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                                   EXHIBIT 11
                      COMPUTATION OF NET INCOME PER SHARE
               FOR THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

                       (In thousands, except share data)

<Table>
<Caption>                                     THREE MONTHS ENDED                SIX MONTHS ENDED
                                                 SEPTEMBER 30,                   SEPTEMBER 30,
                                           -------------------------       -------------------------
                                              2001           2000             2001            2000
                                           ---------       ---------       ---------       ---------
<S>                                        <C>             <C>             <C>             <C>
Earnings per common share -- basic
----------------------------------
Net income..............................   $     489       $     281       $   1,654       $     430
Preferred dividends.....................         (49)           (49)             (98)            (98)
                                           ---------       ---------       ---------       ---------
Net income -- basic.....................   $     440       $     232       $   1,556       $     332
                                           ---------       ---------       ---------       ---------
Weighted average common shares
  outstanding -- basic..................   2,276,928       2,256,753       2,280,522       2,254,497
                                           ---------       ---------       ---------       ---------
Earning per common share -- basic.......   $    0.19       $    0.10       $    0.68       $    0.15
                                           =========       =========       =========       =========
Earnings per common share -- diluted
------------------------------------
Net income -- basic.....................   $     440       $     232       $   1,556       $     332
Impact of potential conversion of
  convertible preferred stock
  to common stock.......................          49              49              98              98
                                           ---------       ---------       ---------       ---------
Net income -- diluted...................   $     489       $     281       $   1,654       $     430
                                           =========       =========       =========       =========
Weighted average shares
   outstanding -- basic.................   2,276,928       2,256,753       2,280,522       2,254,497
Effect of dilutive securities --
  convertible preferred stock...........     208,333         208,333         208,333         208,333
                                           ---------       ---------       ---------       ---------
Weighted average shares
  outstanding -- diluted................   2,485,261       2,465,086       2,488,855       2,462,830
                                           =========       =========       =========       =========
Earning per common share -- diluted.....   $    0.19       $    0.10       $    0.66       $    0.15
                                           =========       =========       =========       =========
</Table>