TOMPKINS FINANCIAL CORP

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

TMP$100.83+0.1%Stored close · as of Nov 10, 2026

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United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ______

Commission File Number 1-12709

Tompkins Financial Corp oration

(Exact name of registrant as specified in its charter)

New York	16-1482357
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

P.O. Box 460, Ithaca, NY

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:(888)503-5753

Former name, former address, and former fiscal year, if changed since last report: NA

Indicate the number of shares of the Registrant’s Common Stock outstanding as of the latest practicable date:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	TMP	NYSE American, LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes☐ No☒.

Indicate the number of shares of the Registrant's Common Stock outstanding as of the latest practicable date:14,396,247 shares as of August 2, 2024.

FORM 10-Q

INDEX

PART I -FINANCIAL INFORMATION
PAGE
	Item 1 –	Financial StatementsConsolidated Statements of Condition as of June 30, 2024 (Unaudited) and December 31, 2023 (Audited)	1
		Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited)	2
		Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited)	3
		Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited)	4
		Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited)	6
		Notes to Unaudited Consolidated Financial Statements	8
	Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
	Item 3 -	Quantitative and Qualitative Disclosures About Market Risk	67
	Item 4 -	Controls and Procedures	68
PART II - OTHER INFORMATION
	Item 1 –	Legal Proceedings	68
	Item 1A – Risk Factors	68
	Item 2 –	Unregistered Sales of Equity Securities, and Use of Proceeds	69
	Item 3 -	Defaults Upon Senior Securities	69
	Item 4 -	Mine Safety Disclosures	69
	Item 5 -	Other Information	69
	Item 6 -	Exhibits	70
SIGNATURES	71

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF CONDITION

(In thousands, except share and per share data) (Unaudited)	As of	As of
ASSETS	06/30/2024	12/31/2023
	(unaudited)	(audited)
Cash and noninterest bearing balances due from banks	$60,337	$67,212
Interest bearing balances due from banks	10,578	12,330
Cash and Cash Equivalents	70,915	79,542
Available-for-sale debt securities, at fair value (amortized cost of $1,463,965 at June 30, 2024 and $1,548,482 at December 31, 2023)	1,317,458	1,416,650
Held-to-maturity debt securities, at amortized cost (fair value of $264,588 at June 30, 2024 and $267,455 December 31, 2023)	312,430	312,401
Equity securities, at fair value (amortized cost $766 at June 30, 2024 and $787 at December 31, 2023)	766	787
Total loans and leases, net of unearned income and deferred costs and fees	5,761,864	5,605,935
Less: Allowance for credit losses	53,059	51,584
Net Loans and Leases	5,708,805	5,554,351
Federal Home Loan Bank and other stock	41,382	33,719
Bank premises and equipment, net	77,279	79,687
Corporate owned life insurance	75,453	67,884
Goodwill	92,602	92,602
Other intangible assets, net	2,193	2,327
Accrued interest and other assets	170,239	179,799
Total Assets	7,869,522	7,819,749
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money market	3,453,049	3,484,878
Time	979,292	998,013
Noninterest bearing	1,853,555	1,916,956
Total Deposits	6,285,896	6,399,847
Federal funds purchased and securities sold under agreements to repurchase	35,989	50,996
Other borrowings	773,627	602,100
Other liabilities	97,917	96,872
Total Liabilities	7,193,429	7,149,815
EQUITY
Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $0.10 per share: Authorized 25,000,000 shares; Issued: 14,429,124 at June 30, 2024; and 14,441,830 at December 31, 2023	1,443	1,444
Additional paid-in capital	298,647	297,183
Retained earnings	516,566	501,510
Accumulated other comprehensive loss	(135,670)	(125,005)
Treasury stock, at cost – 126,420 shares at June 30, 2024, and 132,097 shares at December 31, 2023	(6,356)	(6,610)
Total Tompkins Financial Corporation Shareholders’ Equity	674,630	668,522
Noncontrolling interests	1,463	1,412
Total Equity	676,093	669,934
Total Liabilities and Equity	$7,869,522	$7,819,749

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