Agenda - Council - 11/13/2012 - Laserfiche WebLink

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Bank of the West enjoyed another positive year in 2011. We gratefully attribute much of this success to the extraordinary businesses and individuals who have given us the opportunity to serve them and contribute to their growth. The Bank achieved full -year net income of $442 million — more than double 2010 earnings. These results — combined with the strong performance of our sister bank, First Hawaiian Bank — produced meaningful results for our holding company, BancWest Corporation. For the full -year 2011, BancWest earned $517.7 million, up 102 percent from 2010. Our parent company BNP Paribas achieved a full -year 2011 profit of €6 billion ($7.86 billion). 0ur performance in 2011 built on the firm financial foundation that has been a keystone of Bank of the West's business model for more than a century. But our strong results would not be possible without the trust of our more than 1.6 million customers, We are honored to be chosen to help them achieve their financial aspirations. As a profitable, well -capitalized bank backed by a stable global parent, we were able throughout the year to extend credit to businesses and consumers and provide the deposit, cash management and investment products that our customers need. Bank of the West's combination of financial strength and detailed understanding of client needs allowed us to expand lending in 2011 and help grow the communities where we live and work. Commercial lending grew, including a dramatic increase in credit to small businesses, which are vital to job creation. For more than 135 years, and through all economic cycles, individuals, families, public entities, non -profits and businesses large and small have entrusted Bank of the West with their deposits. In 2011, our total deposits rose by 11 percent, including an 8 percent increase in core deposits. This increase in deposits is testimony to our customers' satisfaction and trust. We appreciate this trust, and we strive to deepen relationships with clients and provide for their diverse financial needs. In 2011, Bank of the West remained focused on building out our services and product sets to better meet the needs of our clients. We introduced an enhanced Wealth Management offering, for example, and opened several dedicated Wealth Centers to serve affluent individuals and families. Our Commercial Banking Group added offices in Chicago and Phoenix. We added small business bankers and mortgage bankers to better serve customers across our 19-state footprint. The Bank also made important progress in 2011 on our long-term strategic initiatives that are designed to ensure we keep our company strong and customer -focused in the future. In the continued low interest rate environment, we took steps to diversify our revenue base. We invested in new products and delivery channels, gained market share in key segments, and continued to recruit extraordinarily talented people, which we have always known are the foundation of any great customer -focused organization. 2