EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
Three Months
Ended
March 31,
1997
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Net Income ................................................ $ 234,547
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Weighted average shares outstanding ....................... 1,067,919
Reduction for common shares not yet
released by Employee Stock Ownership Plan ............ (80,937)
Common stock equivalents due to dilutive
effect of stock options .............................. 4,924
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Total weighted average common shares and
equivalents outstanding .............................. 991,906
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Primary earnings per share ................................ $ 0.24
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Total weighted average common
shares and equivalents outstanding
for primary computation .............................. 991,906
Additional dilutive shares using the end
of period market value versus the average
market value when applying the treasury
stock method ......................................... * 2,772
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Total weighted average common shares and
equivalents outstanding for fully diluted
computation .......................................... 994,678
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Fully diluted earnings per share .......................... $ 0.24
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* Note: If the average share price is greater than the ending price, use average
price for both primary and fully diluted calculation.