| FOR IMMEDIATE RELEASE    For More Information:                                           |                                            |
|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
| Jim Delamater, President & CEONortheast Bank, 500 Canal Street, Lewiston, ME 04240 www.northeastbank.com | 1-800-284-5989 ext. 3569jdelamater@northeastbank.com |

|                                                 |   | Three Months Ended           |   |
|------------------------------------------------------|--------|------------------------------|--------|
|                                                 |   |  September 30           |   |
|                                                 |   |  2010    |   |   |  2009    |   |
| Earnings excluding intangible amortization           |   |                         |   |   |   |   |
| Net income                                           |   | $                            | 961    |   |   |   | 496 |   |
| Add back intangible expense, net of tax              |   |                         | 114    |   |   |   | 121 |   |
| Adjusted net income                                  |   | $                            | 1,075  |   |   |   | 617 |   |
|                                                 |   |                         |   |   |   |   |   |   |
| Adjusted net income available to common shareholders |   | $                            | 1,014  |   |   |   | 556 |   |
|                                                 |   |                         |   |   |   |   |   |   |
| Adjusted basic earnings per share                    |   | $                            | 0.44   |   |   |   | 0.24 |   |
| Adjusted diluted earnings per share                  |   | $                            | 0.43   |   |   |   | 0.24 |   |

| NORTHEAST BANCORP                                                    |   |
|----------------------------------------------------------------------|--------|
| (Dollars in Thousands, Except Per Share and Shares Outstanding Data) |   |
| (Unaudited)                                                          |   |
|                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Three Months Ended |   |   |   |   |
|                                                                 |   | September 30, |   |   | % |   |
|                                                                 |   | 2010    |   |   | 2009    |   |   | Change |   |
| Selected financial information                                       |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |
| Income statement data:                                               |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |
| Interest income                                                      |   | $ | 7,434 |   |   | $ | 7,892 |   |   |   | -6 | % |
| Interest expense                                                     |   |   | 3,108 |   |   |   | 3,664 |   |   |   | -15 | % |
| Net interest income                                                  |   |   | 4,326 |   |   |   | 4,228 |   |   |   | 2 | % |
| Provision for loan losses                                            |   |   | 459 |   |   |   | 423 |   |   |   | 9 | % |
| Net interest income after provision for loan losses                  |   |   | 3,867 |   |   |   | 3,805 |   |   |   | 2 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of loans                                                |   |   | 948 |   |   |   | 210 |   |   |   | 351 | % |
| Gain (loss) on securities, net                                       |   |   | 12 |   |   |   | 28 |   |   |   | 0 | % |
| Investment brokerage income                                          |   |   | 548 |   |   |   | 453 |   |   |   | 21 | % |
| Insurance agency income                                              |   |   | 1,439 |   |   |   | 1,584 |   |   |   | -9 | % |
| Other noninterest income                                             |   |   | 567 |   |   |   | 493 |   |   |   | 15 | % |
| Noninterest Income                                                   |   |   | 3,514 |   |   |   | 2,768 |   |   |   | 27 | % |
| Noninterest expense                                                  |   |   | 5,992 |   |   |   | 5,925 |   |   |   | 1 | % |
| Operating income before income tax                                   |   |   | 1,389 |   |   |   | 648 |   |   |   | 114 | % |
| Income tax expense                                                   |   |   | 428 |   |   |   | 152 |   |   |   | 182 | % |
| Net income                                                           |   | $ | 961 |   |   | $ | 496 |   |   |   | 94 | % |
| Net (loss) income available to common stockholders                   |   | $ | 900 |   |   | $ | 435 |   |   |   | 107 | % |
|                                                                 |   |   |   |   |   |   | - |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Per share data:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per common share                                      |   | $ | 0.39 |   |   | $ | 0.19 |   |   |   | 105 | % |
| Diluted earnings per common share                                    |   | $ | 0.38 |   |   | $ | 0.19 |   |   |   | 100 | % |
| Weighted average shares outstanding:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                |   |   | 2,329,098 |   |   |   | 2,321,332 |   |   |   | 0 | % |
| Diluted                                                              |   |   | 2,349,115 |   |   |   | 2,328,432 |   |   |   | 1 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Book value per common share                                          |   | $ | 20.16 |   |   | $ | 19.36 |   |   |   |   |   |
| Tangible book value per common share                                 |   | $ | 15.36 |   |   | $ | 13.93 |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest margin                                                  |   |   | 2.96 | % |   |   | 3.01 | % |   |   |   |   |
| Net interest spread                                                  |   |   | 2.78 | % |   |   | 2.83 | % |   |   |   |   |
| Return on average assets (annualized)                                |   |   | 0.61 | % |   |   | 0.33 | % |   |   |   |   |
| Return on equity (annualized)                                        |   |   | 7.40 | % |   |   | 4.10 | % |   |   |   |   |
| Tier I leverage ratio (Bank)                                         |   |   | 8.20 | % |   |   | 7.88 | % |   |   |   |   |
| Tier I risk-based capital ratio (Bank)                               |   |   | 12.82 | % |   |   | 11.36 | % |   |   |   |   |
| Total risk-based capital ratio (Bank)                                |   |   | 14.08 | % |   |   | 12.61 | % |   |   |   |   |
| Efficiency ratio                                                     |   |   | 76 | % |   |   | 84 | % |   |   |   |   |
| Nonperforming loans                                                  |   |   | 8,998 |   |   |   | 9,357 |   |   |   |   |   |
| Total nonperforming assets                                           |   |   | 9,972 |   |   |   | 9,891 |   |   |   |   |   |
| Nonperforming loans as a % of total loans                            |   |   | 2.38 | % |   |   | 2.40 | % |   |   |   |   |
| Nonperforming assets as a % of total assets                          |   |   | 1.59 | % |   |   | 1.64 | % |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   | September 30, |   |   | % |   |
|                                                                 |   |   | 2010    |   |   |   | 2009    |   |   | Change |   |
| Balance sheet highlights:                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale securities, at fair value                         |   | $ | 157,022 |   |   | $ | 160,231 |   |   |   | -2 | % |
| Loans held for sale                                                  |   |   | 5,736 |   |   |   | 3,564 |   |   |   | 61 | % |
| Loans                                                                |   |   | 378,326 |   |   |   | 390,244 |   |   |   | -3 | % |
| Allowance for loan losses                                            |   |   | 5,862 |   |   |   | 5,785 |   |   |   | 1 | % |
| Goodwill & intangibles                                           |   |   | 11,196 |   |   |   | 12,616 |   |   |   | -11 | % |
| Total assets                                                         |   |   | 628,813 |   |   |   | 604,431 |   |   |   | 4 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits:                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW and money market                                                 |   |   | 111,519 |   |   |   | 86,111 |   |   |   | 30 | % |
| Savings                                                              |   |   | 39,105 |   |   |   | 25,128 |   |   |   | 56 | % |
| Certificates of deposits                                             |   |   | 190,995 |   |   |   | 224,660 |   |   |   | -15 | % |
| Brokered time deposits                                               |   |   | 4,886 |   |   |   | 10,615 |   |   |   | -54 | % |
| Noninterest-bearing deposits                                         |   |   | 36,510 |   |   |   | 34,393 |   |   |   | 6 | % |
| Total deposits                                                       |   |   | 383,015 |   |   |   | 380,907 |   |   |   | 1 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Borrowings                                                           |   |   | 190,475 |   |   |   | 171,226 |   |   |   | 11 | % |
| Stockholders' equity                                                 |   |   | 51,259 |   |   |   | 49,172 |   |   |   | 4 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares outstanding                                                   |   |   | 2,331,332 |   |   |   | 2,321,332 |   |   |   | 0 | % |