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FRANKLIN BANCORPORATION, INC.

EXHIBIT 11


COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE:


(DOLLARS IN THOUSANDS - EXCEPT PER SHARE DATA)




<TABLE>
<CAPTION>
                                                             FOR THE THREE MONTH PERIOD       FOR THE NINE MONTH PERIOD
                                                                ENDED SEPTEMBER 30,               ENDED SEPTEMBER 30,
                                                                1996             1995            1996              1995
                                                                ----             ----            ----              ----
<S>                                                         <C>              <C>              <C>           <C>        
Net earnings                                                $    1,221       $      962       $    3,237    $     2,536
                                                                                                                       
Primary earnings (A)                                             1,221              962            3,237          2,536
                                                                                                                       
Fully diluted earnings (B)                                       1,221              962            3,237          2,536
                                                                                                                       
Weighted average shares outstanding                          6,343,411        6,248,340        6,329,166      6,038,412
                                                                                                                       
Dilutive common stock equivalents for primary                                                                          
 earnings per share                                            258,676          218,373          266,856        178,365
                                                             ----------       ----------       ----------    -----------
                                                                                                                       
                                                                                                                       
Weighted average shares and common equivalent shares                                                                   
 outstanding for primary earnings per share (C)              6,602,087        6,466,713        6,596,022      6,216,777
                                                                                                                       
Equivalent shares assuming full dilution                       277,419          261,873          276,587        248,996
                                                             ----------       ----------       ----------    -----------
                                                                                                                       
                                                                                                                       
Weighted average shares and common equivalent                                                                          
shares  outstanding for fully diluted earnings                                                                         
per share (D)                                                6,620,830        6,510,213        6,605,753      6,287,408
                                                                                                                       
Earnings per share                                                                                                     
                                                                                                                       
                                                                                                                       
Primary (A)/(C)                                             $     0.18       $     0.15       $     0.49    $      0.41
                                                                                                                       
Fully diluted (B)/(D)                                       $     0.18       $     0.15       $     0.49    $      0.40
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