Exhibit 11.0 - Computation of Per Share Earnings

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is
calculated by dividing net income by average number of shares adjusted for the dilutive effect of outstanding stock options. ESOP shares are only considered outstanding for earnings per share
calculations when they are committed to be released.

Presented
below are the calculations for the basic and diluted earnings per share:

|                                             |  | Three Months
Ended
June 30, 2000 |           | Three Months
Ended
June 30, 1999 |           | Six Months
Ended
June 30, 2000 |           | Six Months
Ended
June 30, 1999
|-------------------------------------------- |  | -------------------------------- | --------- | -------------------------------- | --------- | ------------------------------ | --------- | ------------------------------
|Basic:                                       |  |                                  |           |                                  |           |                                |           |                               
|Net income                                   |  | $                                | 999,408   |                                  | 1,077,583 |                                | 1,962,285 |                               
|Weighted average shares outstanding          |  |                                  | 4,377,411 |                                  | 6,066,897 |                                | 4,455,257 |                               
|                                             |  |                                  |           |                                  |           |                                |           |                               
|Basic earnings per share                     |  | $                                | 0.23      |                                  | 0.18      |                                | 0.44      |                               
|                                             |  |                                  |           |                                  |           |                                |           |                               
|Diluted:                                     |  |                                  |           |                                  |           |                                |           |                               
|Net income                                   |  | $                                | 999,408   |                                  | 1,077,583 |                                | 1,962,285 |                               
|Weighted average shares outstanding          |  |                                  | 4,377,411 |                                  | 6,066,897 |                                | 4,455,257 |                               
|Effect of dilutive stock options outstanding |  |                                  |          |                                  |          |                                |          |                               
|                                             |  |                                  |           |                                  |           |                                |           |                               
|Diluted weighted average shares outstanding  |  |                                  | 4,377,411 |                                  | 6,066,897 |                                | 4,455,257 |                               
|                                             |  |                                  |           |                                  |           |                                |           |                               
|Diluted earnings per share                   |  | $                                | 0.23      |                                  | 0.18      |                                | 0.44      |                               
|                                             |  |                                  |           |                                  |           |                                |           |                               

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