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EXHIBIT 11.1
MASSBANK CORP.
Earnings Per Share
The following is a calculation of earnings per share for the three and
nine months ended September 30, 2000 and 1999.
Three Months Ended Nine Months Ended
Calculation of Basic Septemeber 30, September 30,
Earnings Per Share 2000 1999 2000 1999
______________________________ ____ ____ ____ ____
<S> <C> <C> <C> <C>
Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000
_________ _________ _________ _________
Average common shares outstanding 3,242,927 3,387,025 3,262,556 3,429,007
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 3,216,527 3,351,825 3,236,156 3,393,807
_________ _________ _________ _________
Earnings per share (in dollars) $ 0.84 $ 0.83 $ 2.55 $ 2.52
_________ _________ _________ _________
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Three Months Ended Nine Months Ended
Calculation of Diluted September 30, September 30,
Earnings Per Share 2000 1999 2000 1999
______________________________ ____ ____ ____ ____
<S> <C> <C> <C> <C>
Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000
_________ _________ _________ _________
Average common shares outstanding 3,242,927 3,387,025 3,262,556 3,429,007
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (26,400) (35,200) (26,400) (35,200)
Diluted stock options 75,843 113,778 75,318 115,332
_________ _________ _________ _______
Weighted average shares outstanding 3,292,370 3,465,603 3,311,474 3,509,139
_________ _________ _________ _________
Earnings per share (in dollars) $ 0.82 $ 0.80 $ 2.49 $ 2.44
_________ __________ __________ __________
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