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 60,003 shares of common stock
outstanding at March 31, 2002 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 computations of basic and diluted EPS
have been adjusted retroactively for all periods presented to reflect the
effect of a 10% stock dividend.  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,
                                                          --------------------------
                                                              2002          2001
                                                              ----          ----


                                                         <c>           <c>
Net income applicable to common stock                       $318,756      $154,698
                                                            ======================

Weighted average number of common shares outstanding         525,384       570,054
Less:  weighted average unallocated ESOP shares              (27,600)      (33,001)
Less:  weighted average unvested shares held by Stock
 Based Incentive Plan                                        (10,426)       (9,045)
                                                            ----------------------
Average number of common shares outstanding used
 to calculate basic earings per share                        487,358       528,008
                                                            ----------------------

Effect of dilutive options                                    21,895         6,809
Effect of dilutive unvested stock awards                       3,610         1,063
                                                            ----------------------
Average number of common shares outstanding used
 to calculate diluted earnings per share                     512,864       535,880
                                                            ======================

Earnings Per Share:
Basic                                                       $   0.65      $   0.29
Diluted.                                                    $   0.62      $   0.29
</TABLE>