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|NORTHEAST BANCORP                                                
|Exhibit 11. Statement Regarding Computation of Per Share Earnings
|                                                                  |                      |  |                     
|                                                                  | Three Months Ended   |  | Three Months Ended  
|                                                                  | March 31, 2003       |  | March 31, 2002      
|                                                                  | ___________________  |  | ___________________ 
|EQUIVALENT SHARES:                                                |                      |  |                     
|                                                                  |                      |  |                     
|Weighted Average Shares Outstanding                               | 2,645,827            |  | 2,594,666           
|                                                                  |                      |  |                     
|Total Diluted Shares                                              | 2,687,411            |  | 2,669,016           
|                                                                  |                      |  |                     
|Net Income                                                        | $   
  1,076,026     |  | $     
  963,697    
|                                                                  |                      |  |                     
|Basic Earnings Per Share                                          | $            
  0.41 |  | $           
  0.37 
|                                                                  |                      |  |                     
|Diluted Earnings Per Share                                        | $            
  0.40 |  | $           
  0.36 
|                                                                  |                      |  |                     
|                                                                  |                      |  |                     
|                                                                  | Nine Months Ended    |  | Nine Months Ended   
|                                                                  | March 31, 2003       |  | March 31, 2002      
|                                                                  | ___________________  |  | ___________________ 
|EQUIVALENT SHARES:                                                |                      |  |                     
|                                                                  |                      |  |                     
|Weighted Average Shares Outstanding                               | 2,646,954            |  | 2,583,312           
|                                                                  |                      |  |                     
|Total Diluted Shares                                              | 2,686,567            |  | 2,660,058           
|                                                                  |                      |  |                     
|Net Income                                                        | $   
  2,894,947     |  | $   
  2,924,422    
|                                                                  |                      |  |                     
|Basic Earnings Per Share                                          | $            
  1.09 |  | $            
  1.13
|                                                                  |                      |  |                     
|Diluted Earnings Per Share                                        | $            
  1.08 |  | $            
  1.10