Exhibit 12
PennFed Financial Services, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Dollars in thousands)
Year ended June 30,
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2003 2002 2001 2000 1999
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Earnings:
Earnings before income tax expense $21,841 $22,619 $19,321 $19,921 $17,761
Add: interest on borrowed funds 29,974 30,681 28,299 24,443 20,138
Add: interest on trust preferreds 112 -- -- -- --
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Earnings before fixed charges excluding
interest on deposits 51,927 53,300 47,620 44,364 37,899
Interest on deposits 32,870 42,181 51,285 46,758 48,648
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Earnings before fixed charges $84,797 $95,481 $98,905 $91,122 $86,547
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Fixed charges:
Interest on borrowed funds & trust preferreds $30,086 $30,681 $28,299 $24,443 $20,138
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Fixed charges excluding interest on
deposits $30,086 $30,681 $28,299 $24,443 $20,138
Interest on deposits 32,870 42,181 51,285 46,758 48,648
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Total fixed charges $62,956 $72,862 $79,584 $71,201 $68,786
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Ratio of earnings to fixed charges
excluding interest on deposits 1.73 x 1.74 x 1.68 x 1.81 x 1.88 x
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Ratio of earnings to fixed charges
including interest on deposits 1.35 x 1.31 x 1.24 x 1.28 x 1.26 x
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