First Hawaiian, Inc. (NASDAQ:FHB) Q2 2022 Earnings Conference Call July 29, 2022 1:00 PM ET
Company Participants
Kevin Haseyama - Investor Relations Manager
Bob Harrison - Chairman, President and CEO
Ralph Mesick - Chief Risk Officer and Interim CFO
Conference Call Participants
Steven Alexopoulus - J.P. Morgan
David Feaster - Raymond James
Andrew Liesch - Piper Sandler
Kelly Motta - KBW
Laurie Hunsicker - Compass Point
Operator
Good day and thank you for standing by. Welcome to the First Hawaiian Inc. Second Quarter 2022 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 Kevin Haseyama, Investor Relations Manager. The floor is yours.
Kevin Haseyama
Thank you, Carmen. And thank you everyone for joining us as we review our financial results for the second quarter of 2022. With me today are Bob Harrison, Chairman, President and CEO; and Ralph Mesick, Chief Risk Officer and Interim CFO. 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 one 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 will turn the call over to Bob.
Bob Harrison
Good morning, everyone. I will start by giving a brief local update. The Hawaii economy continues to benefit from the recovery in the tourism industry. In June, the statewide unemployment rate was 4.3%, compared to 3.6% nationally.
Total visitor arrivals were 843,000 in June, 11% below June 2019 arrivals. A strong result considering the Japanese visitors were only 1.4% of the total, compared to over 13% in June 2019.
This represents significant upside when Japanese arrivals return to more normalized levels. Importantly, the spend is up more than 12% over last year, which is what everyone wants, fewer visitors with the higher spend.
While interest rates accounts have slowdown in the housing market, continued demand, lack of supply have kept prices stable. In June, single family home sales were down 20% from last year with the median sales price of $1.1 million was 12% higher.