EXHIBIT 12
PENNFED FINANCIAL SERVICES, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
YEAR ENDED JUNE 30,
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1998 1997 1996 1995 1994
(Dollars in thousands)
Earnings:
Earnings before income
tax expense.................................... $17,440 $11,091 $12,952 $ 9,561 $ 7,447
Add: interest on borrowed funds................ 19,843 12,901 5,520 1,522 789
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Earnings before fixed charges excluding
interest on deposits......................... 37,283 23,992 18,472 11,083 8,236
Interest on deposits .......................... 48,200 40,172 33,601 25,631 20,036
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Earnings before fixed charges.................. $85,483 $64,164 $52,073 $36,714 $28,272
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Fixed charges:
Interest on borrowed funds................... $19,843 $12,901 $ 5,520 $ 1,522 $ 789
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Fixed charges excluding interest on
deposits..................................... $19,843 $12,901 $ 5,520 $ 1,522 $ 789
Interest on deposits........................... 48,200 40,172 33,601 25,631 20,036
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Total fixed charges.......................... $68,043 $53,073 $39,121 $27,153 $20,825
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Ratio of earnings to fixed charges
excluding interest on deposits .............. 1.88x 1.86x 3.35x 7.28x 10.44x
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Ratio of earnings to fixed charges
including interest on deposits............... 1.26x 1.21x 1.33x 1.35x 1.36x
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92