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EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
June 30, 1996 June 30, 1996
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Net Income $ 624,945 1,687,398
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Weighted average shares outstanding 3,967,500 3,967,500
Reduction for common shares not yet
released by Employee Stock Ownership Plan (286,646) (297,469)
Common stock equivalents due to dilutive
effect of stock options * *
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Total weighted average common shares and
equivalents outstanding for primary
computation 3,680,854 3,670,031
========== =========
Primary earnings per share $ .17 .46
=== ===
Total weighted average common shares and
equivalents outstanding for primary
computation 3,680,854 3,670,031
Additional dilutive shares using the end
of period market value versus the average
market value when applying the treasury
stock method ** **
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Total weighted average common shares and
equivalents outstanding for fully diluted
computation 3,680,854 3,670,031
========== =========
Fully diluted earnings per share $ .17 .46
=== ===
* Note: On June 13, 1996, 376,909 options were granted at $11.63 per share.
No options had been exercised as of June 30, 1996. The market value
of the stock at June 30, 1996 was also $11.63 per share; therefore,
no common stock equivalents are computed.
** Note: If the average share price is greater than the ending price, use
average price for both primary and fully diluted calculation. This
adjustment does not apply because the average price and the ending
price at June 30, 1996 are less than or equal to the option exercise
price of $11.63 per share.
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