EXHIBIT 12.1
PENNFED FINANCIAL SERVICES, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEAR ENDED JUNE 30,
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1997 1996 1995 1994 1993
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Earnings:
Earnings before income tax expense..... $11,091 $12,952 $ 9,561 $ 7,447 $ 7,317
Add: Interest on borrowed funds........ 12,901 5,520 1,522 789 1
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Earnings before fixed charges excluding
Interest on deposits................. 23,992 18,472 11,083 8,236 7,318
Interest on deposits................... 40,172 33,601 25,631 20,036 23,381
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Earnings before fixed charges.......... $64,164 $52,073 $36,714 $28,272 $30,699
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Fixed charges:
Interest on borrowed funds............. $12,901 $ 5,520 $ 1,522 $ 789 $ 1
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Fixed charges excluding interest on
desposits............................. 12,901 5,520 1,522 789 1
Interest on deposits 40,172 33,601 25,631 20,036 23,381
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Total fixed charges.................. $53,073 $39,121 $27,153 $20,825 $23,382
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Ratio of earnings to fixed charges
excluding interest on deposits........ 1.86x 3.35x 7.28x 10.44x 7318.00x
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Ratio of earnings to fixed charges
Including interest on deposits........ 1.21x 1.33x 1.35x 1.36x 1.31x
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