CPF
#Sure.
Let me take that question, <UNK>.
We're pleased to report, and this was in our prepared remarks, that we completed our [Encore] branch conversion in 2015.
And that's our end-to-end system for our branches, and then of course, utilized by our back office groups.
Related to that there are a number of process improvements in thinking about the end-to-end process.
So, we will continue to focus on being more efficient and leveraging that Encore system.
The other thing is, and in earlier calls we've talked about our enterprise data warehouse.
And so, we're continuing to focus on leveraging the warehouse, including the buildout of the analytics, which really is the power behind that platform ---+ is better understanding our customers so that we can appreciate their needs and sell into those needs.
Sure, <UNK>.
Good morning, Alex.
<UNK>, would you take that question.
Yes.
Thanks, <UNK>.
Hey, Alex.
There was about $350,000 of non-recurring expenses related to a buildout of a new branch.
And so it's actually unrelated to the branch closure.
But there was about $350,000 in non-recurring expenses in occupancy line this quarter.
I'll take that question.
So, yes.
That was what I think of as a one-time expense.
And it's related to an advertising campaign that's actually going to be launching in the next week or so.
So, it's the production expenses related to that ad.
<UNK>, can you take that.
Hey, Alex.
This is <UNK> again.
As I mentioned, the fourth quarter, about $101 million was organic and about $9 million represented mainland purchases.
Thank you.
Good morning, <UNK>.
<UNK>, do you want to take that.
Sure.
Good morning, <UNK>.
I think part of our growth was driven a little bit by some real estate sales, and that liquidity flowed into our deposit base.
We did see one significant 1031 exchange deposit that took place at the end of the year.
But the bulk of our increase in deposits really was the efforts of our people in focusing in on getting core deposit growth.
Sure.
Well, maybe I'll start by talking about the buyback.
So, you can expect us, with where our stock is trading today, for us to be back out in the market in Q1, and rather aggressively.
And then, <UNK>, anything to add in regard to capital deployment.
I think the capital plan is consistent with what you've seen over the last couple of years.
So, we'll obviously pay the regular cash dividend with a yield and pay-out ratio comparable to our peers.
But we'll augment that with an ongoing share repurchase program, as <UNK> mentioned.
And we are obviously looking to take advantage of the recent downturn in the Street valuations.
So, we will be back in the market in the first quarter.
<UNK>, can you take that.
Yes, sure.
Yes, you're right.
It was down slightly, $1.6 million to $1.3 million, sequential quarter.
And it was primarily volume driven.
So, the gain on sale margin was relatively stable for the two quarters, but we did see volume decrease by roughly 7% sequential quarter.
You're welcome.
Hey, <UNK>.
Good morning.
Maybe I'll start, and then I'll turn it to <UNK> to talk about the competitive environment.
But Hawaii is perhaps a bit of a microcosm in regard to how we think about the national economy.
And so, in fact, the tourism numbers that we saw for last year were a record for us, and the spend remained high.
So, currently, for ---+ as we think about 2016, we are expecting a strong year.
I mentioned the unemployment numbers that were announced recently for December, 3.2%, which is the lowest rate in eight years.
So, we are expecting a strong economy here in Hawaii, as we think about the tourism numbers and then also as we look at construction in the state.
<UNK>.
Yes.
Good morning, <UNK>.
I think with regards to the two banks, I'll take maybe American Savings first.
I think they've been doing business as usual.
They've been focusing on their activities.
And we haven't seen any significant change in their efforts thus far.
I think for First Hawaiian Bank, it's really early to tell if there's going to be any, or there has been any significant changes in the way they operate their business.
As you know, they did make that announcement late December.
So, given the market conditions and given the fact that it's, again, very early in the ballgame ---+ I just think it's too early to tell what kind of moves they're going to be making going forward.
Sure.
So, <UNK>, on the new volume yields on the investment side, we have been investing.
In the fourth quarter, we did come in on the duration scale slightly.
So, new volume investment yields probably averaged about 2% in the fourth quarter relative to the portfolio yield dollars, more like 2.60%.
On the loan side, it was a lot better story, much closer.
New volume yields were much closer to the overall portfolio.
Overall portfolio yield on ---+ overall new volume yields was about 3.70%, weighted average of 3.70% versus a portfolio yield of roughly 3.85%.
No problem, <UNK>.
Thank you, Allison.
Thank you very much for participating in our earnings call for the fourth quarter of 2015.
We look forward to future opportunities to update you on our progress.
