SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                   FORM 10-QSB
(Mark One)

|X|  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended      April 30, 2004
                                   ---------------

                                       OR

| |  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from _______________________ to ______________________


                         Commission file number 0-50684

                               SE FINANCIAL CORP.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


Pennsylvania                                            57-1199010
--------------------------------------------------------------------------------
(State or other jurisdiction of             (I.R.S. employer identification no.)
incorporation or organization)

1901-03 Passyunk Avenue, Philadelphia, Pennsylvania                19148
--------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code   215-468-1700
                                                    --------------

                                       N/A
--------------------------------------------------------------------------------
               Former name, former address and former fiscal year,
                          if changed since last report.


          Indicate  by check  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes          No  X
                                              ---         ---

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of common stock as of the latest practicable date: June 11, 2004
                                                           -------------

              Class                                     Outstanding
  ----------------------------                        ---------------
   $.10 par value common stock                       2,588,750  shares


<PAGE>

                               SE FINANCIAL CORP.

                                   FORM 1O-QSB

                      FOR THE QUARTER ENDED APRIL 30, 2004


                                      INDEX


                                                                           Page
                                                                          Number
                                                                          ------

PART I - CONSOLIDATED FINANCIAL INFORMATION

     Item 1. Consolidated Financial Statements (Unaudited)                     1

     Item 2. Management's Discussion and Analysis of
             Financial Condition and Results of Operations                     7

     Item 3. Controls and Procedures                                          12

PART II- OTHER INFORMATION

     Item 1. Legal Proceedings                                                13

     Item 2. Changes in Securities and Small Business Issuer
             Purchases of Equity Securities                                   13

     Item 3. Defaults Upon Senior Securities                                  13

     Item 4. Other Information                                                13

     Item 5. Exhibits and Reports on Form 8-K                                 13


SIGNATURES

EXHIBITS

         31. Certifications pursuant to Section 302 of the Sarbanes-Oxley
             Act of 2002

         32. Certification  pursuant to Section 906 of the Sarbanes-Oxley
             Act of 2002

         99. Independent Accountant's Report
<PAGE>

                ST. EDMOND'S FEDERAL SAVINGS BANK AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                  April 30,     October 31,
                                                                    2004            2003
                                                              -------------    -------------
<S>                                                         <C>              <C>
ASSETS
    Cash and due from banks                                   $     911,490    $     675,001
    Interest-bearing deposits with other institutions            31,068,728        5,628,890
                                                              -------------    -------------

         Cash and cash equivalents                               31,980,218        6,303,891

    Certificates of deposit in other financial institutions         185,930          183,483
    Investment securities available for sale                     37,034,504       27,337,238
    Loans receivable (net of allowance for loan losses
         of $ 281,100 and $ 262,561)                             54,485,222       50,729,660
    Accrued interest receivable                                     510,437          482,538
    Federal Home Loan Bank Stock                                  1,134,400          735,000
    Real estate owned                                                34,000           38,881
    Premises and equipment, net                                   1,117,034        1,148,993
    Bank-owned life insurance                                     1,540,000                -
    Other assets                                                    646,055          407,622
                                                              -------------    -------------

         TOTAL ASSETS                                         $ 128,667,800    $  87,367,306
                                                              =============    =============



LIABILITIES AND RETAINED EARNINGS
    Deposits                                                  $  71,843,565    $  72,272,834
    Federal Home Loan Bank borrowings                            16,607,222        6,637,204
    Advances by borrowers for taxes and insurance                   226,822          477,386
    Accrued interest payable                                         45,354           49,703
    Stock subscriptions received                                 31,069,009                -
    Other liabilities                                               940,405          258,521
                                                              -------------    -------------

         TOTAL LIABILITIES                                      120,732,377       79,695,648

    Commitments and contingencies

    Retained earnings                                             8,004,228        7,755,558
    Accumulated other comprehensive loss                            (68,805)         (83,900)
                                                              -------------    -------------

         TOTAL RETAINED EARNINGS                                  7,935,423        7,671,658
                                                              -------------    -------------

         TOTAL LIABILITIES AND RETAINED EARNINGS              $ 128,667,800    $  87,367,306
                                                              =============    =============
</TABLE>

     See accompanying notes to the unaudited consolidated financial statements.

                                       1

<PAGE>

                ST. EDMOND'S FEDERAL SAVINGS BANK AND SUBSIDIARY
                        CONSOLIDATED STATEMENT OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended        Six Months Ended
                                                                  April 30,                 April 30,
                                                          -----------------------   -----------------------
                                                             2004         2003         2004         2003
                                                          ----------   ----------   ----------   ----------
<S>                                                     <C>          <C>          <C>          <C>
    INTEREST AND DIVIDEND INCOME
      Loans receivable                                    $  925,356   $  996,889   $1,819,845   $2,058,755
      Investment securities
          Taxable                                            238,081      286,730      481,351      551,704
          Exempt from federal income tax                      31,253       15,127       59,235       28,717
      Interest-bearing deposits with other institutions       13,738       11,191       25,929       30,706
      Other dividend income                                    2,371        5,442        4,771       10,681
                                                          ----------   ----------   ----------   ----------

             Total interest and dividend income            1,210,799    1,315,379    2,391,131    2,680,563

    INTEREST EXPENSE
      Deposits                                               441,883      558,024      916,902    1,182,180
      Federal Home Loan Bank borrowings                       53,295       55,010      107,132      112,020
                                                          ----------   ----------   ----------   ----------

             Total interest expense                          495,178      613,034    1,024,034    1,294,200
                                                          ----------   ----------   ----------   ----------

    NET INTEREST INCOME                                      715,621      702,345    1,367,097    1,386,363
      Provision for loan losses                                9,000        9,000       18,000       18,000
                                                          ----------   ----------   ----------   ----------
    NET INTEREST INCOME AFTER
             PROVISION FOR LOAN LOSSES                       706,621      693,345    1,349,097    1,368,363

    NONINTEREST INCOME
      Service fees on deposit accounts                        64,073       76,088      131,788      163,552
      Other                                                   31,660       13,363       46,143       35,754
                                                          ----------   ----------   ----------   ----------

             Total noninterest income                         95,733       89,451      177,931      199,306

    NONINTEREST EXPENSE
      Compensation and employee benefits                     317,288      282,967      613,795      573,672
      Occupancy and equipment                                 59,421       67,078      114,329      141,367
      Federal deposit insurance premiums                       9,887        9,810       19,897       25,299
      Data processing expense                                 77,397       76,625      143,262      146,919
      Professional fees                                       39,507       24,331       69,951       39,819
      Other                                                   75,426       83,562      181,062      188,848
                                                          ----------   ----------   ----------   ----------

             Total noninterest expense                       578,926      544,373    1,142,296    1,115,924
                                                          ----------   ----------   ----------   ----------

    INCOME BEFORE INCOME TAXES                               223,428      238,423      384,732      451,745

    INCOME TAXES                                              74,344       93,167      136,062      172,736
                                                          ----------   ----------   ----------   ----------

    NET INCOME                                            $  149,084   $  145,256   $  248,670   $  279,009
                                                          ==========   ==========   ==========   ==========
</TABLE>

    See accompanying notes to the unaudited consolidated financial statements.

                                       2

<PAGE>

                ST. EDMOND'S FEDERAL SAVINGS BANK AND SUBSIDIARY
             CONSOLIDATED STATEMENT OF CHANGES IN RETAINED EARNINGS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                          Accumulated
                                                                             Other            Total
                                                          Retained       Comprehensive      Retained       Comprehensive
                                                          Earnings       Income (Loss)      Earnings          Income
                                                     ---------------   --------------   --------------   ---------------

<S>                                                   <C>                <C>            <C>               <C>
     Balance, October 31, 2002                          $ 7,199,733        $ 187,158      $ 7,386,891

     Net income                                             279,009                           279,009         $ 279,009

     Other comprehensive income:
         Unrealized gain on available for sale
            securities net of taxes of $15,614                                22,467           22,467            22,467
                                                                                                              ---------
     Comprehensive income                                                                                     $ 301,476
                                                                                                              =========
                                                        -----------        ---------      -----------
     Balance, April 30, 2003                            $ 7,478,742        $ 209,625      $ 7,688,367
                                                        ===========        =========      ===========




     Balance, October 31, 2003                          $ 7,755,558        $ (83,900)     $ 7,671,658

     Net income                                             248,670                           248,670         $ 248,670

     Other comprehensive income:
         Unrealized gain on available for sale
            securities net of taxes of $8,881                                 15,095           15,095            15,095
                                                                                                              ---------
     Comprehensive income                                                                                     $ 263,765
                                                                                                              =========
                                                        -----------        ---------      -----------
     Balance, April 30, 2004                            $ 8,004,228        $ (68,805)     $ 7,935,423
                                                        ===========        =========      ===========
</TABLE>

     See accompanying notes to the unaudited consolidated financial statements.


                                       3

<PAGE>
                ST. EDMOND'S FEDERAL SAVINGS BANK AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                     For the Six Months Ended
                                                                                              April 30,
                                                                                        2004            2003
                                                                                    ------------    ------------
<S>                                                                               <C>             <C>
      OPERATING ACTIVITIES
          Net income                                                                $    248,670    $    279,009
          Adjustments to reconcile net income to net cash provided
            by operating activities:
              Provision for loan losses                                                   18,000          18,000
              Depreciation, amortization, and accretion                                  121,224          50,158
              Increase in accrued interest receivable                                    (27,899)        (13,604)
              Decrease in accrued interest payable                                        (4,349)        (19,336)
              Increase (decrease) in principal and interest on loans sold payable        640,357         (70,823)
              Other, net                                                                (205,260)         34,538
                                                                                    ------------    ------------
                  Net cash provided by operating activities                              790,743         277,942
                                                                                    ------------    ------------

      INVESTING ACTIVITIES
          Investment securities available for sale:
              Proceeds from principal repayments and maturities                        6,900,950       7,791,199
              Purchases                                                              (16,626,557)    (15,051,815)
          Decrease (increase) in loans receivable, net                                (3,831,105)      2,740,162
          Proceeds from sales of real estate acquired through
             foreclosure                                                                  56,763         101,573
          Purchase of Federal Home Loan Bank stock                                      (399,400)        (53,000)
          Purchase of bank-owned life insurance                                       (1,540,000)              -
          Purchase of premises and equipment                                             (34,181)        (78,426)
                                                                                    ------------    ------------
                  Net cash used for investing activities                             (15,473,530)     (4,550,307)
                                                                                    ------------    ------------

      FINANCING ACTIVITIES
          Increase (decrease) in deposits, net                                          (429,269)        831,172
          Proceeds from Federal Home Loan Bank borrowings                             10,000,000               -
          Repayment of Federal Home Loan Bank borrowings                                 (29,982)        (28,108)
          Increase in subscription rights                                             31,069,009               -
          Decrease in advances by borrowers
             for taxes and insurance, net                                               (250,564)       (336,482)
                                                                                    ------------    ------------
                  Net cash provided by financing activities                           40,359,194         466,582
                                                                                    ------------    ------------

                  Increase (decrease) in cash and cash equivalents                    25,676,407      (3,805,783)

      CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                   6,303,891       7,300,707
                                                                                    ------------    ------------

      CASH AND CASH EQUIVALENTS AT END OF YEAR                                      $ 31,980,298    $  3,494,924
                                                                                    ============    ============

      SUPPLEMENTAL CASH FLOW DISCLOSURES
          Cash paid:
              Interest                                                              $  1,028,383    $  1,313,536
              Income taxes                                                               134,500         107,717
          Noncash transactions:
              Transfers from loans to real estate acquired through foreclosure            51,580          83,679
</TABLE>

      See accompanying notes to the unaudited consolidated financial statements.

                                       4
<PAGE>

                        ST. EDMOND'S FEDERAL SAVINGS BANK
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION
------------------------------

     The consolidated  financial statements include the accounts of the Bank and
its wholly-owned  subsidiary,  SE Investment Services Corp.  ("Services Corp.").
All  intercompany  transactions  have  been  eliminated  in  consolidation.  The
investment in subsidiary  on the Bank's  financial  statements is carried at the
Bank's equity in the underlying net assets of the Services Corp.

     The  accompanying  unaudited  financial  statements  have been  prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial  information and the instructions for Form 10-QSB.
In  management's  opinion,  the financial  statements  include all  adjustments,
consisting of normal recurring adjustments, that the Bank considers necessary to
fairly state the Bank's  financial  position and the results of  operations  and
cash flows.  The balance  sheet at October 31,  2003,  has been derived from the
audited  financial  statements  at that  date but does  not  include  all of the
necessary  informational  disclosures  and  footnotes as required by  accounting
principles  generally  accepted in the United States of America.  The results of
the Bank's  operations for any interim period are not necessarily  indicative of
the results of the Bank's  operations for any other interim period or for a full
fiscal year.

NOTE 2 - COMPREHENSIVE INCOME
-----------------------------

     The components of  comprehensive  income consist  exclusively of unrealized
gains and losses on  available  for sale  securities.  For the six months  ended
April 30, 2004 and 2003, this activity is shown under the heading  Comprehensive
Income as  presented  in the  Consolidated  Statement  of  Changes  in  Retained
Earnings  (Unaudited).  For the three  months  ended  April  30,  2004 and 2003,
comprehensive income (loss) totaled ($11,010) and $114,325, respectively.

NOTE 3 - SUBSEQUENT EVENT
-------------------------

     On  January  15,  2004,  the Board of  Directors  of the Bank,  subject  to
regulatory approval,  ratified a Plan of Conversion (the "Plan") to convert from
a federally  chartered mutual savings institution to a federally chartered stock
savings  institution.  Upon  completion  of the  conversion,  the Bank  became a
wholly-owned  subsidiary of a concurrently  formed holding company, SE Financial
Corp (the  "Company"). Pursuant to the plan, nontransferable subscription rights
to purchase  common stock of the holding  company were offered first to eligible
account  holders,  the  tax-qualified  employee stock benefit  plans,  and other
members.

     On May 5, 2004, the Company  completed an initial public  offering and sold
2,578,875  shares of common  stock at $10 per share  and  received  proceeds  of
$23,105,650 net of conversion  expenses of  approximately  $620,000 and unfunded
ESOP proceeds of  $2,063,100.  The Company used 50% of the net proceeds from the
offering to purchase all of the Bank's stock.

     The Company had received stock subscriptions  totaling $34,437,740 at April
30, 2004 pending  completion of the Company's  initial public  offering.  At the
time of the closing, gross proceeds of $23,725,650 became capital of the Company
with the remainder returned on oversubsciptions.

                                       5

<PAGE>

NOTE 4 - INVESTMENTS

The  amortized  cost  and  the  fair  value  of  available-for-sale   investment
securities were as follows:

<TABLE>
<CAPTION>
                                                    April 30, 2004
                                  ------------------------------------------------------
                                                    Gross        Gross        Estimated
                                   Amortized     Unrealized    Unrealized      Market
                                      Cost          Gains        Losses        Value
                                  -----------   -----------   -----------    -----------
<S>                              <C>           <C>           <C>            <C>
Mortgage-backed securities:
     FNMA                         $18,298,556   $    84,953   $   (28,215)   $18,355,294
     FHLMC                          2,148,402        16,146           (44)     2,164,504
     GNMA                             966,441        24,691             -        991,132
                                  -----------   -----------   -----------    -----------
     Total mortage-backed
     securities                    21,413,399       125,790       (28,259)    21,510,930
U.S. Government
  agency securities                11,966,865        28,311      (247,352)    11,747,824
Municipal securities                3,582,969        38,658       (28,628)     3,592,999
                                  -----------   -----------   -----------    -----------
          Total debt securities    36,963,233       192,759      (304,239)    36,851,753
Mutual funds                          182,673            78          --          182,751
                                  -----------   -----------   -----------    -----------
          Total                   $37,145,906   $   192,837   $  (304,239)   $37,034,504
                                  ===========   ===========   ===========    ===========
</TABLE>

<TABLE>
<CAPTION>
                                                   October 31, 2004
                                  ------------------------------------------------------
                                                    Gross        Gross        Estimated
                                   Amortized     Unrealized    Unrealized      Market
                                      Cost          Gains        Losses        Value
                                  -----------   -----------   -----------    -----------
<S>                             <C>           <C>           <C>            <C>
Mortgage-backed securities:
     FNMA                         $ 7,964,812   $    73,561   $   (29,236)   $ 8,009,137
     FHLMC                          1,647,127        15,285          (538)     1,661,874
     GNMA                           1,229,528        32,871             -      1,262,399
                                  -----------   -----------   -----------    -----------
     Total mortage-backed
     securities                    10,841,467       121,717       (29,774)    10,933,410
U.S. Government
  agency securities                13,721,409        40,534      (279,773)    13,482,170
Municipal securities                2,728,283        32,596       (20,369)     2,740,510
                                  -----------   -----------   -----------    -----------
          Total debt securities    27,291,159       194,847      (329,916)    27,156,090
Mutual funds                          180,706           442             -        181,148
                                  -----------   -----------   -----------    -----------
          Total                   $27,471,865   $   195,289   $  (329,916)   $27,337,238
                                  ===========   ===========   ===========    ===========
</TABLE>

The amortized  cost and estimated  market value of debt  securities at April 30,
2004,  by  contractual  maturity,  are shown below.  Mortgage-backed  securities
provide for periodic,  generally monthly, payments of principal and interest and
have  contractual   maturities  ranging  from  one  to  thirty  years.  Expected
maturities will differ from contractual  maturities  because  borrowers may have
the  right to call or  repay  obligations  with or  without  call or  prepayment
penalties.

<TABLE>
<CAPTION>

                                                    Amortized Cost     Estimated Market Value
                                                    --------------     ----------------------
<S>                                              <C>                      <C>
        Due with one year                          $    5,989,063           $ 5,970,632
        Due after one year through five years           5,718,360             5,623,629
        Due after five years through ten years          9,614,225             9,496,082
        Due after ten years                            15,641,585            15,761,410
                                                    -------------           -----------
                                                    $  36,963,233           $36,851,753
                                                    =============           ===========
</TABLE>

                                        6
<PAGE>

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

     This document contains  forward-looking  statements,  including  statements
about   anticipated   operating   and  financial   performance,   such  as  loan
originations,  operating  efficiencies,  loan sales,  charge-offs  and loan loss
provisions, growth opportunities, interest rates, and deposit growth. Words such
as "may,"  "could,"  "should,"  "would,"  "believe,"  "anticipate,"  "estimate,"
"expect,"  "intend,"  "project," "plan," and similar expressions are intended to
identify these forward-looking statements.

     Forward-looking  statements  are  necessarily  subject  to many  risks  and
uncertainties.  A  number  of  things  could  cause  actual  results  to  differ
materially from those indicated by the forward-looking  statements.  Many of the
risks and uncertainties are beyond our control.  Forward-looking  statements are
based on our  beliefs,  plans,  objectives,  goals,  assumptions,  expectations,
estimates,  and intentions as of the date the  statements are made.  There is no
assurance   that  these  beliefs,   plans,   objectives,   goals,   assumptions,
expectations, estimates, and intentions will be realized.


Comparison  of the Results of Operation  for the Six Months Ended April 30, 2004
and April 30, 2003

     The Bank recorded net income of $249,000 for the six months ended April 30,
2004, which represents a decrease of $30,000,  or 10.9%, over the same period in
2003.  The decrease in net income is primarily due to an increase in noninterest
expense,  a  reduction  in  noninterest  income and a decrease  in net  interest
income.

     Net Interest Income. Net interest income for the six months ended April 30,
2004  decreased  to  $1,367,000  from  $1,386,000  for the same  period in 2003.
Interest  income for the six months ended April 30, 2004 totaled  $2,391,000  as
compared to $2,681,000 for the six months ended April 30, 2003. This decrease of
$290,000 was attributed primarily to a decrease in the average yield on interest
earning  assets to 5.72% for the six months  ended April 30, 2004 from 6.56% for
the six months ended April 30, 2003.  This decrease was offset by an increase in
the average balance of interest earning assets.

     Interest  expense  decreased to $1,024,000,  representing a 20.9% decrease,
for the six months ended April 30, 2004 from $1,294,000 for the six months ended
April 30,  2003 and was  primarily  attributable  to the current  interest  rate
environment  that  resulted in a lowering of the average  cost of funds to 2.74%
for the six months ended April 30, 2004 as compared to 3.46% for the same period
in 2003.

     Loan Loss Provision.  The provision for loan losses was $18,000 for the six
months ended April 30, 2004 which is the same amount as for the six months ended
April 30, 2003. The loan loss provision is based upon management's assessment of
a variety  of  factors,  including  types and  amounts of  nonperforming  loans,
historical loss experience,  collectibility of collateral values and guaranties,
pending legal action for collection of loans and related guaranties, and current
economic  conditions.  The allowance  represents  management's  best estimate of
known and inherent  losses in the loan  portfolio at the balance sheet date that
are both probable and reasonable to estimate.  However, actual loan losses could
exceed the amounts that have been charged to operations.


                                       7
<PAGE>

     Noninterest Income.  Total noninterest income decreased to $178,000 for the
six months  ended April 30, 2004  compared to $199,000  for the six months ended
April 30,  2003.  The  decrease is  principally  due to a  reduction  in service
charges  and fees on deposit  account  activity in both the  transactional  fees
being  charged  and the  volume  of  related  transactions  and a  reduction  in
miscellaneous  loan  fees.  This  decrease  was offset by an  increase  in other
noninterest  income  generated by the purchase of a  bank-owned  life  insurance
policy.   The  increase  due  to  the  bank-owned  life  insurance   policy  was
approximately $29,000.

     Noninterest  Expense.  Noninterest expense increased slightly to $1,142,000
for the six months ended April 30, 2004 from $1,116,000 for the six months ended
April  30,  2003.   Compensation  and  employee  benefit  expense  increased  by
approximately  $40,000.  This increase was due to a normal increase in salaries,
an increase in medical  insurance  costs,  and  implementation  of an  incentive
retirement  plan.  Occupancy and equipment  expense  decreased by  approximately
$27,000.  This  decrease  was  attributable  to a  decrease  in rental  expense.
Miscellaneous  operating  expenses  increased  by  approximately  $13,000.  This
increase was due to an increase in accounting, auditing and legal fees.

     Noninterest expenses are expected to increase in 2004 due to the additional
costs of  professional  fees  associated  with  becoming a public  company,  the
implementation  of an incentive  retirement  plan for key employees and expenses
from an employee stock ownership and restricted stock plan.

     Additionally,  the Bank currently plans to add seven full time employees to
its staff over the next several years, including up to three new lender/business
development  officers, an assistant branch manager, and a support staff employee
in each of the accounting, lending and customer service departments.

     Income  Taxes.  Income taxes  declined to $136,000 for the six months ended
April 30,  2004 from  $173,000  for the same  period in 2003.  This was due to a
reduction in pretax  income  coupled with an increase in  tax-exempt  investment
securities.


Comparison of the Results of Operation for the Three Months Ended April 30, 2004
and April 30, 2003

     The Bank  recorded  net income of $149,000 for the three months ended April
30, 2004,  which  represents an increase of $4,000 over the same period in 2003.
The  increase in net income is  primarily  due to an  increase  in net  interest
income  and  an  increase  in  noninterest  income  offset  by  an  increase  in
noninterest expense.

     Net Interest  Income.  Net interest income for the three months ended April
30,  2004  increased  to  $716,000  from  $702,000  for the same period in 2003.
Interest income for the three months ended April 30, 2004 totaled  $1,211,000 as
compared to $1,315,000 for the three months ended April 30, 2003.  This decrease
of $104,000  was  attributed  primarily  to a decrease  in the average  yield on
interest  earning  assets to 5.74% for the three  months  ended  April 30,  2004
compared to 6.52% for the three months ended April 30, 2003.  This was offset by
an increase in the average balance of interest earning assets.

     Interest expense decreased to $495,000,  representing a 19.2% decrease, for
the three months  ended April 30, 2004 from  $613,000 for the three months ended
April 30,  2003 and was  primarily  attributable  to the current  interest  rate
environment  that  resulted in a lowering of the average  cost of funds to 2.79%
for the three  months  ended  April 30,  2004 as  compared to 3.34% for the same
period in 2003.

                                       8
<PAGE>

     Loan Loss Provision. The provision for loan losses was $9,000 for the three
months  ended April 30,  2004 which is the same  amount as for the three  months
ended  April  30,  2003.  The loan loss  provision  is based  upon  management's
assessment of a variety of factors, including types and amounts of nonperforming
loans,  historical  loss  experience,  collectibility  of collateral  values and
guaranties, pending legal action for collection of loans and related guaranties,
and current economic  conditions.  The allowance  represents  management's  best
estimate of known and inherent losses in the loan portfolio at the balance sheet
date that are both  probable and  reasonable to estimate.  However,  actual loan
losses could exceed the amounts that have been charged to operations.

     Noninterest  Income.  Total noninterest income increased to $96,000 for the
three months ended April 30, 2004 compared to $89,000 for the three months ended
April 30, 2003. The increase is principally  due to the income  generated by the
purchase of a Bank-owned life insurance  policy offset by a reduction in service
charges  and fees on deposit  account  activity in both the  transactional  fees
being  charged  and the  volume  of  related  transactions  and a  reduction  in
miscellaneous loan fees.

     Noninterest  Expense.  Noninterest  expense  increased  to $579,000 for the
three months ended April 30, 2004 from $544,000 for the three months ended April
30, 2003.  Compensation and employee benefit expense  increased by approximately
$34,000,  occupancy and equipment expense decreased by approximately $8,000, and
miscellaneous operating expenses increased by approximately $9,000.

     Noninterest expenses are expected to increase in 2004 due to the additional
costs of  professional  fees  associated  with  becoming a public  company,  the
implementation  of an incentive  retirement  plan for key employees and expenses
from an employee stock ownership and restricted stock plan.

     Additionally,  the Bank currently plans to add seven full time employees to
its staff over the next several years, including up to three new lender/business
development  officers, an assistant branch manager, and a support staff employee
in each of the accounting, lending and customer service departments.

     Income Taxes.  Income taxes  declined to $74,000 for the three months ended
April  30,  2004 from  $93,000  for the same  period in 2003.  This was due to a
reduction in pretax income coupled with an increase in tax-exempt securities.


Comparison of Financial Condition at April 30, 2004 and October 31, 2003

     Assets and Liabilities. The Bank's total assets increased by $41,301,000 to
$128,668,000 at April 30, 2004 from $87,367,000 at October 31, 2003.

     Cash and cash  equivalents  increased to $31,980,000 at April 30, 2004 from
$6,304,000  at October 31, 2003.  This  increase  was  primarily a result of the
receipt of subscription  funds received from customers for the purchase of stock
in the Bank's conversion to a stock company.

     Investment   securities   available  for  sale   increased   $9,698,000  to
$37,035,000 at April 30, 2004 from $27,337,000 at October 31, 2003. The increase
is due to investment  purchases  primarily in U. S.  government  mortgage-backed
securities  which were partially  offset by investment  calls and maturities and
principal repayment on mortgage-backed  securities.  The Bank funded this growth
through an increase in borrowing  from the Federal Home Loan Bank of Pittsburgh,
along  with  the  utilization  of  excess  cash  and  cash  equivalents  and the
reinvestment of called and matured  securities during the six months ended April
30, 2004.

                                       9
<PAGE>

     Net loans receivable increased $3,755,000, or 7.4%, to $54,485,000 at April
30,  2004 from  $50,730,000  at  October  31,  2003,  as the Bank  continued  to
experience strong loan production and repayments were more moderate.

     The allowance for loan losses  increased to $281,000 at April 30, 2004 from
$263,000 at October 31, 2003 and  represented  0.51% of the gross loan portfolio
at April 30,  2004.  The Bank had  nonaccrual  loans of $144,000 and $370,000 at
April 30, 2004 and October 31, 2003.  Management does not believe the nonaccrual
loans or any amounts  classified as nonperforming will have a significant effect
on operations or liquidity in 2004. Furthermore,  management is not aware of any
trends  or  uncertainties  related  to  any  loans  classified  as  doubtful  or
substandard that might have a material effect on earnings,  liquidity or capital
resources.

     Total deposits  decreased to $71,844,000 at April 30, 2004 from $72,273,000
at October 31, 2003.  This was primarily a result of a decrease in  certificates
of deposit  offset by an  increase  in core  accounts.  Although  time  deposits
declined,  they  continued to account for 68.55% of the total deposit  portfolio
and remain a dominant source of funds.

     Federal Home Loan Bank  borrowings  increased to  $16,607,000  at April 30,
2004 from  $6,637,000 at October 31, 2003. The Bank borrowed funds from the FHLB
to fund the purchase of U. S. government mortgage-backed securities.

     Retained Earnings. Total retained earnings increased $264,000 to $7,935,000
at April 30, 2004 from October 31, 2003.  This increase was  attributable to net
income of  $249,000  and  accumulated  other  comprehensive  income of  $15,000.
Accumulated other comprehensive income increased slightly as a result of changes
in the net unrealized gain on investment  securities available for sale. Because
of interest  rate  volatility,  accumulated  other  comprehensive  income  could
materially  fluctuate for each interim  period and year end period  depending on
economic and interest rate conditions. Subsequent to April 30, 2004, the Company
completed its initial  public  offering in connection  with the Bank's mutual to
stock conversion and net proceeds of  approximately  $23.1 million were recorded
as capital.

Liquidity and Capital Resources

     Liquidity.  Liquidity  management for the Bank is measured and monitored on
both a short- and long-term basis,  allowing management to better understand and
react to emerging  balance sheet trends.  After  assessing  actual and projected
cash flow needs,  management seeks to obtain funding at the most economical cost
to the  Bank.  Both  short-  and  long-term  liquidity  needs are  addressed  by
maturities  and  sales  of  investments  securities,  and  loan  repayments  and
maturities.  The use of these  resources,  in conjunction with access to credit,
provides the core ingredients for satisfying depositor,  borrower,  and creditor
needs.

     The Bank's liquid assets consist of cash and cash equivalents, certificates
of deposit in other financial  institutions and investment securities classified
as  available  for sale.  The level of these  assets is  dependent on the Bank's
operating, investing, and financing activities during any given period. At April
30, 2004, cash and cash equivalents totaled  approximately  $31,980,000 or 24.9%
of total assets while investment securities classified as available for sale and
certificates of deposit in other financial  institutions  totaled  approximately
$37,220,000  or 28.9% of total  assets.  Management  believes that the liquidity
needs  of the  Bank  are  satisfied  by the  current  balance  of cash  and cash
equivalents,  readily  available  access to traditional  funding  sources,  FHLB
advances,  and the portion of the  investment  and loan  portfolios  that mature
within one year.

                                       10
<PAGE>

     Operating  activities  provided  net  cash of  approximately  $791,000  and
$278,000 for the six months ended April 30, 2004 and 2003, respectively.

     Investing  activities consist primarily of loan originations and repayments
and  investment  purchases  and  maturities.  For the six months ended April 30,
2004,  these  cash  usages  primarily  consisted  of  investment   purchases  of
$16,627,000,  an increase in net loan receivable of $3,831,000,  the purchase of
bank-owned  life  insurance  in the amount of  $1,540,000  and the  purchase  of
Federal Home Loan Bank stock in the amount of $399,400. Partially offsetting the
usage of  investment  activities  is  $6,901,000  of  proceeds  from  investment
security maturities and repayments.  For the same period ended 2003, cash usages
primarily  consisted of investment  purchases of $15,052,000 and the purchase of
Federal  Home Loan Bank  stock of  $53,000.  Partially  offsetting  the usage of
investment activities are net repayment of loans in the amount of $2,740,000 and
proceeds from  repayments and maturities of investment  securities in the amount
of  $7,791,000.  For both  periods,  the lower  interest  rate  environment  has
resulted in numerous  securities being called and one-to-four family loans being
refinanced.

     Financing  activities consist of the solicitation and repayment of customer
deposits,  borrowings  and  repayments,  and advances by borrowers for taxes and
insurance.  For the six  months  ended  April 30,  2004,  net cash  provided  by
financing  activities  totaled  $40,359,000  and was  principally  derived  from
subscription  funds received from customers for the purchase of Company stock in
the amount of $31,069,000  and an increase in Federal Home Loan Bank advances in
the amount of  $10,000,000.  For the same period in 2003,  net cash  provided by
financing  activities  totaled  $467,000 and was  primarily  from an increase in
deposits.

     Liquidity  may  be  adversely  affected  by  unexpected  deposit  outflows,
interest rates paid by competitors,  and similar  matters.  Management  monitors
projected  liquidity needs and determines the level desirable,  based in part on
the Bank's  commitment to make loans, as well as management's  assessment of the
Bank's  ability  to  generate  funds.  The Bank  anticipates  that it will  have
sufficient liquidity to satisfy expected short-term and long-term funding needs.

     Capital.  The Bank's primary source of capital has been retained  earnings.
Historically,  the Bank has  generated  net  retained  income to support  normal
growth and expansion.  The proceeds of the stock offering in connection with the
Bank's recently  completed  mutual-to-stock  conversion are part of management's
new capital planning policy to ensure  compliance with regulations and to permit
future expansion.  The infusion of this new capital significantly  increased the
Bank's capital resources by increasing equity.

     The  Bank is  subject  to  federal  regulations  imposing  minimum  capital
requirements.   Management   monitors  the  Bank's  total  risk-based,   Tier  I
risk-based,  and Tier I  leverage  capital  ratios  to  assess  compliance  with
regulatory guidelines.  At April 30, 2004, the Bank exceeded the minimum capital
ratio requirements.

                                       11

<PAGE>

CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures.  Based on their evaluation
of the  Company's  disclosure  controls  and  procedures  (as  defined  in  Rule
13a-15(e) under the Securities  Exchange Act of 1934 (the "Exchange Act")),  the
Company's  principal  executive  officer and  principal  financial  officer have
concluded that as of the end of the period  covered by this Quarterly  Report on
Form 10-QSB such disclosure controls and procedures are effective to ensure that
information  required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded,  processed,  summarized and reported
within the time periods  specified in Securities and Exchange  Commission  rules
and forms.

(b) Changes in internal  control over  financial  reporting.  During the quarter
under  report,  there was no  change  in the  Company's  internal  control  over
financial  reporting that has materially  affected,  or is reasonably  likely to
materially affect, the Company's internal control over financial reporting.

                                       12
<PAGE>

                                     PART II

ITEM 1. LEGAL PROCEEDINGS
        Not applicable.

ITEM 2. CHANGES IN  SECURITIES  AND SMALL  BUSINESS  ISSUER  PURCHASES OF EQUITY
        SECURITIES
        Not  applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
        Not  applicable.

ITEM 4. OTHER INFORMATION
        None.

ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K

        (a)      Exhibits
        3(i)     Articles of Incorporation of SE Financial Corp. *
        3(ii)    Bylaws of SE Financial Corp. *
        4        Specimen Stock Certificate of SE Financial Corp. *
        10.1     Executive Life Insurance Plan **
        10.2     Directors' Incentive Retirement Plan **
        10.3     Executive Officers' Incentive Retirement Plan **
        31.1     Certification pursuant to Section 302 of the
                 Sarbanes-Oxley Act of 2002 - Frank S. DePaolo
        31.2     Certification pursuant to Section 302 of the
                 Sarbanes-Oxley Act of 2002 - Joseph Sidebotham
        32       Certification pursuant to Section 906 of the
                 Sarbanes-Oxley Act of 2002
        99.1     Independent Accountant's Report

        (b)      Reports on Form 8-K

                 None.

          *    Incorporated by reference to the identically  numbered exhibit to
               the  Company's  registration  statement  on Form  SB-2  (File No.
               333-112153) filed with the SEC on January 23, 2004.

          **   Incorporated by reference to the identically  numbered exhibit to
               the  Company's  registration  statement  on Form  SB-2  (File No.
               333-112153) filed with the SEC on March 1, 2004.



                                       13
<PAGE>

                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                  SE FINANCIAL CORP.





Date: June  14, 2004              /s/Frank S. DePaolo
                                  -----------------------------------------
                                  Frank S. DePaolo
                                  President and CEO
                                  (Principal Executive Officer)





Date: June 14, 2004               /s/Joseph Sidebotham
                                  -----------------------------------------
                                  Joseph Sidebotham
                                  Executive Vice President, Chief Financial
                                  Officer and Controller
                                  (Principal Financial & Accounting Officer)