<PAGE> 1
EXHIBIT 11
GATEWAY BANCSHARES, INC.
CONSOLIDATED STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
(unaudited)
The following tabulation presents the calculation of basic and diluted earnings
per common share for the three- and six-month periods ended June 30, 2000 and
1999.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------- --------------------------
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Basic net income $ 224,014 $ 47,317 $ 385,701 $ 107,438
========== ========== ========== ==========
Basic earnings on common shares $ 224,014 $ 47,317 $ 385,701 $ 107,438
========== ========== ========== ==========
Weighted average common shares outstanding, basic 679,048 679,048 679,048 679,048
========== ========== ========== ==========
Basic earnings per common share $ 0.33 $ 0.07 $ 0.57 $ 0.16
========== ========== ========== ==========
Basic net income per common share $ 0.33 $ 0.07 $ 0.57 $ 0.16
========== ========== ========== ==========
Diluted net income $ 224,014 $ 47,317 $ 385,701 $ 107,438
========== ========== ========== ==========
Diluted earnings on common shares $ 224,014 $ 47,317 $ 385,701 $ 107,438
========== ========== ========== ==========
Weighted average common shares outstanding, diluted 680,466 679,212 680,595 679,212
========== ========== ========== ==========
Diluted earnings per common share $ 0.33 $ 0.07 $ 0.57 $ 0.16
========== ========== ========== ==========
Diluted net income per common share $ 0.33 $ 0.07 $ 0.57 $ 0.16
========== ========== ========== ==========
</TABLE>
-17-