Bank of Hawaii Corp (BOH) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Bank of Hawaii Corporation third quarter 2025 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加夏威夷銀行2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to hand the conference over to your speaker today, Chang Park. Please go ahead.

現在我把會議交給今天的演講嘉賓張樸先生。請開始吧。

Good morning and good afternoon. Thank you for joining us today for our third quarter 2025 earnings conference call. Joining me today is our Chairman and CEO, Peter Ho; President and Chief Banking Officer, Jim Polk, CFO Battenberg and Chief Risk Officer, Bradley Shairson.

早安，下午好。感謝各位參加我們2025年第三季財報電話會議。今天與我一同出席的有：董事長兼執行長何鴻燊先生；總裁兼首席銀行官吉姆·波爾克先生；首席財務官巴滕貝格先生；以及首席風險官布拉德利·沙爾森先生。

Before we get started, I want to remind you that today's conference call will contain some forward-looking statements. And while we believe our assumptions are reasonable, the actual results may differ materially from those projected. During the call today, we'll be referencing a slide presentation as well as the earnings release. Both of these are available on our website, boh.com, under the Investor Relations link.

在會議開始之前，我想提醒各位，今天的電話會議將包含一些前瞻性陳述。雖然我們認為我們的假設是合理的，但實際結果可能與預期有重大差異。在今天的電話會議中，我們將參考一份投影片簡報以及一份獲利報告。這兩份文件都可以在我們的網站 boh.com 的「投資者關係」欄位下找到。

And now I would like to turn the call over to Peter.

現在我想把電話交給彼得。

Thanks, Chang. Good morning or good afternoon, everyone. Thank you for your continued interest in Bank of Hawaii. We recorded yet another set of strong results for the quarter. Fully diluted earnings per share were $1.20 per share, 29% higher than the results from a year ago and 13% higher than last quarter. Net interest margin improved for the sixth straight quarter, up 7 basis points to 2.46%.

謝謝張先生。大家早安/下午好。感謝各位一直以來對夏威夷銀行的關注。本季我們再次取得了強勁的業績。完全稀釋後每股收益為1.20美元，較去年同期成長29%，較上季成長13%。淨利差連續第六個季度改善，上升7個基點至2.46%。

Return on common equity improved to 13.6% for the quarter. Average deposits increased by 7% annualized. End-of-period loans increased modestly. Credit quality remained and remains pristine. I'll now touch on some operating highlights as well as an update on our wealth initiative.

本季普通股收益率提升至13.6%。平均存款年化成長率為7%。期末貸款略有成長。信貸品質保持良好。接下來，我將重點介紹一些營運亮點以及我們財富管理計劃的最新進展。

Bradley Shairson will briefly update you on credit quality, and Brad Satenberg will dive a little deeper into the financials. As a reminder, Bank of Hawaii has a unique business model it creates superior risk-adjusted returns by leveraging our unique core Hawaii market, our dominant brand and market positions and our fortress risk profile.

布拉德利·沙爾森將簡要介紹信貸質量，布拉德·薩滕伯格將更深入地探討財務狀況。再次提醒，夏威夷銀行擁有獨特的商業模式，透過充分利用我們獨特的夏威夷核心市場、領先的品牌和市場地位以及穩健的風險狀況，創造了卓越的風險調整後收益。

Our market-leading brand position is largely the driver of our market share outperformance. For the 2025 FDIC summary of deposits released last month, we advanced our Number 1, deposit market share position in Hawaii by 40 basis points as of 6/30/2025. Since 2005, Bank of Hawaii has grown market share by 600 basis points well in excess of any other competitor in the Hawaii market.

我們市場領先的品牌地位是我們市場佔有率超額完成的主要驅動力。根據上月發布的聯邦存款保險公司（FDIC）2025年存款匯總數據，截至2025年6月30日，我們在夏威夷的存款市佔率排名第一，較上月提升了40個基點。自2005年以來，夏威夷銀行的市佔率成長了600個基點，遠超夏威夷市場上的任何其他競爭對手。

Interest-bearing deposit costs and total cost of funds both improved in the quarter. Also in the quarter, we remixed $594 million in fixed rate loans and investments from a roll-off rate of 4.1% and into a roll-on rate of 6.3%, helping to improve net interest margin. As I mentioned, Q3 was the sixth consecutive quarter of NIM expansion. We anticipate NIM to expand further for a number of quarters moving forward.

本季計息存款成本和總資金成本均有所改善。此外，本季我們將5.94億美元的固定利率貸款和投資從4.1%的到期利率調整為6.3%的到期利率，從而提升了淨利差。正如我之前提到的，第三季是淨利差連續第六個季度擴張。我們預計未來幾季淨利差將繼續擴大。

Our Fortress credit position is a long-standing core attribute of the Bank of Hawaii. The portfolio is diversified by product type, predominantly secured and possessing superior long-term loss rates. We dynamically manage our credit portfolio actively managing off loan categories that we find not to meet our stringent loss standards.

夏威夷銀行的「堡壘」信貸實力是其長期以來的核心優勢。我們的貸款組合產品類型多元化，以擔保貸款為主，並擁有卓越的長期損失率。我們動態管理信貸組合，積極剔除不符合我們嚴格損失標準的貸款類別。

We believe wealth management is a nice opportunity for us, and I'd like to highlight it further here. As you can see from this chart, our consumer and commercial businesses have grown steadily over the past 20 years. Wealth AUM growth, however, has lagged with greater investment, we believe we can improve performance in local wealth segment.

我們認為財富管理是個很好的發展機遇，我想在此進一步闡述。正如您從這張圖表中看到的，過去20年裡，我們的個人和商業業務穩步成長。然而，財富管理資產規模的成長卻相對落後。隨著投資的增加，我們相信我們能夠在本地財富管理領域提升績效。

Hawaii has a strong apart marketplace relative to the broader US market. The wealth segment is fragmented with Bank of a holding a small fraction of the market. We see an opportunity to leverage our dominant commercial consumer market positions, along with our brand strength to build wealth market share.

夏威夷市場相對於美國整體市場而言具有顯著優勢。財富管理領域較為分散，A銀行僅佔很小的市佔率。我們看到了一個機會，可以利用我們在商業消費市場的主導地位以及強大的品牌影響力來擴大財富管理市場份額。

In the mass affluent space, we recently teamed with Sotera to help us modernize our broker-dealer platform. Our new platform named Banco advisers will have meaningful technology, client experience and investment product enhancements. over its predecessor operation.

在大眾富裕人群的領域，我們近期與 Sotera 合作，協助我們升級經紀交易平台。我們名為 Banco Advisors 的新平台將在技術、客戶體驗和投資產品方面進行顯著改進，超越其先前的營運模式。

We believe the new platform will help us delight both clients and prospective advisers alike. In the high net worth space, we believe stronger client coordination between our commercial and wealth teams will result in meaningful cross-marketing opportunities, especially in the SME segment. We've invested in numerous product and service resources geared specifically for this segment. We'll have further updates for you all as our initiatives in this area of season.

我們相信，新平台將有助於我們更好地服務客戶和潛在顧問。在高淨值客戶領域，我們相信加強商業團隊和財富管理團隊之間的客戶協作，將帶來意義深遠的交叉行銷機會，尤其是在中小企業客戶群中。我們已投入大量資源，專門針對這群人開發產品和服務。隨著我們在這一領域的舉措不斷推進，我們將陸續發布更多更新資訊。

And now let me turn the call over to Brad Shairson, who will provide some brief overview comments on Bradt. Brad?

現在我把電話交給布拉德沙爾森，他將對布拉德的情況做一些簡要概述。布拉德？

Thanks, Peter. The Bank of Hawaii is dedicated to serving our community, lending in our core markets where our expertise allows us to make sound credit decisions. Most of our loan book is comprised of long-standing relationships with approximately 60% of our clients in both commercial and consumer having been with us for over a decade.

謝謝，彼得。夏威夷銀行致力於服務社區，在核心市場提供貸款服務，並憑藉我們的專業知識做出穩健的信貸決策。我們的貸款組合大多建立在長期合作關係之上，約60%的商業和個人客戶與我們合作超過十年。

This combination has significantly contributed to our strong credit performance over the years, resulting in a loan portfolio that is 93% Hawaii, 4% Western Pacific and just 3% Mainland where we support our clients who conduct business both in Hawaii and on the Mainland. As I review our credit portfolio's third quarter performance, you will see that it has remained strong and consistent with recent quarters.

多年來，這種組合顯著提升了我們的信貸業績，使我們的貸款組合中，93%為夏威夷，4%為西太平洋地區，僅有3%為美國本土（我們為在夏威夷和美國本土均有業務的客戶提供支持）。回顧我們信貸組合第三季的表現，您會發現其表現與近幾季相比依然強勁且穩定。

Our loan book is balanced between consumer and commercial with consumer representing a little over half of total loans at 57% or $7.9 billion. We predominantly lend on a secured basis against real estate. 86% of our consumer portfolio consists of either residential mortgage or home equity with a weighted average LTV of just 48% on a combined weighted average FICO score of 799 the remaining 14% of consumer consists of auto and personal loans where our average FICO score in or 731 and 761, respectively.

我們的貸款組合在消費貸款和商業貸款之間保持平衡，其中消費貸款佔總貸款額的57%，即79億美元，略高於總貸款額的一半。我們主要以房地產作為抵押進行貸款。我們86%的消費貸款組合為房屋抵押貸款或房屋淨值貸款，加權平均貸款價值比（LTV）僅48%，加權平均FICO信用評分為799分。剩餘14%的消費貸款為汽車貸款和個人貸款，平均FICO信用評分分別為731分和761分。

Moving on to commercial. Our portfolio size is $6.1 billion or 43% of total loans. 73% is real estate secured with a weighted average LTV of only 55%. The largest segment of this book is commercial real estate with $4 billion in assets, which equates to 29% of total loans. Looking at the dynamics for real estate in Oahu, the state's largest market, A combination of consistently low vacancy rates and flat inventory levels continue to support a stable real estate market. Within the different segments, vacancy rates for industrial, office, retail and multifamily are all below or close to their 10-year averages.

接下來是商業貸款部分。我們的投資組合規模為61億美元，佔貸款總額的43%。其中73%為房地產抵押貸款，加權平均貸款價值比僅55%。該投資組合中最大的部分是商業房地產，資產規模達40億美元，佔貸款總額的29%。從夏威夷州最大的房地產市場——瓦胡島的房地產市場動態來看，持續低的空置率和穩定的庫存水準繼續支撐著房地產市場的穩定。在各個細分市場中，工業、辦公室、零售和多戶住宅的空置率均低於或接近其十年平均值。

Total office space has decreased about 10% over the past 10-years -- this has been driven by conversions primarily to multifamily and lodging. This long-term trend of office space reduction, along with the return to office movement. -- has brought the vacancy rate closer to its 10-year average and well below national averages.

過去十年，辦公空間總量減少了約10%，主要是由於大量辦公大樓改建為多戶住宅和旅館所致。辦公空間長期減少的趨勢，以及辦公大樓市場回暖，使得空置率更接近十年平均水平，遠低於全國平均水平。

Breaking down our CRE portfolio, it is well diversified across property types with no sector representing more than 7% of total loans. Our conservative underwriting has been consistently applied with all weighted average LTVs under 60%. We not only is our CRE portfolio diversified across segments, but it is also diversified within each segment as evidenced by our low average loan sizes. And our scheduled maturities are fairly evenly spread out with more than half of our loans maturing in 2030 or later.

從商業房地產投資組合來看，其多元化程度很高，涵蓋各類物業，沒有任何一個行業的貸款佔比超過7%。我們始終堅持穩健的承銷策略，所有加權平均貸款價值比均低於60%。我們的商業房地產投資組合不僅在各個細分市場之間實現了多元化，而且在每個細分市場內部也實現了多元化，這體現在我們較低的平均貸款規模上。此外，我們的貸款到期日分佈也相當均勻，超過一半的貸款將於2030年或以後到期。

Looking at the distribution of LTVs there isn't much tail risk in our CRE portfolio, only 1.8% of CRE loans have greater than 80% LTV. Turning to C&I, which comprises 11% of our total loans you will notice that this book is also well diversified across industries and also has modest average loan sizes.

從貸款價值比 (LTV) 的分佈來看，我們的商業房地產 (CRE) 投資組合尾部風險並不高，只有 1.8% 的商業房地產貸款的 LTV 超過 80%。再來看占我們貸款總額 11% 的工商業貸款 (C&I)，您會發現這部分貸款在各行業之間也實現了良好的多元化，並且平均貸款規模適中。

Additionally, only a small portion of these loans are leveraged. Given the recent industry news, we've added a slide to highlight our limited exposures to non-depository financial institutions and DFI. The loans fall within our C&I portfolio and equate to only 0.6% of total loans or $85 million. And of that $85 million, $74 million are to publicly traded equity REITs and just $11 million of private equity. Not only are the exposure small, but we know the borrowers well and are comfortable with our nominal exposure.

此外，這些貸款中只有一小部分使用了槓桿。鑑於近期行業動態，我們特意增加了一張投影片，重點說明我們對非存款金融機構和發展金融機構的風險敞口有限。這些貸款屬於我們的工商貸款組合，僅佔貸款總額的0.6%，即8,500萬美元。在這8,500萬美元中，7,400萬美元流向了上市的權益型房地產投資信託基金（REITs），僅有1,100萬美元流向了私募股權基金。不僅風險敞口很小，而且我們對借款人非常了解，對目前的敞口水平感到滿意。

Turning to asset quality. Credit metrics have actually improved from last quarter's pristine levels. Net charge-offs were just $2.6 million at 7 basis points of annualized flat to linked quarter and 4 basis points lower than a year ago. Non-performing assets were down 1 basis points from the linked quarter to 12 basis points and 2 basis points lower than a year ago.

再來看資產品質。信貸指標實際上較上季的優異水準有所改善。淨沖銷額僅260萬美元，年化報酬率為7個基點，與上季持平，較去年同期下降4個基點。不良資產較上季下降1個基點至12個基點，較去年同期下降2個基點。

Delinquencies ticked lower by 4 basis points to 29 basis points this quarter and 2 basis points lower than a year ago. Criticized loans dropped by 1 basis points to 2.05% of total loans, which is 37 basis points lower than a year ago and the vast majority, 83% of criticized assets are real estate secured with a weighted average LTV of 55%.

本季不良貸款率小幅下降4個基點至29個基點，較去年同期下降2個基點。不良貸款率下降1個基點至貸款總額的2.05%，較去年同期下降37個基點。其中，83%的不良貸款為房地產抵押貸款，加權平均貸款價值比為55%。

As an update on the allowance for credit losses on loans and leases the ACL ended the quarter at $148.8 million. That's up $240,000 for the linked quarter. The ratio of our ACL to outstandings remained flat at 1.06%.

關於貸款和租賃信貸損失準備金的最新情況，本季末信貸損失準備金為1.488億美元，較上一季增加24萬美元。信貸損失準備金與未償餘額的比率維持在1.06%不變。

I will now turn this over to Brad Satenberg, for an update on our financials.

現在我將把發言權交給布拉德·薩滕伯格，讓他報告我們的財務狀況。

Thanks, Brad. For the quarter, we reported net income of $53.3 million and a diluted EPS of $1.20 per share an increase of $5.7 million and $0.14 per share compared to the linked quarter. These increases were primarily driven by the continued expansion of our net interest income and net interest margin, which grew by $7 million and 7 basis points, respectively.

謝謝，布拉德。本季度，我們公佈的淨利潤為5330萬美元，稀釋後每股收益為1.20美元，較上一季分別增長570萬美元和0.14美元。這些成長主要得益於淨利息收入和淨利差的持續擴大，分別成長了700萬美元和7個基點。

The expansion in both our NII and NIM was driven by the combination of our fixed asset repricing, which added $3.3 million for NII as well as growth in the average balance of our deposits and the successful repricing of our CD book.

我們的淨利息收入和淨利差的擴張，得益於固定資產重新定價，淨利息收入增加了 330 萬美元，以及存款平均餘額的增長和定期存單帳簿成功重新定價。

Partially offsetting these benefits was the positive mix shift. During the third quarter, the mix shift was $104 million and had an $800,000 negative impact on our NII. The average mix shift during the first three quarters of this year declined by $350 million to $67 million per quarter compared to $417 million per quarter for the same period last year.

部分抵銷這些收益的是積極的投資組合調整。第三季度，投資組合調整額為1.04億美元，對我們的淨利息收入產生了80萬美元的負面影響。今年前三個季度的平均投資組合調整金額較去年同期下降了3.5億美元，至每季6,700萬美元，去年同期為每季4.17億美元。

During the quarter, the yield on our interest-earning assets increased by 7 basis points, benefiting from an improvement in the yield on both our loan portfolio and securities portfolio. At the same time, the cost of our interest-bearing liabilities declined by 2 basis points driven by a modest decline in the cost of our deposits, which decreased to 159 basis points.

本季度，由於貸款組合和證券組合收益率均有所提高，我們的生息資產收益率上升了7個基點。同時，由於存款成本小幅下降至159個基點，我們的計息負債成本下降了2個基點。

The average cost was inflated during the quarter due to several large transitory high-cost deposits. The spot rate on our deposits was 154 basis points or 5 basis points lower than the average during the period. Our beta at the end of the quarter was 28%. And I believe that we will ultimately achieve a 35% beta after Fed funds hit its terminal rate.

本季平均成本因幾筆金額較大的短期高成本存款而上升。我們的存款即期利率為154個基點，較同期平均低5個基點。季度末我們的貝塔係數為28%。我相信，在聯邦基金利率達到最終水準後，我們的貝塔係數最終將達到35%。

The repricing of our CD book will lag our non-maturity deposits. During the quarter, the average cost of our deposits declined by 12 basis points, and I expect that the vast majority of our CDs will continue to reprice down. During the next 3-months, over 52% of our CDs will mature at an average rate of 3.5% and and we'll generally renew into new CDs at rates ranging from 2.5% to 3%.

我們的定期存單（CD）定價調整將落後於非到期存款。本季度，我們存款的平均成本下降了12個基點，我預計絕大多數定期存單的價格將繼續下修。未來三個月內，超過52%的定期存單將到期，平均利率為3.5%，我們將以2.5%至3%的利率續期新的定期存單。

The spot rate on our CD book at the end of the quarter was 3.32% or 8 basis points lower than our average during the quarter. We also repositioned our interest rate swap portfolio by terminating $1 billion of swaps that were scheduled to mature in 2026. Half of these swaps hedged our loans, while the other half hedged our AFS securities.

本季末，我們的CD帳簿即期利率為3.32%，比本季平均利率低8個基點。此外，我們也調整了利率互換投資組合，終止了10億美元將於2026年到期的互換合約。這些互換合約中，一半用於對沖我們的貸款，另一半用於對沖我們的可供出售證券（AFS）。

In addition, we added $100 million spot starting swap as well as $100 million forward starting swap. As a result of these actions, we finished the quarter with a pay fixed received float interest rate swap portfolio of $1.4 billion linked quarter. $1.1 billion of these swaps are hedging our loan portfolio, while $300 million are hedging our securities.

此外，我們新增了1億美元的即期起始互換合約和1億美元的遠期起始互換合約。受這些措施的影響，本季末，我們持有的固定利率、浮動利率互換合約組合規模達14億美元。其中，11億美元的互換合約用於對沖我們的貸款組合，3億美元用於對沖我們的證券。

In addition, we had $600 million of forward starting swaps at a weighted average fixed rate of 3.1% at the end of September. $100 million forward starting of the forward swaps became active in early October, while the remaining $500 million will become active in 2026.

此外，截至9月底，我們有6億美元的遠期互換合約，加權平均固定利率為3.1%。其中1億美元的遠期互換合約已於10月初生效，剩餘的5億美元將於2026年生效。

As a result of the repositioning, our fixed-to-float ratio migrated up from 55% to 57% during the quarter. We are currently forecasting two additional 25 basis points rate cuts this year and anticipate that each cut will initially reduce our NII by approximately $300,000, but that the impact will ultimately turn positive after our CD book reprices and result in an estimated positive contribution of $1.6 million to our quarterly NII.

由於重新調整了投資組合，本季我們的固定利率與浮動利率比率從55%上升至57%。我們目前預測今年還將有兩次25個基點的降息，預計每次降息初期將使我們的淨利息收入減少約30萬美元，但隨著存單重新定價，最終影響將轉為正面，預計將為本季淨利息收入貢獻160萬美元。

Non-interest income increased to $46 million during the quarter compared to $44.8 million in the linked quarter. Non-interest income in the third quarter included a $780,000 charge related to a VSP conversion ratio change, while the linked quarter included a onetime gain of approximately $800,000 related to a BOLI recovery.

本季非利息收入增至4,600萬美元，而上一季為4,480萬美元。第三季的非利息收入包含與VSP轉換比率變更相關的78萬美元費用，而上一季則包含與BOLI賠償相關的約80萬美元一次性收益。

Adjusting for these normalizing items, non-interest income increased by $2.8 million, primarily due to higher customer derivative activity, trust and asset management earnings and elevated loan fees. My expectation is that fourth quarter normalized non-interest income will be between $42 million and $43 million. Non-interest expense was $112.4 million compared to $110.8 million during the prior quarter Included in non-interest expense this quarter was a severance-related charge of $2.1 million, while the linked quarter included a severance charge of $1.4 million.

剔除這些調整項目後，非利息收入增加了280萬美元，主要得益於客戶衍生性商品交易活動增加、信託和資產管理收益成長以及貸款手續費上漲。我預計第四季調整後的非利息收入將在4,200萬美元至4,300萬美元之間。本季非利息支出為1.124億美元，上一季為1.108億美元。本季非利息支出包含210萬美元的遣散費，而上一季包含140萬美元的遣散費。

Excluding the impact of these items, non-interest expense increased by $900,000 compared to the prior quarter. This change was primarily due to one additional payday during the quarter. Compared to my previous forecast, actual normalized non-interest expense was higher than expected due to additional incentives that were recorded during the period.

剔除上述項目的影響，非利息支出較上一季增加90萬美元。這項變更主要是由於本季多出一次發薪日。與我先前的預測相比，實際的正常化非利息支出高於預期，原因是本季計入了額外的激勵措施。

I expect that our fourth quarter normalized non-interest expense to be approximately $109 million. Included within my fourth quarter forecast for both non-interest income and non-interest expense is the impact from the sale of our merchant services business which closed earlier this month. The sale resulted in a gain of approximately $18 million that was substantially offset by a repositioning of our AFS securities portfolio.

我預計第四季經調整後的非利息支出約為1.09億美元。我的第四季非利息收入和非利息支出預測均已包含本月初完成的商戶服務業務出售的影響。此次出售帶來了約1800萬美元的收益，但大部分都被我們AFS證券投資組合的調整所抵消。

The repositioning will increase our quarterly NII by approximately $1.7 million and encompass the sale of $200 million of low-yielding securities that were replaced with new securities at higher current rates. The spread improvement on these newly acquired securities was approximately 335 basis points. The sale of the Merchant Services business is also expected to decrease our quarterly non-interest income and non-interest expense by approximately $3 million and $2.2 million, respectively.

此次調整將使我們的季度淨利息收入增加約170萬美元，其中包括出售價值2億美元的低收益證券，並以更高收益率的新證券取代。這些新購證券的利差改善了約335個基點。出售商戶服務業務預計也將分別使我們的季度非利息收入和非利息支出減少約300萬美元和220萬美元。

Combining the impact from the merchant services sale along with the securities repositioning, the total quarterly improvement to pretax earnings will be approximately $1 million or $0.02 additional per share. During the quarter, we also recorded a provision for credit losses of $2.5 million, down from $3.3 million during the linked quarter. Further, we reported a provision for taxes of $14.4 million during the quarter, resulting in an effective tax rate of 21.3%.

綜合考慮商家服務出售和證券重新配置的影響，本季稅前利潤總額將增加約100萬美元，即每股增加0.02美元。本季，我們也提列了250萬美元的信貸損失準備金，低於上一季的330萬美元。此外，本季我們提列了1,440萬美元的稅項準備金，實際稅率為21.3%。

I expect the tax rate for the full year to be between 21% and 21.5%. Our capital ratios remained above the well-capitalized regulatory thresholds during the quarter with Tier 1, capital and total risk-based capital improving to 14.3% and 15.4%, respectively. And consistent with the linked quarter, we paid dividends of $28 million on our common stock and $5.3 million on our preferreds.

我預計全年稅率將在21%至21.5%之間。本季度，我們的資本充足率維持在監管規定的充足資本門檻之上，其中一級資本充足率、資本充足率和總風險加權資本分別提升至14.3%和15.4%。與上一季一致，我們派發了2800萬美元的普通股股息和530萬美元的優先股股息。

We did not repurchase any common shares during the quarter under our repurchase program. As a reminder, $126 million remains available under the current plan. And finally, our Board declared a dividend of $0.70 per common share that will be paid during the fourth quarter of 2025.

本季我們未依回購計畫回購任何普通股。提醒各位，目前該計劃下仍有1.26億美元可用資金。最後，董事會宣布派發每股0.70美元的股息，將於2025年第四季支付。

Now I'll turn the call back over to Peter.

現在我把電話轉回給彼得。

Thanks, Brad. This concludes our prepared remarks. We'd be happy to entertain whatever questions you might have.

謝謝，布拉德。我們的發言到此結束。歡迎大家提出任何問題。

(Operator Instructions)

（操作說明）

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Hey, good morning. I heard the spot rate on CDs at the end of September, but you have the spot rate on total deposits, either interest-bearing or total?

嗨，早安。我聽說九月底的定期存款即期利率是多少，但您有所有存款（包括計息存款和總存款）的即期利率嗎？

Total is 154 basis points.

總計154個基點。

Okay, thank you. And then as maybe maybe for Peter. As we look out on the NIM, when do you think you might be able to get to that that 3% NIM, do you feel -- it seems like it may have moved up here a little bit based on a couple of actions you've taken this quarter, but just trying to get a sense for some line of sight on when we think we can get there.

好的，謝謝。還有，我想問Peter。就淨利差而言，您認為什麼時候能達到3%的目標？您覺得——根據您本季採取的一些措施，淨利差似乎有所上升——但我們只是想大致了解一下，我們什麼時候能達到這個目標。

Yeah. That's kind of the question of the day, isn't it? So I think what we've been fixating on and what investors have been questioning is, can we achieve $250 million by year-end this year. At this point, that seems to be like a reasonably likely potential for Q4. And then as we move into '26, what we would anticipate -- I mean the fixed asset accretion is just going to continue on for a number of years, frankly.

是的。這可以說是目前最受關注的問題，不是嗎？所以我認為我們一直在關注的，也是投資人一直在質疑的，就是我們能否在今年底前實現2.5億美元的目標。目前來看，這似乎是第四季一個比較有可能實現的目標。然後，展望2026年，我們預期──坦白說，固定資產的成長將會持續好幾年。

And so the way to think about it is, I think, a base layer assuming deposit remix of about what we've experienced the past couple of quarters and kind of rates in the yield curve as is that's about a 25 basis point pickup in NIM per year, so 25 bps. And then on top of that, as Brad alluded to, there's opportunity for improvement in the NIM as Fed funds comes down.

所以我認為，思考這個問題的方式是，假設存款結構調整與過去幾季的情況大致相同，殖利率曲線也維持現狀，那麼淨利差每年大約會上升25個基點，也就是25個基點。此外，正如布拉德所提到的，隨著聯邦基金利率下調，淨利差還有進一步改善的空間。

And frankly, I think we still probably have some opportunity in repricing of the overall deposit book moving forward. So I guess the answer to me is 25 basis points per year and then I think there's upside in both Fed funds coming down as well as just overall pricing to the overall deposit book.

坦白說，我認為未來我們或許仍有機會對整體存款定價進行調整。所以，我的答案是每年25個基點，然後我認為，無論聯準會基金利率下降還是整體存款定價調整，都存在著上漲空間。

Okay. Great. That's helpful. And just last one for me on the modest loan growth here, a little bit nice little turnaround to the positive. Just any commentary on the pipeline and the outlook for growth here in the fourth quarter and maybe next year, whether or not low single digits is still the right way to think about it?

好的，太好了，這很有幫助。最後一個問題是關於貸款成長的溫和勢頭，目前出現了一個不錯的積極轉變。請問您對第四季甚至明年的貸款儲備和成長前景有何看法？目前來看，個位數低成長是否仍然合理？

Yeah. I think low single digits is still the right way to think about it. Our pipelines continue to improve. And Q3 was definitely better than Q2. I think Q4 should be better than Q3, and we'll just continue to watch the pipeline as we get into the new year. But I think that guidance holds. And I think if we get a little more clarity in the economy, maybe a little bit more stability, some rate reduction, we may see some potential upside there, too.

是的。我認為以個位數低成長率來衡量仍然比較合適。我們的專案儲備持續改善。第三季肯定比第二季好。我認為第四季應該會比第三季更好，我們會繼續密切關注專案儲備情況，迎接新的一年。但我認為目前的預期仍然有效。而且我認為，如果經濟情勢更加明朗，更加穩定，利率有所下降，我們或許也能看到一些潛在的成長空間。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, good morning. Thanks for the question. Maybe, Peter, kicking off with some of the changes you made on the wealth side, wondering, was this made last quarter and just kind of how you're thinking about it seems like a great opportunity to leverage the Bank of Hawaii brand. So wondering how you're thinking of that progressing? Any efforts to add talent to the bench to help drive that? Just how you're thinking about it as a lever moving forward.

嗨，早安。謝謝你的提問。彼得，或許我們可以先聊聊你在財富管理上所做的一些調整。我想問的是，這些調整是上個季度實施的嗎？你覺得這似乎是個利用夏威夷銀行品牌優勢的絕佳機會。所以，我想知道你對未來的發展有何規劃？有沒有計劃引進人才來推動這項工作？我想了解你如何看待它作為未來發展槓桿的作用。

Thank you.

謝謝。

Yeah. Good question, Kelly. So we actually are in production with Sotera at this point. They've been a great partner so far. We are soon to be concluded on both the repapering process so that's gone quite smoothly. Obviously, that's taken some production capability out of the hands of our advisers as they just tender the administrative function there.

是的，凱莉，問得好。目前我們已經和Sotera公司開始合作了。到目前為止，他們一直是非常棒的合作夥伴。我們很快就能完成重新簽署文件的流程，一切都很順利。當然，這佔據了我們顧問的部分工作時間，因為他們現在只負責行政管理方面的工作。

So I think we're set to move smartly forward from that point on it. And that opportunity, I think, is a great one, both from the standpoint of providing just a much, much better client experience to our customers, but also in terms of really attracting best in marketplace advisers because I think when you combine the capabilities that we now have with Sotera to our -- the brand position the bank enjoys here in the islands, there's a lot of opportunity in there that we are looking forward to.

所以我認為，從這一點出發，我們將穩步向前邁進。我認為這是一個絕佳的機會，不僅能為客戶提供更優質的客戶體驗，還能真正吸引市場上最優秀的顧問。因為我認為，將我們目前與Sotera的合作能力，與我們銀行在島上享有的品牌地位結合，蘊藏著許多我們非常期待的機會。

So that's kind of half the equation. The other half of the equation is within our high net worth space. And there really what we're focused on is really driving a better partnership, if you will, between our commercial bankers and our wealth advisers. We've seen some early signs of green shoots there. And then to your question, I think it's the appropriate one. Against that backdrop, we have been adding a good amount of talent really in the advisory space, and we would intend to see that commitment to talent build continue on the next year or so, I'd say.

所以，這算是問題的一半。另一半則在於我們的高淨值客戶領域。我們真正關注的是，如何更好地促進商業銀行家和財富顧問之間的合作。我們已經看到了一些初步的正面跡象。至於你的問題，我認為問得好。在此背景下，我們一直在諮詢領域大量補充人才，而且我們計劃在未來一年左右的時間裡繼續保持這種人才培養的勢頭。

Great, thanks for all the color. Another somewhat high-level question I have here. On Slide 6, it really stands out as how well Bank of Hawaii has been picking up share the past several years. Do you -- can you provide any color as to what parts of the business have been driving that? Is that retail? Any specific segments, commercial? Just trying to get a sense of what has been the most impactful in gaining share here on the islands.

太好了，感謝您提供的豐富資訊。我還有一個比較宏觀的問題。在第六張投影片中，夏威夷銀行過去幾年市佔率的成長非常顯著。您能否具體說明一下，是哪些業務部門推動了這項成長？是零售業務嗎？還是其他特定領域，例如商業銀行？我只是想了解一下，在夏威夷群島，哪些因素對市場份額的成長影響最大。

Yeah. I think that the gratifying part to the question is it's really been pretty balanced. And so we've been able to pick up consumer as well as commercial as well as municipal share over the years. And I really -- I don't think that there's a silver bullet here. I think it's really just our commitment to the marketplace and our consistent application of the strategy that's been working for us for the past couple of decades now.

是的。我認為這個問題最令人欣慰的地方在於，我們的市佔率一直保持著相當均衡的狀態。因此，這些年來，我們在消費者、商業和市政領域都取得了不錯的份額。而且，我真的不認為有什麼靈丹妙藥。我認為關鍵在於我們對市場的投入，以及我們始終如一地貫徹過去二十年來行之有效的策略。

Got it. Last question from me is just on capital ratios continue to build. It sounds like growth is picking up, but still more in the low single-digit range. Any updated thoughts on buybacks and capital return?

明白了。我的最後一個問題是關於資本充足率持續成長的情況。聽起來成長勢頭有所加快，但仍維持在個位數低點。關於股票回購和資本回報，您有什麼最新的看法嗎？

Thank you.

謝謝。

Yeah. I think we are happy with our capital levels. I mean, you can always pick up here or there. But I think given where the stock is at right now, we think that there's a great opportunity to deploy capital into repurchases at this point and probably are likely to be doing some of that activity here in this quarter and into next year. Obviously, the dividend is important to us. But we think the payout ratio for now is in pretty good shape. And hopefully, we'll be able to deploy some of the capital into growth as we move forward.

是的。我認為我們對目前的資本水準很滿意。當然，我們總可以視情況酌情增持。但鑑於目前的股價，我們認為現在是進行股票回購的絕佳時機，而且我們很可能會在本季以及明年進行一些回購活動。顯然，股利對我們來說很重要。但我們認為目前的股利支付率相當不錯。希望未來我們能夠將部分資金投入公司發展。

Jeff Rulis, DA Davidson.

傑夫·魯利斯，地方檢察官戴維森。

Thanks. Good morning. Circling back to the the growth outlook. It sounds like that's picking up a little bit upward trending. And this Slide 12 sort of outlines some of the de-risking activities or some of the non-core. Has that been a part of the function of some muted growth and maybe '25 in the rearview and maybe having done some of that, is that helping the net growth equation? Just want to feel at the undertone of derisking is kind of mean you're always managing credit, but has that been outsized in the trailing months?

謝謝。早安.回到成長前景的話題。聽起來成長趨勢似乎略有回升。第12張投影片概述了一些去風險活動或非核心業務。這是否與成長放緩有關？或許是因為2025年已經過去，而採取的這些措施是否有助於提升淨成長？我只是想確認一下，去風險的潛台詞是不是代表你們一直在管理信貸，但在過去幾個月裡，這種管理力度是否過大？

No, Jeff, it's a good question. I think for the most part, derisking has not been a headwind for us for a while now. I guess the positive to that is I don't see anything or any activity in our current portfolios that would lead me to believe that it should be -- that it's going to be an impediment to growth moving forward either. So it kind of is what it is for right now. We're happy with the portfolios.

不，傑夫，問得好。我認為，就目前而言，降低風險對我們來說基本上沒有構成阻礙。積極的一面是，我目前沒有看到任何跡象表明，在我們現有的投資組合中，降低風險會成為阻礙未來成長的因素。所以，目前的情況就是這樣。我們對目前的投資組合很滿意。

Got it. Okay. So just kind of pointing out areas that you -- that are core and non-core, but from a growth perspective has not been much of a past and future I guess, component fair enough. On the -- maybe if I hop to expenses. I want to think about I appreciate the, I guess, the core 109-ish in the fourth quarter.

明白了。好的。所以，我只是想指出一些領域——包括核心業務和非核心業務，但從成長的角度來看，這些領域過去和未來都不是很重要的一部分，我想，這很合理。關於——也許如果我談到費用。我想考慮一下，我欣賞的是，我猜，第四季核心業務大約是109美元。

If we rolled out 26 a lot of discussion of the wealth management investment -- it had been in the 2% to 3% growth for '25. Can we think about that in '26 at similar levels as well maybe put that to the upside of that range or anything else coming on if we can think about '26 growth rates?

如果我們推出 2026 年的計劃，那麼關於財富管理投資的討論將會很多——2025 年的成長率在 2% 到 3% 之間。我們能否考慮 2026 年也保持類似的水平，甚至可能超過這個範圍，或者考慮一下 2026 年的成長率？

Yeah. Let me point that to Brad Satenberg.

是的。我得把這個問題告訴布拉德‧薩滕伯格。

Yeah. Thanks, Jeff. That's a good question. I would say if you're trying to model out, I would expect [2020] expenses to be in the 3%-plus range increase. So -- and obviously, there's a seasonality to it. So I would expect the first quarter to be slightly higher because of the payroll -- the seasonal payroll charges that we have. But overall, I think we projected this year 2% to 3%. I think the projection this year is going to be 3% to 4%, but probably closer to like the lower 3s, I think [3.5].

是的，謝謝傑夫。問得好。如果要預測的話，我預計2020年的支出成長會在3%以上。當然，這其中也存在季節性因素。我預計第一季會略高一些，因為有薪資支出——也就是季節性薪資費用。但整體而言，我們先前預測今年的增幅在2%到3%之間。我認為今年的預測值會是3%到4%，但可能更接近3%左右，我覺得是3.5%。

Jared Shaw, Barclays.

Jared Shaw，巴克萊銀行。

Everybody, good morning. On the credit side office, it looked like central business district moved from 17% -- or 17% loans from 20 -- before was there a payoff there? Or what was driving the reduction in CBD office?

各位早安。信貸方面，中央商務區（CBD）的辦公貸款比例似乎從之前的20%下降到了17%——這是因為之前有償還貸款的跡象嗎？還是說，導致CBD辦公貸款比例下降的原因是什麼？

Yeah. We had, what I would say is a relationship SNC credit that was in the office space that we had the opportunity to exit and we chose to exit that facility. It was a reasonable risk, but not core to what we were looking to do in that space, so opportunistic.

是的。我們之前與SNC建立了合作關係，持有其在辦公大樓內的股份，有機會退出，我們也選擇了退出。這確實是一個合理的風險，但並非我們當時在該領域的核心投資方向，所以屬於機會主義行為。

Okay. All right. And then does the NII impact from swaps on the side, does that assume the notional swaps remain at the $1.4 billion or does that take into account some of that additional, I guess, it may take into account the additional growth you talked about.

好的。好的。那麼，互換交易對淨利息收入的影響，是假設名目互換交易額保持在14億美元，還是考慮到了您提到的額外增長？

Well, can you just repeat your question there? I wasn't exactly sure what you're asking.

你能再重複一次你的問題嗎？我不太明白你的問題。

Sure. Does the impact to net interest income from the swaps that you listed out, does that assume the notional swaps remain at $1.4 billion? Or if not, what are the changes to that?

當然。您列出的互換交易對淨利息收入的影響，是否假設名目互換交易金額維持在14億美元？如果不是，那麼會有哪些改變？

Yeah. No, we expect it to remain at 1.4%. I mean, obviously, we have our forward starting swaps. So I think I had mentioned in my script, we had $100 million notional swap start in October, and then we've got the remaining $500 million that will start in 2026 kind of mid to late 2026. But at this point, all of our expectations are 1.4% notions some roll off in 2027 of the 1.4%, but also rolling on our forward starting swaps.

是的。不，我們預計利率將維持在1.4%。我的意思是，顯然，我們有遠期互換合約。我想我在之前的演講稿中提到過，我們有一筆1億美元的名義互換合約將於10月份開始，剩餘的5億美元將於2026年中後期開始。但目前，我們所有的預期利率都是1.4%，其中一部分將在2027年到期，但這部分1.4%的互換合約也會到期。

(Operator Instructions) And I'm not showing any further questions at this time. I'd like to turn the call back over to Chang Park for any further remarks.

（操作員指示）目前我沒有其他問題要問。現在把電話轉回給張帕克，請他再補充一些內容。

Thank you, everyone, for joining us today and for your continued interest in Bank of Hawaii. As always, please feel free to reach out to me if you have any additional questions.

感謝各位今天蒞臨，也感謝大家一直以來對夏威夷銀行的關注。如有任何其他疑問，歡迎隨時與我聯絡。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您可以斷開連接，祝您有美好的一天。