TMP

Business Context and Reporting Period

Company: Tompkins Financial Corp
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Ended June 30, 2011
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the second quarter of 2011. The report details holdings across various sectors, including financials, industrials, technology, and consumer staples, managed under both sole and shared/discretionary authority.

Key Financial Metrics

Total Portfolio Value: $209,084,000 (Reported as 209,084 in thousands)
Total Shares Held: 4,402,436 shares
Shares with Sole Voting Authority: 3,935,300 shares
Shares with Shared/None Voting Authority: 467,136 shares
Top Holdings by Value:

• Tompkins Financial Corp (Self): $19,875,000
• Exxon Mobil Corp: $6,404,000
• International Business Machines (IBM): $5,998,000
• Procter & Gamble Co: $2,937,000
• General Electric Co: $3,675,000

Debt and Liquidity: The filing text does not provide a clear value for the company's own debt, cash flow, or liquidity metrics, as Form 13F reports only equity holdings.

Material Changes and Portfolio Composition

Self-Holding: The portfolio includes a significant position in the reporting company itself (Tompkins Financial Corp), valued at approximately $22.4 million (combining sole and defined authority holdings), representing roughly 10.7% of the total reported portfolio value.
Sector Diversification: The portfolio is heavily weighted toward large-cap U.S. equities. Notable concentrations include:

• Financials: Wells Fargo, J.P. Morgan Chase, Bank of America, MetLife.
• Energy: Exxon Mobil, Chevron, Schlumberger, Suncor Energy.
• Technology: Microsoft, Intel, Cisco Systems, Oracle, Hewlett-Packard.
• Consumer Staples: Procter & Gamble, Coca-Cola, PepsiCo, Kellogg.

Derivatives: The filing indicates the use of call options (e.g., Noble Corporation, AT&T, Abbott Laboratories) and put options (e.g., Agilent Technologies, Verigy, Berkshire Hathaway) to manage exposure or generate income.

Guidance, Outlook, and Risks

Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities and the use of options imply exposure to market volatility and sector-specific risks prevalent in mid-2011.
Unusual Items: The presence of a substantial self-holding is a notable feature of this specific filing, indicating the company's own investment in its stock alongside its managed assets.

Investor Verification Checklist

• Verify the total portfolio value of $209.1 million against the company's total assets under management (AUM) to determine if this represents the entire portfolio or a specific fund.
• Confirm the rationale for the significant self-holding ($22.4M) in Tompkins Financial Corp stock.
• Review the specific terms of the "Defined" authority holdings to understand the extent of third-party discretion versus internal management.
• Assess the impact of the options positions (calls and puts) on the net exposure of the portfolio.
• Compare the sector weights (Energy, Financials, Tech) against the broader market performance for Q2 2011 to evaluate relative performance.