**EXHIBIT 11**

**PACIFICABANCORP, INC.**

**COMPUTATION OF PER SHARE EARNINGS**

 
|                                                                           |   | **Years  Ended December 31,** |       |
|--------------------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                           |   | **2001**                      |       | **2000** | ** ** |
| Net income  (loss)                                                             |   | $                             | (2,964,824 | ) | $ | 878,018 |   |
|                                                                           |   |                          |       |   |   |
| Computation of  average shares outstanding                                     |   |                          |       |   |   |
|                                                                           |   |                          |       |   |   |
| Shares  outstanding at beginning of the year                                   |   | 3,258,208                     |       | 3,215,328 |   |
|                                                                           |   |                          |       |   |   |
| Additional  shares deemed outstanding because of stock dividends               |   | —                        |       | — |   |
|                                                                           |   |                          |       |   |   |
| Additional  shares deemed outstanding because of stock splits                  |   | —                        |       | — |   |
|                                                                           |   |                          |       |   |   |
| Common stock  repurchased                                                      |   | (40,920                       | )          | — |   |
|                                                                           |   |                          |       |   |   |
| Shares issued  during the year times average time outstanding  during the year |   | 48,673                        |       | 17,936 |   |
| Average basic  shares outstanding                                              |   | 3,265,961                     |       | 3,233,264 |   |
|                                                                           |   |                          |       |   |   |
| Average number  of dilutive shares assumed to be outstanding                   |   | —                        |       | 374,603 |   |
| Average diluted  shares outstanding                                            |   | 3,265,961                     |       | 3,607,867 |   |
|                                                                           |   |                          |       |   |   |
| Basic earnings  (loss) per share                                               |   | $                             | (0.91      | ) | $ | 0.27 |   |
| Diluted earnings  (loss) per share                                             |   | $                             | (0.91      | ) | $ | 0.24 |   |

 

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*       As a result of the reorganization effective January 1, 2001,the number of shares have been adjusted using a 2-for-1 exchange ratio.