STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
On January 20, 2000, the Board of Directors of the Bank declared a 6%
stock dividend payable as of March 31, 2000. All income per share
amounts have been adjusted to give retroactive effect to the stock
dividend.
Earnings Per Share (EPS)
Basic and diluted earnings per share for the three month periods
ending March 31, 2000 and March 31, 1999 were computed as follows:
Three months
ended March 31
2000 1999
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Basic earnings per share:
Net income $ 1,122,440 $ 728,428
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Weighted average common shares
outstanding 3,265,549 3,275,226
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Basic EPS $ 0.34 $ 0.22
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Diluted earnings per share:
Net income $ 1,122,440 $ 728,428
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Denominator:
Weighted average common shares
outstanding 3,265,549 3,275,226
Incremental shares due to dilutive
stock options 22,056 5,007
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3,287,605 3,280,233
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Diluted EPS $ 0.34 $ 0.22
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