Profile: Tompkins Financial Corp (TMP)
26 May 2017
Tompkins Financial Corporation (Tompkins), incorporated on March 6, 1995, is a financial holding company. The Company is a community-based financial services company that offers an array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, insurance, and brokerage services. The Company operates in three business segments: banking, insurance and wealth management. As of December 31, 2016, its subsidiaries included four banking subsidiaries, Tompkins Trust Company (the Trust Company), The Bank of Castile (DBA Tompkins Bank of Castile), Mahopac Bank (DBA Tompkins Mahopac Bank), VIST Bank (DBA Tompkins VIST Bank), and an insurance agency subsidiary, Tompkins Insurance Agencies, Inc. (Tompkins Insurance). It provides property and casualty insurance services and employee benefits consulting through Tompkins Insurance Agencies, Inc. The wealth management segment is organized under the Tompkins Financial Advisors brand.
Wealth management activities include the results of the Company's trust, financial planning, and wealth management services conducted under the trust department of the Trust Company. As of December 31, 2016, banking services consisted primarily of attracting deposits from the areas served by the Company's four banking subsidiaries' 65 banking offices (45 offices in New York and 21 offices in Pennsylvania), and using those deposits to originate a range of commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. The Trust Company provides an array of trust and investment services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning as well as life, disability and long-term care insurance services. The Company maintains a portfolio of securities, such as obligations of the United States Government agencies and the United States Government-sponsored entities, obligations of states and political subdivisions thereof, and equity securities.
As of December 31, 2016, the banking segment consisted of the Company's four banking subsidiaries: Tompkins Trust Company, a commercial bank with 13 banking offices operated in Ithaca, New York, and surrounding communities; DBA Tompkins Bank of Castile, a commercial bank with 17 banking offices located in the Genesee Valley region of New York State, as well as Monroe County; DBA Tompkins Mahopac Bank, a commercial bank with 14 full-service banking offices located in the counties north of New York City, and DBA Tompkins VIST Bank, a banking company with 21 banking offices in Southeastern Pennsylvania. Its banking services consist primarily of attracting deposits from the areas served by the Company's banking subsidiaries and using those deposits to originate a range of commercial loans, agricultural loans, consumer loans, real estate loans and leases in those same areas. The Company's subsidiary banks provide a range of retail banking services, including checking accounts, savings accounts, time deposits, individual retirement account (IRA) products, residential mortgage loans, personal loans, home equity loans, credit cards, debit cards and safe deposit services delivered through its branch facilities, automated teller machines (ATMs), voice response, mobile banking, Internet banking and remote deposit services.
The Company offers a range of loans, including commercial and industrial, such as agriculture, and commercial and industrial other; commercial real estate; residential real estate, such as home equity and mortgages, and consumer and other. Agriculturally related loans include loans to dairy farms and vegetable crop farms. The consumer loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. As of December 31, 2016, the Company's total loans amounted to $4.25 billion.
The Company's investment securities portfolio is classified as available for sale and held to maturity. The available-for-sale securities portfolio consists primarily of obligations of the United States Government-sponsored entities; obligations of the United States states and political subdivisions; mortgage-backed securities-residential, issued by the United States government agencies, the United States government sponsored entities and non-United States government agencies or sponsored entities, and the United States corporate debt securities. Its held-to-maturity securities include obligations of the United States government sponsored entities, and obligations of the United States states and political subdivisions. As of December 31, 2016, the Company's total securities portfolio totaled $1.57 billion.
Sources of Funds
The source of funding for the Company is deposits. It offers a range of deposit products, including interest-bearing deposits; interest-bearing checking, savings and money market, and time deposits. As of December 31, 2016, its total deposits were $4.6 billion.
Tompkins Insurance is an insurance agency, which provides employee benefit consulting to employers in Western and Central New York and Southeastern Pennsylvania, assisting them with their medical, group life insurance and group disability insurance. Tompkins Insurance, through VIST Financial, offers an array of insurance products in southeastern Pennsylvania. Tompkins Insurance offers services to customers of the Company's banking subsidiaries by sharing offices with The Bank of Castile, Tompkins Trust Company and VIST Bank. As of December 31, 2016, Tompkins Insurance had five offices in Western New York, an office in Tompkins County, New York and an office in Montgomery County, Pennsylvania. Tompkins Financial Advisors offers a range of financial services to customers, including trust and estate services, investment management, and financial and insurance planning for individuals, corporate executives, small business owners and high-net-worth individuals. VIST Capital Management, LLC, through Tompkins Financial Advisors brand, offers an assortment of service investment advisory and brokerage services for individual financial planning, investments and corporate and small business pension and retirement planning solutions.
Tompkins Financial Corp
PO Box 460
ITHACA NY 14851-0460