Tompkins Financial Corp. Files Q1 2024 10-Q Report

TL;DR

<b>Tompkins Financial Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

TOMPKINS FINANCIAL CORP (TMP) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Tompkins Financial Corp. filed its 10-Q report for the period ending March 31, 2024. The report covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Tompkins Financial Corp. is incorporated in New York. The company's IRS number is 161482357.

Why It Matters

For investors and stakeholders tracking TOMPKINS FINANCIAL CORP, this filing contains several important signals. This filing provides investors with an update on the company's financial health and operational performance during the first quarter of the year. Key financial data and disclosures in this 10-Q will allow stakeholders to assess the company's progress against its strategic goals and market conditions.

Risk Assessment

Risk Level: low — TOMPKINS FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events, suggesting a routine update on financial performance.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Tompkins Financial Corp.'s performance and outlook for the remainder of 2024.

Key Numbers

• 20240331 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240508 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 6022 — Standard Industrial Classification (STATE COMMERCIAL BANKS)

Key Players & Entities

• TOMPKINS FINANCIAL CORP (company) — FILER
• 10-Q (document) — FORM TYPE
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240508 (date) — FILED AS OF DATE
• NY (location) — STATE OF INCORPORATION
• 161482357 (identifier) — IRS NUMBER
• 607-274-2078 (phone) — BUSINESS PHONE
• 19990512 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

Tompkins Financial Corp. operates within the commercial banking sector, a key component of the financial services industry.

Regulatory Implications

As a publicly traded company, Tompkins Financial Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures related to changes in accounting standards or significant business events.
3. Compare Q1 2024 performance to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value TMP NYSE American, LLC Indi
• $250,000 — PENSE Time certificates of deposits of $250,000 or more 4,010 1,788 Other deposits 20,
• $2.3 million — tructures as of March 31, 2024 totaling $2.3 million already using proportional amortization
• $54,000 b — using proportional amortization with a $54,000 benefit recorded to income tax expense in
• $42,000 b — xpense in the first quarter of 2024 and $42,000 benefit in the first quarter of 2023. In
• $40,000 — tax credit included the recording of a $40,000 investment and the write-off of a $444,
• $444,000 — 0,000 investment and the write-off of a $444,000 gross timing difference (tax effective
• $111,000 — oss timing difference (tax effective at $111,000) with a corresponding $71,000 reduction
• $71,000 — ctive at $111,000) with a corresponding $71,000 reduction to retained earnings. The C

Filing Documents

• tmp-20240331.htm (10-Q) — 3182KB
• tmp2024-03x31ex311.htm (EX-31.1) — 12KB
• tmp2024-03x31ex312.htm (EX-31.2) — 11KB
• tmp2024-03x31ex321.htm (EX-32.1) — 6KB
• tmp2024-03x31ex322.htm (EX-32.2) — 6KB
• tmp-20240331_g1.jpg (GRAPHIC) — 620KB
• 0001005817-24-000014.txt (&nbsp;) — 17220KB
• tmp-20240331.xsd (EX-101.SCH) — 53KB
• tmp-20240331_cal.xml (EX-101.CAL) — 138KB
• tmp-20240331_def.xml (EX-101.DEF) — 364KB
• tmp-20240331_lab.xml (EX-101.LAB) — 709KB
• tmp-20240331_pre.xml (EX-101.PRE) — 574KB
• tmp-20240331_htm.xml (XML) — 3989KB

-FINANCIAL INFORMATION

PART I -FINANCIAL INFORMATION PAGE Item 1 –

Financial Statements

Financial Statements Consolidated Statements of Condition as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 1 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (Unaudited) 2 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2 -

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 4 -

Controls and Procedures

Controls and Procedures 61

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1 –

Legal Proceedings

Legal Proceedings 61

– Risk Factors

Item 1A – Risk Factors 61 Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3 - Defaults Upon Senior Securities 62 Item 4 - Mine Safety Disclosures 62 Item 5 - Other Information 62 Item 6 - Exhibits 62

Financial Statements

Item 1. Financial Statements TOMPKINS FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) As of As of ASSETS 03/31/2024 12/31/2023 (unaudited) (audited) Cash and noninterest bearing balances due from banks $ 47,236 $ 67,212 Interest bearing balances due from banks 9,905 12,330 Cash and Cash Equivalents 57,141 79,542 Available-for-sale debt securities, at fair value (amortized cost of $ 1,511,471 at March 31, 2024 and $ 1,548,482 at December 31, 2023) 1,366,355 1,416,650 Held-to-maturity debt securities, at amortized cost (fair value of $ 265,102 at March 31, 2024 and $ 267,455 at December 31, 2023) 312,415 312,401 Equity securities, at fair value 772 787 Total loans and leases, net of unearned income and deferred costs and fees 5,640,524 5,605,935 Less: Allowance for credit losses 51,704 51,584 Net Loans and Leases 5,588,820 5,554,351 Federal Home Loan Bank and other stock 30,103 33,719 Bank premises and equipment, net 78,158 79,687 Corporate owned life insurance 74,730 67,884 Goodwill 92,602 92,602 Other intangible assets, net 2,247 2,327 Accrued interest and other assets 174,691 179,799 Total Assets $ 7,778,034 $ 7,819,749 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 3,646,960 3,484,878 Time 974,354 998,013 Noninterest bearing 1,828,302 1,916,956 Total Deposits 6,449,616 6,399,847 Federal funds purchased and securities sold under agreements to repurchase 43,681 50,996 Other borrowings 522,600 602,100 Other liabilities 92,799 96,872 Total Liabilities $ 7,108,696 $ 7,149,815 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $ 0.10 per share: Authorized 25,000,000 shares; Issued: 14,440,029 at March 31, 2024; and 14,441,830 at December 31, 2023 1,444 1,444 Additional paid-in capital 297,790 297,183 Retained earnings 509,668 501,510 Accumulated other comprehensive loss ( 134,816 ) ( 125,005 ) Treasury sto

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