First Hawaiian, Inc. (NASDAQ:FHB) Q2 2024 Earnings Conference Call July 26, 2024 1:00 PM ET

Company Participants

Kevin Haseyama - Investor Relations Manager
Bob Harrison - Chairman, President & Chief Executive Officer
Jamie Moses - Chief Financial Officer
Lea Nakamura - Chief Risk Officer

Conference Call Participants

Steven Alexopoulos - JPMorgan
David Feaster - Raymond James
Andrew Liesch - Piper Sandler
Kate Ashley - KBW
Timur Braziler - Wells Fargo Securities

Operator

Good day, and thank you for standing by. Welcome to the First Hawaiian Second Quarter 2024 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 2024.

With me today are Bob Harrison, Chairman, President and CEO; Jamie 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 fhp.com in the Investor Relations section.

During today's call, we will be making statements -- 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'll start by giving a quick overview of the local economy. Hawaii economy continues to perform well. The state unemployment rate has remained low, tourism is steady, and we enjoy a healthy construction industry. State-wide seasonally-adjusted unemployment rate for June was 2.9% compared to the national rate of 4.1%.

Through May, total visitor arrivals were down 4.1% and spending was down 4.9% compared to 2023 levels. The year-over-year decline was primarily due to the drop in visitors to Maui. On a year-to-date basis, Kauai and Hawaii island also saw small declines in arrivals. Japanese visitors continue to return to Hawaii, but the numbers remain well below pre-pandemic levels.

The housing market has remained relatively stable, despite reduced activity levels. In June, the median sales price for a single-family home on Oahu was $1.1 million, 6.7% higher than March of this year. The median sales price for condos on Oahu was $530,000, 3.9% below last year.