Exhibit 11.0

              Statement regarding Computation of Per Share Earnings

<PAGE>
                                  Exhibit 11.0

<TABLE>
<CAPTION>
                    SECURITY OF PENNSYLVANIA FINANCIAL CORP.
              STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
                      THREE MONTHS ENDED DECEMBER 31, 1999


                                                                            Three Months Ended
                                                            ----------------------------------------------------
                                                               December 31, 1999           December 31, 1998
                                                            ------------------------    ------------------------

<S>                                                               <C>                         <C>
Net Income ........................................               $174,415                          --
                                                                  ========                   ========
Weighted average shares outstanding:
Weighted average total shares outstanding .........              1,476,514                          --
Less:  Unallocated shares held by ESOP at beginning
of period .........................................               (121,075)                         --
Plus:  Weighted average ESOP shares released or
committed to be released during the fiscal year ...                     18                          --
                                                                  ---------

Weighted average total shares outstanding .........               1,355,457                         --

Earnings per share (1).............................                   $0.13                        N/A
                                                                      =====                   ========
</TABLE>


-----------------------

(1)  Earnings per share,  basic and  diluted,  are the same for the three months
     ended December 31, 1999.


<PAGE>
                                  Exhibit 11.0

                    SECURITY OF PENNSYLVANIA FINANCIAL CORP.
              STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
                       SIX MONTHS ENDED DECEMBER 31, 1999

<TABLE>
<CAPTION>

                                                                             Six Months Ended
                                                            ----------------------------------------------------
                                                               December 31, 1999           December 31, 1998
                                                            ------------------------    ------------------------
<S>                                                                <C>                             <C>
Net Income                                                         $491,539                         --
                                                                   ========                        ===
Weighted average shares outstanding:
Weighted average total shares outstanding                         1,531,757                          --
Less:  Unallocated shares held by ESOP at beginning                                                  --
of period                                                         (122,735)
Plus:  Weighted average ESOP shares released or
committed to be released during the fiscal year                         848                          --
                                                                        ---
Weighted average total shares outstanding                         1,409,870                          --
Earnings per share (1)                                                $0.35                         N/A
                                                                  =========                         ===
----------------------
(1)  Earnings per share,  basic and  diluted,  are the same for the three months
     ended December 31, 1999.
</TABLE>