<TABLE>
<CAPTION>
                                                                                                        Exhibit 11

                                           CATSKILL FINANCIAL CORPORATION
                                     COMPUTATION OF NET INCOME PER COMMON SHARE
                                  (In thousands, except share and per share data)

------------------------------------------------------------------------------------------------------------------

                                                       Three Months Ended June 30,     Nine Months Ended June 30,
                                                     ----------------------------     ----------------------------

                                                        2000             1999             2000             1999
                                                     -----------      -----------     -----------      -----------
<S>                                                  <C>              <C>             <C>              <C>
Net income (loss) per common share - basic
------------------------------------------

   Net income (loss) applicable to common shares     $    (6,459)     $     1,099     $    (4,233)     $     3,121

   Weighted average common shares outstanding          3,294,197        3,804,676       3,330,443        3,831,288

   Net income (loss) per common share - basic        $     (1.96)     $       .29     $     (1.27)     $       .81
                                                     ===========      ===========     ===========      ===========

Net income (loss) per common share - diluted
--------------------------------------------

   Net income (loss) applicable to common shares     $    (6,459)     $     1,099     $    (4,233)     $     3,121

   Weighted average common shares outstanding          3,294,197        3,804,676       3,330,443        3,831,288

   Dilutive common stock options (1)                          --           94,020              --           67,159
                                                     -----------      -----------     -----------      -----------

   Weighted average common shares including
     potential dilution                                3,294,197        3,898,696       3,330,443        3,898,447

                                                     ===========      ===========     ===========      ===========

   Net income (loss) per common share - diluted      $     (1.96)     $       .28     $     (1.27)     $       .80
                                                     ===========      ===========     ===========      ===========
</TABLE>



(1) Dilutive common stock options  (includes  granted,  but unvested  restricted
stock under the Company's MRP plan and options  granted,  but unexercised  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 options, and the amount of unearned compensation attributed
to future services under the Company's  restricted stock plan, including any tax
benefits,  to purchase the  Company's  common stock at the average  market price
during the period. Furthermore,  for the three and nine month periods ended June
30, 2000, weighted average common shares including potential dilution,  excluded
76,459  and  45,292   shares,   respectively,   because  they  would  have  been
antidilutive and reduced the reported diluted loss per share.