EXHIBIT 11.1

QUAKER CITY BANCORP, INC.
COMPUTATION OF EARNINGS PER SHARE

 
 
                                                                          THREE MONTHS                          
                                                                              ENDED                              
                                                                          SEPTEMBER 30,                          
                                                                               1998                              
                                                                               ----
                                                                                                     
A      AVERAGE COMMON SHARES OUTSTANDING                                        5,510,465                     
                                                                         ----------------                     
B      NET EARNINGS FOR PERIOD                                                 $2,458,000                     
                                                                         ================                     
       BASIC EARNINGS PER SHARE [ B / A ]                                           $0.45                     
                                                                         ================                     
                                                                                                              
       COMMON SHARE EQUIVALENTS :                                                                             
C      AVERAGE STOCK OPTIONS OUTSTANDING                                          575,726                     
                                                                         ----------------                     
D      OPTION EXERCISE PRICE                                                        $8.48                     
                                                                         ----------------                     
E      EXERCISE PROCEEDS [ C X D ]                                             $4,882,156                     
                                                                         ----------------                     
F      AVERAGE MARKET PRICE IN PERIOD                                              $17.41                     
                                                                         ----------------                     
G      SHARES REPURCHASED AT MARKET PRICE [ E / F ]                               280,423                     
                                                                                                              
                                                                         ----------------                     
H      INCREASE IN COMMON SHARES [ C - G ]                                        295,303                     
                                                                         ----------------                     
I      SHARES OUTSTANDING AND EQUIVALENTS [ A + H ]                             5,805,768                     
                                                                         ================                     
J      NET EARNINGS FOR PERIOD                                                 $2,458,000                     
                                                                         ================                     
       DILUTED EARNINGS PER SHARE [ J / I ]                                         $0.42                     
                                                                         ================                     
       MARKET PRICE AT END OF PERIOD                                               $15.25