Core Viewpoint - Financial Institutions, Inc. is set to release its second quarter results for 2025 on July 24, 2025, after market close, indicating ongoing financial performance tracking [1]. Group 1: Earnings Release Information - The earnings conference call will take place on July 25, 2025, at 8:30 a.m. Eastern Time, hosted by the President and CEO, Martin K. Birmingham, and CFO, W. Jack Plants II [2]. - Participants in the U.S. can join the call by dialing 1-833-470-1428 with access code 652423, and a live webcast will be available on the company's website [2]. Group 2: Company Overview - Financial Institutions, Inc. is a financial holding company with approximately $6.3 billion in assets as of March 31, 2025, providing banking and wealth management services [3]. - The company's subsidiary, Five Star Bank, offers consumer and commercial banking services across Western and Central New York, along with a commercial loan production office in the Mid-Atlantic region [3]. - Courier Capital, LLC, another subsidiary, provides customized investment management and financial planning services to a diverse clientele, including individuals, businesses, and non-profits [3].

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Financial Data and Key Metrics Changes - Net interest income increased by more than 12% from the fourth quarter and 17% year over year, with net interest margin expanding by 44 and 57 basis points respectively [4] - Non-interest income was $10,400,000, supported by enhancements to the company-owned life insurance portfolio and increased investment advisory income [5] - Net income for the first quarter was $16,900,000, with diluted EPS at $0.81, driven by improved net interest income and effective non-interest expense management [16] - The efficiency ratio was 59%, consistent with the full-year target of below 60% [5] Business Line Data and Key Metrics Changes - Total loans increased by 1.7% during the quarter, driven by both commercial and industrial (C&I) and commercial real estate (CRE) lending [7] - Commercial business loans rose by 6.6% during the quarter, while commercial mortgage loans increased by 1.3% [8] - Consumer indirect balances were up just shy of 1% from December 31, but down 7% year over year [10] - Residential lending decreased by 1% from both the linked and year-ago quarters due to high competition and tight housing inventory [12] Market Data and Key Metrics Changes - Deposits increased by 5.3% from year-end 2024, driven by seasonally higher public deposit balances and an increase in brokered deposits [12] - Cash-related deposits totaled approximately $55,000,000 as of March 31, 2025, with expectations for a portion to remain on the balance sheet into the third quarter [13] Company Strategy and Development Direction - The company is focused on driving internal efficiency, controlling credit extension, and maintaining a disciplined approach to management [6] - The strategic focus includes sustainable customer growth and service excellence across its retail network and banking locations [25] - The company plans to continue evaluating options for subordinated debt facilities moving forward [14] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the industry due to uncertainties in the political and macroeconomic environments [6] - The company remains committed to a low single-digit growth guidance for 2025, reflecting a conservative approach amid economic volatility [8] - Management reiterated confidence in maintaining profitability and credit discipline despite the uncertain economic landscape [24] Other Important Information - The company welcomed a new executive with extensive experience in consumer banking, expected to contribute to strategic objectives [25] - The company filed its 2025 proxy statement, with new directors nominated to enhance corporate governance [26] Q&A Session Summary Question: Loan growth outlook for the year - Management is comfortable with their guidance, noting that uncertainty has led customers to pause anticipated investments [30][31] Question: NIM guidance and levers for improvement - Key levers include cash flow from the portfolio and deposit repricing, with about $500,000,000 of CDs maturing in the next nine months [33][34] Question: Expected COLI income over the next quarters - COLI income is expected to be elevated in the second quarter before normalizing, with a significant increase in yield due to restructuring [41][42] Question: Provision outlook for credit - The guided ACL to average loans ratio is expected to hover around 107 to 108 basis points for the rest of the year [45]

Financial Data and Key Metrics Changes - Net interest income increased by more than 12% from the fourth quarter and 17% year over year, with net interest margin expanding by 44 and 57 basis points respectively [4] - Non-interest income was $10,400,000, supported by enhancements to the company-owned life insurance portfolio and increased investment advisory income [5] - Net income for the first quarter was $16,900,000, with diluted EPS at $0.81, reflecting improved net interest income and effective non-interest expense management [15] - The efficiency ratio was 59%, consistent with the full-year target of below 60% [5] - Annualized return on average assets was 110 basis points, while return on average equity was 11.82% [5] Business Line Data and Key Metrics Changes - Total loans increased by 1.7% during the quarter, driven by both commercial and industrial (C&I) and commercial real estate (CRE) lending [6] - Commercial business loans rose by 6.6% during the quarter, while commercial mortgage loans increased by 1.3% [8] - Consumer indirect lending balances were up just shy of 1% from December 31, but down 7% year over year [10] - Residential lending decreased by 1% from both the linked and year-ago quarters due to high competition and tight housing inventory [12] Market Data and Key Metrics Changes - Deposits increased by 5.3% from year-end 2024, driven by seasonally higher public deposit balances and an increase in brokered deposits [12] - Cash-related deposits totaled approximately $55,000,000 as of March 31, 2025, with expectations for a portion to remain on the balance sheet into the third quarter [13] Company Strategy and Development Direction - The company is focused on maintaining momentum from its capital raise and investment securities restructuring to deliver strong results and profitability throughout 2025 [5] - A new executive was welcomed to the team to enhance customer growth and service excellence across the retail network [25] - The company intends to remain disciplined in credit extension and management amid a challenging economic environment [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding loan growth, indicating that uncertainty in the economic landscape may lead to a pause in anticipated investments by customers [30] - The company maintains a low single-digit growth guidance for 2025, reflecting a conservative approach given inflationary pressures and economic uncertainty [8] - Management reiterated a commitment to effective expense management while investing in people, processes, and technology for future growth [20] Other Important Information - The company expects non-interest income to be between $10,000,000 to $10,500,000 per quarter for 2025, an increase from previous guidance [18] - The provision for credit losses was $2,900,000 in the current quarter, down from $6,500,000 in the linked quarter [21] Q&A Session Summary Question: Loan growth outlook and conservativeness - Management is comfortable with their guidance, noting that uncertainty has led customers to pause investments [30] Question: NIM guidance and levers for improvement - Key levers include cash flow from the portfolio and deposit repricing, with about $500,000,000 of CDs maturing in the next nine months [33][34] Question: COLI expected income over the next quarters - COLI income is expected to be elevated in Q2 and then normalize, but at a higher level than previous quarters [40][42] Question: Provision outlook for credit - The guided ACL to average loans ratio is expected to hover around 107 to 108 basis points for the rest of the year [43]

Investor Presentation Nasdaq: FISI First Quarter 2025 April 28, 2025 Important Information Safe Harbor Statement & Other Information Statements contained in this presentation which are not historical facts and which pertain to future operating results of Financial Institutions, Inc. (the "Company") and its subsidiaries constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe the objectives, plans or goals of the C ...

Core Viewpoint - Financial Institutions (FISI) reported quarterly earnings of $0.81 per share, exceeding the Zacks Consensus Estimate of $0.74 per share, and showing significant growth from $0.11 per share a year ago, indicating a strong earnings surprise of 9.46% [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates only once in the last four quarters [2] - Financial Institutions posted revenues of $57.24 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.23%, compared to $50.98 million in the same quarter last year [2] - The current consensus EPS estimate for the upcoming quarter is $0.79, with expected revenues of $58.74 million, and for the current fiscal year, the EPS estimate is $3.24 on revenues of $238.18 million [7] Group 2: Stock Performance and Outlook - Financial Institutions shares have declined approximately 12.6% since the beginning of the year, while the S&P 500 has decreased by 6.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] - The outlook for the industry, specifically the Banks - Northeast sector, is relatively strong, ranking in the top 23% of over 250 Zacks industries, suggesting potential for better performance compared to lower-ranked industries [8]

Core Insights - Financial Institutions, Inc. reported a net income of $16.9 million for Q1 2025, a significant recovery from a net loss of $82.8 million in Q4 2024 and an increase from $2.1 million in Q1 2024 [2][4][6] - The company experienced a 12.6% increase in net interest income, reaching $46.9 million, and a net interest margin expansion of 44 basis points to 3.35% [4][6][11] - Total loans increased by 1.7% quarter-over-quarter to $4.55 billion, driven by commercial business and mortgage lending [5][17][19] - Total deposits rose by 5.3% from the previous quarter to $5.37 billion, influenced by seasonal public deposit inflows [20][22] - The company declared a quarterly cash dividend of $0.31 per common share, reflecting a 3.3% increase, returning over 37% of Q1 net income to common shareholders [24] Financial Performance - Net income available to common shareholders was $16.5 million, or $0.81 per diluted share, compared to a net loss of $83.2 million, or $(5.07) per diluted share, in the previous quarter [2][4] - Noninterest income for Q1 2025 was $10.4 million, a recovery from a noninterest loss of $91.0 million in Q4 2024 [6][12] - Noninterest expense decreased to $33.7 million from $59.4 million in the previous quarter [14] Loan and Deposit Metrics - Total loans increased by $74.1 million, or 1.7%, during the quarter, with commercial business loans up 6.6% from the previous quarter [19][20] - Total deposits reached $5.37 billion, up $268.2 million from the previous quarter, with public deposit balances representing 23% of total deposits [20][22] Credit Quality - The company reported improved credit quality metrics, with net charge-offs at 0.21% of average loans, down from 0.25% in the previous quarter [29][31] - Non-performing loans were $40.0 million, or 0.88% of total loans, a slight decrease from the previous quarter [29][30] Capital Management - Total assets increased to $6.34 billion, up $223.4 million from the previous quarter [17][22] - Shareholders' equity rose to $589.9 million, driven by additional paid-in-capital from a common stock capital raise [22][23] - The company maintained strong capital ratios, with a Common Equity Tier 1 Capital Ratio of 10.38% [28][43]

Financial Institutions, Inc. (NASDAQ:FISI) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Shelly Doran - Director of IR Marty Birmingham - President & CEO Jack Plants - CFO Conference Call Participants Bryce Rowe - Hovde Group Marla Backer - Sidoti Alex Twerdahl - Piper Sandler Operator Hello. And welcome to the Financial Institutions, Inc. First Quarter Earnings Conference Call. My name is Katie, and I'll be coordinating your call today. [Operator Instructions]. I'll now ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Financial Institutions, Inc, a New York-based holding company, provides banking, insurance, and wealth management services with a community-focused strategy Company Overview at Year-End 2021 | Metric | Value (USD) | | :--- | :--- | | **Consolidated Total Assets** | $5.52 billion | | **Deposits** | $4.83 billion | | **Shareholders' Equity** | $505.1 million | - The company operates through five direct wholly-owned subsidiaries: Five Star Bank (FSB), SDN Insurance Agency (SDN), Courier Capital, HNP Capital, and Corn Hill Innovation Labs (CHIL), with the Bank representing **99.3% of consolidated assets**[10](index=10&type=chunk) - The business strategy is centered on a community bank philosophy, focusing on the individualized needs of customers in its local service area to differentiate from larger competitors[17](index=17&type=chunk)[18](index=18&type=chunk) - The acquisition strategy focuses on increasing market share within existing markets and expanding insurance and wealth management lines of business through targeted acquisitions[19](index=19&type=chunk) - The company's lending activities are diverse, including commercial business loans, commercial mortgages, residential mortgages, and consumer loans, with a significant portion in indirect auto loans[37](index=37&type=chunk) - The company and its subsidiaries are subject to extensive regulation by the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the New York State Department of Financial Services (NY DFS)[54](index=54&type=chunk)[56](index=56&type=chunk)[60](index=60&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, credit concentration in New York, legal proceedings, technology, and interest rate fluctuations - The COVID-19 pandemic has introduced significant economic volatility, affecting credit quality, revenue, and asset values, with key exposures in **retail (14% of commercial loans)** and **hotel/lodging (4%)**[68](index=68&type=chunk)[70](index=70&type=chunk) - A substantial portion of operations are concentrated in Western and Central New York, making the company's results highly dependent on the regional economy[77](index=77&type=chunk) - Commercial business and mortgage loans, totaling **$2.05 billion or 56% of total loans**, expose the company to greater credit risk compared to residential or consumer loans[78](index=78&type=chunk) - The company is a defendant in a class-action lawsuit alleging non-compliance with the Uniform Commercial Code, where an unfavorable outcome could materially affect business[87](index=87&type=chunk) - As of December 31, 2021, the company had **$67.1 million of goodwill**, which is subject to impairment risk from adverse changes in the business climate or stock price declines[98](index=98&type=chunk) - The company relies on third-party vendors for key business infrastructure, which exposes it to operational risks from these vendors[110](index=110&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reported no unresolved staff comments from the SEC - None[128](index=128&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company owns its headquarters and operates through 48 branch offices, of which 31 are owned and 17 are leased, across New York - The company operates **48 branch offices**, with 31 owned and 17 leased[130](index=130&type=chunk) - A new 28,500 square foot administrative office is scheduled to commence its lease in Amherst, New York in July 2022, which will consolidate other leased facilities[130](index=130&type=chunk) [Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) The company is defending a class-action lawsuit concerning vehicle repossession notices, with an uncertain outcome and no accrued liability - The company is party to a class-action lawsuit filed in 2017 regarding vehicle repossession notices[132](index=132&type=chunk) - On September 30, 2021, the court certified four classes of consumers, comprising approximately **5,200 members in New York** and **300 in Pennsylvania**[132](index=132&type=chunk) - The company has not accrued a contingent liability for this matter, stating it is unable to conclude if a liability is probable or reasonably estimate a potential loss[132](index=132&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[133](index=133&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock (FISI) trades on Nasdaq, with an active share repurchase program and a history of underperforming key market indices - The company's common stock is traded on the Nasdaq Global Select Market under the ticker symbol "FISI"[135](index=135&type=chunk) Q4 2021 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2021 | 7,356 | $31.31 | | Nov 2021 | 19,400 | $31.00 | | Dec 2021 | 77,164 | $31.58 | | **Total Q4** | **103,920** | **$31.45** | - As of December 31, 2021, **461,191 shares remained available for repurchase** under the 2020 Repurchase Program[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong 2021 net income growth driven by a credit loss provision reversal, alongside analysis of loan portfolios and capital adequacy [Executive Overview](index=36&type=section&id=Executive%20Overview) Net income more than doubled in 2021 to $77.7 million, driven by a significant benefit for credit losses amid an improved economic forecast 2021 vs. 2020 Financial Performance | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Net Income** | $77.7 million | $38.3 million | | **Diluted EPS** | $4.78 | $2.30 | | **Return on Average Assets** | 1.46% | 0.82% | | **Return on Average Equity** | 16.01% | 8.49% | | **(Benefit) Provision for Credit Losses** | ($8.3 million) | $27.2 million | - Total loans increased by $84.3 million (2%) to **$3.68 billion**, driven by a 14% increase in consumer indirect loans and a 13% increase in commercial mortgage loans[144](index=144&type=chunk) - Total deposits grew by $548.7 million (13%) to **$4.83 billion**, with growth across all deposit categories[144](index=144&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Net interest income grew on higher earning assets, noninterest income rose from advisory and insurance fees, and expenses increased due to technology investments - Net interest income on a taxable equivalent basis **increased 11% to $155.4 million** in 2021, while the net interest margin declined slightly to 3.14%[141](index=141&type=chunk)[159](index=159&type=chunk) - The provision for credit losses was a **benefit of $8.3 million** in 2021, compared to a provision of $27.2 million in 2020, reflecting improved economic forecasts[169](index=169&type=chunk) - Noninterest income **increased by $3.7 million (9%) to $46.9 million**, driven by growth in investment advisory income, income from limited partnerships, and insurance income[141](index=141&type=chunk)[172](index=172&type=chunk) - Noninterest expense **increased by $3.5 million (3%) to $112.8 million**, mainly due to higher costs from technology investments and a rise in salaries and benefits[144](index=144&type=chunk)[175](index=175&type=chunk) [Analysis of Financial Condition](index=47&type=section&id=Analysis%20of%20Financial%20Condition) Total assets grew 12% to $5.52 billion, fueled by securities portfolio growth and a 13% increase in deposits, while credit quality improved Loan Portfolio Composition (December 31, 2021) | Loan Category | Amount (USD) | % of Total | | :--- | :--- | :--- | | Commercial Mortgage | $1.41 billion | 38.4% | | Consumer Indirect | $958.0 million | 26.0% | | Commercial Business | $638.3 million | 17.3% | | Residential Real Estate | $577.3 million | 15.7% | | Other | $93.0 million | 2.6% | | **Total Loans** | **$3.68 billion** | **100.0%** | - The allowance for credit losses on loans **decreased to $39.7 million** at year-end 2021, with the ratio of allowance to total loans falling to 1.08% from 1.46% a year prior[196](index=196&type=chunk) - Non-performing loans increased to **$12.2 million (0.33% of total loans)** from $9.5 million (0.26% of total loans) at year-end 2020[202](index=202&type=chunk) - Total deposits **increased by $548.7 million (13%) to $4.83 billion**, with growth in non-public, public, and reciprocal deposits[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with simulation models showing a slightly asset-sensitive balance sheet Net Interest Income (NII) Sensitivity Analysis (as of Dec 31, 2021) | Rate Shock Scenario | Estimated Change in NII (USD) | % Change | | :--- | :--- | :--- | | -100 bp | ($3,875,000) | (2.63)% | | +100 bp | $548,000 | 0.37% | | +200 bp | $1,346,000 | 0.91% | | +300 bp | $2,035,000 | 1.38% | Economic Value of Equity (EVE) Sensitivity Analysis (as of Dec 31, 2021) | Rate Shock Scenario | EVE (USD) | Change from Pre-Shock (USD) | % Change | | :--- | :--- | :--- | :--- | | Pre-Shock | $775,697,000 | - | - | | -100 bp | $746,770,000 | ($28,927,000) | (3.73)% | | +100 bp | $782,438,000 | $6,741,000 | 0.87% | | +200 bp | $786,362,000 | $10,665,000 | 1.37% | [Financial Statements and Supplementary Data](index=65&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the consolidated financial statements, which received an unqualified opinion from the independent auditor, RSM US LLP - The independent registered public accounting firm, RSM US LLP, issued an **unqualified opinion** on the consolidated financial statements[268](index=268&type=chunk) - RSM US LLP also issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[277](index=277&type=chunk) - The auditor identified the **Allowance for Credit Losses for pooled loans as a Critical Audit Matter**, highlighting the significant judgment required by management[271](index=271&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=137&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure - None[565](index=565&type=chunk) [Controls and Procedures](index=137&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal controls over financial reporting were effective as of year-end 2021 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[566](index=566&type=chunk) - Management concluded that the company maintained **effective internal control** over financial reporting as of December 31, 2021[567](index=567&type=chunk) - **No material changes** to internal control over financial reporting occurred during the fourth quarter of 2021[568](index=568&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=138&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the company's 2022 Annual Meeting of Shareholders Proxy Statement - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 Annual Meeting of Shareholders[571](index=571&type=chunk) [Executive Compensation](index=138&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive and director compensation are incorporated by reference from the company's 2022 Proxy Statement - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 Annual Meeting of Shareholders[572](index=572&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=138&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2022 Proxy Statement Equity Compensation Plan Information (as of Dec 31, 2021) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | **Approved by Shareholders** | 191,310 | N/A | 815,769 | [Certain Relationships and Related Transactions, and Director Independence](index=138&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 Annual Meeting of Shareholders[575](index=575&type=chunk) [Principal Accounting Fees and Services](index=138&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on fees paid to the principal accountant is incorporated by reference from the 2022 Proxy Statement - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 Annual Meeting of Shareholders[575](index=575&type=chunk)[576](index=576&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=140&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and exhibits filed with or incorporated by reference into the Annual Report - This section provides an index of all exhibits filed as part of the 10-K report, including governance documents, debt indentures, and executive agreements[579](index=579&type=chunk) [Form 10-K Summary](index=141&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[581](index=581&type=chunk)

Financial Institutions, Inc. (NASDAQ:FISI) Q4 2021 Earnings Conference Call February 1, 2022 8:30 AM ET Company Participants Shelly Doran - Director, Investor and External Communications Marty Birmingham - President & CEO Jack Plants - CFO Conference Call Participants Alex Twerdahl - Piper Sandler Bryce Rowe - Hovde Group Damon DelMonte - KBW Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help ...