Evans Bancorp, Inc.

Greetings, and welcome to the Evans Bank Corp. First Quarter Fiscal Year 2024 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Deborah Polowski, Investor Relations for Evans Bank Corp. Thank you. You may begin.

Thank you, Doug, and good afternoon, everyone. We certainly appreciate your taking the time today to join us, as well as your interest in Evans Bank Corp. Here with me, I have David Nasta, our president CEO, and John Connerton, our chief financial officer. David and John are going to review the results of the 2024 first quarter and provide an update on the company's strategic progress and outlook. After that, we will open the call for questions. You should have a copy of the financial results that were released today after markets closed. If not, you can access them on our website at www.evansbank.com. As you are aware, we may make some forward-looking statements during the formal discussion as well as during the Q&A. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call. These risks and uncertainties and other factors are provided in the earnings release as well as with other documents filed by the company with Securities and Exchange Commission. Please find those documents on our website or at sec.gov. So with that, let me turn it over to David to begin. Dave?

Thank you, Debbie. Good afternoon, everyone. We appreciate your joining us today. I'll start with a review of the highlights from the recent quarter and we'll then hand it off to John to discuss our results in detail. First quarter results reflect solid performance across key business segments. Against a continued challenging environment, our net interest margin demonstrated resilience and saw some sequential expansion. While the cost of funding continues to rise, we see the rate of increase decelerating, which provides a stabilizing net interest margin outlook. As John will discuss in more detail later. During the quarter, we opportunistically used market rate movements to lock in a modest amount of wholesale funding to manage against possible higher rates for a longer period, as well as pre-funding some deposit seasonality and expected loan growth. This included $50 million in broker certificates of deposit and the extension of maturities on $40 million of federal home loan bank overnight borrowings for three years. Our organic deposit gathering during the recent quarter sets a strong foundation for future loan expansion. While growth in loans during the first quarter was muted, we are particularly optimistic relative to our significant loan pipeline, approximating $95 million. Across our market areas, our consumer, business banking, and commercial teams continue to build a diverse pipeline of high-quality loans in a difficult rate environment. We are also seeing early benefits of strategic investments in our commercial banking team and enhancements to prospecting tools. Commercial activity in Rochester has provided additional growth to our pipeline, and in February, in addition to the recently acquired regional director, we bolstered the team with a new relationship manager. While we have been and are vigilant in managing expenses, We recognize the importance of strategic investments in both people and technology. These investments are pivotal in our efforts to effectively scale the organization, drive future efficiencies, and ultimately deliver enhanced customer-facing solutions and experience. By continuing to refine operations and invest in the right areas, we are poised to not only weather challenges, but also seize opportunities for growth. As we approach our annual meeting of shareholders, I wanted to make note of some adjustments to our board which will occur following the meeting on May 7th. As outlined in the proxy statement, we will bid farewell to two directors who will not be seeking re-election, Robert Miller Jr. and Kevin Maroney. Their departure will result in a reduction in our board's size to 12 members. Kevin Moroney, who joined us through the Fairport Savings Bank acquisition in 2020, has played a pivotal role in our expansion efforts, particularly in bolstering our presence in Rochester. We extend our gratitude to Kevin for his contributions and wise counsel throughout the integration process and for his governance after the acquisition. Robert Miller Jr. has been an integral part of our board for an impressive 23 years. His tenure as the long-serving president of the Evans Agency, the bank's insurance business, and his building of that business until his retirement in 2019 speaks volumes of his dedication and expertise. We owe Bob a debt of gratitude for his unwavering commitment to Evans. His visionary leadership not only left a profound impact on our board, but also played a crucial role in driving the growth of the insurance agency organically and through 15 acquisitions, culminating in its successful sale in the fourth quarter of last year. On behalf of the entire Board and Evans family, we wish them both the very best in their future endeavors. As we progress through the year, our primary focus remains on customer acquisition and relationship management to foster loan and deposit growth. Concurrently, we are committed to optimizing operational efficiency and customer experience as well as managing expenses diligently to deliver sustainable returns. Central to our strategy is our community-based, customer-centric model, which we believe is our core strength. This enables us to effectively support, serve, and expand our client base across all economic environments. By prioritizing clients' needs and fostering strong relationships, we are confident in our ability to navigate the challenges being faced and capitalize on opportunities for growth. With that, I'll turn it over to John to run through our results in greater detail, and then we will be happy to take any questions you may have. John?