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EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
September 30, 2000 September 30, 1999
<S> <C> <C>
Net Income $ 265,885 105,951
============= ===========
Weighted average shares outstanding
for basic EPS computation 959,295 1,127,346
Reduction for common shares not yet
released by Employee Stock Ownership Plan (74,193) (87,682)
------------- -----------
Total weighted average common shares
outstanding for basic computation 885,102 1,039,664
============= ===========
Basic earnings per share $0.30 $0.10
============= ===========
Total weighted average common shares
outstanding for basic computation 885,102 1,039,664
Common stock equivalents due to
dilutive effect of stock options 1,208 8,195
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Total weighted average common shares and
equivalents outstanding for diluted
computation 886,310 1,047,859
============= ===========
Diluted earnings per share $0.30 $0.10
============= ===========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Nine Months
Ended Ended
September 30, 2000 September 30, 1999
<S> <C> <C>
Net Income $ 584,518 507,021
============= ==========
Weighted average shares outstanding
for basic EPS computation 974,189 1,212,085
Reduction for common shares not yet
released by Employee Stock Ownership Plan (80,937) (94,426)
------------- ----------
Total weighted average common shares
outstanding for basic computation 893,252 1,117,659
============= ==========
Basic earnings per share $0.65 $0.45
============= ==========
Total weighted average common shares
outstanding for basic computation 893,252 1,117,659
Common stock equivalents due to
dilutive effect of stock options 5,690 2,432
------------- ----------
Total weighted average common shares and
equivalents outstanding for diluted
computation 898,942 1,120,091
============ =============
Diluted earnings per share $0.65 $0.45
============= =============
</TABLE>
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