Exhibit 11
InterCounty Bancshares, Inc.
Computation of Consolidated Earnings Per Common Share
For the Three and Six Months Ended June 30, 2000 and 1999
(in thousands, except shares and per share data)
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Net income $ 1,533 $ 1,446 $ 2,851 $ 2,682
========= ========= ========= =========
Weighted average common
shares issued 3,190,011 3,180,896 3,189,163 3,180,632
Less-Unreleased common
shares held by ESOP 12,305 16,209 12,779 16,707
--------- --------- --------- ---------
Weighted average number
of shares outstanding
used in the calculation
of basic earnings per
common share 3,177,706 3,164,687 3,176,384 3,163,925
Add - Dilutive effect of
stock options (1) 28,676 77,029 34,332 77,488
--------- --------- --------- ---------
Adjusted weighted average
number of shares outstanding
used in the calculation of
duiluted earnings per common
share 3,206,382 3,241,716 3,210,716 3,241,413
========= ========= ========= =========
Basic earnings per common
share $.48 $.46 $.90 $.85
Diluted earnings per common
share .48 .45 .89 .83
<FN>
(1) There is presently no active trading market for the Company's shares,
nor are the prices at which common shares have been traded published by any
national securities association or quotation service. Fair value for
earnings per common share purposes was assumed to be $21.00 at June 30, 2000,
and $28.50 at June 30, 1999.
</FN>
</TABLE>
