Central Pacific Financial Corp (NYSE:CPF) Q2 2023 Earnings Conference Call July 26, 2023 1:00 PM ET
Company Participants
Dayna Matsumoto - Group Senior Vice President and Director of Finance and Accounting
Arnold Martines - President and Chief Executive Officer
David Morimoto - Senior Executive Vice President and Chief Financial Officer
Anna Hu - Executive Vice President and Chief Credit Officer
Conference Call Participants
Andrew Liesch - Piper Sandler
David Feaster - Raymond James
Operator
Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Central Pacific Financial Corp. Second Quarter 2023 Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. 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 Ms. Dayna Matsumoto, Group Senior Vice President and Director of Finance and Accounting. Please go ahead.
Dayna Matsumoto
Thank you, Sarah, and thank you all for joining us as we review the financial results of the second quarter of 2023 for Central Pacific Financial Corp. With me this morning are Arnold Martines, President and Chief Executive Officer; David Morimoto, Senior Executive Vice President and Chief Financial Officer; and Anna Hu, Executive Vice President and Chief Credit Officer. We have prepared a supplemental slide presentation that provides additional details on our release and is available in the Investor Relations section of our website at cpb.bank.
During the course of today's call, management may make forward-looking statements. While we believe these statements are based on reasonable assumptions, they involve risks that may cause actual results to differ materially from those projected. For a complete discussion of the risks related to our forward-looking statements, please refer to slide two of our presentation.
And now I'll turn the call over to our President and CEO, Arnold Martines.
Arnold Martines
Thank you, Dayna. Hello, everyone. We appreciate your interest in Central Pacific Financial Corp. As we normally do, I'll start with an update on the Hawaii market, then I'll turn it over to the team to provide additional detail and insights on our financial and credit metrics as well as other key updates.
The Hawaii tourism industry continues to be well supported by U.S. visitors with total visitor arrivals just slightly under pre-pandemic levels. Visitor spending continues to be robust, totaling $1.69 billion in May, an increase of 19% compared to the same month in 2019. Hotels in Hawaii continue to perform well with total state-wide hotel occupancy in June at 77%, up 1% from a year ago and an average daily rate of $389, down 2% from a year ago.