Tompkins Financial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tompkins Financial Corp has submitted its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

TOMPKINS FINANCIAL CORP (TMP) filed a Annual Report (10-K) with the SEC on February 29, 2024. Tompkins Financial Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 118 E Seneca Street, Ithaca, NY. Tompkins Financial Corp is classified under Standard Industrial Classification code 6022 for State Commercial Banks. The company was formerly known as Tompkins Trustco Inc and Tompkins County Trustco Inc.

Why It Matters

For investors and stakeholders tracking TOMPKINS FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tompkins Financial Corp's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. As a publicly traded entity, Tompkins Financial Corp's adherence to SEC reporting requirements, including this 10-K, ensures transparency and allows for market analysis and valuation based on standardized financial disclosures.

Risk Assessment

Risk Level: medium — TOMPKINS FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial information and risk factors typical for a publicly traded company in the financial sector, requiring careful review rather than indicating immediate high risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Tompkins Financial Corp's performance and strategic positioning for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240229 — Filing Date (Date of filing)
• 6022 — SIC Code (Standard Industrial Classification)
• NY — State of Incorporation (State of incorporation)

Key Players & Entities

• TOMPKINS FINANCIAL CORP (company) — Filer name
• 118 E SENECA STREET (location) — Business address
• ITHACA (location) — Business address city
• NY (location) — Business address state
• 607-274-2078 (phone) — Business phone
• Tompkins Trustco Inc (company) — Former company name
• Tompkins County Trustco Inc (company) — Former company name
• 19990512 (date) — Date of name change

FAQ

Industry Context

Tompkins Financial Corp operates within the State Commercial Banks industry, as indicated by its SIC code 6022.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, a key piece of U.S. federal legislation regulating the secondary trading of securities.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics to previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparative data from previous filings will be available within the document itself.

Key Financial Figures

• $7.8 b — y Bank had consolidated total assets of $7.8 billion, consolidated total loans of $5.6
• $5.6 b — .8 billion, consolidated total loans of $5.6 billion, and consolidated total deposits
• $6.4 billion — ion, and consolidated total deposits of $6.4 billion. A description of markets served by Tom
• $10 billion — r with their affiliates, have less than $10 billion in assets, such as the Company, are exe
• $7.8 billion — tal assets on a consolidated basis were $7.8 billion. 4 Table of Contents Federal Bank

Filing Documents

• tmp-20231231.htm (10-K) — 5133KB
• exhibit1031-10k12312023.htm (EX-10.31) — 9KB
• exhibit1032-10k12312023.htm (EX-10.32) — 24KB
• exhibit1033-10k12312023.htm (EX-10.33) — 126KB
• exhibit1034-10k12312023.htm (EX-10.34) — 25KB
• exhibit1035-10k12312023.htm (EX-10.35) — 34KB
• exhibit1036-10k12312023.htm (EX-10.36) — 33KB
• exhibit21-10k12312023.htm (EX-21) — 2KB
• exhibit23-10k12312023.htm (EX-23) — 4KB
• exhibit311-10k12312023.htm (EX-31.1) — 11KB
• exhibit312-10k12312023.htm (EX-31.2) — 11KB
• exhibits321-10k12312023.htm (EX-32.1) — 6KB
• exhibit322-10k12312023.htm (EX-32.2) — 6KB
• exhibit97-10k12312023.htm (EX-97) — 31KB
• image_0.jpg (GRAPHIC) — 31KB
• image_01.jpg (GRAPHIC) — 457KB
• image_02.jpg (GRAPHIC) — 22KB
• image_03.jpg (GRAPHIC) — 1KB
• tmp-20231231_g1.jpg (GRAPHIC) — 752KB
• tmp-20231231_g2.jpg (GRAPHIC) — 75KB
• tmp-20231231_g3.jpg (GRAPHIC) — 22KB
• 0001005817-24-000008.txt (&nbsp;) — 28627KB
• tmp-20231231.xsd (EX-101.SCH) — 106KB
• tmp-20231231_cal.xml (EX-101.CAL) — 220KB
• tmp-20231231_def.xml (EX-101.DEF) — 658KB
• tmp-20231231_lab.xml (EX-101.LAB) — 1411KB
• tmp-20231231_pre.xml (EX-101.PRE) — 1025KB
• tmp-20231231_htm.xml (XML) — 6061KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Information About Our Executive Officers 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 132 Item 9A.

Controls and Procedures

Controls and Procedures 132 Item 9B. Other Information 132 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 PART III Item 10. Directors, Executive Officers, and Corporate Governance 133 Item 11.

Executive Compensation

Executive Compensation 133 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accountant Fees and Services 134 Part IV Item 15. Exhibits and Financial Statement Schedules 134 Item 16. Form 10-K Summary 139 Table of Contents PART I

Business

Item 1. Business The disclosures set forth in this Item 1. Business are qualified by the section captioned "Forward-Looking Statements" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Report and other cautionary statements set forth elsewhere in this Report. General Tompkins Financial Corporation ("Tompkins" or the "Company") is headquartered in Ithaca, New York and is registered as a Financial Holding Company with the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. The Company is a locally-oriented, community-based financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, and insurance services. At December 31, 2023, the Company had one wholly-owned banking subsidiary, Tompkins Community Bank. Banking services consist primarily of attracting deposits from the areas served by Tompkins Community Bank's 56 banking offices (40 offices in New York and 16 offices in Pennsylvania), and using those deposits to originate a variety of commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. The Company has a wholly-owned insurance agency subsidiary, Tompkins Insurance Agencies, Inc. ("Tompkins Insurance"). Tompkins Community Bank provides a full array of wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning services. The Company's principal offices are located at 118 E. Seneca St., P.O. Box 460, Ithaca, New York, 14850, and its telephone number is (888) 503-5753. The Company's common stock is traded on the NYSE American under the symbol "TMP." Tompkins was organized in 1995, under the laws of the State of New York, as a bank holding company for Tompkins Trust Company (the "Trust Company"), a

View Full Filing

View this 10-K filing on SEC EDGAR