EXHIBIT 11
                       COMPUTATION OF NET INCOME PER SHARE
           FOR THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (UNAUDITED)
                        (IN THOUSANDS, EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED         SIX MONTHS ENDED
                                                       SEPTEMBER 30,              SEPTEMBER 30,
                                              --------------------------    --------------------------
                                                 2004           2003           2004           2003
                                              -----------    -----------    -----------    -----------

<S>                                           <C>            <C>            <C>            <C>
EARNINGS PER COMMON SHARE - BASIC
Net income                                    $       255    $     1,426    $     1,337    $     2,513
Preferred dividends                                   (49)           (49)           (98)           (98)
                                              -----------    -----------    -----------    -----------
Net income - basic                            $       206    $     1,377    $     1,239    $     2,415
                                              -----------    -----------    -----------    -----------

Weighted average common shares
      outstanding - basic                       2,291,761      2,289,308      2,288,190      2,292,121
                                              -----------    -----------    -----------    -----------

Earning per common share - basic              $      0.09    $      0.60    $      0.54    $      1.05
                                              ===========    ===========    ===========    ===========


EARNINGS PER COMMON SHARE - DILUTED
Net income - basic                            $       206    $     1,377    $     1,239    $     2,415
Preferred dividends                                    49             49             98             98
                                              -----------    -----------    -----------    -----------
Net income- diluted                           $       255    $     1,426    $     1,337    $     2,513
                                              -----------    -----------    ===========    ===========

Weighted average common shares
      outstanding - basic                       2,291,761      2,289,308      2,288,190      2,292,121
Effect of dilutive securities - convertible
      preferred stock                             208,333        208,333        208,333        208,333
Effect of dilutive securities - options            89,018         81,384         97,017         71,554
                                              -----------    -----------    -----------    -----------
Weighted average shares
      outstanding - diluted                     2,589,112      2,579,025      2,593,540      2,572,008
                                              -----------    -----------    ===========    ===========

Earning per common share-diluted              $      0.09    $      0.55    $      0.51    $      0.98
                                              ===========    ===========    ===========    ===========
</TABLE>


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