EXHIBIT 11
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands
except earnings per share)
(unaudited)
For the three months For the nine months
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ended September 30, ended September 30,
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1995 1994 1995 1994
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Shares used in the computation
of earnings per share:
Weighted daily average
of shares outstanding 4,445,341 4,378,980 4,419,078 4,366,481
Shares used in the computation of
primary earnings per shares 4,685,485 4,640,018 4,636,191 4,665,336
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Shares used in the computation of
fully diluted earnings per share 4,721,841 4,640,018 4,695,576 4,669,863
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Net income used in the computation
of earnings per common share:
Net income, as reported $ 1,844 $ 1,234 $ 5,238 $ 4,049
Adjustment for preferred
stock dividend (35) (105) (245) (315)
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Net income, as adjusted $ 1,809 $ 1,129 $ 4,993 $ 3,734
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Primary earnings per share $ 0.39 $ 0.24 $ 1.08 $ 0.80
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Fully diluted earnings per share $ 0.38 $ 0.24 $ 1.06 $ 0.80
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