NBT Bancorp Inc.

Good day, everyone. Welcome to the conference call covering NBT Bancorp's first quarter 2024 financial results. This call is being recorded and has been made accessible to the public in accordance with the SEC's regulation FD. Corresponding presentation slides can be found on the company's website at ntbbancorp.com. Before the call begins and BT's management, we'd like to remind listeners that, as noted on slide two, today's presentation may contain forward-looking statements as defined by the Securities and Exchange Commission. Actual results may differ from those projected. In addition, certain non-GAAP measures will be discussed. Reconciliations for these numbers are contained within the appendix of today's presentation. At this time, all participants are in a listen-only mode. Later, we will conduct a question-answer session. Instructions will follow at that time. As a reminder, this call is being recorded. I will now turn the conference over to NBT Bancorp's President and CEO, John H. Watt, Jr., for his opening remarks. Mr. Watt, please begin.

Thank you, Victor, and good morning, and thank you all for participating in this earnings call covering NBT Bank Corp's first quarter 2024 results. Joining me today are NBT's Chief Financial Officer, Scott Kingsley, our Chief Accounting Officer, Annette Burns, and our President of Retail Banking, Joe Stagliano. As we announced in January, I will step down from my role as President and CEO on May 21st. At that time, we will complete what has been a very thoughtful and disciplined succession process led by our board of directors. I could not be happier for our shareholders, customers, employees, and communities that my successor is Scott Kingsley, a highly regarded professional who will make this a seamless transition. In addition, Joe Stagliano will assume the title of President of NBT Bank, and my colleague of over 15 years, Annette Burns, will become our Chief Financial Officer. Each of these internal promotions will help assure that NBT maintains its momentum in 2024 and beyond. And as I have said many times since the January announcement, all the constituents of NBT are averaging up in every way with this team. I want to take this opportunity to thank the institutional investment community and the sell-side analysts who covered Alliance Financial while I was there and NBT over the years for your interest in our story. It has been a pleasure to get to know you and to work with you for over 20 years. As I turn over the leadership of MBT, the wind is at our back, and MBT is poised to participate in the transformational growth that will occur in the core markets we serve in upstate New York as the result of multiple game-changing investments in semiconductor manufacturing. Last week, it was announced that the U.S. Department of Commerce has entered into an agreement with Micron Technology to provide a $6.1 billion grant under the CHIPS Act that will in part support its plans to invest as much as $100 billion in a complex of semiconductor fabrication plants in the town of Clay near Syracuse. Additional support for the Clay Complex includes $5.5 billion in jobs tax credits from the New York State Green Chips Act program and significant infrastructure investments by the state and Onondaga County. This follows an announcement in February by Global Foundries and the Capital District that the CHIPS Act will provide direct funding of $1.5 billion to build another fab manufacturing facility in Malta, New York, and to upgrade its facility in Essex Junction, Vermont. New York State will also provide $575 million in direct funding for the Malta project. Combined, an additional 1,500 manufacturing jobs and 9,000 construction jobs are projected from this investment alone. NBT is uniquely positioned to play a significant role in providing financial services to all types of customers and prospects living and working in the CHIP corridor. So now I will turn over to the team for discussion of our financial performance in the first quarter, and in doing so, assure you that our shareholders are in very capable and experienced hands going forward. Scott?

Good morning, and thank you. John, we have sincerely appreciated your support and guidance and look forward to your continued engagement as Board Vice Chairman as well as your energy and leadership in capitalizing on the exciting opportunities in our markets in the Upstate New York Semiconductor Manufacturing Corridor. Our first quarter operating results, including earnings per share of 68 cents, were in line with our expectations. Our team generated $78 million of incremental loan growth, or 3.6% annualized, in the first quarter in our core portfolios. Customer health, and sentiment continues to be favorable. We grew deposit funding in the first quarter, primarily from seasonal municipal inflows, while importantly adding net new accounts. Our non-interest income generation continued to improve and represented 31% of total revenues in the first quarter. Despite some AOCI declines related to higher midterm interest rates, our tangible equity ratio ended the quarter higher and our Tier 1 leverage ratio of 10.09% is more than two times the regulatory required level. The team is productively working through our planned leadership transition, and I am very grateful for their continued focus and discipline. With that, I will turn it over to Annette for some more detailed comments on first quarter financial results. Annette?