Now Wendy understood.

The real Hook was also in the water.

He was swimming to the boat, and as his men showed a light to
guide him he had soon reached them. In the light of the lantern
Wendy saw his hook grip the boat's side; she saw his evil swarthy
face as he rose dripping from the water, and, quaking, she would
have liked to swim away, but Peter would not budge. He was
tingling with life and also top-heavy with conceit. "Am I not a
wonder, oh, I am a wonder!" he whispered to her, and though she
thought so also, she was really glad for the sake of his
reputation that no one heard him except herself.