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1. Company Snapshot

1.a. Company Description

Tompkins Financial Corporation, a financial holding company, provides commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, and insurance services.The company operates in three segments: Banking, Insurance, and Wealth Management.It accepts various deposit products, including checking accounts, savings accounts, time deposits, and IRA products, as well as brokered, reciprocal, and municipal money market deposits.


The company also offers loans for various business purposes, including real estate financing, construction, equipment financing, accounts receivable financing, and commercial leasing; residential mortgage loans; personal loans; residential real estate loans; home equity loans; commercial and industrial loans; commercial real estate loans; agriculture loans; and consumer loans, such as personal installment loans, direct and indirect automobile financing, and overdraft lines of credit.In addition, it provides letters of credit and sweep accounts; credit and debit cards; and deposit and cash management, internet-based account, remote deposit, safe deposit, voice response, ATM, and mobile and internet banking services.Further, the company offers investment management, trust and estate, and financial and tax planning services; property and casualty, medical, life, disability, and long-term care insurance services; employee benefit consulting services; and insurance planning services.


It primarily serves individuals, corporate executives, small business owners, and high net worth individuals.The company operates through a network of 63 banking offices, including 43 offices in New York and 20 offices in Pennsylvania.Tompkins Financial Corporation was founded in 1836 and is headquartered in Ithaca, New York.

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1.b. Last Insights on TMP

Tompkins Financial Corporation's recent performance was negatively impacted by under-earning due to the steep rise in the Federal funds rate, which squeezed its net interest margin. The company's ability to gather cheap deposits and experience low loan losses has been hindered by the increasing interest rates. Additionally, the recent Phase 2 trial initiation of TMP-301 for alcohol use disorder by Tempero Bio, a partner of Nxera Pharma, may divert management's attention and resources away from the core banking business.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Creative Planning Buys 1,271 Shares of Tompkins Financial Corporation $TMP

Dec -02

Source: defenseworld.net

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3,224 Shares in Tompkins Financial Corporation $TMP Bought by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Nov -29

Source: defenseworld.net

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Bailard Inc. Decreases Stock Holdings in Tompkins Financial Corporation $TMP

Nov -15

Source: defenseworld.net

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Tompkins Financial: Interest Margin Normalization Continues To Drive Growth

Nov -11

Source: seekingalpha.com

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Arthur J. Gallagher & Co. Acquires Tompkins Insurance Agencies, Inc.

Nov -03

Source: prnewswire.com

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Tompkins Financial Corporation Announces Sale of Tompkins Insurance Agencies, Inc. to Arthur J. Gallagher & Co.

Nov -03

Source: businesswire.com

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Tompkins Financial Corporation Reports Improved Third Quarter Financial Results

Oct -24

Source: businesswire.com

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Tompkins Financial Corporation: Balance Sheet Repricing Remains An Ongoing Tailwind

Aug -30

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.54%)

6. Segments

Banking

Expected Growth: 5.45%

Tompkins Financial Corporation's 5.45% growth in banking is driven by strategic acquisitions, expansion of commercial lending, and increased deposit growth. Additionally, the corporation's focus on digital transformation, cost savings initiatives, and a strong capital position have contributed to its growth. Furthermore, a favorable interest rate environment and a growing demand for banking services in its operating regions have also supported the corporation's growth momentum.

Insurance

Expected Growth: 4.78%

Tompkins Financial Corporation's 4.78% growth in insurance is driven by increasing demand for risk management products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digital transformation, improved customer experience, and competitive pricing have contributed to its growth. Furthermore, a favorable regulatory environment and a growing middle class have also supported the segment's expansion.

Wealth Management

Expected Growth: 7.9%

Tompkins Financial Corporation's 7.9% growth in Wealth Management is driven by increasing demand for investment services, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation, enhanced customer experience, and diversified product offerings have contributed to its growth momentum.

Intercompany

Expected Growth: 5.83%

Strong intercompany growth of 5.83% driven by Tompkins Financial Corporation's strategic expansion into new markets, increased cross-selling initiatives, and effective cost management. Additionally, the corporation's diversified revenue streams, solid balance sheet, and favorable interest rate environment have contributed to this growth.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses of all sizes, including cash management, lending, and treasury management services.

Retail Banking

Offers personal banking services, including checking and savings accounts, credit cards, and personal loans.

Wealth Management

Provides investment and wealth management services, including financial planning, investment management, and trust services.

Insurance

Offers a range of insurance products, including personal and commercial lines, employee benefits, and specialty insurance.

Mortgage Banking

Provides residential and commercial mortgage lending services, including purchase and refinance loans.

8. Tompkins Financial Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Tompkins Financial Corporation operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified product offerings and strong brand recognition.

Bargaining Power Of Customers

Tompkins Financial Corporation's customers have significant bargaining power due to the availability of alternative financial institutions and online banking services.

Bargaining Power Of Suppliers

Tompkins Financial Corporation has a diversified supplier base, which reduces the bargaining power of individual suppliers.

Threat Of New Entrants

While there are barriers to entry in the financial services industry, new entrants can still disrupt the market with innovative products and services.

Intensity Of Rivalry

The financial services industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.42%
Debt Cost 7.21%
Equity Weight 50.58%
Equity Cost 7.21%
WACC 7.21%
Leverage 97.69%

11. Quality Control: Tompkins Financial Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Tompkins Financial

A-Score: 6.2/10

Value: 6.1

Growth: 4.4

Quality: 6.3

Yield: 8.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Citizens Financial Services

A-Score: 6.0/10

Value: 7.0

Growth: 5.1

Quality: 5.5

Yield: 7.0

Momentum: 6.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
FVCBankcorp

A-Score: 5.0/10

Value: 6.9

Growth: 5.3

Quality: 6.8

Yield: 1.0

Momentum: 4.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Sterling Bancorp

A-Score: 4.9/10

Value: 4.2

Growth: 2.6

Quality: 6.1

Yield: 5.0

Momentum: 6.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Greene County Bancorp

A-Score: 4.6/10

Value: 5.4

Growth: 6.6

Quality: 6.8

Yield: 3.0

Momentum: 1.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Territorial Bancorp

A-Score: 4.3/10

Value: 9.2

Growth: 0.9

Quality: 6.2

Yield: 3.0

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

71.69$

Current Price

71.69$

Potential

-0.00%

Expected Cash-Flows