The Bank Slate


Tompkins in NY repositions securities holdings

Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss.

The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%.

Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield of 5.12%.

Tompkins said the transaction should improve the interest income of its securities portfolio by roughly $15.4 million over the next 12 months.

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