Exhibit 11. Statement Regarding Computation of Per Share Earnings



|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|--------------------------------------------------------------------------------- |  | -------------------------- | --------- | - |  |  | -------------------------- | - | --------- | ------------------------------ |  | - | --------- | -
|                                                                                  |  | SuccessorCompany           |           |   |  |  | Predecessor Company        |  
|                                                                                  |  | 184 DaysEndedJune 30, 2011 |           |   |  |  | 181 DaysEndedDec. 28, 2010 |   |           | TwelveMonthsEndedJune 30, 2010 | 
|                                                                                  | 
|                                                                                  |  | (Dollars in Thousands)     |          
|Earnings per common share                                                         |  |                            |           |  
|Net Income                                                                        |  | $                          | 12,552    |   |  |  |                            | $ | 1,796     |                                |  | $ | 1,719     |  
|Preferred stock dividends                                                         |  |                            | (107      | ) |  |  |                            |   | (104      | )                              |  |   | (211      | )
|Accretion of preferred stock                                                      |  |                            | (87       | ) |  |  |                            |   | (13       | )                              |  |   | (27       | )
|Amortization of issuance costs                                                    |  |                            | (3        | ) |  |  |                            |   | (2        | )                              |  |   | (5        | )
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Net income available to common shareholders                                       |  | $                          | 12,355    |   |  |  |                            | $ | 1,677     |                                |  | $ | 1,476     |  
|Dividends and undistributed earnings allocated to unvested shares of stock awards |  |                            | (46       | ) |  |  |                            |   |          |                                |  |   |          |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Net income applicable to common shareholders                                      |  | $                          | 12,309    |   |  |  |                            | $ | 1,677     |                                |  | $ | 1,476     |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Average common shares issued and outstanding                                      |  |                            | 3,492,933 |   |  |  |                            |   | 2,330,197 |                                |  |   | 2,321,894 |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Earnings per common share                                                         |  | $                          | 3.52      |   |  |  |                            | $ | 0.72      |                                |  | $ | 0.64      |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|                                                                                  |  |                            |           |  
|Diluted earnings per Common share                                                 |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Net income applicable to common shareholders                                      |  | $                          | 12,355    |   |  |  |                            | $ | 1,677     |                                |  | $ | 1,476     |  
|Dividends and undistributed earnings allocated to unvested shares of stock awards |  |                            | (46       | ) |  |  |                            |   |          |                                |  |   |          |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Net income available to common shareholders                                       |  | $                          | 12,309    |   |  |  |                            | $ | 1,677     |                                |  | $ | 1,476     |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Average common shares issued and outstanding                                      |  |                            | 3,492,933 |   |  |  |                            |   | 2,330,197 |                                |  |   | 2,321,894 |  
|Dilutive effect of stock options                                                  |  |                            | 30,582    |   |  |  |                            |   | 1,714     |                                |  |   | 3,685     |  
|Dilutive effect of warrants                                                       |  |                            | 24,649    |   |  |  |                            |   | 22,474    |                                |  |   | 8,760     |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Total diluted average common shares issued and outstanding                        |  |                            | 3,548,164 |   |  |  |                            |   | 2,354,385 |                                |  |   | 2,334,339 |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  
|Diluted earnings per common share                                                 |  | $                          | 3.47      |   |  |  |                            | $ | 0.71      |                                |  | $ | 0.63      |  
|                                                                                  |  |                            |           |   |  |  |                            |   |           |                                |  |   |           |  



|(1) | Successor Company means Northeast Bancorp and its subsidiary after the closing of the merger with FHB Formation on LLC on December 29, 2010.
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|(2) | Predecessor Company means Northeast Bancorp and its subsidiary before the closing of the merger with FHB Formation LLC on December 29, 2010.
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