NORTHEAST BANCORP AND SUBSIDIARY
       Exhibit 11.  Statement Regarding Computation of Per Share Earnings      
                                     
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                                       Three Months Ended   Three Months Ended 
                                        December 31, 1996    December 31, 1995 
                                       -------------------  -------------------
<S>                                    <C>                  <C>                
EQUIVALENT SHARES:                                                             
                                                                               
Average Shares Outstanding                     1,231,547            1,195,685  
                                                                               
Total Equivalent Shares                        1,231,547            1,195,685  
Total Primary Shares                           1,338,846            1,293,424  
Total Fully Diluted Shares                     1,575,787            1,529,798  
                                                                               
Net Income                             $         528,160    $         443,436  
Less Preferred Stock Dividend                     35,000               35,000  
                                       -------------------  -------------------
Net Income after Preferred Dividend    $         493,160    $         408,436  
                                       ===================  ===================
                                                                               
Primary Earnings Per Share             $             0.37   $             0.32 
Fully Diluted Earnings Per Share       $             0.33   $             0.29 
                                                                               
                                                                               
                                        Six Months Ended     Six Months Ended  
                                        December 31, 1996    December 31,1995
                                       -------------------  -------------------
EQUIVALENT SHARES:                                                             
                                                                               
Average Shares Outstanding                     1,231,421            1,157,967  
                                                                               
Total Equivalent Shares                        1,231,421            1,157,967  
Total Primary Shares                           1,334,738            1,252,857  
Total Fully Diluted Shares                     1,575,661            1,492,080  
                                                                               
Net Income                             $         711,421    $         865,073  
Less Preferred Stock Dividend                     69,999               69,999  
                                       -------------------  -------------------
Net Income after Preferred Dividend    $         641,422    $         795,074  
                                       ===================  ===================
                                                                               
Primary Earnings Per Share             $             0.48   $             0.64 
Fully Diluted Earnings Per Share       $             0.45   $             0.58 

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