<PAGE> 1
--------------------------------------------------------------------------------
FRONTIER FINANCIAL CORPORATION AND SUBSIDIARIES EXHIBIT 11
--------------------------------------------------------------------------------
COMPUTATION OF EARNINGS PER SHARE
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For Nine Months Ended September 30,
2000 1999
-------------- ---------------
<S> <C> <C>
Net Income $ 24,207,871 $ 21,131,114
Computation of average
shares outstanding
Shares outstanding at
beginning of year 17,545,587 8,697,261
Shares issued pursuant
to Liberty Bay Merger 2,251,690 2,251,690
Additional shares deemed
outstanding because of
stock splits -- 8,758,499
Shares redeemed under stock
repurchase program (73,424) --
Shares issued during the
year times average time
outstanding during the year 10,544 68,856
------------ ------------
Average basic shares outstanding 19,734,397 19,776,306
------------ ------------
Dilutive shares 89,887 156,276
------------ ------------
Average diluted shares outstanding 19,824,284 19,932,582
------------ ------------
Basic earnings per share $ 1.23 $ 1.07
============ ============
Diluted earnings per share $ 1.22 $ 1.06
============ ============
</TABLE>
