
<PAGE>

Exhibit 11. Computation of Earnings Per Common Share

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                  (Dollars in Thousands Except Per Share 
                                                          Data and Number of Shares)
------------------------------------------------------------------------------------------------
                                            Weighted Average
   Three-Month Periods Ended                Number of Shares         Net           Earnings Per
   March 31,                                     Outstanding        Income         Common Share
------------------------------------------------------------------------------------------------
<S>                                              <C>            <C>                <C>
   1998                                           10,720,430    $   8,882          $      0.83 
   1997                                           10,727,712        7,403                 0.69 
------------------------------------------------------------------------------------------------
</TABLE>

Computation of weighted average number of common 
and common equivalent shares:


<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------
      Three-Month Periods Ended March 31,                         1998              1997
--------------------------------------------------------------------------------------------
    <S>                                                        <C>               <C>
      Common shares outstanding beginning of the period        10,727,322        10,727,712 
      Weighted average of the common
      shares purchased and retired or reissued                     (6,892)              -   
--------------------------------------------------------------------------------------------
      Weighted average number of common shares                 10,720,430        10,727,712 
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>


