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Exhibit 11

Computation of basic and diluted earnings per share



| |  | Basic earnings per share of common stock is computed on the basis of the
weighted average number of common stock shares outstanding adjusted for the
2001 three-for-two stock split and 2002 15% stock dividend. Diluted earnings
per share of common stock is computed on the basis of the weighted average
number of common shares outstanding plus the effect of the assumed conversion
of outstanding stock options adjusted for the 2001 three-for-two stock split
and 2002 15% stock dividend.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  | A reconciliation of the numerator and denominator used in the calculation of
basic and diluted earnings per share of common stock is as follows (in
thousands, except share and per share data):                                                                                                                                                                                                                                                                                                    

|                                                                                            |  |                                  |           |      |  |   |           | 
|------------------------------------------------------------------------------------------- |  | -------------------------------- | --------- | ---- |  | - | --------- | 
|                                                                                            |  | Three months ended September 30,
|                                                                                            |  |                                 
|                                                                                            |  | 2002                             |           | 2001
|                                                                                            |  |                                  |           |     
|Income (numerator):                                                                         |  |                                  |           |      |  |   |           | 
|Net income                                                                                  |  | $                                | 350       |      |  | $ | 279       | 
|                                                                                            |  |                                  |           |      |  |   |           | 
|Shares (denominator):                                                                       |  |                                  |           |      |  |   |           | 
|Weighted average number of common
stock shares outstanding  basic                          |  |                                  | 1,075,461 |      |  |   | 1,074,237 | 
|Dilutive effect of outstanding employee
and director stock options                          |  |                                  | 79,148    |      |  |   | 71,329    | 
|                                                                                            |  |                                  |           |      |  |   |           | 
|Weighted average number of common
stock shares outstanding and
assumed conversion  diluted |  |                                  | 1,154,609 |      |  |   | 1,145,566 | 
|                                                                                            |  |                                  |           |      |  |   |           | 
|Basic earnings per share of common stock                                                    |  | $                                | 0.32      |      |  | $ | 0.26      | 
|Diluted earnings per share of common stock                                                  |  | $                                | 0.30      |      |  | $ | 0.24      | 

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|                                                                                            |  |                                 |           |      |  |   |           | 
|------------------------------------------------------------------------------------------- |  | ------------------------------- | --------- | ---- |  | - | --------- | 
|                                                                                            |  | Nine months ended September 30,
|                                                                                            |  |                                
|                                                                                            |  | 2002                            |           | 2001
|                                                                                            |  |                                 |           |     
|Income (numerator):                                                                         |  |                                 |           |      |  |   |           | 
|Net income                                                                                  |  | $                               | 986       |      |  | $ | 939       | 
|                                                                                            |  |                                 |           |      |  |   |           | 
|Shares (denominator):                                                                       |  |                                 |           |      |  |   |           | 
|Weighted average number of common
stock shares outstanding  basic                          |  |                                 | 1,075,198 |      |  |   | 1,117,974 | 
|Dilutive effect of outstanding employee
and director stock options                          |  |                                 | 72,094    |      |  |   | 57,611    | 
|                                                                                            |  |                                 |           |      |  |   |           | 
|Weighted average number of common
stock shares outstanding and
assumed conversion  diluted |  |                                 | 1,147,292 |      |  |   | 1,175,585 | 
|                                                                                            |  |                                 |           |      |  |   |           | 
|Basic earnings per share of common stock                                                    |  | $                               | 0.92      |      |  | $ | 0.84      | 
|Diluted earnings per share of common stock                                                  |  | $                               | 0.86      |      |  | $ | 0.80      | 

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