EXHIBIT 11
EARNINGS PER SHARE CALCULATION
For the three months
Ended March 31,
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Net Income ..................................................................... $ 445,353 $ 312,378
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Weighted Average Shares Outstanding ............................................ 2,520,092 2,800,438
Common stock equivalents due to dilutive
effect of stock options ...................................................... 48,699 --
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Total weighted average common shares
and equivalents outstanding .................................................. 2,568,791 2,800,438
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Primary Earnings Per Share ..................................................... $ 0.17 $ 0.11
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Weighted Average Shares Outstanding ............................................ 2,520,092 2,800,438
Common stock equivalents due to dilutive effect of stock options using and of
period marked value versus average market value for period when utilizing the
treasury
stock method regarding stock options ......................................... 49,229 --
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Total weighted average common shares and
equivalents outstanding for fully diluted
computation .................................................................. 2,569,321 2,800,438
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Fully diluted earnings per share ............................................... $ 0.17 $ 0.11
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Earnings per share of common stock for the three month periods ended March 31,
1997 and March 31, 1996 has been determined by dividing net income for the
period by the weighted average number of shares of common stock outstanding, net
of unearned ESOP shares of 223,060 and 239,284, respectively.