Massbank Corp Watch

from SC 13D 1 page Underwriting agreement

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and Nine Months Ended September 30, 2000 and 1999. Three Months Ended Nine Months Ended Calculation of Basic Septemeber 30, September 30, Earnings Per Share 2000 1999 2000 1999 <s> <c> <c> <c> <c> Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000 Average Common Shares Outstanding 3,242,927 3,387,025 3,262,556 3,429,007 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) (26,400) (35,200) Weighted Average Shares Outstanding 3,216,527 3,351,825 3,236,156 3,393,807 Earnings Per Share (In Dollars) $ 0.84 $ 0.83 $ 2.55 $ 2.52 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 2000 1999 2000 1999 <s> <c> <c> <c> <c> Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000 Average Common Shares Outstanding 3,242,927 3,387,025 3,262,556 3,429,007 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) (26,400) (35,200) Diluted Stock Options 75,843 113,778 75,318 115,332 Weighted Average Shares Outstanding 3,292,370 3,465,603 3,311,474 3,509,139 Earnings Per Share (In Dollars) $ 0.82 $ 0.80 $ 2.49 $ 2.44 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and Six Months Ended June 30, 2000 and 1999. Three Months Ended Six Months Ended Calculation of Basic June 30, June 30, Earnings Per Share 2000 1999 2000 1999 <s> <c> <c> <c> <c> Net Income $2,717,000 $2,866,000 $5,545,000 $5,779,000 Average Common Shares Outstanding 3,255,432 3,414,996 3,272,478 3,450,346 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) (26,400) (35,200) Weighted Average Shares Outstanding 3,229,032 3,379,796 3,246,078 3,415,146 Earnings Per Share (In Dollars) $ 0.84 $ 0.85 $ 1.71 $ 1.69 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Diluted June 30, June 30, Earnings Per Share 2000 1999 2000 1999 <s> <c> <c> <c> <c> Net Income $2,717,000 $2,866,000 $5,545,000 $5,779,000 Average Common Shares Outstanding 3,255,432 3,414,996 3,272,478 3,450,346 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) (26,400) (35,200) Diluted Stock Options 75,872 115,822 75,054 116,121 Weighted Average Shares Outstanding 3,304,904 3,495,618 3,321,132 3,531,267 Earnings Per Share (In Dollars) $ 0.82 $ 0.82 $ 1.67 $ 1.64 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months Ended March 31, 2000 and 1999. Three Months Ended Calculation of Basic March 31, Earnings Per Share 2000 1999 <s> <c> <c> Income $2,828,000 $2,913,000 Average Common Shares Outstanding 3,289,524 3,486,088 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) Weighted Average Shares Outstanding 3,263,124 3,450,888 Earnings Per Share (In Dollars) $ 0.87 $ 0.84 </Table> <table> <caption> Three Months Ended Calculation of Diluted March 31, Earnings Per Share 2000 1999 <s> <c> <c> Net Income $2,828,000 $2,913,000 Average Common Shares Outstanding 3,289,524 3,486,088 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (26,400) (35,200) Diluted Stock Options 74,235 116,425 Weighted Average Shares Outstanding 3,337,359 3,567,313 Earnings Per Share (In Dollars) $ 0.85 $ 0.82 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and and Nine Months Ended September 30, 1999 and 1998. Three Months Ended Nine Months Ended Calculation of Basic September 30, September 30, Earnings Per Share 1999 1998 1999 1998 <s> <c> <c> <c> <c> Net Income $2,783,000 $2,695,000 $8,562,000 $8,235,000 Average Common Shares Outstanding 3,387,025 3,592,156 3,429,007 3,587,051 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) (35,200) (44,000) Weighted Average Shares Outstanding 3,351,825 3,548,156 3,393,807 3,543,051 Earnings Per Share (In Dollars) $ 0.83 $ 0.76 $ 2.52 $ 2.32 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 1999 1998 1999 1998 <s> <c> <c> <c> <c> Net Income $2,783,000 $2,695,000 $8,562,000 $8,235,000 Average Common Shares Outstanding 3,387,025 3,592,156 3,429,007 3,587,051 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) (35,200) (44,000) Diluted Stock Options 113,778 144,113 115,332 156,118 Weighted Average Shares Outstanding 3,465,603 3,692,269 3,509,139 3,699,169 Earnings Per Share (In Dollars) $ 0.80 $ 0.73 $ 2.44 $ 2.23 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and Six Months Ended June 30, 1999 and 1998. Three Months Ended Six Months Ended Calculation of Basic June 30, June 30, Earnings Per Share 1999 1998 1999 1998 <s> <c> <c> <c> <c> Net Income $2,866,000 $2,706,000 $5,779,000 $5,540,000 Average Common Shares Outstanding 3,414,996 3,590,194 3,450,346 3,584,456 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) (35,200) (44,000) Weighted Average Shares Outstanding 3,379,796 3,546,194 3,415,146 3,540,456 Earnings Per Share (In Dollars) $ 0.85 $ 0.76 $ 1.69 $ 1.56 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Diluted June 30, June 30, Earnings Per Share 1999 1998 1999 1998 <s> <c> <c> <c> <c> Net Income $2,866,000 $2,706,000 $5,779,000 $5,540,000 Average Common Shares Outstanding 3,414,996 3,590,194 3,450,346 3,584,456 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) (35,200) (44,000) Diluted Stock Options 115,822 162,507 116,121 162,220 Weighted Average Shares Outstanding 3,495,618 3,708,701 3,531,267 3,702,676 Earnings Per Share (In Dollars) $ 0.82 $ 0.73 $ 1.64 $ 1.50 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months Ended March 31, 1999 and 1998. Three Months Ended Calculation of Basic March 31, Earnings Per Share 1999 1998 <s> <c> <c> Net Income $2,913,000 $2,834,000 Average Common Shares Outstanding 3,486,088 3,578,654 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) Weighted Average Shares Outstanding 3,450,888 3,534,654 Earnings Per Share (In Dollars) $ 0.84 $ 0.80 </Table> <table> <caption> Three Months Ended Calculation of Diluted March 31, Earnings Per Share 1999 1998 <s> <c> <c> Net Income $2,913,000 $2,834,000 Average Common Shares Outstanding 3,486,088 3,578,654 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (35,200) (44,000) Diluted Stsock Options 116,425 161,930 Weighted Average Shares Outstanding 3,567,313 3,696,584 Earnings Per Share (In Dollars) $ 0.82 $ 0.77 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and and Nine Months Ended September 30, 1998 and 1997. Three Months Ended Nine Months Ended Calculation of Basic September 30, September 30, Earnings Per Share 1998 1997 1998 1997 <s> <c> <c> <c> <c> Net Income $2,695,000 $2,589,000 $8,235,000 $7,511,000 Average Common Shares Outstanding 3,592,156 3,572,418 3,587,051 3,578,807 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,000) (52,800) (44,000) (52,800) Weighted Average Shares Outstanding 3,548,156 3,519,618 3,543,051 3,526,007 Earnings Per Share (In Dollars) $ 0.76 $ 0.74 $ 2.32 $ 2.13 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 1998 1997 1998 1997 <s> <c> <c> <c> <c> Net Income $2,695,000 $2,589,000 $8,235,000 $7,511,000 Average Common Shares Outstanding 3,592,156 3,572,418 3,587,051 3,578,807 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,000) (52,800) (44,000) (52,800) Diluted Stock Options 144,113 150,952 156,118 130,747 Weighted Average Shares Outstanding 3,692,269 3,670,570 3,699,169 3,656,754 Earnings Per Share (In Dollars) $ 0.73 $ 0.70 $ 2.23 $ 2.05 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three and and Six Months Ended June 30, 1998 and 1997. Three Months Ended Six Months Ended Calculation of Basic June 30, June 30, Earnings Per Share 1998 1997 1998 1997 <s> <c> <c> <c> <c> Net Income $2,706,000 $2,449,000 $5,540,000 $4,922,000 Average Common Shares Outstanding 3,590,194 3,581,533 3,584,456 3,582,054 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,000) (52,800) (44,000) (52,800) Weighted Average Shares Outstanding 3,546,194 3,528,733 3,540,456 3,529,254 Earnings Per Share (In Dollars) $ 0.76 $ 0.69 $ 1.56 $ 1.39 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Diluted June 30, June 30, Earnings Per Share 1998 1997 1998 1997 <s> <c> <c> <c> <c> Net Income $2,706,000 $2,449,000 $5,540,000 $4,922,000 Average Common Shares Outstanding 3,590,194 3,581,533 3,584,456 3,582,054 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,900) (52,800) (44,000) (52,800) Diluted Stock Options 162,507 123,836 162,220 120,478 Weighted Average Shares Outstanding 3,708,701 3,652,569 3,702,676 3,649,732 Earnings Per Share (In Dollars) $ 0.73 $ 0.67 $ 1.50 $ 1.35 </Table> <page>

from 10-Q 1 page <table> <caption> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months Ended March 31, 1998 and 1997. Three Months Ended Calculation of Basic March 31, Earnings Per Share 1998 1997 <s> <c> <c> Net Income $2,834,000 $2,473,000 Average Common Shares Outstanding 3,578,654 3,582,581 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,000) (52,800) Weighted Average Shares Outstanding 3,534,654 3,529,781 Earnings Per Share (In Dollars) $ 0.80 $ 0.70 </Table> [Caption] <table> Three Months Ended Calculation of Diluted March 31, Earnings Per Share 1998 1997 <s> <c> <c> Net Income $2,834,000 $2,473,000 Average Common Shares Outstanding 3,578,654 3,582,581 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (44,000) (52,800) Diluted Stsock Options 161,930 117,082 Weighted Average Shares Outstanding 3,696,584 3,646,863 Earnings Per Share (In Dollars) $ 0.77 $ 0.68 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Nine Months Ended September 30, 1997 and 1996. <caption> Three Months Ended Nine Months Ended Calculation of Primary September 30, September 30, Earnings Per Share 1997 1996 1997 1996 <s> <c> <c> <c> <c> Average Common Shares Outstanding 3,572,418 3,587,247 3,578,807 3,629,181 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (61,600) (52,800) (61,600) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 150,963 95,838 130,764 100,692 Total Shares 3,670,581 3,621,485 3,656,771 3,668,273 Net Income $2,589,000 $2,444,000 $7,511,000 $7,037,000 Per Share Amount $ 0.70 $ 0.67 $ 2.05 $ 1.92 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Fully Diluted September 30, September 30, Earnings Per Share 1997 1996 1997 1996 <s> <c> <c> <c> <c> Average Common Shares Outstanding 3,572,418 3,587,247 3,578,807 3,629,181 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (61,600) (52,800) (61,600) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 170,639 96,665 143,959 101,426 Total Shares 3,690,257 3,622,312 3,669,966 3,669,007 Net Income $2,589,000 $2,444,000 $7,511,000 $7,037,000 Per Share Amount $ 0.70 $ 0.67 $ 2.05 $ 1.92 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Six Months Ended June 30, 1997 and 1996. <caption> Three Months Ended Six Months Ended Calculation of Primary June 30, June 30, Earnings Per Share 1997 1996 1997 1996 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,686,150 2,726,564 2,686,541 2,737,785 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (39,600) (46,200) (39,600) (46,200) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 92,899 74,097 90,372 77,359 Total Shares 2,739,449 2,754,461 2,737,313 2,768,944 Net Income $2,449,000 $2,370,000 $4,922,000 $4,593,000 Per Share Amount $ 0.90 $ 0.86 $ 1.80 $ 1.66 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Fully Diluted June 30, June 30, Earnings Per Share 1997 1996 1997 1996 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,686,150 2,726,564 2,686,541 2,737,785 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (39,600) (46,200) (39,600) (46,200) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 106,122 74,097 97,799 77,873 Total Shares 2,752,672 2,754,461 2,744,740 2,769,458 Net Income $2,449,000 $2,370,000 $4,922,000 $4,593,000 Per Share Amount $ 0.89 $ 0.86 $ 1.79 $ 1.66 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months Ended March 31, 1997 and 1996. <caption> Three Months Ended Calculation of Primary March 31, Earnings Per Share 1997 1996 <s> <c> <c> Average Common Shares Outstanding 2,686,936 2,749,005 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (39,600) (46,200) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 87,818 80,621 Total Shares 2,735,154 2,783,426 Net Income $2,473,000 $2,223,000 Per Share Amount $ 0.90 $ 0.80 </Table> <table> <caption> Three Months Ended Calculation of Fully Diluted March 31, Earnings Per Share 1997 1996 <s> <c> <c> Average Common Shares Outstanding 2,686,936 2,749,005 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (39,600) (46,200) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 89,383 81,649 Total Shares 2,736,719 2,784,454 Net Income $2,473,000 $2,223,000 Per Share Amount $ 0.90 $ 0.80 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Nine Months Ended September 30, 1996 and 1995. <caption> Three Months Ended Nine Months Ended Calculation of Primary September 30, September 30, Earnings Per Share 1996 1995 1996 1995 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,690,435 2,736,869 2,721,886 2,762,929 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 71,879 90,043 75,519 76,641 Total Shares 2,716,114 2,774,112 2,751,205 2,786,770 Net Income $2,444,000 $2,217,000 $7,037,000 $6,512,000 Per Share Amount $ 0.90 $ 0.80 $ 2.56 $ 2.34 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Fully Diluted September 30, September 30, Earnings Per Share 1996 1995 1996 1995 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,690,435 2,736,869 2,721,886 2,762,929 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method of Stock Options 72,499 97,088 76,069 97,088 Total Shares 2,716,734 2,781,157 2,751,755 2,807,217 Net Income $2,444,000 $2,217,000 $7,037,000 $6,512,000 Per Share Amount $ 0.90 $ 0.80 $ 2.56 $ 2.32 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Six Months Ended June 30, 1996 and 1995. <caption> Three Months Ended Six Months Ended Calculation of Primary June 30, June 30, Earnings Per Share 1996 1995 1996 1995 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,726,564 2,767,811 2,737,785 2,776,176 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 74,097 74,229 77,359 69,828 Total Shares 2,754,461 2,789,240 2,768,944 2,793,204 Net Income $2,370,000 $2,169,000 $4,593,000 $4,295,000 Per Share Amount $ 0.86 $ 0.78 $ 1.66 $ 1.54 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Fully Diluted June 30, June 30, Earnings Per Share 1996 1995 1996 1995 <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,726,564 2,767,811 2,737,785 2,776,176 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 74,097 78,660 77,873 72,376 Total Shares 2,754,461 2,793,671 2,769,458 2,795,752 Net Income $2,370,000 $2,169,000 $4,593,000 $4,295,000 Per Share Amount $ 0.86 $ 0.78 $ 1.66 $ 1.54 </Table> <page>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months Ended March 31, 1996 and 1995. <caption> Three Months Ended Calculation of Primary March 31, Earnings Per Share 1996 1995 <s> <c> <c> Average Common Shares Outstanding 2,749,005 2,784,633 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 80,621 65,379 Total Shares 2,783,426 2,797,212 Net Income $2,223,000 $2,126,000 Per Share Amount $ 0.80 $ 0.76 </Table> <table> <caption> Three Months Ended Calculation of Fully Diluted March 31, Earnings Per Share 1996 1995 <s> <c> <c> Average Common Shares Outstanding 2,749,005 2,784,633 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (46,200) (52,800) Shares Assumed to Be Repurchased Under Treasury Stock Method for Stock Options 81,649 66,023 Total Shares 2,784,454 2,797,856 Net Income $2,223,000 $2,126,000 Per Share Amount $ 0.80 $ 0.76 </Table>

from 10-Q 1 page <table> Exhibit 11.1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Nine Months Ended September 30, 1995 and 1994. <caption> Three Months Ended Nine Months Ended Calculation of Primary September 30, September 30, Earnings Per Share 1995 1994* 1995 1994* <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,736,869 2,844,741 2,762,929 2,867,831 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (62,979) (52,800) (62,979) Shares Assumed to Be Repurchased Under Treasury Stock Method of Stock Options 90,043 95,763 76,641 87,815 Total Shares 2,774,112 2,877,525 2,786,770 2,892,667 Net Income $2,217,000 $2,143,000 $6,512,000 $6,022,000 Per Share Amount $ 0.80 $ 0.74 $ 2.34 $ 2.08 </Table> <table> <caption> Three Months Ended Nine Months Ended Calculation of Fully Diluted September 30, September 30, Earnings Per Share 1995 1994* 1995 1994* <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,736,869 2,844,741 2,762,929 2,867,831 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (62,979) (52,800) (62,979) Shares Assumed to Be Repurchased Under Treasury Stock Method of Stock Options 97,088 95,763 97,088 89,535 Total Shares 2,781,157 2,877,525 2,807,217 2,894,387 Net Income $2,217,000 $2,143,000 $6,512,000 $6,022,000 Per Share Amount $ 0.80 $ 0.74 $ 2.32 $ 2.08 <fn> * Prior Year Total Shares Outstanding and Earnings Per Share Amounts Have Been Restated to Reflect the Three-For-Two Stock Split of September, 1994 to Permit Comparison With the Current Fiscal Year. </Table>

from 10-Q 1 page <table> Exhibit 1 Massbank Corp. Earnings Per Share the Following Is a Calculation of Earnings Per Share for the Three Months and Six Months Ended June 30, 1995 and 1994. <caption> Three Months Ended Six Months Ended Calculation of Primary June 30, June 30, Earnings Per Share 1995 1994* 1995 1994* <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,767,811 2,836,282 2,776,176 2,879,568 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (62,979) (52,800) (62,979) Shares Assumed to Be Repurchased Under Treasury Stock Method of Stock Options 74,229 82,469 69,828 83,775 Total Shares 2,789,240 2,855,772 2,793,204 2,900,364 Net Income $2,169,000 $2,094,000 $4,295,000 $3,879,000 Per Share Amount $ 0.78 $ 0.73 $ 1.54 $ 1.34 </Table> <table> <caption> Three Months Ended Six Months Ended Calculation of Fully Diluted June 30, June 30, Earnings Per Share 1995 1994* 1995 1994* <s> <c> <c> <c> <c> Average Common Shares Outstanding 2,767,811 2,836,282 2,776,176 2,879,568 Less: Unallocated Employee Stock Ownership Plan (Esop) Shares Not Committed to Be Released (52,800) (62,979) (52,800) (62,979) Shares Assumed to Be Repurchased Under Treasury Stock Method of Stock Options 78,660 94,325 72,376 90,062 Total Shares 2,793,671 2,867,628 2,795,752 2,906,651 Net Income $2,169,000 $2,094,000 $4,295,000 $3,879,000 Per Share Amount $ 0.78 $ 0.73 $ 1.54 $ 1.34 <fn> * Prior Year Total Shares Outstanding and Earnings Per Share Amounts Have Been Restated to Reflect the Three-For-Two Stock Split of September, 1994 to Permit Comparison With the Current Fiscal Year. </Table> <page>