Exhibit 11

                         MID CONTINENT BANCSHARES, INC.

              Statement Regarding Computation of Earnings Per Share
             Three Months and Year Ended September 30, 1996 and 1997

<TABLE>
<CAPTION>
                                                            Three Months Ended                    Year Ended
                                                               September 30,                     September 30,
                                                               -------------                     -------------
                                                           1996             1997             1996             1997
                                                           ----             ----             ----             ----
<S>                                                     <C>              <C>              <C>              <C>      
Primary Earnings per share
Common shares outstanding,
  beginning of period                                   1,937,803        1,925,227        2,045,235        1,930,712
Exercise of stock options                                    ----              725             ----              183
Effect of dilutive stock options                              768           13,080            5,942           29,628
Allocated ESOP shares                                       1,700            1,700            6,975            7,332
Amortized MSBP shares                                       1,871           10,021            7,524            9,635
Treasury share purchase                                   (6,848)            -----        (102,827)         (38,725)
                                                        ---------        ---------        ---------        ---------

Weighted  average  common and common  equivalent
shares outstanding                                      1,935,294        1,950,753        1,962,849        1,938,765

Net earnings                                                 $460             $977           $3,126           $4,170

Per share amount                                            $0.24            $0.50            $1.59            $2.15

Fully Diluted Earnings per share
Common shares outstanding,
  beginning of period                                   1,938,696        1,931,446        2,053,855        1,933,603
Exercise of stock options                                                      725                               183
Effect of dilutive stock options                            2,766           14,824            (478)           31,913
Allocated ESOP shares                                       1,700            1,700            6,975            7,332
Amortized MSBP shares                                       1,871           10,021            7,524            9,635
Treasury share purchases                                  (6,848)            -----        (102,827)         (38,725)
                                                        ---------        ---------        ---------        ---------

Weighted average common and common equivalent
  shares outstanding                                    1,938,185        1,958,716        1,965,049        1,943,941

Net earnings                                                 $460             $977           $3,126           $4,170

Per share amount                                            $0.24            $0.50            $1.59            $2.15

</TABLE>


Primary earnings per share have been computed on the treasury stock method using
the average  market  price for the common  stock  equivalents  (options).  Fully
diluted earnings per share have been computed on the treasury stock method using
the closing market price for the common stock equivalents (options).

The Company  accounts  for the 136,000  shares  acquired by the  Employee  Stock
Ownership  Plan ("ESOP") in accordance  with  Statement of Position 93-6 and the
74,833 shares acquired for the Management  Stock Bonus Plan ("MSBP") in a manner
similar  to the  ESOP  shares;  shares  controlled  by the ESOP and MSBP are not
considered  in the  weighted  average  shares  outstanding  until the shares are
committed for allocation.