EXHIBIT 11



FRONTIER FINANCIAL CORPORATION

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE



|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|------------------------------------------------------------------------------------------- |  | ---- | ------ | ---- | - | ------ | ---- |  | - | ------ | -
|                                                                                            |  | 2004 |        | 2003 |   |        | 2002 | 
|Net Income (in thousands)                                                                   |  | $    | 43,045 |      | $ | 39,607 |      |  | $ | 36,014 |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Computation of average shares outstanding:                                                  |  |      |        |      |   |        |      |  |   |        |  
|Shares outstanding at beginning of year                                                     |  |      | 18,550 |      |   | 18,818 |      |  |   | 19,185 |  
|Average shares issued pursuant to merger                                                    |  |      |       |      |   |       |      |  |   |       |  
|Shares issued or repurchased during the year times average time outstanding during the year |  |      | 84     |      |   | (265   | )    |  |   | (78    | )
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Basic average shares outstanding                                                            |  |      | 18,634 |      |   | 18,553 |      |  |   | 19,107 |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Average number of dilutive shares assumed to be outstanding (1)                             |  |      | 124    |      |   | 101    |      |  |   | 107    |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Average dilutive shares outstanding                                                         |  |      | 18,758 |      |   | 18,654 |      |  |   | 19,214 |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Basic earnings per share                                                                    |  | $    | 2.31   |      | $ | 2.13   |      |  | $ | 1.88   |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  
|Diluted earnings per share                                                                  |  | $    | 2.29   |      | $ | 2.12   |      |  | $ | 1.87   |  
|                                                                                            |  |      |        |      |   |        |      |  |   |        |  



|(1) | There were no antidilutive shares that could have had a greater effect on the computation of diluted EPS for 2004.
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