EXHIBIT 11 COMPUTATIONS OF EARNINGS PER SHARE (in thousands except earnings per share) (unaudited) For the three months For the six months ended June 30, ended June 30, 1996 1995 1996 1995 Shares used in the computation of earnings per share: Weighted daily average of shares outstanding 4,463,891 4,414,639 4,464,909 4,405,528 Shares used in the computation of primary earnings per shares 4,651,031 4,624,785 4,648,761 4,611,545 ============= ============ ============= =========== Shares used in the computation of fully diluted earnings per share 4,660,819 4,627,564 4,664,660 4,619,674 ============= ============ ============= =========== Net income used in the computation of earnings per common share: Net income, as reported $ 1,704 $ 1,764 $ 3,448 $ 3,394 Adjustment for preferred stock dividend (105) (210) ------------- ------------ ------------- ----------- Net income, as adjusted $ 1,704 $ 1,659 $ 3,448 $ 3,184 ============= ============ ============= =========== Primary earnings per share $ 0.37 $ 0.36 $ 0.74 $ 0.69 ============= ============ ============= =========== Fully diluted earnings per share $ 0.37 $ 0.36 $ 0.74 $ 0.69 ============= ============ ============= ===========