EXHIBIT 11.0


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                       COMPUTATIONS OF EARNINGS PER SHARE

                               Three Months Ended

                                December 31, 1996


                                                                      Less
                               Total Shares      Unallocated    Shares Used For
                               Outstanding      ESOP Shares     EPS Calculation
                               -----------      -----------     ---------------
      <S>                       <C>                 <C>             <C>
      September 30, 1996        1,079,285           76,321          1,002,964
      October 31, 1996          1,079,285           76,321          1,002,964
      November 30, 1996         1,079,285           76,321          1,002,964
      December 31, 1996         1,079,285           76,321          1,002,964
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          Weighted average number of shares outstanding for the
          three  months ended  December 31, 1996,  for earnings
          per share  calculation  (before  effects of dilution)
          1,002,964

          Earnings Per Share Before
          Effects of Dilution:      =        $183,230 (net income)/1,002,964
                                    =        $ .18 per share

      Stock options outstanding at December 31, 1996:  101,321

      Stock price for three month period:

                 High:       $16.50     Low: $14.75     Average: $15.6875
                 Beginning:  $15.50     Ending:  $16.375

      Exercise price of stock options:  $14.125 per share

The  potential  dilution  from  stock  options is less than 20% of the number of
common shares  outstanding and the market price of the common stock exceeded the
exercise  price for all months of the  period.  Therefore,  the  treasury  stock
method  was used for  calculating  the  dilutive  effects  of the  common  stock
equivalents (stock options).
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Primary Earnings Per Share

Under the treasury stock method,  for primary  earnings per share, it is assumed
that all of the  outstanding  options are exercised at their  exercise price and
the cash proceeds  received by the Company are used to purchase  treasury shares
at the average market price of the common stock for the quarter.  The difference
in the number of shares that could be purchased  under this  assumption  and the
total number of stock options is added to the weighted  average number of shares
outstanding  for the quarter to calculate  "Earnings Per Common Share and Common
Stock Equivalents".

Additional shares to be added
to common shares outstanding    =    101,321 - [(101,321 * $14.125)/$15.6875]
                                =    101,321 - 91,229
                                =    10,092 shares

Primary Earnings Per Share      =    $183,230 (net income) / 1,002,964 + 10,092
                                =    $183,230 / 1,013,056
                                =    $.18 per share


Fully Diluted Earnings Per Share

Under the treasury  stock method,  for fully diluted  earnings per share,  it is
assumed that all of the  outstanding  options are  exercised  at their  exercise
price  and the cash  proceeds  received  by the  Company  are  used to  purchase
treasury  shares at the ending market price of the common stock for the quarter.
The  difference  in the  number of shares  that  could be  purchased  under this
assumption  and the  total  number  of stock  options  is added to the  weighted
average number of shares outstanding for the quarter to calculate  "Earnings Per
Common Share Assuming Full Dilution".

Additional shares to be added
to common shares outstanding      =   101,321 - [(101,321 * $14.125)/$16.375]
                                  =   101,321 - 87,399
                                  =   13,922 shares

Fully Diluted Earnings Per Share  =   $183,230 (net income) / 1,002,964 + 13,922
                                  =   $183,230  / 1,016,886
                                  =   $.18 per share


The dilution in earnings per share from all  potential  dilution is less than 3%
[$.18 per share  assuming no dilution  compared to $.18 per share  assuming full
dilution].  Therefore,  the effects of dilution are  considered not material and
only a single  earnings  per  share  is  presented  in the  income  statement  -
"Earnings Per Common Share".