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Exhibit 12.1

BANK OF HAWAII CORPORATION AND SUBSIDIARIES
Statement Regarding Computation of Ratios
Year Ended December 31, 2003 & 2002

		2003			2002
		(dollars in millions)
Earnings:
1. Income Before Income Taxes		$	206.8		$	187.7
2. Plus: Fixed Charges Including Interest on Deposits			79.7			148.0
3. Earnings Including Fixed Charges			286.5			335.7
4. Less: Interest on Deposits			47.5			84.3
5. Earnings Excluding Interest on Deposits		$	239.0		$	251.4
Fixed Charges:
6. Fixed Charges Including Interest on Deposits		$	79.7		$	148.0
7. Less: Interest on Deposits			47.5			84.3
8. Fixed Charges Excluding Interest on Deposits		$	32.2		$	63.7
Ratio of Earnings to Fixed Charges:
	Including Interest on Deposits (Line 3 divided by Line 6)		3.6	x		2.3	x
	Excluding Interest on Deposits (Line 5 divided by Line 8)		7.4	x		3.9	x

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Exhibit 12.1

BANK OF HAWAII CORPORATION AND SUBSIDIARIES Statement Regarding Computation of Ratios Year Ended December 31, 2003 & 2002