<TABLE>
<CAPTION>
                                       
                       BETHEL BANCORP AND SUBSIDIARIES
      Exhibit 11.  Statement Regarding Computation of Per Share Earnings
                                       

                                 Three Months Ended      Three Months Ended
                                  December 31,1995        December 31, 1994*
                                 -------------------     --------------------
<S>                              <C>                     <C>                
EQUIVALENT SHARES:                                                           
                                                                            
Average Shares Outstanding           1,195,685               1,094,800
                                                                           
Total Equivalent Shares              1,195,685               1,094,800
Total Primary Shares                 1,293,424               1,226,670
Total Fully Diluted Shares           1,529,798               1,460,434
                                                                              
Net Income                       $     443,436           $     407,114
Less Preferred Stock Dividend           35,000                  35,000
                                 -------------------     --------------------
Net Income after Preferred                                                   
Dividend                         $     408,436           $     372,114
                                 ===================     ====================
                                                                              
Primary Earnings Per Share       $        0.32           $        0.30
Fully Diluted Earnings Per                                                  
Share                            $        0.29           $        0.28
                                                                               
                                                                              
                                  Six Months Ended        Six Months Ended
                                  December 31, 1995       December 31, 1994*
                                 -------------------     --------------------
                                                                            
EQUIVALENT SHARES:                                                             
                                                                              
Average Shares Outstanding           1,157,967               1,094,800
                                                                            
Total Equivalent Shares              1,157,967               1,094,800
Total Primary Shares                 1,252,857               1,231,236
Total Fully Diluted Shares           1,492,080               1,465,000
                                                                             
Net Income                       $     865,073           $     812,826
                                                                           
Less Preferred Stock Dividend           69,999                  69,999
                                 -------------------     --------------------
Net Income after Preferred                                                     
   Dividend                      $     795,074           $     742,827
                                 ===================     ====================
Primary Earnings Per Share       $        0.64           $        0.60
Fully Diluted Earnings Per 
Share                            $        0.58           $        0.56

</TABLE>

*The 1994 earnings per share was restated due to the 100% common stock 
dividend.