Tompkins Financial sells $429.6M low-yield securities, records $47.5M after-tax loss, reinvests at 5.12% yield

TOMPKINS FINANCIAL CORP

Sold ~$429.6M of AFS securities (avg book yield 0.93%); realized after-tax loss of ~$47.5M.
Proceeds reinvested in AFS securities with avg yield 5.12%; estimated $15.4M income improvement over next 12 months.
Transaction expected to cause Q3 2023 net loss but improve earnings and net interest margin from Q4 2023 onward.
No impact on shareholder equity or book value per share; Tier 1 capital ratio expected to remain well above 'well capitalized' threshold.
Company's overall liquidity remains strong and stable.

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