Bancwest Corphi (FHB) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB



  CONTACT:   Gerry Keir (808) 525-7086

Two Acquisitions Make BancWest 7th Largest in U.S. West

     (Honolulu and San Francisco, January 20, 2005) – BancWest Corporation, parent company of Bank of the West and First Hawaiian Bank, today reported net income of $128.3 million for the fourth quarter of 2004, up 12.0% from the same quarter of 2003. For the full year of 2004, BancWest’s net income was $473.4 million, up 8.4% from the same period of 2003.

     On November 1, 2004 , BancWest completed its acquisitions of Community First Bankshares, Inc. and USDB Bancorp. Branches of Community First National Bank were rebranded on December 3, 2004, with the merger of Community First into Bank of the West. Branches of United Safe Deposit Bank, a USDB Bancorp subsidiary, will be merged into Bank of the West on January 21.

     BancWest is now the seventh largest bank holding company in the Western United States, with $50.1 billion in assets and 543 branches in 17 Western and Midwestern states, Guam and Saipan.

     “These acquisitions have significantly enlarged BancWest’s branch network, expanding our company into the Intermountain and Midwestern regions of the nation. At the same time, we continue to see strong internal growth from our existing Bank of the West and First Hawaiian Bank operations,” said Don J. McGrath, President and Chief Executive Officer of BancWest.

     Net income for the quarter included after-tax restructuring expenses of $4.5 million related to the two acquisitions. Excluding these expenses, net income would have increased 15.9% for the fourth quarter from the same period in 2003. Net income for the full year of 2004 included after-tax restructuring expenses of $9.5 million. Excluding these expenses, net income would have increased 10.6% for the year.



The following information was filed by First Hawaiian, Inc. (FHB) on Friday, January 21, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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First Hawaiian, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FHB
CIK: 36377
Form Type: 10-K Annual Report
Accession Number: 0000950134-05-006030
Submitted to the SEC: Fri Mar 25 2005 4:43:09 PM EST
Accepted by the SEC: Fri Mar 25 2005
Period: Friday, December 31, 2004
Industry: State Commercial Banks

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