EXHIBIT 11


                           FIRST BELL BANCORP, INC.
                   COMPUTATION OF PRIMARY EARNINGS PER SHARE
                   FOR THE THREE MONTHS ENDED MARCH 31, 1997
                   (In Thousands, except per share amounts)
                                  (unaudited)


 

                                                                
Net income applicable to common stock                             $ 1,996
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EARNINGS PER SHARE

Average number of shares of common stock outstanding                7,611

LESS:  Weighted average unearned ESOP shares                          627
                                                                  -------
                                                                    6,984
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Earnings per share                                                $  0.29
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