Good morning, and welcome to the TrustCo Bank Corp Second Quarter 2018 Earnings Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Before proceeding, we would like to mention that this presentation may contain forward-looking information about TrustCo Bank Corp New York that is intended to be covered by the Safe Harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call and in the Risk Factors and Forward-Looking Statements sections of our Annual Report on Form 10-K and as updated by our quarterly reports on Form 10-Q. The statements are valid only as of the date hereof, and the Company disclaims any obligation to update this information, except as may be required by applicable law. Today's presentation contains non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures are included in our earnings press release, which is available under the Investor Relations tab of our website at trustcobank.com. Please also note, this event is being recorded. I would now like to turn the conference over to Mr. Robert J. McCormick, President and CEO. Please go ahead sir.

Thank you. Good morning, everyone. I am Rob McCormick, President of the Bank. Presenting with me today are Mike Ozimek, our CFO and Scot Salvador. As we always do, I will begin with a brief summary, then Mike will detail the numbers, Scot will talk about operations especially loans and then we’ll take questions if there are any. Our loan portfolio continues to show nice growth into the second quarter. Our average loans are up $228 million year-over-year and over $100 million versus year-end 2017. Almost all of the growth is in our residential mortgage loans. Our commercial loan portfolio seems to have stabilized and showed a smaller growth in the second quarter. Home equity loans are down year-over-year, but we think most of that run-off is being captured in the residential portfolio. Installments while up, are not a significant part of our business. Non-performing loans also showed improvement over last year and last quarter. Our savings accounts and money market accounts are down year-over-year while demand in checking deposits are up. Overall, deposits are up since year-end and over last year. Total assets at the end of the year – at the end of the second quarter were just under $5 billion and shareholders’ equity was up for all reported periods. Our net income was a strong $15.4 million, up over all periods, roughly 24% greater than the second quarter of 2017. Mike will give much greater detail later in this call. Our capital ratio is 9.52% at quarter end, up from the same period last year. Our non-performing assets to total assets continue to improve to 0.54%. Our allowance to total loans remained in the 1.2% range and coverage flat at 1.8 times. From a performance perspective our return on average assets improved to 1.24%, return on equity to 13.17%, efficiency ratios 53.7% and our margin improved to 3.30%. We continue to operate a full-service trust department with over $880 million under management. We opened three offices this quarter in Mahopac, Vero Beach, Florida and Winter Park, Florida bringing our total office count to 148. We had a pretty good quarter and are having a good year. Now, Mike and Scot will give some detail and then time for questions. Mike?

Thank you, Rob, and good morning everyone. I will now review TrustCo’s financial results for the second quarter of 2018. As we noted in the press release, the company saw an increase in net income of $15.4 million, up 25.9%, compared to $12.2 million for the second quarter of 2017 and $14.8 million in the first quarter of 2018. Net income yielded a return on average assets and average equity of 1.26% and 13.26%, compared to 1.0% and 11.05% in the second quarter of 2017. On December 22, the Tax Cuts and Jobs Act was signed into law, which included a reduction in the federal statutory corporate tax rate from a 35% to 21%, effective January 1, 2018. The lower tax rate continues to have a significant beneficial impact on results going forward second quarter of 2018 compared to the same period in 2017. As expected, the growth continues to be concentrated within our primary lending focus, the residential real estate portfolio. That portfolio increased by $246 million or 8.3% in the second quarter over the same period in 2017. This continues to positive shift in the balance sheet from lower yielding overnight investments to higher yielding core loan relationships. The loan portfolio expansion was funded by a combination of utilizing a portion of our strong cash balances, and cash flow from our investment portfolios. Total average investment securities, which included the AFS and HTM portfolios, decreased $108.5 million or 15.8% from the second quarter of 2017. As discussed in prior calls, our focus continues to be on traditional lending and conservative balance sheet management, which has continued to enable us to produce consistent high quality reoccurring earnings. Our investment portfolio is and has always been a source of liquidity to fund loan growth and provide flexibility for balance sheet…

Thanks, Mike. For the second quarter, overall loan activity and net growth were strong. Total loans increased by $74 million in actual numbers, an increase of 2% on the quarter. Year-over-year, the net loan increase is $233 million or 6.6%. Residential loans increased by $67 million in the quarter with commercial loans increasing by $6 million. The increase in the residential portfolio was spread throughout our regions with our Greater New York marketplace enjoying a particularly strong quarter of growth. Mortgage activity increased as the quarter progressed and with refinances at relatively low levels, we saw a strong amount of purchase money business being transacted. We are hopeful this momentum will carry into the third quarter. Our current 30-year fixed mortgage rate stands at 4.5%. Our loan backlog at quarter end was solid. It is up significantly from the first quarter, which is normal given the time a year, and is roughly equivalent to where it stood at the end of last year’s second quarter. Asset quality metrics remains strong and continue to show improvement. Non-performing loans were $24.1 million at quarter end, compared to $24.8 million in March and $24.5 million a year ago. Non-performing assets at $26.7 million also show an improvement for both the quarter and the year. Net charge-offs also remained at very low levels totaling only 0.02% on an annualized basis for the second quarter. The coverage ratio for allowance to loan losses to non-performing loans stands at a 184%, compared to a 179% in March and a 180% a year ago. Rob?

Thanks, Scot. We are happy to answer any questions.

Thank you for your interest in our company and have a great day.

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.