COMPUTATIONS OF EARNINGS PER SHARE
Three Months Ended
March 31, 1998
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
December 31, 1997 1,539,461 97,593 1,441,868
January 31, 1998 1,539,461 97,593 1,441,868
February 28, 1998 1,539,461 97,593 1,441,868
March 31, 1998 1,539,461 97,593 1,441,868
Weighted average number of shares outstanding for
the quarter ended March 31, 1998, for earnings
per share calculation 1,441,868
Stock options outstanding at March 31, 1998: 150,411
-------
Exercise price of stock options: $9.42 per share
---------------
Average stock price for three month period:
ended March 31, 1998 $14.722
Three Months Ended
March 31,
----------------------------
Basic Earnings Per Share 1998 1997
----------- -----------
Income available to common stockholders ...... $ 157,795 $ 185,793
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation .... $ 1,441,868 $ 1,504,446
=========== ===========
Basic Earnings Per Share ............ $ .11 $ .12
=========== ===========
Diluted Earnings Per Share
Income available to common stockholders ...... $ 157,795 $ 185,793
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation .... 1,441,868 1,504,446
Weighted average common shares issued
under stock option plans ................. 150,411 151,981
Less weighted average shares assumed
repurchased with proceeds ................ (96,242) (120,815)
----------- -----------
Weighted average number of common shares
outstanding for diluted EPS calculation .. 1,496,037 1,535,612
=========== ===========
Diluted Earnings Per Share .......... $ .11 $ .12
=========== ===========
COMPUTATIONS OF EARNINGS PER SHARE
Six Months Ended
March 31, 1998
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
September 30, 1997 1,539,461 97,593 1,441,868
October 31, 1997 1,539,461 97,593 1,441,868
November 30, 1997 1,539,461 97,593 1,441,868
December 31, 1997 1,539,461 97,593 1,441,868
January 31, 1998 1,539,461 97,593 1,441,868
February 28, 1998 1,539,461 97,593 1,441,868
March 31, 1998 1,539,461 97,593 1,441,868
Weighted average number of shares outstanding for
the quarter ended March 31, 1998, for earnings
per share calculation 1,441,868
Stock options outstanding at March 31, 1998: 150,411
-------
Exercise price of stock options: $9.42 per share
---------------
Average stock price for three month period:
ended March 31, 1998 $14.329
Six Months Ended
March 31,
---------------------------
Basic Earnings Per Share 1998 1997
----------- -----------
Income available to common stockholders ...... $ 302,099 $ 369,023
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation .... $ 1,441,868 $ 1,504,446
=========== ===========
Basic Earnings Per Share ............ $ .21 $ .25
=========== ===========
Diluted Earnings Per Share
Income available to common stockholders ...... $ 302,099 $ 369,023
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation .... 1,441,868 1,504,446
Weighted average common shares issued
under stock option plans ................. 150,411 151,981
Less weighted average shares assumed
repurchased with proceeds ................ (98,881) (128,619)
----------- -----------
Weighted average number of common shares
outstanding for diluted EPS calculation .. 1,493,398 1,527,808
=========== ===========
Diluted Earnings Per Share ................... $ .20 $ .24
=========== ===========