Amalgamated Financial Corp.

Good morning, ladies and gentlemen, and welcome to the Amalgamated Bank Second Quarter 2020 Earnings Conference Call. During today's presentation, all parties will be in listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Drew Levin, Chief Financial Officer. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. We appreciate your participation in our second quarter 2020 earnings call. With me today is Keith Mestrich, President and Chief Executive Officer. As a reminder, a telephonic replay of this call will be available on the investor section of our website for an extended period of time. Additionally, a slide deck to complement today's discussion is also available on the investor section of our website. Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that a number of factors, some of which are beyond our control, could cause actual results to differ from the expectations indicated or implied by any such forward-looking information or statements. Investors should refer to Slide 2 of our earnings deck, as well as our 2019 10-K filed on March 13, 2020, and our other periodic reports that we file from time to time with the FDIC, typically under cautionary note regarding forward-looking statements and risk factors for further description or explanation of those items that could cause actual results to differ materially from those indicated or implied by any forward-looking statements that we may make. Additionally, during today's call, We may discuss certain non-GAAP measures which we believe are useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. The reconciliation of these non-GAAP measures to the most comparable GAAP measures can be found in our earnings release as well as on our website. At this point, I'll turn the call over to Keith.

Thank you, Drew, and good morning, everyone. We appreciate your time and attention today. On today's call, I will start by providing an overview of our current operations and how we have diligently managed our business amid the ongoing COVID-19 pandemic. I will then turn the call over to Drew to discuss our second quarter results in more detail. First, I would like to begin by thanking our employees who are the center of our organization. They continue to work tirelessly to ensure that our operations run smoothly without sacrificing our banking standards and high level of service during this unprecedented time. The safety of our employees and customers remains our top priority and I am pleased that we have been able to maintain our operations while keeping more than 95% of our employees in a work-from-home environment. The second quarter has also been marked by social tension across our country. At Amalgamated, we have always believed that a financial institution's mission should include using its resources, money, and influence to help society move forward. We are selected to be the banking partner for individuals and companies who share our mission allowing us to support their financial goals. Now more than ever, consumers, investors and workforces are holding companies to even higher levels of social responsibility and requiring them to focus on contributions over and above simply delivering profits and value for shareholders. We consider ourselves industry leaders in this regard and work hard every day to continue to build upon our reputation as America's socially responsible bank. Our second quarters not only validate this view, but further emphasize the value and partnership that we provide to our core customer base, as can be seen in our average deposit growth of $606 million during the quarter, or 50.5% on an annualized basis, as compared to the 2020 first quarter. This deposit growth was strong in both political and nonpolitical sectors and demonstrates the brand recognition and competitive position that Amalgamated holds in this significant market segment.