1
                                                                    EXHIBIT 23.2











                         CONSENT OF INDEPENDENT AUDITORS


The Board of Directors
Midwest Bancshares, Inc.:

We consent to the inclusion and incorporation by reference in the Registration
Statement on Form S-4 of Mahaska Investment Company of our report dated January
22, 1999, except for note 16, which is as of February 2, 1999, relating to the
consolidated balance sheets of Midwest Bancshares, Inc. and subsidiaries as of
December 31, 1998 and 1997, and the related consolidated statements of
operations, stockholders' equity and comprehensive income, and cash flows for
each of the years in the three-year period ended December 31, 1998, and to the
reference to our firm under the heading "Experts" in the joint proxy
statement/prospectus.


                                        KPMG LLP



Des Moines, Iowa
August 16, 1999