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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2004 2003 2002 2001 2000
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Earnings:
Earnings before income tax expense .......... $18,601 $21,841 $22,619 $19,321 $19,921
Add: interest on borrowed funds ............. 29,342 29,974 30,681 28,299 24,443
Add: interest on trust preferreds ........... 2,698 112 -- -- --
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Earnings before fixed charges excluding
interest on deposits ..................... 50,641 51,927 53,300 47,620 44,364
Interest on deposits ........................ 26,634 32,870 42,181 51,285 46,758
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Earnings before fixed charges ............... $77,275 $84,797 $95,481 $98,905 $91,122
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Fixed charges:
Interest on borrowed funds & trust preferreds $32,040 $30,086 $30,681 $28,299 $24,443
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Fixed charges excluding interest on
deposits ................................. $32,040 $30,086 $30,681 $28,299 $24,443
Interest on deposits ........................ 26,634 32,870 42,181 51,285 46,758
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Total fixed charges ......................... $58,674 $62,956 $72,862 $79,584 $71,201
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Ratio of earnings to fixed charges
excluding interest on deposits ........... 1.58x 1.73x 1.74x 1.68x 1.81x
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Ratio of earnings to fixed charges
including interest on deposits ........... 1.32x 1.35x 1.31x 1.24x 1.28x
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