EXHIBIT 11
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Three Months Three Months
Ended Ended
June 30, 2001 June 30, 2000
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Net Income $ 225,854 144,586
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Weighted average shares outstanding
for basic EPS computation 869,163 965,084
Reduction for common shares not yet
released by Employee Stock Ownership Plan (64,077) (77,565)
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Total weighted average common shares
outstanding for basic computation 805,086 887,519
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Basic earnings per share $ 0.28 $ 0.16
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Total weighted average common shares
outstanding for basic computation 805,086 887,519
Common stock equivalents due to
dilutive effect of stock options 15,838 8,384
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Total weighted average common shares and
equivalents outstanding for diluted
computation 820,924 895,903
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Diluted earnings per share $ 0.28 $ 0.16
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Six Months Six Months
Ended Ended
June 30, 2000 June 30, 2000
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Net Income $ 418,222 318,631
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Weighted average shares outstanding
for basic EPS computation 883,231 981,717
Reduction for common shares not yet
released by Employee Stock Ownership Plan (67,449) (80,937)
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Total weighted average common shares
outstanding for basic computation 815,782 900,780
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Basic earnings per share $0.51 $0.35
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Total weighted average common shares
outstanding for basic computation 815,782 900,780
Common stock equivalents due to
dilutive effect of stock options 16,496 7,879
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Total weighted average common shares and
equivalents outstanding for diluted
computation 832,278 908,659
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Diluted earnings per share $0.50 $0.35
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