Exhibit 11

                       Computation of Net Income Per Share
               (In thousands, except share and earnings per share)

                                                  For the Quarter Ended
                                         ---------------------------------------
                                         September 30, 1999   September 30, 1998
                                         ------------------   ------------------
Net Income Per Share - Basic

Net income applicable to common stock        $   383,000         $   (91,000)

Weighted average common shares                 1,848,322           1,997,403

Earnings per common share                    $      0.21         $     (0.05)


Net Income Per Share - Diluted

Net income applicable to common stock        $   383,000         $   (91,000)

Weighted average common shares                 1,848,322           1,997,403

Dilutive common stock options                     18,295              22,248
                                             -----------         -----------

Weighted average common shares - diluted       1,866,617           2,019,651

Earnings per common share                    $      0.21         $     (0.04)

                                                For the Nine Months Ended
                                         ---------------------------------------
                                         September 30, 1999   September 30, 1998
                                         ------------------   ------------------
Net Income Per Share - Basic

Net income applicable to common stock        $ 1,019,000         $   306,000

Weighted average common shares                 1,889,848           2,033,542

Earnings per common share                    $      0.54         $      0.15


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<PAGE>


Net Income Per Share - Diluted

Net income applicable to common stock        $ 1,019,000         $   306,000

Weighted average common shares                 1,889,848          2,033,542

Dilutive common stock options                     15,510              20,135
                                             -----------         -----------

Weighted average common shares - diluted       1,905,358           2,053,677

Earnings per common share                    $      0.54         $      0.15

(1) Dilutive common stock options (includes restricted stock under the Company's
ISAP plan and options  under its stock  option  plan) are based on the  treasury
stock method using average market price.  The treasury  stock method  recognizes
the use of assumed  proceeds  upon the  exercise  of  option,  and the amount of
unearned  compensation   attributed  to  future  services  under  the  Company's
restricted stock plan, including any tax benefits,  will be used to purchase the
Company's common stock at the average market price during the period.


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<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                        GSB Financial Corporation

                                        Principal Executive Officers:


Date: November 15, 1999                 /s/  Stephen W. Dederick
                                             ----------------------------------
                                             Stephen W. Dederick
                                             Chief Financial Officer & Treasurer
                                             (Principal Financial and
                                             Accounting Officer)


                                        /s/  Rolland B. Peacock III
                                             ----------------------------------
                                             Rolland B. Peacock III
                                             Vice President

                                        /s/  Barbara A. Carr
                                             ----------------------------------
                                             Barbara A. Carr
                                             Secretary


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