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21. Transactions with Affiliates
<br />The Bank participates in various transactions with its affiliates, including BancWest, First Hawaiian
<br />Bank, BNP Paribas and its affiliates.
<br />These transactions are subject to federal and state statutory and regulatory restrictions and limitations
<br />which require, among other items, that certain transactions be collateralized, and be subject to quantitative
<br />limitations, and be on terms at least as favorable to the Bank as those prevailing at the time for similar
<br />non -affiliate transactions. These transactions have included the sales and purchases of assets, foreign
<br />exchange activities, financial guarantees, international services, interest rate swaps and intercompany
<br />deposits and borrowing.
<br />Amounts due to and from affiliates and off -balance sheet transactions at December 31, 2011 and 2010
<br />were as follows:
<br />(dollars in thousands)
<br />Cash and due from banks
<br />Loans
<br />Noninterest-bearing demand deposits(1)
<br />Money market deposits(1)
<br />Time certificates of deposit
<br />Other assets
<br />Other liabilities
<br />Short-term borrowings
<br />Fixed-rate unsecured lines of credit
<br />Noncontrolling interest
<br />Derivatives and off -balance sheet transactions:
<br />Credit guarantee derivative(2)
<br />Standby letters of credit
<br />Guarantees received
<br />Fair value hedge
<br />Commitments to purchase foreign currencies(2)
<br />Commitments to sell foreign currencies'2)
<br />Interest rate contractsm 2,210,411 2,864,853
<br />(o Predominately related to cash deposit to collateralize the Guarantee with BancWest comprised of noninterest bearing
<br />deposit in 2010 and money market deposit in 2011, refer to Note 7 for additional information.
<br />(2) Represents the notional amount of derivative financial instruments.
<br />Interest expense to affiliates for 2011 and 2010 was $13.9 million and $107.6 million, respectively.
<br />Noninterest income from affiliate transactions, which includes fair value adjustments related to derivatives,
<br />was a net loss of $130.0 million and $169.0 million for 2011 and 2010, respectively.
<br />-57-
<br />2011 Bank of the West Annual Report
<br />2011 2010
<br />$ 44,910 $ 45,701
<br />6
<br />8,562 1,018, 597
<br />1,156,614 67,941
<br />253,412 219,438
<br />87,193 225,285
<br />170,935 116,845
<br />1,560 1,094
<br />54,500 75,900
<br />22,502 23,849
<br />460,811 796,601
<br />18,776 19,242
<br />154,488 141,220
<br />831,000 2,045
<br />93,077 108,389
<br />49,816 42,376
<br />
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