Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

Condensed financial statements for Tompkins (the Parent Company) are presented below.


Condensed Statements of Condition	As of		As of
(In thousands)	12/31/2023		12/31/2022
Assets
Cash	$	10,710	$	28,543

Investment in subsidiaries	650,595		587,032
Other	8,455		1,344
Total Assets	$	669,760	$	616,920
Liabilities and Shareholders’ Equity


Other liabilities	1,238		942
Tompkins Financial Corporation Shareholders’ Equity	668,522		615,978
Total Liabilities and Shareholders’ Equity	$	669,760	$	616,920


Condensed Statements of Income	Year ended December 31,
(In thousands)	2023		2022		2021

Dividends received from subsidiaries	$	42,634	$	62,559	$	81,408
Other income	297		147		279
Total Operating Income	$	42,931	$	62,706	$	81,687
Interest expense	0		0		2,232
Other expenses	13,117		11,295		9,039
Total Operating Expenses	$	13,117	$	11,295	$	11,271
Income Before Taxes and Equity in Undistributed
Earnings of Subsidiaries	29,814		51,411		70,416
Income tax benefit	3,223		2,841		2,068
Equity in undistributed earnings of subsidiaries	(23,532)		30,778		16,780
Net Income	$	9,505	$	85,030	$	89,264


Condensed Statements of Cash Flows	Year ended December 31,
(In thousands)	2023		2022		2021
Operating activities
Net income	$	9,505	$	85,030	$	89,264
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiaries	23,532		(30,778)		(16,780)
Other, net	(7,350)		3,561		4,126
Net Cash Provided by Operating Activities	25,687		57,813		76,610
Investing activities
Repayment of investments in and advances to subsidiaries	0		350		0
Other, net	1,015		29		(76)
Net Cash Provided by (Used in) Investing Activities	1,015		379		(76)
Financing activities
Borrowings, net	0		0		0
Cash dividends	(34,512)		(33,565)		(32,415)
Repurchase of common shares	(8,726)		(15,430)		(23,773)
Redemption of trust preferred debentures	0		0		(15,150)
Net proceeds from restricted stock awards	(1,173)		(1,758)		(2,292)
Shares issued for dividend reinvestment plan	0		0		2

Shares issued for employee stock ownership plan	0		2,951		0
Net proceeds from exercise of stock options	(124)		(538)		(803)


Net Cash Used in Financing Activities	(44,535)		(48,340)		(74,431)
Net (decrease) increase in cash	(17,833)		9,852		2,103
Cash at beginning of year	28,543		18,691		16,588
Cash at End of Year	$	10,710	$	28,543	$	18,691

A Statement of Changes in Shareholders’ Equity has not been presented since it is the same as the Consolidated Statement of Changes in Shareholders’ Equity previously presented for the consolidated Company.