Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: July 17, 2001
(Date of earliest event reported)
BANCWEST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
0-7949
|
99-0156159 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number)
|
(IRS Employer Identification No.) |
999 Bishop Street, Honolulu, Hawaii |
96813 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (808) 525-7000
Not Applicable
(Former name or former address, if changed since last report)
| Item 7. Exhibits. | ||||||||
| Item 9.Regulation FD Disclosure. | ||||||||
| SIGNATURE | ||||||||
| EXHIBIT INDEX | ||||||||
| EXHIBIT 99.1 | ||||||||
Table of Contents
Item 7. Exhibits.
| Exhibit No. | Exhibit | |
99.1 |
Supplemental Quarterly Financial Data dated July 17, 2001. |
Item 9. Regulation FD Disclosure.
On July 17, 2001, BancWest Corporation issued Supplemental Quarterly Financial Data concerning its second quarter earnings. The Supplemental Quarterly Financial Data is filed as an exhibit to this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 17, 2001. |
BANCWEST CORPORATION
|
|
| By |
/s/ Howard H. Karr Howard H. Karr Executive Vice President and Chief Financial Officer |
|
Table of Contents
EXHIBIT INDEX
| Exhibit No. | Exhibit | |
99.1 |
Supplemental Quarterly Financial Data dated July 17, 2001. |
1 BANCWEST CORPORATION SURVEY OF FINANCIAL DATA FOR THE 2ND QUARTER OF 2001 Inquiries to: Albert M. Yamada SYMBOL: BWE Assistant Treasurer 808/844-3701 (phone) 808/844-3699 (fax) - -------------------------------------------------------------------------------- All amounts in millions to 3 decimal places -- (Example: $3,474,387,000 = 3,474.387), except per share data 2001-Q2 2001-Q1 ------- ------- PER SHARE DATA Diluted --Earnings 0.52 0.49 --Operating Earnings (1) 0.52 0.51 --Cash Earnings (2) 0.59 0.56 --Operating Cash Earnings (1) (2) 0.59 0.58 --Core Earnings (1) (3) 0.46 0.45 --Core Cash Earnings (1) (2) (3) 0.54 0.51 Cash Dividends Declared 0.19 0.19 EOP Book Value 16.67 16.40 EOP Shares Outstanding --Basic (excl.com.equiv.) 124.810 124.705 Average Shares Outstanding --Diluted 126.743 126.131 HIGH Common Share Price 34.64 27.25 LOW Common Share Price 23.71 22.50 EOP Common Share Price 34.40 24.00 INCOME STATEMENT Interest Income-FTE 333.638 338.926 Interest Expense 134.872 149.478 Net Interest Income-FTE 198.766 189.448 Loan Loss Provision 23.150 35.200 Investment Securities Transactions 19.936 41.300 Trading Account -- -- Foreign Exchange -- -- (1) Excluding after-tax restructuring, integration and other nonrecurring costs of $2,342,000 in the first quarter of 2001. (2) Excluding amortization of goodwill and core deposit intangibles. (3) Excluding after-tax net effect of $7,577,000 Concord stock gain, additional provision for credit losses and other nonrecurring items in the first quarter and the after-tax net effect of $7,338,000 of additional Concord stock gain and provision for credit losses in the second quarter.
2 BWE BANCWEST CORPORATION All amounts in millions to 3 decimal places -- (Example: $3,474,387,000 = 3,474.387), except per share data 2001-Q2 2001-Q1 ------- ------- Trust and Investment Services 8.083 9.127 Service Charges on Deposit Accounts 22.573 20.436 Other Service Charges and Fees 20.198 18.374 Other Noninterest Income (excl.material nonrecurring items) 9.006 9.262 Material Nonrecurring Revenue -- -- Total Noninterest Income 79.796 98.499 Staff Expense 70.234 67.350 Occupancy & Equipment Expense 24.564 23.767 Deposit Insurance Expense 0.729 0.659 Foreclosed Property Expense 0.833 1.109 Amortization of Intangibles 11.136 10.284 Other Expense (excl.material nonrecurring items) 40.220 37.586 Material Nonrecurring Expense (excluding extraordinary items) -- 9.333 Total Noninterest Expense 147.716 150.088 Pre-Tax Income-FTE 107.696 102.659 Tax Equivalent Adjustment 0.078 0.075 Reported Pre-Tax Income 107.618 102.584 Taxes 41.677 40.837 Net Income before Extraordinary Items 65.941 61.747 Extraordinary Items -- -- Net Income 65.941 61.747 Net Operating Earnings (1) 65.941 64.089 Net Cash Earnings (2) 75.646 70.303 Net Operating Cash Earnings (1) (2) 75.646 72.645 Core Earnings (1) (3) 58.603 56.512 Core Cash Earnings (1) (2) (3) 68.308 65.068 Net Interest Margin, Annualized 4.66% 4.58% Return on Average Total Assets, Annualized (1) 1.37% 1.38% Return on Average Tangible Assets, Annualized (4) 1.64% 1.62% Return on Average Stockholders' Equity, Annualized (1) 12.83% 12.73% Return on Average Tangible Stockholders' Equity, Annualized (4) 23.21% 22.26% (1) Excluding after-tax restructuring, integration and other nonrecurring costs of $2,342,000 in the first quarter of 2001. (2) Excluding amortization of goodwill and core deposit intangibles. (3) Excluding after-tax net effect of $7,577,000 Concord stock gain, additional provision for credit losses and other nonrecurring items in the first quarter and the after-tax net effect of $7,338,000 of additional Concord stock gain and provision for credit losses in the second quarter. (4) Defined as operating cash earnings as a percentage of average total assets or average stockholders' equity minus average goodwill and core deposit intangible.
3 BWE BANCWEST CORPORATION MEMO: 2001-Q2 2001-Q1 - ----- --------- --------- Net Tax Applicable to Nonrecurring Items -- 3.768 Tax Applicable to Securities Transactions -- -- Common Dividends (not per share) 23.707 23.687 EOP Employees (FTE) 5.381 5.281 EOP Total Offices 252 252 Have there been any stock splits, buy backs or stock dividends this period? No No Acquisitions or mergers? If so, please list company, date of consummation and accounting treatment. (A) --------- --------- Any other restatements? Please explain No No --------- --------- Please identify nonrecurring items: (B) --------- --------- AVERAGE ASSETS Total Investment Securities 2,230.906 2,116.662 Loans and Leases: Commercial, financial and agricultural 2,567.471 2,598.360 Real estate - Construction 404.284 407.803 Real estate - Commercial 2,703.349 2,666.723 Real estate - Residential 2,316.367 2,392.683 Consumer 3,939.134 3,670.330 Lease financing 2,136.446 2,068.042 Total Domestic Loans & Leases** 14,067.051 13,803.941 Foreign Loans** 334.106 341.577 Total Loans & Leases** 14,401.157 14,145.518 Other Earning Assets 515.636 529.215 Total Earning Assets** 17,147.699 16,791.395 Total Assets 19,290.735 18,873.589 **Net of unearned, gross of reserve AVERAGE LIABILITIES & EQUITY Domestic: Interest-bearing Demand 310.703 313.906 Savings 4,554.184 4,328.651 Times 6,251.183 6,428.909 (A) Purchase of 30 branches in January and February, divested from First Security Bank. (B) Security gain of $41.3 million (pre-tax) from Concord-Star merger. $5.0 million (pre-tax) agreement to donate to private foundation, integration cost of $3.9 million (pre-tax) and other nonrecurring items of $398,000 (pre-tax). Also, additional provision for credit losses over normal expected amount of $23.0 million (pre-tax), for the first quarter. In the second quarter, additional security gain of $18.5 million (pre-tax) from sale of Concord stock. In addition, additional provision for credit losses of $14.8 million (pre-tax).
4 BWE BANCWEST CORPORATION 2001-Q2 2001-Q1 ---------- ---------- Foreign Deposits 193.322 203.398 Short-Term Borrowings 910.048 743.738 Long-Term Borrowings 1,029.625 1,013.121 Total Interest-Bearing Liabilities 13,249.065 13,031.723 Demand Deposits 3,121.124 2,978.114 Minority Interest -- -- Non-Convertible Preferred Equity -- -- Convertible Preferred Equity -- -- Common Equity 2,038.520 2,022.903 Equity from Securities Valuation 22.286 19.516 Total Equity (common & preferred) 2,060.806 2,042.419 PARENT COMPANY DATA EOP Investment in Subsidiaries 2,219.861 2,185.971 EOP Goodwill -- -- CREDIT QUALITY DATA (a) EOP Non-Accrual Loans 105.082 100.926 (b) EOP Restructured Loans 5.351 7.207 (c) EOP Other Real Estate Owned (including in-substance foreclosure) 21.467 20.549 EOP Total Non-Performing Assets (a+b+c--not including past due) 131.900 128.682 EOP 90-day Past Due Loans 18.056 18.610 EOP In-Substance Foreclosure -- -- NON-PERFORMING LOANS (BY TYPE OF LOAN) (NON-ACCRUAL PLUS RESTRUCTURED) Construction & Land Development 0.119 0.119 Commercial Mortgages 22.983 20.398 Commercial Loans 56.700 57.122 Leases 12.180 8.769 Other 18.451 21.725 Total 110.433 108.133
5 BWE BANCWEST CORPORATION 2001-Q2 2001-Q1 ---------- ---------- LOAN PORTFOLIO (END OF PERIOD) (NET OF UNEARNED DISCOUNT, IF POSSIBLE) Construction & Land Development 414.143 406.059 Commercial Mortgages 2,799.894 2,758.034 Commercial Loans 2,452.008 2,562.244 Residential Mortgages (excluding Home Equity) 1,786.392 1,802.486 Home Equity Loans 443.747 453.886 Credit Card Outstandings 218.591 202.730 Other Consumer (excluding home equity & credit card) 3,892.175 3,572.468 Leases 2,187.144 2,106.486 Foreign 334.537 338.130 Unearned Discount (if applicable) -- -- Total Loans & Leases* 14,528.631 14,202.523 * Net of unearned discount, gross of reserve CHARGE-OFFS Commercial, financial and agricultural 6.169 10.656 Real estate - Commercial 0.070 0.399 Real estate - Construction -- -- Real estate - Residential 0.467 1.067 Consumer 9.560 8.664 Lease financing 4.189 2.998 Foreign 0.273 0.602 Total Charge-offs 20.728 24.386 RECOVERIES Commercial, financial and agricultural 0.200 0.147 Real estate - Commercial 0.016 0.050 Real estate - Construction 0.066 0.131 Real estate - Residential 0.186 0.200 Consumer 1.848 1.699 Lease financing 0.493 0.502 Foreign 0.221 0.260 Total Recoveries 3.030 2.989 NET CHARGE-OFFS Commercial, financial and agricultural 5.969 10.509 Real estate - Commercial 0.054 0.349 Real estate - Construction (0.066) (0.131) Real estate - Residential 0.281 0.867 Consumer 7.712 6.965 Lease financing 3.696 2.496 Foreign 0.052 0.342 Net Charge-offs (Recoveries) 17.698 21.397
6 BWE BANCWEST CORPORATION 2001-Q2 2001-Q1 ---------- ---------- END OF PERIOD DATA (EOP) Loan-Loss Reserve 191.698 186.246 Loan-Loss Reserve (% of period end loans) 1.32% 1.31% Assets 19,315.983 19,419.452 Total Deposits 14,615.574 14,710.173 Minority Interest -- -- Non-Convertible Preferred Equity -- -- Convertible Preferred Equity -- -- Total Preferred Equity -- -- Accumulated Other Comprehensive Income 14.530 22.308 Common Equity 2,081.037 2,044.991 Convertible Debt (excluding Equity Notes) -- -- Total Long-Term Debt and Capital Securities 1,030.334 1,031.039 (A) EOP Deposit Intangibles 74.800 77.365 (B) EOP Goodwill 673.763 679.107 (C) EOP Mortgage Servicing Intangibles 6.039 6.051 (D) EOP Other Intangibles -- -- EOP Total Intangibles (A+B+C+D) 754.602 762.523 Investment Securities Available-for-Sale 2,164.189 2,103.515 After-tax Unrealized Gain (Loss) on Securities Available-for-Sale 14.530 22.308 Investment Securities Held-to-Maturity --At Cost 97.764 86.764 --At Market -- -- Trading Securities -- -- SEGMENT RATIOS Hawaii Loans/Total Loans 26.23% 27.47% Mainland Loans/Total Loans 73.77% 72.53% Hawaii Deposits/Total Deposits 39.34% 39.54% Mainland Deposits/Total Deposits 60.66% 60.46% Hawaii Cash Earnings/Total Cash Earnings 33.47% 29.57% Mainland Cash Earnings/Total Cash Earnings 66.53% 70.43%