FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549



                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934




FOR QUARTER ENDED                                      COMMISSION FILE NUMBER
 MARCH 31, 1997                                               0-24630





                           MAHASKA INVESTMENT COMPANY
             (Exact Name of Registrant as Specified in its Charter)




        IOWA                                             42-1003699
(State of Incorporation)                   (I.R.S. Employer Identification No.)



                  222 First Avenue East, Oskaloosa, Iowa 52577

                         Telephone Number (515) 673-8448






Indicate by check mark whether the registrant (1) has filed all reports required
by  Section  13 or 15(d)  of the  Securities  Exchange  Act of 1934  during  the
preceding 12 months and (2) has been subject to such filing requirements for the
past 90 days.

                      Yes   X                            No

As of May 1, 1997,  there  were  2,193,648  shares of common  stock $5 par value
outstanding.



<PAGE>
PART 1 -- Item 1. Financial Statements

                           MAHASKA INVESTMENT COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CONDITION
<TABLE>
<CAPTION>

(unaudited)
(dollars in thousands)                            March 31,        December 31,
                                                     1997             1996
<S>                                               <C>              <C>
                                     ASSETS
Cash and due from banks .......................       $   9,635           9,896
Interest-bearing deposits in banks ............           1,284           3,603
Federal funds sold ............................               0           2,985
                                                      ---------        --------
  Cash and cash equivalents ...................          10,919          16,484
Investment Securities:
  Available for sale ..........................          27,747          26,483
  Held to maturity ............................          26,427          27,705
Loans .........................................         124,683         118,045
Less:
  Unearned discount ...........................            (631)           (629)
  Allowance for loan tosses ...................          (1,578)         (1,491)
                                                      ---------        --------
    Net loans .................................         122,474         115,925

Loan pool participations ......................          52,919          50,687
Premises and equipment,net ....................           3,076           3,102
Accrued interest receivable ...................           2,594           2,518
Other assets ..................................           2,153           2,152
Goodwill ......................................           6,637           6,795
                                                      ---------        --------
  Total assets ................................       $ 254,946         251,851

                           LIABILITIES AND SHAREHOLDERS'EQUITY
Deposits:
  Demand ............................................      $ 18,438       19,353
  NOW and Super NOW .................................        33,454       33,124
  Savings ...........................................        60,540       57,831
  Certificates of deposit ...........................        95,254       96,644
                                                           --------      -------
    Total deposits ..................................       207,686      206,952
Federal funds purchased .............................           810            0
Note payable ........................................         9,000        8,500
Other liabilities ...................................         2,657        2,156
                                                           --------      -------
    Total liabilities ...............................       220,153      217,608
<PAGE>
Shareholders'equity:
  Common stock, $5 par value; authorized
    4,000,000 shares; issued 2,284,506
    shares ........................................        11,423        11,423
  Capital surplus .................................         7,787         7,787
  Treasury stock at cost, 65,967 shares as
    of March 31, 1997,and 55,000 shares as
    of December 31, 1996 ..........................        (1,107)         (853)
  Retained earnings ...............................        16,858        15,926
  Unrealized loss on investments available
    for sale ......................................          (168)          (40)
                                                        ---------      --------
     Total shareholders' equity ...................        34,793        34,243
                                                        ---------      --------
     Total liabilities and shareholders'
       equity .....................................     $ 254,946       251,851

See accompanying notes to consolidated financial statements.


</TABLE>

<PAGE>



PART 1 -- Item 1. Financial Statements, Continued

                           MAHASKA INVESTMENT COMPANY
                                AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>

(unaudited)                                               Three Months Ended
(dollars in thousands, except per share)                      March 31,
                                                          1997         1996
<S>                                                       <C>         <C>
  
INTEREST INCOME:
  Interest and fees on loans ........................       $2,720        2,174
  Interest and discount on loan pools ...............        2,440        1,938
  Interest on bank deposits .........................           41           71
  Interest on federal funds sold ....................           49           57
  Interest on investment securities:
    Available for sale ..............................          437          230
    Held to maturity ................................          349          425
                                                            ------       ------
      Total interest income .........................        6,036        4,895

INTEREST EXPENSE:
  Interest on deposits:
    NOW and Super NOW ...............................          165          141
    Savings .........................................          538          457
    Certificates of deposit .........................        1,326        1,081
  Interest on federal funds purchased ...............            4            0
  Interest on note payable ..........................          160          205
                                                            ------       ------
      Total interest expense ........................        2,193        1,884

      Net interest income ...........................        3,843        3,011
  Provision for loan losses .........................          128           65
                                                            ------       ------
      Net interest income after provision
            for loan losses .........................        3,715        2,946

NONINTEREST INCOME:
  Service charges ...................................          263          183
  Data processing income ............................           53           57
  Other operating income ............................          115          103
  Investment security losses ........................            0           (4)
                                                            ------       ------
    Total noninterest income ........................          431          339

NONINTEREST EXPENSE:
  Salaries and employee benefits expense ............          964          879
  Net occupancy expense .............................          285          243
  FDIC assessment ...................................            6           21
  Professional fees .................................           96          152
  Other operating expense ...........................          493          357
  Goodwill amortization .............................          158          101
                                                            ------       ------
    Total noninterest expense .......................        2,002        1,753
  Income before income tax expense ..................        2,144        1,532


<PAGE>



    Income tax expense ..............................          766          526

           NET INCOME ...............................       $1,378        1,006

  Earnings per common share .........................       $ 0.62       0.4400
  Dividends per common share ........................       $ 0.20       0.1825

See accompanying notes to consolidated financial statements.

</TABLE>
<PAGE>




PART 1 -- Item 1. Financial Statements, Continued

                           MAHASKA INVESTMENT COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

(unaudited)                                               Three Months Ended
(dollars in thousands)                                         March 31,
                                                          1997           1996
<S>                                                      <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                            $ 1,378     1,006
   Adjustments to reconcile net income to net
   cash provided by operating  activities:
   Depreciation and amortization                             275       202
Provision for loan losses                                    128        65
Investment securities losses                                   0         4
Loss on sale of bank premises and equipment                    0         1
Amortization of investment securities premiums                60        88
Accretion of investment securities and loan discounts       (107)      (84)
Increase in other assets                                     (77)     (300)
Increase in other  liabilities                               577       741
                                                         --------   -------
Total adjustments                                            856       717
                                                         --------   -------
Net cash  provided by  operating  activities               2,234     1,723

CASH FLOWS FROM INVESTING ACTIVITIES:
  Investment securities available for sale:
  Proceeds from maturities                                 2,194     2,000
  Purchases                                               (3,673)  (11,354)
Investment securities held to maturity:
Proceeds from  maturities                                  1,782     2,625
Purchases                                                   (548)   (3,828)
Purchases of loan pool participations                     (8,396)   (2,709)
Principal recovery on loan pool  participations            6,164     5,700
Net  increase  in  loans                                  (6,574)   (8,557)
Purchases  of bank  premises  and  equipment                 (91)     (257)
                                                        --------    -------
Net cash used in investing activities                     (9,142)  (16,380)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits                                     734     5,498
  Net increase in federal  funds  purchased                  810         0
Advances on note payable                                   1,500       500
Principal  payments on note payable                       (1,000)     (750)
Dividends  paid                                             (446)     (412)
Purchases of treasury  stock                                (302)     (153)
Proceeds from stock issued                                    47         0
Net cash  provided by financing activities                 1,343     4,683
Net (decrease)  increase in cash and cash  equivalents    (5,565)   (9,974)
Cash and cash  equivalents at beginning of period         16,484    20,821
                                                         --------   -------
Cash and cash equivalents at end of period              $ 10,919    10,847
Supplemental  disclosures of cash flow information:
Cash paid during the period for:
Interest                                                $  2,292     2,006
Income taxes                                            $    196         0
                                                        --------    ------
</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>



PART I -- Item 1. Financial Statements, continued.

                           MAHASKA INVESTMENT COMPANY

                   Notes to Consolidated Financial Statements
                                   (Unaudited)

1.       Adjustments and Reclassifications

         The accompanying  consolidated financial statements (unaudited) include
         the accounts and transactions of the Company and its three wholly-owned
         subsidiaries,  Mahaska State Bank, Central Valley Bank, and MIC Leasing
         Co. (d/b/a On-Site  Commercial  Services).  All material  inter-company
         balances and transactions have been eliminated in consolidation.

         The accompanying  consolidated  financial  statements  (unaudited) have
         been prepared by the Company  pursuant to the rules and  regulations of
         the  Securities  and  Exchange  Commission.   Certain  information  and
         footnote disclosures normally included in financial statements prepared
         in accordance with generally accepted  accounting  principles have been
         condensed or omitted pursuant to such rules and  regulations.  Although
         management  believes  that the  disclosures  are  adequate  to make the
         information  presented  not  misleading,  it is  suggested  that  these
         interim  consolidated  financial  statements  (unaudited)  be  read  in
         conjunction with the Company's most recent audited financial statements
         and notes  thereto.  In the  opinion of  management,  the  accompanying
         consolidated  financal  statements  (unaudited) contain all adjustments
         (consisting  of only normal  recurring  accruals)  necessary to present
         fairly the financial  position as of March 31, 1997, and the results of
         operations  for the three  months  ended March 31,  1997 and 1996,  and
         changes in cash flows for the three  months  ended  March 31,  1997 and
         1996.

2.       Statements of Cash Flows

         In the statements of cash flows, cash and cash equivalents include cash
         and due from banks,  interest-bearing  deposits with banks, and federal
         funds sold.

3.       Income Taxes

         Federal  income tax expense for the three  months  ended March 31, 1997
         and 1996 was  computed  using the  consolidated  effective  federal tax
         rate.  The Company also  recognized  income tax expense  pertaining  to
         state franchise  taxes payable  individually by the subsidiary bank and
         thrift.

4.       Earnings Per Common Share

         Earnings  per  common  share  computations  are  based on the  weighted
         average number of shares of common stock outstanding


<PAGE>



         during  the  period.  The  weighted  average  number of shares  for the
         three-month  periods  ended March 31, 1997 and 1996 was  2,228,438  and
         2,261,154, respectively.



Part I -- Item 2.  Management's Discussion and Analysis of
Financial Condition and Results of Operations.


Net income for the Company  increased  37% to  $1,378,000  for the quarter ended
March 31, 1997,  compared with  $1,006,000  for the three months ended March 31,
1996. Earnings per share for the first quarter of 1997 were $.62 versus earnings
of $.44 per  share  for the  first  quarter  of 1996.  Weighted  average  shares
outstanding were 2,228,438 and 2,261,154 for the first quarter of 1997 and 1996,
respectively.  Return on average assets for the quarter ended March 31, 1997 was
2.25%  compared with a return of 1.97% for the quarter ended March 31, 1996. The
Company  had a return on  average  equity of 15.92% for the three  months  ended
March 31, 1997 versus 12.44% for the three months ended March 31, 1996.

RESULTS OF OPERATIONS

Net Interest Income

Net  interest  income for the  quarter  ended March 31,  1997  increased  28% to
$3,843,000  from  $3,011,000 for the three months ended March 31, 1996. This was
mainly due to increased  interest  income  earned on greater loan volumes and an
increase in interest income and discount  recovery on loan pool  participations.
The  increase  in total  interest  income was  offset,  in part,  by  additional
interest  expense  related to increased  deposit  levels.  Total interest income
increased  $1,141,000  (23%) in the first quarter of 1997 compared with the same
period in 1996. The Company's total interest  expense for the quarter  increased
$309,000 (16%) compared with the same period in 1996. The Company's net interest
margin  (on a  federal  tax-equivalent  basis)  for the  first  quarter  of 1997
increased  to 6.89%  from 6.51% in the first  quarter  of 1996 as the  composite
yield  on  interest-earning  assets  increased  and  the  overall  rate  paid on
interest-bearing liabilities declined. Much of this increase in the net interest
margin was  attributable to the greater  interest and discount  recovery on loan
pool  participation  investments.  The Company's overall yield on earning assets
increased  to 10.77% for the first  quarter of 1997  compared  to 10.50% for the
first quarter of 1996. The rate on interest-bearing liabilities decreased in the
first  quarter of 1997 to 4.57%  compared  with  4.84% for the first  quarter of
1996.

Interest income and fees on loans increased  $546,000 (25%) in the first quarter
of 1997  compared  to the same period in 1996 due to higher  loan  volumes.  The
average  yield on loans  decreased  to 9.23% for the first three months of 1997,
down from  9.87% for the three  months  ended  March  31,  1996.  Average  loans
outstanding  increased  to  $119,533,000  for the  first  three  months  of 1997
compared  with  $88,589,000  for the  first  quarter  of 1996,  an  increase  of
$30,944,000  (35%).  Approximately  $14,218,000 of the increase in average loans
outstanding is attributable to the Sigourney branch of Central Valley Bank,
<PAGE>

which was acquired in June 1996.  The majority of the remaining  average
loan volume  growth  occurred in  agricultural  and real estate loans at Mahaska
State Bank and Central Valley Bank. MIC Leasing Co. also experienced an increase
in lease volumes.

Loan pool investments  provided the Company with additional revenue in the first
quarter  of 1997  compared  to the same  period  in 1996.  Interest  income  and
discount  collected on the loan pools increased 26% in the first quarter of 1997
to $2,440,000  compared with $1,938,000 earned in the first quarter of 1996. The
yield on loan pool investments increased to 20.30% for the first quarter of 1997
compared with 18.11% for the quarter ended March 31, 1996. The average loan pool
participation  investment  balance  was  $5,705,000  (13%)  greater in the first
quarter of 1997 than in the first quarter of 1996.

Interest expense for the first quarter of 1997 increased $309,000 (16%) compared
with the first  quarter  of 1996 as a result of an  increase  in total  deposits
(much of which was  attributable  to the  deposits  acquired  by Central  Valley
Bank). Average interest-bearing deposits for the first quarter of 1997 increased
$39,446,000  (27%)  from the same  period  in 1996  with the  greatest  increase
occurring in the time deposit category.  Average short-term borrowings decreased
during the first quarter of 1997 by  $1,504,000  compared with the first quarter
of 1996 with a resultant  decrease in interest expense on these funds.  Interest
rates on interest-bearing liabilities were lower in the first quarter of 1997 in
comparison with the first quarter of 1996.

Provision for Loan Losses

The  Company's  provision for loan loss expense in the first quarter of 1997 was
$63,000  greater than in the first quarter of 1996. As loan volumes  continue to
grow,  management  believes that it is prudent to also increase the level of the
allowance for loan losses.

Other Income

Total  noninterest  income increased  $92,000 (27%) in the first quarter of 1997
compared with 1996,  mainly due to higher  service charge income at both Mahaska
State Bank and Central Valley Bank.

Other Expense

Total  noninterest  expense  for the  quarter  ended  March 31,  1997  increased
$249,000 (14%)  compared to  noninterest  expense for the first quarter of 1996.
Salaries and benefits  expense for the first quarter of 1997  increased  $85,000
(10%) over the first  quarter of 1996,  primarily as a result of the increase in
the  number of  employees  at Central  Valley  Bank and at MIC  Leasing  Co. Net
occupancy expenses for the first quarter of 1997 increased $42,000 in comparison
to the first  quarter of 1996 with most of the  increase  due to the  additional
facilities of Central Valley Bank.


<PAGE>



Professional  fees decreased  $56,000 for the first thee months of 1997 over the
same period in 1996. The FDIC assessment  expense incurred by the Company during
the first quarter of 1997  decreased by $15,000  compared with the first quarter
of 1996 reflecting the reduced  assessment rate paid by Central Valley Bank as a
result of the one-time SAIF  assessment in September 1996 which reduced the FDIC
deposit insurance rate charged to thrift  institutions.  Other operating expense
increased by $136,000 (38%) in the first quarter of 1997 compared with the three
months ended March 31, 1996,  mainly due to  variations in the timing of payment
of some expenses.  Goodwill  amortization expense increased $57,000 (57%) in the
first quarter of 1997 versus 1996 due to the additional  goodwill created by the
Sigourney branch acquisition.

Income Tax Expense

Income tax expense for the three months ended March 31, 1997, increased $240,000
compared to the amount for the three months ended March 31, 1996,  primarily due
to the overall  increase in taxable income for the period.  The effective income
tax rate rose  slightly  in the first  quarter of 1997 to 35.72%  compared  with
34.33% in the first quarter of 1996.

FINANCIAL CONDITION

The Company's total assets as of March 31, 1997 were  $254,946,000,  an increase
of $3,095,000  (1%) from December 31, 1996.  Total deposits grew $734,000 during
this  time  period  with the most  growth  noted in  savings  and  money  market
accounts. The Company had federal funds purchased of $810,000 on March 31, 1997,
compared with funds sold of $2,985,000 on December 31, 1996. Total notes payable
increased to $9,000,000  on March 31, 1997 from  $8,500,000 on December 31, 1996
as Central Valley Bank borrowed funds from the Federal Home Loan Bank.

Loan Pool Participations

As of March 31, 1997, the Company had investments in loan pool participations of
$52,919,000.  New loan pool investments  during the quarter totaled  $8,396,000.
The loan pool participation  investment as of December 31, 1996 was $50,687,000.
Average loan pool  participation  investments  increased to $48,754,000  for the
first three months of 1997 from $43,050,000 for the first three months of 1996.

Loans

Loan  volumes  continued  to  increase,  with total  loans as of March 31,  1997
reflecting growth of $6,638,000 (6%) from December 31, 1996. Most of this growth
was in the  commercial  and  agricultural  loan  categories,  with some increase
occurring in lease financing.




<PAGE>



Nonperforming Loans

The Company's  nonperforming  loans totaled $1,598,000 (1.29% of total loans) as
of March 31, 1997,  compared to $2,102,000 (1.79% of total loans) as of December
31,  1996.  This is a decrease of 24% from  December 31, 1996 to March 31, 1997.
All  nonperforming  loan  totals  and  related  ratios  exclude  the  loan  pool
investments.  The following table presents the categories of nonperforming loans
as of March 31, 1997:
<TABLE>
<CAPTION>

                               Nonperforming Loans
                             (dollars in thousands)
                                 March 31, 1997

                          <S>                       <C>
                          90 days past due          $  199
                          Renegotiated                 356
                          Nonaccrual                 1,031
                          Other real estate owned       12
                                                    ------
                                                    $1,598
</TABLE>

From December 31, 1996 to March 31, 1997,  nonaccrual  loans decreased  $54,000,
restructured  loans  decreased  $24,000,  loans  ninety days past due  decreased
$426,000,  and  other  real  estate  owned  remained  unchanged.  The  Company's
allowance for loan losses as of March 31, 1997 was  $1,578,000,  which was 1.27%
of total loans as of that date.  This compares with an allowance for loan losses
of  $1,491,000  as of December 31, 1996,  which was 1.27% of total loans.  As of
March 31, 1997, the allowance for loan losses was 98.72% of nonperforming  loans
compared  with 70.91% as of December 31, 1996.  Management  believes  that as of
March 31, 1997 the allowance  for loan losses is adequate.  For the three months
ended March 31, 1997,  the Company  recognized a net loan  charge-off of $41,000
compared with a net charge-off of $28,000 during the quarter ended March 31, 
1996.

Capital Resources

As of March 31, 1997, total shareholders' equity as a percentage of total assets
was 13.65% compared with 13.60% as of December 31, 1996. The Company held 65,967
shares of treasury  stock at a cost of  $1,107,000  as of March 31, 1997.  These
shares were  repurchased in order to satisfy options granted under the Company's
Stock  Incentive  Plan.  On February 20, 1997,  the Board of Directors  voted to
continue the Company's stock repurchase plan that provides for the repurchase of
up to 200,000 shares through January 31, 1998. During the first quarter of 1997,
a total of 14,000  shares were  repurchased.  Also in the first quarter of 1997,
the Company  reissued 3,033 shares of treasury stock as options were  exercised.
Under  risk-based  capital  rules,  the  Company's  total  capital was 15.59% of
risk-weighted  assets  as of March 31,  1997,  and was  16.23% of  risk-weighted
assets as of December 31, 1996, compared to an 8.00% requirement.


<PAGE>



Liquidity

Liquidity  management  involves meeting the cash flow requirements of depositors
and borrowers.  The Company  conducts  liquidity  management on both a daily and
long-term  basis;  and it adjusts  its  investments  in liquid  assets  based on
expected loan demand,  projected loan  maturities  and payments,  estimated cash
flows  from  the  loan  pool  participations,  expected  deposit  flows,  yields
available   on   interest-bearing   deposits,   and   the   objectives   of  its
asset/liability management program. The Company had liquid assets (cash and cash
equivalents) of $10,919,000 as of March 31, 1997,  compared with  $16,484,000 as
of December 31, 1996.  Some of this decrease is  attributable to the increase in
loans,  investment  securities  available for sale,  and to the increase in loan
pool participations (all of which utilized liquid assets). Investment securities
classified  as  available  for sale could be sold to meet  liquidity  needs,  if
necessary.  Additionally,  the bank  subsidiaries  maintain lines of credit with
correspondent  banks and the  Federal  Home Loan Bank that  would  allow them to
borrow  federal  funds on a  short-term  basis if  necessary.  The Company  also
maintains a line of credit with Harris Trust & Savings Bank of Chicago, Illinois
that provides liquidity for the purchase of loan pool participation  investments
and other corporate needs.  Management  believes that the Company has sufficient
liquidity as of March 31, 1997 to meet the needs of borrowers and depositors.


<PAGE>




Part II -- Item 6. Exhibits and Reports on Form 8-K.

(a)      The following exhibits are filed with this Report or, if so
         indicated, incorporated by reference:

         EXHIBITS

          3.1              Articles of Incorporation of Mahaska Investment
                           Company. (d)

          3.2              Bylaws of Mahaska Investment Company. (d)

         10.1              Mahaska Investment Company Employee Stock Ownership
                           Plan & Trust as restated and amended. (b)

         10.2.1            1993 Stock Incentive Plan. (a)

         10.2.2            1996 Stock Incentive Plan. (d)

         10.3.1            Midstates Resources Corp. Loan Participation and
                           Servicing Agreement dated December 9, 1992 between
                           Midstates Resources Corp., Mahaska Investment
                           Company, and Mahaska State Bank. (a)

         10.3.2            Central States Resources Corp. Liquidation
                           Agreement dated April 18, 1988 between Central
                           States Rseources Corp., Mahaska State Bank,
                           National Bank & Trust Co., and Randal Vardaman. (a)

         10.3.3            All States Resources Corp. Loan Participation and
                           Servicing Agreement dated September 13, 1993
                           between All States Resources Corp., Mahaska
                           Investment Company, and West Gate Bank. (a)

         10.5.1            Revolving Loan Agreement dated January 31, 1996
                           between Mahaska Investment Company and Harris Trust
                           & Savings Bank. (c)

         10.5.2            First Ammendment to Revolving Loan Agreement and
                           Revolving Loan Note between Mahaska Investment
                           Company and Harris Trust & Savings Bank dated June
                           19, 1996. (d)

         10.6              Purchase and Assumption Agreement between Boatmen's
                           Bank Iowa, National Association, and Central Valley
                           Bank dated February 15, 1996. (c)

         11                Computation of Per Share Earnings.

         27                Financial Data Schedule.


         (a)               Incorporated by reference to the Form S-1
                           Registration Number 33-81922 of Mahaska Investment
                           Company.



<PAGE>



         (b)               Incorporated by reference to the Form 10-K for the
                           year ended December 31, 1994 filed by Mahaska
                           Investment Company.

         (c)               Incorporated by reference to the Form 8-K filed by
                           Mahaska Investment Company on February 29, 1996.

         (d)               Incorporated by reference to the Form 10-K for the
                           year ended December 31, 1996 filed by Mahaska
                           Investment Company.

(b)      Reports on Form 8-K -- No  reports  on Form 8-K were  filed  during the
         three months ended March 31, 1997.


<PAGE>




                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                          MAHASKA INVESTMENT COMPANY
                                          (Registrant)



May 9, 1997
                                          /s/ Charles S. Howard
                                          Charles S. Howard
                                          President



May 9, 1997
                                         /s/ David A. Meinert
                                         David A. Meinert
                                         Executive Vice President and
                                         Chief Financial Officer
                                         (Principal Accounting Officer)



<PAGE>


                                                                     
                                                              Exhibit 11



                           MAHASKA INVESTMENT COMPANY
                                AND SUBSIDIARIES
                 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>

                                                Three Months Ended March 31,
                                                   1997            1996
<S>                                                <C>             <C>
Earnings per Share Information:


Weighted average number
  of shares outstanding
  during the period                              2,228,438       2,261,154


Net earnings                                    $1,378,232       1,005,802


Earnings per share                              $        0.62            0.44

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