Exhibit 12.1

Bank of Hawaii Corporation and Subsidiaries

Statement Regarding Computation of Ratios

	Year Ended
	December 31,
(dollars in thousands)	2006			2005
Earnings:
1.    Income Before Provision for Income Taxes	$	287,069		$	284,197
2.    Plus: Fixed Charges Including Interest on Deposits	170,059			99,329
3.    Earnings Including Fixed Charges and Including Interest on Deposits	457,128			383,526
4.    Less: Interest on Deposits	103,677			58,426
5.    Earnings Excluding Interest on Deposits	$	353,451		$	325,100
Fixed Charges:
6.    Fixed Charges Including Interest on Deposits	$	170,059		$	99,329
7.    Less: Interest on Deposits	103,677			58,426
8.    Fixed Charges Excluding Interest on Deposits	$	66,382		$	40,903
Ratio of Earnings to Fixed Charges:
Including Interest on Deposits (Line 3 divided by Line 6)	2.7		x	3.9		x
Excluding Interest on Deposits (Line 5 divided by Line 8)	5.3		x	7.9		x