Exhibit 11.0

                 Statement Re: Computation of Per Share Earnings

Basic

Basic earnings per share is determined by dividing net income by the average
number of net outstanding common shares for the period. The net outstanding
common shares equals the gross number of common shares issued less Treasury
Stock repurchased, unallocated shares of the Employee Stock Ownership Plan, and
unallocated shares of stock awards granted under the Company's Stock-Based
Incentive Plan. This number is computed daily and averaged for the period.



                                                                                      For the Year Ended
                                                                                       December 31, 2003
                                                                                      ------------------
                                                                                        
o    Average number of net common shares outstanding for 2003 ..................            5,266,008
o    Net income ................................................................           $8,965,463
o    Basic earnings per share ..................................................           $     1.70


Diluted

Diluted earnings per share is determined by dividing net income by the average
number of net outstanding common shares computed as if all options granted under
the Company's Stock- Based Incentive Plan were exercised. The average number of
net outstanding common shares used for the basic computation is increased by the
unallocated shares of stock awards under the Company's Stock-Based Incentive
Plan and by the additional diluted shares calculated by the Treasury Stock
method.



                                                                                      For the Year Ended
                                                                                       December 31, 2003
                                                                                      ------------------
                                                                                        
o    Average number of net common shares used for basic computation .............           5,266,008
o    Average unallocated stock awards ...........................................             212,349
o    Additional diluted shares:
       649,927 option shares at an exercise price of $17.80,
       and an average market price of $29.81 ....................................             224,199
                                                                                           ----------
o    Total average number of common shares outstanding used for
       calculation of diluted earnings per share ................................           5,702,556
                                                                                           ==========
o    Net income .................................................................          $8,965,463
o    Diluted earnings per share .................................................          $     1.57