Exhibit 11
               Statement Re: Computation of Per Share Earnings

Basic earnings per share is computed by dividing net earnings by the
weighted average number of common shares outstanding for the period. ESOP
shares released or committed to be released are considered outstanding
while unallocated ESOP shares are not considered outstanding. Shares held
by the Stock Based Incentive Plan that are vested are considered
outstanding while unvested shares are not considered outstanding for the
computation of basic earnings per share. Unvested shares held by the Stock
Based Incentive Plan are considered outstanding for the computation of
diluted earnings per share if dilutive. Diluted earnings per share reflects
the potential dilution that could occur if securities or other contracts to
issue common stock were exercised or converted into common stock or
resulted in the issuance of common stock that then shared in the earnings
of the Company. Options to purchase 51,537 shares of common stock
outstanding at March 31, 2001 are included in the computation of weighted
average common shares outstanding for purposes of computing diluted
earnings per share because the options average market price exceeded the
exercise price of the options. The following table presents the basic and
diluted earnings per share computation for the three months ended:

<TABLE>
<CAPTION>

                                                        For the Three Months Ended
                                                                 March 31,
                                                        --------------------------
                                                          2001             2000
                                                          ----             ----

<S>                                                     <C>              <C>
Net income applicable to common stock                   $154,698         $  8,913
                                                        =========================

Weighted average number of common shares outstanding     518,231          545,481
Less: weighted average unallocated ESOP shares           (30,000)         (34,364)
Less: weighted average unvested shares held by
 Stock Based Incentive Plan                               (8,223)               -
                                                        -------------------------
Average number of common shares outstanding used
 to calculate basic earings per share                    480,008          511,117
                                                        -------------------------

Effect of dilutive options                                 6,190                -
Effect of dilutive unvested stock awards                     967            1,044
                                                        -------------------------
Average number of common shares outstanding used
 to calculate diluted earnings per share                 487,165          512,161
                                                        =========================

Earnings Per Share:
  Basic                                                 $   0.32         $   0.02
  Diluted                                               $   0.32         $   0.02
</TABLE>