First Hawaiian (FHB) 8-K/A Completion of Acquisition or Disposition of Assets

Exhibit 99.1

BancWest Corporation and Subsidiaries
Unaudited Pro Forma Financial Statements

UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

On December 2, 2005, BancWest Corporation (“the Company”) acquired 100 percent of the outstanding stock of Commercial Federal Corporation, (“Commercial Federal”) a bank holding company that operated Commercial Federal Bank. The purchase price of approximately $1.3 billion was paid in cash and was accounted for using the purchase method of accounting.

Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their relative fair values, with the excess recorded as goodwill. The unaudited pro forma combined financial statements include preliminary estimates of the fair values of the purchase price, assets acquired and liabilities assumed. This preliminary allocation represents estimates made for purposes of these pro forma financial statements. The final determination of the purchase price allocation may differ from the amounts presented within these unaudited pro forma combined financial statements.

The following unaudited pro forma combined financial statements have been prepared from the historical financial statements of the Company and Commercial Federal. The pro forma combined statements of income give effect to the combination as if it had occurred on January 1, 2004. The pro forma combined balance sheet gives effect to the combination as if it had occurred on September 30, 2005. The pro forma adjustments are described in the accompanying notes to the Financial Statements.

The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what the results of operations would have been if the combination had occurred on the above mentioned dates. Additionally, they are not indicative of future results of operations or financial position and do not reflect any synergies or other changes that may occur as a result of the acquisition. The unaudited pro forma combined financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2004 and Quarterly Report on Form 10-Q for the period ended September 30, 2005 and Commercial Federal’s audited financial statements for the year ended December 31, 2004 on Form 10-K and Quarterly Report on Form 10-Q for the period ended September 30, 2005, which are incorporated herein by reference.

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Bancwest Corporation and Subsidiaries
Unaudited Pro Forma Combined Balance Sheet
As of September 30, 2005
(in thousands)

				Commercial
	BancWest			Federal		Pro Forma
	Corporation			Corporation		Adjustments				Pro forma
	Historical			Historical		(Note 1)				(Combined)
Assets
Cash and due from banks	$	2,013,798		$	169,748	$	21,751		(B)	$	2,205,297
Interest-bearing deposits in other banks		525,233			3,158		—				528,391
Federal funds sold and securities purchased under agreements to resell		798,100			—		—				798,100
Trading assets		1,579			—		—				1,579
Securities available for sale		9,101,691			1,121,125		—				10,222,816
Loans held for sale		75,003			49,744		—				124,747
Loans and leases:							—
Loans and leases		35,125,000			7,940,254		(76,518	)	(A)		42,988,736
Less allowance for loan and lease losses		419,850			89,266		—				509,116
Net loans and leases		34,705,150			7,850,988		(76,518	)			42,479,620
Vehicle and equipment operating leases, net		104,360			—		—				104,360
Premises and equipment, net		681,493			183,560		1,765		(A)		866,818
Customers’ acceptance liability		12,261			—		—				12,261
Other intangibles, net		241,722			9,519		84,998		(A)		336,239
Goodwill		4,315,735			159,229		707,793		(A)		5,182,757
Other real estate owned and repossessed personal property		14,284			13,710		—				27,994
Other assets		2,046,968			603,743		56,874		(A)		2,707,585
							—
Total assets	$	54,637,377		$	10,164,524	$	796,663			$	65,598,564
Liabilities and Stockholder’s Equity
Deposits:
Interest-bearing	$	24,774,793		$	5,281,231		3,089		(A)	$	30,059,113
Noninterest-bearing		10,797,648			785,012		—				11,582,660
Total deposits		35,572,441			6,066,243		3,089				41,641,773
Federal funds purchased and securities sold under agreements to repurchase		2,745,849			230,014		—				2,975,863
Short-term borrowings		2,641,981			5,096		845,000		(B)		3,492,077
Acceptances outstanding		12,261			—		—				12,261
Long-term debt		6,554,844			3,003,752		135,198		(A)		9,693,794
Other liabilities		993,673			86,935		85,860		(A)		1,166,468
Total liabilities		48,521,049			9,392,040		1,069,147				58,982,236
Stockholder’s equity:
Common stock		1,069			383		(343	)	(B)		1,109
Additional paid-in capital		4,475,134			—		499,960		(B)		4,975,094
Retained earnings		1,713,900			766,453		(766,453	)	(B)		1,713,900
Accumulated other comprehensive income (loss), net		(73,775	)		5,648		(5,648	)	(B)		(73,775	)
Total stockholder’s equity		6,116,328			772,484		(272,484	)			6,616,328
Total liabilities and stockholder’s equity	$	54,637,377		$	10,164,524	$	796,663			$	65,598,564

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Bancwest Corporation and Subsidiaries
Unaudited Pro Forma Combined Statements of Income
For the Nine Months Ended September 30, 2005
(in thousands)

			Commercial
	BancWest		Federal			Pro Forma
	Corporation		Corporation			Adjustments				Pro forma
	Historical		Historical			(Note 1)				(Combined)
Interest income
Loans and leases	$	1,517,254	$	361,485		$	14,846		(B)	$	1,893,585
Securities available for sale		241,630		55,861			—				297,491
Other		24,154		—			—				24,154
Total interest income		1,783,038		417,346			14,846				2,215,230
Interest expense
Deposits		304,621		99,097			189		(C)		403,907
Short-term borrowings		74,371		14,635			—				89,006
Long-term debt		211,042		112,787			1,487		(C)		325,316
Total interest expense		590,034		226,519			1,676				818,229
Net interest income		1,193,004		190,827			13,170				1,397,001
Provision for loan and lease losses		25,004		20,277			—				45,281
Net interest income after provision
for loan and lease losses		1,168,000		170,550			13,170				1,351,720
Noninterest income
Service charges on deposit accounts		143,440		46,113			—				189,553
Trust and investment services income		36,203		—			—				36,203
Other service charges and fees		145,033		21,952			—				166,985
Net gains (losses) on securities available for sale		526		(16,621	)		—				(16,095	)
Vehicle and equipment operating lease income		16,728		—			—				16,728
Other		50,916		(44,862	)		—				6,054
Total noninterest income		392,846		6,582			—				399,428
Noninterest expense
Salaries and employee benefits		452,063		99,971			—				552,034
Occupancy		84,781		26,712			610		(C)		112,103
Outside services		78,127		8,414			—				86,541
Intangible amortization		29,945		2,911			4,842		(D)		37,698
Equipment		45,052		2,285			—				47,337
Depreciation — vehicle and equipment operating leases		14,527		—			—				14,527
Restructuring and integration costs		8,951		11,624			(11,737	)	(E)		8,838
Other		152,933		59,305			—				212,238
Total noninterest expense		866,379		211,222			(6,285	)			1,071,316
Income before income taxes		694,467		(34,090	)		19,455				679,832
Provision (benefit) for income taxes		260,142		(17,882	)		12,400		(F)		254,660
Net income	$	434,325	$	(16,208	)	$	7,055			$	425,172

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Bancwest Corporation and Subsidiaries
Unaudited Pro Forma Combined Statements of Income
For the year Ended December 31, 2004
(in thousands)

			Commercial
	BancWest		Federal			Pro Forma
	Corporation		Corporation			Adjustments				Pro forma
	Historical		Historical			(Note 1)				(Combined)
Interest income
Loans and leases	$	1,559,322	$	473,077		$	31,998		(C)	$	2,064,397
Securities available for sale		219,519		102,448			—				321,967
Other		16,322		—			—				16,322
Total interest income		1,795,163		575,525			31,998				2,402,686
Interest expense
Deposits		203,407		114,986			(3,477	)	(C)		314,916
Short-term borrowings		29,285		5,454			—				34,739
Long-term debt		210,133		182,804			5,004		(C)		397,941
Total interest expense		442,825		303,244			1,527				747,596
Net interest income		1,352,338		272,281			30,471				1,655,090
Provision for loan and lease losses		49,219		14,002			—				63,221
Net interest income after provision
for loan and lease losses		1,303,119		258,279			30,471				1,591,869
Noninterest income
Service charges on deposit accounts		163,679		53,495			—				217,174
Trust and investment services income		40,580		—			—				40,580
Other service charges and fees		153,911		12,082			—				165,993
Net gains (losses) on securities available for sale		873		(6,787	)		—				(5,914	)
Vehicle and equipment operating lease income		17,092		—			—				17,092
Other		55,365		51,688			—				107,053
Total noninterest income		431,500		110,478			—				541,978
Noninterest expense
Salaries and employee benefits		500,584		127,405			—				627,989
Occupancy		91,770		35,808			814		(C)		128,392
Outside services		85,222		14,614			—				99,836
Intangible amortization		26,535		4,402			7,413		(D)		38,350
Equipment		49,814		4,269			—				54,083
Depreciation — vehicle and equipment operating leases		15,275		—			—				15,275
Restructuring and integration costs		16,144		—			—				16,144
Other		177,205		81,620			—				258,825
Total noninterest expense		962,549		268,118			8,227				1,238,894
Income before income taxes		772,070		100,639			22,244				894,953
Provision for income taxes		298,693		24,276			23,264		(F)		346,233
Net income	$	473,377	$	76,363		$	(1,020	)		$	548,720

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BancWest Corporation and Subsidiaries
Notes to Unaudited Pro Forma Financial Statements (in thousands)

1. Pro Forma Adjustments

(A) The acquisition is being accounted for in accordance with Statement of Financial Accounting Standard No. 141 “Business Combinations” (FAS 141). Accordingly, the purchase price was preliminarily allocated to the assets acquired and the liabilities assumed based on their estimated fair values at the acquisition date as summarized below. The final allocation of the purchase price will be determined after completion of a final analysis to determine the fair values of Commercial Federal’s tangible assets and liabilities and identifiable intangible assets, as well as final decisions regarding integration activities.

The following table represents the purchase price allocation of Commercial Federal:

Total purchase price of Commercial Federal, including transaction costs	$	1,329,221
Equity of Commercial Federal prior to acquisition by BancWest		772,484
Excess of pushed down equity over the carrying value of net assets acquired		556,737
Estimated adjustments to reflect assets acquired and liabilities assumed at fair value:
Loans and leases		76,518
Premises and equipment		(1,765	)
Other assets		(56,874	)
Severance and employee relocation		42,910
Contract cancellations		32,795
Write-down of Commercial Federal’s goodwill		159,229
Write-down of Commercial Federal’s core deposit intangibles		9,519
Core deposit intangibles resulting from acquisition		(94,517	)
Deposits		3,089
Long-term debt		135,198
Other liabilities		4,183
Estimated fair value adjustments related to net assets acquired		310,285
Estimated goodwill resulting from the acquisition of Commercial Federal		867,022
Adjustments to Goodwill:
Estimated goodwill resulting from the acquisition of Commercial Federal		867,022
Write-down of Commercial Federal’s goodwill		(159,229	)
Total goodwill	$	707,793
Adjustments to other intangibles:
Core deposit intangibles resulting from acquisition		94,517
Write-down of Commercial Federal’s core deposit intangibles		(9,519	)
Total other intangibles	$	84,998
Adjustments to other liabilities:
Severance and employee relocation		42,910
Contract cancellations		32,795
Other liabilities		4,183
Accrued transaction costs		5,972
Total other liabilities	$	85,860

(B) In connection with the acquisition of Commercial Federal Corporation, BancWest Corporation received $1,345 million from BNP Paribas to finance the acquisition. The financing consisted of $845 million of short-term debt financing and $500 million of contributed capital in exchange for 4,000,000 shares of BancWest Corporation Class A Common Stock, par value $0.01 per share.

Adjustments to reflect funding of purchase:

Short-term debt issued to BNP Paribas	$	845,000
Capital infusion from BNP Paribas
Common stock, par		40
Additional paid in capital		499,960
Total capital infusion		500,000
Total funding		1,345,000
Transaction costs accrued as per note (A) above		5,972
Total purchase price		(1,329,221	)
Proceeds from debt and infusion not distributed to Commercial Federal shareholders	$	21,751

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BancWest Corporation and Subsidiaries
Notes to Unaudited Pro Forma Financial Statements (in thousands)

Purchase accounting entries made to Commercial Federal equity accounts:

Common stock, par	$	(383	)
Retained earnings		(766,453	)
Accumulated other comprehensive income		(5,648	)

(C)	The pro forma adjustments include the amortization/accretion of the purchase accounting adjustments to the historical cost of assets acquired and liabilities assumed.
(D)	Adjustment represents the net amortization of core deposit intangibles resulting from the acquisition of Commercial Federal and the elimination of core deposit amortization recorded by Commercial Federal.
(E)	Adjustment represents restructuring expense related to the acquisition of Commercial Federal. Both the Company and Commercial Federal recorded restructuring expenses in 2005. The remaining restructuring expense reported represents restructuring expense related to our previous acquisitions of Community First and USDB, which occurred in November 2004, and goodwill impairment recorded by Commercial Federal related to the sale of its mortgage servicing and broker correspondent bank origination network.
(F)	Adjustment reflects the effect of the acquisition on the provision for income taxes as if the Company’s effective tax rates of 38.7% and 37.5% for the year ended December 31, 2004 and nine months ended September 30, 2005, respectively, were applied to the pro forma combined income statements.

2. Mortgage Servicing Business

During 2005, Commercial Federal sold its mortgage servicing rights relating to mortgage loans serviced for other investors and its broker correspondent bank mortgage origination network. Because these sales were not directly attributable to the acquisition by BancWest Corporation and were not reported as discontinued operations, the results of such operations and amounts related to the sale are included in the Commercial Federal historical financial statements. The results of these operations were included as a part of the Mortgage Banking Segment in their Form 10-K for the period ended December 31, 2004 and as part of the Exited Operations Segment in their Form 10-Q for the period ended September 30, 2005.

3. Future Impact of Purchase Accounting Adjustments

The pretax effect of the purchase accounting adjustments for each of the next five fiscal years is shown below, as they increase (decrease) net income:

2006	$16,297
2007	5,429
2008	(1,421)
2009	(5,606)
2010	(4,951)

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