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                                                                 Exhibit  11

                   SECURITY FIRST CORP.
                COMPUTATION OF EARNINGS PER SHARE

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                                                   Three months ended                       Nine months ended
                                                       December 31,                             December 31,
                                                  1996              1995                  1996                 1995
                                           ----------------------------------    ---------------------------------------
<S>                                           <C>                <C>                   <C>                  <C>       
PRIMARY:                                                                                           
  Earnings:                                   
    Net Income applicable                     
      to primary shares                       $2,040,000         $1,692,000            $4,260,000           $4,949,000
                                              ==============================           ================================
  Shares:                                                                              
    Weighted average number                                                            
      of common shares                                                                 
      outstanding                              4,972,229          4,789,146             4,946,922            4,771,786
    Shares issuable from                                                               
      assumed exercise of                                                              
      stock options                               85,510            145,970                89,053              149,148
                                              ------------------------------           --------------------------------
                                                                                                   
    Total primary shares                       5,057,739          4,935,116             5,035,975            4,920,934
                                              ==============================           ================================
                                                                                                   
  Primary earnings per share                       $0.40              $0.34                 $0.85                $1.01
                                              ==============================           ================================
                                                                                                   
FULLY DILUTED:                                                                                     
  Earnings:                                                                            
    Net income                                $2,040,000         $1,692,000            $4,260,000           $4,949,000
    Adjustment for interest                                                            
      expense on convertible                                                           
      subordinated debentures                                                          
      net of tax                                  98,000             98,000               293,000              293,000
                                              ------------------------------           --------------------------------
                                                                                                   
    Net income applicable to                                                           
      fully diluted shares                    $2,138,000         $1,790,000            $4,553,000           $5,242,000
                                              ==============================           ================================
                                                                                                   
                                                                                       
  Shares:                                                                              
    Weighted average number                                                            
      of common shares                                                                 
      outstanding                              4,972,229          4,789,146             4,946,922            4,771,786
    Shares issuable from                                                               
      assumed exercise of                                                              
      stock options                              103,279            145,970               123,207              154,933
    Shares issuable from                                                               
      assumed conversion of                                                            
      convertible subordinated                                                         
      debentures                                 749,946            751,230               750,374              752,923
                                              ------------------------------           --------------------------------
                                                                                                   
    Total fully diluted shares                 5,825,454          5,686,346             5,820,503            5,679,642
                                              ==============================           ================================
                                                                                                   
  Fully diluted earnings                                                               
    per share                                      $0.37              $0.31                 $0.78                $0.92
                                              ==============================           ================================
                                                                                                                      
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