Archive: Business & Technology

Tompkins Financial Corporation (NYSE American: TMP) Tompkins Financial Corporation reported diluted earnings per share of $1.63 for the third quarter of 2020, up 21.6% compared to $1.34 reported in the third quarter of 2019. Net income for the third quarter of 2020 was $24.2 million, an increase over the $20.2 million reported for the same period in 2019.

The company also announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.54 per share, payable on November 13, 2020, to common shareholders of record on November 3, 2020. The current dividend represents a 3.8% increase over the $0.52 cash dividend paid in the third quarter of 2020.

$385,342 in USDA Rural Development Funds for Old Chatham Sheepherding Creamery in Tompkins County and for the Tioga County Industrial Development Agency was announced last week. Old Chatham Sheepherding Creamery will receive $250,000 for working capital, and the Tioga County IDA will receive $135,342 for a broadband design and engineering plan, as well as a study of the agricultural value chain for producers in Tioga County.

"We care about supporting rural communities across our district and providing fair access to the economic and technological resources residents deserve," said Congressman Tom Reed. "These USDA grants will provide critical aid to local agricultural businesses and fund essential broadband projects that will increase access to high-speed internet. We will continue our push for funding to flow to these areas and others like it across our region. Rural does not mean forgotten."

Sales tax revenue for local governments in New York state dropped 9.5 percent in the third quarter compared to the same period last year, according to State Comptroller Thomas P. DiNapoli. Sales tax collections from July to September totaled $4.3 billion, or $452 million less than last year.  While the City of Ithaca's sales tax revenue was down 18%, there was good news for Tompkins County, which saw an 11.4% rise in September.  That was the first rise in sales tax revenue the County has seen since it began declining in March.

The rise in September county sales tax revenue was also a boost in dollars when compared to September of last year.  In 2019 Tompkins County received $5.6 million in sales tax revenue, but this year the September figure jumped to $6.3 million.

"COVID-19 had a significant negative effect on the first half of the state's fiscal year," DiNapoli said. "The pandemic has created a profound degree of uncertainty, but one thing is clear – Washington must get its act together and help states and local governments weather this economic storm. The state Division of the Budget's mid-year Financial Plan update and the official start of next year's budget process in early November will provide a clearer picture for policymakers as they prepare to address our budget shortfall."

State tax revenues totaled $8.8 billion in September, $922.3 million higher than the latest projections by the state Division of the Budget (DOB). Total tax revenues in September were a net $364.1 million higher than those in 2019, primarily due to a $440 million increase in personal income tax collections resulting partly from an additional day in September of withholding collections and lower refunds.

Governor Andrew M. Cuomo announced $2.5 million in support Monday to four winners of the 76West Clean Energy Business Competition to advance innovation to lower carbon emissions and spur economic growth in New York State. ThermoAI, a company from Montreal, Canada, received the top $1 million grand prize award for its cutting-edge technology, which reduces carbon emissions and increases energy efficiency, enabling the company to expand its business operations in the Southern Tier. Ithaca company Combplex received $500,000.

This announcement supports Governor Cuomo's mandate for an 85 percent reduction in greenhouse gas emissions by 2050 as directed in the Climate Leadership and Community Protection Act and complements the 'Southern Tier Soaring' strategy to create economic growth and community development in the region.

Since 1964, Tompkins County Area Development (TCAD) has employed innovative approaches to strengthen our local economy and remain relevant to its community, customers, and stakeholders. The new name, Ithaca Area Economic Development (IAED), and new logo will help support these ongoing efforts as well as enhance the organization's commitment to its mission and values. This new brand will not only help grow and expand existing business, but also attract new industry to the county.

"We recognized that changing our name was a decision not to be made lightly. With the input of numerous stakeholders, we carefully considered the benefits and drawbacks of a rebrand for both the organization and those we support, before moving forward," said Heather McDaniel, President, Ithaca Area Economic Development.

Tompkins Financial Corporation has promoted Faye Burke to Vice President, Talent Acquisition Manager. She will report to Bonita N. Lindberg, SPHR, SVP Director of Human Resources.

Burke has been with Tompkins Financial since 2018 and has more than thirty years of experience in the human resources field. In her role, she will be responsible for the planning, organizing and managing of the recruitment functions that support the organization's goal of attracting, sourcing, recruiting, and delivering top talent to Tompkins Financial Corporation. Prior to Burke joining the Tompkins Financial HR team, she led the Talent Acquisition team for a not-for-profit global healthcare organization located in Detroit, MI.

Amidst the economic tumult brought on by the COVID-19 pandemic, the securities industry saw its pretax profits reach $27.6 billion in the first six months of 2020, an 82 percent increase over the same period last year, according to State Comptroller Thomas P. DiNapoli's annual report on Wall St.'s performance.

"An injection of federal stimulus money, plummeting interest rates and rising volume in trading drove profits dramatically upward to a level hard to imagine in March," DiNapoli said. "Wall Street's successful first half helps our state and city budgets because the securities industry provides an outsized source of revenue, but the rising profits on Wall Street are disconnected from the pain being felt on Main Street. Our economy, and Main Street's businesses and workers, are badly in need of additional support, including action in Washington on a new round of stimulus and relief. Wall Street's growth can only be sustained if there is broad economic recovery."

On Tuesday Congressman Tom Reed met with officials from Rheonix, a local molecular testing company in the Village of Lansing, to tour two manufacturing sites and a testing lab. Working with Cayuga Health System and Tompkins County, the team has stepped up to the challenge and is processing COVID-19 tests for the community. Rheonix received FDA emergency use authorization for its COVID-19 test in late April.

Reed spoke with Greg Galvin, Rheonix CEO and Founder; Phil Proujansky, Rheonix board member; and Martin Stallone, President and CEO of Cayuga Health System. Reed actively collaborated with local medical leaders, like Rheonix, to help provide pathways for testing in the district and ensure they have the resources they need to serve people.

Tompkins Trust Company honored two individuals and four groups with James J. Byrnes Awards for Excellence for their outstanding volunteer service to the community. Twelve thousand dollars was donated to local charitable organizations from the bank's endowment fund through the Legacy Foundation of Tompkins County. The honorees each designated their monetary awards to not-for-profit organizations of their choice. This year's honorees are Martha K. Preston, the Gemm Shop Board of Directors, Richard and the late Rev. Eunice Tabor, the 2019-20 Volunteer Tutors and Mentors of the College Discovery Program, Ken Mudge and David Swift, and Richard Krizek.

Typically, the bank would honor the recipients with a reception to present the awards. Due to COVID-19 related restrictions, no reception has been held.

The Career Pathway Training Partnerships program in high efficiency heating, ventilation and air conditioning, and electric heat pump technologies to prepare New Yorkers for the growing number of job opportunities in the clean energy industry. The partnerships will target training over 1,000 workers and prioritize the state's most underserved populations, including low-income New Yorkers and those residing in environmental justice communities, helping support the state's economic recovery. Today's announcement also supports Governor Cuomo's nation leading clean energy and jobs agenda as part of "Workforce Development Awareness Week" and advances New York's progress for a carbon-neutral economy as outlined in the Climate Leadership and Community Protection Act.

"Growing the clean energy economy will be a critical factor in New York's efforts to build back better and combat climate change," Governor Andrew Cuomo said. "These investments and partnerships will help us increase the number of skilled workers to meet the sector's growing demands, while ensuring underserved communities are directly benefitting from and participating in our efforts to make buildings healthier and more efficient through innovative clean energy solutions."

Starting Wednesday new reforms went into effect prohibiting businesses from charging a 'pink tax', otherwise known as the practice of charging different prices for 'substantially similar' consumer goods or services that are marketed to different genders.  In April Governor Andrew M. Cuomo signed the FY 2021 New York State Budget which included the Governor's proposal to ban the 'Pink Tax'. The new measure requires certain service providers to provide price lists for standard services upon request and notifies them that gender-based price discrimination is prohibited under State law. Businesses that violate the law will be subject to civil penalties.

"New York is leading the nation in advancing women's rights and this milestone marks the latest step in New York's journey to break down barriers and put women on an equal playing field," Cuomo said. "By abolishing the pink tax, women and girls will no longer be subject to harmful and unfair price discrimination and any businesses who fail to put an end to this despicable practice will be held accountable."