999 Bishop Street, Honolulu, Hawai‘i, 96813

Annual Report 2005

79524_Cover 3/10/06 12:39 Page 1

1 2005 HIGHLIGHTS

2 2005 IN REVIEW

4 FINANCIAL HIGHLIGHTS

5 BANKING FOR BUSINESS

6 BANKING FOR CONSUMERS

7 WEALTH MANAGEMENT

8 COMMUNITY SERVICE

9 CONDENSED BALANCE SHEETS, INCOME STATEMENTS

10 SENIOR MANAGEMENT & OFFICERS

12 BOARD OF DIRECTORS

INSIDE BACK COVER: FIRST HAWAIIAN BANK BRANCH NETWORK

First Hawaiian Bank (www.fhb.com), founded in1858, is Hawai‘i’s oldest and largest financialinstitution. The bank is headquartered inHonolulu and has 56 branches throughout

Hawai‘i, three in Guam and two in Saipan; an offshore branch in GrandCayman, British West Indies; and a representative office in Tokyo, Japan. Itssubsidiaries include First Hawaiian Leasing, Inc., primarily engaged incommercial equipment and vehicle leasing; and Bishop Street CapitalManagement, Inc., a registered investment advisor which furnishes moneymanagement services to institutional and individual clients.

First Hawaiian Bank is a subsidiary of BancWestCorporation (www.bancwestcorp.com), a financialservices holding company with total assets of$66.3 billion. BancWest is headquartered in

Honolulu, with an administrative headquarters in San Francisco, California.BancWest’s other major subsidiary is Bank of the West, which has 681 branchesin 19 states — California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota,Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon,South Dakota, Utah, Washington, Wisconsin and Wyoming.

BancWest Corporation is a wholly ownedsubsidiary of BNP Paribas (www.bnpparibas.com),a European leader in banking and financial serviceswith a significant and growing presence in the

United States and leading positions in Asia. BNP Paribas has a presence in 85 countries and enjoys key positions in Corporate and Investment Banking,Private Banking & Asset Management, Insurance, Securities Services andRetail Banking. BNP Paribas had total assets of $1.49 trillion (€1.26 trillion) atDecember 31, 2005.

—Our employees have a service spirit, a sincere compassion combined with theprofessional capability to help customers, each other, and this community.

—Our employees understand that our bank was built upon and dependsupon trust between bank and customer, as well as trust among employees.

—Our employees work as one team. We support each other and buildcustomer 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 trainingand expertise. Competence breeds confidence.

Our Core Values: The “5 C’s” of First Hawaiian Bank

CONTENTS FACTS & FIGURESCONTENTS FACTS & FIGURES

ON THE COVER:

“A Hawaiian Lullaby" (“Where I live there are rainbows . . ."), by Peter Moon & Hector Venegas, used by permission.

First Hawaiian Bank employees arepart of the fabric of our community.They are hikers and golfers, huladancers and newlyweds, keiki andkupuna and new graduates. Theywork for you across Hawai‘i, Guamand Saipan.

BRANCHES OF FIRST HAWAIIAN BANKBRANCHES OF FIRST HAWAIIAN BANK

O‘AHU (34)

Honolulu:Aina Haina Aina Haina Shopping CenterChinatown 2 North King StreetDowntown-Main 999 Bishop StreetEaton Square 444 Hobron LaneHawai‘i Kai 7110 Kalaniana‘ole HighwayHickam AFB 30 Hickam Court #1Kahala 1348 Hunakai StreetKaimuki 3599 Wai‘alae AvenueKalihi 2250 North King StreetKapahulu 433 Kapahulu AvenueKapi‘olani 1580 Kapi‘olani BoulevardKing-Liliha 445 North King StreetLiliha 1420 Liliha StreetMakiki 1111 South Beretania StreetManoa Manoa MarketplaceMoanalua 1000 Mapunapuna StreetSand Island 111 Sand Island Access RoadUniversity 2411 South King StreetWaikı̄kı̄ 2181 Kalakaua AvenueWard 250 Ward Avenue

Windward O‘ahu:Kahuku Kahuku Sugar Mill Shopping CenterKailua 705 Kailua RoadKane‘ohe Windward City Shopping CenterKane‘ohe Bay 46-047 Kamehameha Highway

Central /Leeward O‘ahu:‘Ewa Beach ‘Ewa Beach Shopping CenterHale‘iwa 66-135 Kamehameha HighwayKapolei 590 Farrington HighwayMililani Mililani Shopping CenterPearl City 890 Kamehameha HighwayPearlridge 98-1071 Moanalua RoadSchofield Barracks Building 3321Wahiawa 730 California AvenueWai‘anae 86-020 Farrington Highway Waipahu 94-205 Leoku Street

HAWAI‘I (8)

Hilo (2) Hilo Shopping Center 120 Waianuenue Avenue

Honoka‘a Mamane St. at Kika StreetKamuela Kamuela Shopping CenterKealakekua Mamalahoa HighwayKona 74-5593 Palani RoadPahoa Government Main RoadWaikoloa Waikoloa Highlands Center

MAUI (6)

Kahului 20 West Ka‘ahumanu Avenue Kihei Lipoa Shopping CenterLahaina 215 Papalaua Street Napili 5095 Napilihau StreetPukalani 67 Makawao AvenueWailuku 27 Market Street

KAUA‘I (7)

Hanapepe-Ele‘ele Ele‘ele Shopping CenterKapa‘a 4-1366 Kuhio HighwayKoloa 3506 Waikomo RoadKukui Grove Kukui Grove Shopping CenterLihu‘e 4423 Rice Street Princeville 5-4280 Kuhio Highway Waimea 4525 Panako Road

LANA‘I (1)

Lana‘i City 644 Lana‘i Avenue

GUAM (3)

Dededo Compadres MallMaite 400 Route 8Tamuning 353 Chalan San Antonio Road

SAIPAN (2)

Gualo Rai Gualo Rai Commercial Center Oleai Oleai Center, Chalan Laulau

HAWAI‘I

GUAM

Hagåtña

KAUA‘IO‘AHU

MAUI

LANA‘I

HAWAI‘I

Kailua

WailukuHonolulu

Lana‘i City

Lihu‘e

Hilo

Kailua Kona

Printed on Recyclable Paper

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2005 HIGHLIGHTS

First Hawaiian ranks #1 among all Hawai‘i banks* in:

*As of December 31, 2005

Total deposits

Total assets

Credit ratingsfrom Standard& Poor’s,Moody’s andFitch

Smallbusinesslending

Merchantservices forcredit cardtransactions

Consumerloans

Commercial& industrialloans

Automobiledealerinventoryloans

Efficiencyratio

Issuing both Visa® andMasterCard®

Autofinancingforconsumers

11.9% deposit growth.

9.5% growth in loans and leases.

14% growth in activity on First Hawaiian-issuedcredit and debit cards. Total activity: $2.3 billion.

Processed a record $3.6 billion in card transactionsfor 7,000 merchant customers.

Credit quality is best in decades – nonperforming assets just 0.02% of total assets.

Combined vehicle inventory financing for dealers and autofinancing for consumers surpassed $1 billion in 2005.

Funded over $760 million in residential mortgages.

7th Straight Year of Record Profits

FIRST HAWAIIAN BANK NET INCOME

$136.1$143.6

$171.9

(Millions)

$125.2

$100

$125

$150

$175

2002 2003 2004 2005

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Leveraging the financial strength ofour parent company, we providemore investment solutions and riskdiversification than ever before.

2. Web Cash Manager, a new Internetcash management service forbusinesses, offers 24-hour, real-timeaccount information. You can do mostof your banking right from the office.

3. CheckImage. We upgraded FHB Onlineto give consumers free Internet accessto images of their cleared checks, thefirst bank in the Islands to do so.

4. Japan Business Development.With leadership in Hawai‘i and arepresentative office in Tokyo, we placed renewed emphasis onassisting Japan-based companiesoperating here and local companiesthat do business in Japan.

5. More ATMs. We expanded our ATMfleet by 10%, adding 18 locations inHawai‘i’s leading shopping malls.

6. Private Advisory Services. This newdepartment centralizes in-houseexpertise in estate planning, businessplanning, personal financial planningand insurance.

7. Approvals in SecondsSM. We’re theonly Hawai‘i bank that can give youinstant answers to personal loanrequests online or at a branch.

8. OnePass® CheckCard. This newmileage debit card allows consumersand businesses on Guam and Saipanto earn miles on Continental Airlines.

Hawai‘i’s most generous companyAs a big company, First Hawaiianand our employee ‘ohana willinglyaccept a big responsibility to helpothers. Because of our deep roots inthese Islands, we’re committed toimproving life by supportingprograms in education, health,human services, culture and the arts.

The Most Successful Year in First Hawaiian’s HistoryThis has been the most successfulyear in First Hawaiian Bank's longhistory. Net income for 2005 was$171.9 million, up 19.7% from 2004and the seventh straight year ofrecord profits. A strong economy andan exceptional group of employeescombined to produce double-digitpercentage growth in deposits andrevenues and more than 9% growthin loans and total assets.

We ranked #1 among all Hawai‘ibanks in dollar growth of both loansand deposits. And our ratio ofnonperforming assets to total assets is just 0.02%, the lowest in decades.

We continue to improve marketshare thanks to our successful“relationship strategy.” We adoptedthis strategy several years ago,setting a goal that every individualor business customer with $5,000 ormore in deposits and loans wouldhave a direct relationship with abanker such as a Business Banker,Private Banker or Personal Banker.Today, more than 20% of ourcustomers have a banker responsiblefor working with them.

To build these relationships over alifetime, we have developed targetedproducts for each customer segment.For youngsters, we have the KeikiAccount. For teens and twentysome-things, there’s First CheckingSM.Packaged products like PriorityBanking and PrimeTimeSM (for those50 or better) reward you withpromotional rates and fee discountswhen you do more business with us.A deeper relationship with lower fees . . . a winning combination.

Other keys to our success are:

Local decision-making. Ourexperienced bankers are empoweredto make local decisions. The bestdecisions for customers are madewhere they live — in Kailua, Kahului,Kapa‘a, Kona or on Guam and Saipan.Efficiency. We have become themost efficient bank in Hawai‘i andone of the most efficient in the U.S.,as measured by national efficiencyratio rankings. We’ve accomplishedthis thanks to high-caliber bankerswho focus on customer needs and a streamlined organization with nomore than four steps from yourrelationship officer to the CEO’soffice. That means responsiveservice, not bureaucratic delay.

BUILDING RELATIONSHIPS ... AND MARKET SHAREBUILDING RELATIONSHIPS ... AND MARKET SHARE

We’re #1, but we don’t rest on our laurels.

Innovation in 2005We’re #1 among Hawai‘i banks inassets, deposits, credit rating, credit cards, and small business,consumer and vehicle lending. But we don’t rest on our laurels.We look for ways to anticipatecustomer needs and exceed yourexpectations. In the past year werolled out these innovations:

1. PrivateInvestTM - We've added moreinvestment professionals and introduceda new investment platform, availablein Hawai‘i only at First Hawaiian.In addition to proprietary solutionsfrom the professionals at ourBishop Street Capital Managementsubsidiary, we now offerPrivateInvestTM, a wide-rangingmenu of 50 of the best performingportfolio managers in the U.S.

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However, the expansion is beginningto show signs of maturity. Potentialfactors that could slow the economyinclude: the availability of qualifiedlabor in this era of low unemployment;the impact of rising energy prices,interest rates and inflation; and thespike in housing costs. Current homeprices are unreachable for many wholive and work here.

First Hawaiian is well positionedfor continued growth in thisenvironment. Despite the recent risein interest rates, we have prudentlymanaged assets and liabilities toimprove our net interest margin

In closing, I want to thank threelongtime members of our Board ofDirectors who retired during 2005:John (Doc) Buyers, David Haig andGen. Fred Weyand. They have madesignificant contributions and wewish them success and good healthin retirement. During the year, we welcomed to our Board threedistinguished Island leaders: Robert Hiam, Faye Watanabe Kurrenand Dee Jay Mailer.

A 2005 survey ranked our bankfirst among all Hawai‘i companiesfor charitable giving – the mostgenerous firm in the Islands, by far.In recognition of our efforts, wereceived the Business LeadershipHawai‘i Community Spirit Awardfrom Pacific Business News.

Our employees embrace this spiritof lokomaika‘i (giving) by volunteeringuntold hours to teach youngsters,feed the hungry, raise money forcharities, coach athletes, supportchurches and sit on nonprofitboards. We give employees time offto volunteer in the community. In 2005, our bank was named“Hawai‘i’s Outstanding Parent-FriendlyLarge Business” in recognition of oursupport for employees’ involvementin their children’s school andextracurricular activities. We’reproud of what they do.

A look ahead at the economyIn 2005, Hawai‘i had its ninthconsecutive year of economicexpansion. We expect a solid yearfor both the economy and our bankin 2006 as well.

Every institution has a personality, a function of its core values. You can find our values, the “5 C’s,”inside the front cover of this report.None of the “C’s” is more importantthan “Caring.” Beyond beingexceptional bankers, our employeeshave a genuine spirit of caring forour customers, their co-workers andthe community. A caring attitude isessential to good customer service;being involved in the community is anessential part of being a good banker.

Our 147-year-old bank has a rich,proud tradition in the communitieswe serve, but we are not bound bytradition alone. We also cultivate asense of urgency. We work each dayto be entrepreneurial and innovative, quick to make decisions that helpyou, our customer.

Thank you for giving us anopportunity to help again in 2005.

Donald G. Horner

Where I live, there are rainbowsWith life in the laughter of morningAnd starry nights.

Donald G. HornerPresident and Chief Executive Officer

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(dollars in thousands) 2005 2004

FOR THE YEAR:Net income $ 171,923 $ 143,575Return on average total assets 1.57% 1.45%Return on average stockholder’s equity 8.42 7.47

AT YEAR END:Total assets $ 11,596,150 $ 10,608,792Loans and leases 5,987,472 5,453,332Deposits 8,574,487 7,660,043Stockholder’s equity 2,115,671 1,969,421

YEAR-END FINANCIAL RATIOS (AT DECEMBER 31):Allowance for credit losses to total loans and leases 1.47% 1.52%Nonperforming assets to total assets (1) 0.02 0.11Net loans and leases charged off to average loans and leases .19% .23%

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

CREDIT RATINGS STANDARD & POOR’S MOODY’S FITCH

BancWest Corporation subordinated debt A A3First Hawaiian Bank uninsured CDs: Long-term A+ Aa3 AA-

Short term A-1 P-1 F1+

(Ratings as of December 31, 2005)

FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS

FIRST HAWAIIAN BANK TOTAL ASSETS

$9.9

$10.6

$11.6

(Billions)

$9.2

$8

$10

$12

2002 2003 2004 2005

FIRST HAWAIIAN BANK TOTAL DEPOSITS

$7.1

$7.7

$8.6

(Billions)

$6.7

$4

$6

$8

2002 2003 2004 2005

FIRST HAWAIIAN BANK RATIO OF NET LOANS & LEASESCHARGED OFF TO AVERAGE LOANS & LEASES

.30%

.23%

.19%

.35%

.20%

.10%

.30%

.40%

2002 2003 2004 2005

FIRST HAWAIIAN BANK RATIO OF NONPERFORMING ASSETS TO TOTAL ASSETS

0.11% 0.11%0.02%

0.73%

0.0%

0.5%

1.0%

2002 2003 2004 2005

FIRST HAWAIIAN BANK EFFICIENCY RATIO

50.4%

47.1%

43.6%

50.2%

40%

45%

50%

55%

2002 2003 2004 2005

FIRST HAWAIIAN BANK LOANS AND LEASES

$5.0

$5.5

$6.0(Billions)

$5.0

$4

$5

$6

2002 2003 2004 2005

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For Any BusinessBusiness Bankers: A knowledgeableprofessional to work with you, oneon one.61 Convenient Branches in Hawai‘i,Guam and Saipan.FHB Business OnLine: Securedonline access to your businessbanking accounts.Payroll ServicesRetirement PlansInvestment ManagementBusiness Savings and CheckingTime DepositsEmployee 401(k) PlansPrivate Banking for Senior ManagementOffice and EquipmentFinancing/LeasingTrust and Investment ServicesSuccession PlanningInsurance: Protect your business byprotecting yourself and your people.

It’s in the CardsMerchant Credit Card Acceptance:Hawai‘i’s largest (and only locallybased) merchant processing. We handled over $3.6 billion of card transactions in 2005 for morethan 7,000 merchant customers.

Business Credit Cards to managetravel, entertainment and day-to-dayexpenses. BusinessCard for smallbusinesses. For mid- to large-sizebusinesses, the Corporate Card—withInternet monitoring. The PurchasingCard enhances management controlfor large businesses.Aloha Business AirAwards Visa®Card: Earn 1 mile for every $1 spent.Business CheckCards: Convenienceof a credit card with transactionsposted to your checking account.OnePass® Business CheckCard(Guam/Saipan): Pay for everydaybusiness expenses while earningmiles on Continental Airlines.

For Mid-Market &Larger BusinessesCash Management: Collectionand disbursement services, sweepaccounts and more. Equipment LeasingCaptive Insurance: Serving captiveinsurance companies longer thanany other Hawai‘i bank.Commercial Banking for Hawai‘i’s“Top 150” companies Commercial Real Estate Lending

Construction FinancingAccounting Support Services:Controlled disbursement, checkimage CD-ROM, ACH debit block,account reconcilement.Bill Payment Services: Pre-authorized payments (ACH debits), lockbox services.Lines of CreditTerm LoansCondo Association LendingInvestment ManagementElectronic Bill Presentment and PaymentTrade Finance: Commercialletters of credit to facilitateimport/export businesses.

Vehicle FinancingWe’ve long been the largest vehicleflooring lender in Hawai‘i.

For Small BusinessesPriority Banking for Business Plan: Discounts and premiums to rewardsmall business for your deposits,loans or both. Business FirstTerm Loans, Business FirstLine of CreditSBA, FHA and HEDCO (HawaiiEconomic Development Corp.) loans

BANKING FOR BUSINESSBANKING FOR BUSINESSWhere I live, there are rainbows

A Business Bank in Your Own Computer. Our new Web Cash Manager gives businesses theultimate in convenience and security. With a standardWeb browser, you have 24-hour access to real-timeaccount balances and the ability to download images ofboth checks and deposit items. You can send wires,originate ACH (Automated Clearing House)transactions, transfer funds between accounts anddownload information to your accounting software.

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The Priority Banking PlanSM:Exclusive membership programthat rewards you with discountson loans and fees, premiumdeposit rates, preferred credit linesand more—based on the totalamount of personal banking youdo with us. Approvals in SecondsSM: We’re theonly Hawai‘i bank that can giveyou instant answers to personalloan requests when you applyonline (at fhb.com) or at one ofour branches.Personal Banker: A financialprofessional to assist qualifiedcustomers. Your liaison to a widemenu of services, from traditionalbanking to trust, investments and insurance. FHB OnLineSM: Bank whenever,wherever there’s Internet access.Get account information, transferfunds and pay bills 24/7.Savings Account: Whether you’resaving for a home or car,retirement or school tuition, weoffer a variety of programs.Checking Accounts: Choosefrom a variety of personalchecking accounts.

Individual Retirement Accounts(IRA): Put all your retirement fundsunder one roof.PrimeTimeSM: Age 50 or better?PrimeTime offers free and discountedbanking services, plus special eventsand merchant discounts. CalledPrimeraSM in Guam and Saipan.Retail Investment Brokerage: First Investment Center offices in our branches can help you plan for a secure retirement, regardless of your age.Credit & Debit Cards: No. 1 issuer ofVisa® and Mastercard® products inHawai‘i. With our popular AlohaAirAwards Card, you earn 1.5 milesfor every $1 spent.OnePass® CheckCard: Debit /ATMcard for Guam and Saipan residents that earns miles onContinental Airlines.Mortgage Lending: Funded over$760 million in residential mortgageloans in 2005. First Hawaiianservices over $4.4 billion inmortgage loans for homeowners inHawai‘i, Guam, Saipan and theWestern Mainland U.S.Car and Truck Lending: Top lender toconsumers in Hawai‘i for 20+ years.

Equity FirstLine: Revolving credit linebased on your home equity. PayAnyDay® Pesonal Loans: Borrowa fixed amount for a specificpurpose, including bill consolidation,school tuition and more.Personal FirstLineSM of Credit: A revolving credit line that gives you flexible borrowing power, withno collateral required.Personal FirstLine Plus: A line ofcredit for homeowners with flexibleloan-to-value criteria and possibletax benefits.Student Loans: A variety of bank and government financing plans tohelp bring the cost of an educationwithin reach.529 College Investment Program:With TuitionEDGE®, the State ofHawai‘i 529 college investmentprogram, you can save for yourchild’s college education, or evenyour own, on a tax-deferred basis.

BANKING FOR CONSUMERSBANKING FOR CONSUMERSAnd flowers full of colorsAnd birds filled with song.

A First in Hawai‘i: Online CheckImage During 2005, we upgraded FHB OnLineSM

to give you free Internet access toimages of your cleared checks. We’re thefirst Hawai‘i bank to offer CheckImage.Click on a check number and view an image of the front and back of anycleared check going back 16 months.Even print a copy if you wish.

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Wealth management helpsindividuals and institutions build,protect and transfer assets. FirstHawaiian has financial stability, plusmore than 145 years of experience.We actively manage $3.7 billion inassets and administer or act ascustodian for more than $9 billion.Institutional Banking: Decades ofexperience serving large public andprivate institutional clients—foundations, endowments, hospitals,schools and corporations.Taft-Hartley: We’ve been helpingHawai‘i’s labor unions longer thanany other trust company in Hawai‘i.We handle $3.3 billion of union fund assets.Employee Benefit Plans: We act as trustee for corporate employeebenefit plans.

Private Advisory Services:Coordinated, expert service inbusiness planning, personal financialand estate planning and insurance(including life insurance, long-termcare and disability income).Personal Trust Services—As acorporate trustee, we can help youbuild, manage and protect yourwealth when you put your assets in trust. Trust administration,assistance for individual trustees,custodial accounts, trust real estate management. Private Bankers assist a select groupof high net worth individuals,entrepreneurs, professionals andexecutives with their uniquefinancial needs. Work with oneprimary contact to coordinate ourservices, including banking, trust andestate planning, insurance andinvestment management.

Bishop Street Capital Management:Customized equity and fixed-incomemanagement for private individualsand corporate and institutionalclients. An experienced team ofinvestment professionals who havehad solid track records in the world’sfinancial centers – and now, Hawai‘i.Insurance—Need life, disability orlong-term care insurance? Our PrivateAdvisory Services Department acts asa broker, selecting from highly ratedinsurers to find you the best policy atthe most competitive price.Investment Management AccountPlus (IMA Plus): Professional, activemanagement of your assets. Choosefrom among 15 allocation strategies.

WEALTH MANAGEMENTWEALTH MANAGEMENTI can smile when it's rainingAnd touch the warmth of the sun.

PrivateInvestTM:More Management Options for YouThrough PrivateInvestTM, our WealthManagement Investment Services Departmentoffers a team of trusted advisers for ourprivate, business and institutional bankingcustomers. Customized portfolio managementusing a select group of high-quality, top-performing investment managers.

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COMMUNITY SERVICECOMMUNITY SERVICEI hear children laughingIn this place, that I love.

One of Our Bank’s Super-VolunteersBobbie Medeiros of our RecordsManagement Department has received thefirst “Bobbie Award,” named in her honor,from the Multiple Sclerosis Association’sHawai‘i chapter for her outstandingcommitment. “I like volunteering,” saysMedeiros. “I think it’s important to give something back to the community.”

Again in 2005, First Hawaiian Bankand its employees showed ourcommitment to help our lessfortunate neighbors. The bank andour First Hawaiian Bank Foundationwork to improve the lives of others,enrich education, build healthiercommunities and invigorate ourdiverse cultural life.

True to our bank’s tradition oflokomaika‘i (giving), our employeesdidn’t hesitate to help, donating arecord $563,430 to the annual UnitedWay campaign. They also contributed

their time and talent as volunteers,believing that getting involved is thebest way to make life better for ourneighbors and the neighborhoods inwhich we live and work.

During the year the bank alsocollected more than $350,000 forHurricane Katrina relief efforts andnearly $400,000 for tsunami disasterrelief in South Asia throughcampaigns by the Red Cross, SalvationArmy and the East-West Center. In response to each of thesedisasters, we donated gifts of

$75,000 directly to the Red Crossand Salvation Army.

As Hawai‘i’s oldest and largestfinancial institution, First Hawaiianhas deep roots in our islands. We knowthat when we come together — as abank, employees and a community —we can tackle tough problems and find solutions. We’re proud ofthe part we at First Hawaiian play in making life better in theneighborhoods that we call home.

LEADERSHIP FOR NONPROFIT BOARDSDozens of First Hawaiian Bankemployees serve on nonprofit boards ofdirectors, including:

Aloha HarvestAmerican Red Cross - Hawaii Arthritis Foundation of Hawaii Big Brothers Big Sisters of Honolulu Bishop MuseumBlood Bank of HawaiiBoys & Girls Club of HawaiiBoy Scouts of AmericaCatholic Charities Hawai‘iChaminade University of Honolulu Chamorro Land Trust Commission – Guam

Child & Family ServiceCoalition for a Drug-Free Hawaii Easter Seals Hawai‘iFriends of Hawaii CharitiesGoodwill Industries Habitat for Humanity Hawai‘i Community FoundationHawaii FoodbankHawai‘i Lupus FoundationHawaiian Humane SocietyKapi‘olani Health FoundationKauai Medical ClinicKCAA PreschoolsKuakini Health System March of Dimes, HawaiiMaui Foodbank

Maui Memorial Medical FoundationMid-Pacific Institute Nature Conservancy of Hawaii Palama SettlementPrevent Child Abuse Hawaii Public Schools of Hawai‘i Foundation Rehabilitation Hospital of the PacificSpecial Olympics Hawaii The Salvation ArmyUnited WayWaianae Coast Comprehensive Health CenterWilcox Health FoundationYMCAYWCA

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Cash and due from banks $ 368,195 $ 344,374Interest-bearing deposits in other banks 122,789 2,312Federal funds sold and securities purchased under agreements to resell 789,000 950,000Investment securities 2,484,872 2,055,636Loans and leases: Loans and leases 5,998,867 5,480,042Loans and leases: Less allowance for credit losses 88,453 83,425

Net loans and leases 5,910,414 5,396,617

Intangible assets, net 1,011,445 1,014,117Other assets 909.435 845,736

TOTAL ASSETS $ 11,596,150 $ 10,608,792

DepositsDomestic • Interest-bearing $ 7,511,743 $ 6,020,954Domestic • Noninterest-bearing 449,296 1,044,553Foreign 613,448 594,536

Total deposits 8,574,487 7,660,043

Short-term borrowings 347,400 433,094Other liabilities 483,498 470,850Long-term debt 75,094 75,384

Total liabilities 9,480,479 8,639,371

Total stockholder’s equity 2,115,671 1,969,421

TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY $ 11,596,150 $ 10,608,792

December 31,

(in thousands) 2005 2004

Condensed Consolidated Statements of Income (UNAUDITED) Year Ended December 31,

(in thousands) 2005 2004

Net interest income $ 383,720 $ 329,788Provision for credit losses 16,100 14,800

Net interest income after provision for credit losses 367,620 314,988

Service charges on deposit accounts 36,684 39,488Trust and investment services income 27,712 27,227Other services charges and fees 55,194 52,736Securities gains (losses), net (438) 50Other 22,307 26,111

Total noninterest income 141,459 145,612

Salaries and employee benefits 117,526 117,536Occupancy expense 17,406 14,917Intangible amortization 2,672 2,672Equipment expense 16,021 13,572Other 81,547 77,270

Total noninterest expense 235,172 225,967

Income before income taxes 273,907 234,633Provision for income taxes 101,984 91,058

Net income $ 171,923 $ 143,575

Refer to BancWest Corporation’s 2005 Annual Report on Form 10-K for a complete set of audited ConsolidatedBancWest Corporation financial statements.

Condensed Consolidated Balance Sheets (UNAUDITED)

LIABILITIESANDSTOCKHOLDER’SEQUITY

ASSETS

NONINTERESTINCOME

NONINTERESTEXPENSE

NET INTERESTINCOME

NET INCOME

FIRST HAWAIIAN BANK FINANCIAL DATAFIRST HAWAIIAN BANK FINANCIAL DATA

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SENIOR MANAGEMENT COMMITTEESENIOR MANAGEMENT COMMITTEE

AT RIGHT:Standing: PRESIDENT & CEODonald G. HornerSeated, left to right: VICE CHAIRMEN

Albert M. Yamada Chief Financial OfficerGary L. Caulfield Information Management &

Operations GroupAnthony R. Guerrero, Jr. Retail Banking Group

BELOW, LEFT TO RIGHT:EXECUTIVE VICE PRESIDENTS

Brandt G. Farias Marketing CommunicationsSheila M. Sumida Human ResourcesWilliam E. Atwater General Counsel & Secretary

ABOVE, LEFT TO RIGHT:EXECUTIVE VICE PRESIDENTS

Robert T. Fujioka Commercial Banking &

Wealth Management GroupMark H. Felmet Consumer Lending Group Robert S. Harrison Chief Risk Officer

AT LEFT, LEFT TO RIGHT:EXECUTIVE VICE PRESIDENTS

Raymond S. Ono Main Banking CenterFrederick J. Shine, IIIChief Credit Officer Robin S. Midkiff Private Banking Edward Y.W. PeiConsumer Banking Group

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First Hawaiian Bank

Executive Vice Presidents

Linda B. CornejoCredit Administration

Corbett A.K. KalamaO‘ahu Region Office

Gerald J. Keir 1Corporate Communications

Steve J. WilliamsKapi‘olani Banking Center

Senior Vice Presidents Benjamin K. Akana Main Banking Center

Alan ArizumiCorporate Hawai‘i

Alan ArmstrongPersonal Trust

Joyce W. BorthwickChief Compliance Officer

Sharon S. BrownSales, Service & Training

Ward B. Brown Private Banking

Winston K.H. ChowHawai‘i Region Office

Michael A. CoatesTransaction Management

John C. ColtrinConsumer Lending

Thomas W. Dixon, Jr.Credit Administration

Koren K. DreherPrivate Banking

Melvin T. FreitasDealer Center

John S. FujimotoActing Chief Auditor

Brent E. Helgeson Dealer Center

Michael K. HiraiWealth & Asset Management

Dennis H.K. HuO‘ahu Region Office

Charles L. Jenkins Corporate National

Edmund H. KajiyamaBranch Support

Dale KobayashiWealth & Asset Management

John K. Lee, Jr.Guam & CNMI Region Office

George H. Lumsden 1General Auditor

Iris Y. Matsumoto Human Resources

Kristi L. MaynardTreasurer

James (Kimo) MillsService Delivery

Melvin W.Y. MowCredit Administration

Michael J. MurakoshiKaua‘i Region Office

Keith H. NagataBusiness Services

Glen R. OkazakiController’s

Kathryn Okazaki Credit

Carol M. OnoOperations Research andDevelopment

Curt T. OtaguroCard Services

Kenneth C.S. PaiCorporate Hawai‘i

Guy J. ShindoAsset Lending

Craig T. SmithReal Estate Appraisal

Brian N. SunadaCommercial Real Estate

Carl Y. Tadaki Kapi‘olani Banking Center

Mark S. TaylorWealth Management Service Center

Michael G. TaylorFHB Private Advisory Services

Gordon M. UechiLegal

Glenn N. Wachi Kapi‘olani Banking Center

James M. WaymanBank Properties

Donald P. YannellWaikiki Branch

First Hawaiian Leasing, Inc./ FHL Lease HoldingCo., Inc.Donald G. HornerChairman & Chief Executive Officer

Stephen J. MarcuccilliPresident

Bishop Street CapitalManagementCorporationDonald G. HornerChairman & Chief Executive Officer

Robert T. FujiokaVice Chairman

Dale KobayashiChief Investment Officer

Senior Vice Presidents Michael K. Hirai

Kenneth L. Miller

M’Liss Moore

Ryan Ushijima

Matthew M. Walton

SENIOR OFFICERSSENIOR OFFICERS

Retired January 20061

79524_report 3/1/06 14:10 Page 11

12

John W. A. Buyers 2Chairman & Chief Executive Officer,

D. Buyers Enterprises, LLC

Chairman, C. Brewer & Company, Ltd.

Robin K. CampanianoPresident & Chief Executive Officer,

AIG Hawaii Insurance Company, Inc.

W. Allen Doane •President & Chief Executive Officer,

Alexander & Baldwin, Inc.

Walter A. Dods, Jr. •Chairman of the Board,

BancWest Corporation and First Hawaiian Bank

Trustee, Estate of S. M. Damon

Dr. Julia Ann Frohlich • 3

President Emeritus,Blood Bank of Hawaii

Michael K. Fujimoto President & Chief Executive Officer,

Hawaii Planing Mill, Ltd.

Paul Mullin Ganley •Trustee, Estate of S. M. DamonPartner, Carlsmith Ball LLP

David M. Haig • 2, 3

Trustee, Estate of S. M. Damon

Warren H. Haruki President & Chief Executive Officer,

Grove Farm Company, Inc.Trustee, Parker Ranch Foundation TrustPresident (Retired), Verizon Hawaii Inc.

Robert P. Hiam 1President & Chief Executive Officer,

Hawaii Medical Service Association

John A. Hoag •Chairman, Hawaii Reserves, Inc.President (Retired),

First Hawaiian Bank

Donald G. Horner •Executive Vice President,

BancWest CorporationPresident & Chief Executive Officer,

First Hawaiian Bank

David C. Hulihee President & Treasurer,

Royal Contracting Company, Ltd.

Dr. Richard R. Kelley Chairman of the Board,

Outrigger Enterprises, Inc.

Bert T. Kobayashi, Jr. •Senior Partner,

Kobayashi, Sugita & Goda

Faye Watanabe Kurren 1President & Chief Executive Officer,

Hawaii Dental Service

Dee Jay A. Mailer 1Chief Executive Officer,

Kamehameha Schools

Dr. Richard T. Mamiya Heart Surgeon (Retired)

Dr. Fujio Matsuda • 3

President (Retired),University of Hawai‘i

Leighton S. L. Mau President & Chief Operating Officer,

Waikiki Business Plaza, Inc.

Don J. McGrath •President, Chief Executive Officer &

Chairman of Executive Committee,BancWest Corporation

Chairman & Chief Executive Officer,Bank of the West

Wesley T. Park President,

Maunawili Consulting LLC

R. Dwayne Steele Chairman,

Grace Pacific Corporation

John K. Tsui •Chairman,

Towne Development of Hawaii, Inc.Vice Chairman & Chief Credit Officer

(Retired), BancWest CorporationPresident & Chief Operating Officer

(Retired), First Hawaiian Bank

Allen B. Uyeda President & Chief Executive Officer,

First Insurance Company of Hawaii, Ltd.

Jenai Sullivan Wall Chairman & Chief Executive Officer,

Foodland Super Market, Ltd.

Fred C. Weyand 2General, U.S. Army (Retired)Trustee, Estate of S. M. Damon

James C. Wo Chairman,

Bojim Investments, Inc.

Robert C. Wo • 3

President & Secretary,BJ Management Corporation

Chairman, C. S. Wo & Sons, Ltd.

• Also a member of the BancWest Corporation Board of Directors

Mr. Hiam, Ms. Kurren and Ms. Mailer have beenDirectors since May 2005.

Mr. Buyers, Mr. Haig and General Weyand retiredfrom the Board during 2005.

Dr. Frohlich, Mr. Haig, Dr. Matsuda and Mr. Robert Wo retired from the BancWestCorporation Board during 2005.

BOARD OF DIRECTORSBOARD OF DIRECTORS

1

2

3

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1 2005 HIGHLIGHTS

2 2005 IN REVIEW

4 FINANCIAL HIGHLIGHTS

5 BANKING FOR BUSINESS

6 BANKING FOR CONSUMERS

7 WEALTH MANAGEMENT

8 COMMUNITY SERVICE

9 CONDENSED BALANCE SHEETS, INCOME STATEMENTS

10 SENIOR MANAGEMENT & OFFICERS

12 BOARD OF DIRECTORS

INSIDE BACK COVER: FIRST HAWAIIAN BANK BRANCH NETWORK

First Hawaiian Bank (www.fhb.com), founded in1858, is Hawai‘i’s oldest and largest financialinstitution. The bank is headquartered inHonolulu and has 56 branches throughout

Hawai‘i, three in Guam and two in Saipan; an offshore branch in GrandCayman, British West Indies; and a representative office in Tokyo, Japan. Itssubsidiaries include First Hawaiian Leasing, Inc., primarily engaged incommercial equipment and vehicle leasing; and Bishop Street CapitalManagement, Inc., a registered investment advisor which furnishes moneymanagement services to institutional and individual clients.

First Hawaiian Bank is a subsidiary of BancWestCorporation (www.bancwestcorp.com), a financialservices holding company with total assets of$66.3 billion. BancWest is headquartered in

Honolulu, with an administrative headquarters in San Francisco, California.BancWest’s other major subsidiary is Bank of the West, which has 681 branchesin 19 states — California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota,Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon,South Dakota, Utah, Washington, Wisconsin and Wyoming.

BancWest Corporation is a wholly ownedsubsidiary of BNP Paribas (www.bnpparibas.com),a European leader in banking and financial serviceswith a significant and growing presence in the

United States and leading positions in Asia. BNP Paribas has a presence in 85 countries and enjoys key positions in Corporate and Investment Banking,Private Banking & Asset Management, Insurance, Securities Services andRetail Banking. BNP Paribas had total assets of $1.49 trillion (€1.26 trillion) atDecember 31, 2005.

—Our employees have a service spirit, a sincere compassion combined with theprofessional capability to help customers, each other, and this community.

—Our employees understand that our bank was built upon and dependsupon trust between bank and customer, as well as trust among employees.

—Our employees work as one team. We support each other and buildcustomer 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 trainingand expertise. Competence breeds confidence.

Our Core Values: The “5 C’s” of First Hawaiian Bank

CONTENTS FACTS & FIGURESCONTENTS FACTS & FIGURES

ON THE COVER:

“A Hawaiian Lullaby" (“Where I live there are rainbows . . ."), by Peter Moon & Hector Venegas, used by permission.

First Hawaiian Bank employees arepart of the fabric of our community.They are hikers and golfers, huladancers and newlyweds, keiki andkupuna and new graduates. Theywork for you across Hawai‘i, Guamand Saipan.

BRANCHES OF FIRST HAWAIIAN BANKBRANCHES OF FIRST HAWAIIAN BANK

O‘AHU (34)

Honolulu:Aina Haina Aina Haina Shopping CenterChinatown 2 North King StreetDowntown-Main 999 Bishop StreetEaton Square 444 Hobron LaneHawai‘i Kai 7110 Kalaniana‘ole HighwayHickam AFB 30 Hickam Court #1Kahala 1348 Hunakai StreetKaimuki 3599 Wai‘alae AvenueKalihi 2250 North King StreetKapahulu 433 Kapahulu AvenueKapi‘olani 1580 Kapi‘olani BoulevardKing-Liliha 445 North King StreetLiliha 1420 Liliha StreetMakiki 1111 South Beretania StreetManoa Manoa MarketplaceMoanalua 1000 Mapunapuna StreetSand Island 111 Sand Island Access RoadUniversity 2411 South King StreetWaikı̄kı̄ 2181 Kalakaua AvenueWard 250 Ward Avenue

Windward O‘ahu:Kahuku Kahuku Sugar Mill Shopping CenterKailua 705 Kailua RoadKane‘ohe Windward City Shopping CenterKane‘ohe Bay 46-047 Kamehameha Highway

Central /Leeward O‘ahu:‘Ewa Beach ‘Ewa Beach Shopping CenterHale‘iwa 66-135 Kamehameha HighwayKapolei 590 Farrington HighwayMililani Mililani Shopping CenterPearl City 890 Kamehameha HighwayPearlridge 98-1071 Moanalua RoadSchofield Barracks Building 3321Wahiawa 730 California AvenueWai‘anae 86-020 Farrington Highway Waipahu 94-205 Leoku Street

HAWAI‘I (8)

Hilo (2) Hilo Shopping Center 120 Waianuenue Avenue

Honoka‘a Mamane St. at Kika StreetKamuela Kamuela Shopping CenterKealakekua Mamalahoa HighwayKona 74-5593 Palani RoadPahoa Government Main RoadWaikoloa Waikoloa Highlands Center

MAUI (6)

Kahului 20 West Ka‘ahumanu Avenue Kihei Lipoa Shopping CenterLahaina 215 Papalaua Street Napili 5095 Napilihau StreetPukalani 67 Makawao AvenueWailuku 27 Market Street

KAUA‘I (7)

Hanapepe-Ele‘ele Ele‘ele Shopping CenterKapa‘a 4-1366 Kuhio HighwayKoloa 3506 Waikomo RoadKukui Grove Kukui Grove Shopping CenterLihu‘e 4423 Rice Street Princeville 5-4280 Kuhio Highway Waimea 4525 Panako Road

LANA‘I (1)

Lana‘i City 644 Lana‘i Avenue

GUAM (3)

Dededo Compadres MallMaite 400 Route 8Tamuning 353 Chalan San Antonio Road

SAIPAN (2)

Gualo Rai Gualo Rai Commercial Center Oleai Oleai Center, Chalan Laulau

HAWAI‘I

GUAM

Hagåtña

KAUA‘IO‘AHU

MAUI

LANA‘I

HAWAI‘I

Kailua

WailukuHonolulu

Lana‘i City

Lihu‘e

Hilo

Kailua Kona

Printed on Recyclable Paper

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999 Bishop Street, Honolulu, Hawai‘i, 96813

Annual Report 2005

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