1 ================================================================================ 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 ================================================================================
2 BANCWEST CORPORATION FUTURE PLAN INDEX TO FINANCIAL STATEMENTS AND SCHEDULES - -------------------------------------------------------------------------------- PAGE 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 1
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
4 BANCWEST CORPORATION FUTURE PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------- 1998 1997 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 =========== =========== The accompanying notes are an integral part of the financial statements. 3
5 BANCWEST CORPORATION FUTURE PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------- 1998 1997 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 ============ ============ The accompanying notes are an integral part of the financial statements. 4
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
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
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: 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: 7
9 BANCWEST CORPORATION FUTURE PLAN NOTES TO THE FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- Additional Age plus credited Participating service as of Employer December 31, 1995 Contribution ----------------- ------------- 60-61 2% 62-63 3% 64-66 4% 67-69 5% 70+ 6% 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
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
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
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: 1998 1997 ---------------------------- ---------------------------- COST FAIR VALUE COST FAIR VALUE ----------- ----------- ----------- ----------- 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 =========== =========== =========== =========== 11
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: 1998 1997 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 ========== ======== 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
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
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: YEAR ENDED DECEMBER 31, 1998 ----------------------------------------------------------- PUTNAM PUTNAM STABLE PUTNAM VOYAGER INCOME VALUE VISTA FUND FUND FUND FUND 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 =========== ========= ======== =========== YEAR ENDED DECEMBER 31, 1998 --------------------------------------------------------------- PUTNAM PUTNAM ASSET BANCWEST INTERNATIONAL PUTNAM ALLOCATION - CORP. GROWTH S&P 500 CONSERVATIVE STOCK FUND FUND INDEX FUND PORTFOLIO 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 ========= =========== ========== =========== YEAR ENDED DECEMBER 31, 1998 --------------------------------------------------------------- PUTNAM PUTNAM ASSET ASSET PUTNAM ALLOCATION - ALLOCATION - NEW BALANCED GROWTH OPPORTUNITIES PORTFOLIO PORTFOLIO FUND TOTAL 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 ========== =========== ========== =========== 14
16 BANCWEST CORPORATION FUTURE PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 - -------------------------------------------------------------------------------- PAR VALUE, MATURITY IDENTITY OF ISSUER, BORROWER, MATURITY INTEREST VALUE, UNITS LESSOR OR SIMILAR PARTY DATE RATE COLLATERAL OR SHARES COST FAIR VALUE - ---------------------------------- ---- ---- ---------- ------------- ----------- ----------- 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 =========== =========== 15
17 BANCWEST CORPORATION FUTURE PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 - -------------------------------------------------------------------------------- DESCRIPTION PURCHASE SELLING COST OF FAIR VALUE NET GAIN IDENTITY OF PARTY INVOLVED RELATIONSHIP OF ASSET PRICE PRICE ASSET OF ASSET(B) (LOSS) ------------------------------ ------------ ----------- ------------- ----------- --------- ----------- -------- 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 -- Note: (A) Includes numerous transactions. (B) Fair value at date of transaction. (C) Fund is managed by Putnam, trustee of Plan. 16
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
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