-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J9aPCQB6okszZaI55bRlxUNYLDiIyvKn9IPtbZASKfZNFM+5wdhaU8RvVUMiPlE+ 4b3vaaPuK5F8cFO83jlCLA== 0001095811-01-501319.txt : 20010418 0001095811-01-501319.hdr.sgml : 20010418 ACCESSION NUMBER: 0001095811-01-501319 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010417 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCWEST CORP/HI CENTRAL INDEX KEY: 0000036377 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 990156159 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14585 FILM NUMBER: 1604694 BUSINESS ADDRESS: STREET 1: 999 BISHOP ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085257000 FORMER COMPANY: FORMER CONFORMED NAME: FIRST HAWAIIAN INC DATE OF NAME CHANGE: 19920703 8-K 1 a71637e8-k.txt FORM 8-K 1 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: APRIL 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 (Commission File Number) (IRS Employer of incorporation) 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) 2 Item 7. Exhibits.
Exhibit No. Exhibit ----------- ------- 99.1 Supplemental Quarterly Financial Data dated April 17, 2001.
Item 9. Regulation FD Disclosure. On April 17, 2001, BancWest Corporation issued Supplemental Quarterly Financial Data concerning its first 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: April 17, 2001. BANCWEST CORPORATION By /s/ HOWARD H. KARR ------------------------------------ Howard H. Karr Executive Vice President and Chief Financial Officer -2- 3 EXHIBIT INDEX
Exhibit No. Exhibit ----------- ------- 99.1 Supplemental Quarterly Financial Data dated April 17, 2001.
-3- EX-99.1 2 a71637ex99-1.txt EXHIBIT 99.1 1 EXHIBIT 99.1 BANCWEST CORPORATION SUPPLEMENTAL QUARTERLY FINANCIAL DATA FOR THE 1ST 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
PER SHARE DATA 2001-Q1 ------- Diluted --Earnings 0.49 --Operating Earnings (1) 0.51 --Cash Earnings (2) 0.56 --Operating Cash Earnings (1) (2) 0.58 --Core Earnings (1) (3) 0.45 --Core Cash Earnings (1) (2) (3) 0.52 Cash Dividends Declared 0.19 EOP Book Value 16.40 EOP Shares Outstanding --Basic (excl.com.equiv.) 124.705 Average Shares Outstanding --Diluted 126.131 HIGH Common Share Price 27.25 LOW Common Share Price 22.50 EOP Common Share Price 24.00 INCOME STATEMENT Interest Income-FTE 338.926 Interest Expense 149.478 Net Interest Income-FTE 189.448 Loan Loss Provision 35.200 Investment Securities Transactions 41.300 Trading Account - Foreign Exchange -
2001-Q1 ------- Trust and Investment Services 9.127 Service Charges on Deposit Accounts 20.436 Other Service Charges and Fees 18.374 Other Noninterest Income (excl.material non-recurring items) 9.262 Material Non-Recurring Revenue - Total Noninterest Income 98.499 Staff Expense 67.350 Occupancy & Equipment Expense 23.767 Deposit Insurance Expense 0.659 Foreclosed Property Expense 1.109 Amortization of Intangibles 10.284 Other Expense (excl.material non-recurring items) 37.586 Material Non-Recurring Expense (excluding extraordinary items) 9.333 Minority Interest - Total Noninterest Expense 150.088 Pre-Tax Income-FTE 102.659 Tax Equivalent Adjustment 0.075 Reported Pre-Tax Income 102.584 Taxes 40.837 Net Income before Extraordinary Items 61.747 Extraordinary Items - Net Income 61.747 Net Operating Earnings (1) 64.089 Net Cash Earnings (2) 70.303 Net Operating Cash Earnings (1) (2) 72.645 Core Earnings (1) (3) 56.512 Core Cash Earnings (1) (2) (3) 65.068 Net Interest Margin, Annualized 4.58 % Return on Average Total Assets, Annualized (1) 1.38 % Return on Average Tangible Assets, Annualized (4) 1.62 % Return on Average Stockholders' Equity, Annualized (1) 12.73 % Return on Average Tangible Stockholders' Equity, Annualized (4) 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. (4) Defined as operating cash earnings as a percentage of average total assets or average stockholders' equity minus average goodwill and core deposit intangible. 2 PAGE 2 OF 3 BWE BANCWEST CORPORATION
MEMO: 2001-Q1 ---------- Net Tax Applicable to Non-Recurring Items 3.768 Tax Applicable to Securities Transactions - Common Dividends (not per share) 23.687 EOP Employees (FTE) 5.281 EOP Total Offices 252 Have there been any stock splits, buy backs or stock dividends this period? No Acquisitions or mergers? If so, please list company, date of consummation and accounting treatment. (A) Any other restatements? Please explain No Please identify non-recurring items: (B) AVERAGE ASSETS Total Investment Securities 2,116.662 Loans and Leases: Commercial, financial and agricultural 2,598.360 Real estate - Construction 407.803 Real estate - Commercial 2,666.723 Real estate - Residential 2,392.683 Consumer 3,670.330 Lease financing 2,068.042 Total Domestic Loans & Leases** 13,803.941 Foreign Loans** 341.577 Total Loans & Leases** 14,145.518 Other Earning Assets 529.215 Total Earning Assets** 16,791.395 Total Assets 18,873.589 **Net of unearned, gross of reserve AVERAGE LIABILITIES & EQUITY Domestic: Interest-bearing Demand 313.906 Savings 4,328.651 Time 6,428.909
2001-Q1 ---------- Foreign Deposits 203.398 Short-Term Borrowings 743.738 Long-Term Borrowings 1,013.121 Total Interest-Bearing Liabilities 13,031.723 Noninterest Bearing Deposits 2,978.114 Minority Interest - Non-Convertible Preferred Equity - Convertible Preferred Equity - Common Equity 2,022.903 Equity from Securities Valuation 19.516 Total Equity (common & preferred) 2,042.419 PARENT COMPANY DATA EOP Investment in Subsidiaries 2,185.971 EOP Goodwill - CREDIT QUALITY DATA (a) EOP Non-Accrual Loans 100.926 (b) EOP Restructured Loans 7.207 (c) EOP Other Real Estate Owned (including in-substance foreclosure) 20.549 EOP Total Non-Performing Assets (a+b+c--not including past due) 128.682 EOP 90-day Past Due Loans 18.610 EOP In-Substance Foreclosure - NON-PERFORMING LOANS (BY TYPE OF LOAN) (NON-ACCRUAL PLUS RESTRUCTURED) Construction & Land Development 0.119 Commercial Mortgages 16.511 Commercial Loans 61.009 Leases 8.769 Other 21.725 Total 108.133
(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). 3 BWE BANCWEST CORPORATION PAGE 3 OF 3
2001-Q1 ---------- LOAN PORTFOLIO (END OF PERIOD) (NET OF UNEARNED DISCOUNT, IF POSSIBLE) Construction & Land Development 406.059 Commercial Mortgages 2,758.034 Commercial Loans 2,562.244 Residential Mortgages (excluding Home Equity) 1,802.486 Home Equity Loans 453.886 Credit Card Outstandings 202.730 Other Consumer (excluding home equity & credit card) 3,572.468 Leases 2,106.486 Foreign 338.130 Unearned Discount (if applicable) - Total Loans & Leases* 14,202.523 * Net of unearned discount, gross of reserve CHARGE-OFFS - ---------- Commercial, financial and agricultural 10.656 Real estate - Commercial 0.399 Real estate - Construction 0.000 Real estate - Residential 1.067 Consumer 8.664 Lease financing 2.998 Foreign 0.602 Total Charge-offs 24.386 RECOVERIES Commercial, financial and agricultural 0.147 Real estate - Commercial 0.050 Real estate - Construction 0.131 Real estate - Residential 0.200 Consumer 1.699 Lease financing 0.502 Foreign 0.260 Total Recoveries 2.989 NET CHARGE-OFFS Commercial, financial and agricultural 10.509 Real estate - Commercial 0.349 Real estate - Construction (0.131) Real estate - Residential 0.867 Consumer 6.965 Lease financing 2.496 Foreign 0.342 Net Charge-offs (Recoveries) 21.397
2001-Q1 ---------- END OF PERIOD DATA (EOP) Loan-Loss Reserve 186.246 Loan-Loss Reserve (% of period end loans) 1.31 % Assets 19,419.452 Total Deposits 14,710.173 Minority Interest - Non-Convertible Preferred Equity - Convertible Preferred Equity - Total Preferred Equity - Accumulated Other Comprehensive Income 22.308 Common Equity 2,044.991 Convertible Debt (excluding Equity Notes) - Total Long-Term Debt and Capital Securities 1,031.039 (A) EOP Deposit Intangibles 77.365 (B) EOP Goodwill 679.107 (C) EOP Mortgage Servicing Intangibles 6.051 (D) EOP Other Intangibles - EOP Total Intangibles (A+B+C+D) 762.523 Investment Securities Available-for-Sale 2,103.515 After-tax Unrealized Gain (Loss) on Securities Available-for-Sale 22.308 Investment Securities Held-to-Maturity --At Cost 86.764 --At Market - Trading Securities - SEGMENT RATIOS Hawaii Loans/Total Loans 27.47 % Mainland Loans/Total Loans 72.53 % Hawaii Deposits/Total Deposits 39.54 % Mainland Deposits/Total Deposits 60.46 % Hawaii Cash Earnings/Total Cash Earnings 29.57 % Mainland Cash Earnings/Total Cash Earnings 70.43 %
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