Form 4: Tompkins Financial Corp Executive Matthew D. Tomazin Reports Stock Disposals for Tax Obligations

Executive Vice President, CFO & Treasurer of Tompkins Financial Corp, Matthew D. Tomazin, disposed of shares to cover tax obligations related to vesting restricted stock.

Summary

• Matthew D. Tomazin, EVP, CFO & Treasurer of Tompkins Financial Corp, filed a Form 4 indicating changes in beneficial ownership.
• The transactions involved the disposal of common stock to cover tax liabilities arising from the vesting of restricted stock.
• A total of 113 shares were disposed of at a price of $73.7 per share.
• The disposals occurred on November 9, 2024.
• Following the transactions, Mr. Tomazin directly owns 2,353.108 shares and indirectly owns 682.1576 shares through a 401(k) and 237.8223 shares through an ESOP.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation and tax obligations. It is a neutral event with no significant positive or negative implications for the company's performance or outlook.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are common across all publicly traded companies and are not specific to the financial industry.

Comparison to Industry Standards

• Form 4 filings are a standard practice for all publicly traded companies in the US, including financial institutions like Tompkins Financial Corp.
• The transactions reported are typical for executives receiving stock-based compensation, where shares are often sold to cover tax liabilities upon vesting.
• Similar filings can be observed for executives at comparable financial institutions such as M&T Bank, KeyCorp, and First Citizens BancShares.

Stakeholder Impact

• The transactions have a minimal impact on shareholders as they are related to executive compensation and tax obligations.
• The disposals do not indicate any change in the executive's confidence in the company.

Key Dates

Keywords

Tompkins Financial Corp, Matthew D. Tomazin, Form 4, stock disposal, insider trading, executive compensation, restricted stock, tax obligations