Exhibit 11
Statement Re: Computation of Per Share Earnings
Basic earnings per share is computed by dividing net income by the weighted
average number of common shares outstanding for the period. ESOP shares
released or committed to be released are considered outstanding while
unallocated ESOP shares are not considered outstanding. Diluted earnings
per share reflects the potential dilution that could occur if securities or
other contracts to issue common stock were exercised or converted into
common stock or resulted in the issuance of common stock that then shared
in the earnings of the Company. Options to purchase 51,537 shares of
common stock outstanding at September 30, 2000 are included in the
computation of weighted average common shares outstanding for purposes of
computing diluted earnings per share because the options average market
price exceeded the exercise price of the options. The following table
presents the basic and diluted earnings per share computation:
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Basic Earnings Per Share
Net income $ 105,461 $ 74,564 $ 167,505 $ 340,105
Weighted-average shares outstanding 535,181 545,481 538,614 545,481
Less: net effect of unallocated ESOP shares (32,183) (36,547) (33,274) (37,638)
------------------------------------------------------
Weighted average shares outstanding as adjusted 502,998 508,934 505,340 507,843
======================================================
Basic Earnings Per Share $ 0.21 $ 0.15 $ 0.33 $ 0.67
Diluted Earnings Per Share
Net income $ 105,461 $ 74,564 $ 167,505 $ 340,105
Weighted-average shares outstanding 535,181 545,481 538,614 545,481
Less: net effect of unallocated ESOP shares (32,183) (36,547) (33,274) (37,638)
Plus: dilutive effect of stock options 6,819 - 2,273 -
------------------------------------------------------
Weighted average shares outstanding as adjusted 509,817 508,934 507,613 507,843
======================================================
Diluted Earnings Per Share $ 0.21 $ 0.15 $ 0.33 $ 0.67
</TABLE>
