First Hawaiian (FHB) 10-Q 2003 Q2 Quarterly report

Exhibit 12. Statement re: Computation of Ratios

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

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2003			2002			2003			2002
					(dollars in thousands)
Income before income taxes		$	173,250		$	158,601		$	339,973		$	266,600
Fixed charges(1):
	Interest expense		98,039			125,796			200,276			230,600
	Rental expense		5,221			5,752			10,451			10,470
			103,260			131,548			210,727			241,070
Less interest on deposits			47,724			78,778			100,871			142,407
	Net fixed charges		55,536			52,770			109,856			98,663
	Earnings, excluding interest on deposits	$	228,786		$	211,371		$	449,829		$	365,263
	Earnings, including interest on deposits	$	276,510		$	290,149		$	550,700		$	507,670
Ratio of earnings to fixed charges:
	Excluding interest on deposits		4.12	x		4.01	x		4.09	x		3.70	x
	Including interest on deposits		2.68	x		2.21	x		2.61	x		2.11	x

⁽¹⁾ For purposes of computing the consolidated ratios of earnings to fixed charges, earnings represent income before income taxes plus 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, consists of the foregoing items plus interest on deposits.