EXHIBIT 11.0

<PAGE>
<TABLE>
<CAPTION>
                        COMPUTATIONS OF EARNINGS PER SHARE

                               Three Months Ended

                                  June 30, 1997



                                                                     Less
                            Total Shares       Unallocated       Shares Used For
                            Outstanding        ESOP Shares      EPS Calculation
                            -----------        -----------      ---------------
<S>                           <C>                 <C>              <C> 
    March 31, 1997            1,079,285           76,321           1,002,964
    April 30, 1997            1,039,285           76,321             962,964
    May 31, 1997              1,025,321           76,321             949,000
    June 30, 1997             1,025,321           76,321             949,000
</TABLE>

               Weighted average number of shares outstanding for the
               quarter  ended June 30, 1997,  for earnings per share
               calculation (before effects of dilution)      965,982
      

               Earnings Per Share Before
               Effects of Dilution:      =        $190,911 (net income)/965,982
                                         =        $ .20 per share

      Stock options outstanding at June 30, 1997:  101,321

      Stock price for three month period:  
                    High:  $18.375     Low: $17.75     Average: $17.625
                                Beginning:  $17.75     Ending:  $18.00

      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).

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".
<PAGE>

Additional shares to be added
to common shares outstanding     =    101,321 - [(101,321 * $14.125)/$17.625]
                                 =    101,321 - 81,201
                                 =    20,120 shares

Primary Earnings Per Share       =    $190,911 (net income) / 965,982 + 20,120
                                 =    $190,911 / 986,102
                                 =    $.19 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)/$18.00]
                                    =   101,321 - 79,509
                                    =   21,812 shares

Fully Diluted Earnings Per Share    =   $190,911 (net income) / 965,982 + 21,812
                                    =   $190,911  / 987,794
                                    =   $.19 per share

The dilution in earnings per share from all  potential  dilution is less than 3%
[$.20 per share  assuming no dilution  compared to $.19 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".
<PAGE>
<TABLE>
<CAPTION>

                       COMPUTATIONS OF EARNINGS PER SHARE

                                Nine Months Ended

                                  June 30, 1997

                                                 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
  January 31, 1997          1,079,285           76,321          1,002,964
  February 28, 1997         1,079,285           76,321          1,002,964
  March 31, 1997            1,079,285           76,321          1,002,964
  April 30, 1997            1,039,285           76,321            962,964
  May 31, 1997              1,025,321           76,321            949,000
  June 30, 1997             1,025,321           76,321            949,000
</TABLE>

            Weighted average number of shares outstanding for the
            nine months  ended June 30,  1997,  for  earnings per
            share   calculation   (before  effects  of  dilution)
            988,171

            Earnings Per Share Before
            Effects of Dilution:      =        $559,934 (net income)/988,171
                                      =        $ .57 per share

              Stock options outstanding at June 30, 1997:    101,321

              Stock price for nine month period: 
                             High:  $19.00     Low: $14.75     Average: $16.962
                                        Beginning:  $15.50     Ending:  $18.00

              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).

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".
<PAGE>

Additional shares to be added
to common shares outstanding      =     101,321 - [(101,321 * $14.125)/$16.962]
                                  =     101,321 - 84,374
                                  =     16,947 shares

Primary Earnings Per Share        =     $559,934 (net income) / 988,171 + 16,947
                                  =     $559,934 / 1,005,118
                                  =     $.56 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)/$18.00]
                                    =   101,321 - 79,509
                                    =   21,812 shares

Fully Diluted Earnings Per Share    =   $559,934 (net income) / 988,171 + 21,812
                                    =   $559,934  / 1,009,983
                                    =   $.55 per share


The dilution in earnings per share from all  potential  dilution is less than 3%
[$.57 per share  assuming no dilution  compared to $.55 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".