FFVA FINANCIAL CORPORATION AND SUBSIDIARY
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
Three Months Ended June 30, Six Months ended June 30,
1996 1995 (1) 1996 1995 (1)
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Primary Earnings per Share:
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Weighted average number of shares
outstanding 5,372,243 6,188,938 5,452,140 6,245,844
Average unallocated ESOP Shares (233,852) (267,156) (233,852) (267,156)
Incremental shares attributed to
outstanding options 131,544 - 116,546 -
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Weighted average number of common
stock equivalents 5,269,935 5,921,782 5,334,834 5,978,688
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Net Income $1,710,000 $1,603,000 $3,319,000 $3,235,000
========= ========= ========= =========
Primary earnings per common and
common equivalent share $ .32 $ .27 $ .62 $ .54
Earnings Per Share Assuming Full
- --------------------------------
Dilution:
- ---------
Weighted average number of shares
outstanding 5,372,243 6,188,938 5,452,140 6,245,844
Average unallocated ESOP shares (233,852) (267,156) (233,852) (267,156)
Incremental shares attributed to
outstanding options 194,268 - 194,452 -
--------- --------- --------- ---------
Weighted average number of common
stock equivalents 5,332,659 5,921,782 5,412,740 5,978,688
========= ========= ========= =========
Net Income $1,710,000 $1,603,000 $3,319,000 $3,235,000
========= ========= ========= =========
Fully diluted earnings per common
and common equivalent shares $ .32 $ .27 $ .61 $ .54
The Company accounts for the shares acquired by the Employee Stock Ownership
Plan ("ESOP") in accordance with Statement of Position 93-6: shares controlled
by the ESOP are not considered in the weighted average shares outstanding until
the shares are committed for allocation.
(1) Adjusted to reflect the two-for-one stock split paid June 5, 1996.