UNITED STATES
                       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, 2005
                                ----------------------------

                                       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 incorporation                  (I.R.S. employer
 or organization)                                            identification no.)

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  X  No
                                       ---    ---

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock as of the latest practicable date: June 09, 2005
                                                   --------------

            Class                                          Outstanding
   ---------------------------                           -----------------
   $.10 par value common stock                           2,578,875  shares

Transitional Small Business Disclosure Format (check one):  Yes     No  X
                                                                ---    ---

<PAGE>
                               SE FINANCIAL CORP.

                                   FORM 1O-QSB

                      FOR THE QUARTER ENDED APRIL 30, 2005


                                      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                            9
    Item  3.  Controls and Procedures                                       12

PART II- OTHER INFORMATION

    Item  1.  Legal Proceedings                                             13
    Item  2.  Unregistered Sales of Equity Securities and Use of Proceeds   13
    Item  3.  Defaults Upon Senior Securities                               13
    Item  4.  Submission of Matters to a Vote of Security Holders           13
    Item  5.  Other Information                                             13
    Item  6.  Exhibits                                                      13


SIGNATURES

EXHIBITS

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

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

    99.1 Report of Independent Registered Public Accounting Firm


<PAGE>
                               SE FINANCIAL CORP.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                  April 30,       October 31,
                                                                                     2005            2004
                                                                                -------------    -------------
<S>                                                                             <C>              <C>
ASSETS
     Cash and due from banks                                                    $     879,282    $     817,854
     Interest-bearing deposits with other institutions                              1,797,222        5,362,940
                                                                                -------------    -------------

          Cash and cash equivalents                                                 2,676,504        6,180,794

     Certificates of deposit in other financial institutions                          191,082          188,490
     Investment securities available for sale                                      45,214,275       48,437,319
     Loans receivable (net of allowance for loan losses
          of $406,997 and $342,875)                                                71,565,891       64,809,843
     Accrued interest receivable                                                      642,611          630,507
     Federal Home Loan Bank Stock                                                   1,043,000        1,179,000
     Premises and equipment, net                                                    1,124,261        1,063,921
     Bank owned life insurance                                                      1,908,357        1,866,689
     Other assets                                                                     481,213          422,599
                                                                                -------------    -------------
              TOTAL ASSETS                                                      $ 124,847,194    $ 124,779,162
                                                                                =============    =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
     Deposits                                                                   $  77,321,000    $  75,385,246
     Short-term borrowings                                                          5,500,000        7,000,000
     Federal Home Loan Bank borrowings                                              9,544,277        9,576,257
     Advances by borrowers for taxes and insurance                                    289,672          474,548
     Accrued interest payable                                                         100,426          113,839
     Other liabilities                                                                395,649          626,749
                                                                                -------------    -------------
              TOTAL LIABILITIES                                                    93,151,024       93,176,639

Stockholders' Equity
     Preferred stock - no par value; 2,000,000 shares authorized; none issued            --               --
     Common stock - $0.10 par value; 8,000,000 shares authorized;
       2,578,875 issued and outstanding                                               257,888          257,888
     Additional paid-in capital                                                    24,851,082       24,841,836
     Retained earnings - substantially restricted                                   8,830,566        8,450,438
     Unallocated shares held by Employee Stock Ownership Plan ("ESOP")             (1,915,740)      (2,007,498)
     Accumulated other comprehensive income (loss)                                   (327,626)          59,859
                                                                                -------------    -------------
              TOTAL STOCKHOLDERS' EQUITY                                           31,696,170       31,602,523
                                                                                -------------    -------------
              TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $ 124,847,194    $ 124,779,162
                                                                                =============    =============

</TABLE>

See accompanying notes to the unaudited consolidated financial statements.

                                       1
<PAGE>
                               SE FINANCIAL CORP.
                        CONSOLIDATED STATEMENT OF INCOME
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                      Three Months Ended April 30,            Six Months Ended April 30,
                                                     -------------------------------        -------------------------------
                                                        2005                2004               2005                2004
                                                     -----------         -----------        -----------         -----------
<S>                                                  <C>                 <C>                <C>                 <C>
INTEREST AND DIVIDEND INCOME
     Loans receivable                                $ 1,204,385         $   925,356        $ 2,340,202         $ 1,819,845
     Investment securities
         Taxable                                         428,328             238,081            865,973             481,351
         Exempt from federal income tax                   35,936              31,253             72,024              59,235
     Interest-bearing deposits with other
       institutions                                       16,270              13,738             34,407              25,929
     Other dividend income                                 7,573               2,371             15,292               4,771
                                                     -----------         -----------        -----------         -----------
            Total interest and dividend income         1,692,492           1,210,799          3,327,898           2,391,131
                                                     -----------         -----------        -----------         -----------

INTEREST EXPENSE
     Deposits                                            492,571             441,883            980,167             916,902
     Short-term borrowings                                35,622              12,954             67,170              26,057
     Federal Home Loan Bank borrowings                    92,780              40,341            188,876              81,075
                                                     -----------         -----------        -----------         -----------
            Total interest expense                       620,973             495,178          1,236,213           1,024,034
                                                     -----------         -----------        -----------         -----------


NET INTEREST INCOME                                    1,071,519             715,621          2,091,685           1,367,097
     Provision for loan losses                            34,000               9,000             51,000              18,000
                                                     -----------         -----------        -----------         -----------
NET INTEREST INCOME AFTER
         PROVISION FOR LOAN LOSSES                     1,037,519             706,621          2,040,685           1,349,097
                                                     -----------         -----------        -----------         -----------

NONINTEREST INCOME
     Service fees on deposit accounts                     71,118              64,073            137,565             131,788
     Earnings on bank-owned life insurance                21,589              22,443             41,668              28,895
     Net gain on sale of investment securities            10,446                   -             10,446                   -
     Other                                                12,668               9,217             23,313              17,248
                                                     -----------         -----------        -----------         -----------
            Total noninterest income                     115,821              95,733            212,992             177,931
                                                     -----------         -----------        -----------         -----------

NONINTEREST EXPENSE
     Compensation and employee benefits                  486,741             317,288            878,763             613,795
     Occupancy and equipment                              52,189              59,421            101,778             114,329
     Federal deposit insurance premiums                   11,497               9,887             22,259              19,897
     Data processing expense                              85,701              77,397            158,658             143,262
     Professional fees                                   112,236              39,507            165,668              69,951
     Other                                               110,268              75,426            223,924             181,062
                                                     -----------         -----------        -----------         -----------
            Total noninterest expense                    858,632             578,926          1,551,050           1,142,296
                                                     -----------         -----------        -----------         -----------


INCOME BEFORE TAXES                                      294,708             223,428            702,627             384,732

INCOME TAXES                                              90,270              74,344            227,303             136,062
                                                     -----------         -----------        -----------         -----------
NET INCOME                                             $ 204,438         $   149,084        $   475,324         $   248,670
                                                     ===========         ===========        ===========         ===========


PER SHARE DATA:
     Earnings per share - basic and diluted               $ 0.09            NA                   $ 0.20            NA
     Weighted average number of shares
       outstanding - basic and diluted                 2,386,115            NA                2,383,005            NA

     Dividends per share                                    0.02            NA                     0.04            NA
</TABLE>

   See accompanying notes to the unaudited consolidated financial statements.

                                       2


<PAGE>

                               SE FINANCIAL CORP.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                               Retained                      Accumulated         Total
                                                               Earnings-      Unallocated        Other          Stock-       Compre-
                                           Additional paid-   Substantially   shares held by  Comprehensive     holders'    hensive
                           Common Stock      in capital         Restricted       ESOP        Income (Loss)      Equity       Income
                           ------------    ----------------   -------------   -------------  -------------    ------------  --------
<S>                        <C>             <C>               <C>            <C>                <C>           <C>         <C>
Balance,
  October 31, 2004            $ 257,888        $24,841,836       $8,450,438     $ (2,007,498)     $ 59,859   $31,602,523

Cash dividends paid                   -                  -          (95,196)               -             -       (95,196)

ESOP shares committed
  to be released                      -              9,246                -           91,758             -       101,004

Net income                            -                  -          475,324                -             -       475,324  $ 475,324

Other comprehensive
income:
  Unrealized loss on
    available for sale
    securities net of
    tax benefit of
    $(199,613)                        -                  -                -                -      (387,485)     (387,485)  (387,485)
                                                                                                                          ---------
Comprehensive income                  -                  -                -                -             -             -  $  87,839
                              ---------        -----------       ----------     ------------    ----------   -----------  =========
Balance, April 30, 2005       $ 257,888        $24,851,082       $8,830,566     $ (1,915,740)   $ (327,626)  $31,696,170
                              =========        ===========       ==========     ============    ==========   ===========

</TABLE>

   See accompanying notes to the unaudited consolidated financial statements.

                                       3
<PAGE>

                               SE FINANCIAL CORP.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                For the Six Months Ended April 30,
                                                                    2005                  2004
                                                                ------------         ------------
<S>                                                             <C>                  <C>
OPERATING ACTIVITIES
   Net income                                                   $    475,324         $    248,670
   Adjustments to reconcile net income to net cash provided
     by operating activities:
       Provision for loan losses                                      51,000               18,000
       Depreciation, amortization, and accretion                      29,314              121,224
       Earnings on bank-owned life insurance                         (41,668)             (28,895)
       Increase (decrease) in principal and interest on loans
         sold payable                                               (146,622)             640,357
       Increase in accrued interest receivable                       (12,104)             (27,899)
       Decrease in accrued interest payable                          (13,413)              (4,349)
       Gain on sale of investment securities                         (10,446)
       Other, net                                                     77,525             (176,365)
                                                                ------------         ------------
           Net cash provided by operating activities                 408,910              790,743
                                                                ------------         ------------

INVESTING ACTIVITIES
   Investment securities available for sale:
       Proceeds from principal repayments and maturities           2,571,629            6,900,950
       Purchases                                                  (4,050,516)         (16,626,557)
       Proceeds from the sale of investment securities             4,099,303
   Decrease (increase) in loans receivable, net                   (6,772,064)          (3,831,105)
   Proceeds from sales of real estate acquired through
      foreclosure                                                     80,000               56,763
   Purchase of Federal Home Loan Bank stock                                              (399,400)
   Redemption of Federal Home Loan Bank stock                        136,000
   Purchase of bank-owned life insurance                                               (1,540,000)
   Purchase of premises and equipment                               (101,254)             (34,181)
                                                                ------------         ------------
           Net cash used for investing activities                 (4,036,902)         (15,473,530)
                                                                ------------         ------------

FINANCING ACTIVITIES
   Increase (decrease) in deposits, net                            1,935,754             (429,269)
   Net decrease in short-term borrowings                          (1,500,000)
   Proceeds from Federal Home Loan Bank borrowings                                     10,000,000
   Repayment of Federal Home Loan Bank borrowings                    (31,980)             (29,982)
   Increase in subscription rights                                                     31,069,009
   Decrease in advances by borrowers
      for taxes and insurance, net                                  (184,876)            (250,564)
   Cash dividends                                                    (95,196)
                                                                ------------         ------------
           Net cash provided by financing activities                 123,702           40,359,194
                                                                ------------         ------------

           Increase (decrease) in cash and cash equivalents .     (3,504,290)          25,676,407

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                   6,180,794            6,303,891
                                                                ------------         ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                      $  2,676,504         $ 31,980,298
                                                                ============         ============
SUPPLEMENTAL CASH FLOW DISCLOSURES
   Cash paid:
       Interest                                                 $  1,249,626         $  1,028,383
       Income taxes                                                  289,000              134,500
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.

                                       4
<PAGE>

                               SE FINANCIAL CORP.
            NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

The consolidated financial statements include the accounts of SE Financial Corp.
(the  "Company") and St. Edmond's  Federal  Savings Bank (the "Bank").  The Bank
includes its wholly-owned  subsidiary,  SE Investment Services Corp.  ("Services
Corp."). All intercompany transactions have been eliminated in consolidation.

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with U. S. generally  accepted  accounting  principles 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 Company considers necessary to fairly state the
Company's  financial  position and the results of operations and cash flows. The
balance sheet at October 31, 2004,  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 U. S.  generally  accepted  accounting
principles.  The results of the Company's  operations for any interim period are
not  necessarily  indicative of the results of the Company'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,
2005, this activity is shown under the heading Comprehensive Income as presented
in the Consolidated  Statement of Changes in Stockholders'  Equity  (Unaudited).
For the six months ended April 30, 2004,  comprehensive income totaled $263,765.
For the three months ended April 30, 2005 and 2004,  comprehensive  loss totaled
$112,842 and $11,010, respectively.

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS
-----------------------------------------

In April 2005, the Securities  and Exchange  Commission  adopted a new rule that
amends the compliance dates for Financial  Accounting Standards Board's ("FASB")
Statement of Financial Accounting Standards No. 123 (revised 2004),  Share-Based
Payment (FAS No. 123R). The Statement  requires that  compensation cost relating
to share-based  payment  transactions be recognized in financial  statements and
that this cost be  measured  based on the fair value of the equity or  liability
instruments  issued.  FAS  No.  123  (Revised  2004)  covers  a  wide  range  of
share-based compensation arrangements including share options,  restricted share
plans,  performance-based  awards, share appreciation rights, and employee share
purchase plans. The Company will adopt FAS No. 123 (Revised 2004) on November 1,
2006 and is currently  evaluating  the impact the adoption of the standard  will
have on the Company's results of operations.

In March 2005,  the  Securities  and Exchange  Commission  ("SEC")  issued Staff
Accounting  Bulletin No. 107 ("SAB No. 107"),  "Share-Based  Payment," providing
guidance on option valuation  methods,  the accounting for income tax effects of
share-based  payment  arrangements  upon  adoption  of SFAS No.  123-R,  and the
disclosures in MD&A subsequent to the adoption. The Company will provide SAB No.
107 required disclosures upon adoption of SFAS No. 123-R on November 1, 2006 and
is currently evaluating the impact the adoption of the standard will have on the
Company's financial condition, results of operations, and cash flows.

In October 2003 the American  Institute of Certified Public  Accountants  issued
SOP  03-3,  Accounting  for  Loans or  Certain  Debt  Securities  Acquired  in a
Transfer.  SOP 03-3 applies to a loan that is acquired where it is probable,  at
acquisition,  that a  transferee  will be unable to  collect  all  contractually
required payments receivable.  SOP 03-3 requires the recognition,  as accretable
yield,  of the  excess  of all  cash  flows  expected  at  acquisition  over the
investor's  initial  investment in the loan as interest  income on a level-yield
basis over the life of the loan.  The  amount by which the loan's  contractually
required  payments  exceed the amount of its expected cash flows at  acquisition
may not be recognized as an adjustment to yield, a loss accrual,  or a valuation
allowance for credit risk.  SOP 03-3 is effective  for loans  acquired in fiscal
years  beginning  after  December 31, 2004.  Early  adoption is  permitted.  The
adoption  of  SOP  03-3  is  not  expected  to  have a  material  impact  on the
consolidated financial statements.

In December 2004, FASB issued FAS No. 153, "Exchanges of Nonmonetary Assets - An
Amendment  of APB  Opinion  No.  29".  The  guidance  in  APB  Opinion  No.  29,
"Accounting  for  Nonmonetary  Transactions",  is  based on the  principle  that
exchanges of  nonmonetary  assets should be measured  based on the fair value of
the assets exchanged.  The guidance in that Opinion,  however,  included certain
exceptions to that principle. FAS No. 153 amends Opinion No. 29 to eliminate the
exception for nonmonetary exchanges of similar productive assets and replaces it
with a general  exception for exchanges of  nonmonetary  assets that do not have
commercial  substance.  A nonmonetary  exchange has commercial  substance if the
future cash flows of the entity are expected to change significantly as a result
of the exchange.  The  provisions  of FAS No. 153 are effective for  nonmonetary
asset exchanges occurring in fiscal periods beginning after June


                                       5
<PAGE>

15, 2005.  Early  application is permitted and companies must apply the standard
prospectively.  The adoption of this standard is not expected to have a material
effect on the Company's results of operations or financial position.

In June  2005,  the FASB  issued FAS No.  154,  "Accounting  Changes  and Errors
Corrections,  a replacement  of APB Opinion No. 20 and FAS No. 3". The Statement
applies to all  voluntary  changes in  accounting  principle,  and  changes  the
requirements  for  accounting  for  and  reporting  of a  change  in  accounting
principle.  FAS No. 154 requires  retrospective  application  to prior  periods'
financial  statements of a voluntary change in accounting principle unless it is
impractical.  APB Opinion No. 20 previously required that most voluntary changes
in  accounting  principle be recognized by including in net income of the period
of the change the cumulative effect of changing to the new accounting principle.
FAS No. 154 improves the financial  reporting  because its requirements  enhance
the consistency of financial reporting between periods.


NOTE 4 - INVESTMENTS
--------------------

The  amortized  cost  and  the  fair  value  of  available-for-sale   investment
securities were as follows:
<TABLE>
<CAPTION>
                                                                      April 30, 2005
                                             ----------------------------------------------------------------------
                                                                    Gross               Gross            Estimated
                                               Amortized          Unrealized          Unrealized           Market
                                                 Cost                Gains               Losses             Value
                                             ------------           --------          ----------       ------------
<S>                                          <C>                    <C>               <C>              <C>
Mortgage-backed securities:
     Fannie Mae                              $ 25,103,389           $ 42,140          $ (148,003)      $ 24,997,526
     Freddie Mac                                2,131,368              6,380             (12,034)         2,125,714
     Government National Mortgage
       Association securities                   2,716,592             22,968                (132)         2,739,428
                                             ------------           --------          ----------       ------------

     Total mortgage-backed securities          29,951,349             71,488            (160,169)        29,862,668
U.S. Government agency securities              10,459,985              4,752            (281,121)        10,183,616
Corporate securities                            1,000,000                  -             (16,300)           983,700
Municipal securities                            4,111,848              9,208            (122,864)         3,998,192
                                             ------------           --------          ----------       ------------
     Total debt securities                     45,523,182             85,448            (580,454)        45,028,176
Mutual funds                                      187,497                  -              (1,398)           186,099
                                             ------------           --------          ----------       ------------
     Total                                   $ 45,710,679           $ 85,448          $ (581,852)      $ 45,214,275
                                             ============           ========          ==========       ============
<CAPTION>
                                                                      October 31, 2004
                                             ----------------------------------------------------------------------
                                                                    Gross               Gross            Estimated
                                               Amortized          Unrealized          Unrealized           Market
                                                 Cost                Gains               Losses             Value
                                             ------------           --------          ----------       ------------
<S>                                          <C>                    <C>               <C>              <C>
Mortgage-backed securities:
     Fannie Mae                              $ 23,725,032           $138,467          $  (50,781)      $ 23,812,718
     Freddie Mac                                2,673,274             19,086             (13,993)         2,678,367
     Government National Mortgage
        Association securities                  3,192,711             65,014                (236)         3,257,489
                                             ------------           --------          ----------       ------------
     Total mortgage-backed securities          29,591,017            222,567             (65,010)        29,748,574
U.S. Government agency securities              13,457,313             44,475            (156,453)        13,345,335
Corporate securities                            1,000,000                  -              (6,500)           993,500
Municipal securities                            4,113,449             68,113             (16,025)         4,165,537
                                             ------------           --------          ----------       ------------
     Total debt securities                     48,161,779            335,155            (243,988)        48,252,946
Mutual funds                                      184,843                  -                (470)           184,373
                                             ------------           --------          ----------       ------------
     Total                                   $ 48,346,622           $335,155          $ (244,458)      $ 48,437,319
                                             ============           ========          ==========       ============
</TABLE>
                                       6
<PAGE>

The amortized  cost and estimated  market value of debt  securities at April 30,
2005,  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>
                                                                Estimated Market
                                               Amortized Cost        Value
                                                -----------        -----------
<S>                                             <C>                <C>
Due less than one year                          $   118,968        $   120,950
Due after one year through five years            10,138,746          9,910,712
Due after five years through ten years            6,850,047          6,644,616
Due after ten years                              28,415,421         28,351,898
                                                -----------        -----------
                                                $45,523,182        $45,028,176
                                                ===========        ===========
</TABLE>

NOTE 5 - LOANS RECEIVABLE
-------------------------

Loans receivable consist of the following:
<TABLE>
<CAPTION>
                                                         April 30, 2005                       October 31, 2004
                                                     ------------------------             ------------------------
                                                        Amount        Percent                Amount        Percent
                                                     ------------     -------             -----------      -------
<S>                                                  <C>                 <C>              <C>                 <C>
Type of Loans:
--------------
 Mortgage loans:
      One-to four- family (1)                        $ 46,675,239        64.71%           $ 43,357,098        66.45%
      Multi-family                                        459,832         0.64%              1,036,017         1.59%
      Commercial real estate                            4,945,787         6.86%              4,939,451         7.57%
      Construction (2)                                  8,702,956        12.07%              5,536,598         8.49%
 Home equity loans and lines of credit                 10,868,682        15.07%              9,798,082        15.02%
 Loans on savings accounts                                341,002         0.47%                438,588         0.67%
 Other                                                    128,682         0.18%                140,648         0.21%
                                                     ------------       ------            ------------       ------
 Total loans                                           72,122,180       100.00%             65,246,482       100.00%
                                                                        ======                               ======
 Less:
      Net deferred loan fees and unamortized premiums     149,292                               93,764
      Allowance for loan losses                           406,997                              342,875
                                                     ------------                         ------------
 Total loans, net                                    $ 71,565,891                         $ 64,809,843
                                                     ============                         ============
</TABLE>
__________
(1)  Included in this category are mixed-use loans and investor loans.
(2)  Included in this category are participation  interest in five loans with an
     aggregate  balance of $3.5 million at April 30, 2005 and four loans with an
     aggregate balance of $2.0 million at October 31, 2004.


                                       7
<PAGE>

NOTE 6 - FEDERAL HOME LOAN BANK BORROWINGS
------------------------------------------

The following tables set forth information concerning advances with the FHLB:
<TABLE>
<CAPTION>
                                                      Weighted-
                                Maturity range         average      Stated interest rate range  At April 30,   At October 31,
Description                  from            to       interest rate     from        to              2005           2004
-----------                --------       ---------  -------------      -----       -----      -----------      -----------
<S>                        <C>            <C>             <C>            <C>        <C>        <C>              <C>
Short-term borrowings      04/12/05       05/02/05        2.29%          1.88%      2.76%      $ 5,500,000      $ 7,000,000
Convertible                02/18/10       02/18/10        5.91%          5.91%      5.91%        1,000,000        1,000,000
Mid Term Repo Fixed        05/01/06       04/30/07        2.97%          2.63%      3.30%        6,000,000        6,000,000
Fixed Rate                 04/30/08       08/20/08        5.29%          3.86%      6.24%        2,500,000        2,500,000
Fixed Rate amortizing      11/03/05       11/03/05        6.47%          6.47%      6.47%           44,277           76,257
                                                                                               -----------      -----------
              Total                                                                            $15,044,277      $16,576,257
                                                                                               ===========      ===========

</TABLE>

The Bank entered into a ten-year  "Convertible  Select" fixed commitment advance
arrangement  for  $1,000,000  with the FHLB.  Rates  may be reset at the  FHLB's
discretion  on a quarterly  basis based on the  three-month  LIBOR rate. At each
rate  change  the Bank may  exercise a put option  and  satisfy  the  obligation
without penalty.  The fixed rate amortizing  borrowing requires monthly payments
of principal and interest of $5,670 through November 2005.

All  borrowings  from  the FHLB  are  secured  by a  blanket  lien on  qualified
collateral,  defined  principally  as investment  securities  and mortgage loans
which are owned by the Bank free and clear of any liens or encumbrances.


   Year Ending October 31,                 Amount         Weighted-Average Rate
   ----------------------                 -----------     ---------------------
     2005                                 $ 5,538,607              2.32%
     2006                                   3,005,670              2.64%
     2007                                   3,000,000              3.30%
     2008                                   2,500,000              5.29%
     2010                                   1,000,000              5.91%
                                         ------------
                                         $ 15,044,277              3.31%
                                         ============

Maturities of FHLB borrowings at April 30, 2005 are summarized as follows:


NOTE 7 - EARNINGS PER SHARE
---------------------------

The Company currently  maintains a simple capital structure;  thus, there are no
dilutive  effects  on  earnings  per  share.  As such,  earnings  per  share are
calculated using the weighted-average number of shares outstanding, less average
unallocated shares held by the ESOP, for the period.



                                       8
<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 OPERATIONS  FOR THE SIX MONTHS ENDED APRIL 30, 2005
AND APRIL 30, 2004

     The Company recorded net income of $475.3 thousand for the six months ended
April 30, 2005, which represents an increase of $226.7 thousand,  or 91.1%, over
the same  period in 2004.  The  increase  in net income is  primarily  due to an
increase in net interest income and  non-interest  income partially offset by an
increase in non-interest expense.

     NET INTEREST INCOME. Net interest income for the six months ended April 30,
2005  increased to $2.1 million from $1.4 million for the same period in 2004 as
a result of an increase in total  interest  income  which more than offset by an
increase in interest expense. Interest income for the six months ended April 30,
2005  totaled  $3.3 million as compared to $2.4 million for the six months ended
April 30, 2004. This increase of $936.8 thousand was attributed  primarily to an
increase in the average balance of interest-earning assets to $119.5 million for
the six months ended April 30, 2005 from $85.4  million for the six months ended
April 30, 2004.  This  increase was offset by a decrease in the average yield on
interest-earning  assets to 5.63% for the six months  ended  April 30, 2005 from
5.67% for the six months ended April 30, 2004. The decrease in average yield was
due mainly to a decrease  in the average  yield on net loans of 29 basis  points
offset  somewhat by an increase in the average  balance of net loans  receivable
and investment securities of $17.5 million and $19.0 million, respectively.

     Interest  expense  increased to $1.2 million for the six months ended April
30,  2005 from $1.0  million  for the six months  ended  April 30,  2004 and was
primarily attributable to an increase in the average balance of interest-bearing
liabilities  to $88.1 million for the six months ended April 30, 2005 from $75.3
million for the six months  ended April 30, 2004 while the average cost of funds
increased  to 2.81% for the six months  ended  April 30, 2005 from 2.72% for the
six months ended April 30, 2004.  This increase is mainly due to additional FHLB
borrowings,  the  proceeds  of  which  were  used  to  purchase  mortgage-backed
securities.

     LOAN LOSS  PROVISION.  The provision for loan losses was $51.0 thousand for
the six months  ended April 30,  2005  compared  to $18.0  thousand  for the six
months ended April 30, 2004 due to the increase in volume and loan mix. 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.

     NON-INTEREST INCOME. Total non-interest income increased to $213.0 thousand
for the six months ended April 30, 2005 compared to $177.9  thousand for the six
months ended April 30, 2004. The increase is principally  due to the increase on
the earnings on bank-owned life insurance of  approximately  $12.8 thousand,  an
increase in service fees on deposit accounts of approximately $5.8 thousand, net
gains on the sale of investment  securities of approximately  $10.4 thousand and
an increase in miscellaneous income of approximately $5.6 thousand.

     NON-INTEREST  EXPENSE.  Non-interest  expense increased to $1.6 million for
the six months  ended April 30, 2005 from $1.1  million for the six months ended
April  30,  2004.   Compensation  and  employee  benefit  expense  increased  by
approximately  $265.0  thousand.  This increase was due to a normal  increase in
salaries,  a  severance  package  paid to the former  President,  an increase in
medical  insurance  costs,  implementation  of an incentive  retirement plan and
implementation  of an employee stock  ownership plan during 2004.  Occupancy and
equipment expense decreased by approximately  $12.6 thousand.  This decrease was
attributable to a reduction in  depreciation  expense.  Data processing

                                       9
<PAGE>
expense   increased  by  $15.4   thousand.   Professional   fees   increased  by
approximately  $95.7  thousand.  This  increase was mainly due to an increase in
accounting,  auditing  and  legal  fees that  resulted  from  becoming  a public
reporting  company and the expansion of internal  audit  services to comply with
Sarbanes Oxley Section 404.  Miscellaneous  expense  increased by $42.9 thousand
mainly due to increased advertising.  We anticipate higher non-interest expenses
for the quarter ending July 31, 2005 as a result of  professional  fees incurred
related to our annual meeting of shareholders.

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

     INCOME TAXES.  Income tax expense  increased to $227.3 thousand for the six
months  ended April 30, 2005 from $136.1  thousand  for the same period in 2004.
This was due to an increase in pre-tax income.

COMPARISON  OF THE RESULTS OF  OPERATIONS  FOR THE THREE  MONTHS ENDED APRIL 30,
2005 AND APRIL 30, 2004

     The Company  recorded  net income of $204.4  thousand  for the three months
ended April 30, 2005, which represents an increase of $55.4 thousand,  or 37.1%,
over the same period in 2004.  The increase in net income is primarily due to an
increase in net interest income and  non-interest  income partially offset by an
increase in non-interest expense.

     NET INTEREST  INCOME.  Net interest income for the three months ended April
30, 2005  increased to $1.1 million from $715.6  thousand for the same period in
2004 as a result of an increase in total interest  income which more than offset
by an increase in interest  expense.  Interest income for the three months ended
April 30, 2005  totaled  $1.7  million as compared to $1.2 million for the three
months ended April 30, 2004.  This  increase of $481.7  thousand was  attributed
primarily to an increase in the average  balance of  interest-earning  assets to
$120.0  million for the three months ended April 30, 2005 from $87.5 million for
the three months ended April 30, 2004. This increase was also attributable to an
increase in the average yield on interest-earning  assets to 5.70% for the three
months  ended  April 30,  2005 from 5.56% for the three  months  ended April 30,
2004.  The  increase in the  average  yield was due mainly to  increases  in the
average  balance of net loans  receivable  and  investment  securities  of $18.2
million and $18.0  million,  respectively,  an increase in the average  yield on
investment  securities  of 16 basis points  offset  somewhat by a dcrease in the
average yield on net loans receivable of 18 basis points.

     Interest  expense  increased to $621.0  thousand for the three months ended
April 30, 2005 from $495.2  thousand  for the three  months ended April 30, 2004
and  was  primarily  attributable  to an  increase  in the  average  balance  of
interest-bearing  liabilities  to $88.7 million for the three months ended April
30, 2005 from $75.3  million for the three months ended April 30, 2004 while the
average  cost of funds  increased  to 2.80% for the three months ended April 30,
2005 from 2.61% for the three  months  ended April 30,  2004.  This  increase is
mainly due to  additional  FHLB  borrowings,  the proceeds of which were used to
purchase mortgage-backed securities.

     LOAN LOSS  PROVISION.  The provision for loan losses was $34.0 thousand for
the three  months ended April 30, 2005  compared to $9.0  thousand for the three
months ended April 30, 2004. 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.

     NON-INTEREST INCOME. Total non-interest income increased to $115.8 thousand
for the three  months  ended April 30, 2005  compared to $95.7  thousand for the
three  months  ended April 30,  2004.  The  increase is  principally  due to the
increase in the service fees on deposit accounts in the amount of $7.0 thousand,
net gains on the sale of investment  securities in the amount of $10.4  thousand
and an increase in miscellaneous operating income.

     NON-INTEREST EXPENSE. Non-interest expense increased to $858.6 thousand for
the three months ended April 30, 2005 from $578.9  thousand for the three months
ended April 30, 2004.  Compensation  and employee  benefit expense  increased by
approximately  $169.5  thousand.  This increase was due to a normal  increase in
salaries,  a  severance  package  paid to the former  President,  an increase in
medical  insurance  costs,  implementation  of an incentive  retirement plan and
implementation  of an employee  stock  ownership  plan.  Occupancy and equipment
expense decreased by approximately $7.2 thousand. This decrease was attributable
to a reduction in depreciation  expense.  Data processing  expense  increased by
$8.3  thousand.  Professional  fees  increased by  approximately  $72.7 thousand
mainly due to an increase in  accounting,  auditing and legal fees that resulted
from becoming a public  reporting  company and the  expansion of internal  audit
services to comply with Sarbanes Oxley Section 404. This increase was mainly due
to an  increase  in  accounting,  auditing  and legal  fees that  resulted  from
becoming a public reporting  company.  Miscellaneous  expense increased by $34.8

                                       10
<PAGE>

thousand mainly due to increased advertising.  We anticipate higher non-interest
expenses  for the six months  ending July 31,  2005 as a result of  professional
fees incurred related to our annual meeting of shareholders.

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

     INCOME TAXES.  Income tax expense increased to $90.3 thousand for the three
months  ended  April 30, 2005 from $74.3  thousand  for the same period in 2004.
This was due to an increase in pre-tax income.


COMPARISON OF FINANCIAL CONDITION AT APRIL 30, 2005 AND OCTOBER 31, 2004

     ASSETS AND  LIABILITIES.  The Company's total assets were $124.8 million at
April 30, 2005 and April 20, 2004.

     Cash and cash equivalents  decreased to $2.7 million at April 30, 2005 from
$6.2 million at October 31, 2004. Cash and cash equivalents decreased during the
period as funds were utilized to fund loan originations.

     Investment securities available for sale decreased by $3.2 million to $45.2
million at April 30, 2005 from $48.4  million at October 31, 2004.  The decrease
is principally due to mortgage-backed  security repayments and a decrease in the
net unrealized gain.

     Net loans receivable  increased $6.8 million, or 10.4%, to $71.6 million at
April 30, 2005 from $64.8 million at October 31, 2004, as the Company  continued
to experience  strong loan  production  and repayments  were more moderate.  The
increase  in net  loans  receivable  was  the  result  of  increases  in one- to
four-family  residential  mortgages (which includes owner and non-owner occupied
properties),  home equity loans and construction financing in the amount of $3.3
million, $1.1 million and $3.2 million, respectively.

     The  allowance  for loan losses  increased to $407.0  thousand at April 30,
2005 from $342.9 thousand at October 31, 2004 and represented 0.56% of the gross
loan  portfolio at April 30,  2005.  The Company had  nonaccrual  loans of $60.6
thousand   and  $53.8   thousand  at  April  30,  2005  and  October  31,  2004,
respectively.  Management  does not believe the nonaccrual  loans or any amounts
classified  as  nonperforming  will have a  significant  effect on operations or
liquidity  in  2005.  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  increased  to $77.3  million at April 30,  2005 from $75.4
million at October  31,  2004.  This was  primarily  a result of an  increase in
certificates of deposit of $1.9 million.

     Total Federal Home Loan Bank borrowings decreased to $15.0 million at April
30, 2005 from $16.6 million at October 31, 2004. The decrease is due to a payoff
on short-term borrowings in the amount of $1.5 million.

     STOCKHOLDERS' EQUITY. Total stockholders' equity increased to $31.7 million
at April 30, 2005 from $31.6  million at October 31,  2004.  This  increase  was
attributable  to net income of $475.3 thousand and the release of ESOP shares in
the amount of $101.0 thousand, offset by accumulated other comprehensive loss of
$387.5  thousand  and cash  dividends  paid in the  amount  of  $95.2  thousand.
Accumulated other  comprehensive  income decreased as a result of changes in the
net  unrealized  loss on investment  securities  available for sale.  Because of
interest rate volatility,  accumulated other  comprehensive  income (loss) could
materially  fluctuate for each interim  period and year end period  depending on
economic and interest rate conditions.

LIQUIDITY AND CAPITAL RESOURCES

     LIQUIDITY.  Liquidity  management for the Company 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  Company.  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.

                                       11
<PAGE>

     The  Company'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 Company's operating, investing, and financing activities during
any  given  period.  At  April  30,  2005,  cash and  cash  equivalents  totaled
approximately $2.7 million, or 2.1% of total assets while investment  securities
classified as available for sale and  certificates of deposit in other financial
institutions  totaled  approximately  $45.4  million,  or 36.2% of total assets.
Management believes that the liquidity needs of the Company 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.

     Operating activities provided net cash of approximately $408.9 thousand and
$790.7  thousand for the six months ended April 30, 2005 and 2004,  respectively
and were  principally  generated  from net income of $475.3  thousand and $248.7
thousand in each of the respective periods.

     Investing  activities consist primarily of loan originations and repayments
and investment purchases,  sales and maturities.  For the six months ended April
30,  2005,  these cash usages  primarily  consisted  of an increase in net loans
receivable  of $6.8  million and  purchases  of  investment  securities  of $4.1
million. Partially offsetting the usage of investment activities is $6.7 million
of proceeds from investment security sales,  maturities and repayments.  For the
same period ended 2004, cash usages primarily consisted of investment  purchases
of $16.6  million,  an increase in net loan  receivable  of $3.8 million and the
purchase of bank-owned  life insurance in the amount of $1.5 million.  Partially
offsetting the usage of investment  activities were proceeds from repayments and
maturities of investment securities in the amount of $6.9 million.

     Financing  activities consist of the solicitation and repayment of customer
deposits,  borrowings  and  repayments,  and advances by borrowers for taxes and
insurance and the payment of cash dividends.  For the six months ended April 30,
2005, net cash provided by financing  activities totaled $123.7 thousand and was
principally from an increase in deposits of $1.9 million offset by the repayment
of short-term  borrowings in the amount of $1.5 million.  For the same period in
2004,  net cash provided by financing  activities  totaled $40.4 million and was
primarily  derived from net  proceeds  from the initial  public  offering and an
increase in FHLB borrowings.

     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 Company's  commitment to make loans, as well as  management's  assessment of
the Company'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  Company'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 Company'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 Company'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, 2005, the Bank exceeded the minimum capital
ratio requirements.


ITEM 3.  CONTROLS AND PROCEDURES

(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. Based on her 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 and financial  officer has 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.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
                 None.

 ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
                 Not applicable.

 ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
                 None.

 ITEM 5.    OTHER INFORMATION
                 None.

 ITEM 6.    EXHIBITS

                 (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       Certification pursuant to Section 302 of the Sarbanes-
                          Oxley Act of 2002

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

                 99.1     Report of Independent Registered Public Accounting
                          Firm

             *    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  10, 2005               /s/ Pamela M. Cyr
      --------------               --------------------------------------------
                                   Pamela M. Cyr
                                   President, CEO and Chief Financial Officer
                                   (Principal Executive and Financial &
                                   Accounting Officer)