Central Pacific Financial Corp (NYSE:CPF) Q1 2023 Earnings Conference Call April 26, 2023 1:00 PM ET
Company Participants
David Morimoto - Senior Executive VP & CFO
Arnold Martines - President, CEO & Director
Anna Hu - EVP & Chief Credit Officer
Conference Call Participants
David Feaster - Raymond James & Associates
Andrew Liesch - Piper Sandler & Co.
Operator
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Central Pacific Financial Corp. First Quarter 2023 Conference 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. David Morimoto, Senior Executive Vice President and Chief Financial Officer. Please go ahead.
David Morimoto
Thank you all for joining us as we review the financial results for the first quarter of 2023 for Central Pacific Financial Corp. With me this morning are Arnold Martines, President and Chief Executive 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 2 of our presentation.
And now I'll turn the call over to our President and CEO, Arnold Martines.
Arnold Martines
Thank you, David. Aloha, and good morning, 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 is performing well with year-to-date visitor arrivals at pre-pandemic levels, indicating the recovery continues.
The majority of visitors continue to be from the U.S. Mainland. Japanese visitor arrivals are increasing modestly but remained at only about 1/4 of pre-pandemic levels. We anticipate that as this year progresses, we'll see continued improvement in the international visitor market, which will help to offset an expected slight decline in U.S. arrivals. Hawaii visitor spending is robust, totaling $1.64 billion in February, an increase of 18% compared to the same month in 2019. Hotels in Hawaii continue to perform well with total statewide hotel occupancy in February at 76%, up 5% from a year ago, and an average daily rate of $387, up 10% from a year ago.