<PAGE> 1
EXHIBIT 11.1
Statement Regarding Computation of Per Share Earnings
Computation of Earnings Per Share
---------------------------------
The following formula was used to calculate the earnings per share, Consolidated
Statements of Income for the three and nine months ended September 30, 2000 and
1999, included in this report as Exhibit 13.3.
Earnings Per Share
Net Income /
Weighted average shares of common stock outstanding for the period
Three months ended
September 30,
--------------------
2000 1999
---- ----
Weighted Average
Shares Outstanding 1,508,526 1,508,526
Net Income 603,940 566,517
Per Share Amount .40 .38
Nine months ended
September 30,
--------------------
2000 1999
---- ----
Weighted Average
Shares Outstanding 1,508,526 1,508,526
Net Income 1,748,343 1,858,923
Per Share Amount 1.16 1.23
No common stock equivalents exist.
