EXHIBIT 11
 
                       COMPUTATION OF EARNINGS PER SHARE
               FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
                                  (UNAUDITED)
 
                                               1996           1995
 
Primary Earnings per Share
- -------------------------- 
                                                        
Net income applicable to common stock          $   405,719    $ 403,055
                                               ===========    =========
Weighted average number of common shares
 outstanding                                       819,198      859,584
 
Common shares issuable under employee           
 stock option plan                                  51,139       51,139
                                     
Less shares assumed repurchased with                                    
 proceeds                                           30,283       31,188 
                                               -----------    --------- 
Weighted average common shares and
 common share equivalents outstanding              840,054      879,535
                                               ===========    =========
 
Primary earnings per common share              $      0.48    $    0.46
                                               ===========    =========
 
Fully Diluted Earnings Per Share
- --------------------------------
 
Net income applicable to common stock          $   405,719    $ 403,055
 
Interest on convertible subordinated
 debentures, net of tax                            159,719          ---
                                               -----------    ---------
Net income, adjusted                           $   565,438    $ 403,055
                                               ===========    =========
Weighted average common share and common
 share equivalents outstanding                     840,054      879,535
 
Weighted average common shares issuable
 with the conversion of debentures to           
  common stock                                     560,182          ---
                                               -----------    ---------
Weighted average common shares and
 common share equivalents                        1,400,236      879,535
                                               ===========    =========
 
Fully diluted earnings per common share        $      0.40    $    0.46
                                               ===========    =========