Evans Bancorp, Inc.

Ladies and gentlemen, greetings and welcome to the Advanced Bancorp second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Craig Maholick, Investor Relations for Evans. Please go ahead.

Thank you, and good afternoon, everyone. We certainly appreciate you taking the time today to join us, as well as your interest in Evans Bancorp. On the call, I have with me David Naska, our President and CEO, and John Connerton, our Chief Financial Officer. David and John are going to review our results for the second quarter of 2024 and provide an update on the company's strategic progress and outlook. After that, we'll 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 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 that differ 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 the Securities and Exchange Commission. Please find those documents on our website or at scc.gov. So with that, let me turn it over to David to begin. David?

Thank you, Craig. Good afternoon, everyone. We appreciate you 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. Despite a dynamic interest rate environment, we delivered strong performance, continuing to push forward to return to historic levels of profitability as the balance sheet grows out of lower yielding rates on investments and loans originated in the recent periods. We achieved growth in our core banking operations and saw notable increases in our lending portfolio. This growth, combined with a stable deposit base and balance sheet optimization efforts in the first quarter, resulted in a net interest margin that exceeded expectations. Additionally, disciplined expense management contributed to the 26% increase in net income on a sequential basis. I'd like to highlight a few key achievements this quarter. Our consumer business banking and commercial teams drove strong loan production as they continue to build a diverse pipeline of high-quality loans, even in a difficult rate environment. In particular, commercial loan production has trended favorably for the first half of the year, producing $44 million in originations, predominantly in commercial and industrial loans, and with a 137 million dollar pipeline in place we anticipate mid single digit growth for the full year our success in this area can be attributed to consistent customer service enhanced cash management focus new products and targeted marketing efforts investments in our teams have also contributed with the additional hires of two cni relationship managers in rochester fully staffing our commercial relationship group there. Our deposit gathering efforts have been solid over the first half of the year with gains in both retail and commercial businesses. This success is a direct result of a comprehensive approach to our customers and a commitment to providing innovative banking solutions that meet the evolving needs of our existing clients and target a new generation of customers. Leveraging technology and process improvements to drive operational efficiencies and reduce costs across the organization remains a top priority. These efforts have driven gains in client engagement and operational efficiencies. As an example, during the first half of the year, we successfully launched electronic signature pads in all our branches, providing a fully electronic account opening experience. This initiative aimed at a better customer experience has improved data integrity and account opening speed, reduced paper consumption, and increased overall efficiency. Our commitment to community banking remains steadfast. We've deepened relationships within the communities we serve through initiatives that support local businesses, philanthropic actions, and targeted programs and partnerships. These efforts foster local development and economic growth. Notably this year, we committed to the Regional Revitalization Partnership, or RRP, a $300 million multi-year collaborative between New York State, local municipalities, and private philanthropic and business partners. The RRP aims to revitalize economically distressed neighborhoods in Rochester, Buffalo, and Niagara Falls by driving economic development through private and public partnerships and philanthropy. This initiative, called East Side Avenues, is a recommitment to an expanded effort begun several years ago in a number of underinvested areas in East Buffalo, which the bank previously supported. Looking ahead, we remain cautiously optimistic about the remainder of the year. We do not see credit issues percolating in the portfolio, and growth prospects appear positive. While recognizing the challenges posted are posed by the current economic environment, we are confident in our ability to deliver performance against these headwinds. Our focus will be on executing our strategic priorities, which include customer acquisition and relationship management to drive loan and deposit growth. Equally important is improving the client experience, optimizing operational efficiency and diligently managing expenses. By prioritizing these areas, we aim to ensure sustainable returns and deliver long-term value for our shareholders, clients, and communities. With that, I'll turn it over to John to run through our specific results in greater detail, and then we will be happy to take any questions. John?