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           January 31, 2007
                               -------------------------------------------------
                                       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 issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the  Exchange  Act  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 by check mark whether the  registrant  is a shell  company (as
defined in Rule 12b-2 of the Exchange Act).  Yes       No   X
                                                 ---       ---

         State the number of shares  outstanding of each of the issuer's classes
of common equity as of the latest practicable date March 16, 2007:

             Class                                         Outstanding
   ---------------------------                          ----------------
   $.10 par value common stock                          2,284,095 shares


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

<PAGE>

                               SE FINANCIAL CORP.

                                   FORM 1O-QSB

                     FOR THE QUARTER ENDED January 31, 2007


                                      INDEX

<TABLE>
<CAPTION>

                                                                                  Page
                                                                                 Number
                                                                                 ------
<S>               <C>                                                             <C>
PART I - FINANCIAL INFORMATION

         Item     1.   Financial Statements (Unaudited)                              1
         Item     2.   Management's Discussion and Analysis of
                       Financial Condition and Results of Operations                11
         Item     3.   Controls and Procedures                                      15

PART II- OTHER INFORMATION

         Item     1.   Legal Proceedings                                            16
         Item     2.   Unregistered Sales of Equity Securities and Use of Proceeds  16
         Item     3.   Defaults Upon Senior Securities                              16
         Item     4.   Submission of Matters to a Vote of Security Holders          16
         Item     5.   Other Information                                            16
         Item     6.   Exhibits                                                     16

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

</TABLE>

<PAGE>

                               SE FINANCIAL CORP.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                January 31,      October 31,
                                                                                   2007            2006
                                                                              -------------    -------------
<S>                                                                         <C>              <C>
ASSETS
   Cash and due from banks                                                    $     556,929    $     728,733
   Interest-bearing deposits with other institutions                              4,917,991        2,158,337
                                                                              -------------    -------------

        Cash and cash equivalents                                                 5,474,920        2,887,070

   Certificates of deposit in other financial institutions                           99,000           99,000
   Investment securities available for sale                                      47,072,836       46,189,276
   Investment securities held to maturity (estimated fair value
        of $2,325,001 and $2,276,285)                                             2,224,266        2,209,134
   Loans receivable (net of allowance for loan losses
        of $1,081,772 and  $1,111,840)                                          112,718,616      112,357,048
   Accrued interest receivable                                                      925,347          995,466
   Federal Home Loan Bank Stock                                                   1,202,000        1,327,200
   Premises and equipment, net                                                    5,872,211        5,408,646
   Bank owned life insurance                                                      3,109,811        3,079,870
   Other assets                                                                   1,273,389        1,431,560
                                                                              -------------    -------------

            TOTAL ASSETS                                                      $ 179,972,396    $ 175,984,270
                                                                              =============    =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
   Deposits                                                                   $ 143,682,894    $ 137,240,831
   Short-term borrowings                                                                  -        2,500,000
   Other borrowings                                                              11,265,541       11,440,732
   Advances by borrowers for taxes and insurance                                    511,990          354,864
   Accrued interest payable                                                          68,512           82,703
   Other liabilities                                                                386,329          386,458
                                                                              -------------    -------------

            TOTAL LIABILITIES                                                   155,915,266      152,005,588
                                                                              -------------    -------------

Commitments and contingencies                                                             -                -

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                                                                 257,888          257,888
   Additional paid-in capital                                                    24,808,942       24,799,363
   Retained earnings - substantially restricted                                   8,334,817        8,464,000
   Shares held by Stock Compensation Trust                                       (1,736,357)      (1,736,357)
   Unearned shares held by Restricted Stock Plan ("RSP")                         (1,134,799)      (1,162,226)
   Unallocated shares held by Employee Stock Ownership Plan ("ESOP")             (1,657,853)      (1,694,694)
   Treasury stock at cost, 294,780 shares and 292,500 shares respectively        (4,142,965)      (4,113,325)
   Accumulated other comprehensive loss                                            (672,543)        (835,967)
                                                                              -------------    -------------

            TOTAL STOCKHOLDERS' EQUITY                                           24,057,130       23,978,682
                                                                              -------------    -------------

            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $ 179,972,396    $ 175,984,270
                                                                              =============    =============
</TABLE>

See accompanying notes to the unaudited consolidated financial statements.

                                       1


<PAGE>

                                SE FINANCIAL CORP
                     CONSOLIDATED STATEMENT OF (LOSS) INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended January 31,
                                                             ------------------------------
                                                                    2007           2006
                                                                -----------    -----------
<S>                                                           <C>            <C>
INTEREST AND DIVIDEND INCOME
    Loans receivable                                            $ 2,129,535    $ 1,525,996
    Investment securities
       Taxable                                                      485,028        503,323
       Exempt from federal income tax                                60,307         61,045
    Interest-bearing deposits with other institutions                36,399         23,836
    Other dividend income                                            16,879         11,310

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

           Total interest and dividend income                     2,728,148      2,125,510
                                                                -----------    -----------

INTEREST EXPENSE
    Deposits                                                      1,431,447        717,095
    Short-term borrowings                                            27,603         89,299
    Other borrowings                                                128,049        208,612
                                                                -----------    -----------

           Total interest expense                                 1,587,099      1,015,006
                                                                -----------    -----------

NET INTEREST INCOME                                               1,141,049      1,110,504
    (Recovery of) provision for loan losses                         (31,951)        36,138
                                                                -----------    -----------
NET INTEREST INCOME AFTER
         PROVISION FOR LOAN LOSSES                                1,173,000      1,074,366
                                                                -----------    -----------

NONINTEREST INCOME
    Service fees on deposit accounts                                 67,333         73,953
    Earnings on bank-owned life insurance                            29,941         27,996
    Net gains (losses) on sale of investment securities               3,155        (23,667)
    Other                                                            17,801          7,871
                                                                -----------    -----------

           Total noninterest income                                 118,230         86,153
                                                                -----------    -----------

NONINTEREST EXPENSE
    Compensation and employee benefits                              807,235        590,700
    Occupancy and equipment                                         179,586         96,392
    Federal deposit insurance premiums                               20,441         14,228
    Data processing expense                                          89,649         89,951
    Professional fees                                                87,196        175,617
    Other                                                           234,407        212,172
                                                                -----------    -----------

           Total noninterest expense                              1,418,514      1,179,060
                                                                -----------    -----------

LOSS BEFORE TAXES                                                  (127,284)       (18,541)

INCOME TAX BENEFIT                                                  (58,456)       (27,114)
                                                                -----------    -----------

NET (LOSS) INCOME                                               $   (68,828)   $     8,573
                                                                ===========    ===========

PER SHARE DATA:
    (Loss)  earnings per share - basic and diluted              $     (0.04)   $      0.00
    Weighted average number of shares outstanding - basic
    and diluted                                                   1,905,905      2,294,150

    Dividends per share                                                0.03           0.03

</TABLE>

See accompanying notes to the unaudited consolidated financial statements.

                                       2

<PAGE>

                               SE FINANCIAL CORP.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                                   Accumulated
                                    Retained        Shares                 Unallocated               Other       Total
                       Additional   Earnings        held by    Unearned      Shares    Treasury   Comprehensive  Stock       Compre-
               Common     Paid-    Substantially Compensation   Shares       Held by   Stock at      Income      holders'    hensive
               Stock   In Capital   Restricted       Trust    held by RSP     ESOP       Cost        (loss)      Equity      Income
              -------- -----------  ----------   -----------  -----------  ---------- -----------  ---------  -----------  ---------
<S>                        <C>       <C>          <C>          <C>          <C>          <C>        <C>          <C>        <C>
Balance,
  October 31,
  2006        $257,888 $24,799,363  $8,464,000   $(1,736,357) $(1,162,226)$(1,694,694)$(4,113,325) $(835,967) $23,978,682

Net loss                               (68,828)                                                                   (68,828) $(68,828)
ESOP shares
  committed to be
  released                   9,579                                             36,841                              46,420
Cash dividends
  ($.03 per share)                     (60,355)                                                                   (60,355)
Amortization of
  unearned RSP shares                                              27,427                                          27,427
Purchase of
  treasury stock                                                                          (29,640)                (29,640)
Other
comprehensive income:
  Unrealized gain
    on available-
    for-sale
    securities,
    net of
    reclassification
    adjustment, net
    of tax benefit
    of $84,164                                                                                       163,424      163,424   163,424
                                                                                                              -----------  --------
Comprehensive income                                                                                                       $ 94,596
              -------- -----------  ----------   -----------  -----------  ---------- -----------  ---------  -----------  ========
Balance,
  January 31,
  2007        $257,888 $24,808,942  $8,334,817   $(1,736,357) $(1,134,799)$(1,657,853)$(4,142,965) $(672,543) $24,057,130
              ======== ===========  ==========   ===========  ===========  ========== ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                                                                                 January 31,
                                                                                                     2007
                                                                                                   --------
<S>                                                                                               <C>
Components of other comprehensive loss:
    Change in net unrealized loss on investment securities available for sale                      $165,506
    Realized gains included in net loss, net of taxes of $1,073                                      (2,082)
                                                                                                   --------

                Total                                                                              $163,424
                                                                                                   ========
</TABLE>

See accompanying notes to the consolidated financial statements.

                                       3

<PAGE>

                                SE FINANCIAL CORP
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                     For the Three Months Ended January 31,
                                                                                                2007           2006
                                                                                            -----------    -----------
OPERATING ACTIVITIES
<S>                                                                                       <C>            <C>
   Net (loss) income                                                                        $   (68,828)   $     8,573
   Adjustments to reconcile net income (loss) to net cash provided by (used for)
      operating activities:
       Recovery of provision for loan losses                                                    (31,951)        36,138
       Depreciation, amortization, and accretion                                                104,351         25,875
       Earnings on bank-owned life insurance                                                    (29,941)       (27,996)
       Increase (decrease) in principal and interest on loans sold payable                        2,900        (34,807)
       Increase (decrease) in accrued interest receivable                                        70,119        (40,765)
       Increase (decrease) in accrued interest payable                                          (14,191)        59,934
       Net (gain) loss on sale of investment securities                                          (3,155)        23,667
       Other, net                                                                                 6,032       (142,976)
                                                                                            -----------    -----------
           Net cash provided by (used for) operating activities                                  35,336        (92,357)
                                                                                            -----------    -----------

INVESTING ACTIVITIES
   Investment securities available for sale:
       Proceeds from principal repayments and maturities                                      1,369,408      1,382,403
       Purchases                                                                             (3,307,113)             -
       Proceeds from the sale of investment securities                                        1,309,300      2,141,519
   Increase in loans receivable, net                                                           (303,016)    (3,777,047)
   Proceeds from sales of real estate acquired through
      foreclosure                                                                                64,946              -
   Purchase of Federal Home Loan Bank stock                                                     (70,000)      (120,000)
   Redemption of Federal Home Loan Bank stock                                                   195,200        135,700
   Purchase of premises and equipment                                                          (540,214)    (1,148,646)
                                                                                            -----------    -----------
           Net cash used for investing activities                                            (1,281,489)    (1,386,071)
                                                                                            -----------    -----------

FINANCING ACTIVITIES
   Increase in deposits, net                                                                  6,442,063      7,022,908
   Net (decrease) increase in short-term borrowings                                          (2,500,000)     1,800,000
   Repayment of other borrowings                                                               (175,191)      (179,346)
   Decrease in advances by borrowers
      for taxes and insurance, net                                                              157,126        165,545
   Purchase of stock for Stock Compensation Trust                                                     -     (3,021,300)
   Purchase of treasury stock                                                                   (29,640)    (3,532,200)
   Cash dividends                                                                               (60,355)       (71,229)
                                                                                            -----------    -----------
           Net cash provided by financing activities                                          3,834,003      2,184,378
                                                                                            -----------    -----------

           Increase  in cash and cash equivalents                                             2,587,850        705,950

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                              2,887,070      2,162,811
                                                                                            -----------    -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                  $ 5,474,920    $ 2,868,761
                                                                                            ===========    ===========

SUPPLEMENTAL CASH FLOW DISCLOSURES
   Cash paid:
       Interest                                                                             $ 1,601,290    $   955,072
       Income taxes                                                                                   -         85,000
</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."), an inactive investment services and products provider
and SE DEL Corp.,  a  Delaware  investment  subsidiary  which  holds  investment
securities. 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, 2006 has been derived from the
audited consolidated  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 (LOSS)
-----------------------------------

         The components of  comprehensive  income (loss) consist  exclusively of
unrealized  gains and losses on  available  for sale  securities.  For the three
months  ended  January  31,  2007,  this  activity  is shown  under the  heading
Comprehensive  Loss as  presented  in the  Consolidated  Statement of Changes in
Stockholders'  Equity  (Unaudited).  For the three months ended January 31, 2006
comprehensive income totaled $33,420.

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

In March  2006,  the FASB  issued  FAS No.  156,  Accounting  for  Servicing  of
Financial  Assets.  This  Statement,  which is an amendment to FAS No. 140, will
simplify the  accounting  for servicing  assets and  liabilities,  such as those
common  with  mortgage  securitization  activities.  Specifically,  FAS No.  156
addresses the  recognition and  measurement of separately  recognized  servicing
assets and  liabilities  and provides an approach to simplify  efforts to obtain
hedge-like (offset) accounting. FAS No. 156 also clarifies when an obligation to
service financial assets should be separately recognized as a servicing asset or
a servicing liability,  requires that a separately recognized servicing asset or
servicing  liability be initially  measured at fair value, if  practicable,  and
permits an entity with a  separately  recognized  servicing  asset or  servicing
liability  to choose  either  of the  amortization  or fair  value  methods  for
subsequent  measurement.  The  provisions of FAS No. 156 are effective as of the
beginning  of the first fiscal year that begins after  September  15, 2006.  The
adoption  of this  standard  is not  expected  to have a material  effect on the
Company's results of operations or financial position.

In  September  2006,  the FASB issued FAS No.  158,  Employers'  Accounting  for
Defined Benefit  Pension and Other Post  Retirement  Plans, an amendment of FASB
Statements  No. 87,  88, 106 and  132(R).  FAS No. 158  requires  that a company
recognize  the  overfunded  or  underfunded  status of its defined  benefit post
retirement  plans (other than  multiemployer  plans) as an asset or liability in
its statement of financial  position and that it recognize changes in the funded
status  in the year in which  the  changes  occur  through  other  comprehensive
income. FAS No. 158 also requires the measurement of defined benefit plan assets
and obligations as of the fiscal year end, in addition to footnote  disclosures.
FAS No. 158 is effective  for fiscal years ending after  December 15, 2006.  The
Company is currently  evaluating  the impact the  adoption of the standard  will
have on the Company's financial position.

In June 2006, the FASB issued FASB Interpretation No. 48 ("FIN 48"),  Accounting
for  Uncertainty in Income Taxes.  FIN 48 is an  interpretation  of FAS No. 109,
Accounting  for Income  Taxes,  and it seeks to reduce the diversity in practice
associated with certain aspects of measurement and recognition in accounting for
income taxes. In addition,  FIN No. 48 requires expanded disclosure with respect
to the uncertainty in income taxes and is effective

                                        5

<PAGE>

for fiscal years  beginning  after  December 15, 2006.  The Company is currently
evaluating  the impact the adoption of the standard  will have on the  Company's
results of operations.


In  September  2006,  the FASB reached  consensus  on the  guidance  provided by
Emerging  Issues Task Force Issue 06-4 ("EITF  06-4"),  Accounting  for Deferred
Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life
Insurance Arrangements.  The guidance is applicable to endorsement  split-dollar
life  insurance  arrangements,  whereby  the  employer  owns  and  controls  the
insurance policy, that are associated with a postretirement  benefit.  EITF 06-4
requires that for a split-dollar life insurance  arrangement within the scope of
the Issue,  an employer  should  recognize a  liability  for future  benefits in
accordance  with FAS No. 106 (if, in substance,  a  postretirement  benefit plan
exists) or Accounting Principles Board Opinion No. 12 (if the arrangement is, in
substance,   an  individual  deferred   compensation   contract)  based  on  the
substantive agreement with the employee. EITF 06-4 is effective for fiscal years
beginning  after  December 15, 2006.  The Company is  currently  evaluating  the
impact  the  adoption  of the  standard  will have on the  Company's  results of
operations or financial condition.

In  September  2006,  the FASB reached  consensus  on the  guidance  provided by
Emerging Issues Task Force Issue 06-5("EITF 06-5"),  Accounting for Purchases of
Life Insurance--Determining the Amount That Could Be Realized in Accordance with
FASB Technical  Bulletin No. 85-4,  Accounting for Purchases of Life  Insurance.
EITF 06-5 states that a  policyholder  should  consider any  additional  amounts
included in the  contractual  terms of the insurance  policy other than the cash
surrender  value in  determining  the amount  that could be  realized  under the
insurance  contract.  EITF 06-5 also states that a policyholder should determine
the amount that could be realized under the life insurance contract assuming the
surrender of an  individual-life  by  individual-life  policy (or certificate by
certificate  in a  group  policy).  EITF  06-5 is  effective  for  fiscal  years
beginning  after  December 15, 2006.  The Company is  currently  evaluating  the
impact  the  adoption  of the  standard  will have on the  Company's  results of
operations or financial condition.


NOTE 4 - INVESTMENTS


The amortized cost and the estimated fair value of investment securities held to
maturity were as follows:

<TABLE>
<CAPTION>
                                                                        January 31, 2007
                                      --------------------------------------------------------------------------------------
                                                                  Gross                   Gross                 Estimated
                                       Amortized               Unrealized              Unrealized                  Fair
                                         Cost                     Gains                  Losses                   Value
                                      ------------             ------------            ------------            -------------
<S>                                  <C>                      <C>                     <C>                     <C>
Municipal securities                    2,224,266                  100,735                       -                2,325,001
                                      ------------             ------------            ------------            -------------
                   Total              $ 2,224,266              $   100,735             $         -             $  2,325,001
                                      ============             ============            ============            =============
</TABLE>

<TABLE>
<CAPTION>
                                                                          October 31, 2006
                                      --------------------------------------------------------------------------------------
                                                                  Gross                   Gross                 Estimated
                                       Amortized               Unrealized              Unrealized                  Fair
                                         Cost                     Gains                  Losses                   Value
                                      ------------             ------------            ------------            -------------

<S>                                  <C>                      <C>                     <C>                   <C>
Municipal securities                    2,209,134                   69,159                  (2,008)               2,276,285
                                      ------------             ------------            ------------            -------------
                   Total              $ 2,209,134              $    69,159             $    (2,008)            $  2,276,285
                                      ============             ============            ============            =============
</TABLE>

                                                    6


<PAGE>

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

<TABLE>
<CAPTION>
                                                                     January 31, 2007
                                         ---------------------------------------------------------------------------
                                                                 Gross               Gross            Estimated
                                            Amortized          Unrealized          Unrealized            Fair
                                               Cost              Gains               Losses             Value
                                         -----------------  -----------------   -----------------  -----------------
<S>                                     <C>                <C>                 <C>                <C>
Mortgage-backed securities:
     Fannie Mae                          $     21,053,727   $          5,166    $       (440,961)  $     20,617,933
     Freddie Mac                                7,963,341              1,927            (100,608)         7,864,660
     Government National Mortgage
       Association securities                   1,106,966              1,984             (13,530)         1,095,420
                                         -----------------  -----------------   -----------------  -----------------
     Total mortgage-backed
     securities                                30,124,034              9,078            (555,099)        29,578,013
U.S. Government
  agency securities                            10,743,801                  -            (308,973)        10,434,828
Corporate securities                            3,024,523                  -             (93,663)         2,930,860
Municipal securities                            3,996,866                 45             (66,321)         3,930,590
                                         -----------------  -----------------   -----------------  -----------------
          Total debt securities                47,889,224              9,123          (1,024,057)        46,874,291
Mutual funds                                      202,026                  -              (3,480)           198,546
                                         -----------------  -----------------   -----------------  -----------------
          Total                          $     48,091,250   $          9,123    $     (1,027,537)  $     47,072,836
                                         =================  =================   =================  =================
</TABLE>

<TABLE>
<CAPTION>
                                                                     October 31, 2006
                                         ---------------------------------------------------------------------------
                                                                 Gross               Gross            Estimated
                                            Amortized          Unrealized          Unrealized            Fair
                                               Cost              Gains               Losses             Value
                                         -----------------  -----------------   -----------------  -----------------
<S>                                    <C>                <C>                 <C>                <C>
Mortgage-backed securities:
     Fannie Mae                          $     22,138,550   $          1,103    $       (608,213)  $     21,531,440
     Freddie Mac                                7,197,372              2,104            (118,346)         7,081,130
     Government National Mortgage
       Association securities                   1,148,800              1,331             (12,268)         1,137,863
                                         -----------------  -----------------   -----------------  -----------------
     Total mortgage-backed
     securities                                30,484,722              4,538            (738,827)        29,750,433
U.S. Government
  agency securities                             9,749,093                  -            (347,730)         9,401,363
Corporate securities                            3,025,700                  -            (105,750)         2,919,950
Municipal securities                            3,996,859                131             (75,677)         3,921,313
                                         -----------------  -----------------   -----------------  -----------------
          Total debt securities                47,256,374              4,669          (1,267,984)        45,993,059
Mutual funds                                      199,496                  -              (3,279)           196,217
                                         -----------------  -----------------   -----------------  -----------------
          Total                          $     47,455,870   $          4,669    $     (1,271,263)  $     46,189,276
                                         =================  =================   =================  =================
</TABLE>



The amortized  cost and estimated  fair value of debt  securities at January 31,
2007,  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.

                                       7

<PAGE>

<TABLE>
<CAPTION>
                                                  Held to Maturity                   Available for Sale
                                           -------------------------------  ---------------------------------
                                                            Estimated Fair                     Estimated Fair
                                            Amortized Cost      Value        Amortized Cost        Value
                                           --------------   --------------  ---------------    --------------
<S>                                       <C>              <C>             <C>                <C>
Due less than one year                     $           -    $           -   $      450,940     $     447,303
Due after one year through five years                  -                -       12,589,577        12,216,441
Due after five years through ten years                 -                -        3,157,990         3,039,310
Due after ten years                            2,224,266        2,325,001       31,690,718        31,171,768
                                           --------------   --------------  ---------------    --------------
                                           $   2,224,266    $   2,325,001   $   47,889,224     $  46,874,822
                                           ==============   ==============  ===============    ==============
</TABLE>

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

Loans receivable consist of the following:

<TABLE>
<CAPTION>

                                                         January 31, 2007                   October 31, 2006
                                               --------------------------------     -------------------------------
                                                    Amount           Percent             Amount          Percent
                                               -----------------  -------------     -----------------  ------------
<S>                                            <C>                   <C>            <C>                  <C>
 Type of Loans:
 -------------------
 Mortgage loans:
    One-to four- family (1)                        $ 64,651,171          56.73%         $ 65,616,572         57.74%
    Multi-family                                      1,142,641          1.00%             1,148,630         1.01%
    Commercial real estate                            9,458,722          8.30%             8,278,774         7.28%
    Construction (2)                                 20,866,049         18.31%            22,275,329        19.60%
 Home equity loans and lines of credit               17,218,292         15.11%            15,754,181        13.86%
 Loans on savings accounts                              295,786          0.26%               244,346         0.22%
 Other                                                  335,802          0.29%               330,216         0.29%
                                                   -------------     ----------        --------------    ----------
 Total loans                                        113,968,463         100.00%          113,648,048        100.00%
                                                                     ==========                          ==========
 Less:
    Net deferred loan fees and unamortized
      premiums                                          168,075                              179,160
    Allowance for loan losses                         1,081,772                            1,111,840
                                                  --------------                       --------------
 Total loans, net                                 $ 112,718,616                        $ 112,357,048
                                                  ==============                       ==============
</TABLE>


(1)  Included in this category are mixed-use loans and investor loans.
(2)  Included in this category are participation  interests in two loans with an
     aggregate  balance of $2.0 million and $2.1 million at January 31, 2007 and
     October 31, 2006, respectively.

                                       8

<PAGE>

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


The following tables set forth information concerning advances with the FHLB:

<TABLE>
<CAPTION>
                                                 Weighted
                                                 average            Stated
                           Maturity range        interest     interest rate range
Description              from           to         rate          from        to         2007           2006
                      ------------  -----------  --------     -------------------  ------------  --------------

<S>                   <C>           <C>           <C>          <C>        <C>     <C>              <C>
Short Term Borrowings  04/11/07      04/11/07      5.38%        5.38%      5.38%              -      2,500,000
Convertible            02/18/10      02/18/10      5.91%        5.91%      5.91%      1,000,000      1,000,000
Mid Term Repo Fixed    04/30/07      05/11/15      3.93%        3.30%      4.84%      7,800,000      7,800,000
Fixed Rate             08/20/08      08/20/08      6.24%        6.24%      6.24%      1,500,000      1,500,000
Fixed Rate amortizing  05/23/08      05/23/08      4.14%        4.14%      4.14%        965,541      1,140,732
                                                                                   -------------  -------------
           Total                                                                     11,265,541     13,940,732
                                                                                   =============  =============
</TABLE>

In February  2000, 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 $62,131 through May 2008.

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.


Maturities of FHLB borrowings at January 31, 2007 are summarized as follows:


    Year Ending October 31,            Amount           Weighted-Average Rate
    -----------------------        -------------     ---------------------------


        2007                        $ 5,336,563              3.62%
        2008                          2,928,978              5.12%
        2010                          1,000,000              5.91%
        2015                          2,000,000              4.84%

                                   -------------
        Total                      $ 11,265,541              4.43%
                                   =============



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

There  are no  convertible  securities  which  would  affect  the  numerator  in
calculating  basic and  diluted  earnings  per share;  therefore,  net income as
presented on the Consolidated Statement of Income will be used as the numerator.

The following  table sets forth the composition of the  weighted-average  common
shares   (denominator)  used  in  the  basic  and  diluted  earnings  per  share
computation.

                                       9

<PAGE>

                                                    For the Three Months Ended
                                                           January 31,
                                                       2007          2006
                                                    ----------    ----------
Weighted-average common shares
   outstanding                                      2,578,875     2,578,875
Average treasury stock shares                        (292,705)      (70,217)
Average stock compensation trust shares              (127,655)      (32,772)
Average unearned nonvested RSP shares                 (85,610)            -
Average unallocated shares held by ESOP              (167,000)     (181,736)
                                                    ---------    ----------
Weighted-average common shares and
   common stock equivalents used to
   calculate basic and diluted earnings per share   1,905,905     2,294,150
                                                    =========     =========

                                       10

<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 Three Months Ended January 31,
2007 and January 31, 2006

         The Company  recorded a net loss of $69.8 thousand for the three months
ended January 31, 2007,  versus net income of $8.6 thousand over the same period
in 2006.  The  decrease  in net  income is due to an  increase  in  non-interest
expense offset  somewhat by an increase in net interest  income and  noninterest
income and a recovery of provisions for loan losses.

         Net Interest  Income.  Net  interest  income for the three months ended
January  31, 2007  increased  $30.5  thousand to $1.1  million as a result of an
increase in total interest income offset by an increase in interest expense. The
net interest  margin  decreased by 40 basis points to 2.80% for the three months
ended  January 31, 2007 from 3.20% for the three months ended  January 31, 2006.
Interest income for the three months ended January 31, 2007 totaled $2.7 million
as compared to $2.1 million for the three months  ended  January 31, 2006.  This
increase of $602.6 thousand was  attributable to an increase of $24.3 million in
the average balance of  interest-earning  assets to $165.9 million for the three
months  ended  January 31, 2007 from $141.7  million for the three  months ended
January 31,  2006.  This  increase was also  attributable  to an increase in the
average  yield on  interest-earning  assets of 55 basis  points to 6.59% for the
three  months  ended  January  31,  2007 from 6.04% for the three  months  ended
January 31, 2006. The average  balance of loans  receivable for the three months
ended  January  31,  2007 as  compared  to the same  period  of the  prior  year
increased $26.3 million.  Loans receivable grew due to increased loan demand and
a more  aggressive  marketing  strategy  as well as the  addition of new lending
officers.  The average  yield on loans  receivable  increased 50 basis points to
7.48% for the three  months  ended  January  31,  2007 from  6.98% for the three
months ended January 31, 2006.

         Interest  expense  increased  $572.1  thousand to $1.6  million for the
three months ended January 31, 2007 from $1.0 million for the three months ended
January 31, 2006. The increase was  attributable to an increase of $34.6 million
in the average balance of interest-bearing liabilities to $149.8 million for the
three  months  ended  January 31, 2007 from $115.1  million for the three months
ended January 31, 2006 as well as an increase in the average cost of funds of 71
basis points to 4.20% for the three months ended January 31, 2006 from 3.49% for
the three months ended January 31, 2006. The average balance of deposits for the
three months ended  January 31, 2007 as compared to the same period of the prior
year  increased  $49.2  million.  The  increase  in  deposits  was due mainly to
increases in certificates of deposits,  money market accounts,  interest bearing
demand  deposits and savings  accounts of $24.5  million,  $19.9  million,  $3.7
million and $1.1 million, respectively.  Deposit growth resulted from the Bank's
new branch offices,  focused marketing and market sensitive pricing. The average
cost of deposits  increased  94 basis points to 4.20% for the three months ended
January 31, 2007 from 3.26% for the three  months ended  January 31,  2006.  The
average  balance of  borrowings  for the three months ended  January 31, 2007 as
compared  to the same  period of the prior year  decreased  $14.6  million.  The
average  cost of  borrowings  increased  49 basis  points to 4.63% for the three
months ended  January 31, 2007 from 4.22% for the three months ended January 31,
2006.

                                       11

<PAGE>
         Loan Loss  Provision.  The recovery of  provisions  for loan losses was
$32.0 thousand for the three months ended January 31, 2007 compared to provision
for loan losses of $36.1  thousand for the three months ended  January 31, 2006.
The recovery of prior  provisions  was primarily  attributable  to the payoff in
full of a previously  classified  substandard  loan totaling $424  thousand.  At
January 31, 2007 the allowance for loan losses totaled $1.1 million and was .96%
of total loans and 72.57% of  nonperforming  loans.  The loan loss  provision is
based upon management's assessment of a variety of factors, including levels of,
and  trends in,  delinquencies  and  nonaccruals,  trends in volume and terms of
loans,  effects of any changes in lending policies,  historical loss experience,
realizability of collateral value and collectibility of guarantee, pending legal
action for  collection  of loans and related  guarantees,  national and economic
trends and conditions and  concentrations  of credit.  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.  Non-interest  income was $118.2 thousand for the
three months  ended  January 31, 2007  compared to $86.2  thousand for the three
months ended January 31, 2006. The increase was due mainly to losses on the sale
of investment securities in the prior year's quarter totaling $23.7 thousand.

         Non-interest Expense. Non-interest expense increased $239.5 thousand to
$1.4  million for the three  months  ended  January  31,  2007  compared to $1.2
million  for  the  three  months  ended  January  31,  2006.   The  increase  in
non-interest  expense was due mainly to increases in  compensation  and employee
benefits and occupancy and equipment  costs offset by a decrease in professional
fees. The increase in compensation and employee  benefits of $216.5 thousand was
due  primarily to additions to staff for the newly opened  Deptford,  New Jersey
banking  office and  additions to staff in the lending  area and higher  payroll
taxes and employee  benefits  expense.  The increase in occupancy  and equipment
costs was due to an  increase  in  depreciation,  rent  expense,  utilities  and
maintenance  expense  related  to the  opening  of the  new  banking  office  in
Deptford, New Jersey and costs for a full quarter for the Roxborough and Ardmore
banking  offices  that were  opened in  December  2005 and  February  2006.  The
decrease in professional  fees was due to nonrecurring  legal expenses  incurred
during the prior year quarter.

         Income  Taxes.  Income tax  benefit  was $58.5  thousand  for the three
months ended January 31, 2007 as compared to a benefit of $27.1 thousand for the
same  period in 2006 due  mainly to a pre-tax  loss for the three  months  ended
January 31, 2007 of $127.3  thousand versus a pre-tax loss of $18.5 thousand for
the three months ended January 31, 2006.


Comparison of Financial Condition at January 31, 2007 and October 31, 2006

         Assets and  Liabilities.  The Company's total assets  increased by $4.0
million to $180.0 million at January 31, 2007 from $176.0 million at October 31,
2006.

         Total investment securities increased by $898 thousand to $49.3 million
at January  31,  2007 from  $48.4  million  at  October  31,  2006 due mainly to
purchases of $3.3 million offset by sales of $1.3 million and repayments of $1.3
million.

         Net loans  receivable  increased  $361.6  thousand to $112.7 million at
January 31, 2007 from $112.4 million at October 31,
2006.

         The allowance for loan losses  totaled $1.1 million at January 31, 2007
and  represented  .95% of the gross loan  portfolio  at January  31,  2007.  The
Company had  nonaccrual  loans of $1.8  million and $2.4  million at January 31,
2007 and October 31, 2006, respectively.  Substandard loans totaled $1.5 million
at January 31,  2007 as compared to $2.0  million at October 31, 2006 due mainly
to the payoff in full of a $424 thousand nonperforming  construction loan. Loans
classified  Special Mention totaled $3.0 million at January 31, 2007 as compared
to $2.8 million at October 31, 2006.

         Premises and equipment,  net increased  $463.6 thousand to $5.9 million
at January 31, 2007 from $5.4  million at October 31,  2006.  The  increase  was
primarily  due to costs  associated  with the new  Neighborhood  Banking  Office
opened in Deptford, New Jersey.

                                       12

<PAGE>
         Total deposits  increased $6.4 million to $143.7 million at January 31,
2007 from $137.2  million at October 31,  2006.  The  increase  was  primarily a
result of an increase in certificates of deposit, savings, and checking accounts
of $5.5  million,  $3.8  million  and $1.5  million,  respectively,  offset by a
decrease in money market accounts of $5.0 million.

         Stockholders' Equity.  Stockholders' equity increased $78.4 thousand to
$24.1  million at January  31,  2007 from $24.0  million at October 31, 2006 due
mainly to a  decrease  in the  accumulated  other  comprehensive  loss of $163.4
thousand  as a result  of an  increase  in the  market  value  of the  Company's
investment portfolio offset by a net loss for the quarter of $68.8 thousand.

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 investment  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  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  January  31,  2007,  cash and cash  equivalents  totaled
approximately $5.5 million, or 3.0% of total assets, while investment securities
classified as available for sale and  certificates of deposit in other financial
institutions  totaled  approximately  $47.2  million,  or 26.2% 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 $35.3 thousand
for the three months ended January 31, 2007 and used net cash of $92.4  thousand
for the three months  ended  January 31,  2006.  Net cash  provided by the three
months ended January 31, 2007 was due mainly to depreciation,  amortization, and
accretion.  Net cash used for the three  months  ended  January 31, 2006 was due
mainly to other net operating activities.

             Investing  activities  consist  primarily of loan  originations and
repayments, investment purchases, sales and maturities and purchases of premises
and  equipment.  For the three months  ended  January 31, 2007 net cash used for
investing activities totaled $1.3 million and primarily consisted of an increase
in net loans receivable of $303.0 thousand,  purchases of investment  securities
of $3.3 million and an increase in premises and equipment of $540.0  thousand in
connection  with the opening of the new banking office in Deptford,  New Jersey.
Partially  offsetting  the usage of  investing  activities  was $1.3  million of
proceeds  from  investment  security  sales and $1.4 million in  maturities  and
repayments. For the same period ended January 31, 2006, cash usages totaled $1.4
million and primarily  consisted of an increase in net loans  receivable of $3.8
million and  purchases  of premises  and  equipment  of $1.1  million due to the
opening of two new banking offices.  Partially offsetting the usage of investing
activities was $2.1 million of proceeds from investment  security sales and $1.4
million in maturities and repayments.

         Financing  activities  consist of the  solicitation  and  repayment  of
customer  deposits,  borrowings and repayments,  advances by borrowers for taxes
and insurance,  stock  repurchases  and the payment of cash  dividends.  For the
three months ended January 31, 2007,  net cash provided by financing  activities
totaled  $3.8 million and was  principally  from an increase in deposits of $6.4
million offset by a decrease in short-term  borrowings of $2.5 million.  For the
same period in 2006,  net cash  provided for financing  activities  totaled $2.2
million and was principally  from an increase in deposits of $7.0 million and an
increase  in  short-term  borrowings  of $1.8  million  offset by  purchases  of
treasury stock of $3.5 million and purchases of stock for the Stock Compensation
Trust of $3.0 million.

         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.

                                       13
<PAGE>

         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  mutual-to-stock  conversion  significantly  increased  the
Company's capital resources.

            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 January  31,  2007,  the Bank  exceeded  the minimum
capital ratio requirements.

                                       14

<PAGE>

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.

(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.

                                       15

<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

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

<TABLE>
<CAPTION>
<S>           <C>
          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  Form of Director Incentive Retirement Plan *

          10.3  Form of Executive Officer Incentive Retirement Plan *

          10.4  Form of  Management  Severance Agreements  with Marcy C. Panzer,
                Pamela M. Cyr, J. Christopher Jacobsen, and Charles F. Miller **

          10.5  Stock Option Plan ***

          10.6  Restricted Stock 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

</TABLE>

          *    Incorporated by reference to the Company's registration statement
               on Form SB-2 (SEC File No. 333-112153).

          **   Incorporated  by reference to the  Company's  Form 8-K filed with
               the SEC on September 2, 2005 (SEC File No. 000-50684).

          ***  Incorporated  by reference to the Company's  proxy  statement for
               the 2006 annual meeting (SEC File No. 000-50684).

                                       16

<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: March 19,  2007     /s/Pamela M. Cyr
                          ------------------------------------------------------
                          Pamela M. Cyr
                          President and Chief Executive Officer
                          Principal executive, financial and accounting officer)