Bank of Hawaii Corporation

Good day and thank you for standing by. Welcome to the Bank of Hawaii Corporation third quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chang Park. Please go ahead.

Good morning and good afternoon. Thank you for joining us today for our third quarter 2025 earnings conference call. Joining me today is our chairman and CEO, Peter Ho, President and Chief Banking Officer, Jim Polk, CFO, Brass Attenberg, and Chief Risk Officer, Brash Erson. Before we get started, I want to remind you that today's conference call will contain some forward-looking statements. And while we believe our assumptions are reasonable, the actual results may differ materially from those projected. During the call today, we'll be referencing a slide presentation as well as the earnings release. Both of these are available on our website, boh.com, under the investor relations link. And now I would like to turn the call over to Peter.

Thanks, Chang. Good morning or good afternoon, everyone. Thank you for your continued interest in Bank of Hawaii. We recorded yet another set of strong results for the quarter. Fully diluted earnings per share were $1.20 per share, 29% higher than the results from a year ago. and 13% higher than last quarter. Then interest margin improved for the sixth straight quarter up seven basis points to 2.46%. Return on common equity improved to 13.6% for the quarter. Average deposits increased by 7% annualized and the period loans increased modestly. Credit quality remained and remains pristine. I'll now touch on some operating highlights as well as an update on our wealth initiative Brad Sherrison will briefly update you on credit quality, and Brad Sattenberg will dive a little deeper into the financials. As a reminder, Bank of Hawaii has a unique business model. It creates superior risk-adjusted returns by leveraging our unique core Hawaii market, our dominant brand and market positions, and our fortress risk profile. Our market-leading brand position is largely the driver of our market share outperformance. Per the 2025 FDIC summary of deposits released last month, we advanced our number one deposit market share position in Hawaii by 40 basis points as of 6-30-2025. Since 2005, Bank of Hawaii has grown market share by 600 basis points, well in excess of any other competitor in the Hawaii market. Interest-bearing deposit costs and total cost of funds both improved in the quarter. Also in the quarter, we remixed $594 million in fixed rate loans and investments from a roll-off rate of 4.1% and into a roll-on rate of 6.3%, helping to improve net interest margin. As I mentioned, Q3 was the sixth consecutive quarter of NIM expansion. We anticipate NIM to expand further for a number of quarters moving forward. Our Fortress credit position is a long-standing core attribute of Bank of Hawaii. The portfolio is diversified by product type, predominantly secured, and possessing superior long-term loss rates. We dynamically manage our credit portfolio, actively managing off loan categories that we find not to meet our stringent loss standards. We believe wealth management is a nice opportunity for us, and I'd like to highlight it further here. As you can see from this chart, our consumer and commercial businesses have grown steadily over the past 20 years. AUM growth, however, has lagged. With greater investment, we believe we can improve performance in the local wealth segment. Hawaii has a strong affluent marketplace relative to the broader U.S. market. The wealth segment is fragmented, with Bank of Hawaii holding a small fraction of the market. We see an opportunity to leverage our dominant commercial and similar market positions, along with our brand strength, to build wealth market share. In the mass affluence space, we recently teamed with Cetera to help us modernize our broker-dealer platform. Our new platform named Banko Advisors will have meaningful technology, client experience, and investment product enhancements over its predecessor operation. We believe the new platform will help us delight both clients and prospective advisors alike. In the high net worth space, we believe stronger client coordination between our commercial and wealth teams will result in meaningful cross-marketing opportunities, especially in the SME segment. We've invested in numerous product and service resources geared specifically for this segment. We'll have further updates for you all as our initiatives in this area season. And now let me turn the call over to Brad Cherson, who will provide some brief overview comments on credit. Brad?