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                                                                      Exhibit 11

                   SECURITY FIRST CORP.
                COMPUTATION OF EARNINGS PER SHARE

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<CAPTION>

                                          Three months ended                Nine months ended
                                          December 31,                      December 31,
                                             1997          1996 (a)             1997          1996 (a)
                                        ------------------------------    ------------------------------
<S>                                     <C>                 <C>           <C>                 <C>          
BASIC:
  Earnings:
    Net Income available to
      common shareholders               $   2,356,000       $2,040,000    $   6,851,000       $4,260,000
                                        ==============================    ==============================
  Shares:                                  
    Weighted average number                
      of common shares                     
      outstanding                           7,578,118        7,458,344        7,554,113        7,420,383
                                        ==============================    ==============================
                                           
  Basic earnings per share                  $    0.31        $    0.27        $    0.91        $    0.57
                                        ==============================    ==============================
                                           
                                           
DILUTED:                                   
  Earnings:                                
    Net Income available to                
      common shareholders               $   2,356,000       $2,040,000    $   6,851,000       $4,260,000
    Adjustment for interest                
      expense on convertible               
      subordinated debentures              
      net of tax                               77,000           98,000          256,000          293,000
                                        ------------------------------    ------------------------------
                                           
    Net income applicable to               
      diluted shares                    $   2,433,000       $2,138,000    $   7,107,000       $4,553,000
                                        ==============================    ==============================
                                           
                                           
  Shares:                                  
    Weighted average number                
      of common shares                     
      outstanding                           7,578,118        7,458,344        7,554,113        7,420,383
    Shares issuable from                   
      assumed exercise of                  
      stock options                           220,545          128,265          196,185          133,580
    Shares issuable from                   
      assumed conversion of                
      convertible subordinated             
      debentures                              924,459        1,124,919          989,645        1,125,561
                                        ------------------------------    ------------------------------
                                           
    Adjusted weighted                      
      average shares                        8,723,122        8,711,528        8,739,943        8,679,524
                                        ==============================    ==============================
                                           
  Diluted earnings                         
    per share                               $    0.28        $    0.25        $    0.81        $    0.52
                                        ==============================    ==============================
                                           
                                     
<FN>
(a)  Adjusted to reflect the three-for-two stock split distributed on July 31,
     1997, and the implementation of Statement of Financial Accounting Standards
     No. 128, "Earnings Per Share".
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