EXHIBIT 12

Bank of Hawaii Corporation and Subsidiaries

Exhibit 12—Statement Regarding Computation of Ratios

Six Months Ended June 30, 2003 and 2002

(dollars in millions)		2003			2002
Earnings:
1.	Income Before Income Taxes	$	91.4		$	96.4
2.	Plus: Fixed Charges Including Interest on Deposits		45.1			83.3
3.	Earnings Including Fixed Charges		136.5			179.7
4.	Less: Interest on Deposits		27.8			46.1
5.	Earnings Excluding Interest on Deposits	$	108.7		$	133.6
Fixed Charges:
6.	Fixed Charges Including Interest on Deposits	$	45.1		$	83.3
7.	Less: Interest on Deposits		27.8			46.1
8.	Fixed Charges Excluding Interest on Deposits	$	17.3		$	37.2
Ratio of Earnings to Fixed Charges:
Including Interest on Deposits (Line 3 divided by Line 6)			3.0	x		2.2	x
Excluding Interest on Deposits (Line 5 divided by Line 8)			6.3	x		3.6	x