EXHIBIT 11
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands
except earnings per share)
(unaudited)
FOR THE THREE MONTHS
ENDED MARCH 31,
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1995 1994
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Shares used in the computation
of earnings per share(1):
Weighted daily average
of shares outstanding 3,515,000 3,447,946
Shares used in the computation of
primary earnings per shares 3,678,644 3,738,569
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Shares used in the computation of
fully diluted earnings per share 3,689,501 3,738,569
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Net income used in the computation
of earnings per common share:
Net income, as reported $ 1,626 $ 1,333
Adjustment for preferred
stock dividend (105) (105)
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Net income, as adjusted $ 1,521 $ 1,228
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Primary earnings per share $ 0.41 $ 0.33
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Fully diluted earnings per share $ 0.41 $ 0.33
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<FN>
(1)Retroactively adjusted for stock dividends.
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