EXHIBIT 11
Statement Regarding Computation of Per Share Earnings
Three and Six Months Ended December 31, 1998 and 1997
(Dollars in thousands, except per share amounts)
Three months ended Six months ended
December 31, December 31,
--------------------------- ---------------------------
1998 1997 1998 1997
----------- ----------- ----------- -----------
Net income ...................................... $ 2,818 $ 2,742 $ 5,669 $ 5,428
=========== =========== =========== ===========
Number of shares outstanding:
Weighted average shares issued ................ 11,900,000 11,900,000 11,900,000 11,900,000
Less: Weighted average shares held in treasury 2,786,240 2,254,564 2,697,326 2,254,996
Less: Average shares held by the ESOP ........ 952,000 952,000 952,000 952,000
Plus: ESOP shares released or committed to be
released during the fiscal year ... 346,338 259,558 335,100 249,098
----------- ----------- ----------- -----------
Average basic shares ................... 8,508,098 8,952,994 8,585,774 8,942,102
Plus: Average common stock equivalents ....... 607,104 752,078 635,774 729,498
----------- ----------- ----------- -----------
Average diluted shares ................. 9,115,202 9,705,072 9,221,548 9,671,600
=========== =========== =========== ===========
Earnings per common share:
Basic .................................. $ 0.33 $ 0.31 $ 0.66 $ 0.61
=========== =========== =========== ===========
Diluted ................................ $ 0.31 $ 0.28 $ 0.62 $ 0.56
=========== =========== =========== ===========