Tompkins Financial Corp DEF 14A, filed Mar 30, 2023

About this DEF 14A

Tompkins Financial Corp (TMP)

DEF 14A 2023-03-30

View Original

Added on June 12, 2026

Audit Fees

Audit-Related Fees

Other Fees:

Tompkins Financial Corp filed this DEF 14A on March 30, 2023.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Check the appropriate box:
☐			Preliminary Proxy Statement
☐			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☑			Definitive Proxy Statement
☐			Definitive Additional Materials
☐			Soliciting Material Pursuant to §240.14a-12

Payment of Filing Fee (Check the appropriate box):
☑	No fee required.
☐	Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
	1)	Title of each class of securities to which transaction applies:

	2)	Aggregate number of securities to which transaction applies:

	3)	Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

	4)	Proposed maximum aggregate value of transaction:

	5)	Total fee paid:

☐	Fee paid previously with preliminary materials.
☐	Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
	6)	Amount Previously Paid:

	7)	Form, Schedule or Registration Statement No.:

	8)	Filing Party:

	9)	Date Filed:

	(1) By Internet:			www.ProxyVote.com You may request mailed proxy materials or sign-up for e-mail delivery by clicking on “Sign-up for E-Delivery.”
	(2) By Telephone:			1-800-579-1639
	(3) By E-Mail:			To request materials, please send an e-mail to sendmaterial@proxyvote.com and include your control number (available on your Notice of Internet Availability) in the subject line. The body of the e-mail MUST include the following: • your preference to receive printed proxy materials via mail or e-mail, and • whether you would like this election to apply to the delivery of materials for all future shareholder meetings.

Proposal No. 1	Vote Required	Board of Directors Recommendation
Election of Directors	A plurality of votes cast by holders of common stock entitled to vote thereon	“FOR” all Director nominees named in the Proxy Statement

Proposal No. 2	Vote Required	Board of Directors Recommendation
Advisory Approval of the Compensation Paid to the Company’s Named Executive Officers	A majority of votes cast by the holders of common stock entitled to vote thereon	“FOR” advisory approval of the compensation paid to the Company’s Named Executive Officers

Proposal No. 3	Vote Required	Board of Directors Recommendation
Advisory Vote of the Frequency of Future Advisory Votes to Approve the Compensation Paid to the Company’s Named Executive Officers	A majority of votes cast by the holders of common stock entitled to vote thereon	For “EVERY YEAR” as the preferred frequency for future advisory votes to approve the compensation paid to the Company’s Named Executive Officers.

Proposal No. 4	Vote Required	Board of Directors Recommendation
Approval of an amendment to the Company’s 2019 Equity Incentive Plan	A majority of votes cast by the holders of common stock entitled to vote thereon	“FOR” the amendment to the Company’s 2019 Equity Incentive Plan

Proposal No. 5	Vote Required	Board of Directors Recommendation
Ratification of the appointment of the independent registered public accounting firm, KPMG LLP, as the Company’s independent auditor for the fiscal year ending December 31, 2023	A majority of votes cast by the holders of common stock entitled to vote thereon	“FOR” the ratification of the appointment of the independent registered public accounting firm, KPMG LLP, as the Company’s independent auditor for the fiscal year ending December 31, 2023

	2022 Director Compensation
Name	Fees Earned or Paid in Cash⁽¹⁾	Stock Awards⁽²⁾	All Other Compensation	Total
	($)	($)	($)	($)
Alexander	—	75,700	—	75,700
Battaglia	119,200	—	—	119,200
Fessenden	28,000	69,100	—	97,100
Fulmer	105,300	—	—	105,300
Johnson	71,200	—	—	71,200
Milewski	98,700	—	—	98,700
Rahilly	80,600	—	—	80,600
Rochon	34,900	139,700	—	174,600
Spain	38,900	45,900	—	84,800
Tegan	—	88,000	—	88,000
Weber	33,000	44,900	—	77,900
Yunker	90,400	—	—	90,400

By Order of the Board of Directors,

Thomas R. Rochon Chair						Cynthia M. Manuele Corporate Counsel & Deputy Corporate Secretary

	Non-Employee Director	Committee Chair Retainer Fee	Committee Retainer Fee
	($)	($)	($)
Annual Retainer	35,100
Audit/Examining Committee		28,000	14,000
Nominating and Corporate Governance Committee		14,000	9,800
Compensation Committee		14,000	9,800
Qualified Plans Investment Committee		6,200	4,200

Name	Bank Board Retainer	Bank Board Chair Supplemental	Bank Loan Committee Retainer	Bank Loan Committee Chair Supplemental	Trust Committee Retainer	Credit Oversight Committee Retainer
	($)	($)	($)	($)	($)	($)
Tompkins Community Bank Western New York
Battaglia	24,600	—	6,900	—	—	14,800
Fulmer	—	—	—	—	—	—
Yunker	24,600	—	6,900	—	—	—

Tompkins Community Bank Hudson Valley
Rahilly	24,600	—	6,900	—	—	—
Rochon	—	—	—	—	—	—
Spain	24,600	4,100	6,900	3,300	—	6,600

Tompkins Community Bank Central New York
Alexander	24,600	—	—	—	—	—
Battaglia	—	—	—	—	9,800	—
Fessenden	24,600	3,365	6,900	3,300	9,800	—
Tegan	24,600	—	6,900	—	—	14,800

Tompkins Community Bank Pennsylvania
Fulmer	—	—	—	—	—	—
Johnson	24,600	—	1,725	—	—	—
Milewski	24,600	—	6,900	3,300	—	14,800
Weber	24,600	4,100	4,300	—	—	—

	Common Stock Ownership
Directors, Nominees and Executive Officers	Phantom Stock Held in Deferred Trust⁽¹⁾	Shares of Common Stock Beneficially Owned⁽²⁾	Percent of Class⁽²⁾⁽³⁾
John E. Alexander+	21,741	51,287⁽⁴⁾	**
Paul J. Battaglia+	7,108	10,267⁽⁵⁾	**
David S. Boyce*	—	29,766⁽⁶⁾	**
Nancy E. Catarisano^	1,057	—
Daniel J. Fessenden+	6,482	1,338	**
Francis M. Fetsko*	—	37,216⁽⁷⁾	**
James W. Fulmer+	—	76,548⁽⁸⁾	**
Gregory J. Hartz*	—	20,192⁽⁹⁾	**
Patricia A. Johnson+	1,319	2,120	**
Angela B. Lee^	415	—
John D. McClurg^	—	12,489⁽¹⁰⁾
John M. McKenna*	—	21,389⁽¹¹⁾	**
Frank C. Milewski++	—	19,355	**
Ita M. Rahilly+	—	6,196	**
Thomas R. Rochon+	15,742	4,255⁽¹²⁾	**
Stephen S. Romaine*+	—	94,859⁽¹³⁾	**
Michael H. Spain+	8,392	176,949⁽¹⁴⁾	1.22%

Name and Address of Beneficial Owner	Phantom Stock Held in Deferred Trust	Shares of Common Stock Beneficially Owned	Percent of Class
Tompkins Community Bank in the fiduciary capacity indicated⁽¹⁾ Executor, Trustee or Co-Trustee Agent or Custodian
	354,607⁽²⁾		2.44%
	827,110⁽³⁾		5.70%
Tompkins Community Bank in the fiduciary capacity indicated (Plan shares held in custody by Principal Trust Company) Trustee for the Tompkins Financial Employee Stock Ownership and 401(k) Plans

	759,691⁽⁴⁾		5.23%
BlackRock, Inc.⁽⁵⁾ 55 East 52^nd Street, New York, NY 10055		2,120,570	14.6%
State Street Corporation⁽⁶⁾ One Lincoln Street, Boston, Massachusetts 02111		1,296,721	8.95%
The Vanguard Group⁽⁷⁾ 100 Vanguard Blvd., Malvern, PA 19355		1,415,614	9.77%

1st Source Corp			Lakeland Bancorp, Inc.
Brookline Bancorp, Inc.			Lakeland Financial Corp.
Community Bank System, Inc.			NBT Bancorp, Inc.
ConnectOne Bancorp, Inc.			Peapack - Gladstone
Eagle Bancorp, Inc.			Park National Corp.
Financial Institutions, Inc.			S&T Bancorp, Inc.
First Commonwealth Financial Corp.			Sandy Spring Bancorp, Inc.
First Merchants Corp.			TowneBank
Flushing Financial Corp.			Univest Financial Corporation
Independent Bank Corp.			Washington Trust Bancorp, Inc.

		Actual	Target	% Variance
The Company’s net income as compared to the Company’s internal targets (in thousands of dollars):	2022	$85,030	$79,871	6.46%
	2021	$89,264	$75,615	18.05%

		Actual	% Change from prior year
Earnings per share (diluted EPS):	2022	$5.89	(2.64)%
Earnings per share (diluted EPS):	2021	$6.05	16.35%

		Actual	Ranking
The Company’s return on average equity (ROAE), as ranked in the Federal Reserve Board's BHCPR Peer Group Average Report, Peer Group 2:	2022	13.25%	63rd percentile
	2021	12.32%	58th percentile

		Actual	Ranking
The Company’s return on assets (ROA), as ranked in the Federal Reserve Board's BHCPR Peer Group Average Report, Peer Group 2:	2022	1.09%	42nd percentile
	2021	1.12%	38th percentile

		1 Year	5 Year	10 Year
The Company’s total return as compared to KBW Regional Banking Index over the following time periods (Annual Equivalent), as of December 31, 2022:	TMP	(4.40)%	1.82%	10.05%
	KBW Index	(6.92)%	3.49%	10.36%

Name	Target Bonus (as % of Base Salary)	% Bonus Based On:
Name	Target Bonus (as % of Base Salary)	Corporate Performance	Business Unit Performance	Individual Performance
Stephen S. Romaine	50%	80%	—	20%
Francis M. Fetsko	40%	50%	30%	20%
John M. McKenna	40%	50%	30%	20%
David S. Boyce	35%	50%	30%	20%
Gregory J. Hartz	35%	50%	30%	20%

Name	Target Bonus (as % of Base Salary)	Actual Bonus Paid (as % of Base Salary	Actual Bonus Paid
Stephen S. Romaine	50%	50.0%	$400,000
Francis M. Fetsko	40%	39.4%	$184,600
John M. McKenna	40%	39.0%	$179,800
David S. Boyce	35%	34.3%	$128,300
Gregory J. Hartz	35%	34.1%	$122,500

Name	Target Award (in RSUs)	Maximum Award (in RSUs)
Stephen S. Romaine	3,095	5,261
Francis M. Fetsko	730	1,168
John M. McKenna	730	1,168
David S. Boyce	730	1,168
Gregory J. Hartz	730	1,095

Name and Principal Position	Year	Salary⁽¹⁾	Bonus⁽²⁾	Stock Awards⁽³⁾	Option Awards	Non-Equity Incentive Plan Compensation	Change in Pension Value and Nonqualified Deferred Compensation Earnings⁽⁴⁾	All Other Compensation⁽⁵⁾	Total
		($)	($)	($)	($)	($)	($)	($)	($)
Stephen S. Romaine President & CEO of Tompkins Financial Corporation	2022	786,846	400,000	504,361	—	—	—	75,269	1,766,476
	2021	774,769	350,520	486,186	—	—	495,202	74,036	2,180,714
	2020	719,000	316,400	430,123	—	—	1,805,177	62,239	3,332,939

Francis M. Fetsko Executive Vice President COO & CFO of the Company	2022	461,058	184,600	332,031	—	—	—	54,894	1,032,583
	2021	455,500	167,200	319,506	—	—	117,846	50,992	1,111,044
	2020	424,400	152,800	311,490	—	—	776,642	44,104	1,709,436

John M. McKenna President of Tompkins Community Bank & Tompkins Western NY	2022	411,558	179,800	118,961	—	—	—	72,388	782,707
	2021	349,231	118,000	114,199	—	—	42,791	66,061	690,282
	2020	304,500	92,700	111,337	—	—	131,558	56,845	696,940

David S. Boyce President & CEO of Tompkins Insurance Agencies	2022	368,115	128,300	118,961	—	—	—	45,514	660,890
	2021	363,385	117,500	114,199	—	—	—	44,364	639,448
	2020	337,900	102,900	111,337	—	—	576,770	36,836	1,165,743

Gregory J. Hartz President of Tompkins Central New York	2022	353,808	122,500	118,961	—	—	—	72,025	667,294

	Grant Date	Estimated future payouts under equity incentive plan awards (TARGET)	Estimated future payouts under equity incentive plan awards (MAX)	All other stock awards: Number of shares of stock or units	All other option awards: Number of securities underlying options	Exercise or base price of the option awards	Grant date fair value of stock and option awards⁽¹⁾
		(#)	(#)	(#)	(#)	($/Sh)	($)
Stephen S. Romaine	Nov. 9, 2022	3,095	5,261		n/a	n/a	252,181
Stephen S. Romaine	Nov. 9, 2022			3,095			252,181

Francis M. Fetsko	Nov. 9, 2022	730	1,168		n/a	n/a	59,480
	Nov. 9, 2022			730			59,480
	Nov. 9, 2022	2,615					213,070

John M. McKenna	Nov. 9, 2022	730	1,168		n/a	n/a	59,480
John M. McKenna	Nov. 9, 2022			730			59,480

David S. Boyce	Nov. 9, 2022	730	1,168		n/a	n/a	59,480
David S. Boyce	Nov. 9, 2022			730			59,480

Gregory J. Hartz	Nov. 9, 2022	730	1,095		n/a	n/a	59,480
Gregory J. Hartz	Nov. 9, 2022			730			59,480

		Option Awards					Stock Awards
	Grant Date	Number of Securities Underlying Unexercised Options (#) Exercisable⁽¹⁾	Number of Securities Underlying Unexercised Options (#) Unexercisable	Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options	Option Exercise Price ($)	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)⁽²⁾	Market Value of Shares or Units of Stock That Have Not Vested ($)⁽³⁾	Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)	Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)⁽³⁾
Stephen S. Romaine	11/09/2022						3,095	240,110	3,095	240,110
	11/09/2021						2,895	224,594	2,895	224,594
	11/09/2020						2,542	197,208	3,390	262,996
	11/12/2019						1,205	93,484	2,410	186,968
	11/09/2018						1,282	99,458
	11/09/2016	1,734	—		76.90	11/09/2026	—	—
Total		1,734	—				11,019	854,854	11,790	914,668
Francis M. Fetsko	11/09/2022						730	56,633	3,345	259,505
	11/09/2021						1,360	105,509	2,445	189,683
	11/09/2020						1,316	102,095	3,155	244,765
	11/12/2019						625	48,488	2,240	173,779
	11/09/2018						359	27,851
	02/06/2018						47	3,646
	11/09/2016	802			76.90	11/09/2026
Total		802	—				4,437	344,222	11,185	867,732
John M. McKenna	11/09/2022						730	56,633	730	56,633
	11/09/2021						1,360	105,509
	11/09/2020						1,316	102,095
	11/12/2019						625	48,488
	11/09/2018						359	27,851
	11/09/2016	802	—		76.90	11/09/2026	—	—
	11/04/2015	2,235			56.29	11/04/2025	—	—
	11/21/2014	3,475	—		49.22	11/21/2024	—	—
Total		6,512	—				4,390	340,576	730	56,633
David S. Boyce	11/09/2022						730	56,633	730	56,633
	11/09/2021						1,360	102,095
	11/09/2020						1,316	48,488
	11/12/2019						625	27,851
	11/09/2018						359	—
	11/09/2017						—	—
	11/09/2016	802	—		76.90	11/09/2026
Total		802	—				4,390	340,576	730	56,633
Gregory J. Hartz	11/09/2022						730	56,633	730	56,633
	11/09/2021						1,360	105,509
	11/09/2020						1,316	102,095
	11/12/2019						625	48,488
	11/09/2018						359	27,851
	11/09/2017							—
	11/09/2016	601			76.90	11/09/2026
	11/04/2015	716			56.29	11/04/2025	214	16,602
	11/21/2014	522			49.22	11/21/2024
Total		1,839	—				4,390	340,576	730	56,633

	Option Awards⁽¹⁾		Stock Awards
	Number of Shares Acquired on Exercise	Value Realized on Exercise⁽²⁾	Number of Shares Acquired on Vesting	Value Realized on Vesting⁽³⁾
	(#)	($)	(#)	($)
Stephen S. Romaine	8,014	677,120	4,351	355,448
Francis M. Fetsko	318	26,376	1,701	138,952
John M. McKenna	362	29,375	1,653	135,109
David S. Boyce	457	38,602	1,653	135,109
Gregory J. Hartz	—	—	1,653	135,109

Name	Plan Name		Number of Years of Credited Service⁽¹⁾	Present Value of Accumulated Benefit	Payments During the Last Fiscal Year
Stephen S. Romaine	Pension Plan		14.58	454,963	—
	Amended SERP		28.83	5,351,050	—
	DB SERP		7.42	$192,384	—
		Total		5,998,397	—

Francis M. Fetsko	Pension Plan		18.75	918,876	—
	Amended SERP		26.25	1,539,939	—
	DB SERP		7.42	$339,829	—
		Total		2,798,644	—

John M. McKenna	Pension Plan		6.25	136,771	—
	Amended SERP		8.00	$275,847	—
		Total		412,618	—

David S. Boyce	Pension Plan		14.25	372,407	—
	Amended SERP		34.00	1,338,464	—
	DB SERP		7.42	$219,627	—
		Total		1,930,498	—

Gregory J. Hartz	Pension Plan		12.92	429,491	—
	Amended SERP		20.42	$1,694,700	—
		Total		2,124,191	—

	SERP Accumulated Annual Benefit prior to Change of Control	SERP Accumulated Annual Benefit after Change of Control	Increase in Benefit	Other Benefits: Payable each Year for 3 Years⁽¹⁾
	($)	($)	($)	($)
Stephen S. Romaine	522,581	522,581	—	1,229,917
Francis M. Fetsko	148,573	148,573	—	676,480
John M. McKenna	29,689	59,378	29,689	594,528
David S. Boyce	147,004	147,004	—	522,503
Gregory J. Hartz	139,051	139,051	—	499,701

	Plan Type	Executive Contributions in Last FY⁽⁵⁾	Registrant Contributions in Last FY⁽⁶⁾	Aggregate Earnings in Last FY	Aggregate withdrawals / Distributions	Aggregate Balance at Last FYE
		($)	($)	($)	($)	($)
Stephen S. Romaine	N/A	—	—	—	—	—
Francis M. Fetsko⁽¹⁾	Deferred Compensation	28,123	—	12,007	—	380,875
John M. McKenna⁽²⁾	DC SERP	—	6,298	1,045	—	34,354
David S. Boyce⁽³⁾	Deferred Compensation	29,375	—	14,018	—	444,023
Gregory J. Hartz⁽⁴⁾	DC SERP	—	11,644	9,061	—	287,374

Year	Summary Compensation Table (SCT) Total for PEO⁽¹⁾	Compensation actually paid to PEO⁽¹⁾⁽²⁾	Average SCT Total for non-PEO NEOs⁽¹⁾	Average Compensation actually paid to non-PEO NEOs⁽¹⁾⁽³⁾	Value of Initial Fixed $100 Investment based on:		Net income	Return on Average Equity
Year	Summary Compensation Table (SCT) Total for PEO⁽¹⁾	Compensation actually paid to PEO⁽¹⁾⁽²⁾	Average SCT Total for non-PEO NEOs⁽¹⁾		TSR	Peer Group TSR⁽⁴⁾	Net income	Return on Average Equity
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2022	$1,766,476	$1,634,057	$785,868	$757,815	$92.72	$98.38	85,030	13.25%
2021	$2,180,714	$1,977,968	$824,345	$904,843	$96.99	$118.61	89,264	12.32%
2020	$3,332,939	$1,052,179	$1,112,990	$565,006	$79.65	$87.24	77,588	11.09%

	Adjustments to PEO Compensation
	2022	2021	2020
Summary Comp. Table Total	1,766,476	2,180,714	3,332,939
Minus Stock and Option Awards from Summary Comp. Table	504,361	486,186	430,123
Minus Aggregate Change in Actuarial Present Value of Benefit under Defined Benefit Plans	—	495,202	1,805,177
Plus Service Cost for Year (Actuarial Present Value of Benefit Attributable to Service for the Year)	—	—	—
Plus Prior Service Cost Due to Amendments During Year	—	—	—
Plus Year-End Equity Value of Unvested Awards Granted During Year	480,220	483,928	478,668
Plus Change in Value of Unvested Awards Granted in Prior Years	(99,714)	204,601	(323,872)
Plus Value of Awards Granted and Vested During Year	—	—	—
Plus Change in Value of Prior Years’ Awards Vested During Year	(8,564)	90,112	(200,256)
Minus Value of Performance-Based Awards Forfeited During Year	—	—	—
Compensation Actually Paid	1,634,057	1,977,968	1,052,179

	Adjustments to non-PEO Compensation
	2022	2021	2020
Summary Comp. Table Total	785,868	824,345	1,112,990
Minus Stock and Option Awards from Summary Comp. Table	172,228	165,526	161,375
Minus Aggregate Change in Actuarial Present Value of Benefit under Defined Benefit Plans	—	81,704	422,791
Plus Service Cost for Year (Actuarial Present Value of Benefit Attributable to Service for the Year)	17,237	53,139	34,653
Plus Prior Service Cost Due to Amendments During Year	—	—	—
Plus Year-End Equity Value of Unvested Awards Granted During Year	163,985	164,757	179,589
Plus Change in Value of Unvested Awards Granted in Prior Years	(33,791)	73,551	(109,705)
Plus Value of Awards Granted and Vested During Year	—	—	—
Plus Change in Value of Prior Years’ Awards Vested During Year	(3,256)	36,281	(68,353)
Minus Value of Performance-Based Awards Forfeited During Year	—	—	—
Compensation Actually Paid	757,815	904,843	565,006

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights	Weighted Average Exercise Price of Outstanding Options, Warrants and Rights	Number of Securities Remaining Available For Issuance Under Equity Compensation Plans (excluding Securities in Column (a))
	(a)	(b)	(c)
Equity Compensation Plans Approved by Security Holders	59,853	$57.12	336,209
Equity Compensation Plans Not Approved by Security Holders	0	$0.00	0

			By Order of the Board of Directors,

Dated: March 30, 2023
			Corporate Counsel & Deputy Corporate Secretary