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posticon Tompkins County Sales Tax Collections Drop 33% In June

Business | Friday, July 31, 2020 | By New York State Comptroller's Office Print
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Sales tax revenue for local governments in New York state dropped 27.1 percent in the second quarter compared to the same period last year, according to State Comptroller Thomas P. DiNapoli. Sales tax collections from April through June totaled $3.3 billion, which was $1.2 billion less than last year.

Tompkins County sales tax revenue is down 15.1% for the first six months of 2020. State-wide the six month drop is 11.8%. Tompkins County received $23.2 million during the six month period, versus $27.3 million in the same period last year. April saw a 24.7% drop in Tompkins County, a 33.4% drop in May and a 33.0% drop in June.

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posticon Tompkins Financial Corporation Reports Increased 2nd Quarter Earnings

Business | Friday, July 31, 2020 | By Madalene Ulrich Print
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tompkinsfinancial 120Tompkins Financial Corporation reported diluted earnings per share of $1.44 for the second quarter of 2020, up 13.4% compared to $1.27 reported in the second quarter of 2019. Net income for the second quarter of 2020 was $21.4 million, compared to $19.4 million reported for the same period in 2019. The company also announced announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on August 14, 2020, to common shareholders of record on August 3, 2020.

For the year-to-date period ended June 30, 2020, diluted earnings per share were $1.97, down 25.1% from the same period in 2019. Year-to-date net income was $29.4 million, down from $40.4 million, for the same period in 2019. Results for the 2020 year-to-date period were negatively impacted by economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.

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posticon Shay to Promoted to Vice President, BSA/AML/OFAC Officer

Business | Friday, July 31, 2020 | By Madalene Ulrich Print
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Tompkins Financial Corporation has promoted Kathleen Shay to Vice President, BSA/AML/OFAC Officer. She will report to Steve Cribbs, Chief Risk Officer.

Shay has been with Tompkins Financial since 2009 and has eleven years of experience in the banking industry. In her role, she will be responsible for developing, implementing, administering, and maintaining all aspects of the Bank Secrecy Act and Anti-Money Laundering Compliance Program (BSA/AML Program). Additionally, she will be responsible for overseeing compliance with Office of Foreign Asset Control (OFAC) requirements in the Corporate Risk Management Department.

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