Community Financial System, Inc.

Welcome to the Community Bank System Second Quarter 2023 Earnings Conference Call. Please note that this presentation contains forward-looking statements within the provisions of the Private Security Litigation Reform Act of 1995 that are based on current expectations, estimates, and projections about the industry, markets, and economic environment in which the company operates. Such statements involve risks and uncertainties that could cause actual results to differ materially from the results discussed in these statements. These risks are detailed in the company's annual report and Form 10-K filed with the Securities and Exchange Commission. Please note also that this call is being recorded today. Today's call presenters are Mark Trenisky, President and Chief Executive Officer and Joseph Sitaris, Executive Vice President and Chief Financial Officer. They will be joined by Dimitar Karivanov, Executive Vice President and Chief Operating Officer, for the question and answer session. Gentlemen, you may begin.

Thank you, Alan. Good morning, everyone, and thank you all for joining our second quarter conference call. I'm not going to say much about our quarterly performance other than it was very good. Joe and Dimitar will comment in more detail. But I did want to acknowledge the announcement we made early last month regarding my retirement from the company effective this December 31st. But I will remain on the board through 2024 to support the transition. Most importantly, we're thrilled that Dimitar Karivanov will be appointed President and Chief Executive Officer of Community Bank System and Community Bank effective January 1st of 2024. Succession is something we've been working on for many years, as it's one of the most important responsibilities of a CEO and a board of directors. I've known Dimitar for at least 15 years, starting in his prior life as a financial advisor to the company. Two years ago, he joined the company as Executive Vice President of Financial Services and Corporate Development, assuming responsibility for our benefits, insurance, and wealth businesses. He made an immediate impact on those businesses, and in 2022 was appointed Chief Operating Officer, assuming further responsibility for the banking business. Our board went through a deliberative and very thorough succession process beginning in early 2022 and culminating in last month's announcement. Dimitar is one of the most astute financial and strategic thinkers I have ever worked with, and more importantly, fully embodies our core values of integrity, teamwork, excellence, and humility. We have right now the best leadership team across the company we have ever had. Combined with earnings and balance sheet strength, revenue diversity, tremendous funding, and growth capabilities, I fully expect the next 15 years will be even better than the last 15. Dimitar?

Thank you, Mark. It has been more than a privilege to work alongside Mark and the team, and I'm grateful for the trust and confidence that the board has granted me. I've been involved with this company for 15 years, and I feel very strongly that we have the best team we have ever had, and our ability to service clients, win in the marketplace, and provide growth opportunities for our colleagues and communities has never been better. The future of our company is bright, and I'm fortunate to be part of it. All of this is evident in our results for the second quarter. The strength of our diversified business model delivered another quarter of above-average returns, regardless of the noisy environment. Operating revenues remain close to all-time highs. We grew the number of clients and accounts across the company, and our risk metrics remain very strong, allowing us to deliver this performance with below average risk. Looking forward, we're encouraged by the momentum across all of our businesses. The banking pipelines are healthy, and our funding base is secure. The improvement in market values bodes well for our benefits and wealth businesses, And in our insurance business, we're benefiting from organic growth, increased premiums, and inorganic activities. Joe will now provide you with more details on the financials. Joe?