LANDMARK BANCSHARES, INC.
             Statement Regarding Computation of Earnings Per Share
                 Years Ended September 30, 1996, 1995 and 1994



<TABLE>
<CAPTION>
                                                                    Years Ended September 30,
                                                           -----------------------------------------
                                                               1996           1995           1994
                                                           -----------     ----------     ----------

Primary:
<S>                                                        <C>           <C>             <C>        
     Weighted average common shares outstandng             $ 2,281,312   $  2,281,312    $ 2,281,312
     Net effect of dilutive stock options                       72,860         33,707         23,736
     Average unallocated ESOP shares                          (107,987)      (123,231)
     Weighted average treasury shares purchased(308,365)       (50,574)
                                                                          -----------    -----------
                                                             1,937,820      2,141,214      2,305,048
                                                           ===========    ===========    ===========

Fully Diluted:
     Weighted average common shares outstandng             $ 2,281,312   $  2,281,312    $ 2,281,312
     Net effect of dilutive stock options                       88,814         68,039         34,734
     Average unallocated ESOP shares                          (107,987)      (123,231)
     Weighted average treasury shares purchased(308,365)       (50,574)
                                                                          -----------    -----------
                                                             1,953,774      2,175,546      2,316,046
                                                           ===========    ===========    ===========

Net earnings                                               $ 1,404,226    $ 1,762,523    $ 1,583,985
                                                           ===========    ===========    ===========
Earnings per share:

     Primary                                               $      0.72    $      0.82    $      0.38
                                                           ===========    ===========    ===========
     Fully Diluted                                         $      0.72    $      0.81    $      0.38
                                                           ===========    ===========    ===========


</TABLE>


Earnings  per share for the year ended  September  30,  1994 is  computed on net
income and common stock  outstanding  since March 28, 1994, the date the Company
completed its initial stock offering.

Beginning with the fiscal year ending  September 30, 1995, the Company  accounts
for the 136,878 shares acquired by the Employee Stock Ownership Plan ("ESOP") in
accordance  with Statement of Position 93-6. In accordance  with this statement,
shares  controlled by the ESOP are not considered in the weighted average shares
outstanding  until the shares are committed for  allocation.  In accordance with
the provisions of the statement, the change in accounting for shares held by the
ESOP was applied  prospectively.  Had the statement  been applied to fiscal year
ending  September 30, 1994,  average  unallocated  shares held by the ESOP would
have reduced common stock equivalents outstanding by 133,116.