EXHIBIT 11.   STATEMENT REGARDING COMPUTATION OF PER SHARE INCOME (LOSS)



                             B.M.J. Financial Corp.
                    Computation of Earnings Per Common Share
                       on Primary and Fully Diluted Basis


(In thousands except for number                              Three Months Ended March 31,
                                                             ----------------------------
of shares and per share amounts)                                  1996         1995

                                                               ----------   ----------
                                                                             
Net income for computation of primary earnings per share ...   $    2,168   $    1,434
                                                               ==========   ==========

Weighted average outstanding common shares for
     computation of primary earnings per share .............    7,627,585    7,597,755

Additional common stock equivalents ........................       57,531       83,793
                                                               ----------   ----------

Adjusted average outstanding shares for
     computation of primary earnings per share .............    7,685,116    7,681,548
                                                               ==========   ==========

Primary earnings per share .................................   $     0.28   $     0.19
                                                               ==========   ==========

Net income .................................................   $    2,168   $    1,434

Adjustment to interest expense for reduction of
     existing debt, net of tax effect ......................         --             33
                                                               ----------   ----------

Net income, as adjusted, for computation of
     fully diluted earnings per share ......................   $    2,168   $    1,467
                                                               ==========   ==========

Weighted average outstanding common shares .................    7,627,585    7,597,755

Additional shares issued assuming conversion of
     convertible capital notes and exercise of stock options       57,531      302,505
                                                               ----------   ----------

Adjusted average outstanding shares for computation of
     fully diluted earnings per share ......................    7,685,116    7,900,260
                                                               ==========   ==========

Fully diluted earnings per share ...........................   $     0.28   $     0.19
                                                               ==========   ==========