<TABLE>
<CAPTION>
EXHIBIT 11
Statement Re: Computation of Per Share Earnings
Three Months Ended Nine Months Ended
September September
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic:
Average shares outstanding: 1,757,613 1,767,064 1,757,613 1,767,064
Net effect of the assumed
exercise of stock options-
based on the treasury stock
method using average stock prices 0 0 0 0
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Total 1,757,613 1,767,064 1,757,613 1,767,064
================ ================ ================== =================
Net income $579,906 $579,898 $1,811,743 $1,742,381
================ ================ ================== =================
Net income per share $0.33 $0.33 $1.03 $0.99
================ ================ ================== =================
Diluted:
Average shares outstanding: 1,757,613 1,767,064 1,757,613 1,767,064
Net effect of the assumed exercise
of stock options based on the
treasury stock method using
average market price or period
end market price, whichever is higher 0 604 0 0
---------------- ---------------- ------------------ -----------------
Total 1,757,613 1,767,668 1,757,613 1,767,064
================ ================ ================== =================
Net income $579,906 $579,898 $1,811,743 $1,742,381
================ ================ ================== =================
Net income per share $0.33 $0.33 $1.03 $0.99
================ ================ ================== =================
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