Cathay General Bancorp (CATY) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's third quarter 2025 earnings conference call. My name is Ashia, and I will be your coordinator for today.

女士們、先生們，午安！歡迎參加國泰萬通金控2025年第三季業績電話會議。我叫Ashia，今天將擔任會議協調員。

(Operator Instructions) Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.

（操作員指示）今天的電話會議正在錄音，可在 www.cathaygeneralbancorp.com 上重播。

Now I would like to turn the conference over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.

現在我想將會議交給國泰萬通金控投資者關係部的 Georgia Lo。請開始。

Thank you, Ashia, and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer.

謝謝 Ashia，下午好。今天來討論財務表現的有我們的總裁兼執行長劉暢先生和我們的執行副總裁兼財務長陳恆先生。

Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 and concerning future results and events and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2024, and at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time. As such, we caution you not to place undue reliance on such forward-looking statements.

在開始之前，我們想提醒您，本次電話會議的發言人可能根據《1995年私人證券訴訟改革法》的適用條款就未來結果和事件做出前瞻性陳述，並且這些陳述受某些風險和不確定性的影響，可能導致實際結果與預期存在重大差異。這些風險和不確定性在公司截至2024年12月31日的10-K表格年度報告中（特別是第1A項）以及不時向美國證券交易委員會提交的其他報告和文件中有進一步說明。因此，我們提醒您不要過度依賴此類前瞻性陳述。

Any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update or review any forward-looking statements to reflect future circumstances, developments, or events or the occurrence of unanticipated events.

任何前瞻性陳述僅代表其作出之日的觀點，除法律要求外，我們不承擔更新或審查任何前瞻性陳述以反映未來情況、發展或事件或意外事件發生的義務。

This afternoon, Cathay General Bancorp issued an earnings release outlining third quarter 2025 results. To obtain a copy of our earnings release as well as our earnings presentation, please visit our website at cathaygeneralbancorp.com. After comments by management today, we will open up this call for questions.

今天下午，國泰萬通金控發布了一份獲利報告，概述了2025年第三季的業績。如需我們的獲利報告及獲利演示，請造訪我們的網站 cathaygeneralbancorp.com。在今天管理層發表意見後，我們將開放本次電話會議，接受提問。

I will now turn the call over to our President and Chief Executive Officer, Mr. Chang Liu.

現在我將把電話轉給我們的總裁兼執行長劉昌先生。

Thank you, Georgia, and good afternoon, everyone. This afternoon, we reported a net income of $77.7 million for Q3 2025, a 0.3% increase as compared to $77.5 million for Q2 2025. Diluted earnings per share increased 2.7% to $1.13 for Q3 2025 as compared to $1.10 in Q2 2025. During Q3 2025, we repurchased 1.07 million shares of our common stock at an average cost of $46.81 per share or $50.1 million under the June 2025, $150 million stock buyback program.

謝謝喬治亞，大家下午好。今天下午，我們公佈了2025年第三季的淨利潤為7,770萬美元，較2025年第二季的7,750萬美元成長0.3%。 2025年第三季的稀釋每股收益為1.13美元，較2025年第二季的1.10美元成長2.7%。 2025年第三季度，我們根據2025年6月實施的1.5億美元股票回購計劃，以平均每股46.81美元的價格回購了107萬股普通股，回購總額達5010萬美元。

In Q3 2025, total gross loans increased $320 million or 6.6% annualized primarily driven by increases of $122 million in CRE loans and $123 million in residential loans. Due to our strong loan growth through September 30, 2025, we are increasing our loan and deposit guidance from 3% to 4% to 3.5% to 5% for both loans and deposits.

2025年第三季度，總貸款金額增加3.2億美元，年化成長率為6.6%，主要得益於商業房地產貸款增加1.22億美元，住宅貸款增加1.23億美元。鑑於截至2025年9月30日的貸款強勁成長，我們將貸款和存款的預期成長率從3%-4%上調至3.5%-5%。

Slide 6 shows the percentage of loans in each major loan portfolio that are either at a fixed rate or hybrid loans in their fixed rate period. Our loan portfolio consists of 60% fixed rate and hybrid loans, excluding fixed-to-float interest rate swaps of 3.1% of total loans. Fixed rate loans comprised 30% of total loans and hybrid in fixed rate period comprises 30% of total loans. We expect these fixed rate loans to support our loan yields as market rates are expected to decline.

幻燈片6顯示了各主要貸款組合中固定利率貸款或固定利率期限混合貸款的比例。我們的貸款組合由60%的固定利率貸款和混合貸款組成，不包括佔貸款總額3.1%的固定-浮動利率互換。固定利率貸款佔貸款總額的30%，固定利率期限混合貸款佔貸款總額的30%。我們預計，由於市場利率預計將下降，這些固定利率貸款將支撐我們的貸款收益率。

We continue to monitor our CRE loans. Turning to slide 8 of our earnings presentation. The average loan-to-value of our CRE loans remained at 49%. Our retail property loan portfolio, as shown on slide 9, comprises 24% of our total CRE loan portfolio or 13% of our total loan portfolio. 90% of the $2.5 billion in retail property loans are secured by retail store, neighborhood, mixed use, or strip centers and only 9% secured by shopping centers.

我們持續關注商業房地產貸款。請翻到我們收益報告中的第8張投影片。我們商業不動產貸款的平均貸款成數維持在49%。如第9張投影片所示，我們的零售房地產貸款組合占我們商業房地產貸款總額的24%，占我們總貸款總額的13%。在25億美元的零售房地產貸款中，90%由零售商店、社區中心、混合用途中心或商業街中心擔保，只有9%由購物中心擔保。

On slide 10, Office property loans represent 14% of our total CRE loan portfolio or 7% of our total loan portfolio. Only 33% of the $1.5 billion in office property loans are collateralized by pure office buildings, only 3% are located in central business districts. 40% of office property loans are collateralized by office retail stores, office mixed use, and medical offices and the remainder 27% are collateralized by office condos.

在第10張投影片中，辦公大樓貸款占我們商業房地產貸款總額的14%，占我們總貸款總額的7%。在15億美元的辦公大樓貸款中，只有33%的貸款以純辦公大樓作為抵押，只有3%的貸款位於中央商務區。 40%的辦公大樓貸款以辦公零售店、混合用途辦公大樓和醫療辦公室作為抵押，其餘27%的貸款以辦公公寓作為抵押。

For Q3 2025, we reported net charge-offs of $15.6 million as compared to $12.7 million in Q2 2025. Our non-accrual loans were 0.8% of total loans as of September 30, 2025, which decreased $8.5 million to $165.6 million as compared to Q2 2025.

2025 年第三季度，我們報告的淨沖銷額為 1,560 萬美元，而 2025 年第二季為 1,270 萬美元。截至 2025 年 9 月 30 日，我們的非應計貸款佔總貸款的 0.8%，與 2025 年第二季相比減少了 850 萬美元，至 1.656 億美元。

Turning to slide 12. Classified loans decreased from $432 million to $420 million for Q3 2025. Our special mention loans increased from $310 million to $455 million in Q3 2025. The bank conservatively downgraded six loan relationships totaling $145 million to special mission. I have not met certain debt covenants and have established -- have exhibited short-term financial issues for closer monitoring. The bank believes that these credits will resolved within the next 12 months by either credit upgrades or partial or full payoffs.

翻到第12張投影片。分類貸款在2025年第三季從4.32億美元降至4.2億美元。我們的特別關注貸款在2025年第三季從3.1億美元增至4.55億美元。銀行保守地將六筆總額1.45億美元的貸款關係降級為特殊任務貸款。我方尚未滿足某些債務契約，並且已確定存在短期財務問題，需要更密切的監控。銀行認為，這些貸款將在未來12個月內透過信用升級或部分或全部還款的方式解決。

We recorded a provision for credit losses of $28.7 million in Q3 2025 as compared to $11.2 million in Q2 2025. A $28.7 million provision included $9.1 million for two movie theater loans that we acquired from the acquisition of Far East National Bank and $3.8 million from a change in our CECL model. The AAA gross loan ratio increased from 0.88% for Q2 2025 and to 0.93% for Q3 2025. However, excluding our residential mortgage portfolio, the total reserve to loan ratio would be 1.16%.

我們於2025年第三季提列了2,870萬美元的信貸損失準備金，而2025年第二季的準備金為1,120萬美元。這2870萬美元的準備金中，有910萬美元來自我們收購遠東國民銀行後獲得的兩筆電影院貸款，還有380萬美元來自我們CECL模型的變更。 AAA級貸款總額比率從2025年第二季的0.88%上升至2025年第三季的0.93%。然而，若不計入我們的住宅抵押貸款組合，總準備金與貸款比率將為1.16%。

Total deposits increased by $515 million or 10.5% annualized during Q3 2025, primarily due to increases of $508 million in core deposits and $7 million in time deposits. The increase in core deposits was due to seasonal factors and marketing activities. As of September 30, 2025, total earnings are deposits were $9.1 billion, net of $0.9 billion in collateralized deposits or 44.3% of total deposits.

2025年第三季度，總存款增加了5.15億美元，年化成長率為10.5%，主要原因是核心存款增加了5.08億美元，定期存款增加了700萬美元。核心存款的成長是由於季節性因素和行銷活動。截至2025年9月30日，存款總收益為91億美元，扣除9億美元的抵押存款（佔總存款的44.3%）。

The bank has unused borrowing capacity of $7.2 billion from Federal Home Loan Bank and $1.5 billion from FRB and $1.5 billion in unpledged securities. These available liquidity sources are more than 100% of the uninsured and uncollateralized deposits as of September 30, 2025.

該銀行擁有來自聯邦住房貸款銀行72億美元的未使用借款能力，來自聯邦儲備銀行15億美元的未使用借款能力，以及15億美元的未質押證券。截至2025年9月30日，這些可用的流動性來源佔其無保險和無抵押存款的100%以上。

I will now turn the floor over to our Executive Vice President and Chief Financial Officer, Mr. Heng Chen, to discuss the quarterly financial results in more detail.

現在，我將把發言權交給我們的執行副總裁兼財務長陳恆先生，以更詳細地討論季度財務業績。

Thank you, Chang, and good afternoon, everyone. For Q3 2025 net income increased $0.2 million or 0.3%, $77.7 million from $77.5 million from Q2 2025, primarily due to $17.5 million and higher provision for federal losses offset by $8.4 million in higher net interest income, $5.6 million in higher non-interest income and $1 million lower in non-interest expense and $2.7 million lower in provision for income taxes.

謝謝Chang，大家下午好。 2025年第三季淨利較2025年第二季的7,750萬美元增加20萬美元，成長0.3%，達到7,770萬美元。這主要是由於1,750萬美元的聯邦損失撥備增加，但淨利息收入增加840萬美元，非利息收入增加560萬美元，非利息支出減少100萬美元，所得稅撥備減少270萬美元。

Net interest margin increased to 3.31% for Q3 2025 from 3.27% for Q2 2025. The increase in net interest margin income was due to the lower cost of funds. In Q3 2025, interest recoveries and prepayment penalties added 4 basis points to the net interest margin as compared to adding 3 basis points in net interest margin for Q2 2025.

2025年第三季淨利差從2025年第二季的3.27%上升至3.31%。淨利差收入的增加是由於資金成本下降。 2025年第三季度，利息回收和提前還款罰金使淨利差增加了4個基點，而2025年第二季淨利差增加了3個基點。

Non-interest income for Q3 2025 increased $5.6 million to $21 million when compared to $15.4 million in Q2 2025. The increase was primarily due to a $4.7 million change in mark-to-market unrealized gain on equity securities in Q3 from an unrealized loss of equity securities in Q2.

2025 年第三季的非利息收入從 2025 年第二季的 1,540 萬美元增加 560 萬美元，達到 2,100 萬美元。成長的主要原因是第三季股權證券的以市價計價未實現收益因第二季股權證券的未實現損失而發生了 470 萬美元的變化。

Non-interest expense decreased by $1 million from $89.1 million in Q2 2025 to $88.1 million in Q3 2025. The decrease was primarily due to a $1.5 million increase in professional expense and $0.6 million decrease in data processing, offset by a $1 million higher in long-term housing and solar tax credit amortization. The effective tax rate for Q3 2025 was 17.2% as compared to 19.6% for Q2 2025.

非利息支出從2025年第二季的8,910萬美元減少100萬美元至2025年第三季的8,810萬美元。減少的主要原因是專業費用增加150萬美元，數據處理費用減少60萬美元，但長期住房和太陽能稅收抵免攤銷增加100萬美元，抵消了這一影響。 2025年第三季的有效稅率為17.2%，而2025年第二季的有效稅率為19.6%。

As of September 30, 2025, our Tier 1 leverage capital is decreased to 10.88% as compared to 11.09% in the previous quarter. Our Tier 1 risk-based capital ratio decreased to 13.15% from 13.35% in the previous quarter, and our total risk-based capital ratio decreased to 14.76% from 14.92% in the previous quarter.

截至2025年9月30日，本行一級槓桿資本比率由上季的11.09%降至10.88%。本行一級創投比率由上季的13.35%降至13.15%，總創投比率由上季的14.92%降至14.76%。

Thank you, Heng. We will now proceed to the question-and-answer portion of the call.

謝謝王瑞傑。我們現在進入問答環節。

(Operator Instructions) Matthew Clark, Piper Sandler.

（操作員指示）馬修·克拉克、派珀·桑德勒。

First question, just around the increase in classifieds. And I think you mentioned it was driven by six relationships. And I believe it's commercial real estate related, but any additional color you could provide in terms of the types of commercial real estate and anything chunky in there? I'm just trying to get a sense for if there was a credit to move the needle within that increase?

第一個問題，關於分類廣告的成長。我記得您提到過，這是由六家公司關係推動的。我相信這與商業地產有關，您能否提供一些關於商業地產類型的額外信息，以及其中涉及的具體內容？我只是想了解一下，是否有某種信貸因素推動了這一成長？

No. The largest one, Matthew was about [50 million]. This is a national full-service business printing company. They had a weak second quarter due to the uncertainty regarding tariff and then they have regained momentum in Q3. And once we get their full year financial statements, we expect to upgrade that well to the past.

不。最大的一家，Matthew，大約是[5000萬]。這是一家全國性的全方位服務商業印刷公司。由於關稅方面的不確定性，他們第二季表現疲軟，但在第三季恢復了勢頭。一旦我們拿到他們的全年財務報表，我們預計會將他們的業績提升到過去的水平。

Then we have -- we have a real estate loan in Arizona and there was a loss of one tenant, then the LTV is a little higher than our there are target LTV. And I'll just -- I think then we have the third one that's in Southern California. This is also the property was that had slow leasing, but is expected by the second quarter to be fully leased up. So that's just some color out of the six relationships.

然後，我們在亞利桑那州有一筆房地產貸款，損失了一位租戶，貸款價值比我們的目標貸款價值比略高。我想，我們還有第三筆貸款，在南加州。這筆貸款的租賃情況也比較慢，但預計到第二季將全部租出。以上只是六家公司關係的一些情況。

Okay. And then the increase in theory reserves this quarter, was that related to some of that migration or -- or was that maybe related to the increase in modifications? Just trying to get a sense for what that might be attributed to?

好的。那麼，本季理論儲備的增加，是否與部分遷移有關，或可能與修改的增加有關？只是想了解一下這可能是什麼原因造成的？

Well, the modification, we're going to look at that. We have -- if we renew substandard loan for 90 days, we're treating that as a modification from a [modification]. Our understanding is that other banks regard those significant changes, especially when there's no change in the contractual rate. So we'll be changing our policy later on. But I'm just trying to think of the (technical difficulty). Oh, the reason the CRE reserve for that is because of this 9.2 million additional reserve on the two movie theater loans that we inherited from our acquisition Far East National Bank.

嗯，我們會考慮修改。如果我們將次級貸款續約90天，我們會將其視為對[修改]的修改。我們的理解是，其他銀行會重視這些重大變化，尤其是在合約利率沒有變化的情況下。所以我們稍後會調整政策。不過，我只是在考慮一下（技術難題）。哦，之所以要為此預留CRE儲備金，是因為我們從收購的遠東國民銀行（Far East National Bank）繼承了兩筆電影院貸款，並額外預留了920萬英鎊。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

I wanted to start just on the expense guide. Reiterated, I guess when I look at it, it implies it looks like a pretty decent step-up in the fourth quarter. So I just want to take your temperature on the core expenses in the fourth quarter. If you could maybe share a range of what you're expecting for core expenses. And then if you had the low income housing tax credit amortization you're expecting as well?

我想先從支出指南開始。重申一下，我估計從我的角度來看，它暗示第四季的支出成長相當可觀。所以我想了解一下您對第四季核心支出的預期。能否分享一下您對核心支出的預期範圍？此外，您是否也預期了低收入住房稅收抵免攤銷？

Yeah. So we think we're happy to see the consulting expense decrease or yeah, decrease. Starting here in the third quarter. And then in that loan, we put housing. We had some additional amortization mainly from catching up to the 2024 K1.

是的。所以我們很高興看到諮詢費用下降，或者說，下降。從第三季開始。然後，在那筆貸款中，我們加入了住房。我們有一些額外的攤銷，主要是因為要趕上2024年的K1。

So the -- so long housing is -- yeah, it's -- about $10.5 million. For -- I'm sorry, it's -- yes, it's $11.5 million, sorry, for Q3. But once -- it's a onetime catch-up adjustment based on the K1 that we see from our funds in [Q4] 2024.

所以，長期住房支出大約是1050萬美元。抱歉，是的，第三季是1150萬美元。但這只是一次性的補繳調整，基於我們在2024年第四季從資金中看到的K1。

Got it. Okay. So you'd expect it to remain stable to that 11.5%?

明白了。好的。那麼您預計它會穩定在11.5%這個水準嗎？

Yeah, yeah.

是啊是啊。

And then outside of the amortization, do you feel like core expense run rate for 3Q is a good starting point for the fourth quarter? I know you noted some of the decrease in consulting expense.

那麼，除了攤銷費用之外，您是否認為第三季的核心費用運作率是第四季的一個好起點？我知道您注意到諮詢費用有所下降。

Yeah, yeah.

是啊是啊。

Okay. And then on the bond portfolio, can you remind us how much of the investment book is floating rate? And it looks like yields down 30 basis points or so this quarter. Is that just reflective of the floating rate piece of that book and the move in SOFR we saw this quarter? Or anything else we should appreciate that they came through the securities income line this quarter?

好的。關於債券投資組合，您能否提醒我們一下，投資帳簿中有多少是浮動利率？本季殖利率似乎下降了30個基點左右。這僅僅反映了該帳簿中浮動利率部分以及我們本季看到的SOFR（有價證券融資利率）的變動嗎？或者還有其他什麼因素，我們應該關注它們在本季透過證券收入線體現出來？

Yeah. so Matthew, about 40% of our bond portfolio is six-month treasuries. So as they're rolling down, we're leasing the yield. The rest of our portfolio is the same.

是的。馬修，我們債券投資組合中大約40%是六個月期公債。所以，隨著它們滾動，我們獲得的是收益率。我們投資組合的其餘部分也是一樣。

Got it. Okay. And then last thing I wanted to ask, your capital position is still very strong. We've got what feels like a more amicable regulatory environment. Just wanted to get your updated thoughts on whether M&A was of interest either on the other side of the coin for Cathay.

明白了。好的。最後我想問的是，你們的資本狀況仍然非常強勁。我們感覺監管環境更友善。我只是想了解一下，您對國泰航空是否有興趣進行併購的最新看法。

Sure, Andrew. M&A is always an interest to us, but I think we're very strategic. We're very focused on our organic growth and executing our business plan. If there's a candidate out there that surfaces that makes sense to us, whether it's strategically or financially, then we will absolutely look at it. But of course, that depends on what the ask is, right, in the exchange ratio on that.

當然，安德魯。我們一直對併購很感興趣，但我認為我們非常注重策略。我們非常專注於有機成長和業務計劃的執行。如果有合適的候選人，無論是從策略角度或財務角度來看，我們都絕對會考慮。當然，這取決於要價，以及交易比例。

So I think we would -- we want to make sure we execute something that makes sense. But sometimes if it's just purely financial or an asset play without any other strategic reasons that might not make a ton of sense. So -- but we're always open to that.

所以我認為我們會——我們希望確保我們執行的決策是合理的。但有時，如果只是純粹的財務或資產操作，而沒有其他策略原因，那麼可能就不太合理。所以——但我們始終對此持開放態度。

Gary Tenner, D.A. Davidson.

坦納 (Gary Tenner)、地方檢察官戴維森 (D.A. Davidson)。

I wanted to ask about the loan growth side of the equation here. Obviously, you had change the guide, but I'm curious about what you're seeing in the commercial mortgage segment. There's not a lot of banks out there that have put up real solid commercial mortgage growth this year. So I'm curious what you're seeing in terms of demand and what pricing you're getting on new loans in that segment?

我想問一下貸款成長方面的問題。顯然，您修改了指南，但我很好奇您在商業抵押貸款領域看到的情況。今年很少有銀行實現真正穩健的商業抵押貸款成長。所以我很想知道，您看到的需求情況如何，以及該領域新貸款的定價如何？

Gary, some of the increase is really pull through some of the pull-through from second quarter. I think we had strong CRE portfolio pipeline in the second half of first Q and 2Q was also pretty strong as well. So a lot of those numbers pull through for the third quarter for us.

加里，部分成長實際上是第二季業績的拉動。我認為我們在第一季下半年的商業房地產投資組合表現強勁，第二季也相當強勁。所以，很多數據都為第三季帶來了拉動。

Right now, even in the past few weeks, as we're sitting on our committee calls, the pipeline is definitely slowing down a bit. I think people are waiting for seeing if there's going to be any more rate cuts for perhaps October and maybe even one more in December. So -- but that's been the activities for us.

目前，甚至在過去幾週，當我們召開委員會電話會議時，議案的進展肯定有所放緩。我認為人們正在觀望，看看10月或12月是否會再次降息。所以——但這就是我們的活動。

Even on the pricing end, Gary, I think we're competing on pricing for sure. Just recently, we were looking at a transaction where strong deposits, and we have to bear down a little bit on the margins just to make sure we keep the relationship. So the price competition is still there for sure.

即使在定價方面，加里，我認為我們肯定在價格上存在競爭。就在最近，我們正在考慮一筆需要大量訂金的交易，為了確保維持合作關係，我們必須稍微降低利潤率。所以價格競爭肯定仍然存在。

(Operator Instructions) Kelly Motta, KBW.

（操作員指示）Kelly Motta，KBW。

Maybe looking at the funding side, it looks like on the average balance sheet, other borrowed funds went up. Wondering -- I know you have your loan and deposit guidance. But as we look ahead, if there's any increased competition you're seeing on deposits and how that comes into play now if we get another cut or two here.

從融資方面來看，平均資產負債表上顯示其他借入資金增加。我想知道——我知道您有貸款和存款方面的指導意見。但展望未來，您是否看到存款方面的競爭加劇？如果我們再降息一兩次，這將如何影響現在的情況？

So the competition on deposits is still very fierce out there, Kelly, to be honest, particularly in our California and the New York East Coast. We are seeing even outside of our niche market, the mainstream players offering rates are pretty substantial. Our group and our team, and I make sure they're focusing on this that any time there's rate potential rate cut coming and whether it's the exceptional rates on money market, high balance accounts and those things. So we're executing on those drops in rates pretty quickly.

凱利，說實話，存款業務的競爭仍然非常激烈，尤其是在加州和紐約東海岸。即使在我們的利基市場之外，主流機構提供的利率也相當可觀。我們的團隊和我會確保他們關注這一點，無論何時利率可能下調，無論是貨幣市場的特殊利率，還是高餘額帳戶的特殊利率等等。因此，我們正迅速落實這些利率下調。

In addition, we're also adjusting our exception rates on any of the CD deposits and those kind of things. And the drive for non-interest-bearing and low interest-bearing deposits continues, we're we've built the specialty deposit side in one particular segment, and we're trying to add more to it. And it is going to take some time to really have that impact the liability side of the balance sheet, but that's the objective. So we're going to continue to try to drive down the cost of funds.

此外，我們也正在調整所有定期存款（CD）等的例外利率。我們將繼續推動無息和低息存款的發展，我們已經在一個特定領域建立了專業存款業務，並正在努力增加更多業務。這需要一段時間才能真正對資產負債表的負債端產生影響，但這是我們的目標。因此，我們將繼續努力降低資金成本。

And can you refresh us on your asset sensitivity here in terms of like do you think you're going to be able to lower deposit costs, again, with future rate cuts in order to offset any impact on the asset side. I appreciate the NIM guidance, but you're in the middle of it. So I was wondering if you could provide additional color as to how we should be thinking about the near-term trajectory?

您能否再次談談您對資產的敏感度？例如，您認為未來降息能否降低存款成本，進而抵銷資產方面的影響？我很欣賞淨利差指引，但您目前正處於製定階段。所以，您能否進一步闡述我們該如何看待近期的走勢？

Our model, which we're still trying to improve has us basically flat in a down 25 basis point rate shock -- and we think just based on what happened in 2025 that for every 0.25 point drop in fifth funds over six months, our NIM should go up now 6 or 7 basis points. So would another rate cut possible or here in October or certainly for sure in December and probably 1 or 2 more in '26. We think directionally, our NIM will go up or should go up.

我們仍在努力改進的模型顯示，在利率下調25個基點的衝擊下，我們的收益率曲線基本持平——我們認為，僅基於2025年的情況，五年期基金收益率在六個月內每下降0.25個基點，我們的淨息差（NIM）就應該上升6到7個基點。那麼，是否有可能再次降息，或者在10月份，或者肯定在12月份，以及2026年可能還會再降息1到2次。我們認為，從方向來看，我們的淨利差將會上升，或應該上升。

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

You may have missed it, but just if you had the average net interest margin in the month of September, either on a core basis or reported basis, either way.

您可能已經錯過了，但只要您有 9 月的平均淨利差，無論是基於核心還是報告，無論哪種方式。

Yeah. September was 3 -- this is a month is 3.38% for the month of September. That's a 30-day month, so it's generally, when we have so much in the way of residential mortgages, it's up 3 or 4 basis points higher.

是的。 9月份是3——9月份的利率是3.38%。 9月份有30天，所以一般來說，當我們有大量住宅抵押貸款時，利率會上漲3到4個基點。

Okay. And then the spot rate on deposits either at the end of the month or just the average for the month? The cost?

好的。那麼存款的即期利率是月底的還是當月平均利率？成本是多少？

Yeah. We have, I guess, interest-bearing deposits -- do you want to buy each component Matthew or --

是的。我想，我們有有利息的存款——你想買每個組件嗎？馬修，或者——

No, no, no. Just the overall interest-bearing deposit is fine.

不不不，只要有利息的存款就可以了。

Yeah. 3.16%. That's compared to 3.31% at the end of June.

是的。 3.16%。相比之下，6月底的通膨率為3.31%。

Okay. So that's the end of September?

好的。那麼九月底了嗎？

Right.

正確的。

Thank you for your participation. I will now turn the call back over to Cathay General Bancorp's management for closing remarks. Please go ahead.

感謝各位的參與。現在，我將把電話轉回給國泰萬通金控管理階層，請他們發表最後致詞。請大家發言。

I want to thank everyone for joining us on our call, and we look forward to speaking with you at our next quarterly earnings release call.

我要感謝大家參加我們的電話會議，我們期待在下次季度收益發布電話會議上與您交談。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

女士們，先生們，感謝各位參加今天的會議。演講到此結束。現在可以斷開連線了。大家好。