Tompkins Financial Corp DEF 14A, filed Apr 2, 2024

About this DEF 14A

Tompkins Financial Corp (TMP)

DEF 14A 2024-04-02 For: 2024-05-14

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Added on June 12, 2026

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Tompkins Financial Corp filed this DEF 14A on April 2, 2024.

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☐			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

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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
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, 2024	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, 2024

2023 Director Compensation
Name	Fees Earned or Paid in Cash⁽¹⁾	Stock Awards⁽²⁾	All Other Compensation	Total
	($)	($)	($)	($)
Alexander	—	81,000	—	81,000
Battaglia	122,300	—	—	122,300
Catarisano	—	68,767	—	68,767
Fessenden	37,600	67,100	—	104,700
Fulmer	112,780	—	—	112,780
Johnson	95,384	—	—	95,384
Lee	—	58,367	—	58,367
McClurg	76,667	—	—	76,667
Milewski	41,626	—	—	41,626
Rahilly	93,300	—	—	93,300
Rochon	93,400	93,400	—	186,800
Spain	94,200	—	—	94,200
Tegan	21,000	71,300	—	92,300
Weber	30,700	55,500	—	86,200
Yunker	40,173	—	—	40,173

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 Member Retainer Fee
	($)	($)	($)
Annual Retainer	37,600
Audit & Risk Committee		30,000	15,000
Nominating and Corporate Governance Committee		15,000	10,500
Compensation Committee		15,000	10,500
Qualified Plans Investment Review Committee		6,600	4,500

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	26,300	—	7,400	—	10,500	10,500
Catarisano	26,300	—	7,400	—	—	—
Fulmer	—	—	—	—	—	—
McClurg	26,300	—	7,400	3,500	—	7,000
Yunker	10,915	—	3,071	—	—	—

Tompkins Community Bank Hudson Valley
Rahilly	26,300	—	7,400	—	7,000	—
Rochon	—	—	—	—	—	—
Spain	26,300	4,400	7,400	3,500	—	10,500

Tompkins Community Bank Central New York
Alexander	26,300	—	—	—	—	—
Fessenden	26,300	4,400	7,400	3,500	3,500	—
Lee	26,300	—	—	—	—	—
Tegan	26,300	—	7,400	—	—	10,500

Tompkins Community Bank Pennsylvania
Fulmer	—	—	—	—	—	—
Johnson	26,300	—	5,500	4,184	—	—
Milewski	10,915	—	—	4,524	—	4,358
Weber	26,300	4,400	7,400	—	—	—

	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++	24,174	56,080⁽⁴⁾	**
Paul J. Battaglia++	5,569	12,586⁽⁵⁾	**
David S. Boyce*	—	29,835⁽⁶⁾	**
Nancy E. Catarisano+	2,607	—	**
Janet M. Coletti^	—	1,000	**
Daniel J. Fessenden+	7,983	1,356	**
Francis M. Fetsko*	—	27,746⁽⁷⁾	**
James W. Fulmer++	—	75,548⁽⁸⁾	**
Patricia A. Johnson+	689	3,177	**
Ginger G. Kunkel*	—	3,760⁽⁹⁾	**
Angela B. Lee+	1,726	—	**
John D. McClurg+	—	13,056⁽¹⁰⁾	**
John M. McKenna*	—	22,748⁽¹¹⁾	**
Ita M. Rahilly+	—	8,454	**
Thomas R. Rochon+	13,704	8,859⁽¹²⁾	**
Stephen S. Romaine*+	—	84,528⁽¹³⁾	**
Michael H. Spain+	7,306	178,393⁽¹⁴⁾	1.24%
Jennifer R. Tegan+	6,038	—	**
Matthew D. Tomazin*	—	3,973⁽¹⁵⁾	**
Alfred J. Weber+	4,103	13,667	**
All Directors and Executive Officers as a group (28 persons)	75,210	616,948	4.50%

Name and Address of Beneficial Owner	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
	394,936⁽²⁾	2.74%
	785,177⁽³⁾	5.45%
Delaware Charter Guarantee & Trust Company dba Principal Trust Company 1013 Centre Road Ste 300 Wilmington, DE 19805-1265
	766,558⁽⁴⁾	5.32%
BlackRock, Inc.⁽⁵⁾ 55 East 52nd Street, New York, NY 10055	2,100,481	14.58%
State Street Corporation⁽⁶⁾ One Lincoln Street, Boston, Massachusetts 02111	1,359,208	9.44%
The Vanguard Group⁽⁷⁾ 100 Vanguard Blvd., Malvern, PA 19355	1,403,911	9.75%

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.

Name	January 2023 Base Annual Salary	May 2023 Base Annual Salary	Percent of Increase
Romaine	$800,000	$836,000	4.50%
Tomazin⁽¹⁾	$230,000	$241,500	5.00%
Fetsko⁽²⁾	$468,500	$487,700	4.10%

Name	Target Bonus as % of Base Salary	% Bonus Based On:
Name	Target Bonus as % of Base Salary	Corporate Performance	Individual Performance
Stephen S. Romaine	50%	80%	20%
Matthew D. Tomazin	15%	30%	70%
Francis M. Fetsko	30%	60%	40%
John M. McKenna	40%	50%	50%
David S. Boyce	35%	50%	50%
Ginger G. Kunkel	35%	50%	50%

Corporate Performance Metrics	2022	2023	Target 2023
Core Earnings Per Share	$6.03	$4.64	$6.20
Core Revenue Per Share	$21.24	$20.19	$22.93
Core Pre-Tax Pre-Provision Net Revenue per Share	$7.87	$6.38	$8.62

Name	Actual Performance
Name	Corporate Performance	Individual Performance
Stephen S. Romaine	50%	100%
Matthew D. Tomazin	50%	93%
Francis M. Fetsko	50%	100%
John M. McKenna	50%	74%
David S. Boyce	50%	85%
Ginger G. Kunkel	50%	60%

	Base Salary	x	Target Bonus %	x [ (	Corporate Weight	x	Corporate Performance	) + (	Individual Weight	x	Individual Performance	) ] =	Actual Bonus Paid
Stephen S. Romaine	$836,000	x	50%	x [ (	80%	x	50%	) + (	20%	x	100%	) ] =	$250,800
Matthew D. Tomazin⁽¹⁾	$241,500	x	15%	x [ (	30%	x	50%	) + (	70%	x	93%	) ] =	$55,000
Francis M. Fetsko	$487,700	x	30%	x [ (	60%	x	50%	) + (	40%	x	100%	) ] =	$102,400
John M. McKenna	$481,700	x	40%	x [ (	50%	x	50%	) + (	50%	x	74%	) ] =	$119,500
David S. Boyce	$389,300	x	35%	x [ (	50%	x	50%	) + (	50%	x	85%	) ] =	$92,000
Ginger G. Kunkel	$321,300	x	35%	x [ (	50%	x	50%	) + (	50%	x	60%	) ] =	$61,900

Name	Performance-Based RSUs
Name	Target Award (in RSUs)	Maximum Award (in RSUs)
Stephen S. Romaine	4,940	8,398
Matthew D. Tomazin	1,160	1,856
Francis M. Fetsko	—	—
John M. McKenna	1,665	2,664
David S. Boyce	1,160	1,856
Ginger G. Kunkel	1,160	1,740

Name			Time-Based Restricted Stock Awards
Stephen S. Romaine			4,940
Matthew D. Tomazin			1,160
Francis M. Fetsko			—
John M. McKenna			1,665
David S. Boyce			1,160
Ginger G. Kunkel			1,160

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	2023	823,538	250,800	504,078	—	—	1,121,829	73,976	2,774,221
	2022	786,846	400,000	504,361	—	—	—	92,444	1,783,651
	2021	774,769	350,520	486,186	—	—	495,202	95,371	2,202,048

Matthew D. Tomazin Executive Vice President & CFO of Tompkins Financial Corporation	2023	260,250	55,000	118,366	—	—	—	40,787	474,403

Francis M. Fetsko Director of Strategy Development & Former CFO of Tompkins Financial Corporation	2023	436,031	102,400	—	—	—	260,116	46,073	844,620
	2022	461,058	184,600	332,031	—	—	—	64,878	1,042,567
	2021	455,500	167,200	319,506	—	—	117,846	62,335	1,122,387

John M. McKenna President of Tompkins Community Bank	2023	473,727	119,500	169,897	—	—	113,797	90,184	967,105
	2022	411,558	179,800	118,961	—	—	—	88,290	798,609
	2021	349,231	118,000	114,199	—	—	42,791	81,751	705,972

David S. Boyce President & CEO of Tompkins Insurance Agencies	2023	384,004	92,000	118,366	—	—	247,583	35,767	877,720
	2022	368,115	128,300	118,961	—	—	—	52,333	667,709
	2021	363,385	117,500	114,199	—	—	—	51,942	647,026

Ginger G. Kunkel President of Tompkins Community Bank Pennsylvania	2023	316,004	61,900	118,366	—	—	—	104,811	601,081

	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, 2023	4,940	8,398	—	—	—	252,039
Stephen S. Romaine	Nov. 9, 2023	—	—	4,940	—	—	252,039

Matthew D. Tomazin	Nov. 9, 2023	1,160	1,856	—	—	—	59,183
Matthew D. Tomazin	Nov. 9, 2023	—	—	1,160	—	—	59,183

Francis M. Fetsko	Nov. 9, 2023	—	—	—	—	—	0
Francis M. Fetsko	Nov. 9, 2023	—	—	—	—	—	0

John M. McKenna	Nov. 9, 2023	1,665	2,664	—	—	—	84,948
John M. McKenna	Nov. 9, 2023	—	—	1,665	—	—	84,948

David S. Boyce	Nov. 9, 2023	1,160	1,856	—	—	—	59,183
David S. Boyce	Nov. 9, 2023	—	—	1,160	—	—	59,183

Ginger G. Kunkel	Nov. 9, 2023	1,160	1,740	—	—	—	59,183
Ginger G. Kunkel	Nov. 9, 2023	—	—	1,160	—	—	59,183

		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	11/09/2023	—	—	—	—	—	4,940	297,536	4,940	297,536
	11/9/2022	—	—	—	—	—	3,095	186,412	3,095	186,412
	11/9/2021	—	—	—	—	—	2,171	130,759	2,895	174,366
	11/9/2020	—	—	—	—	—	1,695	102,090	3,390	204,180
	11/12/2019	—	—	—	—	—	602	36,258	—	—
	11/9/2016	1,734	—	—	76.90	11/09/2026	—	—	—	—
Total		1,734	—	—			12,503	753,055	14,320	862,494
Matthew D. Tomazin	11/09/2023	—	—	—	—	—	1,160	69,867	1,160	69,867
	11/09/2022	—	—	—	—	—	470	28,308	—	—
	11/09/2021	—	—	—	—	—	334	20,117	—	—
	11/09/2020	—	—	—	—	—	157	9,456	—	—
	11/12/2019	—	—	—	—	—	50	3,012	—	—
Total		—	—	—			2,171	130,760	1,160	69,867
Francis M. Fetsko	11/09/2023	—	—	—	—	—	—	—	—	—
	11/09/2022	—	—	—	—	—	730	43,968	730	43,968
	11/09/2021	—	—	—	—	—	1,020	61,435	—	—
	11/09/2020	—	—	—	—	—	877	52,822	—	—
	11/12/2019	—	—	—	—	—	312	18,792	—	—
	11/09/2016	802	—	—	76.90	11/09/2026	—	—	—	—
Total		802	—	—			2,939	177,017	730	43,968
John M. McKenna	11/09/2023	—	—	—	—	—	1,665	100,283	1,665	100,283
	11/09/2022	—	—	—	—	—	730	43,968	730	43,968
	11/09/2021	—	—	—	—	—	1,020	61,435	—	—
	11/09/2020	—	—	—	—	—	877	52,822	—	—
	11/12/2019	—	—	—	—	—	312	18,792	—	—
	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	—	—			4,604	277,300	2,395	144,251
David S. Boyce	11/09/2023	—	—	—	—	—	1,160	69,867	1,160	69,867
	11/09/2022	—	—	—	—	—	730	43,968	730	43,968
	11/09/2021	—	—	—	—	—	1,020	61,435	—	—
	11/09/2020	—	—	—	—	—	877	52,822	—	—
	11/12/2019	—	—	—	—	—	312	18,792	—	—
	11/09/2016	802	—	—	76.90	11/09/2026	—	—	—	—
Total		802	—	—			4,099	246,884	1,890	113,835
Ginger G. Kunkel	11/09/2023	—	—	—	—	—	1,160	69,867	1,160	69,867
Ginger G. Kunkel	11/09/2022	—	—	—	—	—	730	43,968	730	43,968
Total		—	—	—	—	—	1,890	113,835	1,890	113,835

	Option Awards⁽¹⁾		Stock Awards
	Number of Shares Acquired on Exercise	Value Realized on Exercise⁽²⁾	Number of Shares Acquired on Vesting⁽³⁾	Value Realized on Vesting⁽⁴⁾
	(#)	($)	(#)	($)
Stephen S. Romaine	—	—	5,866	316,708
Matthew D. Tomazin	—	—	240	12,239
Francis M. Fetsko	—	—	1,498	77,631
John M. McKenna	—	—	1,451	73,992
David S. Boyce	—	—	1,451	73,992
Ginger G. Kunkel	—	—	N/A	N/A

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	492,277	—
	Amended SERP		29.83	6,370,700	—
	DB SERP		8.42	$257,248	—
		Total		7,120,225	—

Matthew D. Tomazin	—		—	—	—

		Total		—	—
Francis M. Fetsko	Pension Plan		18.75	993,764	—
	Amended SERP		27.25	1,608,792	—
	DB SERP		8.42	$443,558	—

		Total		3,046,114	—
John M. McKenna	Pension Plan		6.25	148,554	—
	Amended SERP		9.00	$376,672	—

		Total		525,226	—
David S. Boyce	Pension Plan		14.25	404,812	—
	Amended SERP		35.00	1,480,259	—
	DB SERP		8.42	$278,356	—
		Total		2,163,427	—

Ginger G. Kunkel	—		—	—	—
		Total		—	—

	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	—	—	—	—	—
Matthew D. Tomazin	N/A	—	—	—	—	—
Francis M. Fetsko	Deferred Compensation	31,920	—	31,437	—	444,232
John M. McKenna	DC SERP	—	5,127	2,954	—	42,434
David S. Boyce	Deferred Compensation	32,075	—	36,397	—	512,494
Ginger G. Kunkel	Deferred Compensation	50,350	—	3,370	—	53,720
	DC SERP	—	50,200	51	—	50,251

	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	573,788	573,788	—	1,184,713
Matthew D. Tomazin	—	—	—	—
Francis M. Fetsko	143,217	143,217	—	600,028
John M. McKenna	37,246	66,216	28,970	642,519
David S. Boyce	149,248	149,248	—	510,878
Ginger G. Kunkel	—	6,590	6,590	400,464

Year	Summary Compensation Table (SCT) Total for PEO⁽¹⁾	Compensation actually paid to PEO⁽¹⁾⁽²⁾	Average SCT Total for non- PEO NEOs	Average Compensation actually paid to non-PEO NEOs⁽¹⁾⁽²⁾	Value of Initial Fixed $100 Investment based on:		Net Income (000s)	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	Average Compensation actually paid to non-PEO NEOs⁽¹⁾⁽²⁾	TSR	Peer Group TSR⁽³⁾	Net Income (000s)	Return on Average Equity
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2023	$2,774,221	$1,311,049	$752,986	$591,564	$74.90	$107.32	$9,505	1.50%
2022	$1,783,651	$1,651,232	$796,507	$768,454	$92.72	$98.38	$85,030	13.25%
2021	$2,202,048	$1,999,303	$836,338	$916,836	$96.99	$118.61	$89,264	12.32%
2020	$3,362,179	$1,081,419	$1,125,163	$577,179	$79.65	$87.24	$77,588	11.09%

	Adjustments to 2023 Compensation
	PEO	Non-PEO
Summary Comp. Table Total	2,774,221	752,986
Minus Stock and Option Awards from Summary Comp. Table	504,078	104,999
Minus Aggregate Change in Actuarial Present Value of Benefit under Defined Benefit Plans	1,121,829	118,601
Plus Service Cost for Year (Actuarial Present Value of Benefit Attributable to Service for the Year)	—	9,417
Plus Prior Service Cost Due to Amendments During Year	—	—
Plus Year-End Equity Value of Unvested Awards Granted During Year	595,072	123,953
Plus Change in Value of Unvested Awards Granted in Prior Years	(293,961)	(46,769)
Plus Value of Awards Granted and Vested During Year	—	—
Plus Change in Value of Prior Years’ Awards Vested During Year	(138,376)	(24,423)
Minus Value of Performance-Based Awards Forfeited During Year	—	—
Compensation Actually Paid	1,311,049	591,564

			By Order of the Board of Directors,

Dated: April 2, 2024
			Corporate Counsel & Deputy Corporate Secretary