Valley National Bancorp (VLY) 10-K 2004 FY Annual report

Exhibit 12

Computation of Consolidated Ratios of Earnings to Fixed Charges

	Years ended December 31,
	2004	2003	2002	2001	2000
Excluding interest on deposits	3.90x	3.91x	3.99x	4.04x	4.03x
Including interest on deposits	2.54x	2.54x	2.25x	1.89x	1.76x

Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.

	Years ended December 31,
	2004		2003		2002		2001		2000
Income before income taxes	$	228,595	$	233,150	$	219,296	$	199,355	$	192,764
Interest on deposits	$	69,947	$	70,966	$	101,950	$	158,159	$	190,626
Borrowings and long-term debt		76,660		77,956		71,503		62,776		62,022
1/3 of net rental expense		2,140		2,183		1,757		2,722		1,598
Total fixed charges, including interest on deposits	$	148,747	$	151,105	$	175,210	$	223,657	$	254,246
Total fixed charges, excluding interest on deposits	$	78,800	$	80,139	$	73,260	$	65,498	$	63,620