Exhibit 11 Sierra Tahoe Bancorp and Subsidiaries Computation of Earnings Per Common Share (Amounts in thousands except per share amounts) Three Three Six Six Months Months Months Months Ended Ended Ended Ended 6/30/95 6/30/94 6/30/95 6/30/94 Primary Net income $ 436 $ 594 $ 964 $ 1,107 Shares Weighted average number of common shares outstanding 2,610 2,591 2,615 2,591 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from exercise of such options 74 67 71 61 Weighted average number of common shares outstanding as adjusted 2,684 2,658 2,686 2,652 Net income per share $ 0.16 $ 0.22 $ 0.36 $ 0.42 Assuming full dilution Earnings $ 436 $ 594 $ 964 $ 1,107 Add after tax interest expense applicable to convertible debentures 125 128 250 202 Net income $ 561 $ 722 $ 1,214 $ 1,309 Shares Weighted average number of common shares outstanding 2,610 2,591 2,615 2,591 Assuming conversion of convertible debentures 1,000 1,041 1,000 830 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from exercise of such options 86 83 78 74 Weighted average number of common shares outstanding as adjusted 3,696 3,715 3,693 3,495 Net income per share assuming full dilution $ 0.15 $ 0.19 $ 0.33 $ 0.37