<PAGE> 1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
---------------
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
---------- ---------
Commission file number 0-7949
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
BANCWEST CORPORATION FUTURE PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
BANCWEST CORPORATION
999 Bishop Street
Honolulu, Hawaii 96813
Telephone number: (808) 525-7000
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<PAGE> 2
BANCWEST CORPORATION FUTURE PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
<S> <C>
REPORT OF INDEPENDENT ACCOUNTANTS 2
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Benefits
at December 31, 1998 and 1997 3
Statements of Changes in Net Assets Available for Plan
Benefits For the Years Ended December 31, 1998 and 1997 4
Notes to the Financial Statements 5
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of Assets Held for Investment Purposes
at December 31, 1998 15
Item 27d - Schedule of Reportable Transactions
For the Year ended December 31, 1998 16
</TABLE>
1
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Qualified Account Balance Plans Committee
of BancWest Corporation
In our opinion, the accompanying statements of net assets available for plan
benefits present fairly, in all material respects, the financial position of the
BancWest Corporation (the "Company") Future Plan (the "Plan") at December 31,
1998 and 1997, and the related statements of changes in net assets available for
plan benefits for each of the years then ended, in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the Plan's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1998, and reportable transactions for
the year then ended are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in Note 7 is presented for the purpose of additional
analysis rather than to present the changes in net assets available for plan
benefits of each fund. The supplemental schedules and fund information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
Honolulu, Hawaii
June 15, 1999
2
<PAGE> 4
BANCWEST CORPORATION FUTURE PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
ASSETS:
Investments, at fair value (note 4) $17,251,259 $10,502,504
Contributions receivable from employer 1,218,346 1,384,773
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $18,469,605 $11,887,277
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 5
BANCWEST CORPORATION FUTURE PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
ADDITIONS:
Employer contributions $ 5,138,235 $ 5,616,761
Net appreciation of investments (Note 4) 1,733,257 636,815
Interest and dividend income 691,499 708,568
------------ ------------
7,562,991 6,962,144
------------ ------------
DEDUCTIONS:
Payments made to participants 893,484 333,568
Administrative expenses 87,179 97,388
------------ ------------
980,663 430,956
------------ ------------
Increase in net assets 6,582,328 6,531,188
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 11,887,277 5,356,089
------------ ------------
End of year $ 18,469,605 $ 11,887,277
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 6
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
mutual funds. Investment securities are exposed to various risks, such as
interest rate, market, and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term
and that such changes could materially affect participants' account balances
and the amounts reported in the statement of net assets available for plan
benefits.
FUTURE PLAN STRUCTURE
Prior to May 1, 1997, participants in the Plan could direct the Trustee to
invest their portion of the annual Company contribution or reallocate their
entire Future Plan Account to any of the following trust fund investments:
First Hawaiian Bank Equity Fund, First Hawaiian Bank Fixed Income Fund,
Guaranteed Investment Contract Fund, and First Hawaiian Bank
Investment Monitor Account ("IMA") Fund.
On May 1, 1997, the Company appointed Putnam Fiduciary Trust Company
("Putnam") as recordkeeper and Trustee of the Plan. Participants in the Plan
have the option of directing the Trustee to invest their portion of the
annual Company contribution or reallocate their entire Future Plan Account
to any one of the following funds: Putnam Voyager Fund, Putnam Income Fund,
Stable Value Fund, Putnam Vista Fund, BancWest Corporation Stock Fund,
Putnam International Growth Fund, Putnam S&P 500 Index Fund, Putnam Asset
Allocation - Conservative Portfolio, Putnam Asset Allocation - Balanced
Portfolio, Putnam Asset Allocation - Growth Portfolio, and Putnam New
Opportunities Fund.
VALUATION OF INVESTMENTS
Investments in securities traded on national securities exchanges are valued
at the last reported sales price on the last business day of the year.
5
<PAGE> 7
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
OTHER
Security transactions are accounted for on a trade-date basis. The cost of
investments sold is determined by the specific identification method.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
In accordance with the policy of stating investments at fair value, net
unrealized appreciation or depreciation and net realized gains or losses for
the year are netted and reflected in the statement of changes in net assets
available for plan benefits.
2. DESCRIPTION OF PLAN
On November 1, 1998, the merger of the former BancWest Corporation, parent
company of Bank of the West, with and into First Hawaiian, Inc. was
consummated. First Hawaiian, Inc., the surviving corporation of the merger,
changed its name to BancWest Corporation. Concurrently, the First Hawaiian,
Inc. Future Plan was amended to change the name to the BancWest Corporation
Future Plan.
The Plan is a defined contribution plan established to cover the employees
of substantially all subsidiaries of the Company, except for Bank of the
West - CA employees. The following description of the Plan provides only
general information. Participants should refer to the Plan document for a
more complete description of the Plan's provisions.
6
<PAGE> 8
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
The Plan commenced operations effective January 1, 1996. The principal
provisions under the Plan are as follows:
<TABLE>
<S> <C>
PARTICIPATION: Employees who receive from the Company or certain
subsidiaries a regular stated compensation other than a
pension, severance pay, retainer or fee under contract
are eligible under the Plan. Eligible employees become
members on the first day of the month coinciding with
or following the completion of one year of service in
which the employee worked 1,000 hours and attained
age 21 or the date the employee becomes eligible.
VESTING OF BENEFITS: 100% after five years of service. Full vesting is
provided in case of a member's death, retirement or
disability regardless of years of service. If the lump-sum
present value of accrued benefits is $5,000 or less, a
lump-sum payment of these benefits is paid.
CONTRIBUTIONS - COMPANY: 4.5% of member's pay up to the social security taxable
wage base (approximately $68,400 in 1998) plus 9%
of member's pay over the social security taxable wage
base.
Additional contributions shall be made between
1996 - 2002 for certain eligible employees in an
amount equal to the percentage of a member's
compensation for such plan year as follows:
</TABLE>
7
<PAGE> 9
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Additional
Age plus credited Participating
service as of Employer
December 31, 1995 Contribution
----------------- -------------
<S> <C> <C>
60-61 2%
62-63 3%
64-66 4%
67-69 5%
70+ 6%
</TABLE>
CONTRIBUTIONS - PARTICIPANTS: None.
LOANS FROM MEMBER ACCOUNTS: Not available.
TREATMENT OF FORFEITURES: Forfeitures are applied to reduce future
contributions and administrative expenses of the
Company. Forfeitures applied to reduce
contributions and administrative expenses of the
Company amounted to $144,963 and $150,917 in 1998
and 1997, respectively.
BENEFIT PAYMENTS: After the applicable benefit condition is met,
employees may elect to receive their benefits in
a lump-sum distribution or as an annuity.
PLAN TERMINATION: In the event the Plan terminates, all amounts
credited to affected members' accounts shall
become fully vested and nonforfeitable and each
member or the beneficiary of any member shall be
entitled to receive his entire interest in the
Plan.
GENDER: The masculine pronoun, whenever used herein,
includes the feminine pronoun.
8
<PAGE> 10
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
3. INVESTMENT PROGRAMS
The funds listed below were the investment options available to Plan
participants as of December 31, 1998 and 1997. Any of these funds may be
held in cash pending investment or distribution.
(a) PUTNAM VOYAGER FUND
The objective of this fund is to provide maximum growth through a
two-part strategy. Holdings are generally split between two types of
common stocks: foundation stocks and opportunity stocks. Foundation
stocks represent small to medium-sized companies with the potential for
above-average sales and earnings growth. Opportunity stocks represent
larger, well-established companies that show near-term growth potential
generally resulting from some change in the company's business plan or
competitive environment.
(b) PUTNAM INCOME FUND
The objective of this fund is to provide high current income. This fund
primarily invests in debt securities, including both government and
corporate obligations, preferred stocks and dividend-paying common
stocks. A portion of the portfolio may also include lower-rated bonds
that may offer a higher yield in compensation for increased risk.
(c) STABLE VALUE FUND
The objective of this fund is to provide stability of principal while
earning a competitive rate of return. This fund invests in guaranteed
investment contracts ("GICs") or similar contracts issued by insurance
companies, banks and other financial institutions. Investments are made
only in companies that receive high credit ratings from the major rating
agencies.
This fund is a combination of shares of Putnam Stable Value Fund, shares
of the U.S. Trust Capital Preservation Fund, a Metropolitan Life
Insurance Company investment contract, and money market instruments.
Participant contributions made on or after May 1, 1997 were directed to
Putnam Stable Value Fund. All investments should be in Putnam Stable
Value Fund by January 1, 1999.
(d) PUTNAM VISTA FUND
The objective of this fund is to create long-term capital appreciation
through investing primarily in mid-cap growth stocks. This fund invests
primarily in common stocks of medium-sized companies with equity market
capitalizations from $300 million to $5 billion.
9
<PAGE> 11
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(e) BANCWEST CORPORATION STOCK FUND
This fund consists of that portion of the assets of the Plan that
participants have elected to have invested, to the extent possible, in
shares of common stock of BancWest Corporation. The portion of this fund
not invested in shares will be held in cash or cash equivalent
investments pending the purchase of shares.
(f) PUTNAM INTERNATIONAL GROWTH FUND
The objective of this fund is to create long-term capital appreciation
by investing in a diversified portfolio of equity securities of
companies located in a country other than the United States. The fund's
investments will normally include common stocks, preferred stocks,
securities convertible into common or preferred stocks, and warrants to
purchase common or preferred stocks.
(g) PUTNAM S&P 500 INDEX FUND
The objective of this fund is to closely approximate the return of the
Standard & Poor's 500 Composite Stock Price Index. The fund primarily
invests in publicly traded common stocks either directly or through
collective investment trusts having a similar investment objective.
(h) PUTNAM ASSET ALLOCATION FUNDS
The Putnam Asset Allocation Funds provide different investment
objectives based on asset allocation. Common stocks are normally the
main type of the fund's equity investments. However, the fund may also
purchase preferred stocks, convertible securities, warrants and other
equity-type securities. The fund invests its assets allocated to the
fixed income securities in a diversified portfolio including both U.S.
and foreign government obligations and corporate obligations. The
following three investment portfolios are provided:
CONSERVATIVE PORTFOLIO
The objective of this fund is to provide long-term preservation of
capital by investing 35% of the Plan assets in equity securities and
65% of the Plan assets in fixed income securities.
BALANCED PORTFOLIO
The objective of this fund is to maximize total return by investing
65% of the Plan assets in equity securities and 35% of the Plan
assets in fixed income securities.
10
<PAGE> 12
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
The objective of this fund is to provide long-term capital
appreciation by investing 80% of the Plan assets in equity
securities and 20% of the Plan assets in fixed income securities.
(i) PUTNAM NEW OPPORTUNITIES FUND
The objective of this fund is to provide long-term capital appreciation
by investing principally in common stocks of companies that possess
above-average long-term growth potential. Current dividend income is
only an incidental consideration. At present, Putnam has identified the
following sectors of the economy as having an above-average growth
potential over the next three to five years: personal communications,
media/entertainment, medical technology/cost-containment, environmental
services, applied/advanced technology, personal financial services, and
value-oriented consuming.
4. INVESTMENTS
Plan assets were managed by First Hawaiian Bank under a trust agreement
through April 30, 1997. Beginning May 1, 1997, Plan assets were managed by
Putnam. At December 31, 1998 and 1997, investments of the Plan were as
follows:
<TABLE>
<CAPTION>
1998 1997
---------------------------- ----------------------------
COST FAIR VALUE COST FAIR VALUE
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED
BY QUOTED MARKET PRICE:
Mutual Funds:
Putnam Voyager Fund $ 3,028,343 $ 3,346,582 $ 1,812,019 $ 2,007,085
Putnam Income Fund 432,059 421,258 319,485 324,045
Stable Value Fund 761,981 761,981 426,665 426,665
Putnam Vista Fund 1,478,561 1,587,330 964,739 977,957
BancWest Corporation Stock Fund 617,533 752,732 387,122 432,164
Putnam International Growth Fund 953,205 1,050,690 686,880 644,082
Putnam S&P 500 Index Fund 1,561,204 1,882,335 866,361 937,407
Putnam Asset Allocation Fund -
Conservative Portfolio 1,319,543 1,360,907 1,075,113 1,049,771
Putnam Asset Allocation Fund -
Balanced Portfolio 1,162,791 1,234,124 843,395 809,297
Putnam Asset Allocation Fund -
Growth Portfolio 1,461,872 1,581,777 1,053,986 1,021,609
Putnam New Opportunities Fund 2,833,852 3,271,543 1,742,162 1,872,422
----------- ----------- ----------- -----------
Total investments $15,610,944 $17,251,259 $10,177,927 $10,502,504
=========== =========== =========== ===========
</TABLE>
11
<PAGE> 13
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
For the years ended December 31, 1998 and 1997, the net appreciation of
investments, which consisted of realized and unrealized gains and losses,
was comprised of the following:
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED MARKET PRICE:
Common stocks:
BancWest Corporation $ 136,177 $ 31,415
Other -- 293
First Hawaiian Bank Investment Funds for Employee Benefit Trusts:
Pooled Equity Fund -- 92,919
Pooled Fixed Income Fund -- 2,420
Mutual funds 1,597,080 491,135
INVESTMENTS AT ESTIMATED FAIR VALUE:
Guaranteed investment contracts with life insurance companies -- 18,633
---------- --------
Net appreciation of investments $1,733,257 $636,815
========== ========
</TABLE>
Dividend income earned from investments in BancWest Corporation common
stock amounted to $17,268 and $7,429 in 1998 and 1997, respectively.
5. TAX STATUS
The Plan constitutes a qualified trust under Section 401(a) of the Internal
Revenue Code and is therefore exempt from Federal income taxes under the
provisions of Section 501(a).
The Plan was amended, effective January 1, 1997, to incorporate the Small
Business Protection Act of 1996. The Plan's management received an updated
tax determination letter from the Internal Revenue Service in 1997.
Although amended since 1997, management believes that the Plan is currently
designed and is being operated in compliance with the applicable
requirements of the Internal Revenue Code.
12
<PAGE> 14
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
6. PRIOR YEAR FINANCIAL INFORMATION
The statement of changes in net assets available for plan benefits includes
certain prior-year summarized comparative information in total but not by
fund. Such information does not include sufficient detail to constitute a
presentation in conformity with generally accepted accounting principles.
Accordingly, such information should be read in conjunction with the Plan's
financial statements as of and for the year ended December 31, 1997, from
which the summarized information was derived.
13
<PAGE> 15
BANCWEST CORPORATION FUTURE PLAN
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
7. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
The following summarizes the changes in net assets available for plan
benefits for the year ended December 31, 1998:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
-----------------------------------------------------------
PUTNAM PUTNAM STABLE PUTNAM
VOYAGER INCOME VALUE VISTA
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
ADDITIONS:
Employer contributions $ 931,867 $ 133,480 $221,111 $ 472,946
Net appreciation (depreciation)
of investments 359,452 (10,575) -- 113,553
Interest and dividend income 226,319 23,949 35,351 115,122
----------- --------- -------- -----------
1,517,638 146,854 256,462 701,621
----------- --------- -------- -----------
DEDUCTIONS:
Payments made to participants 166,025 31,764 65,863 68,652
Administrative expenses 17,967 2,157 -- 5,293
----------- --------- -------- -----------
183,992 33,921 65,863 73,945
----------- --------- -------- -----------
Increase in net assets 1,333,646 112,933 190,599 627,676
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 2,260,763 361,722 473,317 1,106,504
Transfer (to) from other funds, net (24,117) (22,546) 151,392 (31,829)
----------- --------- -------- -----------
End of year $ 3,570,292 $ 452,109 $815,308 $ 1,702,351
=========== ========= ======== ===========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
---------------------------------------------------------------
PUTNAM
PUTNAM ASSET
BANCWEST INTERNATIONAL PUTNAM ALLOCATION -
CORP. GROWTH S&P 500 CONSERVATIVE
STOCK FUND FUND INDEX FUND PORTFOLIO
<S> <C> <C> <C> <C>
ADDITIONS:
Employer contributions $ 214,646 $ 350,308 $ 535,615 $ 398,243
Net appreciation (depreciation)
of investments 136,177 101,752 338,707 43,241
Interest and dividend income 18,456 30,410 -- 59,600
--------- ----------- ---------- -----------
369,279 482,470 874,322 501,084
--------- ----------- ---------- -----------
DEDUCTIONS:
Payments made to participants 28,714 57,629 78,412 107,907
Administrative expenses 3,657 7,446 2,336 27,442
--------- ----------- ---------- -----------
32,371 65,075 80,748 135,349
--------- ----------- ---------- -----------
Increase in net assets 336,908 417,395 793,574 365,735
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 492,040 743,009 1,072,837 1,170,199
Transfer (to) from other funds, net (24,853) (26,738) 150,041 (98,641)
--------- ----------- ---------- -----------
End of year $ 804,095 $ 1,133,666 $2,016,452 $ 1,437,293
========= =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
---------------------------------------------------------------
PUTNAM PUTNAM
ASSET ASSET PUTNAM
ALLOCATION - ALLOCATION - NEW
BALANCED GROWTH OPPORTUNITIES
PORTFOLIO PORTFOLIO FUND TOTAL
<S> <C> <C> <C> <C>
ADDITIONS:
Employer contributions $ 382,611 $ 526,302 $ 971,106 $ 5,138,235
Net appreciation (depreciation)
of investments 70,681 122,051 458,218 1,733,257
Interest and dividend income 38,227 42,306 101,759 691,499
---------- ----------- ---------- -----------
491,519 690,659 1,531,083 7,562,991
---------- ----------- ---------- -----------
DEDUCTIONS:
Payments made to participants 54,184 63,979 170,355 893,484
Administrative expenses 3,008 2,959 14,914 87,179
---------- ----------- ---------- -----------
57,192 66,938 185,269 980,663
---------- ----------- ---------- -----------
Increase in net assets 434,327 623,721 1,345,814 6,582,328
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 914,615 1,165,855 2,126,416 11,887,277
Transfer (to) from other funds, net (24,668) (83,115) 35,074 --
---------- ----------- ---------- -----------
End of year $1,324,274 $ 1,706,461 $3,507,304 $18,469,605
========== =========== ========== ===========
</TABLE>
14
<PAGE> 16
BANCWEST CORPORATION FUTURE PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR VALUE,
MATURITY
IDENTITY OF ISSUER, BORROWER, MATURITY INTEREST VALUE, UNITS
LESSOR OR SIMILAR PARTY DATE RATE COLLATERAL OR SHARES COST FAIR VALUE
- ---------------------------------- ---- ---- ---------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
MUTUAL FUNDS:
Putnam Voyager Fund -- -- -- 152,672 $ 3,028,343 $ 3,346,582
Putnam Income Fund -- -- -- 60,875 432,059 421,258
Stable Value Fund -- -- -- 761,981 761,981 761,981
Putnam Vista Fund -- -- -- 121,448 1,478,561 1,587,330
BancWest Corporation Stock Fund -- -- -- 15,681 617,533 752,732
Putnam International Growth Fund -- -- -- 54,638 953,205 1,050,690
Putnam S&P 500 Index Fund -- -- -- 65,065 1,561,204 1,882,335
Putnam Asset Allocation Fund -
Conservative Portfolio -- -- -- 131,108 1,319,543 1,360,907
Putnam Asset Allocation Fund -
Balanced Portfolio -- -- -- 102,758 1,162,791 1,234,124
Putnam Asset Allocation Fund -
Growth Portfolio -- -- -- 116,051 1,461,872 1,581,777
Putnam New Opportunities Fund -- -- -- 55,990 2,833,852 3,271,543
----------- -----------
Total assets held for
investment purposes $15,610,944 $17,251,259
=========== ===========
</TABLE>
15
<PAGE> 17
BANCWEST CORPORATION FUTURE PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DESCRIPTION PURCHASE SELLING COST OF FAIR VALUE NET GAIN
IDENTITY OF PARTY INVOLVED RELATIONSHIP OF ASSET PRICE PRICE ASSET OF ASSET(B) (LOSS)
------------------------------ ------------ ----------- ------------- ----------- --------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Putnam Vista Fund (C) Mutual Fund $ 726,850(A) $ -- $ 726,850 $ 726,850 $ --
Putnam Voyager Fund (C) Mutual Fund 1,365,818(A) -- 1,365,818 1,365,818 --
Putnam New Opportunities Fund (C) Mutual Fund 1,253,427(A) -- 1,253,427 1,253,427 --
Putnam Asset Allocation Fund -
Growth Portfolio (C) Mutual Fund 610,831(A) -- 610,831 610,831 --
Putnam S&P 500 Index Fund (C) Mutual Fund 997,439(A) -- 997,439 997,439 --
Stable Value Fund (C) Mutual Fund 975,570(A) -- 975,570 975,570 --
-- 640,254(A) 640,254 640,254 --
</TABLE>
Note:
(A) Includes numerous transactions.
(B) Fair value at date of transaction.
(C) Fund is managed by Putnam, trustee of Plan.
16
<PAGE> 18
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (File Nos. 333-22107 and 333-75483) of BancWest
Corporation of our report dated June 15, 1999 relating to the financial
statements and schedules of the BancWest Corporation Future Plan as of and for
the years ended December 31, 1998 and 1997, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
Honolulu, Hawaii
June 25, 1999
<PAGE> 19
REQUIRED INFORMATION
BancWest Corporation Future Plan ("Plan") is subject to the Employee Retirement
Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of
Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for
the two fiscal years ended December 31, 1998 and 1997, which have been prepared
in accordance with the financial reporting requirements of ERISA, are
incorporated herein by this reference.
SIGNATURES
The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
BANCWEST CORPORATION FUTURE PLAN
Date June 25, 1999 By /s/ SHEILA M. SUMIDA
------------- -------------------------------------
SHEILA M. SUMIDA
PLAN ADMINISTRATOR
