First Hawaiian (FHB) 10-K 2002 FY Annual report

Part IV(continued)

Exhibit 12. Statement re: Computation of Ratios

Bancwest Corporation and Subsidiaries
Computation of Consolidated Ratios of Earnings to Fixed Charges

		Year Ended December 31,
(dollars in thousands)		2002		2001		2000		1999		1998
Income before income taxes		$	595,326	$	426,116	$	368,621	$	296,129	$	144,901
Fixed charges (1):
	Interest expense		465,330		507,135		562,922		446,877		315,822
	Rental expense		21,332		15,531		15,290		15,017		13,659
			486,662		522,666		578,212		461,894		329,481
Less interest on deposits			281,466		393,263		458,204		368,621		253,860
	Net fixed charges		205,196		129,403		120,008		93,273		75,621
	Earnings, excluding interest on deposits	$	800,522	$	555,519	$	488,629	$	389,402	$	220,522
	Earnings, including interest on deposits	$	1,081,988	$	948,782	$	946,833	$	758,023	$	474,382
Ratio of earnings to fixed charges:
	Excluding interest on deposits		3.90x		4.29x		4.07x		4.17x		2.92x
	Including interest on deposits		2.22x		1.82x		1.64x		1.64x		1.44x

(1)  For purposes of computing the consolidated ratios of earnings to fixed charges, earnings represent income before income taxes and fixed charges. Fixed charges, excluding interest on deposits, include interest (other than on deposits), whether expensed or capitalized, and that portion of rental expense (generally one third) deemed representative of the interest factor. Fixed charges, including interest on deposits, consist of the foregoing items plus interest on deposits.

BancWest Corporation and Subsidiaries  91