FFVA FINANCIAL CORPORATION AND SUBSIDIARY
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
Three Months Ended June 30, Six Months ended June 30,
1997 1996 1997 1996
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Primary Earnings per Share:
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Weighted average number of shares
outstanding 4,520,552 5,372,243 4,569,096 5,452,140
Average unallocated ESOP Shares (200,000) (233,852) (200,000) (233,852)
Incremental shares attributed to
outstanding options 288,653 131,544 277,747 116,546
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Weighted average number of common
stock equivalents 4,609,205 5,269,935 4,646,843 5,334,834
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Net Income $1,930,000 $1,710,000 $3,824,000 $3,319,000
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Primary earnings per common and
common equivalent share $ .42 $ .32 $ .82 $ .62
Earnings Per Share Assuming Full
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Dilution:
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Weighted average number of shares
outstanding 4,520,552 5,372,243 4,569,096 5,452,140
Average unallocated ESOP shares (200,000) (233,852) (200,000) (233,852)
Incremental shares attributed to
outstanding options 329,232 194,268 329,232 194,452
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Weighted average number of common
stock equivalents 4,649,784 5,332,659 4,698,328 5,412,740
========== ========== ========== ==========
Net Income $1,930,000 $1,710,000 $3,824,000 $3,319,000
========== ========== ========== ==========
Fully diluted earnings per common
and common equivalent shares $ .42 $ .32 $ .81 $ .61
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.