East West Bancorp, Inc. (EWBC) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to East West Bancorp's third quarter 2026 earnings call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加華美銀行控股（East West Bancorp）2026年第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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人關係總監 Adrienne Atkinson。請開始。

Thank you, operator. Good afternoon, and thank you, everyone, for joining us to review East West Bancorp's third quarter 2026 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. The slide deck referenced during this call is available on our Investor Relations site.

謝謝，接線員。下午好，也感謝各位今天與我們一同回顧華美銀行控股2026年第三季財務結果。與我一同出席的有董事長兼執行長 Dominic Ng；財務長 Chris Del Moral-Niles；以及風險長 Irene Oh。本次電話會議將被錄音，並可於我們的投資人關係網站回放收聽。本次會議所引用的簡報亦已上傳至我們的投資人關係網站。

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.

管理層可能會提出預測或其他前瞻性陳述；由於多項風險與不確定性，實際結果可能與之有重大差異。管理層亦可能討論非GAAP財務衡量指標。如需更詳細的風險因素說明，以及GAAP與非GAAP財務衡量指標之調節表，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括今日提交的 Form 8-K。

I will now turn the call over to Dominic.

現在我將把電話會議交給 Dominic。

Thank you, Adrienne. Good afternoon, and welcome to all who have joined the call. East West delivered another quarter of strong performance, gathering -- generating record revenue, record net interest income, record pretax pre-provision income and record diluted earnings per share. These results reflect the value of our customers' relationships and the resilience of our business model.

謝謝你，Adrienne。下午好，歡迎所有加入本次電話會議的各位。華美銀行本季再次交出強勁表現，創下紀錄營收、紀錄淨利息收入、紀錄稅前提存前收益，以及紀錄稀釋後每股盈餘。這些成果反映了我們與客戶關係的價值，以及我們商業模式的韌性。

Deposits reached new record levels with over $1.4 billion of net deposit growth and nice inflows of money market deposits. Deposit growth continued to be a key driver of our performance. Notably, we reduced our average deposit cost in the third quarter by 2 basis points even as we grew balances to record levels. Deposit costs have been well controlled in the first two weeks of the fourth quarter.

存款規模再創新高，淨存款增加超過14億美元，且貨幣市場存款有良好流入。存款成長持續是我們表現的關鍵驅動因素。值得注意的是，即使我們將存款餘額提升至歷史新高，第三季平均存款成本仍下降2個基點。第四季前兩週的存款成本亦維持良好控制。

Loans also hit records this quarter with prudent growth led by residential and multifamily lending. This balance sheet growth contributed to record net interest income.

本季放款也創下新高，在審慎成長下由住宅與多戶住宅貸款帶動。資產負債表的成長促成淨利息收入再創紀錄。

Net interest income is up 9.5% year-over-year for the nine months through September, which leads us to raise our full year guidance today. Just as importantly, asset quality remained solid. Charge-offs, nonperforming assets and criticized loans remained well controlled and within our expectations, reflecting the quality of our portfolio and our disciplined approach to risk management. Given our lower-than-expected year-to-date net charge-offs, we are also updating our net charge-off guidance lower for the year. East West continues to operate from a position of strength.

截至9月的前九個月，淨利息收入年增9.5%，因此我們今天上調全年指引。同樣重要的是，資產品質仍然穩健。核銷、不良資產與受關注貸款均維持良好控制並符合我們預期，反映出我們投資組合的品質以及嚴謹的風險管理作法。鑑於年初至今淨核銷低於預期，我們也將全年淨核銷指引下修。華美銀行持續在強勢基礎上營運。

Diversified business model, conservatively managed balance sheet and industry-leading profitability allow us to deliver an over 17% return on average tangible common equity while maintaining a greater than 10% tangible common equity ratio.

多元化的商業模式、保守管理的資產負債表，以及業界領先的獲利能力，使我們在維持超過10%的有形普通股權益比率（TCE ratio）的同時，仍能達成超過17%的平均有形普通股權益報酬率（ROTCE）。

With that, let me turn the call over to Chris for a more detailed review of our financial results. Chris?

接下來，我把電話會議交給 Chris，請他更詳細回顧我們的財務結果。Chris？

Thank you, Dominic, and good afternoon to everyone on the call. Turning to slide 4, we have more details on our deposits. We enjoyed a broad-based deposit growth quarter. We're particularly encouraged by the strong money market deposit growth that Dominic just mentioned. Average noninterest-bearing deposits increased 16% year-over-year, and our focus on small business checking accounts also continue to bear fruit.

謝謝你，Dominic，也向所有在線上的各位致意，下午好。請看第4頁投影片，我們提供更多存款的細節。本季存款成長呈現全面性擴張。我們特別受到鼓舞的是 Dominic 剛提到的貨幣市場存款強勁成長。平均無息存款年增16%，而我們對小型企業支票帳戶的投入也持續開花結果。

Noninterest-bearing demand deposits continue to represent over 26% of our total deposits at quarter end, providing an important source of stable funding and supporting our ability to effectively manage our deposit costs.

截至季末，無息活期存款仍占我們總存款的26%以上，提供重要且穩定的資金來源，並支撐我們有效管理存款成本的能力。

Turning to slide 5, some highlights on loans. Loans grew 7% year-over-year, consistent with our 6% to 8% full year 2026 guidance. As we previously communicated, residential mortgage came in as this quarter's standout out with nearly $400 million of net growth. We continue to expect residential mortgage to be a key contributor to our growth given our robust current pipeline.

接著看第5頁投影片，放款方面的重點如下。放款年增7%，符合我們對2026年全年6%至8%的指引。如我們先前所溝通，住宅房貸是本季最突出的項目，淨成長接近4億美元。鑑於目前強勁的案件管線，我們仍預期住宅房貸將是成長的重要貢獻來源。

Multifamily lending also had a strong quarter, reflecting continued broad-based housing demand in our core markets. CRE growth this quarter was led by our long-standing real estate clients getting back into the market sometimes at discounted levels. C&I balances declined modestly from the second quarter, largely reflecting reductions in non-depository financials and borrowings in business credit mortgage credit and other NDFI categories.

多戶住宅貸款本季也表現強勁，反映我們核心市場持續廣泛的住房需求。本季商用不動產（CRE）成長主要由我們長期合作的不動產客戶帶動，他們重新進場，有時以折價水準進行布局。工商貸款（C&I）餘額較第二季小幅下降，主要反映非存款類金融機構（NDFI）以及商業信貸、房貸信貸與其他NDFI類別借款的減少。

Switching to NII and margin on slide 6. Our net interest margin expanded by 6 basis points quarter-over-quarter as positive asset repricing and flat liability costs drove NII to record levels.

接著看第6頁投影片的淨利息收入（NII）與利差。在資產端重新定價帶來正面效益且負債成本持平的帶動下，我們的淨利息利差（NIM）季增6個基點，推動淨利息收入創下新高。

We note that both average total deposit cost and total cost of funds declined basis points quarter-over-quarter. Given September's rate hike and our strong third quarter performance, we now expect full year NII growth of 9% to 10%, and the guidance assumes that short-term rates remain at current levels through the end of the year, so flat rates through December.

我們注意到，平均總存款成本與總資金成本皆較上季下降若干基點。考量9月升息以及我們第三季的強勁表現，我們目前預期全年淨利息收入成長為9%至10%；此指引假設短期利率在年底前維持於目前水準，也就是12月前利率持平。

Moving on to fees on slide 7. For the first nine months of 2026, fee income has increased 11% year-over-year, supported by strong year-to-date growth in Wealth Management, deposit-related fees and foreign exchange income. We continue to expect full year fee income to grow by more than 10% for all of 2026.

接著看第7頁投影片的手續費收入。2026年前九個月，手續費收入年增11%，主要受惠於財富管理、存款相關費用以及外匯收入的年初至今強勁成長。我們仍預期2026年全年手續費收入將成長超過10%。

Looking at expenses on slide 8. total operating non-interest expense declined for the quarter. The decline was primarily driven by lower other operating costs and lower comp and employee benefits expense. As a result, East West delivered another quarter of industry-leading efficiency.

再看第8頁投影片的費用。本季總營運非利息費用下降。下降主要來自其他營運成本降低，以及薪酬與員工福利費用降低。因此，華美銀行本季再次展現業界領先的效率表現。

The Q3 efficiency ratio improved to 34.4% in while operating non-expense as a percentage of average assets declined 8 basis points to 1.21%, both of these are industry-leading metrics. Year-to-date growth in operating noninterest expense is 8%, in line with our guidance, and we remain comfortable with our overall full year expense guidance.

第三季效率比率改善至34.4%，同時營運非利息費用占平均資產比率下降8個基點至1.21%；兩者皆為業界領先指標。年初至今營運非利息費用成長為8%，符合我們的指引，我們對全年整體費用指引仍感到安心。

I'll now hand the call over to Irene for comments on credit and capital.

接下來我把電話會議交給 Irene，請她就信用與資本發表評論。

Thanks Chris, and good afternoon to all on the call. As you can see on slide 9, credit performance remained resilient in the third quarter. Net charge-offs declined to 15 basis points or $22 million in the third quarter compared to 19 basis points in the second quarter, $27 million. Year-to-date, annualized net charge-offs were 14 basis points. Given our performance through the first nine months of the year and our current visibility, we have narrowed our prior guidance for net charge-offs and now expect full year charge-offs to be 15 to 20 basis points.

謝謝 Chris，也向所有在線上的各位致意，下午好。如第9頁投影片所示，第三季信用表現仍具韌性。第三季淨核銷下降至15個基點（2,200萬美元），相較第二季為19個基點（2,700萬美元）。年初至今，年化淨核銷為14個基點。鑑於我們在今年前九個月的表現以及目前的能見度，我們已收斂先前對淨核銷的指引，並預期全年核銷將為15至20個基點。

Quarter-over-quarter, non-performing assets saw a slight uptick of 1 basis point to 30 basis points as of September 30, 2026. We recorded a provision for credit losses of $45 million in the third quarter, compared with $33 million for the second quarter. Overall, credit performance remained solid. We continue to manage credit risk with vigilance and discipline.

與上季相比，截至2026年9月30日，不良資產占比小幅上升1個基點至30個基點。第三季我們提列4,500萬美元的信用損失準備金，第二季為3,300萬美元。整體而言，信用表現仍然穩健。我們將持續以警覺與紀律管理信用風險。

Turning to slide 10. The allowance for credit losses increased $23 million to $865 million or 1.45% of total loans as of September 30, reflecting quarter-over-quarter loan growth and portfolio mix shift. Our allowance coverage ratio increased 2 basis point from the prior quarter, remains at a healthy level relative to the risk of the portfolio.

接著看第10頁。截至9月30日，信用損失備抵增加2,300萬美元至8.65億美元，或占總貸款的1.45%，反映本季貸款較上季成長以及投資組合結構的變化。我們的備抵覆蓋率較前一季提高2個基點，且相對於投資組合風險仍維持在健康水準。

Turning to slide 11. East West's capital position remains a significant source of strength and strategic flexibility. All regulatory ratios remain well in excess of regulatory requirements for well-capitalized institutions and continue to compare favorably to both regional and national banks.

接著看第11頁。East West 的資本部位仍是重要的優勢來源，並提供策略上的彈性。所有監理比率皆遠高於「資本充足」機構的監理要求，且與區域性及全國性銀行相比仍具優勢。

At quarter end, our common equity Tier 1 ratio was 15.4%, while a tangible common equity ratio with 10%. These levels support current and future balance sheet growth. East West ended the quarter with $117 million of repurchase authorization that remains available for future buybacks and declared a fourth quarter 2026 dividend of $0.80 per share.

在季末，我們的普通股權第一類資本比率（CET1）為15.4%，而有形普通股權比率為10%。這些水準支持目前及未來的資產負債表成長。East West 在本季結束時仍有1.17億美元的庫藏股回購授權可供未來回購使用，並宣告2026年第四季每股股利0.80美元。

I'll now turn the call back to Chris.

我現在把電話交回給 Chris。

Thank you, Irene. So to recap, we've updated three elements of our guidance today, each of which is reflected on slide 12. Number one, we're increasing our NII outlook assuming flat rates. Two, we're reducing our full year net charge-off range; and three, we're narrowing our expectation for the amortization of tax credits and CRA investments, all of which reflected again on slide 12.

謝謝你，Irene。總結一下，我們今天更新了指引中的三個要素，並都反映在第12頁。第一，在假設利率持平的情況下，我們上調淨利息收入（NII）展望。第二，我們下調全年淨沖銷（net charge-off）區間；第三，我們縮窄對稅額抵免與 CRA 投資攤銷的預期，以上也都再次反映在第12頁。

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

接下來我們開放提問。接線員？

(Operator Instructions) Casey Haire, Autonomous Research.

(接線員指示) Casey Haire，Autonomous Research。

Yes. Great. Chris, I wanted to touch on the deposit beta and the shoe leather strategy, which has obviously got pretty good momentum here. When I look at you guys, your cumulative beta in the last up cycle, on an IBD basis, it was it 72. With the shoe leather strategy working, is there an opportunity to come in below that this go around with the Fed hiking?

是的，很好。Chris，我想談一下存款 beta 與「shoe leather」策略，顯然目前動能相當不錯。當我看你們上一輪升息循環的累積 beta，以 IBD 口徑來看，是72。在 shoe leather 策略奏效的情況下，這次聯準會升息，你們是否有機會把 beta 壓在那個水準以下？

I think what we've said before, I would stand by, which is higher rates overall will be get more customer attention to how much their opportunity costs actually cost them. So will I tell you that I expect to do better. The reality is we were at once upon a time at 40%, we came down into the low 20s.

我想我們之前說過的，我仍然會堅持：整體利率越高，客戶就越會關注他們的機會成本到底有多高。所以你要我說我預期會做得更好嗎？現實是，我們曾經一度在40%，後來降到20%出頭。

We're continuing to work our way up. We're continuing to build on that. But I'm not sure I've changed the economics of deposit math. And so the reality is, we continue to make progress. We continue to build the DDA book but if rates go materially higher, we'll still see some bleed off. On the other hand, as we've shown already, even with rates ticking down just a little bit, we'll probably see continued improvement in DDA over time.

我們仍在持續往上走。我們也持續在此基礎上加強。但我不確定我是否改變了存款數學的經濟本質。因此現實是，我們持續取得進展。我們持續擴大 DDA 存款，但如果利率大幅走高，我們仍會看到一些流失。另一方面，如同我們已經展示的，即使利率只小幅下滑一點，隨著時間推移，我們可能仍會看到 DDA 持續改善。

Got you. Okay. Great. And then I guess just switching to the loan side of things, can you just give us a flavor of where new money loan yields are across your products versus the third quarter rate?

了解。好，很好。接著我想切換到貸款端，你能否大致說明一下，各產品的新承作（new money）貸款殖利率相較於第三季利率大概在哪裡？

I look at the broad cross-section of our commercial loans, they're generally SOFR-based and we're generally somewhere between SOFR [2.25% and 2.50%]. obviously, C&I and CRE sometimes trade places in that range, but that's the right range to focus on.

我看我們商業貸款的廣泛組合，通常是以 SOFR 為基準，我們一般大約落在 SOFR 加 [2.25% 到 2.50%] 之間。當然，C&I 與 CRE 有時會在這個區間內互換位置，但這就是應該聚焦的範圍。

Ryan Kenny, Morgan Stanley.

Ryan Kenny，Morgan Stanley。

So you mentioned no hike in the guidance. And so if we were to get a hike at some point this year, would that potentially push you more towards the high end of the range?

你提到指引中假設不升息。那如果今年某個時間點真的升息，是否可能把你們推向區間的高端？

That's correct. And I think what we've quantified before is that we believe a 25 basis point hike is worth $2.5 million per month with a bit of a lag. We've usually put that lag at about 45 days, but to the extent that the forwards are pricing in hike, it may come through a little sooner, which we certainly observed in the September hike.

沒錯。而且我們之前量化過，我們認為升息25個基點的價值約為每月增加250萬美元，且會有一些滯後。我們通常把滯後估在約45天，但若遠期市場已在定價升息，可能會更早反映出來，我們在9月那次升息時確實也觀察到。

And then separately, in the deck, it shows that the criticized loans and nonperforming assets ticked up a little bit sequentially. So just wondering if you could give any color on what drove that?

另外，簡報中顯示受關注貸款（criticized loans）與不良資產（nonperforming assets）較前期小幅上升。想請問是什麼因素造成的？

Yes. If you look at the details and we show a little bit more on the slides. The increases did come in C&I in those categories, not one area or asset class, we're most concerned about, but both special mention and substandard ticked up a little.

是的。如果你看細項，我們在投影片上也有多展示一些。這些類別的增加確實來自 C&I，但並非我們最擔心的某一個特定領域或資產類別；而是「特別關注」（special mention）與「次級」（substandard）都有小幅上升。

David Rochester, Cantor.

David Rochester，Cantor。

I wanted to start on your outlook for the 4Q NIM to be broadly stable versus 3Q. Just given the September hike, I know things may have started a little bit for you earlier the benefit of the third quarter, but if the same thing happens with the potential December hike. I think that you would have some extra lift there that could get you a little bit higher on the NIM. So I'm wondering what are some of the offsets that you're thinking about? Is it just deposit costs start to move? Or is there something else going on?

我想先從你們對第四季 NIM 展望談起：你們預期相較第三季大致持平。考量到9月升息，我知道第三季的效益可能對你們來說提早開始反映，但如果12月可能升息也發生同樣情況，我認為 NIM 可能會有額外的上行推力，讓你們的 NIM 略高一些。所以我想問，你們考量的抵銷因素有哪些？只是存款成本開始上升嗎？還是還有其他因素？

It's a combination of could deposit costs chip into that, which we thankfully haven't seen here through the first couple of weeks of October, as Dominic mentioned. But again, it's early, and we could see that. And certainly, if there's a recurring pattern of additional hikes, we would expect to see some of that catch up into our numbers. But we're still fundamentally asset-sensitive, Dave. So to your broad question and then following up on Ryan's comment, yes, I think if we saw higher rates, we would expect NII to grow.

這是多種因素的組合，存款成本可能會侵蝕其中一部分；值得慶幸的是，如 Dominic 提到的，我們在10月前幾週尚未看到。但畢竟還早，我們仍可能會看到。而且如果出現額外升息的反覆模式，我們預期其中一些追趕效應會反映到我們的數字上。但 Dave，從根本上我們仍是資產敏感型。因此回到你的大方向問題，以及接續 Ryan 的提問，是的，我認為如果利率更高，我們預期 NII 會成長。

Yes. I would think that the margin could maybe expand a little bit then in 4Q. Is that fair?

是的。我會認為那樣的話第四季利差可能會小幅擴大。這樣理解合理嗎？

Christopher Del Moral-NilesExecutive

Christopher Del Moral-NilesExecutive

Based on what we're seeing right now, we think the margin holds broadly consistent, but it could expand.

以我們目前看到的情況，我們認為利差大致維持一致，但也可能擴大。

Okay. And my follow-up question on the FX line, was wondering if the fee growth were related to the rollout of the new platform to the Mainland China customers this quarter. And if you just talk about where you are in that rollout and any early reports on how that's going, that would be great.

好的。我的追問是關於外匯（FX）那一行：我想知道費用成長是否與本季向中國大陸客戶推出新平台有關。以及你能否談談目前推廣進度，以及任何初步回饋，會很有幫助。

Yes. So our full program, our Asia payments program is in effect for all of our Hong Kong-based activity and we are largely seeing upticks both in number of transactions, individual wires counts and dollar volumes. So that's working for us. Those wire fees are largely reflected in the commercial deposit-related fees.

是的。我們的完整計畫，也就是亞洲支付計畫，已涵蓋我們所有以香港為基地的業務活動，而且我們確實看到交易筆數、單筆電匯數量以及金額量都有所上升。所以這對我們是有效的。這些電匯費用主要反映在與商業存款相關的手續費中。

Foreign exchange activity really has just been driven by other customer transactions and other customer activity, some hedging activity and some notable spot transaction activity that we saw throughout the quarter.

外匯活動其實主要是由其他客戶交易與其他客戶活動所帶動，包括一些避險活動，以及我們在本季期間看到的一些顯著即期交易活動。

With regard to our Mainland China program, that is now live, but transaction volumes are still modest, but we expect that to kick in as we roll through the fourth quarter and into the first quarter of next year.

關於我們的中國大陸計畫，目前已經上線，但交易量仍然不大；不過我們預期隨著第四季推進並進入明年第一季，交易量會開始放量。

Bernard Von Gizycki, Deutsche Bank. I'm sorry if I mispronounced your name.

Bernard Von Gizycki，德意志銀行。若我把您的名字念錯，先跟您說聲抱歉。

Just on my first question, maybe on the Wealth Management fees. I know that ticked down $4 million linked quarter. And I know that was on lower activity, but just any other color you can provide in that line item and expectations, maybe how the quarter just started?

先問第一個問題，可能是關於財富管理費用。我知道按季比較下降了400萬美元。也知道這是因為活動量較低，但想請問在這個科目上您還能提供哪些補充說明與展望，例如本季一開始的情況如何？

We've had really strong results earlier in the year in our structured product sales, predominantly structured notes, and those had provided some nice lifts, particularly in the first quarter, stepped down a bit in the second quarter and unfortunately, stepped down a little bit more in the third quarter. That having been said, many other aspects of that business continue to sort of move in the right direction. And we've continued to hire folks that we expect will help us build those volumes as we look into the fourth quarter and 2027.

我們今年稍早在結構型產品銷售（以結構型票據為主）方面表現非常強勁，這在第一季帶來了不錯的提振；第二季有所回落，而很可惜第三季又再下滑了一些。儘管如此，該業務的許多其他面向仍持續朝正確方向發展。我們也持續招募人才，預期能協助我們在展望第四季與2027年時提升這些量能。

And then just a follow-up on the current quarter NIM, expectations were coming in, I think, flat as well, and it increased 6 basis points. Just kind of curious like what drove the better performance than previously expected? Just want to understand the puts and takes in the quarter.

接著追問一下本季的淨利差（NIM）。原先市場預期我記得也是持平，但實際上增加了6個基點。想了解是什麼因素帶動表現優於先前預期？想更清楚理解本季的利多與利空因素。

Yes. I think the reality is we were able to contain deposit costs much more effectively than we anticipated. And the net inflows, both of DDA and money markets, allowed us not to have to grow our wholesale levels, which meant we didn't have to pay any higher costa for the incremental asset growth that we saw during the quarter, which was a net positive.

是的。我想實際情況是，我們對存款成本的控制比原先預期有效得多。而且活期存款（DDA）與貨幣市場的淨流入，使我們不必提高批發資金水位；這也代表我們不需要為本季看到的增量資產成長去支付更高的成本，整體而言是淨正面。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

On the noninterest-bearing deposit mix, clearly holding in very strongly here in the third quarter. Should we expect the DDA growth momentum to continue and remind us what's driving this strong growth?

關於無息存款的組合占比，第三季顯然維持得非常強勁。我們是否應該預期DDA成長動能會延續？也請提醒我們，是什麼在驅動這麼強的成長？

Sure. And so I think we referred to this previously as sort of our shoe leather strategy, which is we've asked each of our branch managers, assistant branch managers, commercial relationship managers, to go pound the pavement and walk up and down, whether it's Main Street, Broadway, Valley Boulevard, whatever the most significant thoroughfare for their customers is within their neighborhood, more than once to make sure they've knocked on each door to make sure we've had the opportunity to make our inroads.

當然。我想我們之前把這稱為「鞋底磨破策略」，也就是我們要求每位分行經理、副分行經理、商業客戶關係經理，去走訪社區、勤跑客戶。

And that outreach and calling and visiting our customers at their offices at their shop at their restaurant has just resulted in a flow of activity that thankfully has helped us maintain and grow these balances over the last 1.5 years and continues to bear additional fruits in that deposit accounts opened last year are actually growing in total balances year-over-year. And so that has been a wonderful strategy that's worked really well. and continues to help us grow our DDA balances.

而這些外展、致電與拜訪客戶（到他們的辦公室、店面、餐廳）所帶來的活動流量，讓我們在過去1.5年得以維持並增加這些餘額；而且持續帶來更多成果，因為去年開立的存款帳戶，其總餘額今年相較去年仍在成長。因此這是一個非常棒、且成效很好的策略。也持續幫助我們擴大DDA餘額。

At this point in time, certainly more than $1 out of $4 of net deposits on average has come to us in incremental DDA and continue to be the primary source of net growth across the bank as we look at the last 1.5 years or so and something that we're very proud of. I'm very thankful for the team that put the effort in to make those calls on their various customers up and down all the different avenues.

就目前而言，平均來看，每4美元的淨新增存款中，確實有超過1美元是以新增DDA的形式流入我們；在回顧過去約1.5年的期間，這也持續是全行淨成長的主要來源，我們對此非常自豪。也非常感謝團隊投入心力，沿著各條街道逐一拜訪、致電他們的客戶。

Great. And in terms of the CDs that were renewed in August from the Lunar New Year, did those mostly renew into new six-month CDs? Or did they go out further with term?

很好。那關於8月從農曆新年那批到期後續作的定存（CD），大多數是續作新的6個月期CD嗎？還是期限拉得更長？

Actually, we offered both a special 9 and 12-month term, and so we got a mix across all three of those. Thankfully, as you can notice on page 11 in the tables, the net cost of that program that was still a net reduction in our total time deposit cost. It came down by 3 basis points. over quarter. And so even despite the fact that we extended. We extended into a lower total cost blend than what we started with, which was a welcome benefit.

其實我們同時提供了9個月與12個月的特別方案，因此三種期限都有一定比例。值得慶幸的是，如你在第11頁表格所見，該方案的淨成本仍使我們整體定期存款成本下降。按季下降了3個基點。。因此即便我們延長了期限，我們延長後的整體成本加權平均仍低於原先水準，這是個令人樂見的好處。

I would also note that we've got $15 billion rolling off during the fourth quarter of CDs. But our second quarter specials were not particularly aggressively priced that we have both a positive opportunity because the repricing benchmark will be low and a risk of there's some volume there.

我也要補充，我們在第四季將有150億美元的CD到期。但我們第二季的特別方案定價並不算特別積極，因此一方面我們有正面機會，因為重新定價的基準會較低；但另一方面也有風險，因為那裡仍有一定的量。

So back to Rochester's question, what are some of the puts and takes the CD repricing will be an important part of what happens for us in Q4, but we've taken that into consideration and broadly expect stable NIM through the quarter.

所以回到Rochester的問題，利多與利空因素之一是：CD重新定價將是我們第四季表現的重要部分；但我們已將此納入考量，整體而言仍預期本季NIM大致穩定。

Timur Braziler, Wells Fargo (sic - UBS) .

Timur Braziler，Wells Fargo（註：UBS）。

Maybe dovetailing on that last question. Just any early thoughts around how aggressive these might be this go around for the Chinese Lunar CD specials, just in light of how strong other loan growth or other deposit growth has been?

延續上一題。就這一輪農曆新年CD特別方案而言，考量到其他放款成長或存款成長都相當強勁，您對這次可能會有多積極，是否有一些初步想法？

I think we'll give guidance for 2027 in 2027. But as we said here today, we're very comforted by the recent trends we've seen in CD repricing. And our current CD specials, we think, are at appropriate levels to retain the balances that we have today.

我們會在2027年提供2027年的指引。但如同我們今天所說，我們對近期看到的CD重新定價趨勢感到相當安心。而我們目前的CD特別方案，我們認為其水準適當，足以留住我們目前的餘額。

Okay. Fair enough. And then maybe on capital, you guys have maybe been a little bit more focused on TCE. Just any evolution of thoughts on excess capital here, given the linked-quarter reduction, albeit still at a high level of 10%? And then maybe what, if any, impacts does that have on capital priorities, primarily your appetite for M&A?

了解，合理。接著可能談資本面，你們似乎更聚焦在有形普通股權益（TCE）。在本季按季下降的情況下（雖然仍在10%的高水準），對於超額資本是否有任何想法上的演變？以及這對資本優先順序（尤其是你們對併購M&A的偏好）會有什麼影響（若有的話）？

I think our capital priorities are outlined and Irene kind of commented on them, but organic growth continues to be priority one for the bank at 10% tangible common equity, which is a level Dominic has previously commented on, is a level that we're very comfortable with. We think that we have the flexibility to meet all of the organic growth opportunities present to us from our current customers, pay a competitive dividend and still have the flexibility to be thoughtful about perhaps disciplined inorganic opportunities and opportunistic share repurchase.

我想我們的資本優先順序已經說明過，Irene也做了相關評論；在10%的有形普通股權益水準下，本行的第一優先仍是內生成長。Dominic先前也提過，我們對這個水準感到非常舒適。我們認為我們具備彈性，可以把握現有客戶帶來的所有內生成長機會、支付具競爭力的股利，同時仍保有彈性，去審慎評估可能具紀律的外生成長機會，以及在適當時機進行庫藏股回購。

And I think that's the right framework from which we sort of look at the landscape from a position of strength with the capital to do the things that we need to for our customers and the flexibility to do the things that we might want to do should they be the right things to do and consider for the price and the value and the timing and the opportunity when they come forward. Dominic, anything you would add to that?

我認為這是一個正確的框架：我們以資本實力作為基礎，去做我們必須為客戶做的事；同時也保有彈性，在價格、價值、時點與機會都合適、且相關機會出現時，去做我們可能想做、也值得做的事並加以評估。Dominic，你還有要補充的嗎？

No.

沒有。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Could you give us some puts and takes around the C&I growth. I understand that the decline was really driven by the lower NDFI. How about on the core C&I side and the outlook there on the low growth front going forward?

能否請你們談談C&I成長的利多與利空因素？我理解這次下滑主要是由NDFI較低所驅動。那核心C&I方面呢？以及未來在低成長環境下，核心C&I的展望如何？

Yes. So clearly, I think if you look back to the NDFI slides, you'll see that the reduction in consumer credit and mortgage credit added up to over $300 million. So obviously, that means the core side had a positive well over $200 million. There was a pretty diverse mix of businesses and opportunities that made up the positives on the core bilateral C&I. We continue to expect more core bilateral C&I business to land in the fourth quarter.

是的。所以很明顯地，我想如果你回頭看NDFI的投影片，你會看到消費者信貸與房貸信貸的縮減合計超過3億美元。因此很顯然，核心端是正成長，且超過2億美元。核心的雙邊C&I正向貢獻來自相當多元的業務組合與機會。我們仍預期在第四季會有更多核心雙邊C&I業務落地。

and we continue to be pursuing that through all avenues. But as Irene mentioned on the credit side, there wasn't a particular concentration. We haven't seen a particular sector or industry that has emerged as a growth driver. It's been a broad-based cross-section of commercial lending activity.

而我們也持續透過各種管道推進這項工作。但如 Irene 在信用面所提到的，並沒有特定的集中度。我們沒有看到某個特定部門或產業成為成長動能。整體而言，商業放款活動呈現廣泛且多元的分布。

I'll also add to total commitments are up Janet, but utilizations are a little bit down over quarter.

我也補充一下，Janet，總承諾額是上升的，但本季的動用率較上一季略為下降。

Got it. And the NPLs were down quarter-over-quarter in dollar terms, but the criticized ratio on the C&I front went up a bit. And so was the allowance for loan losses for the C&I segment. Could you explain what drove the criticized levels in the quarter?

了解。以金額來看，不良貸款（NPL）季對季下降，但在 C&I 方面，被批評資產比率（criticized ratio）略有上升。而且 C&I 部門的貸款損失準備（allowance for loan losses）也上升。能否說明本季被批評等級上升的原因？

Yes. And I think someone else asked this earlier both the special mention and the substandard loans for C&I increased a little bit. If you look at the details, it wasn't necessarily just one sector or area in specific I would say maybe this quarter a little bit, we have less upgrades to offset some of the downgrades. And we look at the details, we're comfortable we'll be able to help our clients work through this.

是的。我想先前也有人問過這個問題，本季 C&I 的特別關注（special mention）與次級（substandard）貸款都小幅增加。若看細項，並不一定是某一個特定產業或領域所致；我會說本季可能是升級（upgrades）較少，無法抵銷部分降級（downgrades）。我們檢視細節後，對於能協助客戶度過這段期間仍感到有信心。

Chris McGratty, KBW.

Chris McGratty，KBW。

A lot of questions about the components of fee income. I think Chris, in your prepared remarks, you talked about double-digit growth for the year. I guess stepping back, this has been a focus of the bank for several years. I guess where in the build out of the fee income capabilities are you maybe an inning? And then can you accelerate it organically? Is that something inorganically that's an option? Any color would be great.

大家問了很多關於手續費收入（fee income）組成的問題。我記得 Chris，你在事先準備的發言中提到今年會有雙位數成長。退一步來看，這一直是銀行過去幾年的重點。想請教你們在手續費收入能力的建置上，目前大概進行到哪一局（inning）？另外，能否透過內生成長（organically）加速？或是透過外延成長（inorganically）也是一個選項嗎？任何補充說明都很有幫助。

I think we're still very much in the early innings. While we appreciate the fact that the commercial bank has been building out. I think we're still building the capability to provide a broad section of services, payment services, investment solutions and services, foreign exchange solutions and services to a wider range of our clients. And so while we recognize we've made great progress, and we're very pleased by the double-digit growth. We also know we're just scratching the surface of what's possible, and it's got to be early given the opportunities we see ahead.

我認為我們仍然非常處於早期階段。雖然我們很感謝商業銀行端持續擴建相關能力。但我認為我們仍在建置提供更廣泛服務的能力，包括支付服務、投資解決方案與服務、外匯解決方案與服務，並提供給更廣泛的客戶群。因此，雖然我們認知到已取得很大進展，也對雙位數成長感到非常滿意。但我們也知道，我們只是觸及了可能性的表面；就我們看到的機會而言，這仍然必然是早期階段。

Okay. Great. And then the second question would be on expenses. You guys have a track record of setting the bar on expenses and not moving it throughout the year. Within that, could you just speak for a moment on current AI strategies, tech spend, any early wins from those investments?

好的，很好。第二個問題是關於費用。你們一向有在年初訂定費用目標、並在全年不調整的紀錄。在此之下，能否談談目前的 AI 策略、科技支出，以及這些投資是否已有任何初步成果？

Sure. I think the reality is our computer and software related expenses are up 21% year-over-year, which would be perhaps a high number and a shocking number. But I would note that, again, our total expenses are exactly in line with our guidance. And so it was part of the plan to continue to grow those. Where we've seen pilot initiatives in our AI development efforts internally, they've been focused on efficiency and speed of evaluation of things, so more on cost saving oriented activities, and we haven't quite found the right use case yet that boost revenue, but we'll continue to I think, pilot some initiatives that we think will help us contain costs and we'll be looking for the right revenue opportunities when they present themselves.

當然。我想現實是，我們的電腦與軟體相關費用年增 21%，這可能是一個很高、也可能讓人吃驚的數字。但我要指出的是，我們的總費用完全符合我們的指引。因此，持續增加這部分支出本來就是計畫的一部分。至於我們內部 AI 開發的試點專案，目前主要聚焦在效率與評估速度，也就是偏向節省成本的活動；我們尚未找到能明顯帶動營收的合適使用情境，但我們會持續試行一些我們認為能幫助控制成本的專案，並在合適的營收機會出現時加以把握。

Chris, we are kind of -- when it comes to AI, we are early followers. So if someone have some great idea that actually worked great, we are more than happy to follow. But then we wouldn't think that East West Bank, which are great on relationship banking, great in cross-border banking, those are where we differentiate ourselves from all our other peer banks, and that's why we have this very high return on equity even when we have very high tangible common equity ratio.

Chris，談到 AI，我們算是較早期的跟隨者。所以如果有人有很棒、而且實際運作效果很好的點子，我們非常樂意跟進。但我們不會認為東西銀行需要突然變得很「技術宅」，然後成為 AI 專家；我們在關係銀行與跨境銀行方面表現出色，這些才是我們與同業銀行差異化之處，也正因如此，即使我們的有形普通股權益比率（tangible common equity ratio）很高，我們仍能維持很高的股東權益報酬率（return on equity）。

But folks like that don't suddenly get very nerdy and then become an AI expert. So the reality check is that we will be much better off to pay attention to what all the other folks are doing, either in the banking industry or even in the fintech world, and we are paying attention to it.

像我們這樣的人不會突然變得非常「理工」，然後就成為 AI 專家。所以現實的檢視是，我們更應該關注其他人在做什麼，不論是在銀行業內，或甚至在金融科技（fintech）領域；而我們也確實在密切關注。

And whenever someone can actually come with something great, we'll be happy to follow. We wouldn't want it to be that pioneer to spend a lot of tokens. And just for the sake of saying that we are the first to come up with this and first to come with that.

而且只要有人真的能提出很棒的成果，我們會很樂意跟進。我們不想當那個先行者去花很多「代幣」（tokens）。也不想只是為了宣稱我們是第一個做出這個、第一個做出那個。

That's not an area that we feel that we can easily claim to be champion. We claim championship in relationship banking and cross-border banking. That's we want to continue to spend more of our effort to. So -- and I do feel that we have tremendous respect for what AI can do to help the bank. We think there will be plenty of opportunities.

那不是我們覺得自己能輕易宣稱奪冠的領域。我們要爭取冠軍的是關係銀行與跨境銀行。這才是我們希望持續投入更多心力的地方。不過我也確實認為，我們非常尊重 AI 能為銀行帶來的助益。我們相信未來會有很多機會。

We also respectfully making sure that there are risk involved right now. And right now, the landscape is somewhat chaotic in that standpoint. So we want to be prudent and make sure that if someone want to be heroic, make sure they are not us. And then our position is that when we see that the battlefield is clear that there is something great, we'll go ahead and match it.

同時我們也謹慎地認知到，目前確實存在風險。而且就這個角度而言，現在的環境有些混亂。所以我們希望保持審慎；如果有人想當英雄，請確保那個人不是我們。我們的立場是，當我們看到戰場變得清晰、確定有很棒的做法時，我們就會跟上並匹配。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行（Bank of America）。

Two questions. First, just around credit, more in terms of forward-looking. We saw rates gap up a fair bit during the third quarter. Just remind us like how you think or how we should think about the risk of incremental pressure, both in terms of as we think about your commercial real estate book or on the C&I side, does that mean much? And especially if rates go up even further, does that in any meaningful way, increase the credit risk as you look through your portfolio?

兩個問題。第一個是關於信用，偏向前瞻性。我們看到第三季利率上升幅度不小。請提醒我們，你們如何看待、或我們應該如何看待額外壓力的風險：不論是商用不動產（commercial real estate）放款組合，或是 C&I 端，這是否有很大影響？尤其如果利率再進一步上升，從你們的投資組合來看，是否會在任何有意義的程度上提高信用風險？

Clearly, rates higher for a far longer extended period of time will put more pressure on more customers. So we take that as a given. That having been said, Irene, I don't know if you want to comment on sort of where we are. EB, I would note that at 30 basis points of NPA, it's really not that much of a change from where we were last quarter or frankly, from a year ago.

很明顯地，利率在更高水準維持更長一段時間，會對更多客戶造成更大壓力。所以我們把這點視為既定事實。話雖如此，Irene，我不知道你是否想就我們目前的狀況補充一下。EB，我也要指出，以不良資產（NPA）30 個基點來看，這其實與上季相比變化不大，坦白說與一年前相比也差不多。

I think, EB, Chris' point is correct. Higher, higher for longer does increase credit risk, not only for East West Bank, for every bank. With that said, if you look at our loan book, we have been disciplined in our underwriting, low loan to values. These are things that help in this period of time when rates have gone up or the last several years where there's been concern about one asset class or another. Overall, we've done really well, better than I expected, honestly.

我想，EB，Chris 的觀點是正確的。「更高、且更久」（higher, higher for longer）確實會提高信用風險，不只是對東西銀行，對每一家銀行都是如此。但話說回來，如果你看我們的放款組合，我們在授信審核（underwriting）上一直很有紀律，放款成數（loan-to-value）偏低。在利率上升的這段期間，或過去幾年市場對某些資產類別有所疑慮時，這些做法都能提供幫助。整體而言，我們表現得非常好，老實說，比我預期的還要好。

And I think that's a testament to the underwriting, the credit quality and the collateral that we have against the loans. So relative to others, I expect that we'll do fine.

我認為這證明了我們的授信審核、資產品質，以及我們對放款所取得的擔保品（collateral）。因此，相較於其他同業，我預期我們會表現得不錯。

Got it. And I guess just a separate question. Dominic, you mentioned about one of your areas you champion is cross-border. Just give us the latest on kind of where those cross-border flows are given where US-China relationships stand? Just what are the drivers as you think about what's driving activity?

了解。我想再問一個獨立的問題。Dominic，你提到你主導的領域之一是跨境業務。鑑於目前美中關係的情況，可否跟我們更新一下跨境資金流向大致在哪些方向？就你看來，推動活動的驅動因素是什麼？

Any difference today than 5 to 10 years ago? And maybe just broadly, like what's -- how would you assess customer sentiment and resilience through all the macro noise and geopolitics?

跟5到10年前相比，今天有什麼不同嗎？另外更廣泛地說，在各種宏觀雜音與地緣政治之下，你會如何評估客戶情緒與韌性？

Well, I think if we compare with, let's say, five, seven years ago, obviously, if you look back, we -- our cross-border customers obviously has quite a bit of -- back then, quite a bit of anxiety concern about tariffs because that was something relatively new that US imposed across the board. And many people were just trying to figure out how to adapt to it. And then on top of it, what would be the consumer sentiments and how can you pass through the cost to the consumer? Or is it that you have to just go halfway in between.

我想如果我們拿五、七年前來比較，顯然回頭看，當時我們的跨境客戶對於關稅有相當多的焦慮與擔憂，因為那是美國首次相對全面性地施加、而且算是比較新的措施。很多人都在試著弄清楚要如何因應。此外，還要考量消費者情緒會如何，以及你要怎麼把成本轉嫁給消費者？或者你只能自己吸收一部分、在中間各退一步。

There are many sort of issues that each and every one of these companies. By the way, it's not just a cross-border issue. In fact, all business in US pretty much have to deal with that challenge. But as we look at it today, tariffs like just a very day-to-day common thing.

每一家企業都面臨許多這類議題。順帶一提，這不只是跨境的問題。事實上，美國幾乎所有企業都得面對這個挑戰。但如果看今天，關稅已經變成非常日常、司空見慣的事情。

It gets -- everybody gets so used to it. They may not like it, but they get used to it and everybody adjusts, adapts and then moved on. And so I looked at it is that quite frankly, even that if you look at today, that US-China relationship appears to be getting better. The Trump administration are working with China to maybe find some of the better way to reduce tariffs and whatnot. But frankly, many of the business don't really pay that much attention to it anymore in a way because people just get used to it.

大家都已經習慣了。他們可能不喜歡，但會習慣；然後大家就調整、適應，接著往前走。所以我看待這件事是：坦白說，即便你看今天，美中關係看起來也在改善。川普政府正在與中國合作，或許尋找一些更好的方式來降低關稅等等。但老實說，很多企業在某種程度上已經不太關注這些了，因為大家就是習慣了。

For East West Bank, we -- our position is that in good times and bad times, East West still out there offering our best banking services to our clients. And we stay on top of what's been happening in the geopolitical issue, and we do the best we can to provide best support for our clients. So with that, and then you can look at our results for the past 10 years since the first Trump administration. What you see is that year in, year out, we continue to outperform all the other banks. Some years, the geopolitical tension was a lot more worse.

對於華美銀行（East West Bank）而言，我們的立場是：不論景氣好壞，華美都會持續在市場上，為客戶提供我們最好的銀行服務。我們也會密切掌握地緣政治議題的最新發展，並盡我們所能為客戶提供最佳支持。因此，你也可以看看自第一屆川普政府以來過去10年的成果。你會看到我們年復一年持續優於其他銀行。有些年份地緣政治緊張局勢更為惡化。

Some years, it seems to be better, but our performance has been steady. And even when we have record earnings after record earnings, they're just slightly better than the year before. And so because we manage our business pretty rigorously, we don't ever want to get ourselves way off in terms of going into the edges and committing too much risk and then eventually end up paying for it.

有些年份看起來比較緩和，但我們的表現一直很穩健。即使我們一再創下創紀錄的獲利，通常也只是比前一年略好一些。這是因為我們對業務管理相當嚴謹；我們不希望在風險承擔上走到太邊緣、承擔過多風險，最後反而要付出代價。

So our position is that run a prudent, relatively conservative balance sheet, make sure we have ample capital, and we continue to focus on organic growth while always with our eyes open for any kind of potential opportunistic and strategically viable M&A opportunity. The reality is that because we spend so much time focusing on the organic business growth and making sure we have better products, we have better capability and whatnot, and relatively speaking, it makes the M&A opportunity less likely because we continue to be able to find a way to grow organically.

所以我們的立場是：維持審慎、相對保守的資產負債表，確保資本充足，並持續專注於內生成長；同時也會保持警覺，留意任何潛在的、具機會性且在策略上可行的併購（M&A）機會。但現實是，因為我們花了很多時間專注在內生業務成長，確保我們有更好的產品、更好的能力等等；相對而言，這也讓併購機會變得不那麼必要，因為我們持續能找到內生成長的方法。

Everything is an opportunity cost. Why would I want to go out there and buy another bank and deal with their problems unless I am in a bind that I cannot grow, which is never the case at East West. So that's why it's just not something that suddenly we went quiet and dormant when it comes to M&A work. It's just that relatively speaking, we just haven't had found anything that we feel that the opportunity cost justified. And so in short, I would say that from a cross-border banking business right now, we continue to build better capability.

所有事情都有機會成本。除非我陷入無法成長的困境，否則我為什麼要去收購另一家銀行、還要處理他們的問題？而在華美，從來不是這種情況。所以這並不是說我們在併購工作上突然變得安靜或停滯。只是相對而言，我們還沒有找到任何一個讓我們覺得其機會成本值得的標的。總之，就目前的跨境銀行業務而言，我們仍在持續打造更好的能力。

We continue to see more opportunities. This universe is big, and it's going to take us decades after decades in order to get sort of like feel like oversaturated.

我們持續看到更多機會。這個市場範圍很大，我們可能需要一個又一個十年，才會覺得接近飽和。

Jared Shaw, Barclays.

Barclays 的 Jared Shaw。

A lot of questions asked. But I guess, do you know what the -- was there any measurable impact on tariff refunds on deposit growth or DDA growth in the quarter?

剛剛已經問了很多問題。不過我想問的是：本季關稅退稅（tariff refunds）對存款成長或活期存款（DDA）成長，有沒有任何可衡量的影響？

It was a small positive. We've had over $1 billion of total deposit refunds flow through the bank. Most of that came in the second quarter, but we had some carryforward into the third quarter. The on-balance sheet portion that we would say is related to sort of same customer, same account is less than $200 million in the quarter end number. And there's probably a similar amount that's migrated on to a money market or other savings vehicle, but it's a small number.

有一點小幅正面影響。我們有超過10億美元的存款退稅資金流經本行。其中大部分發生在第二季，但第三季也有一些延續進來。以資產負債表內（on-balance sheet）的部分來看，我們認為與「同一客戶、同一帳戶」相關的，在季末數字中不到2億美元。另外大概也有類似金額轉移到貨幣市場基金或其他儲蓄工具，但規模不大。

Most of the numbers -- most of the refunds came through were then passed through to either an underlying buyer, seller or someone else in the chain. And so they went out. But again, a couple of hundred million sit on the books, and they're still in DDA. Those have also been here for 30 to 120 days. And so we don't know if there is a reason, they're going to leave us, but we would expect some of that will stick for the long haul, and it's been a plus.

大多數退稅資金流經後，隨即被轉付給供應鏈中的下游買方、賣方或其他相關方。所以資金就流出了。但再說一次，大約有幾億美元仍留在帳上，而且仍在DDA裡；這些資金也已經在這裡停留了30到120天。我們不確定是否有什麼原因會讓它們離開，但我們預期其中一部分會長期留存，這確實是個加分項。

Okay. And then I guess just on the credit side, there was an increase in OREO. Any color on what was driving that and what your expectations are for disposition timing and potentially any additional loss on that?

了解。那在信用面方面，OREO 有所增加。能否說明一下是什麼原因造成的？以及你們對處分時程的預期，還有是否可能產生任何額外損失？

Well, the good news is CRE NPLs came down. Go ahead.

嗯，好消息是商用不動產（CRE）不良貸款（NPLs）下降了。你繼續。

I saw that.

我有看到。

So now that we've got our math, our arithmetic here sorted out. So we did have some loans that we foreclosed on that were nonperforming, and we did also have some deeds in lieu that we took in the quarter. We're working through it. The volume, the numbers, aren't a level where we're super concerned at this point. But certainly, our team is working hard as far as selling these properties. Geographically, it's dispersed. Asset type it is as well. We have -- we're working through them.

所以現在我們把數字、算術都理清楚了。本季確實有一些原本不良的貸款被我們進行法拍（foreclose），也有一些案件我們以以物抵債（deeds in lieu）方式取得。我們正在處理中。目前的量與數字還不到讓我們非常擔心的程度。但當然，我們的團隊正在努力出售這些資產。從地理位置來看是分散的。資產類型也同樣分散。我們正在逐一處理。

So no big concentration. It is more granular?

所以沒有很大的集中度？是比較零散、分散的？

Yes. I mean, certainly, if you look where we're at, there are asset classes that hit all of our real estate, balances, while single-family is smaller. Larger ones are CRE. Category-wise, right, we have OREOs that are in the categories of greenhouses, office, retail and also some -- one vacant land. But overall, we're moving through these.

是的。我的意思是，當然，如果你看我們目前的狀況，確實有一些資產類別影響到我們所有的不動產餘額；其中獨棟住宅（single-family）占比較小。較大的部分是商用不動產（CRE）。就分類而言，我們的OREO涵蓋溫室、辦公室、零售，另外還有一些——其中一筆是空地。但整體而言，我們正在推進處理這些資產。

Some of them have LOIs, and we hope for some resolution very soon.

其中一些已簽署意向書（LOI），我們希望很快就能有一些進展。

Ben Gerlinger, Citi.

Ben Gerlinger，花旗。

Just wanted kind of just higher level, you guys have kind of alluded to previously like adding something within fee income, whether it be kind of a bigger wealth management offering or trust or something like that. But -- and Dominic, when you just talked about like being there for your clients across pretty much every spectrum, is there other areas where East West might be potentially naked in the offering where there's nothing to really add? Or are you just really bolstering current offerings right now? I'm just thinking inorganic potential down the road.

我想從比較高層次的角度問一下，你們之前有提到過，可能會在手續費收入（fee income）方面增加一些項目，不管是更大型的財富管理服務、信託或類似的東西。不過——Dominic，當你剛才談到幾乎在各個面向都能陪伴客戶、服務客戶時，東西方銀行是否在產品/服務提供上還有其他可能的空白地帶（也就是目前沒有什麼可以補上的）？還是說你們目前主要是在強化既有的產品與服務？我是在想未來透過外部併購（inorganic）的可能性。

I think broadly speaking, we focused on a good portion of our attention on the corporate development front, looking for the right bolt-on or add-on on our wealth management. And to a large extent, didn't obviously find the right opportunity. And so we did, during the third quarter, formally launch our registered investment advisory entity, and we are in the process of building organically out the team to further those efforts. And so at this point in time, there's nothing there. However, we'll continue to look for the way to further diversify and grow our fee revenues over time, and that's the focus as we move forward.

我想整體而言，我們在企業發展（corporate development）方面投入了相當一部分心力，尋找合適的補強型（bolt-on）或加值型（add-on）機會來擴充我們的財富管理業務。但在很大程度上，顯然沒有找到合適的機會。因此我們在第三季正式推出了我們的註冊投資顧問（RIA）實體，並正在以有機方式建立團隊，以推進這些工作。所以就目前而言，沒有什麼可補充的。不過，我們會持續尋找方法，隨時間進一步分散並成長我們的手續費收入，這也將是我們接下來的重點。

Got it. And then tailoring rules change to $100 billion. I'm not necessarily looking for like an acquisition type answer, but like is there anything on the balance sheet, whether it be HQLA approach to securities or anything on that end that like you might tweak the current operations?

了解。另外，關於量身訂做（tailoring）規則門檻調整到1,000億美元。我不一定是在尋求像併購那樣的答案，但就資產負債表而言，是否有任何地方——例如在證券的高品質流動性資產（HQLA）配置方式或其他相關面向——你們可能會調整目前的營運作法？

As we sit here today, I think we have built an HQLA-oriented investment portfolio that would be appropriate and suitable should we be subject to those rules as they get finalized, we expect somewhere here in the next three to six months. But if there -- if the rules don't change, we are on a path to be appropriately positioned to successfully grow into them. And if the rules do change, then we'll have even more flexibility.

以我們目前的情況來看，我認為我們已建立一個以HQLA為導向的投資組合；若最終確定我們需要遵循那些規則，這樣的配置會是合適且可行的。我們預期規則會在未來三到六個月內定案。但即使規則沒有改變，我們也正走在一條能夠妥善定位、並成功逐步成長以符合相關要求的路徑上。而如果規則確實改變，我們將會有更大的彈性。

David Smith, Truist Securities.

David Smith，Truist Securities。

Just as we think about the range of outcomes for NII in the fourth quarter, you're pointing to an expectation of a flat margin, and the loan growth outlook suggests somewhere between $0.5 billion and $1.5 billion of additional loan growth in the fourth quarter. So even the midpoint of your full year guidance, would have NII about flat in the fourth quarter versus the third quarter. So I guess with a flat margin and balance sheet growth, why wouldn't you be towards the upper end of your NII range?

當我們思考第四季淨利息收入（NII）的可能結果區間時，你們指出預期淨利差（margin）持平，而放款成長展望顯示第四季新增放款大約在5億到15億美元之間。因此即便以你們全年指引的中位數來看，第四季的NII相較第三季大概也會接近持平。所以我想問的是，在淨利差持平且資產負債表成長的情況下，為什麼你們不會落在NII區間的上緣？

I like your math.

我喜歡你的算術。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Just wanted to touch on deposit costs a little further. If you have the spot rate at the end of September. And then also the $15 billion of CDs that are maturing, just kind of the roll-off and roll-on rates that you expect?

我想再多談一點存款成本。你們是否有9月底的即期利率（spot rate）數據？另外，還有150億美元的定期存單（CD）即將到期，想請教你們預期的到期流失（roll-off）與續作（roll-on）利率大概會是多少？

Sure. So on the $15 billion, most of that, again, was priced about 6 months ago. The end of period costs -- let's split the question. So the first one is, right now, the current month 6-month CD special is at 3.65%. The 9-month is at 3.78%, and the 12-month is 3.88%.

好的。關於這150億美元，其中大部分——再說一次——是在大約6個月前定價的。期末成本（end of period costs）——我們把問題拆開來回答。第一個是：目前當月的6個月期CD特別方案利率是3.65%；9個月期是3.78%；12個月期是3.88%。

Now a portion of the $15 billion, of course, it doesn't all come on at special rates. So people that will roll over existing programs at lower rates. So you have to think about the blend. But the blended rate that we're offering here in the fourth quarter on the 6-month offering is actually very much in line with what we are offering in the second quarter. So as we sit here today, it's relatively flat, assuming there's a similar reinvestment profile of the underlying CDs, which would be a good outcome.

當然，150億美元中的一部分並不會全部以特別方案利率續作。有些客戶會以較低利率續作既有方案。所以你必須考量混合（blend）後的結果。但我們在第四季對6個月期方案所提供的混合利率，其實與我們在第二季提供的水準非常一致。因此以我們目前來看，若底層CD的再投資型態相近，整體大致持平；這會是一個不錯的結果。

With regard to the second part of your question, our total interest-bearing deposit cost at quarter end was 2.83%. That compares to an average of 2.81% on average for the full third quarter. And we haven't really seen that move as we sit here. If anything, it's probably stayed flat to gotten a little bit better as we move into the fourth quarter.

至於你問題的第二部分，我們在季末的整體計息存款成本為2.83%。相較之下，第三季全季平均為2.81%。而就我們目前觀察，並沒有看到明顯變動。如果有的話，進入第四季後大概是持平到略有改善。

Okay. Great. And then just back to the capital return, knowing you guys have a ton of capital and accumulating capital. Can you just remind us of your targeted dividend payout ratio as earnings continue to grow?

好的，很好。再回到資本回饋（capital return），考量到你們有大量資本且仍在累積資本。能否提醒我們，隨著獲利持續成長，你們目標的股利發放率（dividend payout ratio）大概是多少？

We haven't targeted a specific ratio. I think we raised the dividend by one-third last year. We're at $0.80. We reiterated and declared $0.80 dividend to our shareholders in the fourth quarter. And we're committed to look at that and revisit that at least annually. And so we will do so in the ordinary course.

我們沒有設定特定的比率。我想我們去年把股利提高了三分之一。目前是0.80美元。我們在第四季再次重申並宣告對股東發放0.80美元股利。我們承諾至少每年會檢視並重新評估一次。因此我們會在正常程序下進行。

At this time, we show no further questions, and that concludes our question-and-answer session. I would like to turn the conference back over to Dominic Ng for any closing remarks.

目前沒有其他問題，本次問答環節到此結束。我想把電話會議交回給Dominic Ng，請他做結語。

Thank you. Well, before we conclude, I would like to thank our employees for their hard work and commitment to serving our customers. We are encouraged by the momentum we are seeing across our core businesses and confident in our ability to execute on the opportunities ahead. Thank you for joining us today, and we appreciate your continued interest in East West and looking forward to speaking with you again next quarter. Bye.

謝謝。在結束之前，我想感謝我們的員工辛勤工作，並致力於服務客戶。我們對核心業務所展現的動能感到鼓舞，也對我們把握未來機會的執行能力充滿信心。感謝各位今天的參與，也感謝各位持續關注東西方銀行；期待下個季度再與各位交流。再見。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。