Exhibit 11
Statement Regarding Computation of Earnings per Share
As of September 30, 2000 and 1999
<TABLE>
<CAPTION>
Three Month Period Six Month Period
---------------------- ----------------------
2000 1999 2000 1999 (1)
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net Earnings (in thousands) $ 65 $ 177 $ 236 $ 325
Basic earnings per share:
Weighted average shares outstanding 859,625 859,625 859,625 859,625
Less unearned employee stock ownership plan shares (40,844) (48,591) (41,795) (49,587)
Less shares repurchased (263,341) (91,293) (252,992) (76,050)
Average option shares granted 0 0 0 0
Less assumed purchase of shares using treasury method 0 0 0 0
--------- --------- --------- ---------
Common and common equivalent shares outstanding 555,440 719,741 564,838 733,988
--------- --------- --------- ---------
Earnings per common share - basic $ 0.12 $ 0.25 $ 0.42 $ 0.44
--------- --------- --------- ---------
Diluted earnings per share:
Weighted average shares outstanding 859,625 859,625 859,625 859,625
Less unearned employee stock ownership plan shares (40,844) (48,591) (41,795) (49,587)
Less shares repurchased (263,341) (91,293) (252,992) (76,050)
Average option shares granted (2) 52,613 35,075 52,613 35,075
Less assumed purchase of shares using treasury method (52,613) (35,075) (52,613) (35,075)
--------- --------- --------- ---------
Common and common equivalent shares outstanding 555,440 719,741 555,440 733,988
--------- --------- --------- ---------
Earnings per common share - diluted $ 0.12 $ 0.25 $ 0.42 $ 0.44
--------- --------- --------- ---------
</TABLE>
(1) See page 8 for Earnings per Share
(2) Option price exceeds market price
