| NORTHEAST                BANCORP                                                 |   |
|----------------------------------------------------------------------------------|--------|
| Exhibit                11. Statement Regarding Computation of Per Share Earnings |   |
|                                                                             |   |   |   |   |   |
|                                                                             |   | Three                Months Ended |   | Three                Months Ended |   |
|                                                                             |   | December                31, 2006 |   | December                31, 2005 |   |
| EQUIVALENT                SHARES:                                                |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |
| Weighted                Average Shares Outstanding                               |   |   | 2,452,529 |   |   | 2,526,017 |   |
|                                                                             |   |   |   |   |   |   |   |
| Total                Diluted Shares                                              |   |   | 2,471,365 |   |   | 2,556,492 |   |
|                                                                             |   |   |   |   |   |   |   |
| Net                Income                                                        |   | $ | 417,356 |   | $ | 1,071,196 |   |
|                                                                             |   |   |   |   |   |   |   |
| Basic                Earnings Per Share                                          |   | $ | 0.17 |   | $ | 0.42 |   |
|                                                                             |   |   |   |   |   |   |   |
| Diluted                Earnings Per Share                                        |   | $ | 0.17 |   | $ | 0.42 |   |

|                                                 |   | Six                  Months Ended  |      | Six                  Months Ended  |   |
|------------------------------------------------------|--------|------------------------------------|-----------|------------------------------------|--------|
|                                                 |   | December                  31, 2006 |      | December                  31, 2005 |   |
| EQUIVALENT                  SHARES:                  |   |                               |      |                               |   |
|                                                 |   |                               |      |                               |   |   |   |
| Weighted                  Average Shares Outstanding |   |                               | 2,450,646 |                               |   | 2,524,335 |   |
|                                                 |   |                               |      |                               |   |   |   |
| Total                  Diluted Shares                |   |                               | 2,470,994 |                               |   | 2,555,845 |   |
|                                                 |   |                               |      |                               |   |   |   |
| Net                  Income                          |   | $                                  | 872,023   |                               | $      | 2,113,293 |   |
|                                                 |   |                               |      |                               |   |   |   |
| Basic                  Earnings Per Share            |   | $                                  | 0.36      |                               | $      | 0.84 |   |
|                                                 |   |                               |      |                               |   |   |   |
| Diluted                  Earnings Per Share          |   | $                                  | 0.35      |                               | $      | 0.83 |   |