MID CONTINENT BANCSHARES, INC.

                                                                    EXHIBIT 11

              Statement Regarding Computation of Earnings Per Share
             Three Months and Year Ended September 30, 1995 and 1996

<TABLE>
<CAPTION>

                                                     Three months Ended              Year Ended
                                                       September 30,               September 30,
                                                --------------------------------------------------------
                                                    1995          1996           1995          1996
                                                ---------------------------- ---------------------------
Primary Earnings per share
 
Common shares outstanding,
<S>                                                <C>           <C>            <C>          <C>      
  beginning of period                               2,248,250     1,937,803      2,248,250    2,045,235
Net effect of dilutive stock options                   52,110           768         21,389        5,942
Allocated (unallocated) ESOP shares                  (120,700)        1,700       (125,788)       6,975
Amortized (unamortized) MSBP shares                   (57,995)        1,871        (29,909)       7,524
Treasury share purchases                              (80,000)       (6,848)       (26,274)    (102,827)
                                                    ---------     ---------      ---------    --------- 
Weighted average common and common
  equivalent shares outstanding                     2,041,665     1,935,294      2,087,668    1,962,849 

Net earnings                                       $      826    $      460     $    4,106   $    3,126 

Per share amount                                   $     0.40    $     0.24     $     1.97   $     1.59 

Fully Diluted Earnings per share

Common shares outstanding,
  beginning of period                               2,248,250     1,938,696      2,248,250    2,053,855
Net effect of dilutive stock options                   60,730         2,766         26,499         (478)
Allocated (unallocated) ESOP shares                  (120,700)        1,700       (125,788)       6,975
Amortized (unamortized) MSBP shares                   (57,995)        1,871        (29,909)       7,524
Treasury share purchases                              (80,000)       (6,848)       (26,274)    (102,827)
                                                    ---------     ---------      ---------    --------- 
Weighted average common and common
  equivalent shares outstanding                     2,050,285     1,938,185      2,092,778    1,965,049 

Net earnings                                       $      826    $      460     $    4,106   $    3,126 

Per share amount                                   $     0.40    $     0.24     $     1.96   $     1.59 

</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.