FOR IMMEDIATE RELEASE
Farias (808) 525-6112
||CONTACT: Roberta Wong (415) 399-8220
John Stafford (415) 765-4850
BancWest Posts Earnings of $156.1 Million, Up 21.6% From Fourth Quarter of 2004
(Honolulu and San Francisco, January 19, 2006) BancWest Corporation, parent company of Bank
of the West and First Hawaiian Bank, today reported net income of $156.1 million for the fourth
quarter of 2005, up 21.6% from the same quarter of 2004. For the full year of 2005, net income was
$590.4 million, up 24.7% from 2004.
Net income for the fourth quarters of 2005 and 2004 included after-tax restructuring and
integration expenses of $8.0 million and $4.5 million respectively. Excluding these expenses, which
were related to acquisitions, net income would have increased 23.5% for the fourth quarter from the
same period in 2004. Net income for the full year included after-tax restructuring and integration
expenses of $13.3 million and $9.5 million for 2005 and 2004 respectively. Excluding the impact of
acquisition-related expenses, net income would have increased 25.0% on a year over year basis.
We are very pleased with BancWests strong performance in 2005, said Don J. McGrath, President
and Chief Executive Officer of BancWest. The improvement is a result of our successful
acquisition strategy and solid internal growth in both our Bank of the West and First Hawaiian Bank
subsidiaries. In particular, First Hawaiian Bank, led by President and CEO Don Horner and his
team, performed extraordinarily well in both the fourth quarter and for the year overall.
On December 2, 2005, Bank of the West, a subsidiary of BancWest, completed its $1.3 billion
acquisition of Commercial Federal Corporation in Omaha, Nebraska, paying $34 in cash for each
Commercial Federal share plus a 50-cent per share closing dividend. As of September 30, 2005,
Commercial Federal Bank had total assets of $10.2 billion, deposits of $6.1 billion and loans of
As a result of the merger, the Bank of the West Bear brand was introduced to 204 former banking
locations of Commercial Federal Bank, expanding operations into three new states as well as adding
significant market share in four other states.