中央太平洋金融 (CPF) 2026年第三季度业绩电话会议：净息差扩大，每股收益达0.88美元

核心要点

• 中央太平洋金融公司（Central Pacific Financial Corp.）公布2026财年第三季度净利润为2280万美元，合摊薄后每股收益0.88美元，高于上一季度的2080万美元和0.80美元。
• 净利息收入环比增长2.6%，同比增长5.2%，达到6450万美元。净息差扩大至3.62%，环比上升5个基点，同比上升13个基点。
• 贷款总额为53.1亿美元，与上季度基本持平。新发放贷款的加权平均利率为6.26%，而流失贷款余额的利率为5.72%。
• 存款总额为66.6亿美元，环比下降0.5%，但同比增长1.3%。高成本定期存款减少4920万美元，有助于将平均总存款成本维持在0.90%。
• 资产质量保持强劲。不良资产降至1400万美元，占总资产的0.19%，而关注类贷款比率从2.34%改善至1.81%。
• 管理层预计2026财年第四季度净息差将在3.60%的中段区间，其他营业收入约为1300万美元。

核心财务数据

业务与经营业绩

贷款余额保持相对稳定，但资产组合结构继续向浮动利率商业抵押贷款和建筑贷款倾斜。这些类别替代了收益率较低的固定利率住宅抵押贷款、消费贷款及住房权益贷款，改善了银行的利率风险头寸。

不含循环贷款的已发放贷款总额约为2.29亿美元，而到期流失金额为2.04亿美元。第三季度的贷款发放量在夏威夷和美国本土之间大致平分。截至季度末，美国本土贷款占贷款总余额的18%。

管理层确认了计划于第四季度完成交割的71个贷款项目，涉及金额约2.24亿美元，同时强调该储备项目库并非业绩预测。其中超过三分之一的金额已在10月份入账。

由于长期利率处于高位，住宅抵押贷款发放量仅为正常水平的三分之一左右。鉴于许多客户保留了低利率的第一抵押贷款，管理层正在评估将住房权益贷款作为减少贷款流失的潜在途径。

随着高成本定期存款减少4920万美元，存款结构有所改善。这一减少部分被计息活期存款增加1570万美元以及储蓄和货币市场存款余额增加2160万美元所抵消。公司报告无中介存款，并称其存款基础具备多元化、分散化和客户关系驱动的特点。

在本季度，CPF以约38美元的均价回购了约29.4万股股票，总金额为1120万美元。剩余回购授权额度为2200万美元。董事会还将第四季度现金股息提高了3.3%，至每股0.31美元。

管理层业绩指引

• 第四季度净息差：管理层预计净息差将在3.60%的中段区间。资产重定价应继续提供支撑，但较高的存款利率可能会抵消部分收益。
• 第四季度其他营业收入：约为1300万美元，受影响银行持有的人寿保险收入的市场波动影响。
• 全年营业费用：管理层预计增长约2%至2.5%，处于此前指引范围的低端。由于激励措施和年末活动，第四季度费用预计将出现季节性上升。
• 归一化有效税率：约为22%至24%，BOLI收入可能带来一定变动。指引中未包含潜在的额外税收抵免。
• 存款Beta系数：管理层预计总存款Beta系数约为24%，计息存款的Beta系数约为33%。
• 贷存比：目前贷存比约为80%，而管理层的目标区间为80%至85%。
• 股票回购：管理层普遍预计第四季度的回购节奏将与第三季度类似，但具体取决于贷款增长、经营状况、估值、AOCI以及有形普通股股权比率。

风险与关注事项

利率长期处于高位继续对住宅抵押贷款业务构成压力，并可能随着贷款增长走强而推高存款成本。约4.1亿美元的大额定期存单（CD）（约占CD组合的40%）将于第四季度到期。其加权平均到期利率约为2.7%，而估计的混合新利率约为3.0%。

BOLI收入和递延补偿费用对股票市场波动依然敏感。由于宏观经济状况和利率处于高位，管理层也在更密切地监控消费信贷风险。

确认的其他风险包括地缘政治冲突、原油价格、通货膨胀、旅游业状况以及夏威夷加剧的风暴活动。管理层表示，最近的风暴影响是局部的，未对公司及其客户造成重大影响。

分析师问答环节要点

管理层表示，美国本土贷款是对夏威夷业务的补充，而非替代。今年迄今，夏威夷的贷款发放量约为3.8亿美元，美国本土约为3.1亿美元，但由于夏威夷的资产组合规模更大，其到期流失金额仍然更高。

公司优先考虑贷款的经济效益而非资产负债表规模增长，重点关注更好的定价、更短的存续期、多元化以及审慎的信贷筛选。季度证券现金流约为3000万美元，新购买证券带来的收益率提升达225至250个基点。季度贷款到期流失金额约为2亿美元，替代贷款的收益率高出约50至60个基点。

管理层预计，更强劲的净贷款增长将需要吸收更多存款，这可能意味着当前存款成本已接近底部。然而，公司预计此类资金增长仍将带来增益。

本季度信贷趋势有所改善。管理层表示，91%的关注类贷款由具备良好贷款价值比的房地产担保，而消费贷款组合仍是受到重点关注的主要领域。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Good morning and good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Central Pacific Financial Corp. Third Quarter 2026 Earnings Call. [Operator Instructions]. This call is being recorded and will be available for replay shortly after its completion on the company's website at www.cpb.bank.

I'd like to turn the call over to Mr. Jayrald Rabago, Senior Strategic Financial Officer. Please go ahead.

Jayrald Rabago

Thank you, Erica, and thank you all for joining us today to review Central Pacific Financial Corp.'s financial results for the third quarter of 2026. Joining me this morning are Arnold Martines, Chairman, President and Chief Executive Officer; David Morimoto, Vice Chair and Chief Operating Officer; Ralph Mesick, Vice Chair; Dayna Matsumoto, Executive Vice President and Chief Financial Officer; and Anna Hu, Executive Vice President and Chief Credit Officer.

Before we begin, I would like to remind everyone that our earnings release and supplemental slides are available on our Investor Relations website at ir.cbb.bank. During today's call, management may make forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. For a complete discussion of these risks, please refer to Slide 2 of our presentation.

With that, I will turn the call over to our Chairman, President and CEO, Arnold Martines.

Arnold Martines

Thank you, Jayrald, and hello to everyone joining us today. We delivered solid third quarter results driven by higher net interest income, disciplined expense management and continued balance sheet strength.

Our net interest margin expanded, supported by higher earning asset yields and stable deposit costs. Diluted earnings per share rose 21% compared with last year's third quarter results, which were adjusted to exclude onetime expenses.

Our performance reflects the resilience of our relationship-focused banking model and provides a sound foundation as we move into the fourth quarter. Our strategy remains focused on delivering sustainable returns as a high-performing bank while supporting our customers, communities and shareholders.

We continue to invest in talent, automation and data capabilities to support future operating efficiencies. At the same time, continued productivity gains and thoughtful resource allocation are helping us generate positive operating leverage.

Turning to the broader environment. Hawaii's economy remains resilient despite slower growth in the recent months due to storm-related travel disruptions. Through the first 8 months of 2026, visitor arrivals increased 1.8% and spending rose 4.1% compared with the prior year. Hawaii's unemployment rate remained low at 2.8% in September compared with 4.2% nationally.

Statewide nonfarm employment increased by 1,300 jobs year-over-year, including 700 jobs added in the construction industry, which continues to be a bright spot in the Hawaii economy. We continue to monitor external risks, including the geopolitical conflict and effects on oil prices, inflation and visitors to our state as well as impacts from the elevated storm activity Hawaii is experiencing this year.

We are committed to supporting our community as restoration and cleanup efforts continue. Overall, impacts were fortunately isolated, and we don't see any material impacts on our business or our customers.

With that, I will turn the call over to Dayna.

Dayna Matsumoto

Thank you, Arnold. We are pleased to report another solid quarter of earnings, reflecting the continued execution and diligence of our teams. For the third quarter, net income was $22.8 million or $0.88 per diluted share compared with $20.8 million or $0.80 per diluted share in the prior quarter.

Return on average assets was 1.22% and return on average equity was 15.28%. Our profitability metrics continue to trend favorably in line with our focus on high performance. Net interest income totaled $64.5 million for the quarter, up $1.6 million or 2.6% from the prior quarter and up $3.2 million or 5.2% from the year ago quarter.

Net interest margin increased 5 basis points from the prior quarter and 13 basis points from the year ago quarter to 3.62%. The sequential quarter increase in net interest income and margin was primarily driven by higher yields on loans and investment securities. Average loan yield increased 5 basis points to 5.01%, while the average rate paid on total deposits remained stable at 90 basis points. We continue to benefit from earning asset repricing and disciplined funding management.

Our balance sheet sensitivity position is neutral to slightly asset sensitive. Therefore, we are well positioned in the current rate environment. Fed rate hikes are modestly favorable as we've reduced our fixed rate asset exposures and we expect deposit pricing and betas to remain manageable.

For the fourth quarter, we expect NIM to be in the mid 3.60% range. Total other operating income was $12.4 million for the quarter compared with $14.6 million in the prior quarter. The sequential decrease was primarily due to a $2.4 million decline in our bank-owned life insurance income related to continued equity market volatility.

Total other operating expense was $44.8 million for the quarter compared with $46.2 million in the prior quarter. The sequential quarter decrease was primarily attributable to a $1.2 million reduction in salaries and employee benefits and a $1.0 million reduction in other expenses, both related to lower deferred compensation expenses driven by market volatility and offset by lower BOLI income.

The efficiency ratio improved to 58.3% from 59.6% in the prior quarter and continues to drive towards high performance with our ongoing focus on positive operating leverage. During the quarter, we repurchased approximately 294,000 shares for $11.2 million at an average price of about $38 per share.

At quarter end, $22 million remained available under our share repurchase authorization. Given our strong earnings, the Board increased the fourth quarter cash dividend by 3.3% to $0.31 per share. We continue to maintain a healthy capital position and remain committed to optimizing capital to enhance long-term shareholder value.

I will now turn the call over to Ralph.

Ralph Mesick

Thank you, Dayna. We continue to focus our lending activities on strengthening the earnings profile of the bank while maintaining pricing and credit discipline. We target good quality credit and emphasize sponsorship, structure and returns over volume.

Total loans ended the quarter at $5.31 billion, up approximately $5 million from the prior quarter and down approximately $54 million from a year ago. Average loans were essentially unchanged at $5.3 billion. While overall balances were relatively stable, portfolio mix continued to evolve, improving our interest rate position of our balance sheet.

As we've seen in previous quarters, growth in variable rate commercial mortgage and construction lending is replacing lower-yielding fixed rate residential mortgage, consumer and home equity loans. Funded production, excluding revolving activity, totaled approximately $229 million against $204 million of runoff. New production carried a weighted average rate of 6.26% compared with 5.72% on runoff balances, resulting in positive spread replacement.

From a geographic perspective, third quarter production was about 50% from Hawaii and 50% from the Mainland. At quarter end, Mainland loans represented 18% of total balances. Mainland balances increased by approximately $50 million during the quarter, while Hawaii balances declined by approximately $45 million.

In Hawaii, our emphasis remains on relationship-based lending that supports building deeper customer relationships. These types of relationships generate operating accounts and treasury management services as well as personal banking opportunities.

On the Mainland, we continue to selectively deploy excess funding, which will enhance portfolio diversification and increase risk-adjusted returns. Looking ahead, we are encouraged by pipeline activity. We have approximately $224 million in loan volume across 71 opportunities in the processing stages scheduled for fourth quarter closings.

I would emphasize that this represents scheduled pipeline activity rather than a forecast. The actual pull-through and timing of closings may differ, but we booked more than 1/3 of that production in dollars during the month of October.

Finally, we're well aware of the uncertainty and headwinds impacting the local and national economy, but continue to be biased towards business development and growth. We'll be intentional and disciplined in this pursuit, allocating capital to opportunities that strengthen the earnings power of the bank and the resilience of our balance sheet.

And with that, I'll turn the call over to David.

David Morimoto

Thank you, Ralph. Total deposits ended the quarter at $6.66 billion, down $31.9 million or 0.5% from the prior quarter and up $86.2 million or 1.3% from the prior year.

The quarterly decline was due to a $49.2 million reduction in higher cost time deposits. This was partially offset by growth of $15.7 million in interest-bearing demand deposits and $21.6 million in savings and money market balances.

On an average balance basis, noninterest-bearing deposits increased $10.9 million, while savings and money market balances increased $39.2 million, reflecting our continued focus on primary operating accounts and deeper customer relationships.

Our deposit franchise continues to reflect the strength of our consumer, business and international relationships. Deposits remain well diversified and granular, supported by long-tenured customers, low reliance on public time deposits and no broker deposits. We also continue to invest in the customer experience and operating efficiency across our digital, branch, data and operations platforms.

Recent work on our customer relationship management and data platform initiatives are strengthening service, insight and scalability. Our focus remains on new customer acquisition, increasing primary relationships and connecting our full range of capabilities to serve customers more fully.

With that, I'll turn the call over to Anna.

Anna Hu

Thank you, David. Asset quality remained strong at quarter end. Nonperforming assets declined to $14 million or 19 basis points of total assets, while net charge-offs remained flat at $2.7 million or 20 basis points of average loans.

Criticized loan ratio improved to 181 basis points of total loans from 234 basis points in the prior quarter. 91% of criticized loans are real estate secured with strong loan-to-value ratios. The allowance for credit losses was $59.8 million or 1.13% of total loans, relatively stable from 1.14% in the prior quarter. The provision for credit losses totaled $1.9 million for the quarter.

Overall, our credit quality remains strong with our lending and credit risk strategy focused on diversification, consistent underwriting standards, strong collateral and on stable segments and industries that we have solid expertise in.

I will now turn the call back to Arnold for closing comments.

Arnold Martines

Thank you, Anna. To summarize, we are pleased with our third quarter earnings performance, which continued to trend favorably and reflect the strong execution of our team. These results position us to serve our customers well, support prudent growth and navigate the ongoing market uncertainties with discipline.

I want to thank our employees for their continued commitment to our customers and our communities. Thank you also to our customers, shareholders and our broader community for your ongoing support. We are now happy to answer your questions.

Operator

[Operator Instructions]. Your first question comes from the line of David Feaster with Raymond James.

分析师问答

David Feaster

I wanted to start on the growth side. It sounds like demand is holding up well. Pipelines are doing all right, and it sounds like you're still pulling things through. I'm just curious, how is demand from your perspective? Like I mean, as you talk to your clients about higher rates, have you seen any shift in demand? Are you concerned at all about anything starting to fall out of the pipeline?

And then just touch on the paydown activity. It sounds like that's really been the biggest inhibitor to faster growth, but just wanted to get your sense on that side.

Ralph Mesick

Yes, David, this is Ralph. I would say in terms of the forecast, the best forecast we have right now is what we have in the pipeline and the pipeline looks fairly healthy. As you probably are aware, we do underwrite loans to the higher rate environment.

We also look at that relative to our asset monitoring of our portfolio. I would say in terms of activity, Mainland lending is really supplementing not replacing the Hawaii franchise. We generated, I think, about $380 million in production in Hawaii this year against about, say, $310 million in the Mainland. And then the runoff is greater in Hawaii because it's basically a larger portfolio.

David Feaster

Okay. And when I look at it, it's -- a lot of the runoff is in kind of the resi mortgage and home equity lines. Could you touch on the mortgage market and the housing market from your perspective? How much of that is intentional and strategic, just kind of optimizing the loan book and rotating towards more CRE and commercial? And just again, kind of how you're seeing pricing trending today?

David Morimoto

David, it's David. On the first mortgage side, residential mortgage, obviously, that faces a lot of headwinds just because of the rate environment. So no different than the rest of the industry. And with the recent rise in longer-term rates, it's going to continue to face headwinds.

I think it's running at about 1/3 of what it normally would have been running on as far as production and we expect that to continue. The home equity is a potential opportunity. It is a product that we are taking a harder look at and seeing if there's opportunity to at least diminish the runoff, if not have some net growth in that portfolio.

As people have -- a lot of people have first mortgages at very low interest rates, they're not looking to refi that. So the way that they can access their equity is through the home equity product.

Ralph Mesick

I would add, David, that we're really trying to improve the economics of our loan portfolio, not really just pursuing balance sheet growth. So what you're going to see, I think, and what you've seen our priorities are better pricing, shorter duration, some diversification. And then I'd say continued sort of, I'd say, disciplined credit selection.

David Feaster

Okay. Okay. And maybe on the other side of the balance sheet, right? I mean, touching on funding, it's pretty impressive what you are able to do. I mean, reducing CDs, able to replace that with some core deposits, keep deposit costs flat. Could you just touch on how do you think about core deposit growth as we look forward? How pricing is trending and just kind of the competitive landscape for funding on the islands?

David Morimoto

David, it's David again. First off, I want to thank the teams. The teams have been doing an exceptional job with continuing to build core deposits, and that's what's led us to be able to keep -- to manage deposit costs over time. I think as we look forward, we are expecting strengthening loan growth, net loan growth and as a result, that likely will cause total deposit costs to -- this might be a trough going forward.

If we start to see loan growth, we'll look to start growing our deposits and that may result in slight increases in total deposit costs. Having said all of that, that is what we're looking to do, and that will be accretive growth. So I would think that's how we're looking at the deposit side. We've been very deliberate about our managing of our deposit base because of the lack -- not lack, but the minimal amount of loan growth. But going forward, we think that's going to change.

Operator

The next question comes from the line of Matthew Clark with Piper Sandler.

Matthew Clark

Just along those lines, maybe, Dayna, if you had the spot rate on deposits at the end of September. And just thinking through the beta, assuming we get maybe a rate hike in December and March. I think on the way down, you were about 35% for interest-bearing. Do you think you can kind of -- do you think you do something similar? Or do you think you can do a little better than that on the way up?

Dayna Matsumoto

Sure. Matthew, thanks for the question. On the spot rate for the month of September, our total deposit cost was 91 basis points, so starting to tick up slightly there. As far as the betas, we believe we can manage the deposit repricing beta in a favorable range, similar to what we've experienced in the last couple of cycles. So I'm expecting a total deposit beta of around 24% or about 33% on total interest-bearing deposits. Our depositors are relationship-based, sticky and generally less rate sensitive overall. So I feel good that we can manage the beta in a reasonable range.

Matthew Clark

Great. And then just on the CD side, down this quarter. It sounded like some of it was higher cost. Can you just update us on the amount of CDs you have maturing here in the fourth quarter and the roll-off and roll-on rates that you anticipate?

Dayna Matsumoto

Sure. In the fourth quarter, we have about $410 million of CD maturity. That's about 40% of our portfolio. That's running off at a weighted average rate of about 2.7%. And I believe our new CD rates on a blended basis, I estimate it to be approximately 3.0%. So a nominal rise in our CD costs going forward, but we can manage through that.

Matthew Clark

Got it. Okay. That's helpful. And then on the fee and expense run rate, I apologize if I missed it in your prepared comments if you spoke to kind of a run rate going forward, but just trying to think of a normalized fee income and noninterest expense run rate for the fourth quarter when you kind of distill the BOLI noise.

Dayna Matsumoto

Sure, Matthew. On the fee income side, when we carve out that BOLI noise, like you said, our noninterest income continues to do well on the wealth side. Our teams have been successful there growing the business. Mortgage banking, though, will be under pressure in this current higher for longer rate environment.

So considering these factors, I'm expecting that our total other operating income to be generally flattish year-over-year, but it will depend on further market volatility impacting our BOLI. And then just for the fourth quarter, if you're looking at that specifically, probably in about the $13 million range.

And then on expenses, Matthew, our -- we continue to manage our expense base well. And like I said, our objective is to consistently deliver positive operating leverage. The guidance for the full year, I updated it to expect an increase of about 2% to 2.5% this year, which is on the low end of the range that I had previously guided to.

In the fourth quarter, we do typically see some seasonal step-up in expenses related to incentives and some other year-end activities. And then as you know, our deferred compensation expense continues to be volatile, but we assume that it will normalize in the fourth quarter.

Operator

Our next question comes from the line of Andrew Liesch with StoneX Financial.

Your next question comes from the line of Kelly Motta with KBW.

Kelly Motta

It was a nice clean quarter. I feel like most of mine have been taken at this point. I guess as you look ahead, it seems like growth has been a little bit more muted with more coming from the Mainland. I'm wondering if you can supplement kind of what you're seeing in natural Hawaii for maybe more Mainland growth coming on. I'm just wondering how you guys are viewing that portion of the business.

Ralph Mesick

Kelly, I think I got your question. You were a little soft, but I think right now, we're running about 50-50 between Hawaii and the Mainland. And I think just through this first month of the quarter, that's kind of the mix right now. So again, if we continue to run off some of the fixed rate long-duration assets, we're probably going to see fairly muted growth.

Kelly Motta

Got it. That's helpful. And maybe just a housekeeping item for Dayna. Dayna, do you have your expected tax rate? It came in a little higher than where it was for the quarter?

Dayna Matsumoto

Sure, Kelly. On the tax rate, so the increase this quarter was due to less tax-exempt BOLI income as well as higher pretax book income. Going forward, I would expect our normalized ETR to be around 22% to 24%. The BOLI income has been volatile, so that could impact it. And then I'll lastly note that we are evaluating some potential additional tax credits, which would be favorable to our tax rate. But right now, I'm not building it into the guidance.

Operator

Your next question comes from the line of Andrew Liesch with StoneX Financial.

Andrew Liesch

Okay. No, my question is really just on the margin guide. I mean I see the repricing engine that's still flowing through, hear the asset sensitivity or the modest asset sensitivity. So why wouldn't the guide be closer to the high 3.60s rather than the mid-3.60s?

Dayna Matsumoto

Andrew, it's Dayna. So on the go-forward margin, you're correct about the factors that are -- will be favorable to the margin going forward. We will continue to have the positive asset back book cash flow repricing benefits on both the loans and the securities.

And then our balance sheet sensitivity, as I noted earlier, is neutral to slightly asset sensitive. So there could be a slight net positive for us there. But I will note loan yields are going up. But on the deposit side, those rates will also be going up, offsetting some of those benefits.

So those are the factors that are kind of influencing our margin outlook. Yes, as we head into next year, I think there is more potential upside on the margin to the extent we are able to drive more loan growth and assuming that pricing remains rational, but we're not providing guidance for 2027 at this point.

Operator

Your next question comes from the line of Liam Coohill with Hovde Group.

Liam Coohill

So to touch on deposits one more time, great to see the replacement of some higher cost funding in the quarter for some lower cost core deposits. But I was wondering, is there a loan-to-deposit ratio you're targeting as we're thinking about potential loan growth in the future and funding that with deposits?

Dayna Matsumoto

Liam, this is Dayna. On the loan-to-deposit ratio, we're currently at about 80%. Our target range, I would say, is about 80% to 85%. So we're on the lower end of that. I think that gives us a lot of flexibility to grow the balance sheet, and we plan to do that in a profitable way.

Liam Coohill

That's very helpful. Let's jump to credit quickly. Are there any verticals where you're watching dynamics more closely? I mean it looks like credit improved pretty nicely in the quarter, but just curious if you have any thoughts there.

Anna Hu

I think -- Liam, this is Anna. Where we're primarily focused on is just paying attention a little bit more to the consumer market, just given the macroeconomic market conditions, the higher interest rates for longer. Yes, it's mostly the consumer side.

Liam Coohill

That makes sense. And final question for me, just more of a housekeeping item. Moving forward, do you expect share repurchases likely continue in your current levels?

Dayna Matsumoto

Liam, I can take that one. This is Dayna. So we do have the repurchase program with some authorization left, as I noted. This does give us flexibility, which we like. It's a low-risk source of value. But as I've said in prior quarters, the level of repurchases in any given quarter, it will continue to be dynamic and informed by several factors, including loan growth opportunities, the operating environment, other risk considerations, our valuation as well as we are watching our AOCI and TCE ratio. But with all of that said, as of now, I generally expect we will continue share repurchases at a roughly similar pace in the fourth quarter as we did in the third quarter.

Operator

Your next question comes from the line of Matthew Clark with Piper Sandler.

Matthew Clark

Since we're digging into the margin a little bit more there in the Q&A, Dayna, can you just remind us of the securities cash flows that are coming off the portfolio roll off and expected roll-on rates?

And then same thing on the loan side. I think the payoffs and new production, roughly, I think, a 50 basis point pickup there, but just also want to think through the back book repricing on the loan side.

Dayna Matsumoto

Sure, Matthew. On the securities portfolio, the cash flows on a quarterly basis is about $30 million a quarter. And we've been getting about, I'd say, 225 to 250 basis points yield pickup on our new securities purchases. On the loan portfolio, it's about $200 million in total quarterly runoff. And as you mentioned, it is being replaced at weighted average yields that are around 50 to 60 basis points higher.

Operator

[Operator Instructions]. There are no further questions at this time. I will now turn the call back to Mr. Jayrald Rabago.

Jayrald Rabago

Thank you, everyone, for joining us today and for your continued interest in Central Pacific Financial Corp. We look forward to speaking with you again next quarter.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.