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(b) Exhibit 11 - COMPUTATION OF EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARES
Three Months Ended
March 31, 1997
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Primary
- -------
Net income $1,716,406
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Weighted averages shares outstanding
Average Common shares 5,082,114
Average unallocated ESOP shares (274,646)
Common stock equivalents - options
and warrants 185,567
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Total weighted average shares outstanding
during period 4,993,035
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Earnings per common and common share equivalent - primary $.34
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Fully Diluted
- -------------
Net income $1,716,406
==========
Average common shares 5,082,114
Average unallocated ESOP shares (274,646)
Common stock equivalents - options and
warrants 298,215
----------
Total weighted average shares outstanding
during period 5,105,683
==========
Earnings per common and common share equivalent - fully diluted $.34
==========