SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Ended September 30, 2001
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the third quarter of 2001. The report details holdings across various sectors, including technology, energy, healthcare, and financial services.
Key Financial Metrics
Total Portfolio Value: $243,262,000 (Reported in thousands)
Total Shares Held: 7,161,526 shares
Voting Authority Breakdown:
- Sole Discretion: 6,579,249 shares
- Shared Discretion: 27,835 shares
- None (Defined/Other): 554,442 shares
Top 5 Holdings by Value (Sole Discretion):
- General Electric Co: $12,733,000 (342,292 shares)
- Exxon Mobil Corp: $10,877,000 (276,142 shares)
- Johnson & Johnson: $6,089,000 (109,915 shares)
- Microsoft Corp: $2,665,000 (52,108 shares)
- Intel Corp: $3,780,000 (185,030 shares)
Note: The filing lists individual security values but does not provide aggregate revenue, profit, cash flow, or debt metrics for Tompkins Financial Corp itself, as Form 13F is a disclosure of holdings, not a financial performance statement.
Material Changes and Portfolio Composition
Significant Concentrations:
- Self-Holding: Tompkins Financial Corp holds a significant position in its own affiliate, Tompkins Trust Co Inc, valued at $27,096,000 (713,054 shares), representing approximately 11% of the total reported portfolio value.
- Technology Sector: Heavy exposure to major tech firms including Cisco Systems ($897,000), Sun Microsystems ($2,053,000), and Oracle Corp ($823,000).
- Energy Sector: Substantial holdings in Exxon Mobil, Chevron, and Enron Corp ($1,210,000).
Comparison to Prior Period:
The filing text provided does not contain data for the prior comparable period (June 30, 2001); therefore, material changes in holdings or values cannot be calculated from this document alone.
Guidance, Risks, and Unusual Items
Management Commentary: Form 13F filings do not include management commentary, forward-looking guidance, or outlook statements.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this format.
Unusual Items:
- Zero Value Holdings: Several positions are reported with a value of $0 despite having share counts (e.g., A D C Telecommunications, Alcatel Sponsored ADR, At Home Corp, Calpine Corp). This may indicate distressed assets or specific accounting treatments at the time of filing.
- Defined Authority: A portion of the portfolio (approx. 7.7% of shares) is held under "Defined" voting authority, indicating shared control or specific contractual limitations on voting rights for those specific blocks.
Investor Verification Checklist
- Self-Holding Impact: Verify the relationship between Tompkins Financial Corp and Tompkins Trust Co Inc to understand the concentration risk of the 11% self-holding.
- Zero-Value Assets: Investigate the status of holdings reported with $0 value (e.g., At Home Corp, Calpine Corp) to assess potential write-downs or liquidity issues.
- Enron Exposure: Confirm the valuation and status of the Enron Corp holding ($1,210,000) given the company's financial instability during late 2001.
- Portfolio Turnover: Compare this list against the Q2 2001 filing to determine if the "Defined" authority shares represent new acquisitions or retained positions.
- Valuation Methodology: Confirm if the reported values reflect market prices as of September 30, 2001, or if any adjustments were made for illiquid securities.