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<CAPTION> EXHIBIT 11.1
MASSBANK CORP.
Earnings Per Share
The following is a calculation of earnings per share for the three and
six months ended June 30, 2000 and 1999.
Three Months Ended Six Months Ended
Calculation of Basic June 30, June 30,
Earnings Per Share 2000 1999 2000 1999
______________________________ ____ ____ ____ ____
<S> <C> <C> <C> <C>
Net Income $2,717,000 $2,866,000 $5,545,000 $5,779,000
_________ _________ _________ _________
Average common shares outstanding 3,255,432 3,414,996 3,272,478 3,450,346
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (26,400) (35,200) (26,400) (35,200)
__________ _________ __________ ________
Weighted average shares outstanding 3,229,032 3,379,796 3,246,078 3,415,146
_________ _________ _________ _________
Earnings per share (in dollars) $ 0.84 $ 0.85 $ 1.71 $ 1.69
_________ _________ _________ _________
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<CAPTION>
Three Months Ended Six Months Ended
Calculation of Diluted June 30, June 30,
Earnings Per Share 2000 1999 2000 1999
______________________________ ____ ____ ____ ____
<S> <C> <C> <C> <C>
Net Income $2,717,000 $2,866,000 $5,545,000 $5,779,000
_________ _________ _________ _________
Average common shares outstanding 3,255,432 3,414,996 3,272,478 3,450,346
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (26,400) (35,200) (26,400) (35,200)
Diluted stock options 75,872 115,822 75,054 116,121
_________ _________ _________ _______
Weighted average shares outstanding 3,304,904 3,495,618 3,321,132 3,531,267
_________ _________ _________ _________
Earnings per share (in dollars) $ 0.82 $ 0.82 $ 1.67 $ 1.64
_________ __________ __________ __________
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