East West Bancorp Inc (EWBC) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the East West Bancorp third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 East West Bancorp 2025 年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Adrienne Atkinson, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 Adrienne Atkinson。請繼續。

Thank you, operator. Good afternoon, and thank you, everyone, for joining us to review East West Bancorp's third-quarter 2025 financial results. With me are Dominic Ng, Chairman and Chief Executive Officer; Chris Del Moral-Niles, Chief Financial Officer; and Irene Oh, Chief Risk Officer. This call is being recorded and will be available for replay on our Investor Relations website.

謝謝您，接線生。下午好，感謝大家與我們一起回顧 East West Bancorp 2025 年第三季的財務業績。與我一起的還有董事長兼執行長 Dominic Ng、財務長 Chris Del Moral-Niles 和首席風險長 Irene Oh。本次電話會議正在錄音中，可在我們的投資人關係網站上重播。

The slide deck referenced during this call is available on our Investor Relations site. Management may make projections or other forward-looking statements which may differ materially from the actual results due to a number of risks and uncertainties. Management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to our filings with the Securities and Exchange Commission, including the Form 8-K filed today.

本次電話會議中引用的幻燈片可在我們的投資者關係網站上找到。由於存在多種風險和不確定性，管理層可能會做出預測或其他前瞻性陳述，這些預測或其他陳述可能與實際結果有重大差異。管理階層可能會討論非公認會計準則財務指標。有關風險因素的更詳細描述以及 GAAP 與非 GAAP 財務指標的對照，請參閱我們向美國證券交易委員會提交的文件，包括今天提交的 8-K 表格。

I will now turn the call over to Dominic.

現在我將把電話轉給多明尼克。

Thank you, Adrienne. Good afternoon, and thank you for joining us for our earnings call. I'm proud to report East West's record-breaking financial results for the third quarter.

謝謝你，艾德麗安。下午好，感謝您參加我們的財報電話會議。我很自豪地報告 East West 第三季創紀錄的財務表現。

We continue to grow the bank and reported record quarterly revenue, net income, and earnings per share. This third quarter was also another record quarter for deposits. Our deposit-led growth funded our entire loan growth, allowing us to further optimize our funding mix and contributing to improved liquidity. This deposit growth drove record levels of net interest income for the quarter. We are continuing to attract core deposits while prudently balancing our loan and investment positions to optimize returns.

我們繼續發展銀行業務，並報告了創紀錄的季度收入、淨收入和每股盈餘。第三季也是存款創下新高的另一個季度。我們以存款為主導的成長為我們的整個貸款成長提供了資金，使我們能夠進一步優化資金組合併有助於提高流動性。存款成長推動本季淨利息收入達到創紀錄的水平。我們將繼續吸引核心存款，同時審慎平衡貸款和投資狀況，以優化回報。

On the fee revenue side, everyone of our fee business: Wealth Management, FX, Derivatives, all reported quarter-over-quarter and year-over-year growth. Our Wealth Management business in particular continues to expand strongly reflecting increasing customer penetration and deepening relationships. Asset quality has remained resilient and credit is performing as expected, with low absolute levels of net charge-offs and non-performing assets.

在費用收入方面，我們的所有費用業務：財富管理、外匯、衍生性商品，均報告了季度環比和同比增長。我們的財富管理業務尤其持續強勁擴張，反映出客戶滲透率的提高和關係的深化。資產品質維持彈性，信貸表現符合預期，淨沖銷和不良資產的絕對水準較低。

We have significant capital levels to support our customers and the flexibility to capitalize on opportunities across market environments. With 10% tangible common equity, we continue to operate from a position of strength.

我們擁有充足的資本來支持我們的客戶，並且能夠靈活地利用各種市場環境中的機會。憑藉 10% 的有形普通股權益，我們將繼續保持強勁營運動能。

I will now turn the call over to Chris to provide more details on our third-quarter financial performance.

現在我將把電話轉給克里斯，讓他提供有關我們第三季財務業績的更多詳細資訊。

Thank you, Dominic. Let me start with more details on our deposits.

謝謝你，多米尼克。讓我先介紹一下我們的存款的更多細節。

Looking to slide 4, East West grew deposits by over $1.5 billion in the third quarter. Notably, non-interest-bearing deposits outpace time deposit growth on a percentage basis, reflecting our focus on diversifying our deposit mix. The mixed shift was driven by our branch-based consumer and business banking customers who added to their granular household and small business accounts.

從投影片 4 來看，East West 在第三季的存款增加了 15 億美元以上。值得注意的是，無利息存款的成長百分比超過了定期存款的成長，這反映了我們對存款結構多樣化的關注。這種混合轉變是由我們分行的消費者和商業銀行客戶推動的，他們增加了細粒度的家庭和小型企業帳戶。

Our commercial deposit customers also grew their balances with notable increases in commercial DDA as well. Given the strong deposit inflows, we seize the opportunity during the quarter to reprice our wholesale funding and to strategically reduce our treasury managed deposits, public funds, and federal home loan bank borrowings throughout the quarter. We expect continued deposit growth in Q4.

我們的商業存款客戶的餘額也增加了，商業 DDA 也顯著增加。鑑於強勁的存款流入，我們抓住本季的機會重新定價我們的批發融資，並在整個季度策略性地減少我們的國庫管理存款、公共資金和聯邦住房貸款銀行借款。我們預計第四季存款將繼續成長。

Moving on to loans on slide 5. East West posted another steady balanced quarter of loan growth, with over $800 million of fundings in the third quarter. Commercial real estate balances grew as we continue to support our long-standing clients. Our commercial real estate book remains very granular, with an average loan size of just $3 million and LTDs of less than 50% in most categories.

繼續討論幻燈片 5 上的貸款。East West 銀行再度實現貸款成長穩定的季度，第三季貸款額超過 8 億美元。隨著我們繼續支持長期客戶，商業房地產餘額不斷增長。我們的商業房地產帳簿仍然非常細化，平均貸款規模僅為 300 萬美元，大多數類別的 LTD 不到 50%。

Demand for residential mortgage also proved resilient during the quarter, and our pipelines remain full leading into Q4. We expect residential and consumer lending to be a consistent contributor to our year ahead. C&I grew more modestly this quarter as utilization remained broadly stable.

本季住宅抵押貸款需求也表現出彈性，進入第四季度，我們的貸款管道仍然十分充足。我們預計住宅和消費貸款將成為我們未來一年的持續貢獻者。由於利用率基本上保持穩定，本季商業與工業 (C&I) 成長較為溫和。

Looking to net interest income and margin. Our continued low cost deposit growth strategies drove our record reported NII as we reduced end of period deposit pricing by 10 basis points quarter over quarter. Looking back to the start of the cutting cycle, we have lowered our interest-bearing deposit cost by 77 basis points against the backdrop of 125 basis points of cuts in the Fed's target rate, achieving a down cycle beta of 0.62 even while growing our deposit base over the course of the year.

尋找淨利息收入和利潤率。我們持續的低成本存款成長策略推動了我們創紀錄的 NII，因為我們將期末存款價格較上季降低了 10 個基點。回顧降息週期的開始，在聯準會目標利率下調 125 個基點的背景下，我們將計息存款成本降低了 77 個基點，即使在全年存款基礎不斷擴大的情況下，我們的下行週期貝塔係數仍達到 0.62。

I note that our reported third-quarter NII included $32 million of discount accretion and interest recoveries from the full payment on some purchase credit impaired and workout loans. However, even excluding this amount, our adjusted NII of $645 million was still an all-time quarterly record for East West.

我注意到，我們報告的第三季 NII 包括 3,200 萬美元的折扣累積和部分購買信貸受損和重組貸款全額支付的利息回收。然而，即使不包括這筆金額，我們調整後的 6.45 億美元的 NII 仍創下了 East West 的季度歷史新高。

Moving on to fees on slide 7. Fee income was $92 million, marking another record quarter for East West. Year over year, our fees have grown 13% while our wealth management fees specifically have grown 36%. As Dominic mentioned, all fee categories grew, reflecting our sustained focus on building out new products, services, and capabilities for our customers.

繼續討論幻燈片 7 上的費用。費用收入達到 9,200 萬美元，創下了 East West 季度的另一個紀錄。與去年同期相比，我們的費用增加了 13%，而我們的財富管理費用則增加了 36%。正如 Dominic 所提到的，所有費用類別都在成長，這反映了我們持續致力於為客戶打造新產品、服務和新功能。

Turning to expenses on slide 8. Total operating expenses were $261 million for the quarter. This amount included $27 million of additional compensation expense relating to a one-time change in our equity award recognition for retirement eligible employees. Even including these charges, East West continued to deliver industry-leading efficiency while investing for our future growth. The reported Q3 efficiency ratio was 35.6%.

轉到投影片 8 上的費用。本季總營運費用為 2.61 億美元。該金額包括 2,700 萬美元的額外薪資費用，與我們對符合退休條件的員工的股權獎勵認可的一次性變更有關。即使包括這些費用，East West 仍繼續提供領先業界的效率，同時為未來的成長進行投資。報告的第三季效率比率為 35.6%。

With that, let me hand the call over to Irene for a comment on credit and capital.

說完這些，讓我把電話交給艾琳，請她對信貸和資本發表評論。

Thank you, Chris, and good afternoon to all on the call. As you can see on slide 9, our asset quality metrics continue to broadly outperform the industry.

謝謝你，克里斯，祝所有參加電話會議的人下午好。正如您在第 9 張投影片上看到的，我們的資產品質指標繼續遠遠優於業界。

We recorded net charge-offs of 13 basis points in the second quarter, or $18 million, compared to 11 basis points in the prior quarter [over] $15 million. We recorded a lower provision for credit losses of $36 million compared with $45 million for the second quarter. Our nonperforming and criticized loan balances continue to be a low, relatively stable levels. Total nonperforming assets were 25 basis points as of September 30, 2025. Total criticized loans were down to 2.14%, largely reflecting declines in commercial real estate and residential mortgage criticized loans. We remain vigilant and proactive in managing our credit risks.

我們在第二季記錄的淨沖銷額為 13 個基點，即 1,800 萬美元，而上一季的淨沖銷額為 11 個基點，即 1,500 萬美元。我們記錄的信貸損失準備金為 3,600 萬美元，低於第二季的 4,500 萬美元。我們的不良貸款和受批評貸款餘額繼續保持在較低、相對穩定的水平。截至 2025 年 9 月 30 日，不良資產總額為 25 個基點。受批評貸款總額下降至 2.14%，主要反映了商業房地產和住宅抵押貸款受批評貸款的下降。我們始終保持警惕並積極主動地管理我們的信用風險。

Turning to slide 10. Reflecting the ongoing overall uncertainty in the economic outlook, we increased our overall allowance for credit losses this quarter to $791 million, or 1.42% of loans, 1.38% as of the prior quarter end. While we continue to monitor changes to the overall economy and geopolitical events, we believe we are adequately reserved for the content of our loan portfolio as of September 30, 2025.

翻到第 10 張投影片。考慮到經濟前景持續存在的整體不確定性，我們將本季的整體信貸損失準備金提高至 7.91 億美元，佔貸款的 1.42%，而上一季末為 1.38%。雖然我們繼續關注整體經濟和地緣政治事件的變化，但我們相信，截至 2025 年 9 月 30 日，我們的貸款組合內容已充分保留。

Turning to slide 11. As Dominic mentioned, our strong capital levels allow us to operate from a position of significant strength and support our customers with confidence. All of East West's regulatory capital ratios remain well in excess of regulatory capital requirements for well-capitalized institutions and place us amongst the best capitalized banks.

翻到第 11 張投影片。正如多明尼克所提到的，我們強大的資本水平使我們能夠以強大的實力運作並充滿信心地為客戶提供支援。所有 East West 銀行的監理資本比率均遠高於資本充足機構的監理資本要求，使我們躋身資本狀況最佳的銀行之列。

In the third quarter, East West repurchased approximately 25 million shares of common stock. We currently have $216 million of repurchase authorization that remains available for future buybacks. East West's fourth-quarter 2025 dividends will be payable on November 17, 2025, to shareholders of record on November 3, 2025.

第三季度，East West 回購了約 2,500 萬股普通股。我們目前擁有 2.16 億美元的回購授權，可供未來回購。East West 2025 年第四季的股利將於 2025 年 11 月 17 日支付給 2025 年 11 月 3 日登記在冊的股東。

I'll now turn it back to Chris for -- to share our outlook. Chris?

現在我將把話題轉回給克里斯——分享我們的觀點。克里斯？

Thank you, Irene. We are making a few updates to our full-year outlook which is presented on slide 12. We've incorporated the quarter and forward curve and assumed two additional rate cuts will occur over the course of the fourth quarter.

謝謝你，艾琳。我們對第 12 張投影片中所展示的全年展望做了一些更新。我們結合了季度和遠期曲線，並假設第四季將再進行兩次降息。

Given those rate cuts, but also given our improved deposit mix, we now see both net interest income and revenue trending to better-than-10% growth for the full year. In addition, following the comments Irene just gave, given our resilient credit performance, we now expect full-year net charge-offs to be in the range of 10 to 20 basis points of reduction from our prior guidance.

考慮到這些降息，以及我們存款組合的改善，我們現在預計全年淨利息收入和收入都將實現超過 10% 的成長。此外，根據艾琳剛才的評論，鑑於我們穩健的信貸表現，我們現在預計全年淨沖銷額將比我們先前的預期減少 10 至 20 個基點。

With that, I'll now open the call to questions. Operator?

現在，我開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Chris, at a recent conference, you said that East West is liability sensitive in the very near term. So can you just walk us through how you expect loan yields and deposit costs to perform as we get a couple more rate cuts this year, which I think is embedded in your guide, and then where there might be some give back once the Fed stops cutting rates?

克里斯，在最近的一次會議上，您說東西方在短期內對責任很敏感。那麼，您能否向我們介紹一下，隨著今年我們再進行幾次降息，您預計貸款收益率和存款成本將如何表現（我認為這已經包含在您的指南中），以及一旦美聯儲停止降息，可能會出現哪些回報？

Sure. So we have moved to a cycle where we're now updating our deposit pricing the night of any given Fed action. So we are the nearly automated process for the vast majority of our consumer and commercial accounts where we're immediately passing through those rate cuts on the day of. That acceleration of that rate action movement on a downward basis means that we're repricing our deposits that same day and our loans often reprice with some lag, whether that's the next month's end, the next reset date, the next repricing period, which is sometimes specified can be a week later, can be almost six or eight weeks later.

當然。因此，我們已經進入了一個週期，在聯準會採取任何行動的當晚，我們都會更新存款定價。因此，對於絕大多數消費者和商業帳戶，我們幾乎採用自動化流程，在當天立即進行降息。利率行動向下加速意味著我們在同一天重新定價我們的存款，而我們的貸款重新定價通常會有一些滯後，無論是下個月底，下一個重置日期，下一個重新定價期，有時指定為一周後，可能是六週或八週後。

And so we're seeing the benefit of the immediate deposit repricing hit us first followed by the negative of the loan repricing sometimes weeks later, and that's resulted in a small and immediate repricing benefit with each Fed cut. That will catch up to us, of course, when the Fed stops cutting, and in additional, when the Fed -- when there's no more additional further Fed cast in the forward curve, our CD pricing, which benefits from an expectation of declining rates will also catch up with us.

因此，我們看到即時存款重新定價的好處首先出現在我們面前，然後是貸款重新定價的負面影響，有時是在幾週後，這導致每次聯準會降息都會帶來小幅且即時的重新定價效益。當然，當聯準會停止降息時，我們也會受到影響，此外，當聯準會——當聯準會不再在遠期曲線上進一步投放更多資金時，受益於利率下降預期的 CD 定價也會受到影響。

So as we look forward today, we expect a few cuts into Q4. This will be probably a modest positive for us in Q4 and then perhaps lesser impact item as we move through until the Fed is done and start moving in the other direction or flattens out.

因此，展望今天，我們預計第四季會出現一些削減。這對我們第四季來說可能是一個適度的利好，但隨著時間的推移，影響可能會較小，直到聯準會結束行動並開始朝另一個方向發展或趨於平穩。

Got it. So as we think about NII your guide implies, I guess, NII of about $650 million, $660 million in 4Q. Is that a good jumping off point for next year? Or given the strong balance sheet growth that you are already seeing?

知道了。因此，當我們考慮 NII 時，我猜您的指南暗示第四季度的 NII 約為 6.5 億美元、6.6 億美元。這是明年的一個好起點嗎？或者考慮到您已經看到的強勁的資產負債表成長？

I think balance sheet growth remains to be seen. I think we're highlighting some uncertainty in the outlook and some uncertainty in the economy, and it will clearly be a function of how those uncertainties unfold over the course of 2026. So we're not here to provide 2026 guidance. But as I look at Q4, I think there's a lot of reasons why we'll be very thoughtful in making sure we're supporting our core customers and our line customers, but not going out to try and hit the cover off the ball on new loan growth, trying to just deliver for our customers and be consistent in the marketplace.

我認為資產負債表的成長還有待觀察。我認為我們正在強調前景和經濟中的一些不確定性，這顯然將取決於這些不確定性在 2026 年如何展開。因此我們在此不提供 2026 年的指導。但當我回顧第四季度時，我認為有很多理由讓我們非常謹慎地確保我們支持我們的核心客戶和我們的線路客戶，但不會試圖在新的貸款成長上取得突破，而是試圖為我們的客戶提供服務並在市場上保持一致。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Chris, maybe just following up on the balance sheet growth comment. When we look at especially like the noninterest-bearing deposit growth better than expected this quarter, just talk to us in terms of are there certain verticals driving that growth? Like what's the momentum there?

克里斯，也許只是跟進資產負債表增長的評論。當我們看到本季無息存款成長好於預期時，請問是否有某些垂直產業推動了這一成長？那裡的勢頭如何？

Could we actually now -- are we at a point with the Fed probably getting close to ending Q2 just from a system standpoint. Could we see NIB mix actually grew as a percentage of total deposits moving forward?

我們現在實際上可以嗎——從系統角度來看，聯準會可能已經接近結束第二季了。我們是否可以看到 NIB 組合在未來的總存款中所佔的百分比實際上有所增長？

So as we think about it, the drivers this quarter clearly included a nice lift in household accounts, a nice lift in small business accounts and further positives from our commercial. So we really saw it in all three major categories. And so it was broad based, but driven by our consumer and retail bank group. And so we continue to believe that will be a source of continued DDA growth as we move into the fourth quarter.

因此，當我們思考這一點時，本季的驅動因素顯然包括家庭帳戶的大幅成長、小型企業帳戶的大幅成長以及商業方面的進一步利多。所以我們確實在所有三個主要類別中都看到了它。因此，它的基礎是廣泛的，但受到我們的消費者和零售銀行集團的推動。因此，我們繼續相信，隨著進入第四季度，這將成為 DDA 持續成長的來源。

We're not yet guiding for 2026, but I'd like to think that, as you alluded to, our stability in DDA growth has found its footing here, and we are tracking at roughly 25% or so of new deposit growth in line with the bank's growth coming in the form of DDA, and that feels like a comfortable level at today's interest rate environment.

我們尚未制定 2026 年的指引，但我想，正如您所提到的，我們的 DDA 增長穩定性已在這裡站穩腳跟，並且我們追踪的新存款增長率約為 25%，與銀行以 DDA 形式實現的增長一致，這在當今的利率環境下感覺是一個舒適的水平。

We have said previously, we see the DDA mix as interest rate level dependent. So if we go down 100 basis points from here, I would assume that 25% gets a little better. But at these levels, 25% seems like the right place to think about as we move into 2026.

我們之前曾說過，我們認為 DDA 組合取決於利率水準。因此，如果我們從現在開始下降 100 個基點，我認為 25% 會稍微好一點。但從這些水平來看，隨著我們進入 2026 年，25% 似乎是一個值得考慮的正確水平。

Got it. And I guess maybe just as a follow-up for you or maybe, Irene, when looking at the credit metrics, just talk to us what you're seeing when we look at relative stability, I guess, on criticized loans as you laid out our nonperforming assets. But when you think about just both from a C&I and commercial real estate, where are the soft spots? And then again, you break down your C&I disclosure around this focus on the NFI loans. Just your visibility around this portfolio, your comfort on sort of the credit quality of the nonbank lending piece of it?

知道了。我想也許只是為了跟進一下，艾琳，當查看信用指標時，請告訴我們，當我們查看受批評的貸款的相對穩定性時，您看到了什麼，正如您列出的不良資產一樣。但是，當你從工商業和商業房地產的角度考慮時，薄弱環節又在哪裡呢？然後，您再次圍繞 NFI 貸款這一重點分解您的 C&I 披露。您對這個投資組合的了解程度如何？您對其中非銀行貸款部分的信用品質有何信心？

Sure, EB. So first, when we talk about credit quality, I would say that when we look at credit quality and the loan portfolio today, it's very stable. I think that that is something we have been pleasantly surprised at, especially given really the absolute low levels of problem loans in coming that we are seeing and have continued to see and also the metrics that you see for MPA criticized classified loans, delinquencies, et cetera.

當然，EB。首先，當我們談論信用品質時，我想說，當我們看今天的信用品質和貸款組合時，它非常穩定。我認為這是我們感到驚訝的事情，特別是考慮到我們看到的和持續看到的問題貸款水平確實很低，而且 MPA 批評的分類貸款、拖欠率等指標也是如此。

So that's something we have maintained, I would say, a lot of discipline on as far as ensuring that we don't have concentrations in one area. That's something that we continue to do on the [prebox], single-family. And then also from a C&I perspective, I think you also asked about the, I guess, the topic of this earnings cycle and FI book, we do have MBIFI exposure. It's about 13% of our total loan portfolio as of 9/30.

因此，我想說，我們一直保持嚴格的紀律，以確保我們不會只專注於某一領域。這是我們繼續在 [prebox] 單戶住宅上做的事情。然後從 C&I 的角度來看，我想您也問到了這個收益週期和 FI 書籍的主題，我們確實有 MBIFI 曝險。截至 9 月 30 日，這約占我們總貸款組合的 13%。

(technical difficulty) any comments there? Go ahead.

（技術難題）有什麼意見嗎？前進。

Sure. When we look at the MBFI book that we have, and I'll just -- maybe to make sure it's very clear, we don't have any direct exposure to tricolor first brands, Cantor or any of the developers or related entities behind Cantor as well, right? When we look at that MBFI box, much of it has been customers that we have kind of grown and industry verticals that we have grown over many years. If we look at the different subsets of that, a big component of that, you see the details on slide 15, where we show the loan portfolio and the composition of C&I.

當然。當我們查看我們擁有的 MBFI 書籍時，我只是想確保它非常清楚，我們沒有直接接觸三色第一品牌、Cantor 或 Cantor 背後的任何開發商或相關實體，對嗎？當我們查看 MBFI 框框時，其中大部分都是我們多年來發展的客戶和行業垂直領域。如果我們看一下其中的不同子集，即其中的一個重要組成部分，您會在幻燈片 15 上看到詳細信息，其中我們展示了貸款組合和 C&I 的構成。

A big component of that is capital call lending, also other elements within that you see are in the real estate investment and management sector, financial services, art finance, consumer finance, and equipment finance. And I would say for East West, when we look at this, generally, we're comfortable. These are clients that we have been working with for a long time. We also ensure that from a collateral perspective, our collateral is secured. This is something that we independently validate or confirm as well.

其中一個重要組成部分是資本利得貸款，此外，您還可以看到其中的其他元素包括房地產投資和管理領域、金融服務、藝術品金融、消費金融和設備金融。我想說，對於東西方來說，當我們看待這個問題時，總體來說，我們感到很舒服。這些都是我們已經合作很久的客戶了。我們也確保從抵押品角度來看，我們的抵押品是安全的。這也是我們獨立驗證或確認的事情。

So overall, when I look at this portfolio, EB, at this point in time, I'm comfortable. If you look at the subset of C&I loans, we only have two loans totaling $7 million that are not rated pass. There are virtually no losses or charge-offs and delinquency out of 9/30 was $1 million.

因此，總的來說，當我此時審視這個投資組合 EB 時，我感到很滿意。如果你看一下 C&I 貸款的子集，我們只有兩筆總額為 700 萬美元的貸款未獲得通過評級。幾乎沒有任何損失或沖銷，9/30 的拖欠金額為 100 萬美元。

And I want to add, even historically for the past 15 years, we hardly had any losses in the NDPI portfolio. So this is something that we feel pretty strongly that so far, so good and that has historically been very good.

我想補充一點，即使從過去 15 年的歷史來看，我們的 NDPI 投資組合也幾乎沒有任何損失。因此，我們強烈感覺到，到目前為止，一切都很好，而且從歷史上看，情況一直都很好。

To a certain extent, EB, credit is credit, and it's all about knowing your customer, perfecting your collateral, managing your concentration risk and monitoring the cash flows, and East West has a long-standing track record of being very good at all of those things.

在某種程度上，EB，信用就是信用，而這一切都與了解你的客戶、完善你的抵押品、管理你的集中風險和監控現金流有關，而 East West 在所有這些事情上都有著長期良好的記錄。

Agreed. Thanks for that.

同意。謝謝。

Dave Rochester, Cantor.

戴夫·羅徹斯特，領唱者。

And that's a different Cantor -- just one of the -- exactly -- appreciate the -- Exactly. On fees, your trends there have been consistently very strong. Can you just talk about some of your efforts to build out some of those fee-based lines? Specifically, wealth management that you highlighted earlier? And then can you give an update on where you stand on the new FX platform?

這是不同的康托爾 — — 只是其中之一 — — 確實 — — 欣賞 — — 確實如此。就費用而言，你們的趨勢一直非常強勁。您能否談談您為建立一些收費線路所做的努力？具體來說，就是您之前強調的財富管理嗎？那麼能否介紹一下您對新外匯平台的看法？

Sure. So we continue to build out the team around our wealth management area because the reality is it continues to provide additional opportunity. And with each new set of hires, we're finding additional growth opportunities, additional client penetration opportunities and additional, frankly, revenue opportunities. And so we continue to invest in direct hires in that line of business, and we continue to invest in some new product development alongside those new hires to get ourselves to the right place.

當然。因此，我們繼續圍繞財富管理領域組建團隊，因為現實情況是它繼續提供額外的機會。隨著每一批新員工的加入，我們都在尋找更多的成長機會、更多的客戶滲透機會，坦白說，還有更多的收入機會。因此，我們繼續投資於該業務線的直接招聘，並且我們繼續投資於一些新產品的開發以及新員工的招聘，以使自己走上正確的道路。

With regard to our payments business, we continue to roll out and develop enhanced payment solutions, and we're working through integrating that with the FX platform, Dave, that I think you're referring to that we are continuing to develop the APIs for so that we can be in a better position, we believe, in 2026 to have that capability launched.

關於我們的支付業務，我們將繼續推出和開發增強型支付解決方案，我們正在努力將其與 FX 平台相結合，Dave，我想你指的是我們正在繼續開發 API，以便我們能夠處於更好的位置，我們相信，在 2026 年推出該功能。

That's great. Early in '26 or later in the year?

那太棒了。是 26 年初還是稍後？

I think the wire payment capability will be immediately ready for a subset of our customers, frankly, here at the end of Q4 and broadening to a broader set throughout 2026. And then the foreign exchange capability will come probably mid to later in the year.

坦白說，我認為電匯支付功能將在第四季末立即為我們的部分客戶做好準備，並在 2026 年擴展到更廣泛的客戶群。外匯兌換能力大概會在今年年中或年末實現。

Great. Appreciate that. And then just switching to capital, the TCE ratio is at 10.2% now. I know you mentioned you like that 10% level. And I was just curious if you're going to end up liking 11% at some point? Or if maybe the outlook for growth and buybacks might be accelerating a little bit next year and can keep that sort of stable from here? Any thoughts on that?

偉大的。非常感謝。然後轉到資本，TCE 比率現在為 10.2%。我知道您提到您喜歡 10% 的等級。我只是好奇你最終是否會喜歡 11%？或者明年成長和回購前景可能會略​​有加速，並且能保持穩定？對此有什麼想法嗎？

Yeah. We're looking at all different scenario. One thing for sure is that we always wanted to be one of the strongest [in our] all peers when it comes to capital ratio because it really helped us to attract customers, to attract talents to come join East West Bank.

是的。我們正在研究各種不同的情況。可以肯定的是，我們一直希望在資本充足率方面成為所有同行中最強的銀行之一，因為這確實有助於我們吸引客戶、吸引人才加入華美銀行。

And for us to do well, we need to have strong talents to build relationship with great customers, and having strong capital and make it much easier for us to attract talent and attract clients. So with that, it's just part of the formula of us being successful. And as you look at our return on equity and return on assets, we generate high teens in return on equity and 1.8%-plus on return on asset.

為了做得好，我們需要擁有強大的人才來與優秀的客戶建立關係，並擁有強大的資本，這讓我們更容易吸引人才和客戶。所以，這只是我們成功秘訣的一部分。從我們的股本報酬率和資產報酬率來看，我們的股本報酬率高達百分之十幾，資產報酬率則達到 1.8% 以上。

With that kind of return, we outperformed most of our peers anyway despite the fact that we have substantially higher capital. So obviously, in our perspective is that strength of high capital ratio help us to continue to generate this kind of high performance, and we want to stick with that. But that doesn't mean that we are not going to be looking for opportunistic buyback.

儘管我們的資本實力雄厚，但憑藉這樣的回報，我們的業績仍然優於大多數同業。因此，顯然，從我們的角度來看，高資本比率的優勢有助於我們繼續創造這種高績效，我們希望堅持這一點。但這並不意味著我們不會尋求機會回購。

We got Board-approved allocation, about external amount to do buyback at the appropriate time, so we're always looking for opportunities. Have we not been in a quiet period, the last several days was a pretty good opportunity. So every now and then, there's always a few weeks out of the year. It's a great opportunity. And our advantage is that we always have these kind of situation that allow us to do the right thing at the right time and not having a gun on our head to do something, right?

我們獲得了董事會批准的分配，即在適當的時候進行外部回購的金額，所以我們一直在尋找機會。我們不是正處於一段平靜期嗎，過去幾天是一個很好的機會。因此，一年中總會不時出現幾個星期。這是一個很好的機會。我們的優勢在於，我們總是有這種情況，讓我們能夠在正確的時間做正確的事情，而不是被人拿槍指著頭去做某事，對吧？

The other thing would be, obviously, from a dividend standpoint. After the fourth quarter, we're always going to be start looking into reassessing how much dividend we want to pay. And obviously, there are always opportunity for us to possibly increase dividend and we are always out there looking for whatever other opportunity for us to grow. And so I think we're in a very, very advantaged position right now with the strong capital, and then we're going to continue to stick with that.

顯然，另一件事是從股利的角度來看。第四季之後，我們將開始重新評估我們想要支付多少股息。顯然，我們總是有機會增加股息，我們也一直在尋找任何其他能夠成長的機會。因此我認為，憑藉雄厚的資本，我們現在處於非常有利的地位，我們將繼續堅持這一點。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Chris, going back to your deposit-related commentary on ability to reprice deposits, just what's the size of that base that gets repriced that same day?

克里斯，回到你關於存款重新定價能力的存款相關評論，同一天重新定價的基礎規模到底是多少？

It's the vast majority of everything other than the CDs and of course, the noninterest-bearing. So substantially all of the money markets, all of the interest-bearing checking and even the savings accounts that are above 1%. So a lot on the order of magnitude, [24 billion-ish] or so?

這是除 CD 和無息資產之外的絕大多數資產。因此，基本上所有的貨幣市場、所有有利息的支票帳戶，甚至利率超過 1% 的儲蓄帳戶都是如此。那麼數量級上很多嗎，[240 億左右] 左右？

Okay. Great. And then maybe looking at some of the tariff-related impact. We're hearing from some others that you're starting to see a little bit of relief there in their third quarter loan growth as clarity increases in some cases. is East West seeing any of that? Was that any part of the 3Q growth? Or is this really still an opportunity as maybe we get a little bit more clarity on some of the tariffs that may be more impactful to your client base?

好的。偉大的。然後也許會考慮一些與關稅相關的影響。我們從其他人那裡聽說，隨著某些情況變得更加明朗，你們開始看到他們第三季的貸款成長有所緩解。東方西方銀行看到這些了嗎？這是第三季成長的一部分嗎？或者這真的仍然是一個機會，因為也許我們可以更清楚地了解一些可能對您的客戶群影響更大的關稅？

Look, I think clarity is going to be good for our customers, for the economy, for everyone. And so reduce tensions and increased transparency and clarity about what will happen is in everyone's best interest here. That having been said, our customers have proved remarkably resilient throughout this period. They have taken steps to prepare themselves well in advance, taken steps here in the interim to do other things. and seem to be looking forward to business opportunities and finding the right way to do business in whatever environment presents itself.

聽著，我認為清晰度對我們的客戶、對經濟、對每個人都有好處。因此，緩解緊張局勢、提高透明度和清晰度，對即將發生的事情有最大利益。話雖如此，我們的客戶在整個這段時期都展現了強烈的韌性。他們已經採取措施提前做好準備，並在此期間採取措施做其他事情，似乎期待商業機會並找到在任何環境下開展業務的正確方法。

We like to think that East West is very nimble. Our customers have proven remarkably nimble and we think they'll find a way to navigate through whatever environment exists. But right now, they're not coming to us with concerns about navigating the current waters.

我們喜歡認為東西方非常靈活。事實證明，我們的客戶非常靈活，我們相信他們能夠找到一種方法來應對任何現有的環境。但目前，他們來找我們並不是擔心如何在目前的水域中航行。

Okay. Great. And then just one last one for me, maybe for Irene. Just looking at slide 9, the linked quarter reduction in multifamily criticized loans and then kind of the linked quarter increase in commercial real estate nonperformers. Was there any migration from the multifamily book into NPAs there? And then just maybe talk a little bit more broadly about California multifamily. It's been a topic that's in getting a little bit more focus.

好的。偉大的。最後，還有一句話送給我，也許也送給艾琳。只要看一下投影片 9，就會發現受批評的多戶型貸款較上季有所減少，而商業房地產不良貸款則是環比季度增加。那裡是否有從多戶住宅書籍向 NPA 的遷移？然後也許可以更廣泛地談論一下加州的多戶住宅。這是一個越來越受到關注的議題。

I didn't hear the last part of your question. Could you just repeat that?

我沒有聽到你問題的最後一部分。你能再說一次嗎？

Yeah. The linked quarter reduction in criticized multifamily versus the quarter-on-quarter step-up in commercial real estate nonperformers. Was any of that related? And then just maybe speak to the broader multifamily environment in California that's been getting a little bit more questions.

是的。受批評的多戶住宅數量則是環比下降，而商業不動產不良資產數量則是環比上升。這些有關係嗎？然後也許可以談談加州更廣泛的多戶家庭環境，這個問題引起了更多的疑問。

Great. Okay. So when we look at the linked quarter reduction in multifamily, albeit at a very low base, the reduction was really kind of the ability to kind of upgrade loans, right? So really, the cash flows were there, we were able to upgrade them for multifamily. For CRE, the changes that we've seen as far as the criticized levels there, excluding multifamily as well, overall, I would say that there are inflows and outflows that happen there, generally speaking. It is something where we find it very manageable at this point.

偉大的。好的。因此，當我們觀察多戶型房屋的季度連跌幅度時，儘管基數很低，但這種下降實際上是一種升級貸款的能力，對嗎？所以實際上，現金流是存在的，我們能夠將其升級為多戶住宅。對於 CRE，就我們所看到的受批評的水平而言，也不包括多戶型，總體而言，我想說，一般來說，那裡有流入和流出。我們發現目前這是一個非常容易解決的問題。

For multifamily in the markets that we are in, which is largely California, we're finding that the markets continue to be holding up. When we look at kind of the cash flows and the information that we are receiving for our customers, their ability to debt service continues to be very resilient.

對於我們所處的市場（主要是加州）的多戶住宅而言，我們發現市場持續保持強勁。當我們查看現金流量和我們從客戶那裡獲得的資訊時，我們發現他們的償債能力仍然非常強。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Good afternoon. Maybe sticking with credit. Irene, could you just talk through the thought process behind the sale of nonperformers? And it looks like, I guess, you must have got some good pricing on that, assuming that the NII benefit is mostly interest recoveries. Is there an opportunity to do more NPL sales?

午安.也許堅持信用。艾琳，您能談談出售不良資產背後的想法嗎？而且我猜，看起來你一定對此有了一些很好的定價，假設 NII 收益主要是利息回收。是否有機會進行更多不良貸款銷售？

It wasn't in a sale, it was a full payoff from an existing set of customers where the loans -- at least one of them was -- had been nonaccrual for years. So it was the full payoff, the recovery of the principal, recovery of our prior charge-offs, and the recovery of years and years of accrued interest that had compounded.

這不是一筆銷售，而是對現有客戶全額償還的貸款——至少其中有一筆——多年來一直未計息。因此，這是全額還款，收回本金，收回我們先前的沖銷，以及收回多年來累積的利息。

So it wasn't a sale. It was just we worked with the customers long enough and well enough that collectively we were able to recover in full.

所以這不是一筆銷售。只是我們與客戶合作的時間夠長、合作得夠好，我們才能夠完全恢復。

Okay. You just have to do that now with everyone else, right? It will be -- that sounds easy.

好的。你現在就必須和其他人一起這樣做，對嗎？將會如此——聽起來很簡單。

Dominic expects that on pretty much everything. So yes, that's the mandate around.

多明尼克對幾乎所有事情都有這樣的期望。是的，這就是我們的使命。

Okay. All right. Well, that's good color. And then I guess just looking at expenses, with all this growth in fees, especially on the wealth management side, how should we think about correlating growth on the expense side? I guess I was a little surprised to see such good expense control with that fee income growth.

好的。好的。嗯，顏色不錯。然後我想，僅從費用來看，隨著費用的不斷增長，特別是在財富管理方面，我們應該如何考慮費用方面的增長？我想我有點驚訝看到如此好的費用控制和如此高的費用收入增長。

Look, I think if you look over the last several years, we've been growing at a steady clip in the upper-single digits. We continue to grow in aggregate at that level here even into this year. And so the reality is we continue to grow the bank, we're always looking to obviously grow on an accretive basis. But if we're growing revenue double digits, then I certainly have no problem with expenses growing in the high-single digits and creating operating leverage as we continue to grow.

看看吧，我認為如果你回顧過去幾年，我們一直以個位數的穩定速度成長。即使到了今年，我們的整體水準仍將繼續成長。因此，現實情況是，我們會繼續發展銀行，我們始終希望以增值的方式成長。但如果我們的收入以兩位數成長，那麼我當然不介意支出以高個位數成長，並在我們繼續成長的同時創造經營槓桿。

Yes. But I guess, should we -- is there any sort of pay-for-performance component to the wealth management growth and any of the other stuff? Or is it really just more salary and bonus and we shouldn't tie them directly to that growth?

是的。但我想，我們應該——財富管理成長和其他方面是否存在任何形式的績效工資成分？或者這實際上只是更多的工資和獎金，我們不應該將它們直接與成長掛鉤？

No. When we think about our fee revenue businesses, for sure, our wealth management businesses, they have a higher efficiency ratio to their business model. And I think as Dominic alluded to on our last call, we'll be happy to see our expenses grow a little bit faster if we're growing our fee businesses faster because those obviously are good, long, sustainable revenue streams that we think the market values at a premium, that we value at a premium internally and that we'll be happy to pay people for to generate over time.

不。當我們考慮我們的費用收入業務，當然還有我們的財富管理業務時，它們的商業模式具有更高的效率比率。我認為，正如多米尼克在上次電話會議上提到的那樣，如果我們的費用業務增長得更快，我們會很高興看到我們的支出增長得更快一些，因為這些顯然是好的、長期的、可持續的收入來源，我們認為市場對其價值有溢價，我們內部也對其價值有溢價，並且我們很樂意付錢給人們以隨著時間的推移創造這些收入。

So if our efficiency ratio goes up a little bit because we're developing a steadier, more recurring fee stream, I don't think anyone will be too upset about that.

因此，如果我們的效率比率因為我們正在開發更穩定、更經常的費用流而略有上升，我認為沒有人會對此感到太沮喪。

Maybe I could just also clarify because maybe this is the nature of your question. With that increased fee income, there is increased kind of compensation for those individuals, and that's reflected in the same period, revenue recognition.

也許我也可以澄清一下，因為這也許就是你的問題的本質。隨著費用收入的增加，這些個人的薪酬也隨之增加，這反映在同一時期的收入確認中。

Okay. All right. And then just finally for me. Do you have the impact -- the hedge impact this quarter, I think it was $6 million last quarter?

好的。好的。最後對我來說。您有影響嗎 - 本季的對沖影響，我認為上個季度是 600 萬美元？

It was also a negative $6 million for Q3.

第三季的虧損也為 600 萬美元。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Chris, maybe start with you, just a follow-up on the revenue growth, operating leverage conversation. Does the operating leverage outlook get any easier with deregulation and the momentum there in terms of what you're spending on, perhaps currently that you might be able to either cut or divert next year?

克里斯，也許從你開始，只是跟進收入成長、經營槓桿的對話。隨著管制的放鬆以及您目前的支出勢頭，經營槓桿前景是否會變得更容易，也許您明年可以削減或轉移目前的支出？

I think the things that are in flight are largely things that we recognize as appropriate to have a better-control, better-managed, better-monitored bank in the long run. We are, of course, developing plans for what might come a few years down the road. But I would say we are generally today doing things that make sense for our business, makes sense for our customers and makes sense for the shareholders, and that continues to be what we focus on.

我認為，目前正在採取的措施大部分都是我們認為適合長期實現更好控制、更好管理、更好監控的銀行的措施。當然，我們正在為未來幾年可能發生的事情制定計劃。但我想說，我們今天所做的事情總體上對我們的業務有意義，對我們的客戶有意義，對股東有意義，而這仍然是我們關注的重點。

Okay. Great. And then the second question would be on just loan demand from clients. I know you touched upon it a little bit before, but what do you think it will take to get the loan book growing at a quicker rate in 2026?

好的。偉大的。第二個問題是關於客戶的貸款需求。我知道您之前稍微提到過這一點，但您認為需要做些什麼才能使 2026 年的貸款金額以更快的速度增長？

Look, I think our residential mortgage demand is fairly steady and consistent. The American dream is alive and well. And for the niche that we focus in on, it's a very steady, consistent contributor to our business.

看起來，我認為我們的住宅抵押貸款需求相當穩定且一致。美國夢依然鮮活存在。對於我們關注的利基市場，它對我們的業務做出了非常穩定、持續的貢獻。

On the real estate side, it's been interesting. I think you've heard me say on these calls and Dominic say in other forms that it felt like for a while, some of our best customers were sitting on the sidelines. We've seen some of them come back and look at things and some of them even start to do things. So I think real estate is at the edge of additional interest.

從房地產方面來看，這很有趣。我想你已經聽到我在電話中說過，而且多米尼克也以其他方式說過，感覺有一段時間，我們的一些最好的客戶都坐在場邊。我們看到他們中的一些人回來查看事物，其中一些甚至開始做事。因此我認為房地產正處於額外利益的邊緣。

Lower rates will probably create more opportunities for things to happen in that space. Dominic said, a few cuts ago that he thought 100 basis points would probably be enough to bring some market back into alignment. I think we're still 50 basis points away from that. So a few more cuts, maybe into next year and real estate could have some more traction. We'll see how that plays out.

較低的利率可能會為該領域的發展創造更多機會。多明尼克表示，在幾次降息前，他認為 100 個基點可能足以讓市場恢復正常。我認為我們距離這個目標還有 50 個基點。因此，如果明年再降息幾次，房地產可能會有更大的發展空間。我們將拭目以待事情會如何發展。

And then on the C&I side, I think, Irene alluded to the fact that we've got a lot of private equity capital call-line-type activity. That portfolio has been relatively quiet. Lower rates probably means they come back in more, but it still remains relatively quiet as we sit here today.

然後，在商業和工業方面，我認為，艾琳提到我們有很多私募股權資本呼叫線類型的活動。該投資組合一直相對平靜。較低的利率可能意味著他們會更多地回來，但今天我們坐在這裡時，情況仍然相對平靜。

And then, Chris, just on the full-cycle beta. Can you just remind us the assumptions for deposits?

然後，克里斯，就全週期測試版而言。您能否提醒我們存款的假設？

Sorry, I think you cut out there, but the question was deposit beta. And I think we're -- our observed deposit beta on interest-bearing deposits was 0.62, and we continue to expect it will be better than 0.5 going forward.

抱歉，我想您剛才說錯了，但問題是存款測試版。我認為我們觀察到的計息存款的存款貝塔係數為 0.62，我們繼續預期未來它將優於 0.5。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Chris, you've laid out a lot of information on kind of moving deposits being almost instantaneously cut outside of the time deposits. On time deposits, I've noticed you guys keep cutting the term from basically six months to four to three. It seems like you're kind of trying to tie everything into the first quarter. And also at the same time, you also have the Lunar New Year every year, which is -- so it's a big quarter for repricing in general. I was just kind of curious -- do you have anything in front of you, how much time deposit dollars are supposed to be repriced in 1Q next year?

克里斯，您列舉了很多關於在定期存款之外幾乎立即取消流動存款的信息。關於定期存款，我注意到你們不斷將期限從六個月縮短到四個月或三個月。看起來你好像想把所有事情都與第一季連結起來。同時，每年都有農曆新年，所以這通常是重新定價的重要季度。我只是有點好奇——您有什麼消息嗎？明年第一季應該重新定價多少定期存款美元？

Yes, very perceptive question. And yes, very observant of you. And yes, we do have a fair amount that we have structured so that we have the ability to do something meaningful in Q1 around our lunar special and we have been shortening those maturities, as you stated, to both keep the balances today. But in recognition in anticipation that there will be a few Fed cuts coming here at the end of October and December, that would allow us, therefore, to roll over.

是的，非常敏銳的問題。是的，你非常細心。是的，我們確實建立了相當數量的資金，以便我們有能力在第一季度圍繞我們的農曆特別活動做一些有意義的事情，並且正如您所說，我們一直在縮短這些期限，以保持今天的餘額。但由於我們預計聯準會將在 10 月底和 12 月底再次降息，因此我們可以繼續維持利率不變。

And so to specifically address your question, we have about a $10 billion -- a little over $10 billion that's rolling over in Q4 and a little over $8 billion before any rollover that happened from Q4 that would otherwise come due in Q1. So we got $18 billion-plus rolling over in the next six months. And we assume the vast majority of that will benefit from the embedded 50 basis points of rate cuts that's already out there. So our current six-month CD rate that's out there today is a [355] rate.

因此，為了具體回答您的問題，我們有大約 100 億美元 - 略高於 100 億美元將在第四季度展期，而第四季度展期前略高於 80 億美元則將在第一季到期。因此，我們在接下來的六個月內獲得了超過 180 億美元的滾存資金。我們假設其中絕大多數將受益於已經實施的 50 個基點的降息。因此，我們目前六個月的 CD 利率是 [355] 利率。

Got it. Yes. So cities patent pending CD trackers on pretty good. Anyway, so when you think about the -- I mean, you're not going to give NII guidance next year, but it seems like it's going to be another really big year. Are there any investments down the road that we might think about? Otherwise, I would imagine this year's guide is probably similar to next year's guide.

知道了。是的。因此，城市正在申請專利的 CD 追蹤器相當不錯。無論如何，當你想到——我的意思是，你明年不會給出 NII 指導，但看起來這將是另一個非常重要的一年。我們可能會考慮未來哪些投資？否則，我想今年的指南可能與明年的指南相似。

We haven't given guidance yet for 2026, but I appreciate your enthusiasm.

我們還沒有給出 2026 年的指導，但我很欣賞您的熱情。

David Smith, Truist.

大衛史密斯，Truist。

I just wanted to confirm on the guidance, is the NII guide inclusive of the accretion and recovery this quarter? And does the expense outlook include the equity plan adjustment. And can you also just help us give us some color on when the timing on those became clear to you? Like was the NII item already contemplated with the guidance update last month. And if you had the equity comp item already planned when you gave the guidance earlier this year.

我只是想確認指導意見，NII 指南是否包括本季的增值和恢復？費用前景是否包含股權計畫調整？您能否告訴我們您何時才清楚這些事情發生的時機？就像上個月的指導更新中已經考慮過的 NII 項目一樣。如果您在今年稍早給出指導時已經計劃好了股權補償項目。

I know some folks have been surprised last quarter, the expense guide staying where it was seemed to imply it is a step up in the second half of the year.

我知道有些人對上個季度的支出指南感到驚訝，支出指南保持不變似乎意味著下半年支出將增加。

Yeah. So I think we've been thinking about our employee retirement eligibility over the last six months and hadn't taken any definitive actions until this quarter. So I'll say, in the back of our minds, but we hadn't concretely defined it. We hadn't gone through the appropriate approvals, hadn't updated our Board, et cetera. So that came together in the Q4. And the revenue side came together because the clients paid off and no, we didn't control that. They controlled that and they paid it off.

是的。所以我認為我們在過去六個月裡一直在考慮員工退休資格問題，但直到本季才採取任何明確的行動。所以我想說，在我們的內心深處，但我們還沒有具體地定義它。我們還沒有獲得適當的批准，也沒有向董事會報告最新情況等等。所以這一切都在第四季實現了。收入方面之所以能增加，是因為客戶付了錢，而這並非由我們控制。他們控制了這一切，也還清了債務。

With regard to our guide, I would say, look, we're guiding to over 10% today because we're clear that, that's the trajectory we're on. And I don't know that we had a clarity of vision around all the pieces when we last spoke. But clearly, we have that clarity now. And clearly, it's like it's not just trending towards 10%, but obviously trending well above the 10%.

關於我們的指導，我想說，看，我們今天指導的是 10% 以上，因為我們很清楚，這就是我們的軌跡。我不知道我們上次談話時是否對所有問題都有清晰的認識。但顯然，我們現在已經清楚了這一點。顯然，它不僅僅是趨向於 10%，而且顯然趨勢遠高於 10%。

Okay. And on expenses that had, I guess, been contemplated in the guide from earlier this year then -- even if you want to round the exact timing within the year. Is that the right way to understand that?

好的。我猜想，這些費用在今年早些時候的指南中就已經考慮到了——即使你想在一年內確定確切的時間。這是正確的理解方式嗎？

That's the right way to think about it.

這才是正確的思考方式。

(Operator Instructions)

（操作員指示）

Janet Lee, TD Cowen.

珍妮特李 (Janet Lee)，TD Cowen。

Hello. Just going back on just going back on NIM. So am I interpreting your commentary correct to assume that there will be a bigger increase in NIM and then the NIM expansion after the first quarter will be moderating or flattish? Is that the right way to think about the NIM trajectory comment?

你好。只是回到剛剛回到 NIM。那麼，我是否正確地理解了您的評論，假設 NIM 將會有更大的成長，然後第一季後的 NIM 擴張將會放緩或持平？這是思考 NIM 軌跡評論的正確方式嗎？

So if I look at the core run rate of NIM, excluding the interest recoveries, focus on page 6. That's the adjusted number at around $645 million. That's a good run rate number, and we're moving, obviously, to continue to grow the balance sheet modestly. And hopefully, we'll have some benefit from the repricing dynamics in the short run, that could make that a little bit better, but that's a good run rate starting point.

因此，如果我查看 NIM 的核心運作率（不包括利息回收），請注意第 6 頁。調整後的數字約為 6.45 億美元。這是一個很好的運行率數字，而且我們顯然正在繼續適度增加資產負債表。希望我們能在短期內從重新定價動態中獲得一些好處，這可能會讓情況變得更好一些，但這是一個很好的運行率起點。

And the question will be is what happens to both the long-term rates, which impacts the back book refinancing and repricing that will drive sort of the long end of our loans and securities investments in 2026 versus the short end effects and how that plays out over the course of 2026. And if the answer is we get a steepening yield curve, that's generally a positive for us.

問題在於長期利率會發生什麼變化，這會影響帳面再融資和重新定價，從而推動我們在 2026 年的貸款和證券投資的長期發展，而短期影響又會如何，以及這種影響在 2026 年將如何發揮作用。如果答案是我們得到一條陡峭的殖利率曲線，這對我們來說通常是一件好事。

If the answer is, for some reason, the yield for flattens because of the dynamics, well, that won't be as good for us. So I think those are the things that are at play and the things that we're looking for is looking to better understand as we also move in towards 2026.

如果答案是，由於某種原因，收益率因動態而趨於平緩，那麼，這對我們來說就不那麼好了。所以我認為這些都是正在發生作用的因素，隨著我們邁向 2026 年，我們也在尋求更好地理解這些因素。

Okay. And just going back to credit, I know you guys gave a lot of color on credit and tariff, but I still want to just understand this direction of allowance for loan losses because when I look at other banks, reserve ratios tended to be more so stable. Is your reserve increase tied to resi mortgage and CRE to capture potential effect of business cycle. Is this really just referring to the potential tariff-related uncertainty?

好的。回到信貸問題，我知道你們對信貸和關稅進行了很多闡述，但我仍然想了解貸款損失準備金的方向，因為當我看其他銀行時，準備金率往往更加穩定。您的儲備增加是否與住宅抵押貸款和商業房地產掛鉤，以捕捉商業週期的潛在影響。這真的只是指與關稅相關的潛在不確定性嗎？

More than just the tariffs. Yeah. I would -- look, I think the reality is it's across the board, and I'll let Irene jump in here, but it wasn't just and our resi mortgage book. We were thoughtful about different positions in different portfolios. Irene?

不僅僅是關稅。是的。我會——看，我認為現實情況是，這是全面的，我會讓艾琳介入，但這不僅僅是我們的住宅抵押貸款賬簿。我們對不同投資組合中的不同職位進行了深思熟慮。艾琳？

Yeah. And look, the resi book with the kind of incredible credit quality we've had over 30 years for much of that portfolio. We increased the reserve level from 36 basis points to 41%. So ultimately, when you look at those levels, I think they're appropriate given the credit quality. But in a situation where the economy is more certain, certainly, when we look at consumer credit, even consumer that is well secured by low loan-to-value real estate mortgage, that's impacted when we do the modeling.

是的。看看我們的住宅帳簿，它具有令人難以置信的信用質量，30 多年來，我們的大部分投資組合都擁有這樣的信用品質。我們將儲備水準從36個基點提高到41%。因此，最終，當你看這些水平時，我認為考慮到信用質量，它們是合適的。但在經濟更確定的情況下，當我們檢視消費信貸時，即使是透過低貸款價值比房地產抵押貸款獲得良好擔保的消費者，在我們進行建模時也會受到影響。

So it really less so on the tariffs, more so on kind of the economic uncertainty and what could happen there. Does that make sense? And all the kind of metrics and drivers for that, unemployment, GDP, et cetera.

因此，這實際上與關稅關係不大，而與經濟不確定性以及可能發生的事情關係更大。這樣有道理嗎？以及所有相關指標和驅動因素，如失業率、GDP 等等。

This concludes our question-and-answer session. I would like to turn the conference back over to Dominic Ng for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Dominic Ng 做結束語。

Well, thank you all for joining our earnings call this afternoon, and we are looking forward to speaking with you in January next year.

好吧，感謝大家今天下午參加我們的財報電話會議，我們期待明年一月與你們交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。