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EXHIBIT 12. STATEMENT RE: COMPUTATION OF RATIOS
First Hawaiian, Inc. and Subsidiaries
Computation of Consolidated Ratios of Earnings to Fixed Charges
QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------ ------------------------
1994 1993 1994 1993
-------- ------- -------- ------
(dollars in thousands)
Income before income taxes and
cumulative effect of a change
in accounting principle $29,233 $32,717 $ 58,138 $58,419
------- ------- -------- -------
Fixed charges:(1)
Interest expense 43,398 38,510 85,783 80,168
Capitalized interest 1,859 -- 3,748 1,092
Rental expense 1,156 605 2,240 1,218
------- ------- -------- --------
46,413 39,115 91,771 82,478
Less interest on deposits 29,899 31,034 60,035 66,056
------- ------- -------- --------
Net fixed charges 16,514 8,081 31,736 16,422
------- ------- -------- --------
Earnings, excluding
interest on deposits $45,747 $40,798 $ 89,874 $ 74,841
======= ======= ======== ========
Earnings, including
interest on deposits $75,646 $71,832 $149,909 $140,897
======= ======= ======== ========
Ratio of earnings to
fixed charges:
Excluding interest on deposits 2.77 X 5.05 x 2.83 X 4.56 x
Including interest on deposits 1.63 X 1.84 x 1.63 X 1.71 x
(1) For purposes of computing the above ratios, earnings represent income
before income taxes and cumulative effect of a change in accounting
principle 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, include all interest, whether expensed or
capitalized, and that portion of rental expense (generally one third)
deemed representative of the interest factor.
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