EXHIBIT 11.1

                              QUAKER CITY BANCORP

                       COMPUTATION OF EARNINGS PER SHARE



                                    For the Year   For the Year   For the Year
                                   Ended June 30, Ended June 30, Ended June 30,
                                        2000           1999           1998
                                   -------------- -------------- --------------
                                                     
 A   Average Common Shares
     Outstanding................      5,025,625      5,392,564      5,469,646
                                    -----------     ----------     ----------
 B   Net earnings for Period....    $11,750,000     $9,644,000     $6,610,000
                                    ===========     ==========     ==========
     Basic Earnings Per Share [B
     / A].......................    $      2.34          $1.79          $1.21
                                    ===========     ==========     ==========
     Common Share Equivalents:

 C   Stock Options Outstanding..        367,887        571,279        602,107
                                    -----------     ----------     ----------
 D   Option Exercise Price......    $      4.94          $8.50          $7.86
                                    -----------     ----------     ----------
 E   Exercise Proceeds [C x D]..    $ 1,817,362     $4,855,872     $4,732,561
                                    -----------     ----------     ----------
 F   Average Market Price in
     Period.....................    $     15.89         $16.00         $17.13
                                    -----------     ----------     ----------
 G   Shares Repurchased At
     Market Price [E / F].......        114,371        303,492        276,273
                                    -----------     ----------     ----------
 H   Increase in Common Shares
     [C - G]....................        253,516        267,787        325,834
                                    -----------     ----------     ----------
 I   Shares Outstanding and
     Equivalents [A + H]........      5,279,141      5,660,351      5,795,480
                                    ===========     ==========     ==========
 J   Net Earnings for Period....    $11,750,000     $9,644,000     $6,610,000
                                    ===========     ==========     ==========
     Diluted Earnings Per Share
     [J / I]....................    $      2.23          $1.70          $1.14
                                    ===========     ==========     ==========