Joseph D. Kenner
President & CEO
Greyston Bakery
Greyston Foundation
Ita M. Rahilly, CPA, AEP
Partner
RBT CPAs, LLP
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, PC
**Retiring April 2022
James W. Fulmer
Vice Chair
Tompkins Financial
Corporation
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
**Retiring April 2022
TOMPKINS INSURANCE
AGENCIES
James W. Fulmer
Chair
Vice Chair
Tompkins Financial
Corporation
David S. Boyce
President & CEO
Stephen S. Romaine
President & CEO
Tompkins Financial
Corporation
20
* Effective January 1, 2022
CORPORATE INFORMATION
CORPORATE OFFICE
STOCK LISTING
Tompkins Financial Corporation
P.O. Box 460
Ithaca, NY 14851
(888) 503-5753
Tompkins Financial Corporation
common stock is traded on
the NYSE American under the
symbol TMP.
Website:
www.tompkinsfinancial.com
E-mail:
shareholder@tompkinsfinancial.com
AFFILIATES
Tompkins Community Bank
Central New York Market
P.O. Box 460
Ithaca, NY 14851
(607) 273-3210
Western New York Market
90 Main St.
Batavia, NY 14020
(585) 345-0122
Hudson Valley Market
1441 Route 22
Brewster, NY 10509
(845) 278-1000
Pennsylvania Market
P.O. Box 6219
Wyomissing, PA 19610
(610) 478-9922
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
tompkinsfinancialadvisors.com
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 2021,
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
1000 lbs net greenhouse gases prevented
.9 million BTUs energy not consumed
TOMPKINS FINANCIAL
CORPORATION
CORPORATE OFFICERS
Stephen S. Romaine
President & Chief Executive Officer
David S. Boyce
Executive Vice President
David M. DeMilia
Executive Vice President
Francis M. Fetsko
Executive Vice President
Chief Financial Officer, Chief
Operating Officer & Treasurer
Alyssa H. Fontaine
Executive Vice President
General Counsel
Corporate Secretary
Scott L. Gruber
Executive Vice President
Gregory J. Hartz
Executive Vice President
Brian A. Howard
Executive Vice President
Ginger G. Kunkle
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
Cynthia M. Manuele
Corporate Counsel
& Deputy Corporate Secretary
Janet L. Hewitt
Assistant Vice President
Corporate Administrative &
Investor Relations Officer
Wendy K. Fonder
Governance Coordinator
Assistant Corporate Secretary
*Deceased
†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
TOMPKINSFINANCIAL.COM