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Exhibit 12.1

Bank of Hawaii Corporation and Subsidiaries
Statement Regarding Computation of Ratios
Year Ended December 31, 2004 and 2003

(dollars in thousands)		2004			2003
Earnings:
1. Income Before Income Taxes		$	271,244		$	206,787
2. Plus: Fixed Charges Including Interest on Deposits			67,854			79,860
3. Earnings Including Fixed Charges			339,098			286,647
4. Less: Interest on Deposits			36,743			47,473
5. Earnings Excluding Interest on Deposits		$	302,355		$	239,174
Fixed Charges:
6. Fixed Charges Including Interest on Deposits		$	67,854		$	79,860
7. Less: Interest on Deposits			36,743			47,473
8. Fixed Charges Excluding Interest on Deposits		$	31,111		$	32,387
Ratio of Earnings to Fixed Charges:
	Including Interest on Deposits (Line 3 divided by Line 6)		5.0	x		3.6	x
	Excluding Interest on Deposits (Line 5 divided by Line 8)		9.7	x		7.4	x

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Exhibit 12.1

Bank of Hawaii Corporation and Subsidiaries Statement Regarding Computation of Ratios Year Ended December 31, 2004 and 2003