EXHIBIT 11




<PAGE>

                                                                      EXHIBIT 11


              STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
                                                 Three Months Ended        Six Months Ended
                                                    September 30,            September 30,                        
                                                ----------------------    ----------------------                  
                                                  1997         1998         1997         1998 
                                                ---------    ---------    ---------    ---------
<S>                                             <C>          <C>          <C>          <C>      
Computation Basic Earnings Per Share:
Weighted average common shares outstanding:
      Average share issued                        515,125      515,125      515,125      515,125
      Less: Average unallocated ESOP shares       (30,908)     (26,787)     (30,908)     (26,787)
      Less: Unearned MSBP shares                   (9,784)      (6,299)      (9,982)      (6,710)
      Less: Average Treasury shares               (97,668)    (104,575)     (90,817)    (101,535)
                                                ---------    ---------    ---------    ---------

Weighted average shares outstanding               376,765      377,464      383,419      380,093
                                                ---------    ---------    ---------    ---------
Computation Diluted Earnings Per Share:
Weighted average shares
Outstanding (per above basic EPS)                 376,765      377,464      383,419      380,093
      Plus: dilutive effect of MSBP shares          1,517        1,285        1,475        1,286
      Plus: dilutive effect of  Stock options      10,207       13,470        9,761       12,699
                                                ---------    ---------    ---------    ---------

Diluted weighted average shares outstanding       388,488      392,219      394,655      394,078
                                                =========    =========    =========    =========

Net earnings                                    $ 129,341    $ 108,887    $ 259,856    $ 216,697
                                                =========    =========    =========    =========

Earnings per shares:
Basic                                           $    0.34    $    0.29    $    0.68    $    0.57
                                                =========    =========    =========    =========
Diluted                                         $    0.33    $    0.28    $    0.66    $    0.55
                                                =========    =========    =========    =========
</TABLE>



Beginning  with the  completed  stock  offering  date of October 11,  1994,  the
Company  accounts for the 41,210 shares acquired by the Employee Stock Ownership
Plan ("ESOP") in accordance  with Statement of Position 93.6. In accordance with
this statement, shares controlled by the ESOP are not considered in the weighted
average shares outstanding until the shares are committed for allocation.