service. solutions. security.

2010 annual report

First Hawaiian Bank (www.fhb.com), founded in 1858, is Hawai‘i’s oldest and largest financial institution, with total assets of $15.2 billion. The bank is headquartered in Honolulu and has 58 branches throughout Hawai‘i, three in Guam and two in Saipan, and an o!shore branch in Grand Cayman, British West Indies. First Hawaiian can assist businesses in Japan looking to operate or invest in Hawai‘i through its BNP Paribas a"liate o"ce in Tokyo. Our subsidiaries include First Hawaiian Leasing, Inc., primarily engaged in commercial equipment and vehicle leasing; and Bishop Street Capital Management, Inc., a registered investment advisor which furnishes money management services to institutional and individual clients. First Hawaiian Bank is a subsidiary of BancWest Corporation, whose other major subsidiary is California-based Bank of the West.

First Hawaiian Bank and Bank of the West are wholly owned subsidiaries of BNP Paribas (www.bnpparibas.com), a leader in global financial services and one of the six strongest banks in the world according to Standard & Poor’s. BNP Paribas operates in more than 80 countries and has 200,000 employees. Besides its European domestic markets (France, Italy, Belgium and Luxembourg), BNP Paribas also has a large network in the United States and solid positions in Asia.

financial highlights 1

report on 2010 2

security 4

business banking 6

personal banking 8

private banking & wealth management 10

financial data 11

first hawaiian bank foundation 12

senior management & senior o!cers 14

board of directors 16

branch network inside back cover

contents

on the cover:Photo of Onomea Falls, Hawai‘i Tropical Botanical Garden. For

more than a century and a half, our bank has been an integral

part of the landscape of the Hawaiian Islands. Yes, We Care

about this, our home, and its people.

our history:In 1858, Charles Reed Bishop — a man of integrity, trusted by

all — opened the first successful bank in the Kingdom of Hawai‘i,

ancestor of First Hawaiian Bank.

He also became one of our greatest Island philanthropists

by giving generously to brighten the lives of the people of

his adopted home. Our watchwords in the 21st Century

— “Yes, We Care. Service. Solutions. Security.” — follow in

Mr. Bishop’s tradition.

BNP Paribas Management PrinciplesBNP Paribas has adopted these management principles for its worldwide operations.

1. Client Focus. Inspire our people to focus in an innovative way on clients first.

2. Risk-Aware Entrepreneurship. Undertake initiatives for development and e!ciency while being accountable by:

• Acting in an interdependent and cooperative way with other entities to serve the global interest of BNP Paribas and its clients.

• Being continuously vigilant of risks related to our area of responsibility.

3. Caring for our People. Care for our people, by showing them respect, promoting equal opportunities and developing their talents and skills.

4. Leading by Example. Set an example through our own behavior and with regard to ethics by respecting regulations, applying compliance rules and behaving in a socially responsible way.

**

2010 data

credit ratingsFirst Hawaiian Bank uninsured CDs:

Fitch Standard & Poor’s Moody’sLong-term AA- A+ A1Short-term F1+ A-1 P-1

financial highlights (UNAUDITED) 2010 2009FOR THE YEAR Net income $ 212,629 $ 201,014 Return on average tangible assets 1.58 % 1.64 % E"ciency ratio 43.7 % 44.6 % AT YEAR END Total assets $ 15,195,035 $ 13,705,294 Loans and leases 8,268,900 8,006,490 Deposits 10,517,899 10,239,528 Stockholder’s equity 2,623,465 2,561,602 YEAR-END FINANCIAL RATIOS Allowance for credit losses to total loans and leases 1.32 % 1.31 % Nonperforming assets to total assets (1) 0.25 % 0.27 % Net loans and leases charged o! to average loans and leases 0.73 % 0.61 %

(1) Nonperforming assets consist of nonperforming loans and leases and other real estate owned.

* Excludes a one-time leveraged lease tax benefit of $29.5 million.

(in thousands)

1 2 3 4 5caring character cooperation competitiveness confidenceOur employees have a

service spirit, a sincere

compassion combined with

the professional capability

to help customers, each

other and this community.

Our employees understand

that our bank was built

upon and depends upon

trust between bank and

customer, as well as trust

among employees.

Our employees work

together as one team.

We support each other

and build customer

relationships together.

Our employees have

a sense of urgency to

provide quality services

and products that meet

customers’ needs.

Our employees have

a positive, quiet, can-do

attitude based on

training and expertise.

Competence breeds

confidence.

our core valuesT H E “ 5 C ’ S ” O F F I R S T H AWA I I A N B A N K

$250

$200

$150

$100

$50

$0’09 ’10’08’07’06’05’04’03’02’01’00’99’98’97’96’95’94’93’92’91’90’89’88’87’86

net income (in millions)

2010 Net Income: $212.6 million 25-Year Compound Annual Growth Rate: 8.1%

figure for 2009 excludes one-time leveraged lease tax gain of $29.5 million associated with the sale of aircraft equipment.

total assets (in billions)

’09 ’10’08’07’06’05’04’03’02’01’00’99’98’97’96’95’94’93’92’91’90’89’88’87’86

$14

$16

$12

$10

$8

$6

$4

$2

$0

Total Assets (12/31/10): $15.2 billion 25-Year Compound Annual Growth Rate: 6.0%

$11

$10

$9

$7

$8

$6

$5

$4

$3

$2

$1

’09 ’10’08’07’06’05’04’03’02’01’00’99’98’97’96’95’94’93’92’91’90’89’88’87’86$0

deposits (in billions)

Total Deposits (12/31/10): $10.5 billion 25-Year Compound Annual Growth Rate: 5.0%

1

NO. 1 HAWAI‘I LENDER.

NO. 1 IN CARDS.

COMMUNITY INVESTMENT.

40 YEARS ON GUAM.

TOP CORPORATE GIVER.

Chairman & Chief Executive O!cer Donald G. Horner (right) and President & Chief Operating O!cer Robert S. Harrison.

service. solutions. security.

2

Donald G. Horner Chairman & Chief Executive Officer

Robert S. Harrison President & Chief Operating Officer

service

solutions

security

the economy

Wealth management: Our new East O‘ahu Wealth Management O!ce provides estate planning, trust, investment management and private banking services for customers right in their neighborhood.

Hawaiian Homes mortgages: This unique program helps Native Hawaiians achieve home ownership in partnership with state Department of Hawaiian Home Lands.

YesExpressSM Money Transfer: First bank in Hawai‘i to o"er remittance transfers to the Philippines.

DebitPlusSM : Peace of mind for debit card users, providing overdraft authorization for everyday transactions.

Branch check image capture: New high-speed lines allow us to capture images of checks in our branches, making it easier to quickly detect check fraud.

EnergySmartSM Loans: For installation of solar water heating and photovoltaic systems.

!"#$%&'()'*"+#,+

Robert S. Harrison

3

CREDIT RATINGSFirst Hawaiian Bank uninsured CDs:

AA- long-term

F1+ short-term

A+ long-term

A-1 short-term

A1 long-term

P-1 short-term

A+ rankingInstitutional Risk Analytics

A NATIONAL BANK MONITORING FIRM.

B A C K E D B Y B N P P A R I B A S

$2.6BILLION

Hawai‘i’s largest bank in

security

4

THE LARGEST OF ANY HAWAI‘I BANK.

Total Assets

B I LLI O N

!!!!

First Hawaiian Banklong-term CDs by Standard & Poor’s

A+E!ciency Ratio

Non-Performing Assets Ratio(non-performing assets/total assets)

0.25%

one of the strongest in the u.s.

5

Business Banker

63 Convenient Branches,

FHB Business OnLineSM

Web Cash Manager

Credit Card Merchant Services

Commercial Real Estate

Payroll Services, Employee 401(k) Plans

Business Savings, Certificates of Deposit and Checking

Private Banking for Senior Management

Equipment Financing/Leasing

Trust and Investment Management

Succession Planning

Insurance

Priority BankingSM Plan for Business

Business FirstTermSM Loans, Business FirstLineSM of Credit

SBA, FHA and HEDCO (Hawaii Economic Development Corp.) Loans

OHA M lama Loans

Vehicle Inventory Financing

DataScan Dealer Access System

Priority RewardsSM Business Credit Card and Debit Cards

Continental OnePass® Business Credit and Debit Cards

Corporate Credit Cards

Business Cash Manager

Commercial Banking

Accounting Support Services

Bill Payment Services

Lines of Credit, Term Loans

Condominium Association Lending

Letters of Credit

eDeposit Service

Captive Insurance

business banking

The Queen’s Medical Center is one of a growing number of users of First Hawaiian Bank’s corporate credit card. “I appreciated First Hawaiian’s proactive approach in introducing this product to Queen’s. We selected First Hawaiian’s corporate card program because of the product features and the strong local service,” said Rick Keene, Chief Financial O!cer of The Queen’s Health Systems.

queen’s medical center photo

6

Business Bankers:

Personal Bankers:

Tellers

service

Group Builders Inc.: President Anacleto (Lito) R. Alcantra in the company warehouse with his banker, Senior Vice President Wesley Wakamura, left.

T. Hara & Co. LLC: Owners of this Big Island wholesaler meet with their banker, Senior Vice President David Honma. Left to right, Brian Hara, Adela Hara, George Hara, Honma and Susan Hara.

Seven-Eleven Hawaii, Inc.: President & CEO Greg Hanna in a 7-Eleven store with his banker, Senior Vice President Carl Tadaki, left.

Personal Banker

Consumer Convenience

7-Day Supermarket Banking

The Priority Banking PlanSM

FHB OnLineSM

FHB DirectSM

Approvals in SecondsSM

Savings and Checking Accounts

Individual Retirement Accounts (IRA)

PrimeTimeSM (Hawai‘i) and Primera (Guam/Saipan)

Wealth Advisory Services

Credit and Debit Cards

Priority RewardsSM Credit and Debit Cards

Continental OnePass® CheckCards and Credit Cards

Mortgage Lending

Equity FirstLineSM

Equity FirstLineSM Plus

Car and Truck Lending

PayAnyDay® Personal Loans

Personal FirstLineSM Plus

Personal FirstLineSM of Credit

Military Appreciation Package

OHA M lama Loans

YesExpress MoneySM Transfer

personal banking

A Personal Banker can help you with all your banking needs as well as put you in touch with experts in trust, investments and insurance. Vice President Jen-L Lyman (left), a Trust O!cer, talks over a customer’s needs with Personal Banker Olivia Simon of Ward Branch.

8

High-tech banking.

Wealth Advisory Services:

Convenient Wealth Management:

solutions

Senior Vice President Carol Ono, head of Operations Research & Development, oversees our information technology systems to make sure they’re always available for customers.

In the new East O‘ahu Wealth Management O!ce are (left to right) Vice President Debbie Ng-Furuhashi (Trust O!cer), Vice President Chieh Fu Lu (Senior Investment O!cer) and Assistant Vice President Jodie Pinkley (Wealth Advisor).

Vice President Divina Gonzalez-Maruyama (right) , a Senior Wealth Advisor, with customers George and Shirley Kitamura.

private banking & wealth management

Vice President Ann McLean (right), a Private Banker, helps Beretania Florist owners Howard and June Nakamoto with all of their banking, wealth management, trust and financial planning needs. Beretania Florist has been a bank customer since 1937, when Howard’s father Shigeichi opened the shop.

10

**

NET INTEREST INCOME 2010 2009

$ 507,429 $ 504,95562,900 48,950

444,529 456,005

NONINTEREST INCOME

23,571 23,51747,552 50,18162,545 66,259

(476) (2,370)26,505 38,843

159,697 176,430

NONINTEREST EXPENSE

148,523 159,13020,825 22,88812,623 13,592

2,672 2,672107,228 113,898291,871 312,180

NET INCOME

312,355 320,25599,726 119,241

$ 212,629 $ 201,014

condensed consolidated statements of income (UNAUDITED)

condensed consolidated balance sheets (UNAUDITED)

(in thousands)

(in thousands)

ASSETS 2010 2009

$ 190,957 $ 234,4261,206,766 665,9843,804,493 3,114,6158,268,900 8,006,490

108,955 105,1968,159,945 7,901,2941,011,978 1,013,252

820,896 775,723$ 15,195,035 $13,705,294

LIABILITIES AND STOCKHOLDER’S EQUITY

$ 9,739,139 $ 9,586,690778,760 652,838

10,517,899 10,239,5281,711,520 573,387

50,946 70,950291,205 259,827

12,571,570 11,143,6922,623,465 2,561,602

$ 15,195,035 $13,705,294

’09 ’10’08’07’06

$10

$11

$9

$8

$7

$6

$4

$5

$2

$1

$3

$0

loans & leases (in billions)

Total Loans & Leases (12/31/10): $8.3 billion 25-Year Compound Annual Growth Rate: 6.3%

* Excludes a one-time leveraged lease tax benefit of $29.5 million.

most equity capital among all hawai‘i banks

source: equity capital figures in federal government regulatory reports of december 31, 2010 (based on gaap accounting).

First Hawaiian Bank $2,623

Bank of Hawaii $901

Central Pacific Bank $198

American Savings Bank $493

Territorial Savings Bank $200

$0 $1,000 $2,000 $3,000MILLIONS

diversified loan & lease portfolio

Residential Real Estate 35%

Commercial Real Estate 25%Commercial

23%

Consumer12% Other

5%

11

first hawaiian bank foundation

Saving babies.

Career development.

Supporting performing arts.

Training tomorrow’s nurses.

Importing teachers.

First Hawaiian Bank’s 2,200 employees also say “Yes” with their time, talent and treasure to make a di!erence in the communities where we all live and work.

Kokua Mai. Our employees donated $560,000 to our annual Kokua Mai in-house fund drive to benefit 38 di"erent community charities. Generosity blossoms at every level of the bank, from tellers to vice presidents to senior management.

Nonprofit leaders. Bank employees donate thousands of hours each year as board members of nearly 150 community nonprofits from A (‘Aha Punana Leo and Aloha United Way) to Y (YMCA and YWCA).

Volunteerism. Our bank ‘ohana participates in food drives, fun runs and charity fund-raising. Employees carve hours out of busy schedules to coach Little League and soccer teams, tutor students, help at churches, mentor hula halau, Boy Scouts and Girl Scouts.

Matching gifts. To leverage employees’ generosity, First Hawaiian matches their gifts to public or private education from preschools through universities, so employee dollars go twice as far.

12

yes, we care

Michael Paudan found a career at the Hawai‘i High School Auto Academy at Honolulu Community College.

Tyler Espinda and parents Marlene and Travis in the Neonatal Intensive Care Unit at Kapi’olani Medical Center.

The Wind Ensemble at Sacred Hearts Academy practices in the school’s new Performing Arts Center.

Left to right, Robert T. Fujioka, Vice Chairman & Chief Lending O!cer; Albert M. Yamada, Vice Chairman, CFO & Chief Administrative O!cer; Gary L. Caulfield, Vice Chairman & Chief Information O!cer; Robert S. Harrison, President & Chief Operating O!cer; Donald G. Horner, Chairman & Chief Executive O!cer; Raymond S. Ono, Vice Chairman & Chief Banking O!cer.

Above, left to right, Executive Vice Presidents Kristi L. Maynard (Treasury & Investment Division), Brandt G. Farias (Marketing Communications Division), Corbett A.K. Kalama (Wealth Management Group), James (Kimo) Mills (Service Delivery Division) and Curt T. Otaguro (O‘ahu Region I).

At left, left to right, Executive Vice Presidents Winston K.H. Chow (Consumer Banking Group), Alan H. Arizumi (Business, Dealer & Card Services Group), William E. Atwater (General Counsel & Secretary), Iris Y. Matsumoto (Human Resources Division).

senior management

14

First Hawaiian BankEXECUTIVE VICE PRESIDENTS

Gina O.W. AnonuevoGeneral Auditor

Melvin W.Y. MowChief Risk O"cer Risk Management Group

Brian N. SunadaCommercial Real Estate

Steve J. WilliamsO‘ahu Region II

SENIOR VICE PRESIDENTS

Benjamin K. AkanaMain Banking Region

Joanne H. ArizumiMain Banking Region

Craig S. AvellarWealth Advisory Division

Ernest L. BonserRisk Management

Joyce W. BorthwickChief Compliance O"cer

Sharon S. BrownSales, Service & Training

Ward B. BrownPrivate Banking

Joy P. CabildoResidential Real Estate

Neill A. CharPrivate Banking

Rene M. ChinenLegal & Corporate Services

Michael A. CoatesOperations Services

John C. ColtrinWestern Region Dealer Center

Laura-Lynn V. DacanayGuam & CNMI Region O"ce

Thomas W. Dixon, Jr.Chief Credit O"cer Credit Administration

Koren K. DreherPrivate Banking

John S. FujimotoDeputy General Auditor

Rachel A. HanlonPrivate Banking

Brent E. HelgesonDealer Division

Je!rey N.M. HigashiCorporate Banking

Shigeo HoneJapan Business Development

David A. HonmaHawai’i Region O"ce

Brian M. KakiharaMaui Region O"ce

Marion M. KameiPrivate Banking

Kent R. LauMain Banking Region

Robin S. Midki!Personal Trust

Kenneth L. MillerInvestment Services

Michael J. MurakoshiKaua‘i Region O"ce

Keith H. NagataBusiness Services

Candice Y. NaitoKapi‘olani Banking Region

Vernon Y. NakamuraKalihi Branch

Michael T. NishidaPC & Network Services

Mitchell E. NishimotoKapi‘olani Banking Region

Todd T. NittaDealer Division

Neal K. OkabayashiLegal & Corporate Services

Glen R. OkazakiLoan Operations

Carol M. OnoOperations Research & Development

Mark F. OyadomoriWealth Advisory Division

Kenneth C.S. PaiTrust Real Estate Services

Alethea A. SetoSales, Service & Training

Bryan I. ShigezawaTreasury & Investment

Guy J. ShindoFirst Hawaiian Finance

Gregory J. SitarUniversity Branch

Craig T. SmithAppraisal

Wayne K. SuehiroPearlridge Branch

Carl Y. TadakiKapi‘olani Banking Region

Lynn M. TakahashiPrivate Banking

Mark S. TaylorTrust Service Center

Michael G. TaylorWealth Advisory Division

Lois M. Tojio‘Aina Haina Branch

Elizabeth L. TomWealth Advisory Division

Michael A. TottoriWealth Advisory Division

Gordon M. UechiLegal & Corporate Services

Edward G. UntalanMaite Banking Center

Glenn N. WachiKapi‘olani Banking Region

Wesley M. WakamuraKapi‘olani Banking Region

George C. WeirPersonal Trust

Vernon Y.C. WongWealth Advisory Division

Donald P. YannellWaikk Branch

Sherri Y. YimController

Wesley K.K. YoungResidential Real Estate

First Hawaiian Leasing, Inc.Donald G. HornerChairman

Robert S. Harrison Vice Chairman

Robert T. FujiokaChief Executive O"cer

Keethe T. KoyanagiPresident

Brian Y.C. LauSenior Vice President

Bishop Street Capital ManagementDonald G. HornerChairman

Robert S. HarrisonChief Executive O"cer

Michael K. HiraiPresident, Chief Investment O"cer & Director of Fixed Income

Kenneth L. MillerSenior Vice President & Director of Equities

Jennifer C.M. CariasSenior Vice President & Senior Portfolio Manager

Ryan S. UshijimaSenior Vice President & Chief Compliance O"cer

First Hawaiian Bank FoundationDonald G. HornerChairman

Walter A. Dods, Jr.Chairman Emeritus

Sharon S. BrownPresident

senior o!cers

15

Robin K. CampanianoGeneral Partner, Ulupono Initiative Senior Advisor, Farmers Insurance Hawaii

François Dambrine Head of Retail Banking in the U.S.A., BNP Paribas

W. Allen DoaneChairman & Chief Executive O!cer (Retired), Alexander & Baldwin, Inc.

Walter A. Dods, Jr. Chairman and Chief Executive O!cer (Retired), First Hawaiian BankChairman, Alexander & Baldwin, Inc.

Dr. Julia Ann FrohlichPresident Emeritus, Blood Bank of Hawaii

Michael K. FujimotoPresident & Chief Executive O!cer, HPM Building Supply

Paul Mullin GanleyPartner, Carlsmith Ball LLPTrustee, Estate of S.M. Damon

Robert S. Harrison President & Chief Operating O!cer, First Hawaiian BankVice Chairman and Member of the Executive Committee, BancWest Corporation

Warren H. HarukiPresident & Chief Executive O!cer, Grove Farm Company, Inc.Chairman, Maui Land & Pineapple Company, Inc.President (Retired), Verizon Hawaii Inc.

Robert P. HiamPresident & Chief Executive O!cer, Hawaii Medical Service Association

John A. HoagPresident (Retired), First Hawaiian Bank

Donald G. Horner Chairman & Chief Executive O!cer, First Hawaiian BankVice Chairman and Member of the Executive Committee, BancWest Corporation

David C. HuliheePresident & Treasurer, Royal Contracting Co., Ltd.Chairman of the Board, President & Chief Executive O!cer, Grace Pacific Corporation

Dr. Richard R. KelleyChairman of the Board, Outrigger Enterprises, Inc.

Bert T. Kobayashi, Jr. Senior Partner, Kobayashi, Sugita & Goda

Faye Watanabe KurrenPresident & Chief Executive O!cer, Hawaii Dental Service

Dee Jay A. MailerChief Executive O!cer, Kamehameha Schools

Dr. Richard T. MamiyaHeart Surgeon (Retired)

Fujio Matsuda, Sc.D.President Emeritus, University of Hawai‘i

Leighton S.L. MauPresident & Chief Operating O!cer, Waikiki Business Plaza, Inc.

Wesley T. ParkPresident, Maunawili Consulting LLC

J. Michael Shepherd Chairman & Chief Executive O!cer, BancWest Corporation and Bank of the WestChairman of the Executive Committee, BancWest Corporation

John K. TsuiDirector and Non-Executive Chairman, Zilber, Ltd.Chairman, Clarence T.C. Ching FoundationPresident & Chief Operating O!cer (Retired), First Hawaiian Bank

Allen B. UyedaPresident & Chief Executive O!cer, First Insurance Company of Hawaii, Ltd.

Jenai Sullivan WallChairman & Chief Executive O!cer, Foodland Super Market, Ltd.

James C. WoChairman, Bojim Investments, Inc.

Robert C. WoPresident & Secretary, BJ Management CorporationChairman, C.S. Wo & Sons, Ltd.

Also a member of the BancWest Corporation Board of Directors

board of directors

Consistent with First Hawaiian’s core value of caring, employees like Assistant Vice President Donna Kojima, manager of the Ward Branch, regularly support local non-profit causes.

16

Honolulu:

Windward O‘ahu:

Central/Leeward O‘ahu:

The 63 Branches of First Hawaiian Bank

17