EXHIBIT 11.0
COMPUTATIONS OF EARNINGS PER SHARE
Three Months Ended
March 31, 2000
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
December 31, 1999 1,162,320 66,313 1,096,007
January 31, 2000 1,162,320 66,313 1,096,007
February 29, 2000 1,162,320 66,313 1,096,007
March 31, 2000 1,162,320 66,313 1,096,007
Weighted average number of shares outstanding for
the quarter ended March 31, 2000, for earnings
per share calculation 1,096,007
---------
Stock options outstanding at March 31, 2000: 147,276
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Exercise price of stock options: $9.42 per share
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Average stock price for three month period:
ended March 31, 2000 $8.909
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Three Months Ended
------------------
March 31,
---------
Basic Earnings Per Share 2000 1999
- ------------------------ ----------- ---------
Income available to common stockholders $52,804 $57,379
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Weighted average number of common shares
outstanding for basic EPS calculation 1,096,007 1,335,051
=========== =========
Basic Earnings Per Share $.05 $.04
=========== =========
Diluted Earnings Per Share
- --------------------------
Income available to common stockholders $52,804 $57,379
=========== =========
Weighted average number of common shares
outstanding for basic EPS calculation 1,096,007 1,335,051
Weighted average common shares issued
under stock option plans 147,276 148,843
Less weighted average shares assumed
repurchased with proceeds (147,276) (135,784)
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Weighted average number of common shares
outstanding for diluted EPS calculation 1,096,007 1,348,110
=========== =========
Diluted Earnings Per Share $.05 $.04
=========== =========
COMPUTATIONS OF EARNINGS PER SHARE
Six Months Ended
March 31, 2000
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
September 30, 1999 1,294,420 66,313 1,228,107
October 31, 1999 1,294,420 66,313 1,228,107
November 30, 1999 1,294,420 66,313 1,228,107
December 31, 1999 1,162,320 66,313 1,096,107
January 31, 2000 1,162,320 66,313 1,096,107
February 29, 2000 1,162,320 66,313 1,096,107
March 31, 2000 1,162,320 66,313 1,096,107
Weighted average number of shares outstanding for
the quarter ended March 31, 2000, for earnings
per share calculation 1,152,678
---------
Stock options outstanding at March 31, 2000: 147,276
-------
Exercise price of stock options: $9.42 per share
---------------
Average stock price for six month period:
ended March 31, 2000 $11.144
-------
Six Months Ended
------------------
March 31,
---------
Basic Earnings Per Share 2000 1999
- ------------------------ ----------- ---------
Income available to common stockholders $146,562 $207,410
========= =========
Weighted average number of common shares
outstanding for basic EPS calculation 1,152,678 1,362,176
========= =========
Basic Earnings Per Share $.13 $.15
========= =========
Diluted Earnings Per Share
- --------------------------
Income available to common stockholders $146,562 $207,410
========= =========
Weighted average number of common shares
outstanding for basic EPS calculation 1,152,678 1,362,176
Weighted average common shares issued
under stock option plans 147,276 148,843
Less weighted average shares assumed
repurchased with proceeds (124,492) (136,298)
--------- ---------
Weighted average number of common shares
outstanding for diluted EPS calculation 1,175,462 1,374,721
========= =========
Diluted Earnings Per Share $.12 $.15
========= =========