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|NORTHEAST BANCORP                                                
|Exhibit 11. Statement Regarding Computation of Per Share Earnings
|                                                                  |                                                |  |                                               
|                                                                  | Three Months Ended                             |  | Three Months Ended                            
|                                                                  | March 31, 2002                                 |  | March 31, 2001                                
|                                                                  | ___________________                            |  | ___________________                           
|EQUIVALENT SHARES:                                                |                                                |  |                                               
|                                                                  |                                                |  |                                               
|Weighted Average Shares Outstanding                               | 2,594,666                                      |  | 2,655,362                                     
|                                                                  |                                                |  |                                               
|Total Diluted Shares                                              | 2,669,016                                      |  | 2,684,355                                     
|                                                                  |                                                |  |                                               
|Net Income                                                        | $                                   963,697    |  | $                                   931,689   
|                                                                  |                                                |  |                                               
|Basic Earnings Per Share                                          | $                                         0.37 |  | $                                         0.35
|                                                                  |                                                |  |                                               
|Diluted Earnings Per Share                                        | $                                         0.36 |  | $                                         0.35
|                                                                  |                                                |  |                                               
|                                                                  |                                                |  |                                               
|                                                                  | Nine Months Ended                              |  | Nine Months Ended                             
|                                                                  | March 31, 2002                                 |  | March 31, 2001                                
|                                                                  | ___________________                            |  | ___________________                           
|EQUIVALENT SHARES:                                                |                                                |  |                                               
|                                                                  |                                                |  |                                               
|Weighted Average Shares Outstanding                               | 2,583,312                                      |  | 2,669,296                                     
|                                                                  |                                                |  |                                               
|Total Diluted Shares                                              | 2,660,058                                      |  | 2,686,401                                     
|                                                                  |                                                |  |                                               
|Net Income                                                        | $                                2,924,422     |  | $                                2,723,536    
|                                                                  |                                                |  |                                               
|Basic Earnings Per Share                                          | $                                         1.13 |  | $                                         1.02
|                                                                  |                                                |  |                                               
|Diluted Earnings Per Share                                        | $                                         1.10 |  | $                                         1.01