EXHIBIT 12

Bank of Hawaii Corporation and Subsidiaries

Exhibit 12—Statement Regarding Computation of Ratios

Nine Months Ended September 30, 2003 and 2002

(dollars in millions)	2003			2002
Earnings:
1.      Income Before Income Taxes	$	147.4		$	143.8
2.      Plus: Fixed Charges Including Interest on Deposits		63.0			118.8
3.      Earnings Including Fixed Charges		210.4			262.6
4.      Less: Interest on Deposits		38.0			66.7
5.      Earnings Excluding Interest on Deposits	$	172.4		$	195.9
Fixed Charges:
6.      Fixed Charges Including Interest on Deposits	$	63.0		$	118.8
7.      Less: Interest on Deposits		38.0			66.7
8.      Fixed Charges Excluding Interest on Deposits	$	25.0		$	52.1
Ratio of Earnings to Fixed Charges:
Including Interest on Deposits (Line 3 divided by Line 6)		3.3	x		2.2	x
Excluding Interest on Deposits (Line 5 divided by Line 8)		6.9	x		3.8	x