Exhibit 11
InterCounty Bancshares, Inc.
Computation of Consolidated Earnings Per Common Share
For the Three and Nine Months Ended June 30, 2000 and 1999
(in thousands, except shares and per share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2000 1999 2000 1999
Net income $ (132)$ 1,380 $ 2,719 $ 4,062
========= ========= ========= =========
Weighted average common
shares issued 3,204,345 3,151,631 3,194,260 3,170,866
Less-Unreleased common
shares held by ESOP 11,357 15,212 12,301 16,209
--------- --------- --------- ---------
Weighted average number
of shares outstanding
used in the calculation
of basic earnings per
common share 3,192,988 3,136,419 3,181,959 3,154,657
Add - Dilutive effect of
stock options (1) 14,668 69,820 24,408 73,693
--------- --------- --------- ---------
Adjusted weighted average
number of shares outstanding
used in the calculation of
diluted earnings per common
share 3,207,656 3,206,239 3,206,367 3,228,350
========= ========= ========= =========
Basic earnings per common
share $(.04) $.44 $.85 $1.29
Diluted earnings per common
share (.04) .43 .84 1.26
<FN>
(1) There is presently no active trading market for the Company's shares,
nor are the prices at which common shares have been traded published by any
national securities association or quotation service. Fair value for
earnings per common share purposes was assumed to be $16.75 at September 30,
2000, and $28.00 at September 30, 1999.
</FN>