EXHIBIT 11.1
MASSBANK CORP.
Earnings Per Share
The following is a calculation of earnings per share for the three months
and nine months ended September 30, 1996 and 1995.
Three Months Ended Nine Months Ended
Calculation of Primary September 30, September 30,
Earnings Per Share 1996 1995 1996 1995
______________________________ ____ ____ ____ ____
Average common shares outstanding 2,690,435 2,736,869 2,721,886 2,762,929
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (46,200) (52,800) (46,200) (52,800)
Shares assumed to be repurchased
under treasury stock method
for stock options 71,879 90,043 75,519 76,641
_______ _______ _______ _______
Total Shares 2,716,114 2,774,112 2,751,205 2,786,770
__________ __________ _________ _________
Net Income $2,444,000 $2,217,000 $7,037,000 $6,512,000
__________ __________ __________ __________
Per Share Amount $ 0.90 $ 0.80 $ 2.56 $ 2.34
__________ __________ __________ __________
Three Months Ended Nine Months Ended
Calculation of Fully Diluted September 30, September 30,
Earnings Per Share 1996 1995 1996 1995
______________________________ ____ ____ ____ ____
Average common shares outstanding 2,690,435 2,736,869 2,721,886 2,762,929
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (46,200) (52,800) (46,200) (52,800)
Shares assumed to be repurchased
under treasury stock method
of stock options 72,499 97,088 76,069 97,088
________ _______ _______ _______
Total Shares 2,716,734 2,781,157 2,751,755 2,807,217
_________ _________ _________ _________
Net Income $2,444,000 $2,217,000 $7,037,000 $6,512,000
__________ __________ __________ __________
Per Share Amount $ 0.90 $ 0.80 $ 2.56 $ 2.32