First Hawaiian, Inc.

Please go ahead.

Thank you, Kevin. And thank you, everyone, for joining us as we review our financial results for the fourth quarter of 2025. With me today are Bob Harrison, Chairman, President, and CEO, Jamie Moses, Chief Financial Officer, and Lee Nakamura, Chief Risk Officer. We have prepared a slide presentation that we will refer to in our remarks today. The presentation is available for downloading and viewing on our website at FHB.com in the investor relations section. During today's call, we will be making forward-looking statements, so please refer to slide one for our safe harbor statement. We may also discuss certain non-GAAP financial measures. The appendix to this presentation contains reconciliations of these non-GAAP financial measurements to the most directly comparable GAAP measurements. And now I'll turn the call over to Bob.

Hello, everyone. Thank you for joining us today. I'll start with some local economic highlights. The state unemployment rate continued to fall and was at 2.2% in November compared to the national unemployment rate of 4.5%. Through November, total visitor arrivals were down 0.2% compared to last year, primarily due to fewer visitors from Canada. Japan remained a bright spot, up 2.8% on a year-to-date basis. However, year-to-date spending through November was $19.6 billion, up about 6% compared to the same period of last year. Housing market remains stable, with the median single family home price on Oahu in December was $1.1 million, up 4.3% from the prior year. The median condo sales price on Oahu in December was $512,000, down 5.2% from last year. Turning to slide two, we had another strong quarter. Our NIM expanded. Net interest income grew, expenses were well contained, and credit quality remained strong. Our profitability measures remained solid with return on average tangible equity at 15.8% in the fourth quarter and 16.3% for the full year. The effective tax rate in the fourth quarter was 24.8%. This was due to the reversal of our previously accrued tax benefits. We expect the effective tax rate to return to about 23.2% going forward. Turning to slide three, balance sheet remains solid. We continue to be well capitalized with ample liquidity. We had good growth in CNI loans, as well as retail and commercial deposits. During the quarter, we repurchased about one million shares, which used the remaining $26 million of our $100 million purchase authorization for 2025. Our new stock repurchase authorization is for $250 million, and unlike prior authorization, the current authorization is not for a specific timeframe. Turning to slide four, total loans grew $183 million in the quarter, or 5.2% on an annualized basis. We had good growth in CNI loans, primarily due to draws on existing lines as well as the addition of a new auto dealer customer. The CRE growth and decline in construction was primarily due to a couple of construction deals that were converted from construction to CRE. Outside of those conversions, balances in both portfolios were relatively flat. Now I'll turn it over to Jamie.