Ladies and gentlemen, thank you for standing by and welcome to the Bank of Hawaii Corporation first quarter 2022 earnings call. At this time, all participants are in a listen only mode. There will be a question and answer session after the prepared remarks. If you would like to ask a question during the session, please press star one. If you require any further assistance, please press star zero. I would now like to turn the call over to your host, Janelle Higa. You may begin. Thank you, Kevin, and good morning, good afternoon, everyone. Thank you for joining us today. On the call with me this morning is our Chairman, President, and CEO, Peter Ho, our Chief Financial Officer, Dean Shigemura, and our Chief Risk Officer, Mary Sellers. Before we get started, let me remind you that today's conference call will contain some forward-looking statements. While we believe our assumptions are reasonable, there are a variety of reasons the actual results may differ materially from those projected. During the call, we'll be referencing a slide presentation as well as the earnings release. A copy of the presentation and release are available on our website, boh.com, under Investor Relations. Now I'd like to turn the call over to Peter Ho. Thanks, Janelle. Aloha, everyone. We appreciate your interest in Bank of Hawaii. First quarter was a good start to 2022 for the organization. As is our custom, I'll share with you some thoughts on the broader market here in the islands. I'll then turn the call over to Dean to talk about the financials, and then he'll turn the call over to Mary to give you some perspective on the credit side, and then I'll close with some concluding thoughts. We'd be happy to take your questions. Beginning with the economy, things appear to be shaping up, stable and improving is what I would call it. Here you see our unemployment numbers. Unemployment now down to 4.1%. I think when you look at the forecast numbers out that UHERO has put in there, obviously, I think clearly those are due for adjustment and I think probably impacted by some of the changes of the Bureau of Labor Statistics. All in all, I think a pretty good performance unemployment-wise. When you look at some of the high frequency data that the university also puts out, what they call their economic pulse, which is an aggregation of a bunch of high frequency data, you'll see that really that rating is up to its highest level ever in the new environment that we find ourselves in. As of the past couple of weeks, that rating sits 81 points. To give you some frame of reference, our prior peak was 75 in the summer of 2020, just before Delta hit, then as those numbers took a dip with Delta and then Omicron. Nice to be back up at a high and hopefully moving forward from there. Switching to real estate. Here you see that the real estate market, at least here on Oahu, our primary market, continues to do quite well. Price points still elevated at very high levels, both single family as well as condominium. Also, you see that the pervasive inventory or shortage of inventory continues to be the case and not likely to see much change in that environment anytime soon. Therefore, I wouldn't expect to see too much erosion in price point, certainly not in 2022. Next slide. Switching over to the visitor side. This is really an evolving story. You can see in the chart that, 2022 levels are getting closer to 2019 levels or pre-pandemic levels. The numbers are from an arrivals standpoint, down still 25% from 2019. But that's really the tale of two marketplaces. U.S. arrivals, both East and West U.S. arrivals are up, year to date 8% from 2019. But clearly the drag and what's dragging down the entire market are the Japanese down 98%, Canada down 61% and other international, marketplaces down 70%. Interestingly, when we look at spending patterns, the news isn't quite as bad there. Spending is down, and remember I told you arrivals were down 25%, but spending is only down 9.9%, this year to date through February. This reflects a very robust U.S. consumer. U.S. spending or U.S. market spending in the islands year to date February is up 27% and offset somewhat by Japan, Canada, and other international. Just to finish off on the visitor side, RevPAR performance, which as you can imagine has been quite difficult through the pandemic, is really starting to look up. The last three months, beginning in December, RevPAR in the state was actually plus 7.6% versus 2019 levels. January was off slightly at -1.3% versus 2019, and February bounced back nicely at +4% versus 2019. All in all, what we see in the visitor segment is kind of a reasonable performance given what's happening in the various marketplaces. I think a fair case for optimism as we look forward and hopefully welcome the Japanese visitors back, hopefully a few towards the tail end of this year. That's it for my open. Let me now turn the call over to Dean who'll share the financials. Dean? Thank you, Peter. Our strong core loan growth continued in the first quarter. Core loans net of PPP waivers increased by $354 million, or 2.9% linked-quarter, and by $1.1 billion year-over-year, or 9.4%. Growth was across both commercial and consumer loan portfolios at 2.5% and 3.2% respectively linked-quarter. PPP loan balances declined by $69 million, and $58 million remained at the end of the quarter. Net interest income in the first quarter was $125.3 million and included $1.8 million from PPP loans. The fourth quarter net interest income included a one-time reduction of $900,000 for an adjustment to deferred mortgage loan fees and $5.7 million in PPP loan interest income. Adjusting for the one-time charge in the fourth quarter and total PPP loan interest income in both quarters, the first quarter's core net interest income was $123.4 million, up $1.9 million or 1.6% linked quarter, driven by strong loan growth and rising interest rates. Our core net interest margin, which excludes PPP loan interest income, increased by seven basis points linked quarter to 2.31%. Our loan-to-deposit ratio remains low, well below regional and local peers. This affords us a strong and stable base of low- cost deposits that is a readily available source of liquidity to fund loan growth and provides pricing flexibility. One of the driving factors of this strong deposit base is Hawaii's unique deposit market and our strong position within this market. According to FDIC deposit study data, the top five banks make up nearly 97% of deposits in the state of Hawaii. Bank of Hawaii is well-positioned as the market share leader with exceptional brand recognition and customer relationships. The composition of our deposits further demonstrates the strength of our deposit franchise. 94% of deposits are from core commercial and consumer customers, and the remaining 6% in public deposits are predominantly government operating accounts. When analyzing our deposit products, 96% of our deposits are in core savings and checking accounts, with checking balances comprising nearly 60% of total deposits. Our solid base of low-cost deposits provides us with flexibility in a rising rate environment. Total deposit balances increased $356 million or 1.7% linked quarter and $392 million in core commercial and consumer customer accounts, while our deposit costs decreased by 1 basis point to 5 basis points in the quarter. During the last rising rate period, we demonstrated pricing discipline at approximately 20% beta while continuing to grow our deposit balances. Our balance sheet remains asset sensitive to changes in interest rates, and we will continue to benefit from higher rates. The recent increases in medium and long-term rates are already having a positive impact on our core net interest income and margin. In the first quarter of 2022, net income was $54.8 million and earnings per common share were $1.32. Net interest income in the first quarter was $125.3 million. As discussed earlier, core net interest income, which excludes PPP loan interest income, was $123.4 million up $1.9 million linked quarter, driven by strong core loan growth and rising interest rates. As Mary will discuss later, we recorded a negative provision for credit losses of $5.5 million this quarter. Non-interest income totaled $43.6 million in the first quarter up $1 million from the fourth quarter. The increase was primarily due to higher swap revenue and deposit fees, partially offset by seasonal decreases in service charges and other transaction fees. Also included in the first quarter's non-interest income was a one-time negative adjustment of $400,000 for a change in the Visa Class B conversion ratio, which was reported as a contra revenue item in the investment securities gains, losses. In addition, we recognized a $1.8 million recovery for MSR impairment in the mortgage banking income, which afforded us the flexibility to hold more mortgage loans. We expect non-interest income will be approximately $42 million-$43 million per quarter through the end of the year, as mortgage banking income and asset management fees are expected to be lower due to higher interest rates and lower markets. Non-interest expense in the first quarter totaled $103.9 million, up from $101.7 million in the fourth quarter. Included in the first quarter's expenses were seasonal payroll tax and benefit expenses of $3.7 million related to annual incentive payouts made during the quarter. Included in the fourth quarter's expenses was a one-time $1.2 million charge for an additional employee benefit that increased our vacation carryover limits. Adjusting for these items, the first quarter's expenses were $100.2 million, down $300,000 from the normalized fourth quarter expenses of $100.5 million. Thus, in the first quarter, we were able to maintain our overall expense discipline while continuing with our innovation investments. For the full year of 2022, expenses will be approximately $414 million-$415 million as inflation pressures have increased overall expenses. The annual merit increases and one-time cost-of-living adjustment, which together totaled a 5% increase for employees, began on April 1. Our return on assets during the first quarter was 0.97%. The return on common equity was 15.44%, and our efficiency ratio was 61.53%. Our net interest margin in the first quarter was 2.34%, unchanged from the fourth quarter. Excluding total PPP loan interest income, the core margin was 2.31%, an increase of seven basis points linked quarter. The increase in the margin during the first quarter reflects the ongoing impact of strong core loan growth and rising rates. Excluding the impact of PPP loan interest income, we expect continued improvement in our core margin with increases of 5-6 basis points per quarter for the remainder of 2022 from continued loan growth and higher interest rates. This is an improvement from the previous NIM guidance of 3-5 basis points per quarter. Our capital level remains strong and it is well-positioned to support continued growth. Our CET1 and total capital ratios were 11.83% and 14.41% respectively, with a healthy excess above the regulatory minimum well-capitalized requirements. Higher interest rates negatively impacted the valuation of our available for sale portfolio, resulting in an AOCI adjustment and a reduction in our book and tangible common equity. However, this had no impact on our regulatory capital and our capital distribution capabilities. During the first quarter, we paid out $28 million, or 53% of net income available to common shareholders in dividends and $2 million in preferred stock dividends. We repurchased 117,000 shares of common stock for a total of $10 million. Finally, our board declared a dividend of $0.70 per common share for the second quarter of 2022. Now I'll turn the call over to Mary. Thank you, Dean. Credit performance remained very strong in the first quarter. Net loan and lease charge-offs were $1.5 million or 5 basis points of average loans and leases annualized. This compared with 2 basis points in the fourth quarter of 2021 and 10 basis points in the first quarter of last year. Non-performing assets totaled $20 million or 16 basis points, up 1 basis point for both the linked period and year-over-year. All non-performing assets are secured with real estate, with a weighted average loan to value of 54%. Loans delinquent 30 days or more remained stable at $28.3 million or 23 basis points, while down $11.6 million or 10 basis points year-over-year. Criticized exposure was down to just 1.6% of total loans, driven by continued improvement in the financial performance of those customers who had been most impacted by COVID. The quality of our loan production in the first quarter was strong and reflective of our continued conservative and consistent approach to underwriting. For the quarter, 62% of commercial production was secured with quality real estate modestly leveraged. Our commercial mortgage production had a weighted average loan to value of 60%, and construction production had a weighted average loan to value of 65%. 83% of the quarter's consumer production was secured with real estate, again, conservatively leveraged. Residential mortgage and home equity production had weighted average loan to values and combined weighted average loan to values of 62% and 58% respectively. 79% of home equity production was in first lien. FICO scores for all our consumer production remained very strong and consistent. Importantly, when we look at the bottom quartile of our loan production, we continue to see solid credit metrics. As Dean noted, we recorded a negative provision for credit losses of $5.5 million this quarter. This included a negative provision to the allowance for credit losses of $4.3 million, which with net charge-offs, reduced our allowance to $152 million or 1.21% of total loans and leases, or 1.22% net of PPP balances. The decrease in the allowance reflects the improving economic outlook and forecast for our market, coupled with our credit risk profile, while continuing to provide for the uncertainty and potential downside risk associated with recent geopolitical events and tighter monetary policy. The reserve for unfunded credit commitments was $5.2 million at the end of the quarter, down $800,000 for the linked period. I'll now turn the call back to Peter. Thanks, Mary. To conclude, just a little few thoughts on where we see ourselves moving forward. We believe we are extremely well positioned for what we see as an evolving environment. We're asset sensitive. As Dean mentioned, we operate in an interesting deposit marketplace where the top five locally headquartered players represent 97% of the market. I think equally interesting of that 5 is that the weighted average loan to deposit ratio of those participants is 61%. Bank of Hawaii has a terrific position within this marketplace. From a credit standpoint, we're, as Mary described, in very good position as well. We have a high-quality securities portfolio, and our loan portfolio is well diversified, well balanced, and has a 79% collateral position with a weighted average loan-to-value of 56%. Ninety-seven percent of our loans are in markets we know, we've known for decades, and our current strategy ensures this continued familiarity. Finally, from a liquidity standpoint, as Dean mentioned, our deposit base is incredibly core in nature with 94% consumer and commercial and 96% being either demand or savings. As Dean also mentioned, we have historically market-leading deposit betas, which we would anticipate deploying through this cycle. Our operating model generates some of the highest returns of capital in the industry. Now we're happy to take your questions. Our first question comes from Jeff Rulis with D.A. Davidson. Thanks. Good morning. Hey, Jeff. Just a question on the buyback. Just want to check in on the appetite. You know, it was up last quarter, but you know, it's been higher in the past. I'm just interested if, you know, AOCI consideration or just general macro. Kind of give us an update of where you think on buybacks. It is up about $3 million quarter-over-quarter. We continue to implement our capital plan, which generally will hold capital for growth and then our dividend. Of course, what's remaining is the available for share repurchases. We continue to believe that's an important part of our capital plan. Going forward, I think it'll depend on how the environment evolves. Given the volatility in the rate environment, you know, we'll continue to repurchase shares, but it could change depending on the outlook. Yes. I think our intent is to continue with repurchase probably similar to what you've seen in the most recent quarter, but obviously subject, Jeff, to what's happening in the rate environment, you would understand. Sure. Yep. Thanks. Peter, you mentioned, you know, it looks like the UHERO forecasts are kind of lagging real time. Maybe a question for Mary just on that. Does the first quarter provision recapture sort of bake in as of March end, in other words, if we've seen some economic improvement, can we kind of assume that would be reflected in the second quarter provisioning consideration? In other words Exactly, Jeff. Exactly. Okay. Got it. Last one, maybe Peter, just trying to circle back to the islands', behavior on the last uprate cycle. You know, how both loans and deposits, you talked about the uniqueness of, the local participants on the deposit side. My guess is last uprate cycle deposit betas were lower. If you could just touch on both how, you know, loan pricing, loan and deposit pricing kind of played out in the last cycle. Yeah. I would say that, you know, the deposit front was pretty stable. I mean, you know, I think we had about a 20% deposit beta, and we didn't have the best betas in the marketplace. So there's a good amount of stability, I'd say, on the deposit front. In part, the reason, one of the reasons why I mentioned the weighted loan to deposit ratio for the top five is, you know, there's always been a bit of a mismatch between funding and assets in the islands. I think that's in part how you get those betas, right? As we look forward, Jeff, you know, interestingly, the liquidity dynamics of the marketplace are not a lot different than the last cycle. Therefore, I wouldn't anticipate much to change on the deposit front. On the loan front, you know, like I said, it's always been a funding heavy asset, lighter environment. There's always gonna be competition there. You know, with rates rising, that'll be kind of interesting to see kind of where people position, because, you know, it's really the yield or the income side's really been very volume driven to date through the past, you know, call it 10 years, 5, 10 years. As margins are picking up, I think maybe people will be more sanguine just to kind of pick up on the rate side versus the volume side. We'll see, though. Yeah. Okay. I appreciate it. Thank you. Our next question comes from Andrew Liesch with Piper Sandler. Hey, good morning, everyone. Hey, Andrew. Just questions on the loan growth continues to be really strong. It sounds like you retained more on the mortgage side, so that may have driven that. Is there anything you can point to what's going on in your market or maybe with your bankers and lenders specifically that's driving this? Just given how strong that it has been for several quarters now. Yeah, sure. Well, first of all, we saw growth in just about every category, both consumer and commercial. C&I was a bit flattish, but CRE was up 3.4%. Construction was up 12.7%. You know, clearly on the commercial side, I think we're the beneficiary of a healing economy. You know, increased activity as people you know are generally a lot better capitalized than you might imagine coming out of a pandemic. Having a consistency of team for many years, that's just allowed us to you know one ensure that we've got quality staff out there in the marketplace taking care of clients. Then, too, you know, having staff that's been, you know, managing the same clients for an awful long time. Opportunity begins to peek its head out, you know, execution becomes that much more possible. On the consumer side, yeah, I think we probably held on to a little bit more resi mortgage production, just as kind of I think the fee side was not quite as attractive as earlier quarters. In general, I'd say that, you know, resi was up, home equity was up, indirect was up, even indirect with the inventory challenges of the marketplace. There's a combination of, I think really great programming. We're really starting to see traction on our marketing front. We're seeing great traction on our channel diversification side, good movement into our Simplify online platform. Really kind of a combination of things that's helped to deliver that outcome, Andrew. Okay. That's great color. How are pipelines shaping up so far this quarter? I know it's still early, but how are things trending now? Yeah. I mean, we have a monthly pipeline meeting with the entire consumer and commercial team. It's always much anticipated. I'd say, you know, Q2 looks pretty good. Again, I mean, you never know. I mean, it's a pretty volatile geopolitical environment we find ourselves in. For now, we're feeling pretty good about growth. I don't know if we're gonna get 2.9% core, 'cause that's getting pretty frothy. I think solid loan growth is definitely built into the pipeline as it stands right now. Got it. That was very helpful. Thanks for taking the questions here. I'll step back. Yep. Take care. Our next question comes from Ebrahim Poonawala with Bank of America. Hey, good morning. Ebrahim. I guess maybe one first on expenses. I think Dean mentioned full year $414 million or $415 million. That's about 6%-7% up year-over-year. Just talk to us, Peter, as we look forward beyond this year around the puts and takes. I mean, it feels like inflationary pressure will be higher relative to what we saw post-financial crisis. That's gonna have some upward push to the expenses. Give us a sense of where you're investing, where the bank is in from an investment spend perspective, and areas of incremental cost savings to offset the growth. Yeah. Yeah, good, that's really the question these days, isn't it? Maybe take a slightly higher lens view of the situation. In the last five years, if you look at our expense trend, our investment expenditures have grown by about 11%, just over 11% annually. Obviously a big investment in the categories like technology or data analytics or marketing, or e-commerce and those types of things. The overall growth of expenses in the company has been 3%. Kind of those non-strategic areas, those areas other than what, you know, what we deem to be investment and strategic, has grown at a 0.9% clip. We've been able to accommodate the investments that we think we need to do. Clearly, the world's changing and clearly consumers are changing. Who's paid for that is in fact kind of every other expenditure. As we move forward, the challenge is we do see a more inflationary environment. Obviously, I don't think we can keep kind of other expenses, kind of the rest of the company at 1% call it. That's got to go up. I think what will happen, too, Ebrahim, is, you know, clearly that 11% was not an intended sustainable CAGR. I mean, that number is gonna come down meaningfully. I think where we're gonna land out is kind of a 4%-ish kind of annual growth rate. That, as you know, for Bank of Hawaii is a little bit on the high end, but- Mm-hmm. You know, I think we're just in a different inflationary environment than we have been previously. There's still some investment spend to be made. I'll tell you, a good portion of that is already built into our expense bloodstream. A lot of the kind of pre-work that you gotta do to get these platforms, whether it's marketing or e-commerce going, you know, takes a lot of upfront expense. Got it. Like a 4% core expense growth is the right way to think about that. That was helpful. Thanks, Peter. Yep. I think you mentioned, Dean, about 5-6 basis points per quarter for the rest of the year. You all provided some color on just deposit dynamics. Anything on the deposits front, like as you think about as maybe some of the non-core competitors get more competitive on pricing, do you see any subset of your deposit balances leaving the bank which inherently might be more rate sensitive, so maybe they're going to money markets or market-related kind of funds, where they can get a higher rate? That's certainly a possibility and something that we continue to look at. We do have, as we manage our deposit base, plans for alternatives also. You know, we do have a pretty significant trust area that can help us there. The intent is to kind of maintain our customer base and deposit balances. Got it. Just one last question. When we look at the tangible, the TCE to TA ratio, I think you mentioned you're still gonna do some modest buybacks similar to 1Q levels. I realize the AOCI impact is transitory, but when you look at the TCE at 5.4, does that have any impact in terms of influencing capital management, or you looked past AOCI as the item noise? It's certainly something that we pay attention to. It's not maybe the highest, you know, ratio that we look at. We look at primarily the regulatory capital ratios. From that perspective, the AOCI, you know, doesn't impact that. Yep. That's kind of, you know, what we look at. If there's a significant change, you know, there could be some different actions. Right now it's certainly just the regulatory capital ratios that are top of mind. Got it. Thank you for taking my questions. The question comes from Kelly Motta with KBW. Hi. Good morning. Thanks for the question. Kelly. The first is just on your new core NIM guidance of 5-6 basis points a quarter. Just wanted a quick clarification if that was incorporating the forward curve or any rate assumptions going into that. It's not the entire curve. It's certainly expecting rates to rise. It's slightly actually less than the forward curves would predict currently. It assumes about a 2.5% Fed funds rate and 2.85% on the 10-year. Great. Thank you so much. Turning to loan growth, I mean, across the board it was really, really strong. It does look like core C&I came down a little bit. Just wondering if you could provide us an update on utilization rates and where they are versus where they've been historically and when and if you think they are going to start normalizing. Hi. They were 34% this quarter, that was down from 37% last quarter. They tend to range around probably 33%-40%, really just episodically as customers look to access liquidity. Yeah. I don't think they represent either an upside or downside risk to outstandings. It's just kind of they're pretty normal at this point. Got it. That's super helpful. Thanks so much. I'll send it back. Our next question comes from Laurie Hunsicker with Compass Point. Yeah. Hi, good morning. Hi, Laurie. Just wondered if we could go back to net interest income for a moment. I just wanted to understand with respect to the PPP fees, so there was $1.8 million this quarter. That leaves you round number $600,000. Is that a right number or is there a better number? It's actually about 800 remaining on the. 800. These. Yeah. Great. Okay. You probably expect most of that to occur in the June quarter, or how are you thinking about that? I would say, you know, it's becoming less and less of a, you know, material part of our balance sheet and income statement. You know, I would say roughly half of that would run off in the second quarter and then another half of what's remaining in the third and, you know. We'll probably have some stragglers throughout the year, but kind of it's stepped down enough where it's not a meaningful part of our balance sheet. Okay, great. You know, I think and Kelly and Ebrahim, you touched on this with their questions, but I'm wondering if you could sort of help us think about it a little bit more succinctly in terms of your deposits are fabulous, and they're low costing and, you know, they work. We rewind back to 2019, I think your deposit betas will be fabulous as well. Can you just help us think a little bit about for every 25 basis points, what that looks like? Maybe just drill it down a little bit more since your forward guidance is looking less than the forward curve. Can you just help us think about it a little bit more? Because a 5-6 basis point per quarter increase, at least by my math, is looking really pretty light. I'm just trying to understand that because you are so asset sensitive. Every 25 basis points increase in Fed funds is about $900,000 per quarter, so about $300,000 per month. That's only on the Fed funds, the short end of the curve. You know, if the curve, the long end were to go up 25, it's a little bit more nuanced, but it's about $40,000 per month, but it compounds because it just, that's how the nature of the longer term assets as they reprice. Yeah. The other factor, Laurie, to think about too is, you know, as rates were coming down, our bias was to invest a little bit longer in the securities portfolio, and now with kind of an inversion in that trend, we're probably gonna be investing shorter, and even maybe or towards floaters in that environment. So that's gonna give us the lower initial yield but hopefully a higher yield down the path. Okay, great. That's helpful. Within non-interest income, I just wanted to understand two things. I think you had mentioned that included in your securities loss was a one-time negative adjustment for the Visa Class B conversion. Did I get that right, $400,000? Is that correct? Yes. Yes. Okay. Can you just expand on that a little bit more? Yeah. When we sold our Visa Class B shares, we took back a swap on the conversion ratio. Visa reset that ratio, and as part of the trades that we did, the reset cost to us was $400,000. It's a one-time reset, and then going forward, we have that about $1.2 million per quarter. Okay. Perfect. That's why there's- Okay. Okay, great. Can you- That was why there's a bump in that line. Right. Makes a lot of sense. Okay. Can you also talk a little bit about within your non-interest income? You could just remind us where you are on NSF and overdraft fees and, you know, where you were specifically for this quarter and how you're thinking about it, you know, what your plans are to become a little bit more consumer-friendly and any impact that we would see on fee income. What are the numbers for the quarter? Yeah. For the quarter, in total, it's about $4 million, of which $3 million is OD fees and $1 million is NSF fees. Yeah. We're, you know, obviously that's a very topical discussion right now, Laurie, and I would say we're looking at our practices. One thing I would note, and I think most, this is true for most of the banks in this marketplace, we don't charge an account level fee on our accounts. So basically they're fee-free. So I think that's a little bit different than some of the larger banks out there and something we're thinking through consideration-wise. And you know, so we're looking at both OD as well as NSF, maybe NSF in particular. Nothing kind of decided at this point. I guess the last thing I would say is our practices have evolved pretty dramatically over the past several years really, and you know always in the direction of being more supportive to our client base. I think we're gonna continue to evolve in that direction. Clearly there's just a lot of activity around that space right now. We're aware of that. Okay. That's helpful. Okay. Last question. Mary, this one is for you. I love your loan production quality slide. I think it's great and appreciate all the credit detail. Your reserves to loans ex-PPP is at 122. It looks like there's still a chunk of COVID cushion. Can you help us think about where that reserves to loan line may go in terms of us thinking about a normalized loan loss provision? I would expect it to move back to where we were day one pre-COVID, which was really at about 99 basis points in total coverage. Great. Thanks for taking my questions. Take care, Laurie. Our next question comes from Kelly Motta with KBW. Hi. Thanks for letting me jump back on. I just wanted to ask Dean quickly on the tax rate, is 23% still a good rate to use for the full year? Yeah. 23% is still a good rate. Great for the full year. Thanks. I'm not showing any further questions at this time. I'd like to turn the call back over to our host for any closing remarks. I'd like to thank everyone for joining us today and for your continued interest in Bank of Hawaii. Please feel free to contact me if you have any additional questions or need further clarifications on any of the topics discussed today. Thank you so much, everyone. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.