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Tompkins Financial to pay Q1 dividend on Feb. 15
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 57 cents per share for the first quarter. The dividend is payable on Feb. 15, to common shareholders of record on Feb. 8. The dividend is the same amount that the […]
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ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 57 cents per share for the first quarter.
The dividend is payable on Feb. 15, to common shareholders of record on Feb. 8. The dividend is the same amount that the Ithaca–based banking company paid in the fourth quarter, when it increased its quarterly payment by 5.6 percent from the 54 cents a share it paid in the third quarter.
At Tompkins Financial’s current stock price, the payment yields about 2.9 percent on an annual basis.
Tompkins Financial separately announced that it generated net income of nearly $19.5 million in the fourth quarter of 2021, down almost 19 percent from about $24 million in the same quarter in 2020. The banking company produced earnings per share of $1.33 in the fourth quarter, down more than 17 percent from $1.61 in the year-ago quarter.
“Earnings per share for the quarter were down from the same period last year largely due to [a] higher provision for credit losses in the current period, which included the charge-off of a commercial real estate relationship that was heavily impacted by pandemic related economic shutdowns,” Tompkins President and CEO, Stephen Romaine, said in a release. “Despite the loss recognized during the quarter, other credit quality metrics showed improvement from the most recent prior quarter, including reductions in nonperforming loans and loans in deferral status.”
Tompkins Financial is a banking and financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Tompkins Financial is parent to Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
NBT Bank opens new permanent branch office in DeRuyter
DeRUYTER, N.Y. — NBT Bank recently marked the opening of its new permanent branch office at 750 Utica St. in DeRuyter. The bank began serving the DeRuyter community in September 2020 at its temporary location in the Genevieve D. Staley Civic Center. “When we first entered the DeRuyter community we saw a need for local, relationship-based
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DeRUYTER, N.Y. — NBT Bank recently marked the opening of its new permanent branch office at 750 Utica St. in DeRuyter.
The bank began serving the DeRuyter community in September 2020 at its temporary location in the Genevieve D. Staley Civic Center.
“When we first entered the DeRuyter community we saw a need for local, relationship-based banking,” NBT Bank President of Retail Community Banking Joe Stagliano said in a release. “But we couldn’t have imagined how incredibly welcoming the community would be, which is why we’re so proud to expand our presence from our temporary office to this new full-service location that enables us to enhance our services just across the road.”
NBT’s new DeRuyter office features a drive-up window to enable convenient banking, as well as 24/7 ATM access in the building’s vestibule. Other added services include safe deposit-box availability and a night depository. The permanent office will maintain the same hours as the temporary branch had — open weekdays from 9 a.m. to 4 p.m.
“Our team has had a wonderful experience getting to know so many members of the community and we look forward to expanding our service offerings to better support their banking needs,” added Brandy Wehner, NBT Bank’s DeRuyter branch manager.
OPINION: State Wage Board decision pushes N.Y. farmers closer to the brink
[The Jan. 28] decision by the Farm Laborers Wage Board [to lower the overtime threshold for farm workers to 40-hours per week] demonstrates how completely tone-deaf Albany bureaucrats are to the needs of the state’s agriculture industry. Despite hours of testimony, multiple financial reports, and real-world accounts of the devastating impacts a lower overtime threshold will
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[The Jan. 28] decision by the Farm Laborers Wage Board [to lower the overtime threshold for farm workers to 40-hours per week] demonstrates how completely tone-deaf Albany bureaucrats are to the needs of the state’s agriculture industry.
Despite hours of testimony, multiple financial reports, and real-world accounts of the devastating impacts a lower overtime threshold will bring, the state Wage Board’s decision has forced the state’s farmers closer to the brink of ruin. Roughly 70 percent of those who participated in public hearings voiced their support for keeping the 60-hour threshold. But, by a vote of 2-to-1, the voices of farmers and farmworkers were irresponsibly ignored.
“Now is not the time to put additional pressure on New York’s farmers.”
Recently, I submitted testimony to the board calling for it to consider the enormous challenges facing New York farmers. Those challenges — an oppressive tax and business climate and an innate competitive disadvantage against other states — have been greatly exacerbated by recent economic conditions as well as COVID-19.
Now is not the time to put additional pressure on New York’s farmers. Supply chain and labor shortages borne from COVID-19 have proven to be highly damaging. Further, the overtime threshold was already recently adjusted down to the current 60-hours per week yielding additional costs. At some point, New York state is going to break the industry altogether, and that is going to spell disaster for the farmers, the consumers, and the businesses reliant on the industry.
[In] lowering the threshold to 40-hours per week, the consequences will be objectively catastrophic. A study from Cornell Agricultural Workforce Development lays out a grim future. It warns of cuts to investments in the state’s agricultural sector, a replacement of laborers through mechanization, and an exodus of workers to other states.
And as I noted in my testimony, similarly, a recent report by Farm Credit East projects changing the overtime threshold to 40-hours per week and pairing that change with an increase in minimum-wage costs, would result in an overwhelming 42 percent spike in labor costs. That is an economic kiss of death.
Throughout our history, farming has always been among New York’s most important and essential industries. [Now], New York’s short-sighted, Democrat-driven Wage Board has committed to regulate a cornerstone industry right out of existence.
William (Will) A. Barclay, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. This article combines a column Barclay penned before the Jan. 28 Farm Laborers Wage Board decision with a statement he issued after the decision.
OPINION: How is Joe Biden Doing?
It’s been [just over] a year since Joe Biden took office as president, and though it’s still too early to draw firm conclusions about his performance, it’s not too early to discern some trends. Especially in light of how Biden positioned himself in the 2020 campaign and, I believe, how he still sees himself: as a centrist
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It’s been [just over] a year since Joe Biden took office as president, and though it’s still too early to draw firm conclusions about his performance, it’s not too early to discern some trends. Especially in light of how Biden positioned himself in the 2020 campaign and, I believe, how he still sees himself: as a centrist and a moderate who can unite the country by bringing professionalism to the White House and make the federal government work.
He began his presidency with, overall, a lot of good will. Many Americans longed for an end to the tumult of the Trump presidency and, as Biden himself put it, a return to normalcy. But since last year, the polls have shown him losing favor in Americans’ eyes.
In part, this was inevitable. He’s had to try to buck a very tough political climate, facing intense political division, the country’s unending culture wars, a riled-up opposition determined to thwart him, a pandemic that throws the country a new curve every time it seems to be settling down, and an inflation rate that has many Americans looking for someone to blame.
But the fact that they’ve settled on Biden as the culprit — in one recent CNN poll, 38 percent of respondents blamed the president, versus 26 percent eyeing issues created by the pandemic and 23 percent blaming corporations looking to capitalize on shortages — speaks to a larger problem. In truth, the economic news has largely been positive: unemployment has dropped, the stock market had one of its best years in decades [last year], and far more of the population has been vaccinated — and, thus, able to participate in the workforce — than was true a year ago. But neither Biden nor the Democrats in the majority have been able to capitalize on this turn of events to boost their public standing. As always, Americans want peace and prosperity, but with the picture so mixed, many feel ambivalent about the nation’s leadership.
To be sure, when it comes to international affairs, the picture is very different from a year ago. President Biden is experienced in foreign affairs and has put together a competent, professional team that’s more interested in getting things done quietly than in tweeting about their plans. There’s no question that the withdrawal from Afghanistan was a mess, but it stemmed from a laudable goal that most Americans support — to avoid forever wars. Biden clearly favors diplomacy to protect American interests, wants to protect human rights, and aims to promote democracy in our dealings with other nations — hence his tough stance toward both Russia and China, but with a clear preference for sustaining ties. He’s led us in rejoining the international community after a four-year period when we were barely part of it.
While I would argue that Biden’s policies have generally been both bold and smart, judging them will depend on how events play out over the next year or more. Several things will be key. First, no matter how well-conceived a policy might be, everything depends on its implementation and how well the mechanisms of government deliver on its promise. This will be vital to Biden’s tenure in the White House.
Second, his biggest economic challenge in the near term will likely be inflation. It is far too early to judge him on it; so many other factors are contributing to it, including the issues bedeviling the global supply chain. Still, the president will be judged by most Americans on his success or failure in tackling it.
And finally, Biden has made some misjudgments and mistakes along the way, including not demanding clear messaging from the CDC on public health advice during the pandemic, underestimating the impact of a huge ramp-up in public spending on inflation, and raising Americans’ hopes about COVID, bipartisanship, and his ability to cajole cooperation in Congress in a way that reality simply wouldn’t allow. None of these need to be destructive of his presidency — but only if Biden and his advisers learn the lessons of a very tough first year in office and become clear-eyed and realistic about what they can and cannot accomplish.
Lee Hamilton, 90, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
CEO FOCUS: Economic Forecasters Share Exceptionally Positive Outlook for the Year Ahead
At CenterState CEO’s 2022 virtual Economic Forecast event [on Jan. 26], we presented our most optimistic Economic Forecast Report for Central New York that I can recall. This event is an opportunity to reflect on and put into context the economic trends of the past year. It is also about looking forward. I am incredibly confident
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At CenterState CEO’s 2022 virtual Economic Forecast event [on Jan. 26], we presented our most optimistic Economic Forecast Report for Central New York that I can recall. This event is an opportunity to reflect on and put into context the economic trends of the past year. It is also about looking forward. I am incredibly confident for what the year ahead will bring, especially given the exceptionally positive sentiment of our forecasters this year, even amid the real and daunting challenges they face.
“I am incredibly confident for what the year ahead will bring especially given the exceptionally positive sentiment of our forecasters this year, even amid the real and daunting challenges they face.”
This year’s economic outlook reflects the significant progress we are seeing, which is the result of us doubling down on our strategies to build an economy based on our region’s assets. I believe we will meet any opportunity we face successfully if we remain focused on our core strategies and committed to our long-term vision.
In his keynote remarks, Peter Kneis, group VP at M&T Bank, provided an analytic assessment of national and regional economic trends from the past year, including the impacts of the COVID-19 crisis. His detailed outlook into 2022 reinforced that success and opportunities for growth will be driven by our ability to react to the changing landscape. Additionally, he highlighted that the more challenging trends we see are not unique to Central New York, but rather reflective of a national and international economy that has been put under the tremendous pressure of a prolonged pandemic.
I hope that you feel the same level of commitment, determination, and tenacity that I do as we ready ourselves for the year ahead and the massive and exciting opportunities on the horizon. As always, our team is ready to partner and provide support to help you navigate all that is ahead in 2022.
Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Jan. 27. You can read the full Economic Forecast report at: https://www.centerstateceo.com/sites/default/files/16312_CEO%20CenterState_Economic%20Forecast_WEB.pdf
EVAN RAMIZA was promoted to partner at Sciarabba Walker & Co., LLP, effective Jan.1. Ramiza, who first joined Sciarabba Walker in 2011, focuses on tax planning and preparation for individuals and small businesses. He also serves as the firm’s state and local tax committee chair. Before joining Sciarabba Walker, Ramiza earned his bachelor’s degree in
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EVAN RAMIZA was promoted to partner at Sciarabba Walker & Co., LLP, effective Jan.1. Ramiza, who first joined Sciarabba Walker in 2011, focuses on tax planning and preparation for individuals and small businesses. He also serves as the firm’s state and local tax committee chair. Before joining Sciarabba Walker, Ramiza earned his bachelor’s degree in accounting from Mount Saint Mary College. He is a certified public accountant and member of the American Institute of Certified Public Accountants (AICPA) and the NYS Society of Certified Public Accountants (NYSSPCA).
Operation Oswego County, Inc. (OOC) recently announced the promotion of KAREN PERWITZ to administrative coordinator. She will be responsible for the OOC, Operation Oswego County Foundation, County of Oswego Industrial Development Agency, and Oswego County Civic Facilities Corporation record keeping and reporting to state and federal agencies. She will also monitor financing portfolios and help
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Operation Oswego County, Inc. (OOC) recently announced the promotion of KAREN PERWITZ to administrative coordinator. She will be responsible for the OOC, Operation Oswego County Foundation, County of Oswego Industrial Development Agency, and Oswego County Civic Facilities Corporation record keeping and reporting to state and federal agencies. She will also monitor financing portfolios and help coordinate required audits. Perwitz joined OOC in 2007 as administrative secretary. Over the years, she has taken on many responsibilities beyond those required in her role. She received a bachelor’s degree from Mercyhurst University in Erie, Pennsylvania, near her hometown. She moved to Oswego County after accepting her first professional job in the area. Perwitz is a graduate of the Leadership Oswego County civic-leadership training program and has served on several boards of directors since then. She is currently serving on the board of directors for Fulton Block Builders and the United Way of Oswego County. Perwitz is also a state-licensed notary.
Herkimer County Community College has appointed LAUREN GOODALE, of Mohawk, as assistant bursar. In this role, she will pursue collection of student accounts receivable and provide technical support to the bursar. Goodale previously worked at Adirondack Bank in Utica, in a variety of positions since 2013. Her most recent position was operations legal-processing specialist in
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Herkimer County Community College has appointed LAUREN GOODALE, of Mohawk, as assistant bursar. In this role, she will pursue collection of student accounts receivable and provide technical support to the bursar. Goodale previously worked at Adirondack Bank in Utica, in a variety of positions since 2013. Her most recent position was operations legal-processing specialist in which she was responsible for processing legal requests, subpoenas, restraints, and levies. Goodale holds a bachelor’s degree from SUNY Potsdam and an MBA from Utica College.
PEGGY COHOLAN NORTHRUP has joined Francis House — a 16-bed, private-care home for those facing terminal illness — as director of development. She most recently served as director of operations at Hendricks Chapel of Syracuse University. She brings extensive experience leading outreach and engagement efforts in support of development and communication priorities. As director of
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PEGGY COHOLAN NORTHRUP has joined Francis House — a 16-bed, private-care home for those facing terminal illness — as director of development. She most recently served as director of operations at Hendricks Chapel of Syracuse University. She brings extensive experience leading outreach and engagement efforts in support of development and communication priorities. As director of development, Northrup will lead fundraising, planned giving, communications, and events for Francis House and will serve as the liaison to its auxiliary. She has served as a board member and volunteer for a variety of local nonprofits. Northrup’s connection to Francis House began in 2005 when her father was a resident and led to her role as a volunteer with her children. Northrup is from Baldwinsville and holds a bachelor’s degree in communications from St. Bonaventure University.
ANGELA CAMERON has joined Francis House as residential menu coordinator. She most recently was an internal underwriter at Midstate Mutual Insurance Company. Cameron started as a volunteer at Francis House to fulfill her love of cooking and service. She moved to Syracuse from her hometown of Rome, where she volunteered at various nursing homes from the age of 13. Cooking for family, friends, and co-workers has always been a big part of her life. Cameron will oversee and prepare the residential menus, manage in-kind donations of goods and supplies, and work with the caregivers, residents, and volunteers to ensure that all dietary needs are met. Cameron holds an associate degree in business administration from Mohawk Valley Community College (MVCC).
Olinsky Law Group announced it has promoted MATTHEW R. MCGARRY and MELISSA A. PALMER to partnership. McGarry and Palmer joined the firm in 2017 and they both focus their practice on federal court Social Security disability appeals. McGarry earned his law degree from Syracuse University College of Law, in 2017 and bachelor’s degree in business
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Olinsky Law Group announced it has promoted MATTHEW R. MCGARRY and MELISSA A. PALMER to partnership.
McGarry and Palmer joined the firm in 2017 and they both focus their practice on federal court Social Security disability appeals. McGarry earned his law degree from Syracuse University College of Law, in 2017 and bachelor’s degree in business administration from SUNY Potsdam in 2015. During his time at Olinsky Law Group, McGarry has helped win cases for hundreds of Social Security disability claimants nationwide and is well-known for his dedication to clients. He started his legal career with the Burton Blatt Institute at Syracuse University and has been working in the disability-law field ever since.
Palmer earned her law degree from Syracuse University College of Law in 2012 and bachelor’s in history from University at Buffalo in 2009. During her time at Olinsky Law Group, Palmer has built a portfolio of case victories and is consistently praised for her work ethic. She has been admitted in the 2nd, 3rd, 5th, 9th, 10th, and 11th Circuits.
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