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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2005 2004 2003 2002 2001
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Earnings:
Earnings before income tax expense $ 24,163 $ 18,601 $ 21,841 $ 22,619 $ 19,321
Add: interest on borrowed funds 27,981 29,342 29,974 30,681 28,299
Add: interest on trust preferreds 3,047 2,698 112 - -
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Earnings before fixed charges excluding
interest on deposits 55,191 50,641 51,927 53,300 47,620
Interest on deposits 30,356 26,634 32,870 42,181 51,285
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Earnings before fixed charges $ 85,547 $ 77,275 $ 84,797 $ 95,481 $ 98,905
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Fixed charges:
Interest on borrowed funds & trust preferreds $ 31,028 $ 32,040 $ 30,086 $ 30,681 $ 28,299
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Fixed charges excluding interest on
deposits $ 31,028 $ 32,040 $ 30,086 $ 30,681 $ 28,299
Interest on deposits 30,356 26,634 32,870 42,181 51,285
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Total fixed charges $ 61,384 $ 58,674 $ 62,956 $ 72,862 $ 79,584
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Ratio of earnings to fixed charges
excluding interest on deposits 1.78 x 1.58 x 1.73 x 1.74 x 1.68 x
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Ratio of earnings to fixed charges
including interest on deposits 1.39 x 1.32 x 1.35 x 1.31 x 1.24 x
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