Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

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)	12/31/2022		12/31/2021
Assets
Cash	$	28,543	$	18,691
Investment in subsidiaries	587,032		705,723
Other	1,344		4,032
Total Assets	$	616,920	$	728,446
Liabilities and Shareholders’ Equity
Other liabilities	942		917
Tompkins Financial Corporation Shareholders’ Equity	615,978		727,529
Total Liabilities and Shareholders’ Equity	$	616,920	$	728,446

Condensed Statements of Income	Year ended December 31,
(In thousands)	2022		2021		2020
Dividends received from subsidiaries	$	62,559	$	81,408	$	60,818
Other income	147		279		52
Total Operating Income	$	62,706	$	81,687	$	60,870
Interest expense	0		2,232		1,241
Other expenses	11,295		9,039		9,184
Total Operating Expenses	$	11,295	$	11,271	$	10,425
Income Before Taxes and Equity in Undistributed
Earnings of Subsidiaries	51,411		70,416		50,445
Income tax benefit	2,841		2,068		2,160
Equity in undistributed earnings of subsidiaries	30,778		16,780		24,983
Net Income	$	85,030	$	89,264	$	77,588

Condensed Statements of Cash Flows	Year ended December 31,
(In thousands)	2022		2021		2020
Operating activities
Net income	$	85,030	$	89,264	$	77,588
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiaries	(30,778)		(16,780)		(24,983)
Other, net	3,561		4,126		(1,541)
Net Cash Provided by Operating Activities	57,813		76,610		51,064
Investing activities
Repayment of investments in and advances to subsidiaries	350		0		0
Other, net	29		(76)		(100)
Net Cash Provided by (Used in) Investing Activities	379		(76)		(100)
Financing activities
Borrowings, net	0		0		(4,000)
Cash dividends	(33,565)		(32,415)		(31,359)
Repurchase of common shares	(15,430)		(23,773)		(9,414)
Redemption of trust preferred debentures	0		(15,150)		(4,124)
Net proceeds from restricted stock awards	(1,758)		(2,292)		(1,682)
Shares issued for dividend reinvestment plan	0		2		1,825
Shares issued for employee stock ownership plan	2,951		0		0
Net proceeds from exercise of stock options	(538)		(803)		(253)
Net Cash Used in Financing Activities	(48,340)		(74,431)		(49,007)
Net increase in cash	9,852		2,103		1,957
Cash at beginning of year	18,691		16,588		14,631
Cash at End of Year	$	28,543	$	18,691	$	16,588

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.