Exhibit 11. Earnings per Share and Pro Forma Earnings per Share



<TABLE>
<CAPTION>
                                                                          Three Months Ended                 Nine Months Ended
                                                                             September 30,                     September 30,
                                                                    -----------------------------      ---------------------------
                                                                         1996           1995               1996           1995
                                                                         ----           ----               ----           ----
<S>                                                                  <C>            <C>                <C>            <C>   
Primary:
Net income                                                               $10,201         $1,812            $15,650         $3,882

Weighted average and pro forma weighted
   average shares outstanding during the period                            5,596          5,562              5,577          5,562
Unearned ESOP shares                                                        (363)          (418)              (363)          (436)
Stock options considered outstanding during the period                       152             68                119              7
Restricted stock shares considered outstanding during the period             127             33                142              7
                                                                     ------------   ------------       ------------   ------------
Total shares                                                               5,512          5,245              5,475          5,140
                                                                     ============   ============       ============   ============

Net income per share                                                       $1.85          $0.35              $2.86          $0.76
                                                                     ============   ============       ============   ============





<CAPTION>
                                                                         Three Months Ended                  Nine Months Ended
                                                                            September 30,                       September 30,
                                                                     --------------------------       -----------------------------
                                                                         1996           1995             1996             1995
                                                                         ----           ----             ----             ----
<S>                                                                  <C>            <C>                <C>            <C>   
Fully Diluted:
Net income                                                              $10,201         $1,812            $15,650            $3,882

Weighted average and pro forma weighted
   average shares outstanding during the period                           5,596           5,562              5,577            5,562
Unearned ESOP shares                                                       (363)           (418)              (363)            (436)
Stock options considered outstanding during the period                      197              82                188               37
Restricted stock shares considered outstanding during the period            127              38                142               17
                                                                    ------------    ------------       ------------     ------------
Total shares                                                              5,557           5,264              5,544            5,180
                                                                    ============    ============       ============     ============

Net income per share                                                      $1.84           $0.34              $2.82            $0.75
                                                                    ============    ============       ============     ============
</TABLE>




Net income per share for the three and nine months ended  September 30, 1996 and
the three  months  ended  September  30, 1995 is  computed  on  weighted  shares
outstanding  for the  period.  Net  income per share for the nine  months  ended
September  30, 1995 is  computed on a pro forma basis as if the stock  issued in
the conversion  from mutual to stock form had been issued as of the beginning of
the period presented.

This  computation  includes the impact of the Restricted  Stock Plan ("RSP") and
the Stock Option Plan which were approved by  stockholders at the Annual Meeting
of the Stockholders held on May 31, 1995.