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,
                                        1997           1996           1995
                                   -------------- -------------- --------------
                                                        
 A   Average Common Shares
     Outstanding................      4,407,869      4,623,170      4,685,488
                                     ----------     ----------     ----------
 B   Common Share Equivalents:
     Average Stock Options
     Outstanding................        399,302        486,323        498,532
                                     ----------     ----------     ----------
 C   Option Exercise Price......          $6.00          $6.00          $6.00
                                     ----------     ----------     ----------
 D   Exercise Proceeds [B x C]..     $2,395,812     $2,917,938     $2,991,192
                                     ----------     ----------     ----------
 E   Average Market Price in
     Period.....................         $13.82         $10.79          $8.06
                                     ----------     ----------     ----------
 F   Shares Repurchased At
     Market Price [D / E].......        173,358        270,430        371,116
                                     ----------     ----------     ----------
 G   Increase in Common Shares
     [B - F]....................        225,944        215,893        127,416
                                     ----------     ----------     ----------
 H   Shares Outstanding and
     Equivalents [A + G]........      4,633,813      4,839,063      4,812,904
                                     ==========     ==========     ==========
 I   Net Earnings for Period....     $2,820,000     $3,569,000     $2,321,000
                                     ==========     ==========     ==========
     Primary Earnings Per Share
     [I / H]....................          $0.61          $0.74          $0.48
                                     ==========     ==========     ==========
 J   Market Price at end of
     period.....................         $17.56         $10.95          $8.90
                                     ==========     ==========     ==========
 K   Shares Repurchased at
     Market Price at end of
     period [D / J].............        136,436        266,478        336,089
                                     ----------     ----------     ----------
 L   Increase in Common Shares
     [B - K]....................        262,866        219,845        162,443
                                     ----------     ----------     ----------
 M   Shares Outstanding and
     Equivalents [A + L]........      4,670,735      4,843,015      4,847,931
                                     ==========     ==========     ==========
     Fully Diluted Earnings Per
     Share [I / M]..............          $0.60          $0.74          $0.48
                                     ==========     ==========     ==========