TOMPKINS FINANCIAL CORPTMP
TOMPKINS FINANCIAL CORP Segments Disclosure
Segment and Related Information
The Company adopted ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," effective December 15, 2024. In accordance with Topic 280, the Company manages its operations through two reportable business segments as of December 31, 2025: (i) banking and financial services ("Banking") and (ii) wealth management ("Tompkins Financial Advisors"). The Company’s wealth management services are managed separately from the Banking segment.
On October 31, 2025, the Company sold all of the issued and outstanding shares of capital stock of its insurance subsidiary, TIA, to Gallagher. For the first 10 months of 2025, the Company had three operating segments: (i) banking and financial services, (ii) insurance services, and (iii) wealth management.
Banking
Tompkins Community Bank has twelve banking offices located in Ithaca, NY and surrounding communities; fourteen banking offices located in the Genesee Valley region of New York State as well as Erie County; twelve full-service banking offices located in the counties north of New York City; and sixteen banking offices headquartered and operating in the areas surrounding southeastern Pennsylvania.
Banking services consist primarily of attracting deposits from the areas served by the Company’s banking subsidiary 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’s subsidiary bank provides a variety of retail banking services including checking accounts, savings accounts, time deposits, IRA products, residential mortgage loans, personal loans, home equity loans, credit cards, debit cards and safe deposit services delivered through its branch facilities, ATMs, voice response, mobile banking, Internet banking and remote deposit services. The Company’s subsidiary bank also provides a variety of commercial banking services such as lending activities for a variety of business purposes, including real estate financing, construction, equipment financing, accounts receivable financing and commercial leasing. Other commercial services include deposit and cash management services, letters of credit, sweep accounts, credit cards, Internet-based account services, mobile banking and remote deposit services. The banking subsidiary does not engage in sub-prime lending.
Insurance
Until October 31, 2025, the Company provided property and casualty insurance services and employee benefits consulting through Tompkins Insurance Agencies, Inc., a 100% wholly-owned subsidiary of the Company, which was headquartered in Batavia, New York.
Wealth Management
The wealth management segment is generally organized under the Tompkins Financial Advisors brand. Tompkins Financial Advisors offers a comprehensive suite 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. Tompkins Financial Advisors has offices in each of the Company’s regional markets.
Chief Operating Decision Maker
Our Chief Executive Officer ("CEO") is our chief operating decision maker. In order to allocate costs, capital and resources to each operating segment, we (i) identify the cost or opportunity value of funds within each business segment, (ii) measure the profitability of a particular business segment by relating appropriate costs to revenues, (iii) evaluate each business segment in a manner consistent with its economic impact on consolidated earnings, and (iv) enhance asset and liability pricing decisions. Our CEO reviews actual net income versus budgeted net income on a monthly basis to assess segment performance and to make decisions about allocating capital and personnel among the segments.
Summarized financial information concerning the Company’s reportable segments and the reconciliation to the Company’s consolidated results is shown in the following table. Investment in subsidiaries is netted out of the presentations below. The "Intercompany" column identifies the intercompany activities of revenues, expenses and other assets between the banking and financial services segments. The Company accounts for intercompany fees and services at an estimated fair value according to regulatory requirements for the services provided. Intercompany items relate primarily to the use of human resources, information systems, accounting and marketing services provided by any of the banks and the holding company. All other accounting policies are the same as those described in "Note 1 - Summary of Significant Accounting Policies" in this Report.
The Banking segment also includes the operating results of the parent holding company, which have historically been immaterial. As mentioned above, Tompkins Financial Corporation sold all of the issued and outstanding shares of capital stock of TIA to Gallagher during the fourth quarter of 2025. The gross purchase price was $223.0 million. In connection with the sale, the Company recognized a gain on sale of $188.2 million subject to certain post-closing adjustments during the 120-day post-closing settlement period ending on February 28, 2026, which amount was included in noninterest income. In addition, the Company recognized $4.3 million of noninterest expenses related to the sale. The net after-tax impact was approximately $129.0 million. Since Tompkins Financial Corporation was the sole owner of TIA, the transaction was recorded on the parent's books, and therefore the sale is reflected in the below table for 2025 within the Banking segment.
| As of and for the year ended December 31, 2025 | |||||||||||||||||
| (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||
| Interest income | $ | 382,074 | $ | 2 | $ | 0 | $ | (2) | $ | 382,074 | |||||||
| Interest expense | 132,345 | 0 | 0 | (2) | 132,343 | ||||||||||||
| Net interest income | 249,729 | 2 | 0 | 0 | 249,731 | ||||||||||||
| Provision for credit loss expense | 11,534 | 0 | 0 | 0 | 11,534 | ||||||||||||
| Noninterest income | 141,196 | 36,294 | 21,433 | (2,052) | 196,871 | ||||||||||||
| Noninterest expense | 170,191 | 25,255 | 16,818 | (2,052) | 210,212 | ||||||||||||
| Income before income tax expense | 209,200 | 11,041 | 4,615 | 0 | 224,856 | ||||||||||||
| Income tax expense | 59,689 | 2,953 | 1,143 | 0 | 63,785 | ||||||||||||
| Net Income attributable to Tompkins Financial Corporation | $ | 149,511 | $ | 8,088 | $ | 3,472 | $ | 0 | $ | 161,071 | |||||||
| Depreciation and amortization | $ | 8,019 | $ | 131 | $ | 175 | $ | 0 | $ | 8,325 | |||||||
| Assets | 8,639,330 | 0 | 28,938 | 0 | 8,668,268 | ||||||||||||
| Goodwill | 64,525 | 0 | 8,211 | 0 | 72,736 | ||||||||||||
| Other intangibles, net | 1,687 | 0 | 0 | 0 | 1,687 | ||||||||||||
| Net loans and leases | 6,388,574 | 0 | 0 | 0 | 6,388,574 | ||||||||||||
| Deposits | 6,937,969 | 0 | 0 | (207) | 6,937,762 | ||||||||||||
| Total equity | 912,908 | 0 | 25,469 | 0 | 938,377 | ||||||||||||
| As of and for the year ended December 31, 2024 | |||||||||||||||||
| (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||
| Interest income | $ | 347,574 | $ | 5 | $ | 0 | $ | (5) | $ | 347,574 | |||||||
| Interest expense | 136,477 | 0 | 0 | (5) | 136,472 | ||||||||||||
| Net interest income | 211,097 | 5 | 0 | 0 | 211,102 | ||||||||||||
| Provision for credit loss expense | 6,611 | 0 | 0 | 0 | 6,611 | ||||||||||||
| Noninterest income | 29,991 | 39,762 | 20,488 | (2,114) | 88,127 | ||||||||||||
| Noninterest expense | 157,320 | 28,983 | 15,453 | (2,114) | 199,642 | ||||||||||||
| Income before income tax expense | 77,157 | 10,784 | 5,035 | 0 | 92,976 | ||||||||||||
| Income tax expense | 17,807 | 2,943 | 1,253 | 0 | 22,003 | ||||||||||||
| Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 59,350 | 7,841 | 3,782 | 0 | 70,973 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | 123 | 0 | 0 | 0 | 123 | ||||||||||||
| Net Income attributable to Tompkins Financial Corporation | $ | 59,227 | $ | 7,841 | $ | 3,782 | $ | 0 | $ | 70,850 | |||||||
| Depreciation and amortization | $ | 9,816 | $ | 159 | $ | 168 | $ | 0 | $ | 10,143 | |||||||
| Assets | 8,048,149 | 47,059 | 29,367 | (15,495) | 8,109,080 | ||||||||||||
| Goodwill | 64,524 | 19,867 | 8,211 | 0 | 92,602 | ||||||||||||
| Other intangibles, net | 1,166 | 1,015 | 22 | 0 | 2,203 | ||||||||||||
| Net loans and leases | 5,963,426 | 0 | 0 | 0 | 5,963,426 | ||||||||||||
| Deposits | 6,495,526 | 0 | 0 | (23,721) | 6,471,805 | ||||||||||||
| Total equity | 637,414 | 38,534 | 37,496 | 0 | 713,444 | ||||||||||||
| As of and for the year ended December 31, 2023 | |||||||||||||||||
| (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||
| Interest income | $ | 297,358 | $ | 5 | $ | 0 | $ | (5) | $ | 297,358 | |||||||
| Interest expense | 87,849 | 0 | 0 | (5) | 87,844 | ||||||||||||
| Net interest income | 209,509 | 5 | 0 | 0 | 209,514 | ||||||||||||
| Provision for credit loss expense | 4,339 | 0 | 0 | 0 | 4,339 | ||||||||||||
| Noninterest income | (43,667) | 37,868 | 18,262 | (2,222) | 10,241 | ||||||||||||
| Noninterest expense | 162,312 | 28,770 | 14,432 | (2,222) | 203,292 | ||||||||||||
| Income before income tax expense | (809) | 9,103 | 3,830 | 0 | 12,124 | ||||||||||||
| Income tax expense | (1,007) | 2,548 | 954 | 0 | 2,495 | ||||||||||||
| Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 198 | 6,555 | 2,876 | 0 | 9,629 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | 124 | 0 | 0 | 0 | 124 | ||||||||||||
| Net Income attributable to Tompkins Financial Corporation | $ | 74 | $ | 6,555 | $ | 2,876 | $ | 0 | $ | 9,505 | |||||||
| Depreciation and amortization | $ | 11,047 | $ | 176 | $ | 176 | $ | 0 | $ | 11,399 | |||||||
| Assets | 7,760,160 | 44,143 | 29,089 | (13,643) | 7,819,749 | ||||||||||||
| Goodwill | 64,524 | 19,867 | 8,211 | 0 | 92,602 | ||||||||||||
| Other intangibles, net | 956 | 1,336 | 35 | 0 | 2,327 | ||||||||||||
| Net loans and leases | 5,554,351 | 0 | 0 | 0 | 5,554,351 | ||||||||||||
| Deposits | 6,419,872 | 0 | 0 | (20,025) | 6,399,847 | ||||||||||||
| Total equity | 601,598 | 36,176 | 32,160 | 0 | 669,934 | ||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.