First Hawaiian, Inc. (NASDAQ:FHB) Q2 2023 Earnings Call Transcript July 28, 2023 1:00 PM ET
Company Participants
Kevin Haseyama - Investor Relations Manager
Bob Harrison - Chairman, President and Chief Executive Officer
Jamie Moses - Chief Financial Officer
Lea Nakamura - Chief Risk Officer
Conference Call Participants
Steven Alexopoulos - JPMorgan
David Feaster - Raymond James
Kelly Motta - KBW
Andrew Liesch - Sandler O'Neill
Jared Shaw - Wells Fargo Securities
Operator
Good day, and thank you for standing by. Welcome to the First Hawaiian, Inc. Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Kevin Haseyama, Investor Relations Manager. Please go ahead.
Kevin Haseyama
Thank you, Shannon, and thank you, everyone, for joining us as we review our Financial Results for the Second Quarter of 2023.
With me today are Bob Harrison, Chairman, President and CEO; James Moses, Chief Financial Officer; and Lea Nakamura, Chief Risk Officer. We have prepared a slide presentation that we will refer to in our remarks today. The presentation is available for downloading and viewing on our website at fhb.com in the Investor Relations section.
During today's call, we will be making forward-looking statements. So please refer to Slide 1 for our safe harbor statement. We may also discuss certain non-GAAP financial measures. The appendix to this presentation contains reconciliations of these non-GAAP financial measurements to the most directly comparable GAAP measurements.
And now I'll turn the call over to Bob.
Bob Harrison
Good morning, everyone. I'm pleased to welcome Lea Nakamura. Lea was recently promoted to Chief Risk Officer after holding a variety of positions in the bank, including Deputy Chief Risk Officer and Treasurer. Lea has over 30 years of banking experience, and I'm confident she'll do great in her new role.
I'll start with an overview of the local economy. The Hawaii economy continues to do well. The statewide seasonally-adjusted unemployment rate in June was 3%, which is lower than the national rate of 3.6%. Total visitor arrivals were 802,000 in May, which is 5.4% than May 2019 arrival number. Japanese visitor arrivals at 34,000 was 70% below than May '19 levels. Visitor spend in March was $1.7 billion, 19% higher than May 2019. The housing market has remained stable. In June, the median sales price for a single-family home on Oahu was $1.1 million or 4.5% June of last year. The median sales price for condos on Oahu was $510,000, 4.5% below 2022.