EXHIBIT 11
                        COMPUTATION OF EARNINGS PER SHARE

The Company has computed and presented  earnings per share ("EPS") in accordance
with Statement of Financial Accounting Standards No. 128.  Reconciliation of the
numerators and the  denominators of the basic and diluted per share  computation
for net income are as follows:

<TABLE>
<CAPTION>
                                                              (amounts in thousands, except per share data)
                                                                                (unaudited)

                                                                    Income        Shares      Per-Share
                                                                  (Numerator)  (Denominator)    Amount
                                                                  -----------  -------------    ------
<S>                                                                 <C>            <C>          <C>
Nine months ended September 30, 2004
   Basic EPS
      Net income and income available to common stockholders        $2,964         1,443        $2.05
      Effect of dilutive securities, options                                           0
                                                                    ------        ------
   Diluted EPS
      Income available to common stockholders and assumed
         conversions                                                $2,964         1,443        $2.05
                                                                    ======        ======

Nine months ended September 30, 2003
   Basic EPS
      Net income and income available to common stockholders        $3,045         1,424        $2.14
      Effect of dilutive securities, options                                           0
                                                                    ------        ------
   Diluted EPS
      Income available to common stockholders and assumed
         conversions                                                $3,045         1,424        $2.14
                                                                    ======        ======

<CAPTION>
                                                              (amounts in thousands, except per share data)
                                                                               (unaudited)

                                                                   Income         Shares      Per-Share
                                                                 (Numerator)   (Denominator)    Amount
                                                                 -----------   -------------    ------
<S>                                                                 <C>            <C>          <C>
Three months ended September 30, 2004
   Basic EPS
      Net income and income available to common stockholders        $  796         1,481        $ .54
      Effect of dilutive securities, options                                           0
                                                                    ------        ------
   Diluted EPS
      Income available to common stockholders and assumed
         conversions
                                                                    $  796         1,481        $ .54
                                                                    ======        ======
Three months ended September 30, 2003
   Basic EPS
      Net income and income available to common stockholders        $1,015         1,424        $ .71
      Effect of dilutive securities, options                                           0
                                                                    ------        ------
   Diluted EPS
      Income available to common stockholders and assumed
         conversions                                                $1,015         1,424        $ .71
                                                                    ======        ======
</TABLE>


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