<PAGE>   1

===============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549

                             -----------------------

                                   FORM 10-Q

        (Mark One)

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
               For the quarterly period ended September 30, 2000
                                       OR
           [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
               For the transition period from _________to __________

                          Commission file number 0-7949

                             -----------------------

                              BANCWEST CORPORATION
             (Exact name of registrant as specified in its charter)

                             -----------------------

                 DELAWARE                              99-0156159
         (State of incorporation)                     (I.R.S. Employer
                                                     Identification No.)

   999 BISHOP STREET, HONOLULU, HAWAII                    96813
  (Address of principal executive offices)              (Zip Code)


                                 (808) 525-7000
              (Registrant's telephone number, including area code)

                             -----------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or l5(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
                       requirements for the past 90 days.
                                 Yes [X]  No [ ]



       The number of shares outstanding of each of the issuer's classes of
                    common stock as of October 31, 2000 was:


<TABLE>
<CAPTION>
   <S>                                               <C>
                 Class                                 Outstanding
   -------------------------------------             -----------------
       Common Stock, $1.00 Par Value                 68,654,179 Shares
   Class A Common Stock, $1.00 Par Value             56,074,874 Shares
</TABLE>

================================================================================
<PAGE>   2

PART I. FINANCIAL INFORMATION

<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
Item 1. Financial Statements (Unaudited)

         Consolidated Balance Sheets at September 30, 2000, December 31, 1999 and
               September 30, 1999                                                           2 - 3
         Consolidated Statements of Income for the quarter and nine months ended
               September 30, 2000 and 1999                                                    4
         Consolidated Statements of Changes in Stockholders' Equity for the nine months
               ended September 30, 2000 and 1999                                              5
         Consolidated Statements of Cash Flows for the nine months ended
               September 30, 2000 and 1999                                                    6
         Notes to Consolidated Financial Statements                                         7 - 10

Item 2.  Management's Discussion and Analysis of Financial Condition
               and Results of Operations                                                   11 - 29

Item 3.  Quantitative and Qualitative Disclosures About Market Risk                          29

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                                    30

SIGNATURES                                                                                   31

EXHIBIT INDEX
</TABLE>



                                       1
<PAGE>   3

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BancWest Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS  (Unaudited)

<TABLE>
<CAPTION>
                                                                           SEPTEMBER 30,      December 31,       September 30,
                                                                                2000               1999               1999
                                                                           ------------       ------------       ------------
                                                                                             (in thousands)
<S>                                                                        <C>                <C>                <C>
ASSETS
Cash and due from banks                                                    $    652,126       $    809,961       $    693,001
Interest-bearing deposits in other banks                                        158,722              9,135            387,626
Federal funds sold and securities purchased
      under agreements to resell                                                348,700             71,100            444,950
Investment securities:
      Held-to-maturity                                                           99,905            142,868            161,450
      Available-for-sale                                                      1,920,127          1,868,003          1,538,811
Loans and leases:
      Loans and leases                                                       13,565,820         12,524,039         12,315,651
      Less allowance for credit losses                                          171,386            161,418            161,543
                                                                           ------------       ------------       ------------
Net loans and leases                                                         13,394,434         12,362,621         12,154,108
                                                                           ------------       ------------       ------------
Premises and equipment                                                          274,178            281,665            278,787
Customers' acceptance liability                                                     667              1,039              1,221
Core deposit intangible                                                          58,865             65,092             67,305
Goodwill                                                                        605,428            613,620            619,380
Other real estate owned and repossessed
      personal property                                                          31,300             28,429             31,801
Other assets                                                                    428,129            427,489            344,515
                                                                           ------------       ------------       ------------
TOTAL ASSETS                                                               $ 17,972,581       $ 16,681,022       $ 16,722,955
                                                                           ============       ============       ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
      Domestic:
          Noninterest-bearing demand                                       $  1,723,385       $  1,577,042       $  1,657,938
          Interest-bearing demand                                               275,219            315,786            307,655
          Savings                                                             5,193,765          4,921,146          5,002,089
          Time                                                                6,332,757          5,825,330          5,765,089
      Foreign                                                                   318,897            238,648            255,132
                                                                           ------------       ------------       ------------
Total deposits                                                               13,844,023         12,877,952         12,987,903
                                                                           ------------       ------------       ------------
Federal funds purchased and securities sold
      under agreements to repurchase                                            458,581            485,088            525,736
Other short-term borrowings                                                       7,502             18,889             14,929
Acceptances outstanding                                                             667              1,039              1,221
Other liabilities                                                               736,640            653,532            566,094
Long-term debt                                                                  878,628            701,792            706,796
Guaranteed preferred beneficial interests
      in Company's junior subordinated debentures                               100,000            100,000            100,000
                                                                           ------------       ------------       ------------
TOTAL LIABILITIES                                                          $ 16,026,041       $ 14,838,292       $ 14,902,679
                                                                           ------------       ------------       ------------
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


                                       2
<PAGE>   4

BancWest Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS - CONTINUED (Unaudited)

<TABLE>
<CAPTION>
                                                                           SEPTEMBER 30,      December 31,       September 30,
                                                                                2000               1999               1999
                                                                           ------------       ------------       ------------
                                                                                             (in thousands)
<S>                                                                        <C>                <C>                <C>
Stockholders' equity:
      Preferred stock - par value $1 per share
          Authorized and unissued - 50,000,000 shares                      $         --       $         --       $         --
      Class A common stock - par value $1 per share
          Authorized - 75,000,000 shares
          Issued - 56,074,874, 51,629,536 and 25,814,768
               shares at September 30, 2000,
               December 31, 1999 and September 30, 1999,
               respectively                                                      56,075             51,630             25,815
      Common stock - par value $1 per share
          Authorized - 200,000,000 shares
          Issued - 71,037,884, 75,418,850 and 37,683,988
               shares at September 30, 2000, December 31,
               1999 and September 30, 1999, respectively                         71,038             75,419             37,684
      Surplus                                                                 1,124,931          1,124,512          1,187,684
      Retained earnings                                                         735,330            638,687            611,372
      Accumulated other comprehensive income                                     (4,020)            (9,873)            (4,098)
      Treasury stock, at cost - 2,383,705, 2,437,556
          and 1,236,118 shares of common stock at September 30, 2000,
          December 31, 1999 and September 30, 1999, respectively                (36,814)           (37,645)           (38,181)
                                                                           ------------       ------------       ------------
TOTAL STOCKHOLDERS' EQUITY                                                    1,946,540          1,842,730          1,820,276
                                                                           ------------       ------------       ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 $ 17,972,581       $ 16,681,022       $ 16,722,955
                                                                           ============       ============       ============
</TABLE>




The accompanying notes are an integral part of these consolidated financial
statements.


                                       3
<PAGE>   5

BancWest Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

<TABLE>
<CAPTION>
                                                               QUARTER ENDED SEPTEMBER 30,      NINE MONTHS ENDED SEPTEMBER 30,
                                                            -------------------------------     -------------------------------
                                                                2000              1999              2000              1999
                                                            -------------     -------------     -------------     -------------
                                                                (in thousands, except number of shares and per share data)
<S>                                                         <C>               <C>               <C>               <C>
INTEREST INCOME
Interest and fees on loans                                  $     263,955     $     225,044     $     748,538     $     666,275
Lease financing income                                             32,549            28,702            95,000            83,325
Interest on investment securities:
        Taxable interest income                                    34,229            25,719           102,868            74,045
        Exempt from Federal income taxes                              136               278               632               829
Other interest income                                               7,197             8,556            16,674            18,528
                                                            -------------     -------------     -------------     -------------
        Total interest income                                     338,066           288,299           963,712           843,002
                                                            -------------     -------------     -------------     -------------
INTEREST EXPENSE
Deposits                                                          120,389            93,677           330,200           271,057
Short-term borrowings                                              10,220             6,877            29,836            23,913
Long-term debt                                                     17,617            12,240            47,835            35,412
                                                            -------------     -------------     -------------     -------------
        Total interest expense                                    148,226           112,794           407,871           330,382
                                                            -------------     -------------     -------------     -------------
        Net interest income                                       189,840           175,505           555,841           512,620
Provision for credit losses                                        14,800            11,835            43,980            35,405
                                                            -------------     -------------     -------------     -------------
        Net interest income after provision for
             credit losses                                        175,040           163,670           511,861           477,215
                                                            -------------     -------------     -------------     -------------
NONINTEREST INCOME
Service charges on deposit accounts                                19,263            17,058            54,700            50,060
Trust and investment services income                                9,451             8,109            27,234            24,927
Securities losses, net                                                (28)               (1)              (59)              (21)
Other service charges and fees                                     18,093            14,489            54,561            48,384
Other                                                               6,788             6,828            25,376            19,572
                                                            -------------     -------------     -------------     -------------
        Total noninterest income                                   53,567            46,483           161,812           142,922
                                                            -------------     -------------     -------------     -------------
NONINTEREST EXPENSE
Salaries and wages                                                 46,652            45,133           137,209           136,388
Employee benefits                                                  13,559            14,050            41,320            40,626
Occupancy expense                                                  15,836            15,141            46,752            45,044
Outside services                                                   11,001            11,470            35,131            32,457
Intangible amortization                                             9,141             8,953            27,443            26,812
Equipment expense                                                   7,310             7,683            21,654            23,318
Stationery and supplies                                             5,230             5,243            15,009            16,377
Advertising and promotion                                           3,993             4,056            12,397            12,388
Merger-related charges                                                 --            16,116                --            17,534
Other                                                              18,757            17,232            61,584            55,212
                                                            -------------     -------------     -------------     -------------
        Total noninterest expense                                 131,479           145,077           398,499           406,156
                                                            -------------     -------------     -------------     -------------
Income before income taxes                                         97,128            65,076           275,174           213,981
Provision for income taxes                                         40,316            28,221           114,949            90,101
                                                            -------------     -------------     -------------     -------------
NET INCOME                                                  $      56,812     $      36,855     $     160,225     $     123,880
                                                            =============     =============     =============     =============

PER SHARE DATA(1) :
        BASIC EARNINGS                                      $         .46     $         .30     $        1.29     $        1.00
                                                            =============     =============     =============     =============
        DILUTED EARNINGS                                    $         .45     $         .29     $        1.28     $         .99
                                                            =============     =============     =============     =============
        CASH DIVIDENDS                                      $         .17     $         .15     $         .51     $         .45
                                                            =============     =============     =============     =============

AVERAGE SHARES OUTSTANDING(1)                                 124,708,668       124,432,800       124,665,611       123,869,150
                                                            =============     =============     =============     =============
</TABLE>

(1)     Per share data and average shares outstanding were computed on a
        combined basis using average Class A common stock and common stock.

The accompanying notes are an integral part of these consolidated financial
statements.


                                       4
<PAGE>   6

BancWest Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF
CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

<TABLE>
<CAPTION>
                                                                                          Accumulated
                                     Class A                                                 Other
                                     Common        Common                     Retained    Comprehensive  Treasury
                                      Stock         Stock        Surplus      Earnings       Income        Stock         Total
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
                                                               (in thousands, except per share data)
<S>                                 <C>          <C>           <C>           <C>           <C>           <C>           <C>
Balance, December 31, 1999          $    51,630  $    75,419   $ 1,124,512   $   638,687   $    (9,873)  $   (37,645)  $ 1,842,730
Comprehensive income:
    Net income                               --           --            --       160,225            --            --       160,225
    Unrealized valuation adjustment,
       net of tax and reclassification
       adjustment                            --           --            --            --         5,853            --         5,853
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
    Comprehensive income                     --           --            --       160,225         5,853            --       166,078
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
Conversion of common stock to
    Class A common stock                  4,445       (4,445)           --            --            --            --            --
Issuance of common stock                     --           64           492            --            --            --           556
Incentive Plan for Key Executives            --           --            (2)           --            --            58            56
Issuance of treasury stock under
    Stock Incentive Plan                     --           --           (71)           --            --           773           702
Cash dividends ($.51 per share)              --           --            --       (63,582)           --            --       (63,582)
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
BALANCE, SEPTEMBER 30, 2000         $    56,075  $    71,038   $ 1,124,931   $   735,330   $    (4,020)  $   (36,814)  $ 1,946,540
                                    ===========  ===========   ===========   ===========   ===========   ===========   ===========

Balance, December 31, 1998          $    25,815  $    37,538   $ 1,183,274   $   543,755   $     6,228   $   (50,454)  $ 1,746,156
Comprehensive income:
    Net income                               --           --            --       123,880            --            --       123,880
    Unrealized valuation adjustment,
       net of tax and reclassification
       adjustment                            --           --            --            --       (10,326)           --       (10,326)
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
    Comprehensive income                     --           --            --       123,880       (10,326)           --       113,554
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
Issuance of common stock                     --          146         4,509            --            --        10,808        15,463
Incentive Plan for Key Executives            --           --            --            --            --           (63)          (63)
Issuance of treasury stock under
    Stock Incentive Plan                     --           --           (99)           --            --         1,528         1,429
Cash dividends ($.45 per share)              --           --            --       (56,263)           --            --       (56,263)
                                    -----------  -----------   -----------   -----------   -----------   -----------   -----------
Balance, September 30, 1999         $    25,815  $    37,684   $ 1,187,684   $   611,372   $    (4,098)  $   (38,181)  $ 1,820,276
                                    ===========  ===========   ===========   ===========   ===========   ===========   ===========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.


                                       5
<PAGE>   7

BancWest Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

<TABLE>
<CAPTION>
                                                                     NINE MONTHS ENDED SEPTEMBER 30,
                                                                     ------------------------------
                                                                         2000              1999
                                                                     -----------       -----------
                                                                             (in thousands)
<S>                                                                  <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                        $   160,225       $   123,880
   Adjustments to reconcile net income to net cash
       provided by operating activities:
         Provision for credit losses                                      43,980            35,405
         Net (gain) loss on disposition of assets                         (1,218)            1,277
         Depreciation and amortization                                    52,791            50,031
         Income taxes                                                     82,648            81,040
         Increase in interest receivable                                 (12,353)           (8,568)
         Increase in interest payable                                     11,743             6,368
         Increase in prepaid expenses                                    (12,428)          (14,070)
         Merger-related charges                                               --            17,534
         Other                                                               423           (24,505)
                                                                     -----------       -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES                                325,811           268,392
                                                                     -----------       -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Net increase in interest-bearing deposits
       in other banks                                                   (149,587)         (109,171)
   Net increase in Federal funds sold and
       securities purchased under agreements to resell                  (277,600)         (378,450)
   Proceeds from maturity of held-to-maturity
       investment securities                                              42,963           145,329
   Purchase of held-to-maturity investment securities                         --           (15,857)
   Proceeds from maturity of available-for-sale
       investment securities                                             391,753           398,822
   Purchase of available-for-sale investment securities                 (444,213)         (473,801)
   Proceeds from sale of available-for-sale
       investment securities                                              10,054                --
   Net increase in loans and leases to customers                      (1,087,738)         (390,041)
   Purchase of premises and equipment                                    (11,213)           (7,507)
   Other                                                                    (810)           (5,310)
                                                                     -----------       -----------
NET CASH USED IN INVESTING ACTIVITIES                                 (1,526,391)         (835,986)
                                                                     -----------       -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Net increase in deposits                                              966,071           945,031
   Net decrease in Federal funds purchased and securities
       sold under agreements to repurchase                               (26,507)         (364,159)
   Net decrease in other short-term borrowings                           (11,387)          (18,043)
   Proceeds from long-term debt                                          277,074            72,428
   Payments on long-term debt                                           (100,238)               --
   Cash dividends paid                                                   (63,582)          (56,263)
   Proceeds from issuance of common stock                                    556            15,463
   Proceeds from issuance of treasury stock                                  758             1,366
                                                                     -----------       -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES                              1,042,745           595,823
                                                                     -----------       -----------
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS                      (157,835)           28,229
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD                           809,961           664,772
                                                                     -----------       -----------
CASH AND DUE FROM BANKS AT END OF PERIOD                             $   652,126       $   693,001
                                                                     ===========       ===========

SUPPLEMENTAL DISCLOSURES:
   Interest paid                                                     $   396,128       $   324,014
                                                                     ===========       ===========
   Income taxes paid                                                 $    32,301       $     9,061
                                                                     ===========       ===========

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
   AND FINANCING ACTIVITIES:
   Loans converted into other real estate owned and
       repossessed personal property                                 $    15,645       $    11,627
                                                                     ===========       ===========
   Loans made to facilitate the sale of other real estate owned      $     3,700       $     4,830
                                                                     ===========       ===========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.


                                       6
<PAGE>   8

BancWest Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        The accounting and reporting policies of BancWest Corporation and
Subsidiaries (the "Company" or "we/our") conform with generally accepted
accounting principles and practices within the banking industry. The following
is a summary of significant accounting policies:

        CONSOLIDATION
        The consolidated financial statements of the Company include the
accounts of BancWest Corporation ("BWE") and its wholly-owned subsidiaries:
First Hawaiian Bank and its wholly-owned subsidiaries ("First Hawaiian"); Bank
of the West and its wholly-owned subsidiaries ("Bank of the West"); FHL Lease
Holding Company, Inc. and its wholly-owned subsidiary; First Hawaiian Capital I
(of which BWE owns all the common securities); and FHI International, Inc. All
significant intercompany balances and transactions have been eliminated in
consolidation. In the opinion of management, all adjustments (which included
only normal recurring adjustments) necessary for a fair presentation are
reflected in the consolidated financial statements.

        RECLASSIFICATIONS AND RESTATEMENTS
        Certain amounts in the 1999 consolidated financial statements were
reclassified in certain respects to conform to the 2000 presentation. Such
reclassifications did not have a material effect on the consolidated financial
statements.

        In addition, consolidated financial statements for all periods presented
have been restated to include the results of operations, financial position and
cash flows for the 1999 acquisition of SierraWest Bancorp, which was accounted
for as a pooling of interests. See Note 6.

        All per share information has been restated to reflect a two-for-one
stock split done in the fourth quarter of 1999. In addition, all per share
computations include both common and Class A common shares.

        2. NEW PRONOUNCEMENTS

        In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for
Derivative Instruments and Hedging Activities." SFAS No. 133 establishes
accounting and reporting standards for derivative instruments and hedging
activities. It requires the recognition of all derivative instruments in the
statement of financial position as either assets or liabilities and the
measurement of derivative instruments at fair value. The accounting for the
gains or losses resulting from changes in the value of those derivatives will
depend on the intended use of the derivative and whether it qualifies for hedge
accounting. The transition adjustments resulting from adopting SFAS No. 133 will
be reported in net income or accumulated other adjustments to stockholders'
equity, as appropriate, as the effect of a change in accounting principle and
presented in a manner similar to the cumulative effect of a change in accounting
principle. In June 1999, the FASB issued SFAS No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of the Effective Date
of FASB Statement No. 133." The original effective date for SFAS No. 133 was for
all fiscal quarters of all fiscal years beginning after June 15, 1999. As a
result of SFAS No. 137, the effective date for SFAS No. 133 is for all fiscal
quarters of all fiscal years beginning after June 15, 2000. In June 2000, the
FASB issued SFAS No. 138, "Accounting for Certain Derivative Instruments and
Certain Hedging Activities - An Amendment of FASB Statement No. 133." SFAS No.
138 addresses certain issues relating to the implementation of SFAS No. 133.
Although considerable progress has been made in preparing for SFAS No. 133,
interpretative guidance continues to be issued by the FASB that may
significantly affect certain activities. As a result, we are developing and
implementing strategies to adopt SFAS No. 133 for activities for which no
further FASB interpretative guidance is expected. For certain other activities,
contingency plans are being developed, and FASB actions are being closely
monitored for indications of final rulings. The adoption of SFAS No. 133, as
amended by SFAS Nos. 137 and 138, is not expected to have a material effect on
the Company's consolidated financial statements.

In September 2000, the FASB issued SFAS No. 140, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities" (a replacement
of SFAS No. 125). This statement revises the standards for accounting for
securitizations and other transfers of financial assets and collateral and
requires certain disclosures, but it carries over most of SFAS No. 125's
provisions without reconsideration. This statement is effective for transfers
and servicing of financial assets and extinguishments of liabilities occurring
after March 31, 2001. This statement is effective for recognition and
reclassification of collateral and for disclosure relating to securitization
transactions and collateral for fiscal years ending after December 15, 2000. The
adoption of SFAS No. 140 is not expected to have a material effect on the
Company's consolidated financial statements.



                                       7
<PAGE>   9

BancWest Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

3.  COMMON STOCK INFORMATION
        The following tables present per share information that has been
restated to reflect the two-for-one stock split effectuated in December 1999,
and includes both common and Class A common shares.

        The following is a reconciliation of the numerators and denominators
used to calculate the Company's basic and diluted earnings per share for the
periods indicated:
<TABLE>
<CAPTION>
                                                                 QUARTER ENDED SEPTEMBER 30,
                                     ------------------------------------------------------------------------------------
                                                         2000                                    1999
                                     -------------------------------------- ---------------------------------------------
                                       INCOME      AVERAGE SHARES   PER SHARE    Income       Average Shares    Per Share
                                     (NUMERATOR)   (DENOMINATOR)     AMOUNT    (Numerator)    (Denominator)      Amount
                                     ----------    --------------   ---------   ---------     --------------    ---------
                                                  (in thousands, except number of shares and per share data)
<S>                                  <C>           <C>              <C>        <C>            <C>               <C>
Basic:
   Net income                        $    56,812      124,708,668      $.46      $    36,855      124,432,800      $.30
Effect of dilutive securities -
   Stock Incentive
    Plan options                              --          425,256        --               --          721,456        --
                                     -----------      -----------      ----      -----------      -----------      ----
Diluted:
   Net income and
    assumed conversions              $    56,812      125,133,924      $.45      $    36,855      125,154,256      $.29
                                     ===========      ===========      ====      ===========      ===========      ====
</TABLE>

<TABLE>
<CAPTION>
                                                                  NINE MONTHS ENDED SEPTEMBER 30,
                                     -------------------------------------------------------------------------------------
                                                          2000                                       1999
                                     ----------------------------------------------- -------------------------------------
                                       INCOME        AVERAGE SHARES   PER SHARE     Income      Average Shares   Per Share
                                     (NUMERATOR)     (DENOMINATOR)     AMOUNT     (Numerator)    (Denominator)     Amount
                                     -----------     --------------   ---------   -----------   --------------   ---------
                                                     (in thousands, except number of shares and per share data)
<S>                                  <C>             <C>              <C>         <C>           <C>              <C>
Basic:
   Net income                        $   160,225      124,665,611      $1.29      $   123,880      123,869,150      $1.00
Effect of dilutive securities -
   Stock Incentive
    Plan options                              --          263,227         --               --          662,714         --
                                     -----------      -----------      -----      -----------      -----------      -----
Diluted:
   Net income and
    assumed conversions              $   160,225      124,928,838      $1.28      $   123,880      124,531,864      $ .99
                                     ===========      ===========      =====      ===========      ===========      =====
</TABLE>



                                       8
<PAGE>   10

BancWest Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

4. IMPAIRED LOANS
        The following table summarizes impaired loan information as of and for
the nine months ended September 30, 2000 and 1999 and as of and for the year
ended December 31, 1999:



<TABLE>
<CAPTION>
                                                               SEPTEMBER 30,      December 31,     September 30,
                                                                   2000               1999              1999
                                                               -------------      ------------     -------------
                                                                                 (in thousands)
   <S>                                                         <C>                <C>              <C>
   Impaired loans                                                 $ 81,419          $ 95,421          $104,503
   Impaired loans with related allowance for credit
     losses calculated under SFAS No. 114                         $ 68,415          $ 72,258          $ 78,816
   Total allowance for credit losses on impaired loans            $ 14,744          $ 15,833          $ 20,676
   Average impaired loans                                         $ 88,742          $107,948          $105,760
   Interest income recognized on impaired loans                   $  2,986          $  4,349          $    430
</TABLE>



        We consider loans to be impaired when it is probable that the Company
will be unable to collect all amounts due according to the contractual terms of
the loan agreement, including scheduled interest payments. For a loan that has
been restructured, the contractual terms of the loan agreement refer to the
terms of the original loan agreement. Not all impaired loans are necessarily
placed on nonaccrual status; for example, restructured loans performing under
restructured terms beyond a specific period may be classified as accruing, but
may still be deemed impaired. Impaired loans without a related allowance for
credit losses are generally collateralized by assets with fair values in excess
of the recorded investment in the loans. Interest payments on impaired loans are
generally applied to reduce the outstanding principal amounts of such loans.

5. MERGER WITH BANCWEST CORPORATION AND RELATED MATTERS
        On November 1, 1998, we consummated the merger (the "BancWest Merger")
of the former BancWest Corporation, parent company of Bank of the West, with and
into First Hawaiian, Inc. ("FHI"). FHI, the surviving corporation of the
BancWest Merger, changed its name to BancWest Corporation on November 1, 1998.
We recorded pre-tax restructuring, BancWest Merger-related and other
nonrecurring costs totaling $25.527 million in 1998. In connection with
recording these costs, a liability of $11.302 million was recorded in 1998, of
which $4.698 million remained accrued as of December 31, 1999. During the first
nine months of 2000, this liability was reduced by $1.466 million related to
excess leased commercial properties. As of September 30, 2000, $2.970 million
related to excess leased commercial properties and $262,000 in other
restructuring, merger-related and other nonrecurring costs remained accrued and
unpaid. On July 19, 1999, we announced plans to consolidate our three existing
data centers into a single data center in Honolulu. The consolidation is being
accomplished through a facilities management contract with a service provider
assuming management of First Hawaiian's existing information technology center.
As a result of this consolidation effort, we recorded pre-tax restructuring and
other nonrecurring costs of $6.854 million in the third quarter of 1999. Those
costs were comprised of $3.777 million for the write-off of capitalized
information technology costs, $1.454 million for employee severance costs and
$1.623 million for other nonrecurring costs. At December 31, 1999, the amount of
the outstanding liability relating to these costs was $2.618 million. During the
first nine months of 2000, $1.006 million in other nonrecurring costs and
$364,000 for employee severance were paid, further reducing this liability. At
September 30, 2000, the remaining amounts accrued and unpaid for restructuring
and other nonrecurring costs related to the consolidation of data centers were
$1.072 million for employee severance costs and $176,000 for other nonrecurring
costs.

6.  MERGER WITH SIERRAWEST BANCORP
        In connection with our 1999 acquisition of SierraWest Bancorp, we
recorded pre-tax restructuring, merger-related and other nonrecurring costs of
$10.680 million in 1999. These costs were comprised of $3.358 million in
severance and other employee benefits, $1.648 million in equipment and occupancy
expense, $4.219 million in expenses for legal and other professional services
and $1.455 million in other nonrecurring costs. As of December 31, 1999,
$949,000 of these costs remained accrued. During the first nine months of 2000,
we paid $439,000 in severance and other employee benefits and $267,000 in other
restructuring, merger-related and other nonrecurring costs, further reducing
this liability. At September 30, 2000, approximately $243,000 of severance and
other employee benefits remained accrued and unpaid.

7. TERMINATION OF BRANCH ACQUISITION AGREEMENTS
        In January 2000, we agreed to acquire branches being divested as part of
a now cancelled merger between Zions Bancorporation and First Security
Corporation. In the second quarter of 2000, BancWest received $5.0 million in
termination fees called for in the agreements with Zions and First Security.
During the second quarter of 2000, we recognized approximately $3.0 million in
costs related to the cancelled branch acquisitions.



                                       9
<PAGE>   11

BancWest Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

8. OPERATING SEGMENTS
        As of September 30, 2000, we had two reportable operating segments: Bank
of the West and First Hawaiian. The Bank of the West segment operates primarily
on the mainland United States. The First Hawaiian segment operates primarily in
the State of Hawaii.

        The financial results of our operating segments are presented on an
accrual basis. There are no significant differences between the accounting
policies of the segments as compared to the Company's consolidated financial
statements. We evaluate the performance of these segments and allocate resources
to them based on net interest income and net income. There are no material
intersegment revenues.

        The tables below present information about the Company's operating
segments as of or for the quarter and nine months ended September 30, 2000 and
1999, respectively.

<TABLE>
<CAPTION>
                                           QUARTER ENDED SEPTEMBER 30,
                        -----------------------------------------------------------------
                           BANK
                          OF THE       FIRST                   RECONCILING   CONSOLIDATED
                           WEST       HAWAIIAN       OTHER       ITEMS         TOTALS
                        --------      --------       -----     -----------   ------------
                                                  (in millions)
<S>                     <C>           <C>          <C>         <C>           <C>
2000
NET INTEREST INCOME      $   107      $    84      $    (1)      $    --       $   190
NET INCOME                    29           29           (1)           --            57
SEGMENT ASSETS            10,643        7,301        2,836        (2,807)       17,973

1999
Net interest income      $    98      $    79      $    (2)      $     1       $   176
Net income                    17           21           (3)            2            37
Segment assets             9,515        7,139        2,698        (2,629)       16,723
</TABLE>

<TABLE>
<CAPTION>
                                          NINE MONTHS ENDED SEPTEMBER 30,
                        -----------------------------------------------------------------
                           BANK
                          OF THE       FIRST                   RECONCILING   CONSOLIDATED
                           WEST       HAWAIIAN       OTHER       ITEMS         TOTALS
                        --------      --------       -----     -----------   ------------
                                                 (in millions)
<S>                     <C>           <C>          <C>         <C>           <C>
2000
NET INTEREST INCOME      $   314      $   246      $    (4)      $    --       $   556
NET INCOME                    82           83           (5)           --           160
SEGMENT ASSETS            10,643        7,301        2,836        (2,807)       17,973

1999
Net interest income      $   284      $   234      $    (6)      $     1       $   513
Net income                    59           69           (5)            1           124
Segment assets             9,515        7,139        2,698        (2,629)       16,723
</TABLE>

The reconciling items in the tables above are primarily inter-company
eliminations.



                                       10
<PAGE>   12

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Certain matters contained in this filing are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. BancWest's
forward-looking statements (such as those concerning its plans, expectations,
estimates, strategies, projections and goals) involve risks and uncertainties
that could cause actual results to differ materially from those discussed in the
statements. Readers should carefully consider those risks and uncertainties in
reading this report. Factors that could cause or contribute to such differences
include, but are not limited to: (1) global, national and local economic and
market conditions; (2) the level and volatility of interest rates and currency
values; (3) government fiscal and monetary policies; (4) credit risks inherent
in the lending process; (5) loan and deposit demand in the geographic regions
where we conduct business; (6) the impact of intense competition in the rapidly
evolving banking and financial services business; (7) extensive federal and
state regulation of our business, including the effect of current and pending
legislation and regulations; (8) whether expected revenue enhancements and cost
savings are realized within expected time frames; (9) whether Bank of the West
completes as anticipated its expected acquisition of New Mexico and Nevada
branches and is successful in retaining and further developing related loan,
deposit, customer and employee relationships; (10) whether Bank of the West
experiences delay or difficulty in completing New Mexico and Nevada branch
conversions; (11) matters relating to the integration of BancWest's business
with that of past and future merger partners, including the impact of combining
these businesses on revenues, expenses, deposit attrition, customer retention
and financial performance; (12) our reliance on third parties to provide certain
critical services, including data processing; (13) the proposal or adoption of
changes in accounting standards by the Financial Accounting Standards Board, the
Securities and Exchange Commission or other standard setting bodies; (14)
technological changes; (15) any delay or inability to complete the merger
between Star Systems, Inc. and Concord EFS, Inc.; (16) other risks and
uncertainties discussed in this document or detailed from time to time in other
Securities and Exchange Commission filings that we make, including our 1999
Annual Report on Form 10-K; and (17) management's ability to manage risks that
result from these and other factors.

BancWest's forward-looking statements are based on management's current views
about future events. Those statements speak only as of the date on which they
are made. We do not intend to update forward-looking statements, and we disclaim
any obligation or undertaking to update or revise any such statements to reflect
any change in our expectations or any change in events, conditions,
circumstances or assumptions on which forward-looking statements are based.



                                       11
<PAGE>   13

BANCWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                      QUARTER ENDED SEPTEMBER 30,             NINE MONTHS ENDED SEPTEMBER 30,
                                                      ---------------------------             -------------------------------
(dollars in thousands, except per share data)          2000                1999                 2000                1999
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>                  <C>                 <C>                 <C>
EARNINGS AND DIVIDENDS:
Net income                                            $56,812              $36,855             $160,225            $123,880
Operating earnings(1)                                 $56,812              $47,127             $160,225            $135,510
Cash earnings(2)                                      $64,985              $45,033             $184,766            $148,210
Operating cash earnings(1),(2)                        $64,985              $55,305             $184,766            $159,840
Cash dividends                                        $21,202              $19,293             $ 63,582            $ 56,263
PER SHARE DATA(3):
Diluted:
      Earnings                                        $   .45              $   .29             $   1.28            $    .99
      Operating earnings(1)                           $   .45              $   .38             $   1.28            $   1.09
      Cash earnings(2)                                $   .52              $   .36             $   1.48            $   1.19
      Operating cash earnings(1),(2)                  $   .52              $   .44             $   1.48            $   1.28
Cash dividends                                        $   .17              $   .15             $    .51            $    .45
Book value (at September 30)                                                                   $   15.61           $  14.62
Market price (NYSE close at September 30)                                                      $   19.44           $  20.31
</TABLE>

<TABLE>
<S>                                                                                            <C>                 <C>
SELECTED FINANCIAL RATIOS:
Return on average total assets (ROA)                                                                1.23%               1.02%
Operating return on average total assets (ROA)(1)                                                   1.23%               1.12%
Return on average tangible assets(1),(4)                                                            1.48%               1.38%
Return on average stockholders' equity (ROE)                                                       11.37%               9.30%
Operating return on average stockholders' equity (ROE)(1)                                          11.37%              10.18%
Return on average tangible stockholders' equity(1),(4)                                             20.48%              19.74%
Net interest margin (taxable-equivalent basis)                                                      4.78%               4.76%
Allowance for credit losses to total loans and leases (at September 30)                             1.26%               1.31%
Nonperforming assets to total assets (at September 30)                                               .67%                .80%
Allowance for credit losses to nonperforming loans and leases (at September 30)                    193.4%              158.1%
</TABLE>

(1)     Excluding after-tax restructuring merger-related and other nonrecurring
        costs of $10,272,000 in July 1999 and $1,358,000 recorded in prior
        months of 1999.
(2)     Excluding amortization of goodwill and core deposit intangibles.
(3)     All per share data have been calculated to include both common shares
        and Class A common shares and have been adjusted to give retroactive
        effect to the two-for-one stock split in the fourth quarter of 1999.
(4)     Defined as operating cash earnings as a percentage of average total
        assets or average stockholders' equity minus average goodwill and core
        deposit intangibles.



                                       12
<PAGE>   14

NET INCOME

The following table compares net income, operating earnings, cash earnings and
operating cash earnings for the quarter and nine months ended September 30, 2000
to the same periods in 1999:

<TABLE>
<CAPTION>
    NINE MONTHS ENDED SEPTEMBER 30,               2000          1999      % Change
                                                --------      --------    --------
                                                           (in thousands)
           <S>                                  <C>           <C>         <C>
           Net income                           $160,225      $123,880      29.3%
           Operating earnings(1)                 160,225       135,510      18.2
           Cash earnings(2)                      184,766       148,210      24.7
           Operating cash earnings(1),(2)        184,766       159,840      15.6

    QUARTER ENDED SEPTEMBER 30,

           Net income                            $56,812       $36,855      54.2%
           Operating earnings(1)                  56,812        47,127      20.6
           Cash earnings(2)                       64,985        45,033      44.3
           Operating cash earnings(1),(2)         64,985        55,305      17.5
</TABLE>
           (1)     Excluding after-tax SierraWest merger-related costs.
           (2)     Excluding amortization of goodwill and core deposit
                   intangibles.

The increases in net income, operating earnings, cash earnings and operating
cash earnings for the first nine months of 2000 compared to the same period in
1999 were primarily due to higher revenues, with net interest income increasing
by 8.4%, or $43.221 million, and noninterest income increasing by 8.9%, or
$12.672 million, excluding the $5.0 million in termination fees relating to the
termination of our agreement to acquire branches from Zions Bancorporation and
First Security Corporation and a gain on sale of surplus property of $1.218
million in the second quarter of 2000. Revenues increased mainly because of the
growth in loan volumes in the mainland United States, higher net interest margin
and increased noninterest income. We also increased net income and operating
earnings by containing noninterest expense to an increase of 2.1%, or $8.189
million, for the first nine months of 2000 compared to the same period in 1999,
excluding merger-related charges and nonrecurring expenses of approximately $3.0
million related to the cancelled branch acquisition in 2000; $17.534 million for
the consolidation of data centers and the SierraWest merger in 1999; and $1.277
million for the charitable donation of a recreational center in the second
quarter of 1999. The improved quarterly results in the third quarter of 2000
compared to the same period in 1999 were primarily caused by (1) higher net
income, primarily from loan growth in the mainland United States; (2) higher
noninterest income; and (3) containment of noninterest expense.

The following table shows diluted earnings, operating earnings, cash earnings
and operating cash earnings per share for the quarter and nine months ended
September 30, 2000 compared to the same periods in 1999. All per-share data have
been calculated to include both common and Class A common shares and have been
adjusted to give retroactive effect to the two-for-one stock split in the fourth
quarter of 1999:

<TABLE>
<CAPTION>
                                                        2000       1999     % Change
                                                        ----       ----     --------
    <S>                                                <C>        <C>       <C>
    NINE MONTHS ENDED SEPTEMBER 30,
           Diluted earnings                            $1.28      $ .99       29.3%
           Diluted operating earnings(1)                1.28       1.09       17.4
           Diluted cash earnings(2)                     1.48       1.19       24.4
           Diluted operating cash earnings(1),(2)       1.48       1.28       15.6

    QUARTER ENDED SEPTEMBER 30,
           Diluted earnings                            $ .45      $ .29       55.2%
           Diluted operating earnings(1)                 .45        .38       18.4
           Diluted cash earnings(2)                      .52        .36       44.4
           Diluted operating cash earnings(1),(2)        .52        .44       18.2
</TABLE>

           (1) Excluding after-tax SierraWest merger-related costs.
           (2) Excluding amortization of goodwill and core deposit intangibles.

All per share earnings for the quarter and nine months ended September 30, 2000
increased over the same periods in 1999, due to higher net income and operating
earnings in 2000.



                                       13
<PAGE>   15

NET INCOME, CONTINUED

The table below shows the return on average total assets, the return on average
tangible assets, the return on average stockholders' equity and the return on
average tangible stockholders' equity for the first nine months of 2000 compared
to the same period in 1999. The return on average tangible assets is defined as
cash earnings as a percentage of average total tangible assets. The return on
average tangible stockholders' equity is defined as cash earnings as a
percentage of average stockholders' equity minus average goodwill and core
deposit intangibles.

<TABLE>
<CAPTION>
                                                                      2000          1999       % Change
                                                                      ----          ----       --------
           <S>                                                       <C>           <C>         <C>
           Return on average total assets                             1.23%         1.02%         20.6%
           Operating return on average total assets(1)                1.23          1.12           9.8
           Return on average tangible assets(1)                       1.48          1.38           7.2
           Return on average stockholders' equity                    11.37          9.30          22.3
           Operating return on average stockholders' equity(1)       11.37         10.18          11.7
           Return on average tangible stockholders' equity(1)        20.48         19.74           3.7
</TABLE>

           (1)     Ratios are computed excluding after-tax SierraWest
                   merger-related and other nonrecurring costs.

The increases in the above returns were a result of the higher profitability of
our assets and stockholders' equity, with revenues increasing at a faster pace
than expenses for the first nine months of 2000 compared to the same period in
1999.

NET INTEREST INCOME

The following table compares net interest income on a taxable-equivalent basis
for the quarter and nine months ended September 30, 2000 to the same periods in
1999:

<TABLE>
<CAPTION>
       NINE MONTHS ENDED SEPTEMBER 30,                 2000           1999         % Change
                                                       ----           ----         --------
                                                         (in thousands)
    <S>                                              <C>             <C>           <C>
               Net interest income                   $555,841        $512,620        8.4%

    QUARTER ENDED SEPTEMBER 30,

               Net interest income                   $189,840        $175,505        8.2%
</TABLE>

The increase in net interest income in the first nine months of 2000 over the
same period in 1999 was primarily due to a 45-basis-point rise (1% equals 100
basis points) in the yield on average earning assets and an increase in average
earning assets of 8.0%, or $1.152 billion, in the first nine months of 2000,
partially offset by a 43-basis-point increase in the rate paid on funding
sources.

The increase in net interest income for the quarter ended September 30, 2000
over the same period in 1999 was primarily due to a 61-basis-point rise (1%
equals 100 basis points) in the yield on average earning assets and an increase
in average earning assets of 9.1%, or $1.330 billion, for the quarter ended
September 30, 2000, partially offset by a 64-basis-point increase in the rate
paid on funding sources.



                                       14
<PAGE>   16

NET INTEREST INCOME, CONTINUED

The following table compares net interest margin for the quarter and nine months
ended September 30, 2000 to the same periods in 1999:


<TABLE>
<CAPTION>
    NINE MONTHS ENDED SEPTEMBER 30,                                            Change
                                                                               (basis
                                                      2000         1999         points)
                                                      ----         ----        -------
    <S>                                               <C>          <C>         <C>
               Yield on average earning assets        8.28%        7.83%         45
               Rate paid on funding sources           3.50         3.07          43
               Net interest margin                    4.78         4.76           2

    QUARTER ENDED SEPTEMBER 30,

               Yield on average earning assets        8.41%        7.80%         61
               Rate paid on funding sources           3.69         3.05          64
               Net interest margin                    4.72         4.75          (3)
</TABLE>

The increase in the net interest margin in the first nine months of 2000 over
the same period in 1999 was primarily due to increases in the yield on average
earning assets, partially offset by increases in the rate paid on funding
sources. Both the yield on average earning assets and the rate paid on funding
sources reflect the cumulative effect through September 30, 2000 of the six
interest rate increases by the Federal Reserve Bank in the past 12 months.

The decrease in the net interest margin in the third quarter of 2000 as compared
to the same period in 1999 is primarily due to the 64-basis-point increase in
the rate paid on funding sources, reflecting the multiple rate increases by the
Federal Reserve in recent months. This increase was partially offset by the
61-basis-point increase on the yield on average earning assets. The interest
rate spread, the difference between the yield on average earning assets and the
rate paid on interest-bearing deposits and liabilities, has decreased by 21
basis points to 4.05% in the third quarter of 2000, as compared to the same
period in 1999.


<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,                    2000             1999         % Change
                                                   ----             ----         --------
                                                                (in thousands)
<S>                                            <C>                <C>            <C>
           Average earning assets              $15,553,376        $14,401,788        8.0%
           Average loans and leases             13,109,103         12,240,119        7.1
           Average interest-bearing
             deposits and liabilities           13,222,282         12,345,678        7.1

QUARTER ENDED SEPTEMBER 30,

           Average earning assets              $15,993,383        $14,663,764        9.1%
           Average loans and leases             13,510,874         12,300,752        9.8
           Average interest-bearing
               deposits and liabilities         13,534,780         12,642,962        7.1
</TABLE>

The increase in average earning assets was primarily due to increases in average
loans and leases and investment securities. The increase in average loans and
leases was primarily due to the growth of our Bank of the West operating
segment's loan and lease portfolio. Significant increases in consumer loan and
lease financing volumes reflect the continued economic strength of the Northern
California and Pacific Northwest regions.

The increase in average interest-bearing deposits and liabilities was primarily
due to an increase in interest-bearing deposits. Expansion of our customer
deposit base and more time deposits, primarily from our Bank of the West
operating segment, contributed to the increase.



                                       15
<PAGE>   17



The following table sets forth consolidated average balance sheets, an analysis
of interest income/expense and average yield/rate for each major category of
interest-earning assets and interest-bearing liabilities for the periods
indicated on a taxable equivalent basis. The tax equivalent adjustment is made
for items exempt from federal income taxes (assuming a 35% tax rate for 2000 and
1999) to make them comparable with taxable items before any income taxes are
applied.


<TABLE>
<CAPTION>
                                                                  QUARTER ENDED SEPTEMBER 30,
                               -----------------------------------------------------------------------------------------------------
                                                      2000                                            1999
                               -----------------------------------------------------------------------------------------------------
                                                    INTEREST                                        Interest
                                    AVERAGE          INCOME/         YIELD/         Average          Income/         Yield/
ASSETS                              BALANCE          EXPENSE         RATE(1)        Balance          Expense         Rate(1)
                               --------------      -----------      --------       -----------      -----------      --------
                                                                     (dollars in thousands)
<S>                            <C>                 <C>              <C>            <C>              <C>              <C>
Earning assets:
   Interest-bearing deposits
     in other banks               $   178,460      $     3,031          6.76%      $   375,888      $     5,069          5.35%
   Federal funds sold and
     securities purchased
     under agreements to
     resell                           248,986            4,166          6.66           259,902            3,487          5.32
   Investment securities            2,055,063           34,444          6.67         1,727,222           26,154          6.01
   Loans and leases(2),(3)         13,510,874          296,505          8.73        12,300,752          253,748          8.18
                                  -----------      -----------                     -----------      -----------

     Total earning assets          15,993,383          338,146          8.41        14,663,764          288,458          7.80
                                                   -----------                                      -----------
Nonearning assets                   1,819,847                                        1,757,709
                                  -----------                                      -----------

     Total assets                 $17,813,230                                      $16,421,473
                                  ===========                                      ===========
</TABLE>



<TABLE>
<CAPTION>
                                                              NINE MONTHS ENDED SEPTEMBER 30,
                               -------------------------------------------------------------------------------------------
                                                   2000                                            1999
                               -------------------------------------------------------------------------------------------
                                                 INTEREST                                         Interest
                                 AVERAGE          INCOME/         YIELD/          Average          Income/        Yield/
                                 BALANCE          EXPENSE         RATE(1)         Balance          Expense        Rate(1)
ASSETS                         -----------      -----------      --------       -----------      -----------      --------
                                                                   (dollars in thousands)
<S>                            <C>              <C>              <C>            <C>              <C>              <C>
Earning assets:
   Interest-bearing deposits   $   203,344      $     9,731          6.39%      $   304,190      $    11,878          5.22%
     in other banks
   Federal funds sold and
     securities purchased
     under agreements to           144,355            6,943          6.42           177,082            6,650          5.02
     resell                      2,096,574          103,845          6.62         1,680,397           75,313          5.99
   Investment securities        13,109,103          843,541          8.60        12,240,119          749,613          8.19
   Loans and leases(2),(3)     -----------      -----------                     -----------      -----------

                                15,553,376          964,060          8.28        14,401,788          843,454          7.83
     Total earning assets                       -----------                                      -----------
                                 1,839,590                                        1,767,604
Nonearning assets              -----------                                      -----------

                               $17,392,966                                      $16,169,392
     Total assets              ===========                                      ===========

</TABLE>

(1)     Annualized.

(2)     Nonaccruing loans and leases have been included in the computations of
        average loan and lease balances.

(3)     Interest income for loans and leases included loan fees of $8,521 and
        $24,059 for the quarter and nine months ended September 30, 2000,
        respectively, and $9,176 and $25,406 for the quarter and nine months
        ended September 30, 1999, respectively.



                                       16
<PAGE>   18

<TABLE>
<CAPTION>
                                                                     QUARTER ENDED SEPTEMBER 30,
                                --------------------------------------------------------------------------------------------------
                                                     2000                                               1999
                                -----------------------------------------------    -----------------------------------------------
                                                   INTEREST                                           Interest
LIABILITIES AND                   AVERAGE          INCOME/              YIELD/       Average          Income/              Yield/
STOCKHOLDERS' EQUITY              BALANCE          EXPENSE              RATE(1)      Balance          Expense             Rate(1)
                                -----------      -----------            -------    -----------      -----------           --------
                                                                 (dollars in thousands)
<S>                             <C>              <C>                    <C>        <C>              <C>                   <C>
Interest-bearing deposits
   and liabilities:

   Deposits                     $11,851,955      $   120,389             4.04%     $11,252,696      $    93,677             3.30%
   Short-term borrowings            653,458           10,220             6.22          578,505            6,877             4.72
   Long-term debt and
      capital securities          1,029,367           17,617             6.81          811,761           12,240             5.98
                                -----------      -----------                       -----------      -----------

      Total interest-bearing
        deposits and
        liabilities              13,534,780          148,226             4.36       12,642,962          112,794             3.54
                                                     -------             ----                           -------             ----

      Interest rate spread                                               4.05%                                              4.26%
                                                                         ====                                               ====

Noninterest-bearing demand
   deposits(2)                    1,667,031                                          1,431,358
Other liabilities                   695,527                                            544,205
                                -----------                                        -----------

      Total liabilities          15,897,338                                         14,618,525

Stockholders' equity              1,915,892                                          1,802,948
                                -----------                                        -----------

      Total liabilities and
        stockholders' equity    $17,813,230                                        $16,421,473
                                ===========                                        ===========

      Net interest income
        and margin on
        earning assets                               189,920             4.72%                          175,664             4.75%
                                                                         ====                                               ====

Tax equivalent adjustment                                 80                                                159
                                                 -----------                                        -----------

      Net interest income                        $   189,840                                        $   175,505
                                                 ===========                                        ===========
</TABLE>

<TABLE>
<CAPTION>
                                                                 NINE MONTHS ENDED SEPTEMBER 30,
                                --------------------------------------------------------------------------------------------------
                                                      2000                                            1999
                                -----------------------------------------------    -----------------------------------------------
                                                  INTEREST                                            Interest
LIABILITIES AND                   AVERAGE          INCOME/              YIELD/      Average            Income/             Yield/
STOCKHOLDERS' EQUITY              BALANCE          EXPENSE              RATE(1)     Balance            Expense             Rate(1)
                                -----------      -----------            -------    -----------       -----------           -------
                                                                 (dollars in thousands)
<S>                             <C>              <C>                    <C>        <C>               <C>                   <C>
Interest-bearing deposits
   and liabilities:

   Deposits                     $11,576,682      $   330,200             3.81%     $10,870,410       $   271,057             3.33%
   Short-term borrowings            671,066           29,836             5.94          693,268            23,913             4.61
   Long-term debt and
      capital securities            974,534           47,835             6.56          782,000            35,412             6.05
                                -----------      -----------                       -----------       -----------

      Total interest-bearing
        deposits and
        liabilities              13,222,282          407,871             4.12       12,345,678           330,382             3.58
                                                     -------             ----                            -------             ----

      Interest rate spread                                               4.16%                                               4.25%
                                                                         ====                                                ====

Noninterest-bearing demand
   deposits(2)                    1,623,310                                          1,516,002
Other liabilities                   664,635                                            527,389
                                -----------                                        -----------

      Total liabilities          15,510,227                                         14,389,069

Stockholders' equity              1,882,739                                          1,780,323
                                -----------                                        -----------

      Total liabilities and
        stockholders' equity    $17,392,966                                        $16,169,392
                                ===========                                        ===========

      Net interest income
        and margin on
        earning assets                               556,189             4.78%                           513,072             4.76%
                                                                         ====                                                ====
Tax equivalent adjustment                                348                                                 452
                                                 -----------                                         -----------

      Net interest income                        $   555,841                                         $   512,620
                                                 ===========                                         ===========
</TABLE>

(1)     Annualized.
(2)     Average noninterest-bearing demand deposits increased over prior year by
        a greater amount for the three months ended September 30, 2000 than for
        the nine months ended September 30, 2000, primarily due to
        reclassification in the first quarter of 1999 of certain portions of
        noninterest-bearing demand deposit accounts to the interest-bearing
        deposits category for reserve requirement purposes.



                                       17
<PAGE>   19

INVESTMENT SECURITIES

HELD-TO-MATURITY
The following table presents the amortized cost and fair values of
held-to-maturity investment securities as of the dates indicated:
<TABLE>
<CAPTION>
                                         SEPTEMBER 30,   December 31,   September 30,
                                            2000            1999            1999
                                         ------------    -----------    -------------
                                                        (in thousands)
                   <S>                   <C>             <C>            <C>
                   Amortized cost         $  99,905       $ 142,868       $ 161,450

                   Unrealized gains              --               2              10

                   Unrealized losses         (2,876)         (3,768)         (2,719)
                                          ---------       ---------       ---------

                   Fair value             $  97,029       $ 139,102       $ 158,741
                                          =========       =========       =========
</TABLE>

There were no realized gains and losses on held-to-maturity securities for the
nine months ended September 30, 2000 and 1999. At September 30,2000,
held-to-maturity investment securities decreased by $42.963 million, or 30.1%,
to $99.905 million from December 31, 1999, principally due to maturities of
investment securities.

AVAILABLE-FOR-SALE
The following table presents the amortized cost and fair values of
available-for-sale investment securities as of the dates indicated:
<TABLE>
<CAPTION>
                                          SEPTEMBER 30,     December 31,     September 30,
                                             2000              1999              1999
                                          -------------     ------------     -------------
                                                           (in thousands)

                   <S>                    <C>               <C>               <C>
                   Amortized cost         $ 1,925,264       $ 1,882,265       $ 1,543,619

                   Unrealized gains             8,280             5,413             7,656

                   Unrealized losses          (13,417)          (19,675)          (12,464)
                                          -----------       -----------       -----------

                   Fair value             $ 1,920,127       $ 1,868,003       $ 1,538,811
                                          ===========       ===========       ===========
</TABLE>

Gross realized gains and losses on available-for-sale investment securities for
the nine months ended September 30, 2000 and 1999 were as follows:
<TABLE>
<CAPTION>
                                               2000       1999
                                               ----       ----
                                               (in thousands)
                   <S>                         <C>        <C>
                   Realized gains              $ 38       $  2

                   Realized losses              (97)       (23)
                                               ----       ----

                   Securities losses, net      $(59)      $(21)
                                               ====       ====
</TABLE>

Gains and losses realized on the sales of available-for-sale investment
securities are determined using the specific identification method.



                                       18
<PAGE>   20

LOANS AND LEASES

The following table sets forth the loan and lease portfolio by major categories
at September 30, 2000, December 31, 1999 and September 30, 1999:

<TABLE>
<CAPTION>
                                              SEPTEMBER 30, 2000             December 31, 1999            September 30, 1999
                                            -----------------------       -----------------------       -----------------------
                                              AMOUNT            %           Amount            %           Amount            %
                                            -----------       -----       -----------       -----       -----------       -----
                                                                           (dollars in thousands)

<S>                                         <C>               <C>         <C>               <C>         <C>               <C>
Commercial, financial and agricultural      $ 2,475,096        18.2%      $ 2,212,757        17.7%      $ 2,147,270        17.4%

Real estate:
      Commercial                              2,548,303        18.8         2,466,822        19.7         2,447,207        19.9
      Construction                              430,765         3.2           408,078         3.3           421,314         3.4
      Residential:
           Insured, guaranteed or
             conventional                     1,929,500        14.2         1,915,516        15.3         1,972,599        16.0
           Home equity credit lines             443,635         3.3           447,273         3.5           451,340         3.7
                                            -----------       -----       -----------       -----       -----------       -----

           Total real estate loans            5,352,203        39.5         5,237,689        41.8         5,292,460        43.0
                                            -----------       -----       -----------       -----       -----------       -----

Consumer                                      3,462,373        25.5         2,987,347        23.8         2,858,183        23.2
Lease financing                               1,931,934        14.2         1,738,048        13.9         1,669,040        13.6
Foreign                                         344,214         2.6           348,198         2.8           348,698         2.8
                                            -----------       -----       -----------       -----       -----------       -----

           Total loans and leases            13,565,820       100.0%       12,524,039       100.0%       12,315,651       100.0%
                                                              =====                         =====                         =====


Less allowance for credit losses                171,386                       161,418                       161,543
                                            -----------                   -----------                   -----------

           Total net loans and leases       $13,394,434                   $12,362,621                   $12,154,108
                                            ===========                   ===========                   ===========

Total loans and leases to:

           Total assets                                        75.5%                         75.1%                         73.6%
           Total earning assets                                85.2%                         86.6%                         83.9%
           Total deposits                                      98.0%                         97.3%                         94.8%
</TABLE>

The loan and lease portfolio is the largest component of total earning assets
and accounts for the greatest portion of total interest income. At September 30,
2000, total net loans and leases were $13.394 billion, representing increases of
8.3% and 10.2% over December 31, 1999 and September 30, 1999, respectively. The
increase from September 30, 2000, as compared to September 30, 1999, was
primarily due to increases in consumer loans and lease financing, primarily in
our Bank of the West operating segment. The increase was partially offset by
decreases in all real estate loan categories and certain consumer loans in our
First Hawaiian operating segment.

Commercial, financial and agricultural loans as of September 30, 2000 increased
$262.339 million, or 11.9%, over December 31, 1999, and increased $327.826
million, or 15.3%, over September 30, 1999. The Company continues its efforts to
diversify its loan and lease portfolio, both geographically and by industry,
with credit extensions on the mainland United States accounting for the majority
of the increase in loan and lease balances and the geographic and industry
diversification during the nine months ended September 30, 2000. Overall loan
volume in the First Hawaiian operating segment increased modestly, reflecting
the growing rebound in the Hawaii economy.

Insured, guaranteed or conventional residential real estate loans increased
$13.984 million, or .7%, from December 31, 1999, and decreased $43.099 million,
or 2.2%, from September 30, 1999. The rising interest rate environment, which
has resulted in a decrease in the production of new loans as well as
payoffs/paydowns, were the primary reasons for the decrease from September 30,
1999. The modest increase over December 31, 1999 was primarily due to the
effects of the slowly strengthening Hawaiian economy.



                                       19
<PAGE>   21

LOANS AND LEASES, CONTINUED

Consumer loans as of September 30, 2000 increased $475.026 million, or 15.9%,
over December 31, 1999, and $604.190 million, or 21.1%, over September 30, 1999.
Consumer loans consist primarily of direct and indirect automobile, recreational
vehicle, marine, credit card and unsecured financing. The increase in consumer
loans at September 30, 2000 as compared to December 31, 1999 and September 30,
1999 was primarily a result of growth in our Bank of the West operating segment
on the mainland United States.

Lease financing as of September 30, 2000 increased $193.886 million, or 11.2%,
over December 31, 1999, and $262.894 million, or 15.8%, over September 30, 1999.
The increase in lease financing from September 30, 1999 was primarily due to an
increase in the automobile lease portfolio in our Bank of the West operating
segment. The increase in lease financing at September 30, 2000, as compared to
December 31, 1999, was primarily due to increases on the mainland United States.

The Company's foreign loans are principally in Guam and Saipan. Foreign loans as
of September 30, 2000 decreased $3.984 million, or 1.1%, compared to December
31, 1999, with approximately 93% domiciled in Guam and Saipan.

Loan concentrations are considered to exist when there are amounts loaned to
multiple borrowers engaged in similar activities, which would cause them to be
similarly impacted by economic or other conditions. At September 30, 2000, we
did not have a concentration of loans greater than 10% of total loans which is
not otherwise disclosed as a category of loans as shown in the above table.



                                       20
<PAGE>   22

DEPOSITS

The following table sets forth the average balances and the average rates paid
on deposits for the periods indicated:


<TABLE>
<CAPTION>
                                                           QUARTER ENDED SEPTEMBER 30,
                                             ---------------------------------------------------
                                                       2000                        1999
                                             -----------------------       ---------------------
                                               AVERAGE      AVERAGE         Average      Average
                                               BALANCE      RATE(1)        Balance       Rate(1)
                                             -----------    -------        ---------     -------
                                                             (dollars in thousands)
     <S>                                     <C>            <C>          <C>             <C>
     Interest-bearing demand                 $   309,401      1.06%      $   312,908      1.26%
     Savings                                   5,236,840      1.99         5,191,317      1.83
     Time                                      6,305,714      5.89         5,748,471      4.74
                                             -----------                 -----------

        Total interest-bearing deposits       11,851,955      4.04        11,252,696      3.30


     Noninterest-bearing demand                1,667,031        --         1,431,358        --
                                             -----------                 -----------

        Total deposits                       $13,518,986      3.54%      $12,684,054      2.93%
                                             ===========                 ===========
</TABLE>

<TABLE>
<CAPTION>
                                                         NINE MONTHS ENDED SEPTEMBER 30,
                                             --------------------------------------------------
                                                       2000                        1999
                                             -----------------------      ---------------------
                                               AVERAGE       AVERAGE       Average      Average
                                               BALANCE       RATE(1)       Balance      Rate(1)
                                             -----------     -------      ---------     -------
                                                             (dollars in thousands)
     <S>                                     <C>             <C>         <C>             <C>
     Interest-bearing demand                 $   312,007      1.24%      $   310,698      1.22%
     Savings                                   5,170,312      1.91         5,017,656      1.89
     Time                                      6,094,363      5.55         5,542,056      4.76
                                             -----------                 -----------

        Total interest-bearing deposits       11,576,682      3.81        10,870,410      3.33


     Noninterest-bearing demand                1,623,310        --         1,516,002        --
                                             -----------                 -----------

        Total deposits                       $13,199,992      3.34%      $12,386,412      2.93%
                                             ===========                 ===========
</TABLE>

Average interest-bearing deposits increased $599.259 million, or 5.3%, and
$706.272 million, or 6.5%, for the quarter and nine months ended September 30,
2000, respectively, over the same periods in 1999. The increases were due
primarily to the growth in our customer deposit base, primarily in the Bank of
the West operating segment, and various deposit product programs that we
initiated. In addition, time deposits increased due to our funding asset growth
by utilizing negotiable and brokered time certificates of deposits. The
increases in nearly all of the rates paid on deposits reflect the higher
interest rate environment, caused primarily by rate increases by the Federal
Reserve.

Average noninterest-bearing demand products increased $235.673 million, or
16.5%, and $107.308 million, or 7.1%, for the quarter and nine months ended
September 30, 2000, respectively, over the same periods in 1999. The increases
were primarily due to growth in noninterest-bearing demand accounts, primarily
in the Bank of the West operating segment, reflecting the overall strength of
the economy in its area of operation and specialized promotional efforts. The
increase for the quarter ended September 30, 2000 was higher than for the nine
months ended September 30, 2000, compared to the same periods in 1999, because
of the reclassification in the first quarter of 1999 of certain portions of
noninterest-bearing demand deposit accounts to the savings deposit category for
reserve requirement purposes. The total amounts reclassified for the quarter and
nine months ended September 30, 2000 were $1.633 billion and $1.591 billion,
respectively. In 1999, the amounts reclassified for the quarter and nine months
ended September 30, 2000 were $1.499 billion and $1.353 billion, respectively.

(1)     Annualized.



                                       21
<PAGE>   23

NONPERFORMING ASSETS

Nonperforming assets at September 30, 2000, December 31, 1999 and September 30,
1999 are as follows:
<TABLE>
<CAPTION>
                                                                                 SEPTEMBER 30,   December 31,   September 30,
                                                                                     2000           1999           1999
                                                                                 ------------    -----------    -------------
                                                                                            (dollars in thousands)
<S>                                                                              <C>             <C>            <C>
Nonperforming Assets
      Nonaccrual:
          Commercial, financial and agricultural                                    $ 18,874       $ 22,222       $ 20,727
          Real estate:
             Commercial                                                               21,108         25,790         29,481
             Construction                                                                666          2,990          1,076
             Residential:
                Insured, guaranteed or conventional                                   13,382         18,174         18,696
                Home equity credit lines                                                 566            940            924
                                                                                    --------       --------       --------

                  Total real estate loans                                             35,722         47,894         50,177
                                                                                    --------       --------       --------

          Consumer                                                                     3,418          1,625          2,426
          Lease financing                                                              6,108          3,391          3,495
          Foreign                                                                      5,241          2,162          1,941
                                                                                    --------       --------       --------

                  Total nonaccrual loans and leases                                   69,363         77,294         78,766
                                                                                    --------       --------       --------

      Restructured:
          Commercial, financial and agricultural                                         927          1,004          2,132
          Real estate:
             Commercial                                                                9,593          7,905          6,653
             Construction                                                              7,649         11,024         13,524
             Residential:
                Insured, guaranteed or conventional                                    1,108          1,100          1,101
                                                                                    --------       --------       --------
                  Total real estate loans                                             18,350         20,029         21,278
                                                                                    --------       --------       --------
                  Total restructured loans and leases                                 19,277         21,033         23,410
                                                                                    --------       --------       --------
                  Total nonperforming loans and leases                                88,640         98,327        102,176

      Other real estate owned and repossessed personal property                       31,300         28,429         31,801
                                                                                    --------       --------       --------
                  Total nonperforming assets                                        $119,940       $126,756       $133,977
                                                                                    ========       ========       ========

Past due loans and leases(1):
      Commercial, financial and agricultural                                        $  4,227       $  1,280       $  3,303
      Real estate:
          Commercial                                                                   2,206          1,436          5,591
          Residential:
             Insured, guaranteed or conventional                                       3,472          7,751          8,677
             Home equity credit lines                                                    529            575          1,565
                                                                                    --------       --------       --------
                Total real estate loans                                                6,207          9,762         15,833
                                                                                    --------       --------       --------

      Consumer                                                                         2,549          2,043          2,135
      Lease financing                                                                    254            113            142
      Foreign                                                                            764          4,824          5,054
                                                                                    --------       --------       --------
                Total past due loans and leases                                     $ 14,001       $ 18,022       $ 26,467
                                                                                    ========       ========       ========

Nonperforming assets to total loans and leases and other real estate owned and
  repossessed personal property (end of period):
      Excluding past due loans and leases                                                .88%          1.01%          1.09%
      Including past due loans and leases                                                .99%          1.15%          1.30%

Nonperforming assets to total assets (end of period):
      Excluding past due loans and leases                                                .67%           .76%           .80%
      Including past due loans and leases                                                .75%           .87%           .96%
</TABLE>

(1)     Represents loans and leases which are past due 90 days as to principal
        and/or interest, are still accruing interest and are adequately
        collateralized and in the process of collection.



                                       22
<PAGE>   24

NONPERFORMING ASSETS, CONTINUED

Nonperforming assets at September 30, 2000 were $119.940 million, or .88% of
total loans and leases and other real estate owned ("OREO") and repossessed
personal property, compared to 1.09% at September 30, 1999. Nonperforming assets
at September 30, 2000 were .67% of total assets, compared to .80% at September
30, 1999.

Nonperforming assets at September 30, 2000 decreased by $6.816 million, or 5.4%,
from December 31, 1999. The decrease was primarily attributable to decreases in
nonaccrual commercial, financial and agricultural loans and all components of
nonaccrual real estate loans. The decrease in nonaccrual commercial, financial
and agricultural loans was primarily due to the transfer of a loan totaling
$4.692 million to accrual status. The decrease in real estate - residential
loans was primarily attributable to the transfer of nonaccrual loans and leases
to OREO, payoffs and partial paydowns of nonaccrual loans and leases. These
decreases were partially offset by an increase in the lease financing and
foreign components of nonaccrual loans and leases.

Nonperforming assets at September 30, 2000 decreased by $14.037 million, or
10.5%, from September 30, 1999. The decrease was primarily attributable to
decreases in nonaccrual real estate and restructured real estate - construction
loans. The decrease in nonaccrual real estate was primarily attributable to the
transfers of nonaccrual loans and leases to OREO, pay-offs and partial pay-downs
of nonaccrual loans and leases. The decrease in restructured loans and leases
was primarily due to the partial charge-offs of a real estate construction loan
of $5.875 million. These decreases were partially offset by an increase in the
lease financing and foreign components of nonaccrual loans and leases and
restuctured real estate - commercial loans.

We generally place a loan or lease on nonaccrual status (1) when management
believes that collection of principal or income has become doubtful, (2) when a
loan is first classified as impaired, or (3) when loans and leases are 90 days
past due as to principal or income, unless they are well secured and in the
process of collection. We may make an exception to the general 90-day-past-due
rule when the fair value of the collateral exceeds our recorded investment in
the loan or when other factors indicate that the borrower will shortly bring the
loan current. The majority of consumer loans and leases are subject to our
general policies regarding nonaccrual loans. However, instead of placing certain
past-due consumer loans and leases on nonaccrual status, we charge them off when
they reach a predetermined delinquency status varying from 120 to 180 days,
depending on product type (or earlier if we determine that the loan is
uncollectible). When we place a loan or lease on nonaccrual status, previously
accrued and uncollected interest is reversed against interest income of the
current period. When we receive a cash interest payment on a nonaccrual loan, we
apply it as a reduction of the principal balance when we have doubts about the
ultimate collection of the principal. Otherwise, we record such payments as
income.

Nonaccrual loans and leases are generally returned to accrual status when they
become (1) current as to principal and interest or (2) both well secured and in
the process of collection.

Other than the loans listed in the table on page 22, at September 30, 2000 we
were not aware of any significant potential problem loans where possible credit
problems of the borrower caused us to seriously question the borrower's ability
to repay the loan under existing terms.

Loans past due 90 days or more and still accruing totaled $14.001 million at
September 30, 2000, a decrease of $12.466 million, or 47.1%, from September 30,
1999. Loans past due 90 days or more and still accruing interest decreased by
$4.021 million, or 22.3%, from December 31, 1999 to September 30, 2000. The
decreases are primarily due to lower real estate loan delinquencies. All of the
loans that are past due 90 days or more and still accruing interest are, in
management's judgment, adequately collateralized and in the process of
collection.

Hawaii has finally begun to recover from the economic stagnation that plagued it
through much of the 1990's. This improvement in Hawaii's economic condition is
one of the factors that led to the decrease in nonperforming assets in the First
Hawaiian operating segment. Also, the economies in California and the Pacific
Northwest, the Bank of the West operating segment's primary areas of operation,
continue to expand. These economic trends have helped to bring about the decline
in nonperforming assets since September 30, 1999.



                                       23
<PAGE>   25

PROVISION AND ALLOWANCE FOR CREDIT LOSSES

The following table sets forth the activity in the allowance for credit losses
for the periods indicated:
<TABLE>
<CAPTION>
                                                                           QUARTER ENDED
                                                                           SEPTEMBER 30,
                                                                -----------------------------------
                                                                    2000                   1999
                                                                ------------           ------------
                                                                      (dollars in thousands)
<S>                                                             <C>                    <C>
Loans and leases outstanding (end of period)                    $ 13,565,820           $ 12,315,651
                                                                ============           ============

Average loans and leases outstanding                            $ 13,510,874           $ 12,300,752
                                                                ============           ============

Allowance for credit losses summary:
    Balance at beginning of period                              $    169,340           $    160,433
                                                                ------------           ------------

    Transfer of allowance allocated
       to securitized loans                                               --                     --

    Loans and leases charged off:
       Commercial, financial and agricultural                          1,337                  1,326
       Real estate:
          Commercial                                                   1,448                    257
          Construction                                                 1,125                  1,000
          Residential                                                  1,633                  1,620
       Consumer                                                        6,354                  7,166
       Lease financing                                                 3,450                  1,849
       Foreign                                                           553                    366
                                                                ------------           ------------
          Total loans and leases charged off                          15,900                 13,584
                                                                ------------           ------------

    Recoveries on loans and leases previously charged off:
       Commercial, financial and agricultural                            638                    826
       Real estate:
          Commercial                                                      31                     37
          Construction                                                     9                     --
          Residential                                                    226                    151
       Consumer                                                        1,644                  1,418
       Lease financing                                                   493                    427
       Foreign                                                           105                     --
                                                                ------------           ------------
          Total recoveries on loans and leases
             previously charged off                                    3,146                  2,859
                                                                ------------           ------------
          Net charge-offs                                            (12,754)               (10,725)
                                                                ------------           ------------
    Provision for credit losses                                       14,800                 11,835
                                                                ------------           ------------
    Balance at end of period                                    $    171,386           $    161,543
                                                                ============           ============

Net loans and leases charged off to average loans
    and leases                                                           .38%(1)                .35%(1)
Net loans and leases charged off to allowance for
    credit losses                                                      29.60%(1)              26.34%(1)
Allowance for credit losses to total
    loans and leases (end of period)                                    1.26%                  1.31%
Allowance for credit losses to nonperforming
    loans and leases (end of period):
       Excluding 90 days past due
          accruing loans and leases                                    1.93X                  1.58x
       Including 90 days past due
          accruing loans and leases                                    1.67X                  1.26x
</TABLE>

<TABLE>
<CAPTION>
                                                                         NINE MONTHS ENDED
                                                                           SEPTEMBER 30,
                                                                -----------------------------------
                                                                   2000                    1999
                                                                ------------           ------------
                                                                      (dollars in thousands)
<S>                                                             <C>                    <C>
Loans and leases outstanding (end of period)                    $ 13,565,820           $ 12,315,651
                                                                ============           ============

Average loans and leases outstanding                            $ 13,109,103           $ 12,240,119
                                                                ============           ============

Allowance for credit losses summary:
    Balance at beginning of period                              $    161,418           $    158,294
                                                                ------------           ------------

    Transfer of allowance allocated
       to securitized loans                                               --                 (1,025)

    Loans and leases charged off:
       Commercial, financial and agricultural                          4,226                  5,295
       Real estate:
          Commercial                                                   2,556                  2,107
          Construction                                                 3,480                  1,021
          Residential                                                  4,810                  3,557
       Consumer                                                       19,532                 20,778
       Lease financing                                                 7,552                  5,496
       Foreign                                                         1,075                    626
                                                                ------------           ------------
          Total loans and leases charged off                          43,231                 38,880
                                                                ------------           ------------

    Recoveries on loans and leases previously charged off:
       Commercial, financial and agricultural                          1,467                  1,302
       Real estate:
          Commercial                                                     126                    216
          Construction                                                    41                     18
          Residential                                                    769                    802
       Consumer                                                        4,989                  4,215
       Lease financing                                                 1,547                  1,190
       Foreign                                                           280                      6
                                                                ------------           ------------
          Total recoveries on loans and leases
             previously charged off                                    9,219                  7,749
                                                                ------------           ------------
          Net charge-offs                                            (34,012)               (31,131)
                                                                ------------           ------------
    Provision for credit losses                                       43,980                 35,405
                                                                ------------           ------------
    Balance at end of period                                    $    171,386           $    161,543
                                                                ============           ============

Net loans and leases charged off to average loans
    and leases                                                           .35%(1)                .34%(1)
Net loans and leases charged off to allowance for
    credit losses                                                      26.51%(1)              25.76%(1)
Allowance for credit losses to total
    loans and leases (end of period)                                    1.26%                  1.31%
Allowance for credit losses to nonperforming
    loans and leases (end of period):
       Excluding 90 days past due
          accruing loans and leases                                    1.93X                  1.58x
       Including 90 days past due
          accruing loans and leases                                    1.67X                  1.26x
</TABLE>

(1)     Annualized.



                                       24
<PAGE>   26

PROVISION AND ALLOWANCE FOR CREDIT LOSSES, CONTINUED

The provision for credit losses for the first nine months of 2000 was $43.980
million, an increase of $8.575 million, or 24.2%, over the same period in 1999.
The increase in the provision for credit losses for the first nine months of
2000 over the same period in 1999 primarily reflects the larger loan portfolio
resulting from our continued loan volume growth.

The provision for credit losses is based upon management's judgment as to the
adequacy of the allowance for credit losses (the "Allowance") to absorb probable
losses inherent in the portfolio as of the balance sheet date. The Company uses
a systematic methodology to determine the adequacy of the Allowance and related
provision for credit losses to be reported for financial statement purposes. The
determination of the adequacy of the Allowance is ultimately one of management's
judgment, which includes consideration of many factors, including, among other
things, the amount of problem and potential problem loans and leases, net
charge-off experience, changes in the composition of the loan and lease
portfolio by type and location of loans and leases and in overall loan and lease
risk profile and quality, general economic factors and the fair value of
collateral.

Our approach to managing exposure to credit risk involves an integrated program
of setting appropriate standards for credit underwriting and diversification,
monitoring trends that may affect the risk profile of the credit portfolio and
making appropriate adjustments to reflect changes in economic and financial
conditions that could affect the quality of the portfolio and loss probability.
The components of this integrated program include:

        -       Setting Underwriting and Grading Standards. In 1996, we refined
                our loan grading system to ten different principal risk
                categories where "1" is "no risk" and "10" is "loss" and began
                an effort to decrease our exposure to customers in the weaker
                credit categories. We also established risk parameters so that
                the cost of credit risk is an integral part of the pricing and
                evaluation of credit decisions and the setting of portfolio
                targets.
        -       Diversification. We actively manage our credit portfolio to
                avoid excessive concentration by obligor, risk grade, industry,
                product and geographic location. As part of this process, we
                also monitor changes in risk correlation among concentration
                categories. In addition, we seek to reduce our exposure to
                concentrations by actively participating portions of our
                commercial and commercial real estate loans to other banks.
        -       Risk Mitigation. Over the past few years, we have reduced our
                exposure to higher-risk areas such as real estate construction
                (which accounted for only 3.2% of total loans and leases at
                September 30, 2000), Hawaii commercial real estate, health care,
                hotel and agricultural loans. We have also reduced our exposure
                in the Asia-Pacific region from $101.0 million at December 31,
                1997 to $46.3 million at September 30, 2000. These outstanding
                loans are collateralized by Hawaii real estate and letters of
                credit.
        -       Restricted Participation in Syndicated National Credits. We
                restrict our participation in syndicated national credits
                primarily to providing back-up commercial paper facilities to
                investment-grade companies. In addition to the back-up
                commercial paper facilities, we participate in media finance
                credits in the national market, one of our traditional niches
                where we have developed a special expertise over a long period
                of time and with experienced personnel. At September 30, 2000,
                the combined ratio of nonperforming assets to total loans for
                both shared national credits and media finance aggregated 0.78%.
        -       Emphasis on Consumer Lending. Consumer loans represent our
                single largest category of loans and leases. We focus our
                consumer lending activities on loan grades with predictable loss
                rates. As a result, we are able to use formula-based approaches
                to calculate appropriate reserve levels that reflect historical
                experience. We generally do not participate in subprime lending
                activities. We also seek to reduce our credit exposures where
                feasible by obtaining third-party insurance or similar
                protections. For example, in our vehicle lease portfolio (which
                represents approximately 63% of our lease financing portfolio
                and 23% of our combined lease financing and consumer loans at
                September 30, 2000), we obtain third-party insurance for the
                estimated residual value of the leased vehicle. To the extent
                that these policies include deductible values we set aside
                reserves to fully cover the uninsured portion.



                                       25
<PAGE>   27

PROVISION AND ALLOWANCE FOR CREDIT LOSSES, CONTINUED

Charge-offs were $43.231 million for the first nine months of 2000, an increase
of $4.351 million, or 11.2%, over the same period in 1999. The increase was
primarily due to charge-offs of one real estate - construction loan, three real
estate - commercial loans, several leases and consumer loans in the first nine
months of 2000, totaling $31.663 million.

For the first nine months of 2000, recoveries increased by $1.470 million, or
19.0%, over the same period in 1999. The increase in recoveries was primarily in
consumer, leasing and commercial, financial and agricultural loans.

The Allowance increased to 1.93 times nonperforming loans and leases (excluding
90 days or more past due accruing loans and leases) at September 30, 2000 from
1.58 times at September 30, 1999. The increase in the ratio is principally due
to an increase in the Allowance as a result of the growth in our loan portfolio
and a decrease in nonperforming loans and leases.

In management's judgment, the Allowance was adequate to absorb potential losses
currently inherent in the loan and lease portfolio at September 30, 2000.
However, changes in prevailing economic conditions in the Company's markets
could result in changes in the level of nonperforming assets and charge-offs in
the future and, accordingly, changes in the Allowance.



                                       26
<PAGE>   28

NONINTEREST INCOME

The following table reflects the key components of the change in noninterest
income for the quarter and nine months ended September 30, 2000, as compared to
the same periods in 1999:

<TABLE>
<CAPTION>
     NINE MONTHS ENDED SEPTEMBER 30,                    2000               1999         % Change
                                                      ---------         ----------      ---------
                                                             (in thousands)
            <S>                                       <C>               <C>             <C>
            Service charges on deposit accounts       $  54,700          $  50,060        9.3%
            Trust and investment services income         27,234             24,927        9.3
            Securities losses, net                          (59)               (21)       N/M
            Other service charges and fees               54,561             48,384       12.8
            Other                                        25,376(1)          19,572       29.7
                                                      ---------          ---------
                Total noninterest income              $ 161,812          $ 142,922       13.2%
                                                      =========          =========
</TABLE>

                (1)     Excluding $5.0 million termination fees and $1.218
                        million gain on sale, other noninterest income decreased
                        by 2.1%.

<TABLE>
    QUARTER ENDED SEPTEMBER 30,

            <S>                                       <C>            <C>             <C>
            Service charges on deposit accounts       $ 19,263       $ 17,058        12.9%
            Trust and investment services income         9,451          8,109        16.5
            Securities losses, net                         (28)            (1)        N/M
            Other service charges and fees              18,093         14,489        24.9
            Other                                        6,788          6,828         (.6)
                                                      --------       --------
                Total noninterest income              $ 53,567       $ 46,483        15.2%
                                                      ========       ========
</TABLE>

            N/M - Not Meaningful.


As the table above shows in more detail, noninterest income increased by 15.2%
and 13.2% for the quarter and nine months ended September 30, 2000,
respectively, compared to the same periods in 1999. Factors causing the
increases include:

-       In the second quarter of 2000, we received $5.0 million in termination
        fees related to the previous plan to acquire branches that were to be
        divested under the terminated Zions Bancorporation and First Security
        Corporation merger. Also in the second quarter of 2000, we recorded the
        gain on the sale of a surplus facility of $1.218 million. Both of these
        items were included in other noninterest income. Excluding these two
        items, total noninterest income increased by 8.9% for the nine months
        ended September 30, 2000, compared to the same period in 1999.
-       Service charges on deposit accounts increased for the quarter and nine
        months ended September 30, 2000, compared to the same periods in 1999,
        primarily due to higher levels of deposits caused by the expansion of
        our customer deposit base, predominately in our Bank of the West
        operating segment.
-       Trust and investment services income increased for the quarter and nine
        months ended September 30, 2000, compared to the same periods in 1999,
        primarily due to increased money management services to both retail and
        institutional clients, reflecting our continuing efforts to strengthen
        and diversify our revenue base.
-       Other service charges and fees increased for the quarter and nine months
        ended September 30, 2000, compared to the same periods in 1999,
        primarily due to: (1) higher merchant services fees, due to higher fee
        charges, increased volume and more merchant outlets; (2) higher bank
        card and ATM convenience fee income; (3) higher miscellaneous service
        fees; and (4) higher annuity and mutual fund sales.

BancWest and one of its bank subsidiaries hold about 5% of the shares of Star
Systems, Inc. ("Star Systems"), the nation's largest PIN-secured payments
network, which recently announced a merger agreement with Concord EFS, Inc. If
the Star-Concord merger is completed as planned during the first half of 2001,
Concord will issue 24.75 million unregistered shares to Star Systems
shareholders. BancWest may earn significant noninterest income as a result of
receiving these shares in the first half of 2001.



                                       27
<PAGE>   29

NONINTEREST EXPENSE

The following table reflects the key components of the change in noninterest
expense for the quarter and nine months ended September 30, 2000 as compared to
the same periods in 1999:

<TABLE>
<CAPTION>
    NINE MONTHS ENDED SEPTEMBER 30,
                                                    2000          1999       % Change
                                                  --------      --------     --------
                                                      (in thousands)
    <S>                                           <C>           <C>          <C>
               Salaries and wages                 $137,209      $136,388       0.6%
               Employee benefits                    41,320        40,626       1.7
               Occupancy expense                    46,752        45,044       3.8
               Outside services                     35,131        32,457       8.2
               Intangible amortization              27,443        26,812       2.4
               Equipment expense                    21,654        23,318      (7.1)
               Stationery and supplies              15,009        16,377      (8.4)
               Advertising and promotion            12,397        12,388       0.1
               Merger-related charges                   --        17,534       N/M
               Other                                61,584        55,212      11.5
                                                  --------      --------
                   Total noninterest expense      $398,499      $406,156      (1.9)%
                                                  ========      ========
</TABLE>

<TABLE>
    QUARTER ENDED SEPTEMBER 30,

    <S>                                           <C>           <C>           <C>
               Salaries and wages                 $ 46,652      $ 45,133      3.4%
               Employee benefits                    13,559        14,050     (3.5)
               Occupancy expense                    15,836        15,141      4.6
               Outside services                     11,001        11,470     (4.1)
               Intangible amortization               9,141         8,953      2.1
               Equipment expense                     7,310         7,683     (4.9)
               Stationery and supplies               5,230         5,243     (0.2)
               Advertising and promotion             3,993         4,056      1.6
               Merger-related charges                   --        16,116      N/M
               Other                                18,757        17,232      8.8
                                                  --------      --------
                   Total noninterest expense      $131,479      $145,077     (9.4)%
                                                  ========      ========
</TABLE>

               N/M - Not Meaningful.

As the table above shows in more detail, noninterest expense decreased by 9.4%
and 1.9% for the quarter and nine months ended September 30, 2000, respectively,
compared to the same periods in 1999. Factors causing the decreases include:

-       In the second quarter of 2000, we recognized approximately $3.0 million
        in expenses related to the planned acquisition of divested branches
        resulting from the terminated merger of Zions Bancorporation and First
        Security Corporation. In the second quarter of 1999, we donated a
        recreation center to a community group in Hawaii resulting in a pre-tax
        loss of $1.277 million. Both of these items were included in other
        noninterest expense in the respective years. Excluding these two items
        and merger-related charges, noninterest expense increased over the same
        periods in 1999 by 2.0% for the quarter and 2.1% for the nine months
        ended September 30, 2000.
-       The reduction of equipment expenses and increase in outside service
        expense for the first nine months of 2000, as compared to the same
        period in 1999, are both related to the facilities management agreement
        that we have entered into for the consolidation and operation of a
        single data center. The decrease in equipment expense is due to the
        transfer of certain assets to the outside service provider under the
        facilities management agreement. The increase in the outside service
        expense is primarily due to the fee paid for the facilities management
        agreement.
-       Occupancy expense increased for the first nine months and third quarter
        of 2000 over the same periods in 1999, due primarily to increases in
        rent expense for certain facilities.



                                       28
<PAGE>   30

INCOME TAXES

The Company's effective income tax rates (exclusive of the tax equivalent
adjustment) for the quarter and nine months ended September 30, 2000 were 41.5%
and 41.8%, respectively, as compared to 43.4% and 42.1% for the same periods in
1999. The decrease in the effective tax rate was primarily due to certain
non-deductible restructuring, merger-related and other nonrecurring cost
incurred in 1999, partially offset by the tax benefits related to the charitable
donation of the recreation center in the second quarter of 1999.

LIQUIDITY AND CAPITAL

Stockholders' equity was $1.947 billion at September 30, 2000, an increase of
5.6% over $1.843 billion at December 31, 1999. Compared to September 30, 1999,
stockholders' equity at September 30, 2000 increased by $126.264 million, or
6.9%. The increase was primarily due to net income for the respective periods,
less dividends paid.

Under regulation established to ensure capital adequacy, the Company is required
to maintain minimum amounts of Tier 1 and Total Capital and minimum ratios of
Tier 1 Capital and Total Capital to risk-weighted assets, respectively, and of
Tier 1 Capital to average assets (leverage). These amounts and ratios as of
September 30, 2000 are set forth below:

<TABLE>
<CAPTION>
                                                           For Capital
                                 Actual                 Adequacy Purposes
                         ----------------------      ------------------------
                          Amount        Ratio          Amount         Ratio
                         -------       --------      ----------      --------
                                        (dollars in thousands)
<S>                      <C>           <C>           <C>             <C>
Tier 1 Capital to
     Risk-Weighted
     Assets              $1,409,080       8.79%      $  641,388       4.00%
Total Capital to
     Risk-Weighted
     Assets              $1,680,466      10.48%      $1,282,777       8.00%
Tier 1 Capital to
     Average Assets      $1,409,080       8.21%      $  515,153       3.00%
</TABLE>

As of September 30, 2000 the Company's depository institution subsidiaries were
categorized as well-capitalized under the applicable federal regulations
regarding the regulatory framework for prompt corrective action. To be
categorized as well-capitalized, a bank must have a Tier 1 risk-based capital
ratio of 6.00% or greater, a total risk-based capital ratio of 10.00% or
greater, a leverage ratio of 5.00% or greater and not be subject to any
agreement, order or directive to meet a specific capital level for any capital
measure.

NEW MEXICO AND NEVADA BRANCH ACQUISITIONS

In September 2000, Bank of the West entered into agreements to acquire branches
in New Mexico and Nevada that are being divested by First Security Corporation
in connection with its merger with Wells Fargo & Company. If the acquisition is
completed Bank of the West will add 23 branches in New Mexico and seven in
Nevada, along with approximately $1.2 billion in deposits and $300 million in
commercial, consumer and agricultural loans. Bank of the West expects to incur
pre-tax merger and integration charges of approximately $4 million during the
fourth quarter of this year and the first quarter of 2001 for the integration of
the branches.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At September 30, 2000, there was no significant change in the Company's market
risk from the information provided with respect to "Quantitative and Qualitative
Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1999. Quantitative and qualitative
disclosures regarding the Company's market risk are also included in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" (pages 39 through 41) and "Notes to Consolidated Financial
Statements" (pages 51 through 53) in the Financial Review section of the
Company's Annual Report 1999.



                                       29
<PAGE>   31

                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

     Exhibit 12            Statement regarding computation of ratios.

     Exhibit 27            Financial data schedule.

(b)  Reports on Form 8-K   None.



                                       30
<PAGE>   32

                                   SIGNATURES


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, thereunto duly authorized.


                                              BANCWEST CORPORATION
                                                      (REGISTRANT)



Date        November 13, 2000                 By    /s/ HOWARD H. KARR
     ---------------------------------           -------------------------------
                                                         HOWARD H. KARR
                                              EXECUTIVE VICE PRESIDENT AND CHIEF
                                                        FINANCIAL OFFICER
                                                  (PRINCIPAL FINANCIAL OFFICER)



                                       31
<PAGE>   33

EXHIBIT INDEX


<TABLE>
<CAPTION>
      EXHIBIT
      NUMBER                         DESCRIPTION
      ------                         -----------


      <S>         <C>
        12        Statement regarding computation of ratios.

        27        Financial data schedule.
</TABLE>