| Maine(State or other jurisdiction of incorporation or organization)       | 01-0425066(I.R.S. Employer Identification No.) |
|---------------------------------------------------------------------------|------------------------------------------------|
| 500 Canal Street, Lewiston, Maine(Address of principal executive offices) | 04240(Zip Code)                                |
| Registrant's telephone number, including area code:                       | (207) 786-3245                                 |

| Title of each class:          | Name of each exchange on which registered: |
|-------------------------------|--------------------------------------------|
| Common Stock, $1.00 par value | NASDAQ                                     |

| Document                                                         | Form 10-K Reference Location |
|------------------------------------------------------------------|------------------------------|
| Proxy Statement for the 2009 Annual Meeting of Shareholders | III                          |

| Part I. |           |                                                                                                              |
|---------|----------------|-------------------------------------------------------------------------------------------------------------------|
|    | Item 1.        | Business                                                                                                          |
|    |           |                                                                                                              |
|    | Item 1.a. | Risk Factors                                                                                                      |
|    |           |                                                                                                              |
|    | Item 2.        | Properties                                                                                                        |
|    |           |                                                                                                              |
|    | Item 3.        | Legal Proceedings                                                                                                 |
|    |           |                                                                                                              |
|    | Item 4.        | Submission of Matters to a Vote of Security Holders                                                               |
| Part II |           |                                                                                                              |
|    | Item 5.   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities |
|    |           |                                                                                                              |
|    | Item 6.   | Selected Financial Data                                                                                           |
|    |           |                                                                                                              |
|    | Item 7.        | Management's Discussion and Analysis of Results of Operations and Financial Condition                             |
|    |           |                                                                                                              |
|    | Item 8.        | Financial Statements and Supplementary Data                                                                       |
|    | Item 8.a.      | Financial Statements Required by Regulation S-X                                                                   |
|    |           |                                                                                                              |
|    |           | Report of Independent Registered Public Accounting Firm                                                           |
|    |           |                                                                                                              |
|    |           | Consolidated Balance SheetsJune 30, 2009 and 2008                                                                 |
|    |           |                                                                                                              |
|    |           | Consolidated Statements of IncomeYears Ended June 30, 2009, 2008 and 2007                                         |
|    |           |                                                                                                              |
|    |           | Consolidated Statements of Changes in Stockholders' EquityYears Ended June 30, 2009, 2008 and 2007                |
|    |           |                                                                                                              |
|    |           | Consolidated Statements of Cash FlowsYears Ended June 30, 2009, 2008 and 2007                                     |
|    |           |                                                                                                              |
|    |           | Notes to Consolidated Financial Statements                                                                        |
|    |           |                                                                                                              |
|    | Item 8.b.      | Statistical Disclosures Required by Industry Guide 3                                                              |
|    |           |                                                                                                              |
|    | Item 9.        | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                              |
|    |           |                                                                                                              |
|    | Item 9.a       | Controls and Procedures                                                                                           |
|    |           |                                                                                                              |
|    | Item 9.b       | Other Information                                                                                                 |

| Part III |     |                                                                                    |
|----------|----------|-----------------------------------------------------------------------------------------|
|     | Item 10. | Director and Executive Officers of the Registrant                                       |
|     |     |                                                                                    |
|     | Item 11. | Executive Compensation                                                                  |
|     |     |                                                                                    |
|     | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholders |
|     |     |                                                                                    |
|     | Item 13. | Certain Relationships and Related Transactions                                          |
|     |     |                                                                                    |
|     | Item 14. | Principal Accountant Fees and Services                                                  |
| Part IV  |     |                                                                                    |
|     | Item 15. | Exhibits and Financial Statement Schedules                                              |

Item 1.  Business

| ·   | employees with local decision-making authority; |
|--------------------|-------------------------------------------------|

| ·   | employees who are familiar with the customers' needs, their business environment and competitive demands; and |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | employees who are able to develop and customize personalized financial solutions that are tailored to the customer's needs. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | allow bank holding companies that qualify as "a financial holding company" to engage in a substantially broader range of activities that are financial in nature; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | allow insurers and other financial service companies to acquire banks; |
|--------------------|------------------------------------------------------------------------|

| ·   | remove various restrictions that apply to bank holding company ownership of securities firms and mutual fund advisory companies; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ·   | establish the overall regulatory structure applicable to bank holding companies that also engage in insurance and securities operations. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

|                           | Total Risk Based Capital Ratio | Tier 1 Risk-Based Capital Ratio | Leverage Ratio                                                                          | Other                                                                                                               |
|--------------------------------|--------------------------------|---------------------------------|-----------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
| Well Capitalized:              | 10% or greater                 | 6% or greater                   | 5% or greater                                                                           | Not subject to any order or written directive to meet and maintain a specific capital level for any capital measure |
| Adequately Capitalized         | 8% or greater                  | 4% or greater                   | 4% or greater (3% in the case of a bank with a composite CAMEL rating of 1)*            |                                                                                                                |
| Undercapitalized               | less than 8%                   | less than 4%                    | less than 4% ((3% in the case of a bank with a composite CAMEL  rating of 1)* |                                                                                                                |
| Significantly Undercapitalized | less than 6%                   | less than 3%                    | less than 3%                                                                            |                                                                                                                |
| Critically Undercapitalized    |                           |                            |                                                                                    | Ratio of tangible equity to total assets is less than or equal to 2%                                                |

| ·   | the creation of an independent accounting oversight board to oversee the audit of public companies and auditors who perform such audits; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | auditor independence provisions which restrict non-audit services that independent accountants may provide to their audit clients; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | additional responsibilities regarding financial statements for the chief executive officer and chief financial officer of the reporting entity; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a prohibition on personal loans to directors and officers, except certain loans made by financial institutions on non-preferential terms and in compliance with other bank regulatory requirements; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | additional corporate governance and responsibility measures which (a) require the chief executive officer and chief financial officer to certify financial statements and to forfeit salary and bonuses in certain situations, and (b) protect whistleblowers and informants; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | enhanced independence and expertise requirements of members of audit committees; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | expansion of the audit committee's authority and responsibility by requiring that the audit committee (a) have direct control of the outside auditor, (b) be able to hire and fire the auditor, and (c) approve all non-audit services; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | mandatory disclosure by analysts of potential conflicts of interest; and |
|--------------------|--------------------------------------------------------------------------|

| ·   | enhanced penalties for fraud and other violations. |
|--------------------|----------------------------------------------------|

| a) | general economic conditions, either nationally or in the markets where the Company or its subsidiaries offer their financial products or services, may be less favorable than expected, resulting in, among other things, a deterioration of credit quality or in a decreased demand for  our products or services; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b) | A significant increase in competitive pressures in the banking and financial services industry and, more particularly, a significant increase in competition in the Company's market areas as described under "Business -- Market for Services and Competition";                                                              |
| c) | changes in the interest rate environment which could reduce our margins and increase defaults in our loan portfolio, including those described under "Management's Discussion and Analysis of Results of Operations and Financial Condition --Risk Management";                                                               |
| d) | the adequacy of the allowance for loan losses and the Bank's asset quality, including those matters described in "Management's Discussion and Analysis of Results of Operations and Financial Condition -- Results of Operations";                                                                                            |
| e) | changes in political conditions or changes occurring in the legislative or regulatory environment that adversely affects the businesses in which we are engaged, including the impact of any changes in laws and regulations relating to banking, securities, taxes, and insurance;                                           |
| f) | changes in technology;                                                                                                                                                                                                                                                                                                        |
| g) | the ability to increase market share and to control expenses, and changes in consumer spending, borrowing, and saving habits;                                                                                                                                                                                                 |
| h) | changes in trade, tax, monetary, or fiscal policies, including the interest rate policies of the FRB;                                                                                                                                                                                                                         |
| i) | money market and monetary fluctuations, and changes in inflation or in the securities markets;                                                                                                                                                                                                                                |
| j) | future acquisitions and the integration of acquired businesses and assets;                                                                                                                                                                                                                                                    |

| k) | changes in the Company's organizational structure and in its compensation and benefit plans, including those necessitated by pressures in the labor market for attracting and retaining qualified personnel; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| l) | the effect of changes in accounting policies and practices, as may be adopted by regulatory agencies as well as the Financial Accounting Standards Board;                                                    |
| m) | unanticipated litigation, regulatory, or other judicial proceedings;                                                                                                                                         |
| n) | the success of the Company at managing the risks involved in the foregoing;                                                                                                                                  |
| o) | other one-time events, risks and uncertainties detailed from time to time in the filings of the Company with the Securities and Exchange Commission;                                                         |
| p) | Continue diversification of income streams;                                                                                                                                                                  |
| q) | U. S. Treasury’s ability to changes the terms, rules, or requirements of the Capital Purchase Program could adversely affect the Company; and                                                          |
| r) | additional special assessments for deposit insurance from the FDIC.                                                                                                                                          |

ITEM 1.a. Risk Factors

Item 2.  Properties

| Branch Locations                   | Ownership  |
|------------------------------------|------------|
| 232 Center Street, Auburn          | Lease (1)  |
| 235 Western Avenue, Augusta        | Fee Simple |
| 11 Main Street, Bethel             | Fee Simple |
| 168 Maine Street, Brunswick        | Fee Simple |
| 2 Depot Street, Buckfield          | Fee Simple |
| 46 Main Street, Harrison           | Fee Simple |
| 882 Lisbon Street, Lewiston        | Lease (2)  |
| 500 Canal Street, Lewiston         | Lease (3)  |
| 26 Pleasant Street, Mechanic Falls | Fee Simple |
| 77 Middle Street, Portland         | Lease (4)  |
| 235 Main Street, South Paris       | Fee Simple |
|                               |

| Insurance Agency Locations                     |       |
|------------------------------------------------|------------|
| 59 Main Street, Anson, Maine                   | Fee Simple |
| 232 Center Street, Auburn, Maine*              | Lease (1)  |
| 235 Western Avenue, Augusta, Maine*            | Fee Simple |
| 4 Sullivan Square, Berwick, Maine              | Fee Simple |
| 11 Main Street, Bethel, Maine*                 | Fee Simple |
| 346 Main Street, Jackman, Maine                | Lease (6)  |
| 28 Main Street, Livermore Falls, Maine         | Lease (7)  |
| 89 Main Street, Mexico, Maine                  | Fee Simple |
| 2568 Main Street, Rangeley, Maine              | Fee Simple |
| 59 South Main Street, Rochester, New Hampshire | Lease (8)  |
| 423 U. S. Route 1, Scarborough, Maine          | Lease (9)  |
| 235 Main Street, South Paris, Maine*           | Fee Simple |
| 472 Main Street, Thomaston, Maine              | Lease (10) |
| 10 Snell Hill Road, Turner, Maine              | Fee Simple |

| *Each of these insurance agency locations are situated in an existing bank branch location at the address indicated. |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |
| (1) Lease term is ten years and expires May 1, 2016.                                                                 |
| (2) Lease term is 15 years and expires January 14, 2014.                                                             |
| (3) Lease term is 15 years and expires July 15, 2020.                                                                |
| (4) Lease term is five years and expires September 30, 2012.                                                         |
| (5) Lease term is 21 years and expires December 31 2028.                                                             |
| (6) Lease term is one year and automatically renews in September each year.                                          |
| (7) Lease is a tenant at will.                                                                                       |
| (8) Lease is a tenant at will.                                                                                       |
| (9) Lease term is three years and expires July 31, 2010.                                                             |
| (10) Lease is a tenant at will.                                                                                      |

Item 3.  Legal Proceedings

Item 4.  Submission of Matters to a Vote of Security Holders

| Name               | Age | Position with Company and/or Bank                                                       |
|--------------------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| James D. Delamater | 58  | President and Chief Executive Officer (1)                                                                                                                                                                                                                                                                                                                             |
| Pender J. Lazenby  | 59  | Chief Risk Officer                                                                                                                                                                                                                                                                                                                                                    |
| Marcel Blais       | 50  | Chief Operating Officer                                                                                                                                                                                                                                                                                                                                               |
| Robert S. Johnson  | 57  | Chief Financial Officer (1)                                                                                                                                                                                                                                                                                                                                           |
| Suzanne Carney     | 42  | Clerk                                                                                                                                                                                                                                                                                                                                                                 |

Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities

| 2008 – 2009 | High             | Low              | Div Pd |
|-------------------|------------------|------------------|--------|
| Jul 1- Sep 30     | 11.97            |   9.44 | .090   |
| Oct 1 - Dec 31    | 11.03            |   6.54 | .090   |
| Jan 1 - Mar 31    |   8.80 |   6.61 | .090   |
| Apr 1 - Jun 30    | 10.86            |  7.35       | .090   |

| 2007 – 2008 | High  | Low   | Div Pd |
|-------------------|-------|-------|--------|
| Jul 1- Sep 30     | 18.63 | 15.82 | .090   |
| Oct 1 - Dec 31    | 17.30 | 13.72 | .090   |
| Jan 1 - Mar 31    | 15.53 | 13.31 | .090   |
| Apr 1 - Jun 30    | 14.79 | 11.17 | .090   |

| Unregistered Sales of Equity Securities and Use of Proceeds The following table provides the information on any purchase made by or on behalf of the Company of shares of Northeast Bancorp common stock during the indicated periods.  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Period (1)                                                                                                                                                                                                                      |  Total NumberOf SharesPurchased (2) |   Average PricePaid per Share | Total Number of Shares Purchasedas Part of PubliclyAnnounced Program | Maximum Number ofShares that May Yet bePurchased UnderThe Program (3) |
| Apr. 1 – Apr. 30                                                                                                                                                                                                                            | - | - | - | 58,400 |
| May 1 – May 31                                                                                                                                                                                                                              | - | - | - | 58,400 |
| Jun. 1 – Jun. 30                                                                                                                                                                                                                            | - | - | - | 58,400 |
| (1)                                                                                                                                                                                                                                               | Based on trade date, not settlement date. |
| (2)                                                                                                                                                                                                                                               | Represents shares purchased in open-market transactions pursuant to the Company's 2006 Stock Repurchase Plan. |
| (3)                                                                                                                                                                                                                                               | On December 15, 2006, the Company announced that its Board of Directors of the Company approved the 2006 Stock Repurchase Plan pursuant to which the Company is authorized to repurchase in open-market transactions up to 200,000 shares from time to time until the plan expires on December 31, 2009, unless extended. |

| Item 6.  Selected Financial Data                                                                                       |   |                                             |    |   |   |   |    |   |   |   |    |   |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                        |   | At or for the Year                               |    |
|                                                                                                                        |   | Ended June 30,                                   |    |
|                                                                                                                        |   | 2009                                             |    |   | 2008   |   |    | 2007   |   |   | 2006    |   |   | 2005 |   |
|                                                                                                                        |   | (Dollars in thousands except for Per Share Data) |    |
| Selected operations data:                                                                                                   |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |
| Interest income                                                                                                             |   | $                                                | 33,766  |   |   | $      | 35,398  |   |   | $      | 35,682  |   |   | $ | 35,456 |   |   | $ | 32,674 |   |
| Interest expense                                                                                                            |   |                                             | 16,980  |   |   |   | 21,051  |   |   |   | 20,097  |   |   |   | 16,761 |   |   |   | 13,967 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Net interest income                                                                                                         |   |                                             | 16,786  |   |   |   | 14,347  |   |   |   | 15,585  |   |   |   | 18,695 |   |   |   | 18,707 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Provision for loan losses                                                                                                   |   |                                             | 2,168   |   |   |   | 836     |   |   |   | 989     |   |   |   | 1,226 |   |   |   | 1,302 |   |
| Other operating income (1)                                                                                                  |   |                                             | 11,265  |   |   |   | 10,510  |   |   |   | 7,903   |   |   |   | 6,578 |   |   |   | 5,083 |   |
| Net securities gains                                                                                                        |   |                                             | 268     |   |   |   | 293     |   |   |   | 42      |   |   |   | 17 |   |   |   | 68 |   |
| Other operating expenses (2)                                                                                                |   |                                             | 25,153  |   |   |   | 21,855  |   |   |   | 20,075  |   |   |   | 18,209 |   |   |   | 16,684 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                                                                  |   |                                             | 998     |   |   |   | 2,459   |   |   |   | 2,466   |   |   |   | 5,855 |   |   |   | 5,872 |   |
| Income tax expense                                                                                                          |   |                                             | 39      |   |   |   | 528     |   |   |   | 579     |   |   |   | 1,851 |   |   |   | 1,853 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                  |   | $                                                | 959     |   |   | $      | 1,931   |   |   | $      | 1,887   |   |   | $ | 4,004 |   |   | $ | 4,019 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Net income available to common stockholders                                                                                 |   | $                                                | 825     |   |   | $      | 1,931   |   |   | $      | 1,887   |   |   | $ | 4,004 |   |   | $ | 4,019 |   |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Consolidated per share data:                                                                                                |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Net income:                                                                                                                 |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                       |   | $                                                | 0.36    |   |   | $      | 0.82    |   |   | $      | 0.77    |   |   | $ | 1.61 |   |   | $ | 1.60 |   |
| Diluted                                                                                                                     |   | $                                                | 0.36    |   |   | $      | 0.82    |   |   | $      | 0.76    |   |   | $ | 1.59 |   |   | $ | 1.57 |   |
| Cash dividends                                                                                                              |   | $                                                | 0.36    |   |   | $      | 0.36    |   |   | $      | 0.36    |   |   | $ | 0.36 |   |   | $ | 0.36 |   |
| Selected balance sheet data:                                                                                                |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                                                |   | $                                                | 598,148 |   |   | $      | 598,274 |   |   | $      | 556,801 |   |   | $ | 562,918 |   |   | $ | 575,900 |   |
| Loans receivable                                                                                                            |   |                                             | 393,651 |   |   |   | 409,194 |   |   |   | 425,571 |   |   |   | 435,663 |   |   |   | 461,052 |   |
| Deposits                                                                                                                    |   |                                             | 385,386 |   |   |   | 363,374 |   |   |   | 364,554 |   |   |   | 395,293 |   |   |   | 396,219 |   |
| Borrowings                                                                                                                  |   |                                             | 162,389 |   |   |   | 186,830 |   |   |   | 147,564 |   |   |   | 124,860 |   |   |   | 136,293 |   |
| Total stockholders' equity                                                                                                  |   |                                             | 47,317  |   |   |   | 40,273  |   |   |   | 40,850  |   |   |   | 39,096 |   |   |   | 39,870 |   |
| Other ratios:                                                                                                               |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Return on average assets                                                                                                    |   |                                             | 0.16    | %      |   |   | 0.33    | %      |   |   | 0.34    | %      |   |   | 0.70 | % |   |   | 0.71 | % |
| Return on average equity                                                                                                    |   |                                             | 2.14    | %      |   |   | 4.63    | %      |   |   | 4.59    | %      |   |   | 9.95 | % |   |   | 10.39 | % |
| Average equity to average total assets                                                                                      |   |                                             | 7.35    | %      |   |   | 7.23    | %      |   |   | 7.37    | %      |   |   | 7.07 | % |   |   | 6.86 | % |
| Common dividend payout ratio                                                                                                |   |                                             | 101.14  | %      |   |   | 44.10   | %      |   |   | 46.77   | %      |   |   | 22.40 | % |   |   | 22.65 | % |
|                                                                                                                        |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |
| (1) Includes primarily fees for deposit, investment brokerage and trust services to customers, insurance commission revenue |   |
|  and gains on the sale of loans.                                                                                       |   |                                             |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| (2) Includes salaries, employee benefits, occupancy, equipment and other expenses.                                          |   |

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

| ·   | Strategic accomplishments during fiscal 2009 included: |
|--------------------|--------------------------------------------------------|

| o   | Increased noninterest income by 8% |
|---------------|------------------------------------|

| o   | Increased customer deposits |
|---------------|-----------------------------|

| o   | Exited the indirect lending business due to increasing delinquencies and credit losses |
|---------------|----------------------------------------------------------------------------------------|

| o   | Acquired the Goodrich Associates insurance agency in Berwick, Maine on May 15, 2009. |
|---------------|--------------------------------------------------------------------------------------|

| ·   | Capital ratios for the Company and the Bank increased in fiscal 2009 compared to fiscal 2008, exceeding the regulatory definition for “well capitalized”. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | The Company participated in the Capital Purchase Program by selling $4.2 million of preferred stock and warrants to the U. S. Treasury in December, 2008.  The Company contributed these proceeds as additional capital to the Bank. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The allowance for loan losses was $5,764,000 at June 30, 2009, an increase of $108,000 compared to June 30, 2008.  It increased as a percentage of total loans to 1.46% at June 30, 2009 compared to 1.38% at June 30, 2008.  Total loans decreased $15.5 million during fiscal 2009. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net interest margin increased to 299 basis points in fiscal 2009 compared to 270 basis points in fiscal 2008, resulting in an increase in net interest income year over year.  This increase in net interest margin was primarily due to a significant portion of our maturing certificates of deposit resetting to lower interest rates, lowering ouroverall cost of funds. Total average earning assets increased $28.7 million as a result of purchasing mortgage-backed securities, a leveraging strategy implemented in fiscal 2008.  We reduced our wholesale funding, which includes FHLB advances, structured repurchase agreements, short-term borrowings, junior subordinated debentures, and other borrowings, by $23.9 million by increasing customer deposits. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net income decreased to $958,989 for fiscal 2009 compared to $1,931,289 for fiscal 2008, a decrease of $972,300. Increased net interest income and noninterest income were more than offset by increases in the provision for loan losses from higher net credit losses and noninterest expense from higher FDIC insurance costs, collection expenses and investmentsecurity impairment expense. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Rate/Volume Analysis for the Year EndedJune 30, 2009 versus June 30, 2008 |   |
|---------------------------------------------------------------------------|--------|
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | Difference Due to |   |   |   |   |
|                                                                      |   | Volume |   |   | Rate |   |   | Total |   |
| Investments                                                               |   | $ | 1,844,748 |   |   | $ | 170,156 |   |   | $ | 2,014,904 |   |
| Loans, net                                                                |   |   | (639,281 | )  |   |   | (2,744,528 | )  |   |   | (3,383,809 | )  |
| FHLB deposits & other                                                 |   |   | 63,597 |   |   |   | (323,424 | )  |   |   | (259,827 | )  |
|   Total interest-earning assets                                 |   |   | 1,269,064 |   |   |   | (2,897,796 | )  |   |   | (1,628,732 | )  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                  |   |   | 233,359 |   |   |   | (3,955,032 | )  |   |   | (3,721,673 | )  |
| Short-term borrowings                                                     |   |   | 67,327 |   |   |   | (593,674 | )  |   |   | (526,347 | )  |
| Borrowings                                                                |   |   | 882,612 |   |   |   | (705,158 | )  |   |   | 177,454 |   |
|   Total interest-bearing liabilities                            |   |   | 1,183,298 |   |   |   | (5,253,864 | )  |   |   | (4,070,566 | )  |
|    Net interest income                                     |   | $ | 85,766 |   |   | $ | 2,356,068 |   |   | $ | 2,441,834 |   |

| Rate/Volume Analysis for the Year EndedJune 30, 2008 versus June 30, 2007 |   |
|---------------------------------------------------------------------------|--------|
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | Difference Due to |   |   |   |   |
|                                                                      |   | Volume |   |   | Rate |   |   | Total |   |
| Investments                                                               |   | $ | 1,574,259 |   |   | $ | 335,033 |   |   | $ | 1,909,292 |   |
| Loans, net                                                                |   |   | (1,334,395 | )  |   |   | (760,382 | )  |   |   | (2,094,777 | )  |
| FHLB deposits & other                                                 |   |   | (68,000 | )  |   |   | (28,650 | )  |   |   | (96,650 | )  |
|   Total interest-earning assets                                 |   |   | 171,864 |   |   |   | (453,999 | )  |   |   | (282,135 | )  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                  |   |   | (549,860 | )  |   |   | 149,563 |   |   |   | (400,297 | )  |
| Repurchase agreements                                                     |   |   | (68,165 | )  |   |   | (192,329 | )  |   |   | (260,494 | )  |
| Borrowings                                                                |   |   | 1,818,309 |   |   |   | (203,511 | )  |   |   | 1,614,798 |   |
|   Total interest-bearing liabilities                            |   |   | 1,200,284 |   |   |   | (246,277 | )  |   |   | 954,007 |   |
|    Net interest income                                     |   | $ | (1,028,420 | )  |   | $ | (207,722 | )  |   | $ | (1,236,142 | )  |

|                                                        |   | Consumer Loans |       |   |                          |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|-------------------------------|--------|
|                                                        |   | June 30, 2009  |       |   |     % of Total |   |   | June 30, 2008 |   |   |     % of Total |   |
| Indirect Auto                                               |   | $              | 25,862,715 |   |                          |   | 27 | %  |   | $ | 34,980,847 |   |   |   | 30 | %  |
| Indirect RV                                                 |   |           | 46,002,568 |   |                          |   | 48 | %  |   |   | 54,915,583 |   |   |   | 47 | %  |
| Indirect Mobile Home                                        |   |           | 18,874,678 |   |                          |   | 19 | %  |   |   | 21,759,537 |   |   |   | 18 | %  |
|        Subtotal Indirect |   |           | 90,739,961 |   |                          |   | 94 | % |   |   | 111,655,967 |   |   |   | 95 | % |
| Other                                                       |   |           | 5,725,006  |   |                          |   | 6 | %  |   |   | 5,390,792 |   |   |   | 5 | %  |
| Total                                                       |   | $              | 96,464,967 |   |                          |   | 100 | % |   | $ | 117,046,759 |   |   |   | 100 | % |

| Brokered time deposits                  |   | $      | 138,631,000      |   | Subject to policy limitation of 25% of total assets                                          |
|-----------------------------------------|--------|--------|------------------|--------|----------------------------------------------------------------------------------------------|
| Federal Home Loan Bank of Boston        |   |   | 39,246,000       |   | Unused advance capacity subject to eligible and qualified collateral                         |
| Fed Discount Window Borrower-in-Custody |   |   |  27,004,000 |   | Unused credit line subject to the pledge of indirect auto loans and eligible municipal bonds |
| Total Unused Borrowing Capacity         |   | $      | 204,881,000      |   |                                                                                         |

| 06/30/09 |   | 06/30/08 |   | 06/30/07 |   | 06/30/06 |
|----------|--------|----------|--------|----------|--------|----------|
| 4.27%    |   | 3.64%    |   | 2.90%    |   | 2.09%    |

| Description                      |   | June 30, 2009 |      |   | June 30, 2008 |   |
|----------------------------------|--------|---------------|-----------|--------|---------------|--------|
| Residential real estate          |   | $             | 1,620,000 |   |          | $      | 1,390,000 |   |
| Commercial real estate           |   |          | 4,373,000 |   |          |   | 2,358,000 |   |
| Construction loans               |   |          | -         |   |          |   | 101,000 |   |
| Commercial loans                 |   |          | 3,327,000 |   |          |   | 3,214,000 |   |
| Consumer and other               |   |          | 574,000   |   |          |   | 640,000 |   |
|   Total non-performing |   | $             | 9,894,000 |   |          | $      | 7,703,000 |   |

|          |   | Up 200 Basis Points |   | Down 100 Basis Points |
|---------------|--------|---------------------|--------|-----------------------|
| June 30, 2009 |   | -0.34%              |   | 1.52%                 |
|          |   |                |   |                  |
|          |   | Up 200 Basis Points |   | Down 100 Basis Points |
| June 30, 2008 |   | -1.38%              |   | 2.00%                 |

| Affiliated Trusts                   |   | Trust Preferred Securities |       |   | Common Securities |   |    | Junior Subordinated Debentures |   |   | InterestRate |   | Maturity Date |
|-------------------------------------|--------|----------------------------|------------|--------|-------------------|--------|---------|--------------------------------|--------|--------|--------------|--------|---------------|
| NBN Capital Trust II                |   | $                          | 3,000,000  |   |              | $      | 93,000  |                           |   | $      | 3,093,000    |   |          |   | 3.40 | % | March 30, 2034 |
| NBN Capital Trust III               |   |                       | 3,000,000  |   |              |   | 93,000  |                           |   |   | 3,093,000    |   |          |   | 3.40 | % | March 30, 2034 |
| NBN Capital Trust IV                |   |                       | 10,000,000 |   |              |   | 310,000 |                           |   |   | 10,310,000   |   |          |   | 5.88 | % | February 23, 2035 |
|      Total |   | $                          | 16,000,000 |   |              | $      | 496,000 |                           |   | $      | 16,496,000   |   |          |   | 4.95 | % |   |

|                                                        |   |   |        |   | Payments Due by Period |                                         |
|-------------------------------------------------------------|--------|--------|-------------|--------|------------------------|----------------------------------------------|
|  Contractual Obligations                               |   | Total  |        |   | Less Than1 Year        |                                         |   | 1-3Years |   |   | 4-5Years |   |   | After 5Years |   |
| FHLB advances                                               |   | $      | 40,815,000  |   |                   | $                                            | 2,815,000 |   |   | $ | 8,000,000 |   |   | $ | 15,000,000 |   |   | $ | 15,000,000 |   |
| Structured Repurchase Agreements                            |   |   | 65,000,000  |   |                   |                                         | 30,000,000 |   |   |   | 20,000,000 |   |   |   | 15,000,000 |   |   |   | - |   |
| Junior subordinated debentures                              |   |   | 16,496,000  |   |                   |                                         | 16,496,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Capital lease obligation                                    |   |   | 2,378,827   |   |                   |                                         | 148,198 |   |   |   | 319,349 |   |   |   | 353,279 |   |   |   | 1,558,001 |   |
| Other borrowings                                            |   |   | 3,263,817   |   |                   |                                         | 634,157 |   |   |   | 1,024,299 |   |   |   | 1,161,785 |   |   |   | 443,576 |   |
|      Total long-term debt          |   |   | 127,953,644 |   |                   |                                         | 50,093,355 |   |   |   | 29,343,648 |   |   |   | 31,515,064 |   |   |   | 17,001,577 |   |
|                                                        |   |   |        |   |                   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating lease obligations                                 |   |   | 1,757,395   |   |                   |                                         | 468,816 |   |   |   | 790,289 |   |   |   | 316,355 |   |   |   | 181,935 |   |
|      Total contractual obligations |   | $      | 129,711,039 |   |                   | $                                            | 50,562,171 |   |   | $ |  30,133,937 |   |   | $ | 31,831,419 |   |   | $ | 17,183,512 |   |
|                                                        |   |   |        |   |                   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |   |        |   |                   | Amount of Commitment Expiration - Per Period |   |
| Commitments with off-balance sheet risk                     |   | Total  |        |   | Less Than1 Year        |                                         |   | 1-3Years |   |   | 4-5Years |   |   | After 5Years |   |
| Commitments to extend credit (1)(3)                         |   | $      | 24,442,000  |   |                   | $                                            | 24,442,000 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commitments related to loans held for sale(2)               |   |   | 8,268,000   |   |                   |                                         | 8,268,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Unused lines of credit (3)(4)                               |   |   | 39,023,000  |   |                   |                                         | 18,207,000 |   |   |   | 1,824,000 |   |   |   | 4,410,000 |   |   |   | 14,582,000 |   |
| Standby letters of credit (5)                               |   |   | 1,024,000   |   |                   |                                         | 1,024,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                        |   | $      | 72,757,000  |   |                   | $                                            | 51,941,000 |   |   | $ | 1,824,000 |   |   | $ | 4,410,000 |   |   | $ | 14,582,000 |   |

| (1) | Represents commitments outstanding for residential real estate, commercial real estate, and commercial loans.                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Commitments of residential real estate loans that will be held for sale.                                                                          |
| (3) | Loan commitments and unused lines of credit for commercial and construction loans that expire or are subject to renewal in twelve months or less. |
| (4) | Represents unused lines of credit from commercial, construction, and home equity loans.                                                           |
| (5) | Standby letters of credit generally expiring in twelve months.                                                                                    |

| Item 7 a.                                                                  | Quantitative and Qualitative Disclosure about Market Risk                                                                                                                                                                                                  |
|----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                       | See Item 7 of our Form 10-K, "Management's Discussion and Analysis of Financial Condition and Results of Operations  - Risk Management" and accompanying table set forth therein for quantitative and qualitative disclosures about market risk. |
|                                                                       |                                                                                                                                                                                                                                                       |
| Item 8.                                                                    | Financial Statements and Supplementary Data                                                                                                                                                                                                                |
|             a. | Financial Statements Required by Regulation S-X                                                                                                                                                                                                            |

| ASSETS                                                                                               |   |
|------------------------------------------------------------------------------------------------------|--------|
|                                                                                                 |   | 2009      |   |   | 2008      |   |
| Cash and due from banks                                                                              |   | $ | 9,356,233 |   |   |   | 9,077,012 |   |
| Interest-bearing deposits                                                                            |   |   | 3,666,409 |   |   |   | 3,466,969 |   |
| Total cash and cash equivalents                                                                      |   |   | 13,022,642 |   |   |   | 12,543,981 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Available-for-sale securities, at fair value                                                         |   |   | 148,410,140 |   |   |   | 134,482,977 |   |
| Loans held-for-sale                                                                                  |   |   | 2,436,595 |   |   |   | 485,580 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Loans receivable                                                                                     |   |   | 393,650,762 |   |   |   | 409,193,969 |   |
| Less allowance for loan losses                                                                       |   |   | 5,764,000 |   |   |   | 5,656,000 |   |
| Net loans                                                                                            |   |   | 387,886,762 |   |   |   | 403,537,969 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Premises and equipment – net                                                                   |   |   | 8,744,170 |   |   |   | 8,683,569 |   |
| Acquired assets – net                                                                          |   |   | 672,669 |   |   |   | 678,350 |   |
| Accrued interest receivable                                                                          |   |   | 2,200,142 |   |   |   | 2,291,314 |   |
| Federal Home Loan Bank stock, at cost                                                                |   |   | 4,889,400 |   |   |   | 4,889,400 |   |
| Federal Reserve Bank stock, at cost                                                                  |   |   | 596,750 |   |   |   | 471,500 |   |
| Goodwill                                                                                             |   |   | 4,490,500 |   |   |   | 4,390,340 |   |
| Intangible assets, net of accumulated amortization of $2,390,087 in 2009 and $1,642,140 in 2008 |   |   | 8,311,477 |   |   |   | 8,444,424 |   |
| Bank owned life insurance (BOLI)                                                                     |   |   | 12,783,525 |   |   |   | 12,292,216 |   |
| Other assets                                                                                         |   |   | 3,703,358 |   |   |   | 5,082,030 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Total assets                                                                                         |   | $ | 598,148,130 |   |   |   | 598,273,650 |   |

| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                  |   | 2009      |   |   | 2008      |   |
| Liabilities:                                                                                                                                                                          |   |   |   |   |   |   |
| Deposits                                                                                                                                                                              |   |   |   |   |   |   |
| Demand                                                                                                                                                                                |   | $ | 32,228,276 |   |   |   | 35,142,661 |   |
| NOW                                                                                                                                                                                   |   |   | 44,465,265 |   |   |   | 47,977,659 |   |
| Money market                                                                                                                                                                          |   |   | 39,049,403 |   |   |   | 22,160,816 |   |
| Regular savings                                                                                                                                                                       |   |   | 19,079,009 |   |   |   | 19,905,507 |   |
| Brokered time deposits                                                                                                                                                                |   |   | 10,906,378 |   |   |   | 12,596,615 |   |
| Certificates of deposit under $100,000                                                                                                                                                |   |   | 144,711,063 |   |   |   | 147,252,982 |   |
| Certificates of deposit $100,000 or more                                                                                                                                              |   |   | 94,946,592 |   |   |   | 78,337,531 |   |
| Total deposits                                                                                                                                                                        |   |   | 385,385,986 |   |   |   | 363,373,771 |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Federal Home Loan Bank advances                                                                                                                                                       |   |   | 40,815,000 |   |   |   | 90,575,000 |   |
| Structured repurchase agreements                                                                                                                                                      |   |   | 65,000,000 |   |   |   | 40,000,000 |   |
| Short-term borrowings                                                                                                                                                                 |   |   | 34,435,309 |   |   |   | 32,840,837 |   |
| Junior subordinated debentures issued to affiliated trusts                                                                                                                            |   |   | 16,496,000 |   |   |   | 16,496,000 |   |
| Capital lease obligation                                                                                                                                                              |   |   | 2,378,827 |   |   |   | 2,891,022 |   |
| Other borrowings                                                                                                                                                                      |   |   | 3,263,817 |   |   |   | 4,026,885 |   |
| Due to broker                                                                                                                                                                         |   |   | - |   |   |   | 4,934,931 |   |
| Other liabilities                                                                                                                                                                     |   |   | 3,056,311 |   |   |   | 2,861,892 |   |
| Total liabilities                                                                                                                                                                     |   |   | 550,831,250 |   |   |   | 558,000,338 |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Commitments and contingent liabilities                                                                                                                                                |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Preferred stock, $1.00 par value, 1,000,000 shares authorized; 4,227 shares issued and outstanding at   June 30, 2009, liquidation preference of $1,000 per share |   |   | 4,227 |   |   |   |  - |   |
| Common stock, at stated value, 15,000,000 shares authorized; 2,321,332 and 2,315,182 shares issued   and outstanding at June 30, 2009 and 2008, respectively      |   |   | 2,321,332 |   |   |   | 2,315,182 |   |
| Warrants                                                                                                                                                                              |   |   | 133,468 |   |   |   | - |   |
| Additional paid-in capital                                                                                                                                                            |   |   | 6,708,997 |   |   |   | 2,582,270 |   |
| Retained earnings                                                                                                                                                                     |   |   | 36,697,712 |   |   |   | 36,679,932 |   |
| Accumulated other comprehensive income (loss)                                                                                                                                         |   |   | 1,451,144 |   |   |   | (1,304,072 | ) |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Total stockholders' equity                                                                                                                                                            |   |   | 47,316,880 |   |   |   | 40,273,312 |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                            |   | $ | 598,148,130 |   |   |   | 598,273,650 |   |
|                                                                                                                                                                                  |   |
| The accompanying notes are an integral part of these consolidated financial statements.                                                                                               |   |

|                                                                    |   | 2009      |       |   | 2008      |   |       | 2007      |   |
|-------------------------------------------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|------------|------------------------------------|--------|
| Interest and dividend income:                                           |   |                               |       |   |                               |   |       |                               |   |
| Interest and fees on loans                                              |   | $                                  | 25,887,961 |   |                               |   | 29,271,770 |                               |   |   | 31,366,547 |   |
| Taxable interest on available-for-sale securities                       |   |                               | 7,171,178  |   |                               |   | 5,106,019  |                               |   |   | 3,154,072 |   |
| Tax-exempt interest on available-for-sale securities                    |   |                               | 454,047    |   |                               |   | 448,378    |                               |   |   | 442,311 |   |
| Dividends on available-for-sale securities                              |   |                               | 92,530     |   |                               |   | 151,481    |                               |   |   | 140,954 |   |
| Dividends on Federal Home Loan Bank and Federal Reserve Bank stock |   |                               | 97,972     |   |                               |   | 306,668    |                               |   |   | 368,463 |   |
| Other interest and dividend income                                      |   |                               | 61,983     |   |                               |   | 77,346     |                               |   |   | 57,203 |   |
| Interest on Federal Home Loan Bank overnight deposits                   |   |                               | 244        |   |                               |   | 36,012     |                               |   |   | 152,805 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Total interest and dividend income                                      |   |                               | 33,765,915 |   |                               |   | 35,397,674 |                               |   |   | 35,682,355 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Interest expense:                                                       |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Deposits                                                                |   |                               | 9,368,203  |   |                               |   | 13,089,876 |                               |   |   | 13,490,173 |   |
| Federal Home Loan Bank advances                                         |   |                               | 2,470,607  |   |                               |   | 3,747,221  |                               |   |   | 3,819,550 |   |
| Structured repurchase agreements                                        |   |                               | 2,980,696  |   |                               |   | 1,503,778  |                               |   |   | - |   |
| Short-term borrowings                                                   |   |                               | 718,095    |   |                               |   | 1,244,442  |                               |   |   | 1,504,936 |   |
| Junior subordinated debentures issued to affiliated trusts              |   |                               | 959,476    |   |                               |   | 1,064,964  |                               |   |   | 1,080,538 |   |
| FRB borrower-in-custody                                                 |   |                               | 98,293     |   |                               |   | 8,007      |                               |   |   | - |   |
| Obligation under capital lease agreements                               |   |                               | 152,688    |   |                               |   | 149,453    |                               |   |   | 136,726 |   |
| Other borrowings                                                        |   |                               | 232,381    |   |                               |   | 243,264    |                               |   |   | 65,075 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Total interest expense                                                  |   |                               | 16,980,439 |   |                               |   | 21,051,005 |                               |   |   | 20,096,998 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Net interest and dividend income before provision for loan losses       |   |                               | 16,785,476 |   |                               |   | 14,346,669 |                               |   |   | 15,585,357 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Provision for loan losses                                               |   |                               | 2,167,515  |   |                               |   | 836,484    |                               |   |   | 989,158 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Net interest and dividend income after provision for loan losses   |   |                               | 14,617,961 |   |                               |   | 13,510,185 |                               |   |   | 14,596,199 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Noninterest income:                                                     |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Fees and service charges on loans                                       |   |                               | 45,337     |   |                               |   | 35,484     |                               |   |   | 40,333 |   |
| Fees for other services to customers                                    |   |                               | 1,103,681  |   |                               |   | 1,094,043  |                               |   |   | 1,042,648 |   |
| Net securities gains                                                    |   |                               | 268,373    |   |                               |   | 293,101    |                               |   |   | 42,349 |   |
| Gain on sales of loans                                                  |   |                               | 1,519,226  |   |                               |   | 614,594    |                               |   |   | 908,807 |   |
| Investment commissions                                                  |   |                               | 1,588,656  |   |                               |   | 2,222,935  |                               |   |   | 2,385,118 |   |
| Insurance commissions                                                   |   |                               | 5,864,743  |   |                               |   | 5,364,280  |                               |   |   | 2,330,435 |   |
| BOLI income                                                             |   |                               | 491,309    |   |                               |   | 457,198    |                               |   |   | 388,613 |   |
| Other                                                                   |   |                               | 651,926    |   |                               |   | 721,589    |                               |   |   | 806,524 |   |
|                                                                    |   |                               |       |   |                               |   |       |                               |   |   |   |   |
| Total noninterest income                                                |   |                               | 11,533,251 |   |                               |   | 10,803,224 |                               |   |   | 7,944,827 |   |

|                                                                                                                                                          |   |  2009      |          |   |  2008      |   |       |  2007      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------------|--------|------------------------------------------|--------|------------|------------------------------------------|--------|
| Noninterest expense:                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |
| Salaries and employee benefits                                                                                                                                |   |                                     | 14,442,398    |   |                                     |   | 13,019,398 |                                     |   |   | 12,022,037 |   |
| Occupancy expense                                                                                                                                             |   |                                     | 1,810,019     |   |                                     |   | 1,792,827  |                                     |   |   | 1,722,381 |   |
| Equipment expense                                                                                                                                             |   |                                     | 1,603,519     |   |                                     |   | 1,587,297  |                                     |   |   | 1,531,276 |   |
| Intangible assets amortization                                                                                                                                |   |                                     | 747,947       |   |                                     |   | 610,657    |                                     |   |   | 314,584 |   |
| Other (includes total writedowns of available-for-sale securities of $487,479,   net of $59,270 recognized in other comprehensive income) |   |                                     | 6,549,686     |   |                                     |   | 4,844,275  |                                     |   |   | 4,484,908 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Total noninterest expense                                                                                                                                     |   |                                     | 25,153,569    |   |                                     |   | 21,854,454 |                                     |   |   | 20,075,186 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
|  Income before income taxes                                                                                                                              |   |                                     | 997,643       |   |                                     |   | 2,458,955  |                                     |   |   | 2,465,840 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Income tax expense                                                                                                                                            |   |                                     | 38,654        |   |                                     |   | 527,666    |                                     |   |   | 579,163 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Net income                                                                                                                                                    |   | $                                        |  958,989 |   |                                     |   | 1,931,289  |                                     |   |   | 1,886,677 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Net income available to common stockholders                                                                                                                   |   | $                                        | 824,602       |   |                                     |   | 1,931,289  |                                     |   |   | 1,886,677 |   |
|                                                                                                                                                          |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Earnings per common share:                                                                                                                                    |   |                                     |          |   |                                     |   |       |                                     |   |   |   |   |
| Basic                                                                                                                                                         |   | $                                        | 0.36          |   |                                     |   | 0.82       |                                     |   |   | 0.77 |   |
| Diluted                                                                                                                                                       |   | $                                        |  0.36    |   |                                     |   | 0.82       |                                     |   |   | 0.76 |   |
|                                                                                                                                                          |   |
| The accompanying notes are an integral part of these consolidated financial statements.                                                                       |   |

|                                                                                                                              |   |     |  Preferred  Stock |                          |   |  Common Stock |    |                          |   Warrants |     |   | AdditionalPaid-in Capital |   |          |  Retained Earnings |                          |   | AccumulatedOtherComprehensive Loss |   |                          |    Total |     |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------------------------|-------------------------------|--------|-------------------------|---------|-------------------------------|----------------------|----------|--------|--------------------------------|--------|---------------|------------------------------|-------------------------------|--------|-----------------------------------------|--------|-------------------------------|-------------------------|----------|
| Balance at June 30, 2006                                                                                                          |   |     | $                           | -                             |   |                    |    | 2,447,132                     |                 |     |   | -                              |   |          |                         | 4,675,258                     |   |                                    |   | 34,596,204                    |                    |     |   | (2,622,469 | ) |   |   | 39,096,125 |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |
| Net income                                                                                                                        |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | 1,886,677                     |                    |     |   | - |   |   |   | 1,886,677 |   |
| Other comprehensive income net of tax:                                                                                       |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |
| Net unrealized gains on investments   available-for-sale, net of   reclassification adjustment |   |     |                        |         - |   |                    |    |         - |                 |     |   |         -  |   |          |                         |         - |   |                                    |   |         - |                    |     |   |         707,923 |   |   |   |         707,923 |   |
|     Total comprehensive income                                                                                |   |     |                        | -                        |   |                    |    | -                        |                 |     |   | -                         |   |          |                         | -                        |   |                                    |   | -                        |                    |     |   | -  |   |   |   | 2,594,600  |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |
| Purchase of 3,800 shares of Company stock                                                                                    |   | -        |                        |                          |   | (3,800                  | )  |                          |                 | -        |   |                           |   | (64,144       | )                            |                          |   | -                                       |   |                          |                    | -        |   |   |   | (67,944 | ) |
| Stock options exercised                                                                                                           |   |     |                        | -                             |   |                    |    | 500                           |                 |     |   | -                              |   |          |                         | 6,050                         |   |                                    |   | -                             |                    |     |   | - |   |   |   | 6,550 |   |
| Common stock issued in connection   with the purchase of branch real estate                                   |   |   - |                        |                          |   |   5,000            |    |                          |                 |   - |   |                           |   |   98,000 |                         |                          |   |   -                                |   |                          |                    |   - |   |   |   |   103,000 |   |
| Dividends on common stock at $0.36   per share                                                                     |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | (882,453                      | )                       |     |   | - |   |   |   | (882,453 | ) |
| Balance at June 30, 2007                                                                                                          |   |     |                        | -                             |   |                    |    | 2,448,832                     |                 |     |   | -                              |   |          |                         | 4,715,164                     |   |                                    |   | 35,600,428                    |                    |     |   | (1,914,546 | ) |   |   | 40,849,878 |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |
| Net income                                                                                                                        |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | 1,931,289                     |                    |     |   | - |   |   |   | 1,931,289 |   |
| Other comprehensive income net of tax:                                                                                            |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |
| Net unrealized gain on investments   available-for-sale, net of   reclassification adjustment       |   |     |                        |         - |   |                    |    |         - |                 |     |   |         -  |   |          |                         |         - |   |                                    |   |         - |                    |     |   |         610,474 |   |   |   |         610,474 |   |
|      Total comprehensive income                                                                          |   |     |                        | -                        |   |                    |    | -                        |                 |     |   | -                         |   |          |                         | -                        |   |                                    |   | -                        |                    |     |   | -  |   |   |   | 2,541,763  |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |
| Purchase of 137,800 shares of    Company stock                                                                     |   |     |                        | -                             |   |                    |    | (137,800                      | )                    |     |   | -                              |   |          |                         | (2,176,530                    | )      |                                    |   | -                             |                    |     |   | - |   |   |   | (2,314,330 | ) |
| Stock options exercised                                                                                                           |   |     |                        | -                             |   |                    |    | 4,000                         |                 |     |   | -                              |   |          |                         | 41,125                        |   |                                    |   | -                             |                    |     |   | - |   |   |   | 45,125 |   |
| Stock grant                                                                                                                       |   |     |                        | -                             |   |                    |    | 150                           |                 |     |   | -                              |   |          |                         | 2,511                         |   |                                    |   | -                             |                    |     |   | - |   |   |   | 2,661 |   |
| Dividends on common stock at $0.36   per share                                                                          |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | (851,785                      | )                       |     |   | - |   |   |   | (851,785 | ) |
| Balance at June 30, 2008                                                                                                          |   |     |                        | -                             |   |                    |    | 2,315,182                     |                 |     |   | -                              |   |          |                         | 2,582,270                     |   |                                    |   | 36,679,932                    |                    |     |   | (1,304,072 | ) |   |   | 40,273,312 |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                        |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | 958,989                       |                    |     |   | - |   |   |   | 958,989 |   |
| Other comprehensive income net of tax:                                                                                            |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |
| Net unrealized gain on investments   available-for-sale, net   of reclassification adjustment  |   |     |                        |         - |   |                    |    |         - |                 |     |   |         -  |   |          |                         |         - |   |                                    |   |         - |                    |     |   |         2,755,216 |   |   |   |         2,755,216 |   |
| Total comprehensive income                                                                                                        |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | -                             |                    |     |   | - |   |   |   | 3,714,205 |   |
|                                                                                                                              |   |     |                        |                          |   |                    |    |                          |                 |     |   |                           |   |          |                         |                          |   |                                    |   |                          |                    |     |   |   |   |   |   |   |   |   |   |   |
| Net proceeds from Capital Purchase   Program                                                                            |   |     |                        | 4,227                         |   |                    |    | -                             |                 |     |   | 133,468                        |   |          |                         | 4,063,299                     |   |                                    |   | -                             |                    |     |   | - |   |   |   | 4,200,994 |   |
| Stock options exercised                                                                                                           |   |     |                        | -                             |   |                    |    | 6,000                         |                 |     |   | -                              |   |          |                         | 44,500                        |   |                                    |   | -                             |                    |     |   | - |   |   |   | 50,500 |   |
| Stock grant                                                                                                                       |   |     |                        | -                             |   |                    |    | 150                           |                 |     |   | -                              |   |          |                         | 1,578                         |   |                                    |   | -                             |                    |     |   | - |   |   |   | 1,728 |   |
| Dividends on common stock at $0.36    per share                                                                    |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | (834,036                      | )                       |     |   | - |   |   |   | (834,036 | ) |
| Dividends on preferred stock                                                                                                      |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | -                             |   |                                    |   | (89,823                       | )                       |     |   | - |   |   |   | (89,823 | ) |
| Accretion of preferred stock                                                                                                      |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | 14,483                        |   |                                    |   | (14,483                       | )                       |     |   | - |   |   |   | - |   |
| Amortization of issuance cost of   preferred stock                                                                      |   |     |                        | -                             |   |                    |    | -                             |                 |     |   | -                              |   |          |                         | 2,867                         |   |                                    |   | (2,867                        | )                       |     |   | - |   |   |   | - |   |
| Balance at June 30, 2009                                                                                                          |   |     | $                           | 4,227                         |   |                    |    | 2,321,332                     |                 |     |   | 133,468                        |   |          |                         | 6,708,997                     |   |                                    |   | 36,697,712                    |                    |     |   | 1,451,144 |   |   |   | 47,316,880 |   |

|                                                                                        |   | 2009      |        |    | 2008      |   |        | 2007      |   |
|---------------------------------------------------------------------------------------------|--------|------------------------------------|-------------|---------|------------------------------------|--------|-------------|------------------------------------|--------|
| Cash flows from operating activities:                                                       |   |                               |        |    |                               |   |        |                               |   |
| Net income                                                                                  |   | $                                  | 958,989     |    |                               |   | 1,931,289   |                               |   |   | 1,886,677 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:      |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Provision for loan losses                                                                   |   |                               | 2,167,515   |    |                               |   | 836,484     |                               |   |   | 989,158 |   |
| Provision for losses on acquired assets                                                     |   |                               | -           |    |                               |   | -           |                               |   |   | 6,384 |   |
| Provision made for deferred compensation                                                    |   |                               | 165,776     |    |                               |   | 132,111     |                               |   |   | 276,539 |   |
| Write-down of available-for-sale securities                                                 |   |                               | 428,209     |    |                               |   | 147,247     |                               |   |   | 50,442 |   |
| Write-down of non-marketable securities                                                     |   |                               | 10,005      |    |                               |   | 47,020      |                               |   |   | 248,482 |   |
| Deferred income tax expense (benefit)                                                       |   |                               | (181,710    | )  |                               |   | 218,579     |                               |   |   | (329,268 | ) |
| BOLI income, net                                                                            |   |                               | (491,309    | )       |                               |   | (447,632    | )                                  |   |   | (349,258 | ) |
| Depreciation of premises and equipment                                                      |   |                               | 1,151,399   |    |                               |   | 1,121,573   |                               |   |   | 1,088,373 |   |
| Amortization of intangible assets                                                           |   |                               | 747,947     |    |                               |   | 610,657     |                               |   |   | 314,584 |   |
| Net gain on sales and calls of available-for-sale securities                                |   |                               | (268,373    | )       |                               |   | (293,101    | )                                  |   |   | (42,349 | ) |
| Net gain on disposals, writedowns and sale of fixed  assets                            |   |                               | -           |    |                               |   | -           |                               |   |   | (73,962 | ) |
| Gain on sale of deposits                                                                    |   |                               | -           |    |                               |   | -           |                               |   |   | - |   |
| Net change of loans held-for-sale                                                           |   |                               | (1,951,015  | )       |                               |   | 1,150,905   |                               |   |   | (955,342 | ) |
| Stock grant                                                                                 |   |                               | 1,728       |    |                               |   | 2,661       |                               |   |   | - |   |
| Net (accretion) amortization of securities                                                  |   |                               | (171,835    | )       |                               |   | (29,611     | )                                  |   |   | 27,839 |   |
| Change in other assets and liabilities:                                                     |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Interest receivable                                                                         |   |                               | 81,241      |    |                               |   | 295,406     |                               |   |   | 91,838 |   |
| Other assets and liabilities                                                                |   |                               | 162,214     |    |                               |   | (904,194    | )                                  |   |   | 205,835 |   |
|                                                                                        |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Net cash provided by operating activities                                                   |   |                               | 2,810,781   |    |                               |   | 4,819,394   |                               |   |   | 3,435,972 |   |
|                                                                                        |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Cash flows from investing activities:                                                       |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Federal Reserve Bank stock purchased                                                        |   |                               | (125,250    | )       |                               |   | -           |                               |   |   | (12,000 | ) |
| Federal Home Loan Bank stock purchased                                                      |   |                               | -           |    |                               |   | (63,700     | )                                  |   |   | - |   |
| Proceeds from redemption of Federal Home Loan Bank stock                                    |   |                               | -           |    |                               |   | -           |                               |   |   | 672,600 |   |
| Proceeds from the sales of available-for-sale securities                                    |   |                               | 11,701,419  |    |                               |   | 16,035,767  |                               |   |   | 2,290,571 |   |
| Purchases of available-for-sale securities                                                  |   |                               | (55,451,827 | )       |                               |   | (78,435,328 | )                                  |   |   | (14,720,181 | ) |
| Proceeds from maturities and principal payments  on available-for-sale securities |   |                               | 29,084,816  |    |                               |   | 20,300,010  |                               |   |   | 13,255,927 |   |
| Loan originations and principal collections, net                                            |   |                               | 12,677,708  |    |                               |   | 14,742,983  |                               |   |   | 9,053,094 |   |
| Purchases of premises and equipment                                                         |   |                               | (1,212,000  | )       |                               |   | (1,873,282  | )                                  |   |   | (1,373,474 | ) |
| Proceeds from sales of premises and equipment                                               |   |                               | -           |    |                               |   | -           |                               |   |   | 246,610 |   |
| Proceeds from sales of acquired assets                                                      |   |                               | 811,665     |    |                               |   | 152,384     |                               |   |   | 156,780 |   |
| Purchase of BOLI                                                                            |   |                               | -           |    |                               |   | (2,000,000  | )                                  |   |   | (600,000 | ) |
| Cash paid in connection with acquisition of insurance agencies                         |   |                               | (717,710    | )       |                               |   | (3,740,363  | )                                  |   |   | (2,471,002 | ) |
|                                                                                        |   |                               |        |    |                               |   |        |                               |   |   |   |   |
| Net cash (used) provided by investing activities                                            |   |                               | (3,231,179  | )       |                               |   | (34,881,529 | )                                  |   |   | 6,498,925 |   |

|                                                                                                             |   |   | 2009       |   |   |   | 2008       |   |   |   | 2007       |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------|--------|--------|--------|------------------------------------------|--------|--------|--------|------------------------------------------|--------|
| Cash flows from financing activities:                                                                            |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Net increase (decrease) in deposits                                                                              |   |   | 22,012,215                               |   |   |   | (1,180,006                               | )      |   |   | (30,739,600                              | )      |
| Advances from the Federal Home Loan Bank                                                                         |   |   | 5,000,000                                |   |   |   | 22,000,000                               |   |   |   | 43,000,000                               |   |
| Repayment of advances from the Federal Home Loan Bank                                                            |   |   | (30,000,000                              | )      |   |   | (39,056,698                              | )      |   |   | (36,831,900                              | )      |
| Net (repayments) advances on Federal Home Loan Bank overnight advances                                      |   |   |  (24,760,000                        | )      |   |   | 14,615,000                               |   |   |   | 10,960,000                               |   |
| Structured repurchase agreement proceeds                                                                         |   |   | 25,000,000                               |   |   |   | 40,000,000                               |   |   |   | -                                        |   |
| Net increase (decrease) in short-term borrowings                                                                 |   |   | 1,594,472                                |   |   |   | (264,540                                 | )      |   |   | 3,467,951                                |   |
| Net proceeds from Capital Purchase Program                                                                       |   |   | 4,200,994                                |   |   |   | -                                        |   |   |   | -                                        |   |
| Dividends paid                                                                                                   |   |   | (923,859                                 | )      |   |   | (851,785                                 | )      |   |   | (882,453                                 | )      |
| Company stock purchased                                                                                          |   |   | -                                        |   |   |   | (2,314,330                               | )      |   |   | (67,944                                  | )      |
| Issuance of common stock                                                                                         |   |   | 50,500                                   |   |   |   | 45,125                                   |   |   |   | 6,550                                    |   |
| Repayment on debt from insurance agencies acquisitions                                                           |   |   | (763,068                                 | )      |   |   | (990,882                                 | )      |   |   | (81,966                                  | )      |
| Repayment on capital lease obligation                                                                            |   |   | (512,195                                 | )      |   |   | (137,489                                 | )      |   |   | (127,535                                 | )      |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Net cash provided (used) by financing activities                                                                 |   |   | 899,059                                  |   |   |   | 31,864,395                               |   |   |   | (11,296,897                              | )      |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Net increase (decrease) in cash and cash equivalents                                                             |   |   | 478,661                                  |   |   |   | 1,802,260                                |   |   |   | (1,362,000                               | )      |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Cash and cash equivalents, beginning of year                                                                     |   |   | 12,543,981                               |   |   |   | 10,741,721                               |   |   |   | 12,103,721                               |   |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Cash and cash equivalents, end of year                                                                           |   | $      | 13,022,642                               |   |   |   | 12,543,981                               |   |   |   | 10,741,721                               |   |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Supplemental schedule of cash flow information:                                                                  |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Interest paid                                                                                                    |   | $      | 17,109,563                               |   |   |   | 20,900,773                               |   |   |   | 20,120,234                               |   |
| Income taxes paid                                                                                                |   |   | 372,976                                  |   |   |   | 540,000                                  |   |   |   | 819,500                                  |   |
|                                                                                                             |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Supplemental schedule of noncash investing and financing activities:                                        |   |   |                                     |   |   |   |                                     |   |   |   |                                     |   |
| Transfer from loans to acquired assets and other real estate owned                                          |   | $      | 839,646                                  |   |   |   |  697,982                            |   |   |   | 308,859                                  |   |
| Transfers from acquired assets and other real estate owned to loans                                         |   |   | 33,662                                   |   |   |   | -                                        |   |   |   | -                                        |   |
| Change in valuation allowance for unrealized gains on available-for-sale securities,   net of tax |   |   | 2,755,216                                |   |   |   | 610,474                                  |   |   |   | 707,923                                  |   |
| Net change in deferred taxes for unrealized (gains) on available-for-sale securities                             |   |   | (1,419,356                               | )      |   |   | (314,486                                 | )      |   |   | (364,689                                 | )      |
| Capital lease asset and related obligation                                                                       |   |   | -                                        |   |   |   | 375,000                                  |   |   |   | -                                        |   |
| Stock issued in branch purchase                                                                                  |   |   | -                                        |   |   |   | -                                        |   |   |   | 103,000                                  |   |
| Other borrowings and goodwill reductions related to acquisition                                                  |   |   | -                                        |   |   |   | 98,332                                   |   |   |   | -                                        |   |
|                                                                                                             |   |
| The accompanying notes are an integral part of these consolidated financial statements.                          |   |

|                                              |   |     |      |   | Customer    |   |              |        |         |   | Total       |   |
|---------------------------------------------------|--------|----------|-----------|--------|-------------|--------|-------------------|-------------|--------------|--------|-------------|--------|
|                                              |   |     |      |   | List        |   |  Non-compete |        | Identifiable |   |
|                                              |   | Goodwill |      |   | Intangibles |   |              | Intangibles |         |   | Intangibles |   |
| Balance, June 30, 2007                            |   | $        | 2,880,803 |   |        |   | 3,591,956         |        |         |   | 518,125     |   |   |   | 4,110,081 |   |
| Recorded during the year                          |   |     | 1,545,110 |   |        |   | 3,905,000         |        |         |   | 1,100,000   |   |   |   | 5,005,000 |   |
| Amortization expense                              |   |     | -         |   |        |   | (510,401          | )           |         |   | (100,256    | )      |   |   | (610,657 | ) |
| Reclassification                                  |   |     | 60,000    |   |        |   | (60,000           | )           |         |   | -           |   |   |   | (60,000 | ) |
| Other adjustment of purchase accounting estimates |   |     | (95,573   | )      |        |   | -                 |        |         |   | -           |   |   |   | - |   |
| Balance, June 30, 2008                            |   |     | 4,390,340 |   |        |   | 6,926,555         |        |         |   | 1.517,869   |   |   |   | 8,444,424 |   |
| Recorded during the year                          |   |     | 100,160   |   |        |   | 480,000           |        |         |   | 135,000     |   |   |   | 615,000 |   |
| Amortization expense                              |   |     | -         |   |        |   | (590,120          | )           |         |   | (157,827    | )      |   |   | (747,947 | ) |
| Balance, June 30, 2009                            |   | $        | 4,490,500 |   |        |   | 6,816,435         |        |         |   | 1,495,042   |   |   |   | 8,311,477  |   |

| Estimated Annual Amortization Expense, years ending June 30: |   |   |    |
|--------------------------------------------------------------|--------|--------|---------|
| 2010                                                         |   | $      | 744,602 |   |
| 2011                                                         |   |   | 744,602 |   |
| 2012                                                         |   |   | 744,602 |   |
| 2013                                                         |   |   | 744,602 |   |
| 2014                                                         |   |   | 744,602 |   |
|                                                         |   |   |    |   |
| The components of identifiable intangible assets follow:     |   |   |    |   |

|                            |   | June 30, 2009  |       |
|---------------------------------|--------|----------------|------------|
|                            |   | Gross Carrying |       |   | Accumulated |   |   | Net Carrying |   |
|                            |   | Amount         |       |   | Amortization |   |   | Amount |   |
| Identifiable intangible assets: |   |           |       |   |   |   |   |   |   |
| Customer list intangibles       |   | $              | 8,681,564  |   |   |   | 1,865,129 |   |   |   | 6,816,435 |   |
| Non-compete intangibles         |   |           | 2,020,000  |   |   |   | 524,958 |   |   |   | 1,495,042 |   |
| Total                           |   | $              | 10,701,564 |   |   |   | 2,390,087 |   |   |   | 8,311,477 |   |
|                            |   |           |       |   |   |   |   |   |   |   |   |   |
|                            |   | June 30, 2008  |       |
|                            |   | Gross Carrying |       |   | Accumulated |   |   | Net Carrying |   |
|                            |   | Amount         |       |   | Amortization |   |   | Amount |   |
| Identifiable intangible assets: |   |           |       |   |   |   |   |   |   |   |   |   |
| Customer list intangibles       |   | $              | 8,201,564  |   |   |   | 1,275,009 |   |   |   | 6,926,555 |   |
| Non-compete intangibles         |   |           | 1,885,000  |   |   |   | 367,131 |   |   |   | 1,517,869 |   |
| Total                           |   | $              | 10,086,564 |   |   |   | 1,642,140 |   |   |   | 8,444,424 |   |

|                                                                        |   | 2009          |        |   | 2008            |   |
|-----------------------------------------------------------------------------|--------|---------------|-------------|--------|-----------------|--------|
|                                                                        |   | AmortizedCost |        |   | Fair Value |   |   | AmortizedCost |   |   | Fair Value |   |
| Debt securities issued by U.S. Government-sponsored enterprises   |   | $             | 8,995,182   |   |            |   |  9,029,001 |   |   |   |  1,394,087 |   |   |   |  1,313,124 |   |
| Mortgage-backed securities                                                  |   |          | 121,724,975 |   |            |   | 124,904,616 |   |   |   | 120,695,852 |   |   |   | 119,600,353 |   |
| Municipal bonds                                                             |   |          | 11,762,533  |   |            |   | 11,529,915 |   |   |   | 11,274,516 |   |   |   | 11,112,247 |   |
| Corporate bonds                                                             |   |          | 1,484,571   |   |            |   | 1,491,918 |   |   |   | 500,000 |   |   |   | 481,768 |   |
| Equity securities                                                           |   |          | 1,567,069   |   |            |   | 1,043,078 |   |   |   | 1,743,539 |   |   |   | 1,386,007 |   |
| Trust preferred securities                                                  |   |          | 677,105     |   |            |   | 411,612 |   |   |   | 850,850 |   |   |   | 589,478 |   |
|                                                                        |   |          |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   | $             | 146,211,435 |   |            |   | 148,410,140 |   |   |   | 136,458,844 |   |   |   | 134,482,977 |   |

|                                                                         |   | 2009                       |      |   | 2008                        |   |
|------------------------------------------------------------------------------|--------|----------------------------|-----------|--------|-----------------------------|--------|
|                                                                         |   | GrossUnrealized Gains |      |   | GrossUnrealized Losses |   |   | GrossUnrealized Gains |   |   | GrossUnrealized Losses |   |
| Debt securities issued by U. S. Government-sponsored enterprises   |   | $                          | 78,443    |   |                        |   |  44,624 |   |   |   |  6,239 |   |   |   |  87,202 |   |
| Mortgage-backed securities                                                   |   |                       | 3,576,997 |   |                        |   | 397,356 |   |   |   | 394,927 |   |   |   | 1,490,426 |   |
| Municipal bonds                                                              |   |                       | 46,083    |   |                        |   | 278,701 |   |   |   | 272 |   |   |   | 162,541 |   |
| Corporate bonds                                                              |   |                       | 18,615    |   |                        |   | 11,268 |   |   |   | - |   |   |   | 18,232 |   |
| Equity securities                                                            |   |                       | 26,344    |   |                        |   | 550,335 |   |   |   | 2,396 |   |   |   | 359,928 |   |
| Trust preferred securities                                                   |   |                       | -         |   |                        |   | 265,493 |   |   |   | - |   |   |   | 261,372 |   |
|                                                                         |   |                       |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   | $                          | 3,746,482 |   |                        |   | 1,547,777 |   |   |   | 403,834 |   |   |   | 2,379,701 |   |

|                                       |   | Less than 12 Months |          |   | More than 12 Months    |   |                | Total           |   |
|--------------------------------------------|--------|---------------------|---------------|--------|------------------------|--------|---------------------|-----------------|--------|
|                                       |   | Fair Value     |          |   | Unrealized Losses |   |                | Fair Value |   |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |
| June 30, 2009:                             |   |                |          |   |                   |   |                |            |   |   |   |   |   |   |   |   |   |   |
| U.S. Government-sponsored enterprises |   | $                   |  948,022 |   |                   |   |    44,624 |            |   |   |    - |   |   |   |    - |   |   |   |    948,022 |   |   |   |    44,624 |   |
| Mortgage-backed securities       |   |                | 19,948,839    |   |                   |   | 393,117             |            |   |   | 224,084 |   |   |   | 4,239 |   |   |   | 20,172,923 |   |   |   | 397,356 |   |
| Municipal bonds                            |   |                | 6,278,545     |   |                   |   | 200,516             |            |   |   | 829,002 |   |   |   | 78,185 |   |   |   | 7,107,547 |   |   |   | 278,701 |   |
| Corporate bonds                            |   |                | -             |   |                   |   | -                   |            |   |   | 488,731 |   |   |   | 11,268 |   |   |   | 488,731 |   |   |   | 11,268 |   |
| Equity securities                          |   |                | 210,607       |   |                   |   | 77,388              |            |   |   | 675,083 |   |   |   | 472,947 |   |   |   | 885,690 |   |   |   | 550,335 |   |
| Trust preferred securities                 |   |                | -             |   |                   |   | -                   |            |   |   | 411,612 |   |   |   | 265,493 |   |   |   | 411,612 |   |   |   | 265,493 |   |
|                                       |   |                |          |   |                   |   |                |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | $                   | 27,386,013    |   |                   |   | 715,645             |            |   |   | 2,628,512 |   |   |   | 832,132 |   |   |   | 30,014,525 |   |   |   | 1,547,777 |   |

|                                              |   |  Less than 12 Months |       |   | More than 12 Months    |   |      | Total           |   |
|---------------------------------------------------|--------|---------------------------|------------|--------|------------------------|--------|-----------|-----------------|--------|
|                                              |   | Fair Value           |       |   | Unrealized Losses |   |      | Fair Value |   |   |  Unrealized Losses |   |   | Fair Value |   |   |  Unrealized Losses |   |
| June 30, 2008:                                    |   |                      |       |   |                   |   |      |            |   |   |   |   |   |   |   |   |   |   |
| U.S. Government-sponsored enterprises   |   | $                         | -          |   |                   |   |  -   |            |   |   |  905,009 |   |   |   |  87,202 |   |   |   |  905,009 |   |   |   |  87,202 |   |
| Mortgage-backed securities              |   |                      | 79,631,910 |   |                   |   | 1,444,686 |            |   |   | 965,826 |   |   |   | 45,740 |   |   |   | 80,597,736 |   |   |   | 1,490,426 |   |
| Municipal bonds                                   |   |                      | 10,709,579 |   |                   |   | 162,541   |            |   |   | - |   |   |   | - |   |   |   | 10,709,579 |   |   |   | 162,541 |   |
| Corporate bonds                                   |   |                      | 481,768    |   |                   |   | 18,232    |            |   |   | - |   |   |   | - |   |   |   | 481,768 |   |   |   | 18,232 |   |
| Equity securities                                 |   |                      | 1,131,801  |   |                   |   | 299,316   |            |   |   | 177,050 |   |   |   | 60,612 |   |   |   | 1,308,851 |   |   |   | 359,928 |   |
| Trust preferred securities                        |   |                      | 216,435    |   |                   |   | 41,255    |            |   |   | 373,043 |   |   |   | 220,117 |   |   |   | 589,478 |   |   |   | 261,372 |   |
|                                              |   |                      |       |   |                   |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | $                         | 92,171,493 |   |                   |   | 1,966,030 |            |   |   | 2,420,928 |   |   |   | 413,671 |   |   |   | 94,592,421 |   |   |   | 2,379,701 |   |

|                                                                                    |   | EquitySecurities |    |   | Trust Preferred Securities |   |    | Total  |   |
|-----------------------------------------------------------------------------------------|--------|------------------|---------|--------|----------------------------|--------|---------|--------|--------|
| Total other-than-temporary impairment losses                                            |   | $                | 329,479 |   |                       |   | 158,000 |   |   |   | 487,479 |   |
| Less: unrealized other-than-temporary losses recognized in other comprehensive loss (1) |   |             | -       |   |                       |   | 59,270  |   |   |   | 59,270 |   |
|                                                                                    |   |             |    |   |                       |   |    |   |   |   |   |   |
| Net impairment losses recognized in earnings (2)                                        |   | $                | 329,479 |   |                       |   | 98,730  |   |   |   | 428,209 |   |

|                                                                                                                                           |   | Total  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| Balance, July 1, 2008                                                                                                                          |   | $      | -      |   |
| Additions for the credit component on debt securities in which other-than-temporary    impairment was not previously recognized |   |   | 98,730 |   |
| Balance, June 30, 2009                                                                                                                         |   | $      | 98,730 |   |

|                                          |   | 2009      |      |   | 2008      |   |
|-----------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|
| Net unrealized gains (losses) (1)             |   | $                                  | 2,198,705 |   |                               |   | (1,975,867 | ) |
| Deferred tax effect                           |   |                               | (747,561  | )      |                               |   | 671,795 |   |
| Accumulated other comprehensive income (loss) |   | $                                  | 1,451,144 |   |                               |   | (1,304,072 | ) |

|                                                                                                                                            |   |  Cost |        |   | Fair Value |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|--------|-----------------|--------|
| Due one year or less                                                                                                                            |   | $          | 500,000     |   |            |   | 488,731 |   |
| Due after one year through five years                                                                                                           |   |       | 8,987,106   |   |            |   | 9,084,165 |   |
| Due after ten years                                                                                                                             |   |       | 13,432,285  |   |            |   | 12,889,550 |   |
|                                                                                                                                            |   |
|                                                                                                                                            |   |       | 22,919,391  |   |            |   | 22,462,446 |   |
| Mortgage-backed securities (consisting of securities with interest rates ranging from 3.51% to 6.375% maturing February 2013 to September 2038) |   |       | 121,724,975 |   |            |   | 124,904,616 |   |
|                                                                                                                                            |   | $          | 144,644,366 |   |            |   | 147,367,062 |   |

|                                      |   | 2009      |        |   | 2008       |   |
|-------------------------------------------|--------|------------------------------------|-------------|--------|------------------------------------------|--------|
| Mortgage loans:                           |   |                               |        |   |                                     |   |
| Residential real estate                   |   | $                                  | 138,789,985 |   |                                     |   | 140,244,226 |   |
| Commercial real estate                    |   |                               | 120,889,910 |   |                                     |   | 111,222,848 |   |
| Construction                              |   |                               | 8,013,304   |   |                                     |   | 12,621,369 |   |
| Total mortgage loans                      |   |                               | 267,693,199 |   |                                     |   | 264,088,443 |   |
|                                      |   |                               |        |   |                                     |   |   |   |
| Commercial loans                          |   |                               | 29,137,318  |   |                                     |   | 33,516,315 |   |
| Consumer and other loans                  |   |                               | 96,464,967  |   |                                     |   | 117,046,759 |   |
|                                      |   |                               | 393,295,484 |   |                                     |   | 414,651,517 |   |
| Undisbursed portion of construction loans |   |                               | (1,629,356  | )      |                                     |   | (8,084,395 | ) |
| Net deferred loan origination costs       |   |                               | 1,984,634   |   |                                     |   | 2,626,847 |   |
|                                      |   |                               | 393,650,762 |   |                                     |   | 409,193,969 |   |
|                                      |   |                               |        |   |                                     |   |   |   |
| Less allowance for loan losses            |   |                               | 5,764,000   |   |                                     |   | 5,656,000 |   |
|                                      |   |                               |        |   |                                     |   |   |   |
| Net loans                                 |   | $                                  | 387,886,762 |   |                                     |   | 403,537,969 |   |

|                                       |   | Years Ended June 30,               |       |
|--------------------------------------------|--------|------------------------------------|------------|
|                                       |   | 2009      |       |   | 2008      |   |   | 2007      |   |
|                                       |   |
| Balance at beginning of year               |   | $                                  | 5,656,000  |   |   |   | 5,756,000 |   |   |   | 5,496,000 |   |
| Provision charged to operating expenses    |   |                               | 2,167,515  |   |   |   | 836,484 |   |   |   | 989,158 |   |
|                                       |   |
| Loans charged off                          |   |                               | (2,282,305 | ) |   |   | (1,123,406 | ) |   |   | (854,631 | ) |
| Recoveries on loans previously charged off |   |                               | 222,790    |   |   |   | 186,922 |   |   |   | 125,473 |   |
|                                       |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net loans charged off                      |   |                               | (2,059,515 | ) |   |   | (936,484 | ) |   |   | (729,158 | ) |
|                                       |   |                               |       |   |   |   |   |   |   |   |   |   |
| Balance at end of year                     |   | $                                  | 5,764,000  |   |   |   | 5,656,000 |   |   |   | 5,756,000 |   |

|                                              |   | 2009      |      |   | 2008      |   |      | 2007      |   |
|---------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|-----------|------------------------------------|--------|
| Impaired loans                                    |   | $                                  | 8,111,561 |   |                               |   | 5,880,447 |                               |   |   | 2,498,498 |   |
| Impaired loans with related allowances            |   |                               | 2,230,161 |   |                               |   | 1,371,835 |                               |   |   | 884,543 |   |
| Allowances on impaired loans                      |   |                               | 521,831   |   |                               |   | 400,430   |                               |   |   | 322,402 |   |
|                                              |   |
| Average balance of impaired loans during the year |   |                               | 7,072,573 |   |                               |   | 5,243,419 |                               |   |   | 2,269,862 |   |
| Interest recognized on impaired loans             |   |                               | 291,918   |   |                               |   | 306,098   |                               |   |   | 211,346 |   |

|                                |   | 2009      |       |   | 2008      |   |
|-------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|
| Land                                |   | $                                  | 1,644,181  |   |                               |   | 1,560,331 |   |
| Buildings                           |   |                               | 3,517,199  |   |                               |   | 2,798,651 |   |
| Assets recorded under capital lease |   |                               | 2,892,702  |   |                               |   | 3,267,702 |   |
| Leasehold and building improvements |   |                               | 1,980,333  |   |                               |   | 2,049,692 |   |
| Furniture, fixtures and equipment   |   |                               | 7,092,116  |   |                               |   | 6,414,077 |   |
|                                |   |                               | 17,126,531 |   |                               |   | 16,090,453 |   |
| Less accumulated depreciation       |   |                               | 8,382,361  |   |                               |   | 7,406,884 |   |
| Net premises and equipment          |   | $                                  | 8,744,170  |   |                               |   | 8,683,569 |   |

|                                                                                  |   | 2009      |    |   | 2008      |   |
|---------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|------------------------------------|--------|
|                                                                                  |   |
| Real estate properties acquired in settlement of loans and other acquired assets |   | $                                  | 672,669 |   |                               |   |  678,350 |   |
| Less allowance for losses                                                             |   |                               | -       |   |                               |   | - |   |
|                                                                                  |   |
|                                                                             |   | $                                  | 672,669 |   |                               |   | 678,350 |   |

|                                    |   | 2009      |    |   | 2008      |   |   | 2007      |   |
|-----------------------------------------|--------|------------------------------------|---------|--------|------------------------------------|--------|--------|------------------------------------|--------|
|                                    |   |
| Balance at beginning of year            |   | $                                  | -       |   |                               |   | -      |                               |   |   | 1,616 |   |
| Provision for losses on acquired assets |   |                               | -       |   |                               |   | -      |                               |   |   | 6,384 |   |
| Write-downs                             |   |                               | -       |   |                               |   | -      |                               |   |   | (8,000 | ) |
|                                    |   |
| Balance at end of year                  |   | $                                  |  - |   |                               |   | -      |                               |   |   | - |   |

|  Purchase price          |   | Goodrich |    |
|-------------------------------|--------|----------|---------|
| Cash paid                     |   | $        | 715,000 |   |
| Acquisition costs             |   |     | 2,710   |   |
| Total                         |   | $        | 717,710 |   |
|                          |   |     |    |   |
| Allocation of purchase price: |   |     |    |   |
| Goodwill                      |   | $        | 100,160 |   |
| Customer list intangible      |   |     | 480,000 |   |
| Non-compete intangible        |   |     | 135,000 |   |
| Other assets                  |   |     | 2,550   |   |
| Total                         |   | $        | 717,710 |   |
|                          |   |     |    |   |
| Acquisition date              |   | 05/15/09 |    |
| Location in Maine             |   | Berwick  |    |

|  Purchase price          |   | Hartford |      |   | Spence &Mathews |   |      | Hyler     |   |   | Totals    |   |
|-------------------------------|--------|----------|-----------|--------|---------------------|--------|-----------|-----------|--------|--------|-----------|--------|
| Cash paid                     |   | $        | 425,250   |   |                |   | 3,043,000 |      |   |   | 233,000   |   |   |   | 3,701,250 |   |
| Debt incurred                 |   |     | 911,350   |   |                |   | 1,122,885 |      |   |   | 789,701   |   |   |   | 2,823,936 |   |
| Acquisition costs             |   |     | 9,181     |   |                |   | 17,630    |      |   |   | 9,543     |   |   |   | 36,354 |   |
| Total                         |   | $        | 1,345,781 |   |                |   | 4,183,515 |      |   |   | 1,032,244 |   |   |   | 6,561,540 |   |
|                          |   |     |      |   |                |   |      |      |   |   |      |   |   |   |   |   |
| Allocation of purchase price: |   |     |      |   |                |   |      |      |   |   |      |   |   |   |   |   |
| Goodwill                      |   | $        | 275,781   |   |                |   | 1,090,265 |      |   |   | 179,064   |   |   |   | 1,545,110 |   |
| Customer list intangible      |   |     | 970,000   |   |                |   | 2,285,000 |      |   |   | 650,000   |   |   |   | 3,905,000 |   |
| Non-compete intangible        |   |     | 100,000   |   |                |   | 800,000   |      |   |   | 200,000   |   |   |   | 1,100,000 |   |
| Fixed and other assets        |   |     | -         |   |                |   | 8,250     |      |   |   | 3,180     |   |   |   | 11,430 |   |
| Total                         |   | $        | 1,345,781 |   |                |   | 4,183,515 |      |   |   | 1,032,244 |   |   |   | 6,561,540 |   |
|                          |   |     |      |   |                |   |      |      |   |   |      |   |   |   |   |   |
| Acquisition date              |   | 08/30/07 |      |   | 11/30/07            |   |      | 12/11/07  |   |   |      |   |   |
| Location in Maine             |   | Auburn   |      |   | Berwick             |   |      | Thomaston |   |   |      |   |   |

|  Purchase price          |   | Palmer   |      |   | Sturtevantand Ham |   |    | SouthernMaine |   |   | Russell   |   |   | Totals |    |
|-------------------------------|--------|----------|-----------|--------|-------------------|--------|---------|---------------|--------|--------|-----------|--------|--------|--------|---------|
| Cash paid                     |   | $        | 800,000   |   |              |   | 475,000 |          |   |   | 900,000   |   |   |   | 275,000 |   |   |   | 2,450,000 |   |
| Debt incurred                 |   |     | 1,067,000 |   |              |   | 475,000 |          |   |   | 450,000   |   |   |   | 325,000 |   |   |   | 2,317,000 |   |
| Acquisition costs             |   |     | 8,360     |   |              |   | 3,877   |          |   |   | 4,264     |   |   |   | 4,501   |   |   |   | 21,002 |   |
| Total                         |   | $        | 1,875,360 |   |              |   | 953,877 |          |   |   | 1,354,264 |   |   |   | 604,501 |   |   |   | 4,788,002 |   |
|                          |   |     |      |   |              |   |    |          |   |   |      |   |   |   |    |   |   |   |   |   |
| Allocation of purchase price: |   |     |      |   |              |   |    |          |   |   |      |   |   |   |    |   |   |   |   |   |
| Goodwill                      |   | $        | 1,174,274 |   |              |   | 324,367 |          |   |   | 754,764   |   |   |   | 219,501 |   |   |   | 2,472,906 |   |
| Customer list intangible      |   |     | 600,000   |   |              |   | 550,000 |          |   |   | 520,000   |   |   |   | 300,000 |   |   |   | 1,970,000 |   |
| Non-compete intangible        |   |     | 300,000   |   |              |   | 75,000  |          |   |   | 75,000    |   |   |   | 85,000  |   |   |   | 535,000 |   |
| Fixed and other assets        |   |     | 5,086     |   |              |   | 4,510   |          |   |   | 4,500     |   |   |   | -       |   |   |   | 14,096 |   |
| Deferred income taxes         |   |     | (204,000  | )      |              |   | -       |          |   |   | -         |   |   |   | -       |   |   |   | (204,000 | ) |
| Total                         |   | $        | 1,875,360 |   |              |   | 953,877 |          |   |   | 1,354,264 |   |   |   | 604,501 |   |   |   | 4,788,002 |   |
|                          |   |     |      |   |              |   |    |          |   |   |      |   |   |   |    |   |   |   |   |   |
| Acquisition date              |   | 11/28/06 |      |   | 12/01/06          |   |    | 03/30/07      |   |   | 06/28/07  |   |   |   |    |   |
| Location in Maine             |   | Turner   |      |   | Livermore         |   |    | Scarborough   |   |   | Madison   |   |   |   |    |   |

|                                                     |            |  Weighted         |   |         |   |   |       |          |        |   |   |         |   |   |       |          |        |
|----------------------------------------------------------|-----------------|------------------------|--------|--------------|--------|--------|------------|---------------|-------------|--------|--------|--------------|--------|--------|------------|---------------|-------------|
|                                                     |            |  Average Rate     |   | 2009    |   |   |       | 2008     |        |
|                                                     |            |  at June 30, 2009 |   | Amount  |   |   |       | Percent  |        |   |   | Amount  |   |   |       | Percent  |        |
| Demand                                                   |            |                   | 0.00   | %            |   | $      | 32,228,276 |          |        |   | 8.4    | %            |   |   | 35,142,661 |          |        |   | 9.7 | % |
| NOW                                                      |            |                   | 0.71   | %            |   |   | 44,465,265 |          |        |   | 11.5   | %            |   |   | 47,977,659 |          |        |   | 13.2 | % |
| Money market                                             |            |                   | 1.24   | %            |   |   | 39,049,403 |          |        |   | 10.1   | %            |   |   | 22,160,816 |          |        |   | 6.1 | % |
| Regular savings                                          |            |                   | 0.28   | %            |   |   | 19,079,009 |          |        |   | 5.0    | %            |   |   | 19,905,507 |          |        |   | 5.5 | % |
| Certificates of deposit and brokered time deposits: |            |                   |   |         |   |   |       |          |        |   |   |         |   |   |       |          |        |   |   |   |
|                                                     | Less than 1.00% |                   |   | 0.87         | %      |   |       | 8,410,510     |        |   |   | 2.2          | %      |   |       | 7,674         |        |   |   | 0.0 | % |
|                                                     |            | 1.00 - 3.75%           |   |         | 2.84   | %      |       |          | 190,900,718 |   |   |         | 49.5   | %      |       |          | 109,394,988 |   |   |   | 30.1 | % |
|                                                     |            | 3.76 - 5.75%           |   |         | 4.32   | %      |       |          | 51,215,636  |   |   |         | 13.3   | %      |       |          | 128,739,995 |   |   |   | 35.4 | % |
|                                                     |            | 5.76 - 7.75%           |   |         | 7.00   | %      |       |          | 37,169      |   |   |         | 0.0    | %      |       |          | 44,471      |   |   |   | 0.0 | % |
|                                                     |            |                   |   |         | 2.22   | %      |       | $             | 385,385,986 |   |   |         | 100.0  | %      |       |          | 363,373,771 |   |   |   | 100.0 | % |

|                 |        |   | 2010   |        |   |   | 2011  |       |   |   | 2012  |      |   |   | 2013  |      |   |   | 2014  |      |   |   | Thereafter  |    |
|----------------------|-------------|--------|-------------|-------------|--------|--------|------------|------------|--------|--------|------------|-----------|--------|--------|------------|-----------|--------|--------|------------|-----------|--------|--------|------------------|---------|
| Less than 1.00% |        | $      | 7,821,078   |        |   |   | 589,432    |       |   |   | -          |      |   |   | -          |      |   |   | -          |      |   |   | -                |    |
|                 | 1.00-3.75 % |   |        | 161,158,852 |   |   |       | 17,505,700 |   |   |       | 6,890,558 |   |   |       | 1,617,261 |   |   |       | 3,660,395 |   |   |             | 67,952  |   |
|                 | 3.76-5.75 % |   |        | 28,337,078  |   |   |       | 5,391,764  |   |   |       | 3,390,101 |   |   |       | 3,631,703 |   |   |       | 9,984,903 |   |   |             | 480,087 |   |
|                 | 5.76-7.75%  |   |        | -           |   |   |       | 37,169     |   |   |       | -         |   |   |       | -         |   |   |       | -         |   |   |             | -       |   |
| Total                |        | $      | 197,317,008 |        |   |   | 23,524,065 |       |   |   | 10,280,659 |      |   |   | 5,248,964  |      |   |   | 13,645,298 |      |   |   | 548,039          |    |

|                                               |   |   | 2009  |   |   |   | 2008  |   |   |   | 2007  |   |
|----------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
| NOW                                                |   | $      | 454,021    |   |   |   | 1,019,644  |   |   |   | 1,234,207  |   |
| Money market                                       |   |   | 543,884    |   |   |   | 419,733    |   |   |   | 221,118    |   |
| Regular savings                                    |   |   | 69,552     |   |   |   | 160,518    |   |   |   | 194,258    |   |
| Certificates of deposit and brokered time deposits |   |   | 8,300,746  |   |   |   | 11,489,981 |   |   |   | 11,840,590 |   |
|                                               |   | $      | 9,368,203  |   |   |   | 13,089,876 |   |   |   | 13,490,173 |   |

|                              |   |  June 30, 2009       |   |                                  |
|-----------------------------------|--------|---------------------------|--------|---------------------------------------|
| PrincipalAmounts                  |   | Interest Rates  |   | Maturity  Dates   |
| $  2,815,000            |   | 0.28% - 4.31%             |   | 2010                                  |
|     3,000,000 |   | 4.99%                     |   | 2011                                  |
|     5,000,000 |   | 3.99%                     |   | 2012                                  |
|   15,000,000            |   | 2.55% - 3.99%             |   | 2013                                  |
|   10,000,000            |   | 4.26%                     |   | 2017                                  |
|     5,000,000 |   | 4.29%                     |   | 2018                                  |
| $40,815,000                       |   |                      |   |                                  |
|                              |
|                              |
|                              |   |  June 30, 2008       |   |                                  |
| PrincipalAmounts                  |   | Interest Rates  |   | Maturity  Dates   |
| $55,575,000                       |   | 2.50% - 5.21%             |   | 2009                                  |
|     2,000,000 |   | 4.31%                     |   | 2010                                  |
|     3,000,000 |   | 4.99%                     |   | 2011                                  |
|   15,000,000            |   | 2.55% - 3.99%             |   | 2013                                  |
|   10,000,000            |   | 4.26%                     |   | 2017                                  |
|     5,000,000 |   | 4.29%                     |   | 2018                                  |
| $90,575,000                       |   |                      |   |                                  |

| June 30, 2009               |
|-----------------------------|
| Amount                      |   | Interest Rate |   | Cap/Floor |   | Amount of Cap/Floor |   | Strike Rate |   | Maturity |
| $20,000,000                 |   | 4.68% |   | Purchased Caps |   | $40,000,000 |   | 5.50% |   | August 28, 2012 |
|  10,000,000            |   | 3.98% |   | Sold Floors |   | $20,000,000 |   | 4.86% |   | August 28, 2012 |
|  10,000,000            |   | 4.18% |   | Purchased Caps |   | $10,000,000 |   | 4.88% |   | December 13, 2012 |
|  10,000,000            |   | 4.30% |   | Purchased Caps |   | $10,000,000 |   | 3.79% |   | July 3, 2013 |
|  10,000,000            |   | 4.44% |   | Purchased Caps |   | $10,000,000 |   | 3.81% |   | September 23, 2015 |
|    5,000,000 |   | 2.86% |   | None |   |   |   |   |   | March 25, 2014 |
| $65,000,000                 |   |   |   |   |   |   |   |   |   |   |

| June 30, 2008    |
|------------------|
| Amount           |   | Interest Rate |   | Cap/Floor |   | Amount of Cap/Floor |   | Strike Rate |   | Maturity |
| $20,000,000      |   | 4.68% |   | Purchased Caps |   | $40,000,000 |   | 5.50% |   | August 28, 2012 |
|  10,000,000 |   | 3.98% |   | Sold Floors |   | $20,000,000 |   | 4.86% |   | August 28, 2012 |
|  10,000,000 |   | 4.18% |   | Purchased Caps |   | $10,000,000 |   | 4.88% |   | December 13, 2012 |
| $40,000,000      |   |   |   |   |   |   |   |   |   |   |

|                            |   |  June 30, 2009        |   |                                  |
|---------------------------------|--------|---------------------------------|--------|---------------------------------------|
|  PrincipalAmounts          |   |  Interest Rates  |   |  Maturity  Dates  |
|                            |   |                            |   |                                  |
| $   634,157      |   |  6.50%                     |   |  2010                            |
|     496,029 |   | 6.50%                           |   | 2011                                  |
|     528,270 |   | 6.50%                           |   | 2012                                  |
|     562,608 |   | 6.50%                           |   | 2013                                  |
|     599,177 |   | 6.50%                           |   | 2014                                  |
|     443,576 |   | 6.50%                           |   | 2015                                  |
| $ 3,263,817      |   |                            |   |                                  |

|                            |   |  June 30, 2008             |   |                                        |
|---------------------------------|--------|---------------------------------|--------|---------------------------------------------|
| PrincipalAmounts                |   |  Interest Rates  |   |  Maturity  Dates   |
|                            |   |                            |   |                                        |
| $   763,067      |   | 6.50%                           |   | 2009                                        |
|     634,157 |   | 6.50%                           |   | 2010                                        |
|     496,029 |   | 6.50%                           |   | 2011                                        |
|     528,270 |   | 6.50%                           |   | 2012                                        |
|     562,608 |   | 6.50%                           |   | 2013                                        |
|     599,178 |   | 6.50%                           |   | 2014                                        |
|     443,576 |   | 6.50%                           |   | 2015                                        |
|  $ 4,026,885     |   |                            |   |                                        |

|  2010 |                         |   |  $ | 264,262   |   |
|------------|------------------------------|--------|---------|-----------|--------|
|  2011 |                         |   |    | 264,262   |   |
|  2012 |                         |   |    | 264,262   |   |
|  2013 |                         |   |    | 264,262   |   |
|  2014 |                         |   |    | 264,262   |   |
|  2015 |  and thereafter         |   |    | 1,817,531 |   |
|       | Total minimum lease payments |   |    | 3,138,841 |   |
|       | Less imputed interest        |   |    | 760,014   |   |
|       | Capital lease obligation     |   | $       | 2,378,827 |   |

|                                        |   |    Actual           |   |   |  For CapitalAdequacy Purposes |   | To Be "WellCapitalized" UnderPrompt CorrectiveAction Provisions |
|---------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------|--------|-----------------------------------------------------------------|
|                                        |   | Amount                             |   |   | Ratio                              |   |                                                            | Amount |   | Ratio |   | Amount |   | Ratio |
|                                        |   |   (Dollars in Thousands) |
| As of June 30, 2009:                        |   |                               |   |   |                               |   |                                                            |   |   |   |   |   |   |   |
| Northeast Bancorp:                          |   |                               |   |   |                               |   |                                                            |   |   |   |   |   |   |   |
| Total capital to risk weighted assets  |   | $                                  | 54,309 |   |                               |   | 13.23                                                           | % |   |   | 32,841 |   | >8.0% |   |   | 41,051 |   | >10.0% |
| Tier 1 capital to risk weighted assets |   | $                                  | 48,477 |   |                               |   | 11.81                                                           | % |   |   | 16,420 |   | >4.0% |   |   | 24,631 |   | >  6.0% |
| Tier 1 capital to total average assets |   | $                                  | 48,477 |   |                               |   | 8.12                                                            | % |   |   | 23,885 |   | >4.0% |   |   | 29,857 |   | >  5.0% |
|                                        |
| As of June 30, 2008:                        |   |                               |   |   |                               |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Northeast Bancorp:                          |   |                               |   |   |                               |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total capital to risk weighted assets  |   | $                                  | 50,245 |   |                               |   | 11.91                                                           | % |   |   | 33,744 |   | >8.0% |   |   | 42,180 |   | >10.0% |
| Tier 1 capital to risk weighted assets |   | $                                  | 41,919 |   |                               |   | 9.94                                                            | % |   |   | 16,872 |   | >4.0% |   |   | 25,308 |   | >  6.0% |
| Tier 1 capital to total average assets |   | $                                  | 41,919 |   |                               |   | 7.31                                                            | % |   |   | 22,943 |   | >4.0% |   |   | 28,679 |   | >  5.0% |

|                                        |   |    Actual |   |   |  For CapitalAdequacy Purposes |   | To Be "WellCapitalized" UnderPrompt CorrectiveAction Provisions |
|---------------------------------------------|--------|--------------------------|--------|--------|------------------------------------|--------|-----------------------------------------------------------------|
|                                        |   | Amount                   |   |   | Ratio                              |   |                                                            | Amount |   | Ratio |   | Amount |   | Ratio |
|                                        |   | (Dollars in Thousands)   |
| As of June 30, 2009:                        |   |                     |   |   |                               |   |                                                            |   |   |   |   |   |   |   |
| Northeast Bank:                             |   |                     |   |   |                               |   |                                                            |   |   |   |   |   |   |   |
| Total capital to risk weighted assets  |   | $                        | 51,039 |   |                               |   | 12.51                                                           | % |   |   | 32,635 |   | >8.0% |   |   | 40,793 |   | >10.0% |
| Tier 1 capital to risk weighted assets |   | $                        | 45,931 |   |                               |   | 11.26                                                           | % |   |   | 16,317 |   | >4.0% |   |   | 24,476 |   | >  6.0% |
| Tier 1 capital to total average assets |   | $                        | 45,931 |   |                               |   | 7.72                                                            | % |   |   | 23,787 |   | >4.0% |   |   | 29,734 |   | >  5.0% |
|                                        |

| As of June 30, 2008:                        |   |   |   |   |   |   |   |   |   |   |   |   |     |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------|--------|
| Northeast Bank:                             |   |   |   |   |   |   |   |   |   |   |   |   |     |   |
| Total capital to risk weighted assets  |   | $      | 45,555 |   |   |   | 10.85  | %      |   |   | 33,581 |   | >8.0% |   |   | 41,976 |   | >10.0% |
| Tier 1 capital to risk weighted assets |   | $      | 40,302 |   |   |   | 9.60   | %      |   |   | 16,791 |   | >4.0% |   |   | 25,186 |   | >  6.0% |
| Tier 1 capital to total average assets |   | $      | 40,302 |   |   |   | 7.06   | %      |   |   | 22,847 |   | >4.0% |   |   | 28,559 |   | >  5.0% |

|                                                                 |   | 2009      |      |   | 2008      |   |      | 2007      |   |
|----------------------------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|-----------|------------------------------------|--------|
| Average shares outstanding, used in computing Basic EPS              |   |                               | 2,319,830 |   |                               |   | 2,352,484 |                               |   |   | 2,451,610 |   |
|                                                                 |   |                               |      |   |                               |   |      |                               |   |   |   |   |
| Effect of Dilutive Securities:                                       |   |                               |      |   |                               |   |      |                               |   |   |   |   |
|    Stock and options outstanding                      |   |                               | 652       |   |                               |   | 12,357    |                               |   |   | 18,905 |   |
|    Options exercised or canceled                      |   |                               | 1,447     |   |                               |   | 1,499     |                               |   |   | 47 |   |
| Average equivalent shares outstanding, used in computing Diluted EPS |   |                               | 2,321,929 |   |                               |   | 2,366,340 |                               |   |   | 2,470,562 |   |

|                                        |   | 2009      |      |   | 2008      |   |      | 2007      |   |
|---------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|-----------|------------------------------------|--------|
|                                        |   |                               |      |   |                               |   |      |                               |   |
| Professional fees                           |   | $                                  | 748,238   |   |                               |   | 674,100   |                               |   |   | 639,821 |   |
| FDIC insurance                              |   |                               | 718,586   |   |                               |   | 198,870   |                               |   |   | 47,072 |   |
| Advertising expense                         |   |                               | 566,050   |   |                               |   | 504,234   |                               |   |   | 440,222 |   |
| Write-down of non-marketable securities     |   |                               | 10,005    |   |                               |   | 47,020    |                               |   |   | 248,482 |   |
| Computer services and processing costs      |   |                               | 805,622   |   |                               |   | 615,402   |                               |   |   | 616,173 |   |
| Loan expense                                |   |                               | 847,277   |   |                               |   | 308,317   |                               |   |   | 402,936 |   |
| Write-down of available-for-sale securities |   |                               | 428,209   |   |                               |   | 147,247   |                               |   |   | 50,442 |   |
| Other                                       |   |                               | 2,425,699 |   |                               |   | 2,349,085 |                               |   |   | 2,039,760 |   |
|                                        |   | $                                  | 6,549,686 |   |                               |   | 4,844,275 |                               |   |   | 4,484,908 |   |

|                      |   | 2009      |     |   | 2008      |   |    | 2007      |   |
|---------------------------|--------|------------------------------------|----------|--------|------------------------------------|--------|---------|------------------------------------|--------|
| Federal:                  |   |                               |     |   |                               |   |    |                               |   |
| Current                   |   | $                                  | 162,715  |   |                               |   | 242,115 |                               |   |   | 845,509 |   |
| Deferred                  |   |                               | (181,710 | )      |                               |   | 218,579 |                               |   |   | (329,268 | ) |
|                      |   |                               |     |   |                               |   |    |                               |   |   |   |   |
|                      |   |                               | (18,995  | )      |                               |   | 460,694 |                               |   |   | 516,241 |   |
|                      |   |                               |     |   |                               |   |    |                               |   |   |   |   |
| State and local - current |   |                               | 57,649   |   |                               |   | 66,972  |                               |   |   | 62,922 |   |
|                      |   | $                                  | 38,654   |   |                               |   | 527,666 |                               |   |   | 579,163 |   |

|                                                 |   | 2009         |     |   | 2008             |   |   | 2007         |   |
|------------------------------------------------------|--------|--------------|----------|--------|------------------|--------|--------|--------------|--------|
|                                                 |   |  Amount |     |   | % ofPretaxIncome |   |   |  Amount |   |   | % ofPretaxIncome |   |   |  Amount |   |   | % ofPretaxIncome |   |
| Expected income tax expense at federal tax rate |   | $            | 339,199  |   |             |   | 34.0   | %            |   |   |  836,044 |   |   |   | 34.0 | % |   |   |  838,386 |   |   |   | 34.0 | % |
| State tax, net of federal tax benefit           |   |         | 38,048   |   |             |   | 3.8    |         |   |   | 44,100 |   |   |   | 1.8 |   |   |   | 41,529 |   |   |   | 1.7 |   |
| Dividend received deduction                     |   |         | (22,022  | )      |             |   | (2.2   | )       |   |   | (34,991 | ) |   |   | (1.4 | )  |   |   | (33,547 | ) |   |   | (1.4 | )  |
| Non-taxable interest income                          |   |         | (169,152 | )      |             |   | (17.0  | )       |   |   | (171,749 | ) |   |   | (7.0 | )  |   |   | (143,938 | ) |   |   | (5.8 | )  |
| Non-taxable BOLI income                              |   |         | (177,401 | )      |             |   | (17.8  | )       |   |   | (158,777 | ) |   |   | (6.5 | )  |   |   | (118,748 | ) |   |   | (4.8 | )  |
| Unallowable interest                                 |   |         | 21,440   |   |             |   | 2.2    |         |   |   | 28,798 |   |   |   | 1.2 |   |   |   | 28,186 |   |   |   | 1.1 |   |
| Other                                                |   |         | 8,542    |   |             |   | 0.9    |         |   |   | (15,759 | ) |   |   | (0.6 | )  |   |   | (32,705 | ) |   |   | (1.3 | )  |
|                                                 |   | $            | 38,654   |   |             |   | 3.9    | %            |   |   | 527,666 |   |   |   | 21.5 | % |   |   | 579,163 |   |   |   | 23.5 | % |

|                                                                                                |   | 2009      |   |   | 2008      |   |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------|--------|
|                                                                                                |   | (in thousands)                     |   |
| Deferred tax assets:                                                                                |   |                               |   |   |                               |   |
| Loans, principally due to allowance for loan losses                                                 |   | $                                  | 1,966  |   |                               |   | 1,929 |   |
| Interest on nonperforming loans                                                                     |   |                               | 156    |   |                               |   | 138 |   |
| Difference in tax and financial statement basis of investments                                      |   |                               | -      |   |                               |   | 829 |   |
| Deferred compensation                                                                               |   |                               | 101    |   |                               |   | 45 |   |
| Other                                                                                               |   |                               | 100    |   |                               |   | 86 |   |
| Total deferred tax assets                                                                           |   |                               | 2,323  |   |                               |   | 3,027 |   |
|                                                                                                |   |                               |   |   |                               |   |   |   |
| Deferred tax liabilities:                                                                           |   |                               |   |   |                               |   |   |   |
| Difference in tax and financial statement basis of investments                                      |   |                               | (440   | )      |                               |   | - |   |
| Difference in tax and financial statement amortization of goodwill and other intangible assets |   |                               | (383   | )      |                               |   | (348 | ) |
| Mortgage servicing rights                                                                           |   |                               | (18    | )      |                               |   | (36 | ) |
| Premises and equipment                                                                              |   |                               | (250   | )      |                               |   | (182 | ) |
| Prepaid expenses                                                                                    |   |                               | (158   | )      |                               |   | (151 | ) |
| Total deferred tax liabilities                                                                      |   |                               | (1,249 | )      |                               |   | (717 | ) |
| Net deferred tax asset, included in other assets                                                    |   | $                                  | 1,074  |   |                               |   | 2,310 |   |

|                                            |   | 2009                     |   |   | 2008                                            |   |   | 2007                     |   |
|-------------------------------------------------|--------|--------------------------|--------|--------|-------------------------------------------------|--------|--------|--------------------------|--------|
|                                            |   |    Shares |   |   | Weighted- Average Exercise Price |   |   |    Shares |   |   | Weighted- Average Exercise   Price  |   |   |    Shares |   |   | Weighted- Average Exercise   Price  |   |
| Outstanding at beginning of year                |   |                     | 36,000 |   |                                            | $      | 10.09  |                     |   |   | 52,000 |   |   | $ | 12.12 |   |   |   | 52,500 |   |   | $ | 12.13 |   |
| Granted                                         |   |                     | -      |   |                                            |   | -      |                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Exercised                                       |   |                     | (6,000 | )      |                                            |   | 8.42   |                     |   |   | (4,000 | ) |   |   | 11.28 |   |   |   | (500 | ) |   |   | 13.10 |   |
| Forfeited                                       |   |                     | (2,000 | )      |                                            |   | 13.10  |                     |   |   | (12,000 | ) |   |   | 18.50 |   |   |   | - |   |   |   | - |   |
| Outstanding and exercisable at end of year |   |                     | 28,000 |   |                                            | $      | 10.23  |                     |   |   | 36,000 |   |   | $ | 10.09 |   |   |   | 52,000 |   |   | $ | 12.12 |   |

|                          |   |                                          |   | Options Outstanding and Exercisable                           |
|-------------------------------|--------|-----------------------------------------------|--------|---------------------------------------------------------------|
|  Range ofExercise Prices |   | NumberOutstanding at June 30, 2009  |   | Weighted-AverageRemaining Contractual Life (Years)  |   |  Weighted-Average  Exercise Price   |
| $8.00 to $9.00                |   | 17,500                                        |   | 0.7                                                           |   | $8.50 |
| $13.10                        |   | 10,500                                        |   | 2.1                                                           |   | 13.10 |
| $8.00 to $13.10               |   | 28,000                                        |   | 1.2                                                           |   | $10.23 |

|                                                                                  |   | 2009      |       |   | 2008      |   |
|---------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|
|                                                                                  |   |                               |       |   |                               |   |
| Commitments to originate loans:                                                       |   |                               |       |   |                               |   |
| Residential real estate mortgages                                                     |   | $                                  | 6,360,000  |   |                               |   | 4,050,000 |   |
| Residential real estate mortgages held for sale                                       |   |                               | 5,568,400  |   |                               |   | 943,000 |   |
| Construction loans                                                                    |   |                               | 3,472,000  |   |                               |   | 2,702,000 |   |
| Commercial real estate mortgages, including multi-family residential real estate |   |                               | 10,046,000 |   |                               |   | 11,729,000 |   |
| Commercial business loans                                                             |   |                               | 4,564,000  |   |                               |   | 510,000 |   |
|                                                                                  |   | $                                  | 30,010,400 |   |                               |   | 19,934,000 |   |
|                                                                                  |   |                               |       |   |                               |   |   |   |
| Unused lines of credit                                                                |   |                               | 37,394,000 |   |                               |   | 36,831,000 |   |
| Standby letters of credit                                                             |   |                               | 1,024,000  |   |                               |   | 1,113,000 |   |
| Unadvanced portions of construction loans                                             |   |                               | 1,629,000  |   |                               |   | 8,084,000 |   |

| 2010                |   | $      | 468,816   |   |
|---------------------|--------|--------|-----------|--------|
| 2011                |   |   | 401,058   |   |
| 2012                |   |   | 389,230   |   |
| 2013                |   |   | 192,033   |   |
| 2014                |   |   | 124,323   |   |
| 2015 and thereafter |   |   | 181,935   |   |
|                |   | $      | 1,757,395 |   |

| Balance Sheets                                             |   | June 30,                           |       |
|------------------------------------------------------------|--------|------------------------------------|------------|
| Assets                                                     |   | 2009      |       |   | 2008      |   |
|                                                       |   |                               |       |   |   |   |
| Cash                                                       |   | $                                  | 1,416,656  |   |   |   | 417,838 |   |
| Available-for-sale securities                              |   |                               | 819,935    |   |   |   | 953,617 |   |
| Investment in banking subsidiary                           |   |                               | 60,059,579 |   |   |   | 51,582,074 |   |
| Investment in common securities of affiliated trusts       |   |                               | 496,000    |   |   |   | 496,000 |   |
| Goodwill, net                                              |   |                               | 407,897    |   |   |   | 407,897 |   |
| Other assets                                               |   |                               | 684,439    |   |   |   | 2,987,843 |   |
| Total assets                                               |   | $                                  | 63,884,506 |   |   |   | 56,845,269 |   |
|                                                       |   |                               |       |   |   |   |   |   |
| Liabilities and Stockholders' Equity                       |   |                               |       |   |   |   |   |   |
|                                                       |   |                               |       |   |   |   |   |   |
| Junior Subordinated Debentures issued to affiliated trusts |   | $                                  | 16,496,000 |   |   |   | 16,496,000 |   |
| Other liabilities                                          |   |                               | 71,626     |   |   |   | 75,957 |   |
|  Total liabilities                                    |   |                               | 16,567,626 |   |   |   | 16,571,957 |   |
|                                                       |   |                               |       |   |   |   |   |   |
| Stockholders' equity                                       |   |                               | 47,316,880 |   |   |   | 40,273,312 |   |
| Total liabilities and stockholders' equity                 |   | $                                  | 63,884,506 |   |   |   | 56,845,269 |   |

|   Statements of Income                                                                                    |   | Years Ended June 30,               |      |
|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|
|                                                                                                           |   | 2009      |      |   | 2008      |   |   | 2007      |   |
| Income:                                                                                                        |   |                               |      |   |   |   |   |   |   |
| Dividends from banking subsidiary                                                                              |   | $                                  | 300,000   |   |   |   | 3,300,000 |   |   |   | 2,500,000 |   |
| Other income                                                                                                   |   |                               | 143,743   |   |   |   | 265,516 |   |   |   | 233,814 |   |
| Total income                                                                                                   |   |                               | 443,743   |   |   |   | 3,565,516 |   |   |   | 2,733,814 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                      |   |                               |      |   |   |   |   |   |   |   |   |   |
| Interest on Junior Subordinated Debentures paid  to affiliated trusts                                |   |                               | 959,476   |   |   |   | 1,064,964 |   |   |   | 1,080,538 |   |
| General and administrative expenses                                                                            |   |                               | 356,823   |   |   |   | 338,694 |   |   |   | 372,513 |   |
| Total expenses                                                                                                 |   |                               | 1,316,299 |   |   |   | 1,403,658 |   |   |   | 1,453,051 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| (Loss) income before income tax benefit and equity  in undistributed net income (loss) of subsidiary |   |                               | (872,556  | ) |   |   | 2,161,858 |   |   |   | 1,280,763 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                                                                             |   |                               | 410,631   |   |   |   | 402,919 |   |   |   | 427,997 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| (Loss) income before equity in undistributed net income (loss)  of subsidiary                        |   |                               | (461,925  | ) |   |   | 2,564,777 |   |   |   | 1,708,760 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| Equity in undistributed net income (loss) of subsidiary                                                        |   |                               | 1,420,914 |   |   |   | (633,488 | ) |   |   | 177,917 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                     |   | $                                  | 958,989   |   |   |   | 1,931,289 |   |   |   | 1,886,677 |   |
|                                                                                                           |   |                               |      |   |   |   |   |   |   |   |   |   |
| Net income available to common stockholders                                                                    |   | $                                  | 824,602   |   |   |   | 1,931,289 |   |   |   | 1,886,677 |   |

| Statements of Cash Flows                                                               |   | Years Ended June 30,               |       |
|----------------------------------------------------------------------------------------|--------|------------------------------------|------------|
|                                                                                   |   | 2009      |       |   | 2008      |   |   | 2007      |   |
| Cash flows from operating activities:                                                  |   |                               |       |   |   |   |   |   |   |
| Net income                                                                             |   | $                                  | 958,989    |   |   |   | 1,931,289 |   |   |   | 1,886,677 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                               |       |   |   |   |   |   |   |   |   |   |
| Amortization                                                                           |   |                               | 9,000      |   |   |   | 24,000 |   |   |   | 24,000 |   |
| Stock grant                                                                            |   |                               | 1,728      |   |   |   | 2,661 |   |   |   | - |   |
| Undistributed (earnings) loss of subsidiary                                            |   |                               | (1,420,914 | ) |   |   | 633,488 |   |   |   | (177,917 | ) |
| Write down on available-for-sale securities                                            |   |                               | 195,161    |   |   |   | 147,247 |   |   |   | 50,442 |   |
| Net gain on available-for-sale securities                                              |   |                               | (33,496    | ) |   |   | (78,789 | ) |   |   | (43,513 | ) |
| Write down of non-marketable investments                                               |   |                               | 10,005     |   |   |   | 47,020 |   |   |   | 248,482 |   |
| Decrease (increase) in other assets                                                    |   |                               | 2,349,499  |   |   |   | 227,045 |   |   |   | (366,431 | ) |
| (Decrease) increase in other liabilities                                               |   |                               | (4,331     | ) |   |   | (65,133 | ) |   |   | 56,876 |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                                              |   |                               | 2,065,641  |   |   |   | 2,868,828 |   |   |   | 1,678,616 |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |                               |       |   |   |   |   |   |   |   |   |   |
| Increase in investment of bank subsidiary                                              |   |                               | (4,175,000 | ) |   |   | - |   |   |   | (400,000 | ) |
| Purchases of available-for-sale securities                                             |   |                               | (675,745   | ) |   |   | (1,653,242 | ) |   |   | (1,964,213 | ) |
| Proceeds from sales of available-for-sale securities                                   |   |                               | 454,751    |   |   |   | 983,956 |   |   |   | 2,249,946 |   |
| Proceeds from maturities and principal payments on available-for-sale securities       |   |                               | 1,536      |   |   |   | - |   |   |   | - |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net cash used by investing activities                                                  |   |                               | (4,394,458 | ) |   |   | (669,286 | ) |   |   | (114,267 | ) |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |                               |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                                               |   |                               | 50,500     |   |   |   | 45,125 |   |   |   | 6,550 |   |
| Common stock issued in connection with the purchase of branch real estate    |   |                               | -          |   |   |   | - |   |   |   | 103,000 |   |
| Company stock purchased                                                                |   |                               | -          |   |   |   | (2,314,330 | ) |   |   | (67,944 | ) |
| Net proceeds from Capital Purchase Plan                                                |   |                               | 4,200,994  |   |   |   | - |   |   |   | - |   |
| Dividends paid to stockholders                                                         |   |                               | (923,859   | ) |   |   | (851,785 | ) |   |   | (882,453 | ) |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net cash provided (used) by financing activities                                       |   |                               | 3,327,635  |   |   |   | (3,120,990 | ) |   |   | (840,847 | ) |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash                                                        |   |                               | 998,818    |   |   |   | (921,448 | ) |   |   | 723,502 |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Cash, beginning of year                                                                |   |                               | 417,838    |   |   |   | 1,339,286 |   |   |   | 615,784 |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Cash, end of year                                                                      |   | $                                  | 1,416,656  |   |   |   | 417,838 |   |   |   | 1,339,286 |   |
|                                                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |
| Supplemental schedule of cash flow information:                                        |   |                               |       |   |   |   |   |   |   |   |   |   |
| Interest paid                                                                          |   | $                                  | 959,997    |   |   |   | 1,065,009 |   |   |   | 1,067,097 |   |

|                                                                                                                                                                                                                    | 2009      |                  |   | 2008      |   | 2007      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|-----------------------|--------|------------------------------------|--------|------------------------------------|
| Unrealized gains arising during the period, net of tax effect of $(1,365,012) in 2009, $(364,077)   in 2008 and $(361,936) in 2007                                                                  | $                                  | 2,649,724             |   |                               |   | 706,738                            |   |   | 702,582 |
|                                                                                                                                                                                                                    |                               |                  |   |                               |   |                               |   |   |   |
| Reclassification adjustment for losses (gains) on investments, net of write-downs, included in net   income, net of tax effect of $(54,344)in 2009, $49,590 in 2008, and $(2,753) in 2007 |                               |     105,492 |   |                               |   | (96,264                            | ) |   |     5,341 |
|                                                                                                                                                                                                                    |                               |                  |   |                               |   |                               |   |   |   |
| Other comprehensive income                                                                                                                                                                                              | $                                  | 2,755,216             |   |                               |   | 610,474                            |   |   | 707,923 |

|                                                       |   |    |       |   |      |   |      | Consolidated |   |
|------------------------------------------------------------|--------|---------|------------|--------|-----------|--------|-----------|--------------|--------|
| June 30, 2009                                              |   | Banking |       |   | Insurance |   |      | Total        |   |
| Net interest income (expense)                              |   | $       | 17,069,521 |   |      |   | (284,045  | )            |   |   | 16,785,476 |   |
| Provision for loan losses                                  |   |    | 2,167,515  |   |      |   | -         |         |   |   | 2,167,515 |   |
| Net interest income (loss) after provision for loan losses |   |    | 14,902,006 |   |      |   | (284,045  | )            |   |   | 14,617,961 |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
| Noninterest income                                         |   |    | 5,668,508  |   |      |   | 5,864,743 |         |   |   | 11,533,251 |   |
| Noninterest expense                                        |   |    | 19,207,444 |   |      |   | 5,198,178 |         |   |   | 24,405,622 |   |
| Amortization of intangibles                                |   |    | -          |   |      |   | 747,947   |         |   |   | 747,947 |   |
| Income (loss) before income taxes                     |   |    | 1,363,070  |   |      |   | (365,427  | )            |   |   | 997,643 |   |
| Income tax expense (benefit)                               |   |    | 161,643    |   |      |   | (122,989  | )            |   |   | 38,654 |   |
| Net income (loss)                                          |   | $       | 1,201,427  |   |      |   | (242,438  | )            |   |   | 958,989 |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |

|                                                       |   |    |       |   |      |   |      | Consolidated |   |
|------------------------------------------------------------|--------|---------|------------|--------|-----------|--------|-----------|--------------|--------|
| June 30, 2008                                              |   | Banking |       |   | Insurance |   |      | Total        |   |
| Net interest income (expense)                              |   | $       | 14,632,155 |   |      |   | (285,486  | )            |   |   | 14,346,669 |   |
| Provision for loan losses                                  |   |    | 836,484    |   |      |   | -         |         |   |   | 836,484 |   |
| Net interest income (loss) after provision for loan losses |   |    | 13,795,671 |   |      |   | (285,486  | )            |   |   | 13,510,185 |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
| Noninterest income                                         |   |    | 5,419,585  |   |      |   | 5,383,639 |         |   |   | 10,803,224 |   |
| Noninterest expense                                        |   |    | 17,018,586 |   |      |   | 4,225,211 |         |   |   | 21,243,797 |   |
| Amortization of intangibles                                |   |    | -          |   |      |   | 610,657   |         |   |   | 610,657 |   |
| Income before income taxes                                 |   |    | 2,196,670  |   |      |   | 262,285   |         |   |   | 2,458,955 |   |
| Income tax expense                                         |   |    | 440,545    |   |      |   | 87,121    |         |   |   | 527,666 |   |
| Net income                                                 |   | $       | 1,756,125  |   |      |   | 175,164   |         |   |   | 1,931,289 |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
|                                                       |   |    |       |   |      |   |      |         |   | Consolidated |   |
| June 30, 2007                                              |   | Banking |       |   | Insurance |   |      | Total        |   |
| Net interest income (expense)                              |   | $       | 15,656,172 |   |      |   | (70,815   | )            |   |   | 15,585,357 |   |
| Provision for loan losses                                  |   |    | 989,158    |   |      |   | -         |         |   |   | 989,158 |   |
| Net interest income (loss) after provision for loan losses |   |    | 14,667,014 |   |      |   | (70,815   | )            |   |   | 14,596,199 |   |
|                                                       |   |    |       |   |      |   |      |         |   |   |   |   |
| Noninterest income                                         |   |    | 5,577,853  |   |      |   | 2,366,974 |         |   |   | 7,944,827 |   |
| Noninterest expense                                        |   |    | 17,062,743 |   |      |   | 2,697,859 |         |   |   | 19,760,602 |   |
| Amortization of intangibles                                |   |    | -          |   |      |   | 314,584   |         |   |   | 314,584 |   |
| Income (loss) before income taxes                          |   |    | 3,182,124  |   |      |   | (716,284  | )            |   |   | 2,465,840 |   |
| Income tax expense (benefit)                               |   |    | 836,593    |   |      |   | (257,430  | )            |   |   | 579,163 |   |
| Net income (loss)                                          |   | $       | 2,345,531  |   |      |   | (458,854  | )            |   |   | 1,886,677 |   |

| Affiliated  Trusts   |   | Trust Preferred Securities |       |   | CommonSecurities |   |    | Junior Subordinated Debentures |   |   | Interest Rate |   | Maturity   Date    |
|------------------------------------------|--------|---------------------------------|------------|--------|------------------|--------|---------|-------------------------------------|--------|--------|--------------------|--------|--------------------------------------------------|
|                                     |   |                            |       |   |             |   |    |                                |   |   |               |   |                                             |
| NBN Capital Trust II                     |   | $                               | 3,000,000  |   |             |   | 93,000  |                                |   |   | 3,093,000          |   |                                             |   | 3.40 | %  | March 30, 2034 |
| NBN Capital Trust III                    |   |                            | 3,000,000  |   |             |   | 93,000  |                                |   |   | 3,093,000          |   |                                             |   | 3.40 | %  | March 30, 2034 |
| NBN Capital Trust IV                     |   |                            | 10,000,000 |   |             |   | 310,000 |                                |   |   | 10,310,000         |   |                                             |   | 5.88 | %  | February 23, 2035 |
| Total                                    |   | $                               | 16,000,000 |   |             |   | 496,000 |                                |   |   | 16,496,000         |   |                                             |   | 4.95 | %  |   |

|                          |   | Fair Value Measurements at Reporting Date Using: |        |
|-------------------------------|--------|--------------------------------------------------|-------------|
|                          |   |   June 30, 2009                        |        |   | Quoted Prices inActive Markets forIdentical AssetsLevel 1 |   |   | SignificantOther ObservableInputsLevel 2 |   |   | SignificantUnobservableInputsLevel 3 |   |
| Securities available-for-sale |   | $                                                | 148,410,140 |   |   |   | 1,454,690 |   |   |   | 146,955,450 |   |   |   | - |   |

|           |   | Fair Value Measurements at Reporting Date Using: |      |
|----------------|--------|--------------------------------------------------|-----------|
|           |   |   June 30, 2009                        |      |   | Quoted Prices inActive Markets forIdentical AssetsLevel 1 |   |   | SignificantOther ObservableInputsLevel 2 |   |   | SignificantUnobservableInputsLevel 3 |   |
| Impaired loans |   | $                                                | 1,708,330 |   |   |   | - |   |   |   | 512,645 |   |   |   | 1,195,685 |   |

|                              |   | Impaired Loans |      |
|-----------------------------------|--------|----------------|-----------|
| Beginning balance at July 1, 2008 |   | $              | 971,405   |   |
| Loans transferred in              |   |           | 2,514,232 |   |
| Loans transferred out             |   |           | 2,289,952 |   |
| Ending balance at June 30, 2009   |   | $              | 1,195,685 |   |

|                                                            |   | June 30, 2009          |    |   | June 30, 2008       |   |
|-----------------------------------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
|                                                            |   | Carrying Value    |    |   | EstimatedFair Value |   |   | Carrying Value |   |   | EstimatedFair Value |   |
|                                                            |   | (Dollars in Thousands) |    |
| Financial assets:                                               |   |                   |    |   |                |   |   |   |   |   |   |   |
| Cash and cash equivalents                                       |   | $                      | 13,023  |   |                |   | 13,023 |   |   |   | 12,544 |   |   |   | 12,544 |   |
| Available-for-sale securities                                   |   |                   | 148,410 |   |                |   | 148,410 |   |   |   | 134,483 |   |   |   | 134,483 |   |
| Regulatory stock (FHLB and FRB)                                 |   |                   | 5,486   |   |                |   | 5,486 |   |   |   | 5,361 |   |   |   | 5,361 |   |
| Loans held-for-sale                                             |   |                   | 2,437   |   |                |   | 2,444 |   |   |   | 486 |   |   |   | 487 |   |
| Loans, net                                                      |   |                   | 387,887 |   |                |   | 396,113 |   |   |   | 403,538 |   |   |   | 419,288 |   |
| Accrued interest receivable                                     |   |                   | 2,200   |   |                |   | 2,200 |   |   |   | 2,291 |   |   |   | 2,291 |   |
|                                                            |   |                   |    |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                                          |   |                   |    |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Deposits (with no stated maturity)                              |   |                   | 134,822 |   |                |   | 134,822 |   |   |   | 125,187 |   |   |   | 125,187 |   |
| Time deposits                                                   |   |                   | 250,564 |   |                |   | 254,134 |   |   |   | 238,187 |   |   |   | 239,167 |   |
| Federal Home Loan Bank advances                                 |   |                   | 40,815  |   |                |   | 43,151 |   |   |   | 90,575 |   |   |   | 91,218 |   |
| Structured repurchase agreements                                |   |                   | 65,000  |   |                |   | 70,121 |   |   |   | 40,000 |   |   |   | 41,894 |   |
| Other borrowings                                                |   |                   | 3,264   |   |                |   | 3,264 |   |   |   | 4,027 |   |   |   | 4,027 |   |
| Short-term borrowings                                           |   |                   | 34,435  |   |                |   | 34,435 |   |   |   | 32,841 |   |   |   | 32,841 |   |
| Capital lease obligation                                        |   |                   | 2,379   |   |                |   | 2,517 |   |   |   | 2,891 |   |   |   | 2,979 |   |
| Junior subordinated debentures issued to affiliated trusts |   |                   | 16,496  |   |                |   | 10,158 |   |   |   | 16,496 |   |   |   | 15,475 |   |
| Due-to-broker                                                   |   |                   |    |   |                |   |   |   |   |   | 4,935 |   |   |   | 4,935 |   |

| Item 8.b.  Statistical Disclosures Required by Industry Guide 3 |
|---------------------------------------------------------------------------|
|                                                                      |   |   |   |   |

| Table 1                                                      |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |
|--------------------------------------------------------------|---------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|--------|---------------|--------|--------|---------|--------|--------|----------|---------|--------|---------|--------|--------|---------|--------|
| Northeast Bancorp Consolidated                               |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |
| Distribution of Assets, Liabilities and Stockholders' Equity |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |
| Interest Rates and Interest Differential                     |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |
| Years Ended June 30, 2009, 2008 and 2007                     |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |
|                                                         |                                                    |   | June 30, 2009 |    |   | June 30, 2008 |   |   | June 30, 2007 |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |
|                                                         |                                                    |   | Average       |    |   | Interest      |   |   | Average       |   |   | Average |   |   | Interest |    |   | Average |   |   | Average |   |   | Interest |   |   | Average |   |
|                                                         |                                                    |   | Daily         |    |   | Income/       |   |   | Yield/        |   |   | Daily   |   |   | Income/  |    |   | Yield/  |   |   | Daily   |   |   | Income/ |   |   | Yield/ |   |
|                                                         |                                                    |   | Balance       |    |   | Expense       |   |   | Rate          |   |   | Balance |   |   | Expense  |    |   | Rate    |   |   | Balance |   |   | Expense |   |   | Rate |   |
| Assets:                                                      |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |
| Interest-earning assets:                                     |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |
|                                                         | Investment securities (1)                               |   | $             | 152,051 |   |          | $      | 7,922  |          |   |   | 5.21    | %      |   | $        | 116,558 |   |    | $      | 5,906  |    |   |   | 5.07 | % |   | $ | 84,705 |   |   | $ | 3,935 |   |   |   | 4.65 | % |
|                                                         | Loans (2)(3)(4)                                         |   |          | 405,611 |   |          |   | 25,888 |          |   |   | 6.38    | %      |   |     | 414,837 |   |    |   | 29,272 |    |   |   | 7.06 | % |   |   | 433,576 |   |   |   | 31,367 |   |   |   | 7.23 | % |
|                                                         | Regulatory stock                                        |   |          | 5,392   |   |          |   | 98     |          |   |   | 1.82    | %      |   |     | 5,316   |   |    |   | 307    |    |   |   | 5.78 | % |   |   | 5,529 |   |   |   | 368 |   |   |   | 6.66 | % |
|                                                         | Short-term investments (5)                              |   |          | 5,162   |   |          |   | 62     |          |   |   | 1.20    | %      |   |     | 2,791   |   |    |   | 113    |    |   |   | 4.05 | % |   |   | 4,380 |   |   |   | 210 |   |   |   | 4.79 | % |
| Total interest-earning assets/interest                       |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| income/average rates earned                                  |                                                    |   | 568,216       |    |   |          | 33,970 |   |          |   | 5.98   | %       |   |   | 539,502  |    |   |    | 35,598 |   |    |   | 6.60 | % |   |   | 528,190 |   |   |   | 35,880 |   |   |   | 6.79 | % |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest earning assets:                                 |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Cash & due from banks                               |   |          | 6,231   |   |          |   |   |          |   |   |    |   |   |     | 6,498   |   |    |   |   |    |   |   |   |   |   |   | 6,794 |   |   |   |   |   |   |   |   |   |
|                                                         | Bank premises and equipment, net                        |   |          | 9,010   |   |          |   |   |          |   |   |    |   |   |     | 7,851   |   |    |   |   |    |   |   |   |   |   |   | 7,345 |   |   |   |   |   |   |   |   |   |
|                                                         | Other assets                                            |   |          | 31,616  |   |          |   |   |          |   |   |    |   |   |     | 29,504  |   |    |   |   |    |   |   |   |   |   |   | 21,705 |   |   |   |   |   |   |   |   |   |
|                                                         | Allowance for loan losses                               |   |          | (5,761  | )      |          |   |   |          |   |   |    |   |   |     | (5,768  | )      |    |   |   |    |   |   |   |   |   |   | (5,728 | ) |   |   |   |   |   |   |   |   |
| Total non-interest earning assets                            |                                                    |   | 41,096        |    |   |          |   |   |          |   |   |    |   |   | 38,085   |    |   |    |   |   |    |   |   |   |   |   | 30,116 |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                 |                                                    | $      | 609,312       |    |   |          |   |   |          |   |   |    |   | $      | 577,587  |    |   |    |   |   |    |   |   |   |   | $ | 558,306 |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities & Stockholders' Equity:                      |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   NOW                                         |   | $             | 45,814  |   |          | $      | 454    |          |   |   | 0.99    | %      |   | $        | 51,139  |   |    | $      | 1,020  |    |   |   | 1.99 | % |   | $ | 54,667 |   |   | $ | 1,234 |   |   |   | 2.26 | % |
|                                                         |   Money market                                |   |          | 29,021  |   |          |   | 544    |          |   |   | 1.87    | %      |   |     | 13,784  |   |    |   | 420    |    |   |   | 3.05 | % |   |   | 9,357 |   |   |   | 221 |   |   |   | 2.36 | % |
|                                                         |   Savings                                     |   |          | 19,515  |   |          |   | 69     |          |   |   | 0.36    | %      |   |     | 20,398  |   |    |   | 160    |    |   |   | 0.79 | % |   |   | 22,309 |   |   |   | 194 |   |   |   | 0.87 | % |
|                                                         |   Time                                        |   |          | 240,371 |   |          |   | 8,301  |          |   |   | 3.45    | %      |   |     | 243,437 |   |    |   | 11,490 |    |   |   | 4.72 | % |   |   | 256,268 |   |   |   | 11,841 |   |   |   | 4.62 | % |
|                                                         |     Total interest-bearing deposits |   |          | 334,721 |   |          |   | 9,368  |          |   |   | 2.80    | %      |   |     | 328,758 |   |    |   | 13,090 |    |   |   | 3.98 | % |   |   | 342,601 |   |   |   | 13,490 |   |   |   | 3.94 | % |
|                                                         | Short-term borrowings (6)                               |   |          | 36,412  |   |          |   | 718    |          |   |   | 1.97    | %      |   |     | 34,449  |   |    |   | 1,244  |    |   |   | 3.61 | % |   |   | 36,145 |   |   |   | 1,505 |   |   |   | 4.16 | % |
|                                                         | Borrowed funds                                          |   |          | 138,670 |   |          |   | 5,935  |          |   |   | 4.28    | %      |   |     | 119,423 |   |    |   | 5,652  |    |   |   | 4.73 | % |   |   | 83,024 |   |   |   | 4,021 |   |   |   | 4.84 | % |
|                                                         | Junior subordinated debentures                          |   |          | 16,496  |   |          |   | 959    |          |   |   | 5.81    | %      |   |     | 16,496  |   |    |   | 1,065  |    |   |   | 6.46 | % |   |   | 16,496 |   |   |   | 1,081 |   |   |   | 6.55 | % |
| Total interest-bearing liabilities/                          |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| interest expense/average rates paid                          |                                                    |   | 526,299       |    |   |          | 16,980 |   |          |   | 3.23   | %       |   |   | 499,126  |    |   |    | 21,051 |   |    |   | 4.22 | % |   |   | 478,266 |   |   |   | 20,097 |   |   |   | 4.20 | % |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing liabilities:                            |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Demand deposits and escrow accounts                     |   |          | 33,616  |   |          |   |   |          |   |   |    |   |   |     | 33,317  |   |    |   |   |    |   |   |   |   |   |   | 35,420 |   |   |   |   |   |   |   |   |   |
|                                                         | Other liabilities                                       |   |          | 4,601   |   |          |   |   |          |   |   |    |   |   |     | 3,396   |   |    |   |   |    |   |   |   |   |   |   | 3,500 |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities                                            |                                                    |   | 564,516       |    |   |          |   |   |          |   |   |    |   |   | 535,839  |    |   |    |   |   |    |   |   |   |   |   | 517,186 |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Stockholders' equity                                    |   |          | 44,796  |   |          |   |   |          |   |   |    |   |   |     | 41,748  |   |    |   |   |    |   |   |   |   |   |   | 41,120 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                   |                                                    | $      | 609,312       |    |   |          |   |   |          |   |   |    |   | $      | 577,587  |    |   |    |   |   |    |   |   |   |   | $ | 558,306 |   |   |   |   |   |   |   |   |   |
|                                                         |                                                    |   |          |    |   |          |   |   |          |   |   |    |   |   |     |    |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |    Net interest income                   |   |          |    |   |          | $      | 16,990 |          |   |   |    |   |   |     |    |   |    | $      | 14,547 |    |   |   |   |   |   |   |   |   |   | $ | 15,783 |   |   |   |   |   |

| Interest rate spread                     |   |   |   |   |   |   |   |   |   |   | 2.75 | % |   |   |   |   |   |   |   |   |   |   | 2.38 | % |   |   |   |   |   |   |   |   |   |   | 2.59 | % |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------|---|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------|---|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------|---|
| Net yield on interest earning assets (7) |   |   |   |   |   |   |   |   |   |   | 2.99 | % |   |   |   |   |   |   |   |   |   |   | 2.70 | % |   |   |   |   |   |   |   |   |   |   | 2.99 | % |

| (1)    | The yield information does not give effect to changes in fair value that are reflected as a component of stockholders' equity. |
|--------|--------------------------------------------------------------------------------------------------------------------------------|
|   | Interest income and yield are stated on a fully tax-equivalent basis using a 30.90% tax rate.                                  |
| (2)    | Non-accruing loans are included in computation of average balance, but unpaid interest on nonperforming loans has not          |
|   | been included for purposes of determining interest income.                                                                     |
| (3)    | Interest income on loans includes amortization of net deferred costs of $871 in 2009, $980 in 2008 and $998 in 2007.           |
| (4)    | Includes Loans Held for Sale.                                                                                                  |
| (5)    | Short term investments include FHLB overnight deposits and other interest-bearing deposits.                                    |
| (6)    | Short-term borrowings include securities sold under repurchase agreement and sweep accounts.                                   |
| (7)    | The net yield on interest-earning assets is net interest income divided by total interest-earning assets.                      |

| Table 2                                                         |                                                                                                                   |   |           |   |   |   |    |   |   |
|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|--------|---------|--------|--------|
| Northeast Bancorp Consolidated                                  |                                                                                                                   |   |           |   |   |   |    |   |   |
| Investment Securities Portfolio                                 |                                                                                                                   |   |           |   |   |   |    |   |   |
| ($ in thousands)                                                |                                                                                                                   |   |           |   |   |   |    |   |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |
|                                                            |                                                                                                                   |   | As of June 30, |   |
| Available-for-sale (1)                                          |                                                                                                                   |   |           |   |   |   |    |   |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |
| Debt securities issued by U.S. Government-sponsored enterprises |                                                                                                                   | $      | 9,029          |   |   | $      | 1,313   |   |   | $ | 21,158 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Mortgage-backed securities                                      |                                                                                                                   |   | 124,905        |   |   |   | 119,600 |   |   |   | 52,139 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Municipal bonds                                                 |                                                                                                                   |   | 11,530         |   |   |   | 11,112  |   |   |   | 10,709 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Corporate bonds                                                 |                                                                                                                   |   | 1,492          |   |   |   | 482     |   |   |   | 485 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Trust preferred securities                                      |                                                                                                                   |   | 411            |   |   |   | 590     |   |   |   | 1,067 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Equity securities                                               |                                                                                                                   |   | 1,043          |   |   |   | 1,386   |   |   |   | 790 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| Total available-for-sale (2):                                   |                                                                                                                   | $      | 148,410        |   |   | $      | 134,483 |   |   | $ | 86,348 |   |
|                                                            |                                                                                                                   |   |           |   |   |   |    |   |   |   |   |   |   |
| (1)                                                             | Carried at estimated fair value. Northeast Bancorp does not have any securities classified as held-to-maturity.        |   |
| (2)                                                             | Cost of such securities ($ in thousands) was $146,211 as of June 30, 2009, $136,459 as of June 30, 2008 and $89,249 as |   |
|                                                            | of June 30, 2007.                                                                                                      |   |

| Table 3                                 |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |
|-----------------------------------------|--------|-----------------|--------|--------|---------------------------------|--------|--------|------------------------------------|--------|--------|----------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|
| Northeast Bancorp Consolidated          |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |
| Investment Maturity at Fair Value       |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |
| ($ in thousands)                        |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |
|                                    |   | Within One Year |   |   | After One YearBut Within5 Years |   |   | After Five YearsBut Within10 Years |   |   | After 10 Years |   |   | Total  |   |
|                                    |   | Amount          |   |   | Yield                           |   |   | Amount                             |   |   | Yield          |   |   | Amount |   |   | Yield  |   |   | Amount |   |   | Yield  |   |   | Amount |    |   | Yield  |   |
| As of June 30, 2009                     |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |
| U. S. Government sponsored enterprises  |   | $               | -      |   |                            |   | 0.00   | %                                  |   | $      | 8,081          |   |   |   | 2.84   | %      |   | $      | -      |   |   |   | 0.00   | %      |   | $      | 948     |   |   |   | 5.04 | % |   | $ | 9,029 |   |   |   | 3.07 | % |
| Mortgage-backed securities              |   |            | 224    |   |                            |   | 4.82   | %                                  |   |   | 7,452          |   |   |   | 4.10   | %      |   |   | 8,904  |   |   |   | 4.56   | %      |   |   | 108,325 |   |   |   | 5.26 | % |   |   | 124,905 |   |   |   | 5.14 | % |
| Municipal bonds (Tax equivalent yields) |   |            | -      |   |                            |   | 0.00   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | 11,530  |   |   |   | 5.88 | % |   |   | 11,530 |   |   |   | 5.88 | % |
| Corporate bonds                         |   |            | 489    |   |                            |   | 4.05   | %                                  |   |   | 1,003          |   |   |   | 6.40   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | -       |   |   |   | 0.00 | % |   |   | 1,492 |   |   |   | 5.63 | % |
| Trust preferred securities              |   |            | -      |   |                            |   | 0.00   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | 411     |   |   |   | 8.00 | % |   |   | 411 |   |   |   | 8.00 | % |
| Equity securities                       |   |            | 1,043  |   |                            |   | 3.58   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | -       |   |   |   | 0.00 | % |   |   | 1,043 |   |   |   | 3.58 | % |
|                                    |   | $               | 1,756  |   |                            |   | 3.87   | %                                  |   | $      | 16,536         |   |   |   | 3.63   | %      |   | $      | 8,904  |   |   |   | 4.56   | %      |   | $      | 121,214 |   |   |   | 5.30 | % |   | $ | 148,410 |   |   |   | 5.05 | % |
|                                    |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| As of June 30, 2008                     |   |            |   |   |                            |   |   |                               |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U. S. Government sponsored enterprises  |   | $               | -      |   |                            |   | 0.00   | %                                  |   | $      | -              |   |   |   | 0.00   | %      |   | $      | -      |   |   |   | 0.00   | %      |   | $      | 1,313   |   |   |   | 5.22 | % |   | $ | 1,313 |   |   |   | 5.22 | % |
| Mortgage-backed securities              |   |            | 227    |   |                            |   | 4.82   | %                                  |   |   | 3,107          |   |   |   | 4.33   | %      |   |   | 11,793 |   |   |   | 4.17   | %      |   |   | 104,473 |   |   |   | 5.42 | % |   |   | 119,600 |   |   |   | 5.27 | % |
| Municipal bonds (Tax equivalent yields) |   |            | -      |   |                            |   | 0.00   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | 215    |   |   |   | 6.00   | %      |   |   | 10,897  |   |   |   | 5.89 | % |   |   | 11,112 |   |   |   | 5.89 | % |
| Corporate bonds                         |   |            | -      |   |                            |   | 0.00   | %                                  |   |   | 482            |   |   |   | 4.05   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | -       |   |   |   | 0.00 | % |   |   | 482 |   |   |   | 4.05 | % |
| Trust preferred securities              |   |            | -      |   |                            |   | 0.00   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | 590     |   |   |   | 4.41 | % |   |   | 590 |   |   |   | 4.41 | % |
| Equity securities                       |   |            | 1,386  |   |                            |   | 2.83   | %                                  |   |   | -              |   |   |   | 0.00   | %      |   |   | -      |   |   |   | 0.00   | %      |   |   | -       |   |   |   | 0.00 | % |   |   | 1,386 |   |   |   | 2.83 | % |
|                                    |   | $               | 1,613  |   |                            |   | 3.11   | %                                  |   | $      | 3,589          |   |   |   | 4.29   | %      |   | $      | 12,008 |   |   |   | 4.20   | %      |   | $      | 117,273 |   |   |   | 5.43 | % |   | $ | 134,483 |   |   |   | 5.26 | % |

| Table 4                        |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
|--------------------------------|--------|---------------|---------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|-------------|--------|---------|--------|--------|--------|-------------|--------|--------|--------|---------|--------|-------------|--------|
| Northeast Bancorp Consolidated |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |
| Loan Portfolio                 |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
| ($ in thousands)               |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
| As of                          |   | June 30, 2009 |    |   | June 30, 2008 |   |   | June 30, 2007 |   |   | June 30, 2006 |   |   | June 30, 2005 |   |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
|                           |   |          |    |   | Percent of    |   |   |          |   |   | Percent of    |   |   |          |   |   | Percent of  |   |    |   |   |   | Percent of  |   |   |   |    |   | Percent of  |   |
|                           |   | Amount        |    |   | Total Loans   |   |   | Amount        |   |   | Total Loans   |   |   | Amount        |   |   | Total Loans |   |    | Amount |   |   | Total Loans |   |   | Amount |    |   | Total Loans |   |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
| Loan portfolio:                |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |
| Residential real estate        |   | $             | 138,790 |   |          |   | 35.43  | %             |   | $      | 140,244       |   |   |          | 34.49  | %      |        | $      | 145,184 |   |   |   | 34.34       | %      |   | $      | 149,100 |   |        |   | 34.44 | % |   | $ | 148,840 |   |   |   | 32.46 | % |
| Commercial real estate         |   |          | 120,890 |   |          |   | 30.87  | %             |   |   | 111,223       |   |   |          | 27.36  | %      |        |   | 112,535 |   |   |   | 26.61       | %      |   |   | 115,327 |   |        |   | 26.63 | % |   |   | 125,899 |   |   |   | 27.46 | % |
| Construction                   |   |          | 6,384   |   |          |   | 1.63   | %             |   |   | 4,537         |   |   |          | 1.12   | %      |        |   | 5,451   |   |   |   | 1.29        | %      |   |   | 5,106   |   |        |   | 1.18 | % |   |   | 12,201 |   |   |   | 2.66 | % |
| Commercial                     |   |          | 29,137  |   |          |   | 7.44   | %             |   |   | 33,516        |   |   |          | 8.24   | %      |        |   | 40,784  |   |   |   | 9.64        | %      |   |   | 50,262  |   |        |   | 11.61 | % |   |   | 68,716 |   |   |   | 14.99 | % |
| Consumer and other             |   |          | 96,465  |   |          |   | 24.63  | %             |   |   | 117,047       |   |   |          | 28.79  | %      |        |   | 118,881 |   |   |   | 28.12       | %      |   |   | 113,192 |   |        |   | 26.14 | % |   |   | 102,865 |   |   |   | 22.43 | % |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                    |   |          | 391,666 |   |          |   | 100.00 | %             |   |   | 406,567       |   |   |          | 100.00 | %      |        |   | 422,835 |   |   |   | 100.00      | %      |   |   | 432,987 |   |        |   | 100.00 | % |   |   | 458,521 |   |   |   | 100.00 | % |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Net deferred loan costs        |   |          | 1,985   |   |          |   |   |          |   |   | 2,627         |   |   |          |   |   |        |   | 2,736   |   |   |   |        |   |   |   | 2,676   |   |        |   |   |   |   |   | 2,531 |   |   |   |   |   |
| Less:                          |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses      |   |          | 5,764   |   |          |   |   |          |   |   | 5,656         |   |   |          |   |   |        |   | 5,756   |   |   |   |        |   |   |   | 5,496   |   |        |   |   |   |   |   | 5,104 |   |   |   |   |   |
|                           |   |          |    |   |          |   |   |          |   |   |          |   |   |          |   |   |        |   |    |   |   |   |        |   |   |   |    |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Net loans                      |   | $             | 387,887 |   |          |   |   |          |   | $      | 403,538       |   |   |          |   |   |        | $      | 419,815 |   |   |   |        |   |   | $      | 430,167 |   |        |   |   |   |   | $ | 455,948 |   |   |   |   |   |

| Table 5                                                                                                                                     |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|--------------------------|--------|---------|-------------------------|--------------|--------|-------------------------------|--------|--------|-------------------------------|---------|
| Northeast Bancorp Consolidated                                                                                                              |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |
| Maturities and Repricing of Loans ($ in thousands)                                                                                          |   |                     |    |   |                     |   |    |                    |         |   |
| As of June 30, 2009                                                                                                                         |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |
|                                                                                                                                        |   | 1 Year    |    |   | 1 to 5    |   |    | 5 to 10       |         |   | Over 10                  |   |   | Total     |    |
|                                                                                                                                        |   | or Less        |    |   | Years     |   |    | Years    |    |   | Years     |   |   | Loans          |    |
| Mortgages:                                                                                                                                  |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |
| Residential                                                                                                                                 |   | $                        | 37,070  |   |                     | $      | 21,456  |                    |         | $      | 13,920                        |   |   | $                             | 66,344  |   |   | $ | 138,790 |   |
| Commercial                                                                                                                                  |   |                     | 36,349  |   |                     |   | 77,070  |                    |         |   | 5,726                         |   |   |                          | 1,745   |   |   |   | 120,890 |   |
| Construction                                                                                                                                |   |                     | 6,384   |   |                     |   | -       |                    |         |   | -                             |   |   |                          | -       |   |   |   | 6,384 |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Non-mortgage loans:                                                                                                                         |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Commercial                                                                                                                                  |   |                     | 19,421  |   |                     |   | 9,059   |                    |         |   | 657                           |   |   |                          | -       |   |   |   | 29,137 |   |
| Consumer and other                                                                                                                          |   |                     | 1,584   |   |                     |   | 31,222  |                    |         |   | 22,090                        |   |   |                          | 41,569  |   |   |   | 96,465 |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Total loans                                                                                                                                 |   | $                        | 100,808 |   |                     | $      | 138,807 |                    |         | $      | 42,393                        |   |   | $                             | 109,658 |   |   | $ | 391,666 |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Type of interest rate:                                                                                                                      |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Predetermined rate, maturity                                                                                                                |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| greater than 1 year                                                                                                                         |   | $                        | 194,565 |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Floating or adjustable rate                                                                                                                 |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| due after one year                                                                                                                          |   |                     | 96,293  |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Total due after 1 year:                                                                                                                     |   | $                        | 290,858 |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
|                                                                                                                                        |   |                     |    |   |                     |   |    |                    |         |   |                          |   |   |                          |    |   |   |   |   |   |
| Scheduled repayments are reported in the maturity category in which the payment is due. Demand loans and overdrafts are reported  |   |
| in one year or less. Maturities are based upon contract terms.                                                                              |   |

| Table 6                                                                                                                         |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------|--------|------------------------------------|--------|---------|------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------|---------|
| Northeast Bancorp Consolidated                                                                                                  |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |
| Summary of Loan Losses Experience                                                                                               |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |
| ($ in thousands)                                                                                                                |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |
| As of or For Years Ended June 30,                                                                                               |                                                                                                                                       | 2009      |    |   | 2008      |   |    | 2007      |   |   | 2006      |   |   | 2005      |    |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |
| Average net loans outstanding during the period (1)                                                                             |                                                                                                                                       | $                                  | 404,124 |   |                               | $      | 413,794 |                               |   | $      | 432,539                            |   |   | $                                  | 448,070 |   |   | $ | 452,951 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Total loans at end of period (1)                                                                                                |                                                                                                                                       | $                                  | 393,651 |   |                               | $      | 409,194 |                               |   | $      | 425,571                            |   |   | $                                  | 435,663 |   |   | $ | 461,052 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Allowance at beginning of period                                                                                                |                                                                                                                                       | $                                  | 5,656   |   |                               | $      | 5,756   |                               |   | $      | 5,496                              |   |   | $                                  | 5,104   |   |   | $ | 4,577 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Loans charged-off during the period:                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |
|                                                                                                                            | Residential real estate                                                                                                                    |                               |    | 271    |                               |   |    | 70                                 |   |   |                               | 60     |   |                               |    | 15 |   |   |   | 67 |   |
|                                                                                                                            | Commercial real estate                                                                                                                     |                               |    | 257    |                               |   |    | 184                                |   |   |                               | 6      |   |                               |    | 35 |   |   |   | 7 |   |
|                                                                                                                            | Commercial                                                                                                                                 |                               |    | 285    |                               |   |    | 237                                |   |   |                               | 251    |   |                               |    | 326 |   |   |   | 389 |   |
|                                                                                                                            | Consumer and other                                                                                                                         |                               |    | 1,469  |                               |   |    | 632                                |   |   |                               | 538    |   |                               |    | 417 |   |   |   | 472 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Total loans charged-off                                                                                                         |                                                                                                                                       |                               | 2,282   |   |                               |   | 1,123   |                               |   |   | 855                                |   |   |                               | 793     |   |   |   | 935 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Recoveries on loans previously charged-off:                                                                                     |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |
|                                                                                                                            | Residential real estate                                                                                                                    |                               |    | 3      |                               |   |    | 0                                  |   |   |                               | 1      |   |                               |    | 1 |   |   |   | 0 |   |
|                                                                                                                            | Commercial real estate                                                                                                                     |                               |    | 49     |                               |   |    | 6                                  |   |   |                               | 26     |   |                               |    | 25 |   |   |   | 10 |   |
|                                                                                                                            | Commercial                                                                                                                                 |                               |    | 77     |                               |   |    | 134                                |   |   |                               | 4      |   |                               |    | 6 |   |   |   | 41 |   |
|                                                                                                                            | Consumer and other                                                                                                                         |                               |    | 93     |                               |   |    | 47                                 |   |   |                               | 95     |   |                               |    | 131 |   |   |   | 109 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Total recoveries                                                                                                                |                                                                                                                                       |                               | 222     |   |                               |   | 187     |                               |   |   | 126                                |   |   |                               | 163     |   |   |   | 160 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Net loans charged off during the period                                                                                         |                                                                                                                                       |                               | 2,060   |   |                               |   | 936     |                               |   |   | 729                                |   |   |                               | 630     |   |   |   | 775 |   |
| Provision for loan losses                                                                                                       |                                                                                                                                       |                               | 2,168   |   |                               |   | 836     |                               |   |   | 989                                |   |   |                               | 1,226   |   |   |   | 1,302 |   |
| Reclassified to off-balance sheet credit risk reserve                                                                           |                                                                                                                                       |                               | 0       |   |                               |   | 0       |                               |   |   | 0                                  |   |   |                               | (204    | ) |   |   | 0 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Allowance at end of period                                                                                                      |                                                                                                                                       | $                                  | 5,764   |   |                               | $      | 5,656   |                               |   | $      | 5,756                              |   |   | $                                  | 5,496   |   |   | $ | 5,104 |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Ratio of net charge-offs to average loans outstanding                                                                           |                                                                                                                                       |                               | 0.51    | %      |                               |   | 0.23    | %                                  |   |   | 0.17                               | %      |   |                               | 0.14    | % |   |   | 0.17 | % |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Allowance as a percentage of total loans                                                                                        |                                                                                                                                       |                               | 1.46    | %      |                               |   | 1.38    | %                                  |   |   | 1.35                               | %      |   |                               | 1.26    | % |   |   | 1.11 | % |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| Allowance as a percentage of                                                                                                    |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |
|                                                                                                                            | non-performing and nonaccrual loans (2)                                                                                                    |                               |    | 58.26  | %                                  |   |    | 73.43                              | %      |   |                               | 113.08 | %      |                               |    | 105.79 | % |   |   | 300.59 | % |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| (1)                                                                                                                             | Excludes loans held for sale.                                                                                                              |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| (2)                                                                                                                             | The increase in non-performing loans in fiscal 2009, 2008 and 2007 caused the allowance as a percentage of non-performing                  |                               |
|                                                                                                                            | and nonaccrual loans to decrease compared to prior years.  At June 30, 2009, non-performing and non-accrual loans totaled        |                               |
|                                                                                                                            | $9,894, compared to $7,703 at June 30, 2008.  See Table 8 for additional information.  The trend of the allowance as a |                               |
|                                                                                                                            | percentage of non-performing and nonaccrual loans reflects the economic recession's impact on customers ability to make                    |                               |
|                                                                                                                            | loan payments. We expect the current economic conditions to persist for another twelve months.  An improvement in           |                               |
|                                                                                                                            | nonperforming and nonaccrual loans is unlikely until there is a significant improvement in economic conditions.                            |                               |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| The allowance for loan losses is believed to be adequate by management for any credit losses realized on the non-performing and |                                                                                                                                       |
| non-accrual loans at June 30, 2009.                                                                                             |                                                                                                                                       |
|                                                                                                                            |                                                                                                                                       |                               |    |   |                               |   |    |                               |   |   |                               |   |   |                               |    |   |   |   |   |   |   |
| For each period indicated, this table summarizes loans outstanding at the end of each period, the average amount of loans       |                                                                                                                                       |
| outstanding, changes in the allowance for loan losses, and other selected statistics.                                           |                                                                                                                                       |

| Table 7                        |
|--------------------------------|
| Northeast Bancorp Consolidated |

| Allowance for Loan Losses |
|---------------------------|
| ($ in thousands)          |
|                      |   |

| As of                                                      |   | June 30, 2009 |   |   | June 30, 2008 |   |   | June 30, 2007 |   |   | June 30, 2006 |   |   | June 30, 2005 |   |
|------------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|
|                                                       |   |          |   |   | Percent       |   |   |          |   |   | Percent       |   |   |          |   |   | Percent |   |   |   |   |   | Percent |   |   |   |   |   | Percent |   |
|                                                       |   |          |   |   |  of      |   |   |          |   |   |  of      |   |   |          |   |   | of  |   |   |   |   |   |  of |   |   |   |   |   |  of |   |
|                                                       |   |          |   |   | Loans         |   |   |          |   |   | Loans         |   |   |          |   |   | Loans |   |   |   |   |   | Loans |   |   |   |   |   | Loans |   |
|                                                       |   |          |   |   |  in      |   |   |          |   |   |  in      |   |   |          |   |   |  in |   |   |   |   |   | in  |   |   |   |   |   |  in |   |
|                                                       |   |          |   |   |  Each    |   |   |          |   |   |  Each    |   |   |          |   |   |  Each |   |   |   |   |   |  Each |   |   |   |   |   |  Each |   |
|                                                       |   |          |   |   | Category      |   |   |          |   |   | Category      |   |   |          |   |   | Category |   |   |   |   |   | Category |   |   |   |   |   | Category |   |
|                                                       |   |          |   |   | to       |   |   |          |   |   | to       |   |   |          |   |   | to  |   |   |   |   |   | to  |   |   |   |   |   |  to |   |
|                                                       |   |          |   |   |  Total   |   |   |          |   |   |  Total   |   |   |          |   |   |  Total |   |   |   |   |   |  Total |   |   |   |   |   |  Total |   |
|                                                       |   | Amount        |   |   | Loans         |   |   | Amount        |   |   | Loans         |   |   | Amount        |   |   | Loans |   |   | Amount |   |   | Loans |   |   | Amount |   |   | Loans |   |
| Allocation of allowance    for loan losses: |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate                                    |   | $             | 1,083  |   |          |   | 35.43  | %             |   | $      | 1,343         |   |   |          | 34.49  | % |   | $ | 808 |   |   |   | 34.34 | % |   | $ | 672 |   |   |   | 34.44 | % |   | $ | 730 |   |   |   | 32.46 | % |
| Commercial real estate                                     |   |          | 1,769  |   |          |   | 30.87  | %             |   |   | 1,530         |   |   |          | 27.36  | % |   |   | 2,000 |   |   |   | 26.61 | % |   |   | 2,156 |   |   |   | 26.63 | % |   |   | 1,670 |   |   |   | 27.46 | % |
| Construction                                               |   |          | 50     |   |          |   | 1.63   | %             |   |   | 81            |   |   |          | 1.12   | % |   |   | 64 |   |   |   | 1.29 | % |   |   | 56 |   |   |   | 1.18 | % |   |   | 69 |   |   |   | 2.66 | % |
| Commercial                                                 |   |          | 819    |   |          |   | 7.44   | %             |   |   | 940           |   |   |          | 8.24   | % |   |   | 1,042 |   |   |   | 9.64 | % |   |   | 1,037 |   |   |   | 11.61 | % |   |   | 753 |   |   |   | 14.99 | % |
| Consumer and other                                         |   |          | 2,043  |   |          |   | 24.63  | %             |   |   | 1,654         |   |   |          | 28.79  | % |   |   | 1,667 |   |   |   | 28.12 | % |   |   | 1,470 |   |   |   | 26.14 | % |   |   | 1,737 |   |   |   | 22.43 | % |
| Unallocated                                                |   |          | 0      |   |          |   | 0.00   | %             |   |   | 108           |   |   |          | 0.00   | % |   |   | 175 |   |   |   | 0.00 | % |   |   | 105 |   |   |   | 0.00 | % |   |   | 145 |   |   |   | 0.00 | % |
| Total                                                      |   | $             | 5,764  |   |          |   | 100.00 | %             |   | $      | 5,656         |   |   |          | 100.00 | % |   | $ | 5,756 |   |   |   | 100.00 | % |   | $ | 5,496 |   |   |   | 100.00 | % |   | $ | 5,104 |   |   |   | 100.00 | % |

|                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| This table shows how the allowance for loan losses was allocated for the periods indicated.                                                        |
|                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| The allowance for loan losses is established through a provision for loan losses charged to operations.  Loan losses are charged against |
| the allowance when management believes that the collectibility of the loan principal is unlikely. Recoveries on loans previously              |
| charged off are credited to the allowance.                                                                                                         |
|                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| The allowance is an amount that management believes will be adequate to absorb probable loan losses based on evaluations of                        |
| collectibility and prior loss experience.  The evaluation takes into consideration such factors as changes in the nature and volume      |
| of the portfolio, overall portfolio quality, specific problem loans, and current economic conditions that may affect the borrowers'                |
| ability to pay. Management also obtains collateral appraisals when considered necessary.                                                      |

| Table 8                                                                                                                                                   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------|--------|
| Northeast Bancorp Consolidated                                                                                                                            |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
| Non-performing Loans                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
|  ($ in thousands)                                                                                                                                    |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
|                                                                                                                                                      |   | As of June 30,                     |   |
|                                                                                                                                                      |   | 2009      |   |   | 2008      |   |   | 2007      |   |   | 2006      |   |   | 2005      |   |
| Nonaccrual loans:                                                                                                                                         |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |
| Residential real estate (1)                                                                                                                               |   | $                                  | 1,620  |   |                               | $      | 1,390  |                               |   | $      | 439                                |   |   | $                                  | 521    |   |   | $ | 515 |   |
| Construction loans                                                                                                                                        |   |                               | -      |   |                               |   | 101    |                               |   |   | -                                  |   |   |                               | -      |   |   |   | - |   |
| Commercial real estate                                                                                                                                    |   |                               | 2,384  |   |                               |   | 1,430  |                               |   |   | 1,444                              |   |   |                               | 1,260  |   |   |   | 33 |   |
| Commercial loans                                                                                                                                          |   |                               | 1,982  |   |                               |   | 1,638  |                               |   |   | 708                                |   |   |                               | 1,423  |   |   |   | 3 |   |
| Consumer and other                                                                                                                                        |   |                               | 556    |   |                               |   | 634    |                               |   |   | 461                                |   |   |                               | 109    |   |   |   | 60 |   |
| Total nonaccrual loans                                                                                                                                    |   |                               | 6,542  |   |                               |   | 5,193  |                               |   |   | 3,052                              |   |   |                               | 3,313  |   |   |   | 611 |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| Current nonaccrual loans (2)                                                                                                                              |   |                               | 3,352  |   |                               |   | 2,510  |                               |   |   | 2,038                              |   |   |                               | 1,882  |   |   |   | 1,087 |   |
| Total non-performing loans (3)                                                                                                                            |   |                               | 9,894  |   |                               |   | 7,703  |                               |   |   | 5,090                              |   |   |                               | 5,195  |   |   |   | 1,698 |   |
| Acquired assets                                                                                                                                           |   |                               | 673    |   |                               |   | 678    |                               |   |   | -                                  |   |   |                               | 10     |   |   |   | 89 |   |
| Total non-performing assets                                                                                                                               |   | $                                  | 10,567 |   |                               | $      | 8,381  |                               |   | $      | 5,090                              |   |   | $                                  | 5,205  |   |   | $ | 1,787 |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| Non-performing loans to total loans (4)                                                                                                                   |   |                               | 2.51   | %      |                               |   | 1.88   | %                                  |   |   | 1.20                               | %      |   |                               | 1.19   | % |   |   | 0.37 | % |
| Non-performing assets to total assets (4)                                                                                                                 |   |                               | 1.77   | %      |                               |   | 1.40   | %                                  |   |   | 0.91                               | %      |   |                               | 0.92   | % |   |   | 0.31 | % |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| As of June 30, 2009, there were no troubled debt restructured loans.                                                                                      |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| See additional information concerning non-performing and impaired loans in note 3 of the audited consolidated financial statements                        |   |
| as well as in the Management's Discussion and Analysis.                                                                                                   |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| (1)  Nonaccrual residential real estate loans increased due to the number in process of foreclosure. There were no significant losses                |   |
|    expected.                                                                                                                               |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| (2)  As of June 30, 2009, comprised of commercial real estate loans of $1,989, commercial loans of $1,345 and consumer loans                         |   |
|        of $18.                                                                                                                   |   |
|                                                                                                                                                      |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |                               |   |   |   |   |   |   |
| (3)  Total non-performing loans increased in fiscal 2009, 2008 and 2007 as compared to prior years primarily from commercial real                    |   |
|        estate and commercial loans. Loans past due 90 days or more and discretionary actionsby management to place loans on |   |
|    non-accrual account for the increase in both portfolios. Estimated credit losses were included in the determination of the         |   |
|    adequacy of the allowance for loan losses.                                                                                              |   |
|                                                                                                                                                      |   |
| (4)  Economic conditions must significantly improve before we expect a decrease in non-performing loans and acquired assets.                    |   |
|    The decline in economic conditions has impacted the ability of our customers to make their loan payments, and also has                       |   |
|   had a negative impact on the value of loan collateral which may have to be liquidated. We expect it will be another twelve               |   |
|    months before economic conditions start to improve.                                                                                     |   |

| Table 9                                                                                                                  |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|--------|---------------|--------|--------|--------|--------|--------|--------|---------|--------|----------|--------|--------|--------|--------|--------|--------|--------|--------|----------|---------|
| Northeast Bancorp Consolidated                                                                                           |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |
| Average Deposits ($ in thousands) and Rates                                                                              |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
| For Years Ended                                                                                                          |   | June 30, 2009 |    |   | June 30, 2008 |   |   | June 30, 2007 |   |
|                                                                                                                     |   |          |    |   |          |   |   | % of          |   |   |   |   |   |   |    |   | % of     |   |   |   |   |   |   |   |   | % of     |    |
|                                                                                                                     |   | Amount        |    |   | Rate          |   |   | Deposits      |   |   | Amount |   |   | Rate   |    |   | Deposits |   |   | Amount |   |   | Rate   |   |   | Deposits |    |
|                                                                                                                     |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
| Average deposits:                                                                                                        |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
|                                                                                                                     |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
| Non-interest bearing demand                                                                                              |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |
|    deposits and escrow accounts                                                                           | $      | 33,616        |    |   |          | 0.00   | %      |          |   | 9.12   | %      |   | $      | 33,317 |    |   |     | 0.00   | %      |   |   | 9.20   | %      |   | $      | 35,420   |    |   |   | 0.00 | % |   |   | 9.37 | % |
| Regular savings                                                                                                          |   |          | 19,515  |   |          |   | 0.36   | %             |   |   | 5.30   | %      |   |   | 20,398  |   |     |   | 0.79   | %      |   |   | 5.63   | %      |   |     | 22,309  |   |   |   | 0.87 | % |   |   | 5.90 | % |
| NOW and money market                                                                                                     |   |          | 74,835  |   |          |   | 1.33   | %             |   |   | 20.31  | %      |   |   | 64,923  |   |     |   | 2.22   | %      |   |   | 17.93  | %      |   |     | 64,024  |   |   |   | 2.27 | % |   |   | 16.94 | % |
| Time deposits                                                                                                            |   |          | 240,371 |   |          |   | 3.45   | %             |   |   | 65.27  | %      |   |   | 243,437 |   |     |   | 4.72   | %      |   |   | 67.24  | %      |   |     | 256,268 |   |   |   | 4.62 | % |   |   | 67.79 | % |
| Total average deposits                                                                                                   |   | $             | 368,337 |   |          |   | 2.54   | %             |   |   | 100.00 | %      |   | $      | 362,075 |   |     |   | 3.62   | %      |   |   | 100.00 | %      |   | $        | 378,021 |   |   |   | 3.57 | % |   |   | 100.00 | % |
|                                                                                                                     |   |          |    |   |          |   |   |          |   |   |   |   |   |   |    |   |     |   |   |   |   |   |   |   |   |     |    |   |   |   |   |   |   |   |   |   |
| This table shows the average daily amount of deposits and average rates paid on such deposits for the periods indicated. |   |

| Table 10                                                  |   |                                  |   |
|-----------------------------------------------------------|--------|---------------------------------------|--------|
| Northeast Bancorp Consolidated                            |   |                                  |   |
| Maturities of Certificates of Deposit $100,000 & Over |   |                                  |   |
| As of June 30, 2009                                       |   |                                  |   |
|                                                      |   | Balance      |   |
|                                                      |   |                                  |   |
| 3 months or less                                          |   | $                                     | 26,282 |   |
| Over 3 through 6 months                                   |   |                                  | 19,666 |   |
| Over 6 through 12 months                                  |   |                                  | 30,682 |   |
| Over 12 months                                            |   |                                  | 18,317 |   |
|                                                      |   |                                  |   |   |
| Total certificates of deposit $100,000 & over         |   | $                                     | 94,947 |   |

| Table 11                                                                                                                                 |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|---------|--------|--------|----------|--------|
| Northeast Bancorp Consolidated                                                                                                           |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| Short-term Borrowings                                                                                                                    |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| ($ in thousands)                                                                                                                         |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|                                                                                                                                     |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|                                                                                                                                     |   | As of or For Years Ended June 30, |   |
|                                                                                                                                     |   | 2009                              |   |   | 2008     |   |   | 2007    |   |
|                                                                                                                                     |   |                              |   |   | Weighted |   |   |    |   |   | Weighted |   |   |    |   |   | Weighted |   |
|                                                                                                                                     |   | Balance                           |   |   | Rate     |   |   | Balance |   |   | Rate     |   |   | Balance |   |   | Rate     |   |
|                                                                                                                                     |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| Balance at year end                                                                                                                      |   | $                                 | 34,345 |   |     |   | 1.55   | %       |   | $      | 32,841   |   |   |    | 2.50   | %      |     | $      | 33,105 |   |   |   | 4.28 | % |
|                                                                                                                                     |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| Average outstanding during year                                                                                                          |   |                              | 36,412 |   |     |   | 1.97   | %       |   |   | 34,449   |   |   |    | 3.61   | %      |     |   | 36,145 |   |   |   | 4.16 | % |
|                                                                                                                                     |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| Maximum outstanding at any month end                                                                                                     |   |                              | 39,765 |   |     |   |   |    |   |   | 40,076   |   |   |    |   |   |     |   | 44,164 |   |   |   |   |   |
|                                                                                                                                     |   |                              |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| Short-term borrowings consist of securities sold under agreements to repurchase and other sweep accounts. These borrowings were     |   |
| scheduled to mature within 180 days. Securities sold under agreements to repurchase were collateralized by mortgage-backed and |   |
| U.S. Government-sponsored enterprise securities with a fair value of $31,026 and amortized cost of $30,109 at June 30, 2009, and a       |   |
| fair value of $28,551 and amortized cost of $29,016 at June 30, 2008. Sweep accounts have been collateralized with $12,423, in           |   |
| letters of creditissued by the Federal Home Loan Bank of Boston at June 30, 2009 and excess deposit insurance of $8,800 at               |   |
| June 30, 2008. Securities sold under these agreements were underthe control of the Company throughout 2009 and 2008.                     |   |

| Table 12                                                                                                                              |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|--------|----------|--------|--------|---------|--------|--------|----------|--------|--------|---------|--------|--------|----------|--------|
| Northeast Bancorp Consolidated                                                                                                        |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| FHLB Advances Due in 1 Year or  Less                                                                                        |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| ($ in thousands)                                                                                                                      |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|                                                                                                                                  |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
|                                                                                                                                  |   | For Years Ended June 30, |   |
|                                                                                                                                  |   | 2009                     |   |   | 2008     |   |   | 2007    |   |
|                                                                                                                                  |   |                     |   |   | Weighted |   |   |    |   |   | Weighted |   |   |    |   |   | Weighted |   |
|                                                                                                                                  |   | Balance                  |   |   | Rate     |   |   | Balance |   |   | Rate     |   |   | Balance |   |   | Rate     |   |
|                                                                                                                                  |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |
| Balance at year end                                                                                                                   |   | $                        | 2,815  |   |     |   | 3.14   | %       |   | $      | 55,575   |   |   |    | 3.70   | %      |     | $      | 50,017 |   |   |   | 5.17 | % |
|                                                                                                                                  |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| Average outstanding during year                                                                                                       |   |                     | 21,942 |   |     |   | 4.06   | %       |   |   | 44,870   |   |   |    | 4.47   | %      |     |   | 34,672 |   |   |   | 4.45 | % |
|                                                                                                                                  |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| Maximum outstanding at any month end                                                                                                  |   |                     | 43,220 |   |     |   |   |    |   |   | 55,575   |   |   |    |   |   |     |   | 50,017 |   |   |   |   |   |
|                                                                                                                                  |   |                     |   |   |     |   |   |    |   |   |     |   |   |    |   |   |     |   |   |   |   |   |   |   |
| This table shows the Federal Home Loan Advances the Company had due to mature in one year or less as of June 30, 2009, 2008 and 2007. |   |

| Table 13                                                                               |   |
|----------------------------------------------------------------------------------------|--------|
| Northeast Bancorp Consolidated                                                         |   |
| Maturities and Repricing of Interest-earning Assets & Interest-bearing Liabilities |   |
| As of June 30, 2009                                                                    |   |
| ($ in thousands)                                                                       |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   |  Term to Repricing or Maturity |   |
|                                                                                   |   | Less Than |   |   |   | 1-5   |   |   | Over 5 |   |   |   |   |   | % of |   |
|                                                                                   |   | 1 Year |   |   | Years |   |   | Years |   |   | Total |   |   | Total |   |
| Interest-earning assets:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities                                                                  |   | $ | 1,756 |   |   | $ | 16,536 |   |   | $ | 130,118 |   |   | $ | 148,410 |   |   |   | 26.90 | % |
| Regulatory stock                                                                       |   |   | - |   |   |   | - |   |   |   | 5,486 |   |   |   | 5,486 |   |   |   | 0.99 | % |
| Short-term investments (1)                                                             |   |   | 6,103 |   |   |   | - |   |   |   | - |   |   |   | 6,103 |   |   |   | 1.11 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans:                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate loans                                                                       |   |   | 397 |   |   |   | 6,936 |   |   |   | 80,222 |   |   |   | 87,555 |   |   |   | 15.87 | % |
| Variable loans                                                                         |   |   | 36,673 |   |   |   | 14,520 |   |   |   | 42 |   |   |   | 51,235 |   |   |   | 9.29 | % |
| Commercial real estate                                                                 |   |   | 36,349 |   |   |   | 77,070 |   |   |   | 7,471 |   |   |   | 120,890 |   |   |   | 21.91 | % |
| Construction                                                                           |   |   | 6,384 |   |   |   | - |   |   |   | - |   |   |   | 6,384 |   |   |   | 1.16 | % |
| Other loans:                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                                                             |   |   | 19,421 |   |   |   | 9,059 |   |   |   | 657 |   |   |   | 29,137 |   |   |   | 5.28 | % |
| Consumer and other                                                                     |   |   | 1,584 |   |   |   | 31,222 |   |   |   | 63,659 |   |   |   | 96,465 |   |   |   | 17.49 | % |
|  Total loans                                                                      |   |   | 100,808 |   |   |   | 138,807 |   |   |   | 152,051 |   |   |   | 391,666 |   |   |   | 71.00 | % |
| Total interest-earning assets                                                          |   | $ | 108,667 |   |   | $ | 155,343 |   |   | $ | 287,655 |   |   | $ | 551,665 |   |   |   | 100.00 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Customer deposits:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW accounts                                                                           |   | $ | 44,465 |   |   | $ | - |   |   | $ | - |   |   | $ | 44,465 |   |   |   | 8.62 | % |
| Money market accounts                                                                  |   |   | 39,410 |   |   |   | - |   |   |   | - |   |   |   | 39,410 |   |   |   | 7.64 | % |
| Regular savings                                                                        |   |   | 19,079 |   |   |   | - |   |   |   | - |   |   |   | 19,079 |   |   |   | 3.70 | % |
| Time deposits                                                                          |   |   | 197,317 |   |   |   | 52,699 |   |   |   | 548 |   |   |   | 250,564 |   |   |   | 48.56 | % |
| Total customer deposits                                                                |   |   | 300,271 |   |   |   | 52,699 |   |   |   | 548 |   |   |   | 353,518 |   |   |   | 68.52 | % |
| Borrowings:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Short-term borrowings                                                                  |   |   | 34,435 |   |   |   | - |   |   |   | - |   |   |   | 34,435 |   |   |   | 6.68 | % |
| FHLB advances and other borrowings                                                     |   |   | 3,597 |   |   |   | 80,859 |   |   |   | 27,002 |   |   |   | 111,458 |   |   |   | 21.60 | % |
| Junior subordinated debentures                                                         |   |   | 16,496 |   |   |   | - |   |   |   | - |   |   |   | 16,496 |   |   |   | 3.20 | % |
| Total borrowings                                                                       |   |   | 54,528 |   |   |   | 80,859 |   |   |   | 27,002 |   |   |   | 162,389 |   |   |   | 31.48 | % |
| Total interest-bearing liabilities                                                     |   | $ | 354,799 |   |   | $ | 133,558 |   |   | $ | 27,550 |   |   | $ | 515,907 |   |   |   | 100.00 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest sensitivity gap                                                               |   | $ | (246,132 | ) |   | $ | 21,785 |   |   | $ | 260,105 |   |   | $ | 35,758 |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative gap                                                                         |   | $ | (246,132 | ) |   | $ | (224,347 | ) |   | $ | 35,758 |   |   | $ | 35,758 |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative gap ratio                                                                   |   |   | 30.63 | % |   |   | 54.06 | % |   |   | 106.93 | % |   |   | 106.93 | % |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative gap as a percentage of total assets                                         |   |   | -41.15 | % |   |   | -37.51 | % |   |   | 5.98 | % |   |   | 5.98 | % |   |   |   |   |

| (1) Includes interest-earning deposits and loans held for sale.                                                                                            |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| This table summarizes the anticipated maturities and repricing of the Company's interest-earning assets and interest-bearing liabilities at June 30, 2009. |
|                                                                                                                                                       |
| The Company's internal asset/liability analysis considers regular savings, NOW and money market accounts core deposits. Due to this                   |
| consideration, the Company's internal asset/liability model has these core deposits designated in a five year or greater maturity                          |
| category and not one year or less as the above schedule shows. Because of this difference, the Company does not consider its                     |
| cumualtive gap position to be as liability sensitive through Year 5 as presented in the schedule above.                                                    |

| Table 14                                        |   |     |      |   |    |   |      |    |   |   |      |   |
|-------------------------------------------------|--------|----------|-----------|--------|---------|--------|-----------|---------|--------|--------|-----------|--------|
| Northeast Bancorp Consolidated                  |   |     |      |   |    |   |      |    |   |   |      |   |
| Quarterly Data (Unaudited)                      |   |     |      |   |    |   |      |    |   |   |      |   |
| For Year Ended June 30, 2009                    |   |     |      |   |    |   |      |    |   |   |      |   |
|                                            |   | 1st Qtr  |      |   | 2nd Qtr |   |      | 3rd Qtr |   |   | 4th Qtr   |   |
|                                            |   | Sept. 30 |      |   | Dec. 31 |   |      | Mar. 31 |   |   | June 30   |   |
|                                            |   | 2008     |      |   | 2008    |   |      | 2009    |   |   | 2009      |   |
| Interest income                                 |   |     |      |   |    |   |      |    |   |   |      |   |
| Interest on loans                               |   | $        | 6,801,248 |   |    | $      | 6,615,786 |    |   | $      | 6,292,794 |   |   | $ | 6,178,133 |   |
| Interest & dividends on investments         |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
|   & available-for-sale securities |   |     | 1,793,499 |   |    |   | 2,037,130 |    |   |   | 2,043,145 |   |   |   | 2,004,180 |   |
| Total interest and dividend income              |   |     | 8,594,747 |   |    |   | 8,652,916 |    |   |   | 8,335,939 |   |   |   | 8,182,313 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Interest expense                                |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Deposits                                        |   |     | 2,537,536 |   |    |   | 2,376,157 |    |   |   | 2,238,626 |   |   |   | 2,215,884 |   |
| FHLB advances and other borrowings              |   |     | 1,545,287 |   |    |   | 1,568,485 |    |   |   | 1,485,495 |   |   |   | 1,335,398 |   |
| Short-term borrowings                           |   |     | 217,458   |   |    |   | 223,973   |    |   |   | 146,054   |   |   |   | 130,610 |   |
| Junior Subordinated Debentures                  |   |     | 253,259   |   |    |   | 257,656   |    |   |   | 234,817   |   |   |   | 213,744 |   |
| Total interest expense                          |   |     | 4,553,540 |   |    |   | 4,426,271 |    |   |   | 4,104,992 |   |   |   | 3,895,636 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Net interest income                             |   |     | 4,041,207 |   |    |   | 4,226,645 |    |   |   | 4,230,947 |   |   |   | 4,286,677 |   |
| Provision for loan losses                       |   |     | 520,724   |   |    |   | 503,561   |    |   |   | 618,536   |   |   |   | 524,694 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Net interest income after provision             |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| for loan losses                                 |   |     | 3,520,483 |   |    |   | 3,723,084 |    |   |   | 3,612,411 |   |   |   | 3,761,983 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Securities transactions                         |   |     | (108,127  | )      |    |   | 26,060    |    |   |   | -         |   |   |   | 350,440 |   |
| Other operating income                          |   |     | 2,668,774 |   |    |   | 2,724,867 |    |   |   | 3,031,683 |   |   |   | 2,839,554 |   |
| Other operating expense                         |   |     | 6,088,842 |   |    |   | 6,141,321 |    |   |   | 6,169,926 |   |   |   | 6,753,480 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Income before income taxes                      |   |     | (7,712    | )      |    |   | 332,690   |    |   |   | 474,168   |   |   |   | 198,497 |   |
| Income tax expense                              |   |     | (76,828   | )      |    |   | 39,115    |    |   |   | 86,798    |   |   |   | (10,431 | ) |
| Net income                                      |   | $        | 69,116    |   |    | $      | 293,575   |    |   | $      | 387,370   |   |   | $ | 208,928 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Earnings per share:                             |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
| Basic                                           |   | $        | 0.03      |   |    | $      | 0.12      |    |   | $      | 0.14      |   |   | $ | 0.07 |   |
| Diluted                                         |   | $        | 0.03      |   |    | $      | 0.12      |    |   | $      | 0.14      |   |   | $ | 0.07 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |   |   |

| Northeast Bancorp Consolidated                  |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|-------------------------------------------------|--------|----------|-----------|--------|---------|--------|-----------|---------|--------|--------|-----------|--------|--------|--------|-----------|--------|
| Quarterly Data (Unaudited)                      |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| For Year Ended June 30, 2008                    |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|                                            |   | 1st Qtr  |      |   | 2nd Qtr |   |      | 3rd Qtr |   |   | 4th Qtr   |   |
|                                            |   | Sept. 30 |      |   | Dec. 31 |   |      | Mar. 31 |   |   | June 30   |   |
|                                            |   |     | 2007      |   |    |   | 2007      |    |   |   | 2008      |   |   |   | 2008      |   |
| Interest income                                 |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Interest on loans                               |   | $        | 7,723,178 |   |    | $      | 7,588,460 |    |   | $      | 7,145,886 |   |   | $      | 6,814,246 |   |
| Interest & dividends on investments         |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|   & available-for-sale securities |   |     | 1,233,709 |   |    |   | 1,484,190 |    |   |   | 1,649,943 |   |   |   | 1,758,062 |   |
| Total interest and dividend income              |   |     | 8,956,887 |   |    |   | 9,072,650 |    |   |   | 8,795,829 |   |   |   | 8,572,308 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Interest expense                                |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Deposits                                        |   |     | 3,414,576 |   |    |   | 3,412,717 |    |   |   | 3,355,439 |   |   |   | 2,907,144 |   |
| FHLB advances and other borrowings              |   |     | 1,303,559 |   |    |   | 1,415,277 |    |   |   | 1,505,307 |   |   |   | 1,427,580 |   |
| Short-term borrowings                           |   |     | 372,425   |   |    |   | 402,950   |    |   |   | 264,690   |   |   |   | 204,377   |   |
| Junior Subordinated Debentures                  |   |     | 273,480   |   |    |   | 272,412   |    |   |   | 267,723   |   |   |   | 251,349   |   |
| Total interest expense                          |   |     | 5,364,040 |   |    |   | 5,503,356 |    |   |   | 5,393,159 |   |   |   | 4,790,450 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Net interest income                             |   |     | 3,592,847 |   |    |   | 3,569,294 |    |   |   | 3,402,670 |   |   |   | 3,781,858 |   |
| Provision for loan losses                       |   |     | 190,283   |   |    |   | 179,653   |    |   |   | 287,625   |   |   |   | 178,923   |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Net interest income after provision             |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| for loan losses                                 |   |     | 3,402,564 |   |    |   | 3,389,641 |    |   |   | 3,115,045 |   |   |   | 3,602,935 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Securities transactions                         |   |     | (5,937    | )      |    |   | (1,799    | )       |   |   | 267,147   |   |   |   | 33,690    |   |
| Other operating income                          |   |     | 1,995,311 |   |    |   | 2,398,684 |    |   |   | 3,373,686 |   |   |   | 2,742,442 |   |
| Other operating expense                         |   |     | 4,841,604 |   |    |   | 5,280,850 |    |   |   | 5,846,368 |   |   |   | 5,885,632 |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Income before income taxes                      |   |     | 550,334   |   |    |   | 505,676   |    |   |   | 909,510   |   |   |   | 493,435   |   |
| Income tax expense                              |   |     | 119,769   |   |    |   | 103,248   |    |   |   | 237,341   |   |   |   | 67,308    |   |
| Net income                                      |   | $        | 430,565   |   |    | $      | 402,428   |    |   | $      | 672,169   |   |   | $      | 426,127   |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Earnings per share:                             |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
| Basic                                           |   | $        | 0.18      |   |    | $      | 0.17      |    |   | $      | 0.29      |   |   | $      | 0.18      |   |
| Diluted                                         |   | $        | 0.18      |   |    | $      | 0.17      |    |   | $      | 0.29      |   |   | $      | 0.18      |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |
|                                            |   |     |      |   |    |   |      |    |   |   |      |   |   |   |      |   |

| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Item 9a. | Controls and Procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     | The Corporation carried out an evaluation, under the supervision and with the participation of the Corporation’s management, including the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e).  Basedupon the evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2008, the Corporation’s disclosure controls and procedures are effective.  Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in the Corporation’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in theSecurities and Exchange Commission’s rules and forms. An evaluation was performed under the supervision and with the participation of the Company's management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our internal controls and procedures over financial reporting (as defined in Rule 13a-15(e) of the Exchange Act) asof the end of the period covered by this annual report. Management is responsible for establishing and maintaining adequate internal controls over financial reporting.  The standard measures adopted by management in making its evaluation are the measures in Interest Control – Integrated Framework published by the Committeeof Sponsoring Organizations of the Treadway Commission.  We do not expect that our disclosure controls and procedures will prevent all error and all fraud.  A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objective will be met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to theircosts.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, errors, and instances of fraud, if any, within the Company have been or will be detected.  The inherent limitations include, among other things, the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.  Controls and procedures also can be circumvented by the individualacts of some persons, by collusion of two or more people, or by management or employee override of the controls and procedures.  The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.  Over time, controls and procedures may become inadequate because of changes in conditions or deteriorationin the degree of compliance with its policies or procedures.  Because of the inherent limitation in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Based on their evaluation of disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded, subject to the limitations described above, that our internal controls and procedures over financial reporting as of the end of the period covered by this report were effective and that there were no materialweaknesses. There have been no significant changes in our internal controls, or in other factors that could significantly affect our internal controls, subsequent to the date the Chief Executive Officer and Chief Financial Officer completed their evaluation, including any corrective actions with regard to significant deficiencies or material weaknesses. This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting.  Management’s report was not subject to attestation by the Company’s registered pubic accounting firm pursuant to temporary rules of the Securities ExchangeCommission that permit the Company to provide only management’s report in this annual report. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Item 9b. | Other Information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

| Item 10. | Directors and Executive Officers of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | The information required by Item 10 of Form 10-K with respect to our directors and executive officers is incorporated by reference from the information contained in the section captioned "Election of Directors" in the Company's definitive Proxy Statement for the 2009 Annual Meeting of Stockholders, which will be filed with the Securities andExchange Commission no later than 120 days after the close of the Company's 2009 fiscal year (the "2009 Proxy Statement").  Certain information with respect to executive officers is included in Part I, Item 4 of this report.  The information required by Item 10 of Form 10-K with respect to compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated by reference from the information contained in the section captioned "Section 16(a) Beneficial Ownership Reporting Compliance"in the 2009 Proxy Statement.  Information regarding the information required by Item 406 of Regulation S-K is incorporated herein by reference from the information contained in the section captioned “Corporate Governance – Code of Ethics” in the 2009 Proxy Statement.  The information required by Item 10 of Form 10-K with respect to our audit committee is incorporated by reference from the information contained in the section captioned "Corporate Governance Board Committeeand Membership and Meetings – Audit Committee” in the Company's 2009 Proxy Statement. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Item 11. | Executive Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     | The information required by Item 11 of Form 10-K is incorporated by reference from the information contained in the sections captioned "Election of Directors - Compensation of Directors," “Compensation of Executive Officers”, "Compensation Discussion and Analysis”, and "Compensation Committee Interlocks and Insider Participation"in the 2009 Proxy Statement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     | The information required by Item 12 of Form 10-K is incorporated by reference from the information contained in the section captioned "Security Ownership of Management and Certain Beneficial Owners" in the 2009 Proxy Statement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|     | The following table provided information about the Company's Common Stock that may be issued upon the exercise of stock options under all of the registrant's equity compensation plans in effect as of June 30, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

|                                                      | (a)                                                                                          | (b)                                                                          | (c)                                                                                                                                             |
|-----------------------------------------------------------|----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|       Plan category         |     Number of securities to beissued upon exercise ofoutstanding options |     Weighted-averageexercise price ofoutstanding options | Number of securitiesremaining available forfuture issuance underequity compensation plan(excluding securitiesreferenced in the firstcolumn (a)) |
| Equity compensation Plan approved by Security holders (1) |  28,000                                                                                 |  $ 10.23                                                           |  191,500                                                                                                                                   |
|                                                      |                                                                                         |                                                                         |                                                                                                                                            |
| Equity compensation Plan not approved by Security holders |        0                                                  |  $  0.00                                                      |        0                                                                                                     |

| (1)      | Includes stock options granted or available under stockholder approved Stock Option Plans in 2001, 1999, 1992 and 1989 (the "Stock Option Plans").                                                                                                                                      |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                                                                    |
|     | Our Stock Option Plans provide for a proportionate adjustment to the number of shares reserved for issuance in the event of any stock dividend, stock split, combination, recapitalization, or similar event.                                                                           |
|     |                                                                                                                                                                                                                                                                                    |
| Item 13. | Certain Relationships and Related Transactions                                                                                                                                                                                                                                          |
|     | The information required by Item 13 of Form 10-K is incorporated by reference from the information contained in the section captioned "Related Party Transactions" and “Corporate Governance – Director Qualifications and Independence” in the 2009 Proxy Statement. |
|     |                                                                                                                                                                                                                                                                                    |
| Item 14. | Principal Accountant Fees and Services                                                                                                                                                                                                                                                  |
|     | The information required by Item 14 of Form 10-K is incorporated herein by reference from the information contained in the section "Relationship with Independent Accountants" in the 2009 Proxy Statement.                                                                        |

| Item 15.                                            | Exhibits and Financial Statement Schedules                                                                                                                                                                                                                                             |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         (a) | List of Financial Statements Filed as Part of This Report                                                                                                                                                                                                                              |
|                                                | The following financial statements are submitted herewith in response to Part II Item 8:                                                                                                                                                                                               |
|                                                | Consolidated Balance Sheets as of June 30, 2009 and 2008                                                                                                                                                                                                                               |
|                                                | Consolidated Statements of Income for the years ended June 30, 2009, 2008 and 2007                                                                                                                                                                                                     |
|                                                | Consolidated Statements of Changes in Stockholders' Equity for the years ended June 30, 2009, 2008 and 2007                                                                                                                                                                            |
|                                                | Consolidated Statements of Cash Flows for the years ended June 30, 2009, 2008 and 2007                                                                                                                                                                                                 |
|         (b) | Exhibits                                                                                                                                                                                                                                                                               |
|                                                | The exhibits listed below are filed herewith or are incorporated herein by reference to other filings.                                                                                                                                                                                 |
| 3.1                                                 | Conformed Articles of Incorporation of Northeast Bancorp, incorporated by reference to Exhibit 3.1 Northeast Bancorp’s Annual Report on Form 10-K for year ended June 30, 2007.                                                                                                  |
| 3.2                                                 | Bylaws of Northeast Bancorp, incorporated by reference to Exhibit 3.2 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                                                                           |
| 4.1                                                 | Form of Indenture with respect to Northeast Bancorp's Junior Subordinated Debentures, incorporated by reference to Exhibit 4.1 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission on October 12, 1999.    |
| 4.2                                                 | Form of Junior Subordinated Debentures (included in Exhibit 4.1), incorporated by reference to Exhibit 4.2 to Northeast Bancorp's Registration Statement of Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission on October 12, 1999.                        |
| 4.3                                                 | Trust Agreement of NBN Capital Trust (including Certificate of Trust of NBN Capital Trust), incorporated by reference to Exhibit 4.3 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission October 12, 1999. |
| 4.4                                                 | Form of Amended and Restated Trust Agreement of NBN Capital Trust, incorporated by reference to Exhibit 4.4 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission on October 12, 1999.                       |
| 4.5                                                 | Form of Preferred Securities of NBN Capital Trust (included in Exhibit 4.4), incorporated by reference to Exhibit 4.5 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission on October 12, 1999.             |
| 4.6                                                 | Form of Guarantee Agreement, incorporated by reference to Exhibit 4.6 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission on October 12, 1999.                                                             |
| 10.1                                                | 1987 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp), incorporated by reference to Bethel Bancorp's Registration Statement on Form S-1 (No. 33-12815), filed with the Securities and Exchange Commission.                                                    |
| 10.2                                                | 1989 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp) incorporated by reference to Exhibit 10.2 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                        |
| 10.3                                                | 1992 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp) incorporated by reference to Exhibit 10.3 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                        |
| 10.4                                                | 1999 Stock Option Plan of Northeast Bancorp, incorporated by reference to Exhibit 10.4 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                                                          |
| 10.5                                                | 2001 Stock Option Plan of Northeast Bancorp incorporated by reference to Northeast Bancorp's Registration Statement on Form S-8, filed with the Securities and Exchange Commission on March 31, 2002.                                                                                  |
| 11                                                  | Statement regarding computation of per share earnings is submitted herewith as Exhibit 11.                                                                                                                                                                                             |
| 21                                                  | A list of subsidiaries of Northeast Bancorp.                                                                                                                                                                                                                                           |
| 23                                                  | The Consent of Shatswell, MacLeod & Company,P.C.                                                                                                                                                                                                                                   |
| 31.1                                                | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                                                                                                                               |
| 31.2                                                | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                                                                                                                               |
| 32.1                                                | Certificate of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(b)). **                                                                        |
|                                                |                                                                                                                                                                                                                                                                                   |
|                                                |                                                                                                                                                                                                                                                                                   |
|                                                | With the exception of the information expressly incorporated herein by reference, the Company's 2009 Proxy Statement for the 2008 Annual Meeting of Shareholders is not to be deemed filed as part of this Annual Report on Form 10-K.                                                 |

| Date:  September 23, 2009 | By:  /s/ James D. Delamater |
|-------------------------------------|---------------------------------------|
|                                | James D. Delamater, President         |

|            Name |           Title          |           Date |
|------------------------------------------------------------------------|----------------------------------------------------------------------------|------------------------------------------------------------------|
| /s/ Conrad L. AyotteConrad L. Ayotte                                   | Director                                                                   | September 23, 2009                                               |
| /s/ James P. DayJames P. Day                                           | Director                                                                   | September 23, 2009                                               |
| /s/ James D. DelamaterJames D. Delamater                               | Director,President and ChiefExecutive Officer(Principal Executive Officer) | September 23, 2009                                               |
| /s/ Ronald J. GoguenRonald J. Goguen                                   | Director                                                                   | September 23, 2009                                               |
| /s/ Philip C. JacksonPhilip C. Jackson                                 | Director                                                                   | September 23, 2009                                               |
| /s/ Judith W. KelleyJudith W. Kelley                                   | Chairman of the Board                                                 | September 23, 2009                                               |
| /s/ Pender J. LazenbyPender J. Lazenby                                 | Director                                                                   | September 23, 2009                                               |
| /s/ John C. OrestisJohn C. Orestis                                     | Director                                                                   | September 23, 2009                                               |
| /s/ John RosmarinJohn Rosmarin                                         | Vice-Chairman of the Board                                                 | September 23, 2009                                               |
| /s/ John SchiaviJohn Schiavi                                           | Director                                                                   | September 23, 2009                                               |
| /s/ Stephen W. WightStephen W. Wight                                   | Director                                                                   | September 23, 2009                                               |
| /s/ Robert S. JohnsonRobert S. Johnson                                 | Chief Financial Officer(Principal Financial andAccounting Officer)         | September 23, 2009                                               |

| ExhibitNumber | Exhibit                                                                                                                                                                                                                                                               |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1           | Conformed Articles of Incorporation of Northeast Bancorp, incorporated by reference to Exhibit 3.1 Northeast Bancorp’s Annual Report on Form 10-K for year ended June 30, 2007.                                                                                 |
| 3.2           | Bylaws of Northeast Bancorp, incorporated by reference to Exhibit 3.2 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                                                          |
| 4.1           | Form of Indenture with respect to Northeast Bancorp's Junior Subordinated Debentures, incorporated by reference to Exhibit 4.1 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission.       |
| 4.2           | Form of Junior Subordinated Debentures (included in Exhibit 4.1), incorporated by reference to Exhibit 4.2 to Northeast Bancorp's Registration Statement of Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission.                           |
| 4.3           | Trust Agreement of NBN Capital Trust (including Certificate of Trust of NBN Capital Trust), incorporated by reference to Exhibit 4.3 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission. |
| 4.4           | Form of Amended and Restated Trust Agreement of NBN Capital Trust, incorporated by reference to Exhibit 4.4 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission.                          |
| 4.5           | Form of Preferred Securities of NBN Capital Trust (included in Exhibit 4.4), incorporated by reference to Exhibit 4.5 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission.                |
| 4.6           | Form of Guarantee Agreement, incorporated by reference to Exhibit 4.6 to Northeast Bancorp's Registration Statement on Form S-2 (No. 333-88853-01), filed with the Securities and Exchange Commission.                                                                |
| 10.1          | 1987 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp), incorporated by reference to Bethel Bancorp's Registration Statement on Form S-1 (No. 33-12815), filed with the Securities and Exchange Commission.                                   |
| 10.2          | 1989 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp) incorporated by reference to Exhibit 10.2 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                       |
| 10.3          | 1992 Stock Option Plan of Northeast Bancorp (formerly known as Bethel Bancorp) incorporated by reference to Exhibit 10.3 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                       |
| 10.4          | 1999 Stock Option Plan of Northeast Bancorp, incorporated by reference to Exhibit 10.4 Northeast Bancorp’s Annual Report on Form 10-K for the year ended June 30, 2007.                                                                                         |
| 10.5          | 2001 Stock Option Plan of Northeast Bancorp incorporated by reference to Northeast Bancorp's Registration Statement on Form S-8, filed with the Securities and Exchange Commission on March 31, 2002.                                                                 |
| 11            | Statement regarding computation of per share earnings is submitted herewith as Exhibit 11.                                                                                                                                                                            |
| 21            | A list of subsidiaries of Northeast Bancorp.                                                                                                                                                                                                                          |
| 23            | The Consent of Shatswell, MacLeod & Company, P.C.                                                                                                                                                                                                                 |
| 31.1          | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                                                                                                              |
| 31.2          | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                                                                                                              |
| 32.1          | Certificate of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(b)).                                                          |