EXHIBIT 11









                                                                    EXHIBIT 11


                          FFVA FINANCIAL CORPORATION

             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE




                                                                 Year Ended December 31,
                                                                  1995(1)        1996
                                                               -----------    -----------
Primary earnings per share:
                                                                              
  Weighted average number of shares outstanding ............     6,074,184      5,211,750
  Average unallocated ESOP shares ..........................      (266,060)      (231,031)
  Incremental shares attributed to outstanding options......        56,160        156,243
                                                               -----------    -----------
  Weighted average number of common stock
    equivalents ............................................     5,864,284      5,136,962
                                                               ===========    ===========
  Net income ...............................................   $ 6,474,000    $ 5,463,000
                                                               ===========    ===========

Primary earnings per common and common
equivalent share ...........................................   $      1.11    $      1.06
                                                               ===========    ===========

Earnings per share assuming full dilution:
  Weighted average number of shares outstanding ............     6,074,184      5,211,750
  Average unallocated ESOP shares ..........................      (266,060)      (231,031)
  Incremental shares attributed to outstanding options......        56,160        239,576
                                                               -----------    -----------
  Weighted average number of common stock
    equivalents ............................................     5,864,284      5,220,295
                                                               ===========    ===========
  Net income ...............................................   $ 6,474,000    $ 5,463,000
                                                               ===========    ===========
Fully diluted earnings per common and common
equivalent share............................................   $      1.11    $      1.05
                                                               ===========    ===========



      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.