| For      the quarterly period ended | September      30, 2008 |
|-------------------------------------|-------------------------|

| Commission      File Number | 1-14588 |
|-----------------------------|---------|

| Maine                                                               |   | 01-0425066                                      |
|---------------------------------------------------------------------|--------|-------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (I.R.S.      Employer Identification No.)  |
| 500      Canal Street, Lewiston, Maine                              |   | 04240                                           |
| (Address      of Principal executive offices)                       |   | (Zip      Code)                                 |

----

| Part I.  | Financial      Information |
|----------|----------------------------|
|     | Item      1.               | Consolidated      Financial Statements |
|     |                       |   |
|     |                       | Consolidated Balance SheetsSeptember      30, 2008 (Unaudited) and June 30, 2008 |
|     |                       |   |
|     |                       | Consolidated Statements of Income (Unaudited)Three      Months Ended September 30, 2008 and 2007 |
|     |                       |   |
|     |                       | Consolidated Statements of Changes in Stockholders'      Equity (Unaudited)Three      Months Ended September 30, 2008 and 2007 |
|     |                       |   |
|     |                       | Consolidated Statements of Cash Flows      (Unaudited)Three      Months Ended September 30, 2008 and 2007 |
|     |                       |   |
|     |                       | Notes to Consolidated Financial Statements      (Unaudited) |
|     |                       |   |
|     | Item 2.                    | Management's      Discussion and Analysis of Results of Operations and Financial      Condition |
|     |                       |   |
|     | Item 3.                    | Quantitative      and Qualitative Disclosure about Market Risk |
|     |                       |   |
|     | Item 4T.                   | Controls      and Procedures |
|     |                       |
| Part II. | Other      Information     |
|     |                       |   |
|     | Item 1.                    | Legal      Proceedings |
|     |                       |   |
|     | Item 1.a.                  | Risk      Factors |
|     |                       |   |
|     | Item      2.c.             | Unregistered      Sales of Equity Securities and Use of Proceeds |
|     |                       |   |
|     | Item 3.                    | Defaults      Upon Senior Securities |
|     |                       |   |
|     | Item 4.                    | Submission      of Matters to a Vote of Security Holders |
|     |                       |   |
|     | Item 5.                    | Other      Information |
|     |                       |   |
|     | Item 6.                    | Exhibits |

----

| PART 1 - FINANCIAL INFORMATION                                                                                   |   |
|------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                             |   |   |   |   |   |   |
| Item      1.  Financial Statements                                                                     |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |
| NORTHEAST      BANCORP AND SUBSIDIARY                                                                            |   |
| Consolidated Balance Sheets                                                                                      |   |
|                                                                                                             |   |   |   |   |   |   |
|                                                                                                             |   | September      30, |   |   | June      30, |   |
|                                                                                                             |   | 2008 |   |   | 2008 |   |
|                                                                                                             |   | (Unaudited) |   |   | (Audited) |   |
| Assets                                                                                                           |   |   |   |   |   |   |
| Cash      and due from banks                                                                                     |   | $ | 6,294,856 |   |   | $ | 9,077,012 |   |
| Interest-bearing      deposits                                                                                   |   |   | 4,493,485 |   |   |   | 3,466,969 |   |
| Total      cash and cash equivalents                                                                             |   |   | 10,788,341 |   |   |   | 12,543,981 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Available-for-sale      securities, at fair value                                                                |   |   | 143,444,635 |   |   |   | 134,482,977 |   |
| Loans      held-for-sale                                                                                         |   |   | 1,046,246 |   |   |   | 485,580 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Loans      receivable                                                                                            |   |   | 408,758,630 |   |   |   | 409,193,969 |   |
| Less      allowance for loan losses                                                                              |   |   | 5,656,000 |   |   |   | 5,656,000 |   |
| Net      loans                                                                                                   |   |   | 403,102,630 |   |   |   | 403,537,969 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Premises      and equipment, net                                                                                 |   |   | 9,174,192 |   |   |   | 8,683,569 |   |
| Acquired      assets, net                                                                                        |   |   | 478,663 |   |   |   | 678,350 |   |
| Accrued      interest receivable                                                                                 |   |   | 2,275,169 |   |   |   | 2,291,314 |   |
| Federal      Home Loan Bank stock, at cost                                                                       |   |   | 4,889,400 |   |   |   | 4,889,400 |   |
| Federal      Reserve Bank stock, at cost                                                                         |   |   | 471,500 |   |   |   | 471,500 |   |
| Goodwill                                                                                                         |   |   | 4,390,340 |   |   |   | 4,390,340 |   |
| Intangible      assets, net of accumulated amortization of $1,836,772 at 09/30/08 and      $1,642,140 at 6/30/08 |   |   | 8,249,792 |   |   |   | 8,444,424 |   |
| Bank      owned life insurance                                                                                   |   |   | 12,415,417 |   |   |   | 12,292,216 |   |
| Other      assets                                                                                                |   |   | 4,443,276 |   |   |   | 5,082,030 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Total      assets                                                                                                |   | $ | 605,169,601 |   |   | $ | 598,273,650 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Liabilities      and Stockholders' Equity                                                                        |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                     |   |   |   |   |   |   |   |   |
| Deposits                                                                                                         |   |   |   |   |   |   |   |   |
| Demand                                                                                                           |   | $ | 37,878,809 |   |   | $ | 35,142,661 |   |
| NOW                                                                                                              |   |   | 46,524,237 |   |   |   | 47,977,659 |   |
| Money      market                                                                                                |   |   | 23,171,900 |   |   |   | 22,160,816 |   |
| Regular      savings                                                                                             |   |   | 20,123,131 |   |   |   | 19,905,507 |   |
| Brokered      time deposits                                                                                      |   |   | 12,603,558 |   |   |   | 12,596,615 |   |
| Certificates      of deposit                                                                                     |   |   | 216,290,812 |   |   |   | 225,590,513 |   |
| Total      deposits                                                                                              |   |   | 356,592,447 |   |   |   | 363,373,771 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Federal      Home Loan Bank advances                                                                             |   |   | 66,480,000 |   |   |   | 90,575,000 |   |
| Structured      repurchase agreements                                                                            |   |   | 60,000,000 |   |   |   | 40,000,000 |   |
| FRB      borrower-in-custody account                                                                             |   |   | 15,000,000 |   |   |   | - |   |
| Short-term      borrowings                                                                                       |   |   | 39,641,911 |   |   |   | 32,840,837 |   |
| Junior      subordinated debentures issued to affiliated trusts                                                  |   |   | 16,496,000 |   |   |   | 16,496,000 |   |
| Capital      lease obligation                                                                                    |   |   | 2,855,187 |   |   |   | 2,891,022 |   |
| Other      borrowings                                                                                            |   |   | 3,919,955 |   |   |   | 4,026,885 |   |
| Due      to broker                                                                                               |   |   | - |   |   |   | 4,934,931 |   |
| Other      liabilities                                                                                           |   |   | 2,859,655 |   |   |   | 2,861,892 |   |
| Total      liabilities                                                                                           |   |   | 563,845,155 |   |   |   | 558,000,338 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Commitments      and contingent liabilities                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Stockholders'      equity                                                                                        |   |   |   |   |   |   |   |   |
| Preferred      stock, $1.00 par value, 1,000,000 shares authorized; none      issued                             |   |   | - |   |   |   | - |   |
| Common      stock, at stated value, 15,000,000 shares authorized; 2,321,182      and                             |   |   |   |   |   |   |   |   |
| 2,315,182      shares outstanding at September 30, 2008 and June 30, 2008,      respectively                     |   |   | 2,321,182 |   |   |   | 2,315,182 |   |
| Additional      paid-in capital                                                                                  |   |   | 2,626,770 |   |   |   | 2,582,270 |   |
| Retained      earnings                                                                                           |   |   | 36,541,366 |   |   |   | 36,679,932 |   |
| Accumulated      other comprehensive loss                                                                        |   |   | (164,872 | ) |   |   | (1,304,072 | ) |
| Total      stockholders' equity                                                                                  |   |   | 41,324,446 |   |   |   | 40,273,312 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Total      liabilities and stockholders' equity                                                                  |   | $ | 605,169,601 |   |   | $ | 598,273,650 |   |

----

| NORTHEAST      BANCORP AND SUBSIDIARY                                                              |   |
|----------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Income                                                                  |   |
| (Unaudited)                                                                                        |   |
|                                                                                               |   |   |   |   |   |   |
|                                                                                               |   | Three      Months Ended |   |
|                                                                                               |   | September      30, |   |
|                                                                                               |   | 2008 |   |   | 2007 |   |
| Interest      and dividend income:                                                                 |   |   |   |   |   |   |
| Interest      on loans                                                                             |   | $ | 6,801,248 |   |   | $ | 7,723,178 |   |
| Interest      on Federal Home Loan Bank overnight deposits                                         |   |   | - |   |   |   | 10,909 |   |
| Taxable      interest on available-for-sale securities                                             |   |   | 1,619,925 |   |   |   | 973,414 |   |
| Tax-exempt      interest on available-for-sale securities                                          |   |   | 114,525 |   |   |   | 111,123 |   |
| Dividends      on available-for-sale securities                                                    |   |   | 11,710 |   |   |   | 32,779 |   |
| Dividends      on Federal Home Loan Bank  and Federal Reserve      Bank  stock |   |   | 44,143 |   |   |   | 85,283 |   |
| Other      interest and dividend income                                                            |   |   | 3,196 |   |   |   | 20,201 |   |
| Total      interest and dividend income                                                            |   |   | 8,594,747 |   |   |   | 8,956,887 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Interest      expense:                                                                             |   |   |   |   |   |   |   |   |
| Deposits                                                                                           |   |   | 2,537,536 |   |   |   | 3,414,576 |   |
| Federal      Home Loan Bank advances                                                               |   |   | 769,722 |   |   |   | 1,094,174 |   |
| Structured      repurchase agreements                                                              |   |   | 658,034 |   |   |   | 125,989 |   |
| Short-term      borrowings                                                                         |   |   | 217,458 |   |   |   | 372,425 |   |
| Junior      subordinated debentures issued to affiliated trusts                                    |   |   | 253,259 |   |   |   | 273,480 |   |
| FRB      Borrower-in-Custody                                                                       |   |   | 12,094 |   |   |   | 7,877 |   |
| Obligation      under capital lease agreements                                                     |   |   | 39,950 |   |   |   | 33,441 |   |
| Other      borrowings                                                                              |   |   | 65,487 |   |   |   | 42,078 |   |
| Total      interest expense                                                                        |   |   | 4,553,540 |   |   |   | 5,364,040 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Net      interest and dividend income before provision for loan    losses                          |   |   | 4,041,207 |   |   |   | 3,592,847 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Provision      for loan losses                                                                     |   |   | 520,724 |   |   |   | 190,283 |   |
| Net      interest and dividend income after provision for loan    losses                           |   |   | 3,520,483 |   |   |   | 3,402,564 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Noninterest      income:                                                                           |   |   |   |   |   |   |   |   |
| Fees      for other services to customers                                                          |   |   | 311,271 |   |   |   | 273,613 |   |
| Net      securities losses                                                                         |   |   | (108,127 | ) |   |   | (5,937 | ) |
| Gain      on sales of loans                                                                        |   |   | 111,325 |   |   |   | 152,956 |   |
| Investment      commissions                                                                        |   |   | 420,702 |   |   |   | 398,010 |   |
| Insurance      commissions                                                                         |   |   | 1,517,447 |   |   |   | 866,042 |   |
| BOLI      income                                                                                   |   |   | 123,201 |   |   |   | 111,766 |   |
| Other  income                                                                            |   |   | 184,828 |   |   |   | 192,924 |   |
| Total      noninterest income                                                                      |   |   | 2,560,647 |   |   |   | 1,989,374 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Noninterest      expense:                                                                          |   |   |   |   |   |   |   |   |
| Salaries      and employee benefits                                                                |   |   | 3,443,918 |   |   |   | 2,861,145 |   |
| Occupancy      expense                                                                             |   |   | 440,464 |   |   |   | 411,007 |   |
| Equipment      expense                                                                             |   |   | 410,933 |   |   |   | 379,380 |   |
| Intangible      assets amortization                                                                |   |   | 194,632 |   |   |   | 103,537 |   |
| Other                                                                                              |   |   | 1,598,895 |   |   |   | 1,086,535 |   |
|   Total      noninterest expense                                                         |   |   | 6,088,842 |   |   |   | 4,841,604 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| (Loss)      Income before income tax (benefit) expense                                             |   |   | (7,712 | ) |   |   | 550,334 |   |
| Income      tax (benefit) expense                                                                  |   |   | (76,828 | ) |   |   | 119,769 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Net      income                                                                                    |   | $ | 69,116 |   |   | $ | 430,565 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Earnings      per common share:                                                                    |   |   |   |   |   |   |   |   |
|  Basic                                                                                        |   | $ | 0.03 |   |   | $ | 0.18 |   |
|  Diluted                                                                                      |   | $ | 0.03 |   |   | $ | 0.18 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Net      interest margin (tax equivalent basis)                                                    |   |   | 2.92 | % |   |   | 2.75 | % |
| Net      interest spread (tax equivalent basis)                                                    |   |   | 2.69 | % |   |   | 2.42 | % |
| Return      on average assets (annualized)                                                         |   |   | 0.05 | % |   |   | 0.31 | % |
| Return      on average equity (annualized)                                                         |   |   | 0.68 | % |   |   | 4.17 | % |
| Efficiency      ratio                                                                              |   |   | 92 | % |   |   | 87 | % |

----

| NORTHEAST      BANCORP AND SUBSIDIARY                           |   |
|-----------------------------------------------------------------|--------|
| Consolidated Statements of Changes in Stockholders'      Equity |   |
| Three      Months Ended September 30, 2008 and 2007             |   |
| (Unaudited)                                                     |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |
|                                                            |   |   |   |   |   |   |   | Additional |   |   |   |   |   | Other |   |   |   |   |
|                                                            |   | Preferred |   |   | Common |   |   | Paid-in |   |   | Retained |   |   | Comprehensive |   |   |   |   |
|                                                            |   | Stock |   |   | Stock |   |   | Capital |   |   | Earnings |   |   | (Loss) |   |   | Total |   |
| Balance      at June 30, 2007                                   |   | $ | - |   |   | $ | 2,448,832 |   |   | $ | 4,715,164 |   |   | $ | 35,600,428 |   |   | $ | (1,914,546 | ) |   | $ | 40,849,878 |   |
| Net      income for three months ended 09/30/07                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 430,565 |   |   |   |   |   |   |   | 430,565 |   |
| Other      comprehensive income net of tax:                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      unrealized gain on investments available               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      sale, net of reclassification adjustment   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 964,552 |   |   |   | 964,552 |   |
| Total      comprehensive income                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,395,117 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends      on common stock at $0.09 per share               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (220,736 | ) |   |   |   |   |   |   | (220,736 | ) |
| Common      stock re-purchased                                  |   |   |   |   |   |   | (77,500 | ) |   |   | (1,305,625 | ) |   |   |   |   |   |   |   |   |   |   | (1,383,125 | ) |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2007                              |   | $ | - |   |   | $ | 2,371,332 |   |   | $ | 3,409,539 |   |   | $ | 35,810,257 |   |   | $ | (949,994 | ) |   | $ | 40,641,134 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008                                   |   | $ | - |   |   | $ | 2,315,182 |   |   | $ | 2,582,270 |   |   | $ | 36,679,932 |   |   | $ | (1,304,072 | ) |   | $ | 40,273,312 |   |
| Net      income for three months ended 09/30/08                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 69,116 |   |   |   |   |   |   |   | 69,116 |   |
| Other      comprehensive income net of tax:                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      unrealized gain on investments available               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      sale, net of reclassification adjustment   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,139,200 |   |   |   | 1,139,200 |   |
| Total      comprehensive income                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,208,316 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends      on common stock at $0.09 per share               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (207,682 | ) |   |   |   |   |   |   | (207,682 | ) |
| Stock      options exercised                                    |   |   |   |   |   |   | 6,000 |   |   |   | 44,500 |   |   |   |   |   |   |   |   |   |   |   | 50,500 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at September 30, 2008                              |   | $ | - |   |   | $ | 2,321,182 |   |   | $ | 2,626,770 |   |   | $ | 36,541,366 |   |   | $ | (164,872 | ) |   | $ | 41,324,446 |   |

----

| NORTHEAST      BANCORP AND SUBSIDIARY                                                                            |   |
|------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows                                                                            |   |
| (Unaudited)                                                                                                      |   |
|                                                                                                             |   |   |   |   |   |   |
|                                                                                                             |   | Three      Months Ended |   |
|                                                                                                             |   | September      30, |   |
|                                                                                                             |   | 2008 |   |   | 2007 |   |
| Cash      provided by operating activities:                                                                      |   | $ | 404,259 |   |   | $ | 447,793 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                       |   |   |   |   |   |   |   |   |
| Available-for-sale      securities purchased                                                                     |   |   | (16,215,528 | ) |   |   | (25,540,529 | ) |
| Available-for-sale      securities matured                                                                       |   |   | 3,458,681 |   |   |   | 3,440,048 |   |
| Available-for-sale      securities sold                                                                          |   |   | 249,974 |   |   |   | 395,695 |   |
| Net      change in loans                                                                                         |   |   | 285,678 |   |   |   | 4,366,136 |   |
| Net      capital expenditures                                                                                    |   |   | (781,094 | ) |   |   | (111,003 | ) |
| Proceeds      from sale of aquired assets                                                                        |   |   | 217,587 |   |   |   | - |   |
| Cash      paid in connection with acquisition of insurance agency                                                |   |   | - |   |   |   | (425,250 | ) |
| Net      cash used in investing activities                                                                       |   |   | (12,784,702 | ) |   |   | (17,874,903 | ) |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                       |   |   |   |   |   |   |   |   |
| Net      change in deposits                                                                                      |   |   | (6,781,324 | ) |   |   | (3,540,982 | ) |
| Net      change in short-term borrowings                                                                         |   |   | 6,801,074 |   |   |   | (1,420,092 | ) |
| Dividends      paid                                                                                              |   |   | (207,682 | ) |   |   | (220,736 | ) |
| Proceeds      from stock option exercised                                                                        |   |   | 50,500 |   |   |   | - |   |
| Common      stock repurchased                                                                                    |   |   | - |   |   |   | (1,383,125 | ) |
| Advances      from the Federal Home Loan Bank                                                                    |   |   | 5,000,000 |   |   |   | - |   |
| Repayment      of advances from the Federal Home Loan Bank                                                       |   |   | (10,000,000 | ) |   |   | (8,211,517 | ) |
| Net      advances on Federal Home Loan Bank overnight advances                                                   |   |   | (19,095,000 | ) |   |   | 435,000 |   |
| Structured      repurchase agreements                                                                            |   |   | 20,000,000 |   |   |   | 30,000,000 |   |
| FRB      borrower-in-custody                                                                                     |   |   | 15,000,000 |   |   |   | - |   |
| Repayment      on debt from insurance agencies acquisitions                                                      |   |   | (106,930 | ) |   |   | (25,106 | ) |
| Repayment      on capital lease obligation                                                                       |   |   | (35,835 | ) |   |   | (32,625 | ) |
| Net      cash provided by financing activities                                                                   |   |   | 10,624,803 |   |   |   | 15,600,817 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Net      decrease cash and cash equivalents                                                                      |   |   | (1,755,640 | ) |   |   | (1,826,293 | ) |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                                                              |   |   | 12,543,981 |   |   |   | 10,741,721 |   |
| Cash      and cash equivalents, end of period                                                                    |   | $ | 10,788,341 |   |   | $ | 8,915,428 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents include cash on hand, amounts due from banks, and      interest-bearing deposits. |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Supplemental      schedule of noncash activities:                                                                |   |   |   |   |   |   |   |   |
| Transfer      from loans to aquired assets and other real estate owned                                           |   | $ | 101,283 |   |   | $ | - |   |
| Net      change in valuation for unrealized gains/losses, net of income      tax,                                |   |   |   |   |   |   |   |   |
|   on      available-for-sale securities                                                                |   | $ | 1,139,200 |   |   | $ | 964,552 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Supplemental      disclosures of cash paid during the period for:                                                |   |   |   |   |   |   |   |   |
| Income      taxes paid, net of refunds                                                                           |   | $ | 60,000 |   |   | $ | 220,000 |   |
| Interest      paid                                                                                               |   |   | 4,553,700 |   |   |   | 5,306,321 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Insurance      Agency acquisitions - see Note 10                                                                 |   |   |   |   |   |   |   |   |

----

Notes to Consolidated Financial Statements

| Affiliated      Trusts    |   | TrustPreferredSecurities |       |   | CommonSecurities |   |    | JuniorSubordinatedDebentures |   |   | InterestRate |   | Maturity      Date |
|------------------------------------------|--------|--------------------------|------------|--------|------------------|--------|---------|------------------------------|--------|--------|--------------|--------|--------------------|
| NBN  Capital      Trust II     |   | $                        | 3,000,000  |   |             | $      | 93,000  |                         |   | $      | 3,093,000    |   |               |   | 6.56 | % | March      30, 2034  |
| NBN  Capital      Trust III    |   |                     | 3,000,000  |   |             |   | 93,000  |                         |   |   | 3,093,000    |   |               |   | 6.50 | % | March      30, 2034  |
| NBN  Capital      Trust IV     |   |                     | 10,000,000 |   |             |   | 310,000 |                         |   |   | 10,310,000   |   |               |   | 5.88 | % | February      23, 2035  |
|      Total      |   | $                        | 16,000,000 |   |             | $      | 496,000 |                         |   | $      | 16,496,000   |   |               |   | 6.12 | % |   |

|                                           |   | September      30,2008 |        |   | June      30,2008 |   |
|------------------------------------------------|--------|------------------------|-------------|--------|-------------------|--------|
| Residential      real estate                   |   | $                      | 139,829,532 |   |              | $      | 140,244,226 |   |
| Commercial      real estate                    |   |                   | 113,620,250 |   |              |   | 111,222,848 |   |
| Construction                                   |   |                   | 5,569,819   |   |              |   | 4,536,974 |   |
| Commercial                                     |   |                   | 29,810,549  |   |              |   | 33,516,315 |   |
| Consumer      & Other                      |   |                   | 117,350,011 |   |              |   | 117,046,759 |   |
|      Total            |   |                   | 406,180,161 |   |              |   | 406,567,122 |   |
| Net      Deferred Costs                        |   |                   | 2,578,469   |   |              |   | 2,626,847 |   |
|      Total      Loans |   | $                      | 408,758,630 |   |              | $      | 409,193,969 |   |

----

|                                            |   | Three      months EndedSeptember      30, |      |
|-------------------------------------------------|--------|-------------------------------------------|-----------|
|                                            |   | 2008                                      |      |   | 2007 |   |
| Balance      at beginning of period             |   | $                                         | 5,656,000 |   |   | $ | 5,756,000 |   |
| Add      provision charged to operations        |   |                                      | 520,724   |   |   |   | 190,283 |   |
| Recoveries      on loans previously charged off |   |                                      | 31,533    |   |   |   | 17,788 |   |
|                                            |   |                                      | 6,208,257 |   |   |   | 5,964,071 |   |
| Less      loans charged off                     |   |                                      | 552,257   |   |   |   | 208,071 |   |
| Balance      at end of period                   |   | $                                         | 5,656,000 |   |   | $ | 5,756,000 |   |

|                                                                            |   | September      30, 2008 |            |   | June      30, 2008 |   |
|---------------------------------------------------------------------------------|--------|-------------------------|-----------------|--------|--------------------|--------|
|                                                                            |   | AmortizedCost           |            |   | FairValue          |   |   | AmortizedCost |   |   | FairValue |   |
| Debt      securities issued by U. S.      Government-sponsored enterprises |   | $                       |  1,394,383 |   |               | $      |  1,325,040 |   |   | $ | 1,394,087 |   |   | $ | 1,313,124 |   |
| Mortgage-backed      securities                                                 |   |                    | 128,313,199     |   |               |   | 129,341,441 |   |   |   | 120,695,852 |   |   |   | 119,600,353 |   |
| Municipal      bonds                                                            |   |                    | 11,272,486      |   |               |   | 10,881,530 |   |   |   | 11,274,516 |   |   |   | 11,112,247 |   |
| Corporate      bonds                                                            |   |                    | 500,000         |   |               |   | 459,237 |   |   |   | 500,000 |   |   |   | 481,768 |   |
| Equity      securities                                                          |   |                    | 2,214,372       |   |               |   | 1,437,387 |   |   |   | 2,594,389 |   |   |   | 1,975,485 |   |
|                                                                            |   | $                       | 143,694,440     |   |               | $      | 143,444,635 |   |   | $ | 136,458,844 |   |   | $ | 134,482,977 |   |

|                                                                                                        |   | September      30, 2008 |        |   | June      30, 2008 |   |
|-------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|--------------------|--------|
|                                                                                                        |   | Amortized Cost     |        |   | FairValue          |   |   | AmortizedCost |   |   | FairValue |   |
| Due      in one year or less                                                                                |   | $                       | -           |   |               | $      | - |   |   | $ | - |   |   | $ | - |   |
| Due      after one year through five years                                                                  |   |                    | 500,000     |   |               |   | 459,237 |   |   |   | 500,000 |   |   |   | 481,768 |   |
| Due      after five years through ten years                                                                 |   |                    | 215,385     |   |               |   | 205,097 |   |   |   | 215,396 |   |   |   | 215,432 |   |
| Due      after ten years                                                                                    |   |                    | 12,451,484  |   |               |   | 12,001,473 |   |   |   | 12,453,207 |   |   |   | 12,209,939 |   |
| Mortgage-backed      securities (including securities      with interest rates               |   |                    |        |   |               |   |   |   |   |   |   |   |   |   |   |   |
|    ranging      from 4.0% to 6.4% maturing February 2013      to August 2038) |   |                    | 128,313,199 |   |               |   | 129,341,441 |   |   |   | 120,695,852 |   |   |   | 119,600,353 |   |
|                                                                                                        |   | $                       | 141,480,068 |   |               | $      | 142,007,248 |   |   | $ | 133,864,455 |   |   | $ | 132,507,492 |   |

| September      30, 2008                        |
|------------------------------------------------|
|  Principal      Amounts                   |   |  Interest      Rates |   | Maturity      Dates For Periods Ending September 30, |
| $   26,480,000        |   | 1.25% - 5.11% |   | 2009 |
|  2,000,000                      |   | 4.31 |   | 2010 |
| 8,000,000                            |   | 3.99      - 4.99 |   | 2011 |
| 15,000,000                           |   | 2.55 – 3.99 |   | 2013 |
|     10,000,000   |   | 4.26 |   | 2017 |
|     5,000,000    |   | 4.29 |   | 2018 |
| $  66,480,000              |   |   |   |   |

----

| June      30, 2008                            |
|-----------------------------------------------|
| Principal      Amounts                        |   | Interest      Rates |   | Maturity      Dates For Periods Ending June 30, |
| $   55,575,000       |   | 2.50% - 5.21% |   | 2009 |
| 2,000,000                           |   | 4.31 |   | 2010 |
| 3,000,000                           |   | 4.99 |   | 2011 |
| 15,000,000                          |   | 2.55 - 3.99 |   | 2013 |
| 10,000,000                          |   | 4.26 |   | 2017 |
|     5,000,000   |   | 4.29 |   | 2018 |
| $  90,575,000             |   |   |   |   |

| September      30, 2008 |
|-------------------------|
| Amount                  |   | Interest      Rate |   | Cap/Floor |   | Amount      of Cap/Floor |   | Strike      Rate |   | Maturity |
| $20,000,000             |   | 4.68% |   | Purchased      Caps |   | $40,000,000 |   | 5.50% |   | August      28, 2012 |
| $10,000,000             |   | 3.98% |   | Sold      Floors |   | $20,000,000 |   | 4.86% |   | August      28, 2012 |
| $10,000,000             |   | 4.18% |   | Purchased      Caps |   | $10,000,000 |   | 4.88% |   | December      13, 2012 |
| $10,000,000             |   | 4.30% |   | Purchased      Caps |   | $10,000,000 |   | 3.79% |   | July      3, 2013 |
| $10,000,000             |   | 4.44% |   | Purchased      Caps |   | $10,000,000 |   | 3.81% |   | September      23, 2015 |
| $60,000,000             |   |   |   |   |   |   |   |   |   |   |

| June      30, 2008 |
|--------------------|
| Amount             |   | Interest      Rate |   | Cap/Floor |   | Amount      of Cap/Floor |   | Strike      Rate |   | Maturity |
| $20,000,000        |   | 4.68% |   | Purchased      Caps |   | $40,000,000 |   | 5.50% |   | August      28, 2012 |
| $10,000,000        |   | 3.98% |   | Sold      Floors |   | $20,000,000 |   | 4.86% |   | August      28, 2012 |
| $10,000,000        |   | 4.18% |   | Purchased      Caps |   | $10,000,000 |   | 4.88% |   | December      13, 2012 |
| $40,000,000        |   |   |   |   |   |   |   |   |   |   |

----

|  Purchase      price          |   | Hartford |        |   | Spence      &Mathews |   |      | Hyler     |   |   | Totals    |   |
|------------------------------------|--------|----------|-------------|--------|--------------------------|--------|-----------|-----------|--------|--------|-----------|--------|
| Cash      paid                     |   | $        | 425,250     |   |                     |   | 3,043,000 |      |   |   | 233,000   |   |   |   | 3,701,250 |   |
| Debt      incurred                 |   |     | 911,350     |   |                     |   | 1,122,885 |      |   |   | 789,701   |   |   |   | 2,823,936 |   |
| Acquisition      costs             |   |     |  9,181 |   |                     |   | 17,630    |      |   |   | 9,543     |   |   |   | 36,354 |   |
| Total                              |   | $        | 1,345,781   |   |                     |   | 4,183,515 |      |   |   | 1,032,244 |   |   |   | 6,561,540 |   |
|                               |   |     |        |   |                     |   |      |      |   |   |      |   |   |   |   |   |
| Allocation      of purchase price: |   |     |        |   |                     |   |      |      |   |   |      |   |   |   |   |   |
| Goodwill                           |   | $        | 275,781     |   |                     |   | 1,090,265 |      |   |   | 179,064   |   |   |   | 1,545,110 |   |
| Customer      list intangible      |   |     | 970,000     |   |                     |   | 2,285,000 |      |   |   | 650,000   |   |   |   | 3,905,000 |   |
| Non-compete      intangible        |   |     | 100,000     |   |                     |   | 800,000   |      |   |   | 200,000   |   |   |   | 1,100,000 |   |
| Fixed      and other assets        |   |     | -           |   |                     |   | 8,250     |      |   |   | 3,180     |   |   |   | 11,430 |   |
| Total                              |   | $        | 1,345,781   |   |                     |   | 4,183,515 |      |   |   | 1,032,244 |   |   |   | 6,561,540 |   |
|                               |   |     |        |   |                     |   |      |      |   |   |      |   |   |   |   |   |
| Acquisition      date              |   | 08/30/07 |        |   | 11/30/07                 |   |      | 12/11/07  |   |   |      |   |   |
| Location      in Maine             |   | Auburn   |        |   | Berwick                  |   |      | Thomaston |   |   |      |   |   |

|  Purchase      price          |   | Palmer   |      |   | Sturtevantand      Ham |   |        | SouthernMaine |   |   | Russell           |   |   | Totals |    |
|------------------------------------|--------|----------|-----------|--------|------------------------|--------|-------------|---------------|--------|--------|-------------------|--------|--------|--------|---------|
| Cash      paid                     |   | $        | 800,000   |   |                   |   | 475,000     |          |   |   | 900,000           |   |   |   | 275,000 |   |   |   | 2,450,000 |   |
| Debt      incurred                 |   |     | 1,067,000 |   |                   |   | 475,000     |          |   |   | 450,000           |   |   |   | 325,000 |   |   |   | 2,317,000 |   |
| Acquisition      costs             |   |     | 8,360     |   |                   |   |  3,877 |          |   |   |   4,264 |   |   |   | 4,501   |   |   |   | 21,002 |   |
| Total                              |   | $        | 1,875,360 |   |                   |   | 953,877     |          |   |   | 1,354,264         |   |   |   | 604,501 |   |   |   | 4,788,002 |   |
|                               |   |     |      |   |                   |   |        |          |   |   |              |   |   |   |    |   |   |   |   |   |
| Allocation      of purchase price: |   |     |      |   |                   |   |        |          |   |   |              |   |   |   |    |   |   |   |   |   |
| Goodwill                           |   | $        | 1,174,274 |   |                   |   | 324,367     |          |   |   | 754,764           |   |   |   | 219,501 |   |   |   | 2,472,906 |   |
| Customer      list intangible      |   |     | 600,000   |   |                   |   | 550,000     |          |   |   | 520,000           |   |   |   | 300,000 |   |   |   | 1,970,000 |   |
| Non-compete      intangible        |   |     | 300,000   |   |                   |   | 75,000      |          |   |   | 75,000            |   |   |   | 85,000  |   |   |   | 535,000 |   |
| Fixed      and other assets        |   |     | 5,086     |   |                   |   | 4,510       |          |   |   | 4,500             |   |   |   | -       |   |   |   | 14,096 |   |
| Deferred      income taxes         |   |     | (204,000  | )      |                   |   |  -     |          |   |   | -                 |   |   |   | -       |   |   |   | (204,000 | ) |
| Total                              |   | $        | 1,875,360 |   |                   |   | 953,877     |          |   |   | 1,354,264         |   |   |   | 604,501 |   |   |   | 4,788,002 |   |
|                               |   |     |      |   |                   |   |        |          |   |   |              |   |   |   |    |   |   |   |   |   |
| Acquisition      date              |   | 11/28/06 |      |   | 12/01/06               |   |        | 03/30/07      |   |   | 06/28/07          |   |   |   |    |   |
| Location      in Maine             |   | Turner   |      |   | Livermore              |   |        | Scarborough   |   |   | Madison           |   |   |   |    |   |

----

|                          |   |    September      30, 2008 |   | Quoted      Prices inActive Markets      for Identical Assets  (Level      1) |   | Significant      Other Observable Inputs (Level      2) |   | SignificantUnobservableInputs (Level      3) |
|-------------------------------|--------|-------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------|
|                          |   |                                      |   |                                                                                    |   |                                                         |   |                                              |
| Available-for-sale-securities |   | $143,444,635                              |   | $1,437,387                                                                              |   | $142,007,248                                                 |   | -                                                 |

|                |   |    September      30, 2008 |   | Quoted      Prices in Active      Markets      for Identical Assets(Level 1) |   | Significant      Other Observable Inputs (Level      2) |   | Significant      Unobservable Inputs (Level      3) |
|---------------------|--------|-------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------------------|
|                |   |                                      |   |                                                                         |   |                                                         |   |                                                          |
| Impaired      Loans |   | $      2,624,559                          |   | -                                                                            |   | $      2,338,000                                             |   | $  286,559                                          |

Item 2.  Management's Discussion andAnalysis of Results of Operations and FinancialCondition

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Difference      Due to |          |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Volume                 |          |   | Rate   |   |   | Total |   |
| Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                      | 562,033       |   |   | $      | 27,425 |   |   | $ | 589,458 |   |
| Loans,      net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                   | (263,358      | )      |   |   | (658,572 | ) |   |   | (      921,930 | )  |
| FHLB      & Other Deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                   | 14,681        |   |   |   | (42,595 | )  |   |   | (27,914 | )  |
|   Total      Interest-earnings Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                   | 313,356       |   |   |   | (673,742 | )  |   |   | (360,386 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                   |          |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   | (17,715       | )      |   |   | (859,325 | )  |   |   | (877,040 | ) |
| Securities      sold under Repurchase Agreements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                   | 14,853        |   |   |   | (      169,820 | ) |   |   | (      154,967 | )  |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                   | 405,572       |   |   |   | (184,065 | )  |   |   | 221,507 |   |
|   Total      Interest-bearing Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   | 402,710       |   |   |   | (      1,213,210 | )  |   |   | (810,500 | )  |
|    Net      Interest and Dividend Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                      | (      89,354 | )      |   | $      | 539,468 |   |   | $ | 450,114 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                   |          |   |   |   |   |   |   |   |   |   |
| Rate/volume      amounts which are partly attributable to rate and volume are spread      proportionately between volume and rate based on the direct change      attributable to rate and volume. Borrowings in the table include junior      subordinated notes, FHLB borrowings, structured repurchase agreements,      capital lease obligation and other borrowings. The adjustment to interest      income and yield on a fully tax equivalent basis was $51,331 and $49,577      for the three months ended September 30, 2008 and 2007,      respectively. |   |

----

----

|                                            |   | Consumer      Loans as of |        |
|-------------------------------------------------|--------|---------------------------|-------------|
|                                            |   | September      30, 2008   |        |   | June      30, 2008 |   |
| Indirect      Auto                              |   | $                         | 35,954,685  |   |   |   | 30 | % |   | $ | 34,980,847 |   |   |   | 30 | % |
| Indirect      RV                                |   |                      | 54,944,710  |   |   |   | 47 | % |   |   | 54,915,583 |   |   |   | 47 | % |
| Indirect      Mobile Home                       |   |                      | 20,942,250  |   |   |   | 18 | % |   |   | 21,759,537 |   |   |   | 18 | % |
|           Subtotal Indirect |   |                      | 111,841,645 |   |   |   | 95 | % |   |   | 111,655,967 |   |   |   | 95 | % |
| Other                                           |   |                      | 5,508,366   |   |   |   | 5 | % |   |   | 5,390,792 |   |   |   | 5 | % |
| Total                                           |   | $                         | 117,350,011 |   |   |   | 100 | % |   | $ | 117,046,759 |   |   |   | 100 | % |

| Description                                        |   |  September      30,2008 |   |   | June      30,2008                                                                     |   |
|----------------------------------------------------|--------|------------------------------|--------|--------|---------------------------------------------------------------------------------------|--------|
| Residential      Real Estate                       | $      | 1,118,000                    |   | $      | 1,390,000                                                                             |   |
| Commercial      Real Estate                        |   | 2,484,000                    |   |   | 2,358,000                                                                             |   |
| Commercial      Loans                              |   | 2,350,000                    |   |   | 3,214,000                                                                             |   |
| Construction                                       |   | -                            |   |   |              101,000 |   |
| Consumer      and Other                            |   | 609,000                      |   |   | 640,000                                                                               |   |
|           Total non-performing | $      | 6,561,000                    |   | $      | 7,703,000                                                                             |   |

----

| 9/30/08 |   | 6/30/08 |   | 3/30/08 |   | 12/31/07 |   | 9/30/07 |
|---------|--------|---------|--------|---------|--------|----------|--------|---------|
| 3.43%   |   | 3.64%   |   | 4.41%   |   | 4.49%    |   | 3.11%   |

----

| Brokered      time deposit                                                     |   | $      138,689,000                   |   |  Subject      to policy limitation of 25% of total assets                            |
|--------------------------------------------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------------------------------------------------------|
| Federal      Home Loan Bank of Boston                                          |   | $        34,388,000        |   |  Unused      advance capacity subject to eligible and qualified      collateral |
| Federal      Reserve Bank Discount Window        Borrower-in-Custody |   |  $        11,121,000  |   |  Unused      credit line subject to the pledge of indirect auto    loans             |
| Total      Unused Borrowing Capacity                                           |   | $      184,198,000                   |   |                                                                                      |

----

| Affiliated      Trusts              |   | Outstanding      Balance           |   | Rate  |   | First      Call Date   |
|-------------------------------------|--------|------------------------------------|--------|-------|--------|------------------------|
| NBN      Capital Trust II           |   | $   3,093,000  |   | 6.56% |   | March      30, 2009    |
| NBN      Capital Trust III          |   | 3,093,000                     |   | 6.50% |   | March      30, 2009    |
| NBN      Capital Trust IV           |   | 10,310,000                    |   | 5.88% |   | February      23, 2010 |
|      Total |   | $  16,496,000       |   | 6.12% |   |                   |

|   Northeast      Bancorp          |   |  Actual |         |   | Required      For CapitalAdequacy Purposes |   |        | Required      To Be "Well Capitalized" Under Prompt Corrective Action      Provisions |   |
|---------------------------------------------|--------|--------------|--------------|--------|--------------------------------------------|--------|-------------|---------------------------------------------------------------------------------------|--------|
| (Dollars      in Thousands)                 |   | Amount       |         |   | Ratio                                      |   |        | Amount                                                                                |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
| As      of September 30, 2008:              |   |         |         |   |                                       |   |        |                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Total      capital to risk weighted assets  |   | $            | 50,202  |   |                                       |   | 11.88  | %                                                                                |   | $ | 33,810  |   |   |   | 8.00  | % |   | $ | 42,262  |   |   |   | 10.00  | % |
| Tier      1 capital to risk weighted assets |   | $            | 42,341  |   |                                       |   | 10.02  | %                                                                                |   | $ | 16,905  |   |   |   | 4.00  | % |   | $ | 25,357  |   |   |   | 6.00  | % |
| Tier      1 capital to total average assets |   | $            | 42,341  |   |                                       |   | 7.20   | %                                                                                |   | $ | 23,508  |   |   |   | 4.00  | % |   | $ | 29,385  |   |   |   | 5.00  | % |

----

|   Northeast      Bank             |   |  Actual |   |   | Required      For Capital Adequacy      Purposes |   |   | Required      To Be "Well Capitalized"      Under Prompt Corrective      ActionProvisions |   |
|---------------------------------------------|--------|--------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------|--------|
| (Dollars      in Thousands)                 |   | Amount       |   |   | Ratio                                            |   |   | Amount                                                                                              |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
| As      of September 30, 2008:              |   |         |   |   |                                             |   |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| Total      capital to risk weighted assets  |   | $            | 45,647 |   |                                             |   | 10.86  | %                                                                                                   |   | $ | 33,622 |   |   |   | 8.00 | % |   | $ | 42,028 |   |   |   | 10.00 | % |
| Tier      1 capital to risk weighted assets |   | $            | 40,507 |   |                                             |   | 9.64   | %                                                                                                   |   | $ | 16,811 |   |   |   | 4.00 | % |   | $ | 25,217 |   |   |   | 6.00 | % |
| Tier      1 capital to total average assets |   | $            | 40,507 |   |                                             |   | 6.92   | %                                                                                                   |   | $ | 22,414 |   |   |   | 4.00 | % |   | $ | 29,267 |   |   |   | 5.00 | % |

|                                                             |   |   |        |   | Payments      Due by Period |   |
|------------------------------------------------------------------|--------|--------|-------------|--------|-----------------------------|--------|
|                                                             |   |   |        |   | Less      Than              |   |   |   |   |   |   |   |   | After      5 |   |
| Contractual      Obligations                                     |   | Total  |        |   | 1      Year                 |   |   | 1-3      Years |   |   | 4-5      Years |   |   | Years |   |
| FHLB      advances                                               |   | $      | 66,480,000  |   |                        | $      | 26,480,000 |   |   | $ | 10,000,000 |   |   | $ | 15,000,000 |   |   | $ | 15,000,000 |   |
| Fed      Discount Window Borrower-in-Custody                     |   |   | 15,000,000  |   |                        |   | 15,000,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Structured  repurchase      agreements                 |   |   | 60,000,000  |   |                        |   | 30,000,000 |   |   |   | 20,000,000 |   |   |   | 10,000,000 |   |   |   | - |   |
| Junior      subordinated notes                                   |   |   | 16,496,000  |   |                        |   | 6,186,000 |   |   |   | 10,310,000 |   |   |   | - |   |   |   | - |   |
| Capital      lease obligation                                    |   |   | 2,855,187   |   |                        |   | 149,764 |   |   |   | 323,818 |   |   |   | 358,982 |   |   |   | 2,022,623 |   |
| Other      borrowings                                            |   |   | 3,919,955   |   |                        |   | 488,522 |   |   |   | 1,297,800 |   |   |   | 1,090,878 |   |   |   | 1,042,755 |   |
|      Total      long-term debt          |   |   | 164,751,142 |   |                        |   | 78,304,286 |   |   |   | 41,931,618 |   |   |   | 26,449,860 |   |   |   | 18,065,378 |   |
|                                                             |   |   |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      lease obligations (1)                             |   |   | 1,992,871   |   |                        |   | 451,711 |   |   |   | 771,742 |   |   |   | 499,491 |   |   |   | 269,927 |   |
|      Total      contractual obligations |   | $      | 166,744,013 |   |                        | $      | 78,755,997 |   |   | $ | 42,703,360 |   |   | $ | 26,949,351 |   |   | $ | 18,335,305 |   |

|                                               |   |   |       |   | Amount      of Commitment Expiration - Per Period |   |
|----------------------------------------------------|--------|--------|------------|--------|---------------------------------------------------|--------|
|                                               |   |   |       |   | Less      Than                                    |   |   |   |   |   |   |   |   | After      5 |   |
| Commitments with      off-balance sheet risk  |   | Total  |       |   | 1      Year                                       |   |   | 1-3      Years |   |   | 4-5      Years |   |   | Years |   |
| Commitments      to extend credit (2)(4)           |   | $      | 16,637,831 |   |                                              | $      | 16,637,831 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commitments      related to loans held for sale(3) |   |   | 1,619,600  |   |                                              |   | 1,619,600 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Unused      lines of credit (4)(5)                 |   |   | 47,639,840 |   |                                              |   | 20,293,789 |   |   |   | 3,060,385 |   |   |   | 3,505,585 |   |   |   | 20,780,081 |   |
| Standby      letters of credit (6)                 |   |   | 1,186,953  |   |                                              |   |  1,185,553 |   |   |   | 1,400 |   |   |   | - |   |   |   | - |   |
|                                               |   | $      | 67,084,224 |   |                                              | $      | 39,736,773 |   |   | $ | 3,061,785 |   |   | $ | 3,505,585 |   |   | $ | 20,780,081 |   |

| (1) | Represents      an off-balance sheet obligation.                                                                                                            |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents      commitments outstanding for residential real estate, commercial real      estate, and commercial loans.                                     |
| (3) | Commitments      of residential real estate loans that will be held for    sale.                                                                            |
| (4) | Loan      commitments and unused lines of credit for commercial and construction      loans expire or are subject to renewal in twelve months or      less. |
| (5) | Represents      unused lines of credit from commercial, construction, and home equity      loans.                                                           |
| (6) | Standby      letters of credit generally expire in twelve  months.                                                                                          |

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Item 3. Quantitative and QualitativeDisclosure about Market Risk

Item 4T. Controls andProcedures

Part II - Other Information

| Item 1.    | Legal      ProceedingsNone.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Item 1. a. | Risk      FactorsThe      following risk factors are in addition to those risk factors set forth in      our Annual Report on Form10-K for the fiscal year ended June 30,      2008. Difficult      Conditions in the Capital Markets and the Economy Generally May Materially      Adversely Affect Our Business and Results of Operations and We Do Not      Expect These Conditions to Improve in the Near Future. Our      results of operations are materially affected by conditions in the capital      markets and the economy generally. The capital and credit markets have      been experiencing extreme volatility and disruption for more than twelve      months. In recent weeks, the volatility and disruption have reached      unprecedented levels.  In many cases, these markets have      produced downward pressure on stock prices of, and credit availability to,      certain companies without regard to those companies’ underlying financial      strength. Recently,      concerns over inflation, energy costs, geopolitical issues, the      availability and cost of credit, the U.S. mortgage market and a declining      U.S. real estate market have contributed to increased volatility and      diminished expectations for the economy and the capital and credit markets      going forward. These factors, combined with volatile oil prices, declining      business and consumer confidence and increased unemployment, have      precipitated an economic slowdown and induced fears of a possible      recession. In addition, the fixed-income markets are experiencing a period      of extreme volatility which has negatively impacted market liquidity      conditions. Initially, the concerns on the part of market participants      were focused on the subprime segment of the mortgage-backed securities      market. However, these concerns have since expanded to include a broad      range of mortgage-and asset-backed and other fixed income securities,      including those rated investment grade, the U.S. and international credit      and interbank money markets generally, and a wide range of financial      institutions and markets, asset classes and sectors. As a result, the      market for fixed income instruments has experienced decreased liquidity,      increased price volatility, credit downgrade events, and increased      probability of default. Securities that are less liquid are more difficult      to value and may be hard to dispose of. Domestic and international equity      markets have also been experiencing heightened volatility and turmoil,      with issuers (such as our company) that have exposure to the real estate,      mortgage and credit markets particularly affected. These events and the      continuing market upheavals, may have an adverse effect on us, in part      because we have a large investment portfolio and also because we are      dependent upon customer behavior. Our revenues are likely to decline in      such circumstances, and our profit margins could erode. In addition, in      the event of extreme and prolonged market events, such as the global      credit crisis, we could incur significant losses. Even in the absence of a      market downturn, we are exposed to substantial risk of loss due to market      volatility. Factors      such as consumer spending, business investment, government spending, the      volatility and strength of the capital markets, and inflation all affect      the business and economic environment and, ultimately, the amount and      profitability of our business. In an economic downturn characterized by      higher unemployment, lower family income, lower corporate earnings, lower      business investment and lower consumer spending, the demand for our      financial products could be adversely affected.  Adverse changes      in the economy could affect earnings negatively and could have a material      adverse effect on our business, results of operations and financial      condition. The current mortgage crisis has also raised the possibility of      future legislative and regulatory actions in addition to the recent      enactment of the Emergency Economic Stabilization Act of 2008 (the “EESA”)      that could further impact our business. We cannot predict whether or when      such actions may occur, or what impact, if any, such actions could have on      our business, results of operations and financial condition. Recent      Negative Developments In The Financial Industry And The Credit Markets May      Subject Us To Additional Regulation. As      a result of the recent global financial crisis, the potential exists for      new federal or state laws and regulations regarding lending and funding      practices and liquidity standards to be promulgated, and bank regulatory      agencies are expected to be active in responding to concerns and trends      identified in examinations, including the expected issuance of many formal      enforcement orders. Negative developments in the financial industry and      the domestic and international credit markets, and the impact of new      legislation in response to those developments, may negatively impact our      operations by restricting our business operations, including our ability      to originate or sell loans, and adversely impact our financial      performance. Our      Future Growth May Require Us To Raise Additional Capital In The Future,      But That Capital May Not Be Available When It Is Needed.         We      are required by regulatory authorities to maintain adequate levels of      capital to support our operations. We anticipate that our current capital      levels will satisfy our regulatory requirements for the foreseeable      future. We may at some point, however, need to raise additional capital to      support our continued growth. Our ability to raise additional capital will      depend, in part, on conditions in the capital markets at that time, which      are outside our control, and our financial performance. Accordingly, we      may be unable to raise additional capital, if and when needed, on terms      acceptable to us, or at all. If we cannot raise additional capital when      needed, our ability to further expand our operations through internal      growth and acquisitions could be materially impaired. In addition, if we      decide to raise additional equity capital, your interest could be      diluted. The      FDIC deposit insurance assessments that we are required to pay may      materially increase in the future, which would have an adverse effect on      our earnings.         As      a member institution of the FDIC, we are required to pay quarterly deposit      insurance premium assessments to the FDIC. Due to the recent failure of      several unaffiliated FDIC insurance depository institutions and the      increased deposit account insurance limit, we anticipate that the deposit      insurance premium assessments paid by all banks will increase. If the      deposit insurance premium assessment rate applicable to us increases, our      earnings could be adversely impacted.   |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Item 2.(c) | Unregistered      Sales of Equity Securities and Use of ProceedsThe      following table provides information on the purchases made by or on behalf      of the Company of shares of Northeast Bancorp common stock during the      indicated periods.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|       |    Period      (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  Total      NumberOf      SharesPurchased      (2) |   Average      PricePaid      per Share | Total      Number of Shares      Purchasedas      Part of PubliclyAnnounced      Program | Maximum      Number ofShares      that May Yet bePurchased      UnderThe      Program (3) |
|       | Jul.      1 – Jul. 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | - | - | - | 58,400 |
|       | Aug      1 – Aug. 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | - | - | - |  58,400 |
|       | Sep.      1 – Sep. 30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | - | - | - |  58,400 |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| (1)        | Based      on trade date, not settlement date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (2)        | Represents      shares purchased in open-market transactions pursuant to the Company's      2006 Stock Repurchase Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (3)        | On      December 15, 2006, the Company announced that the Board of Directors of      the Company approved the 2006 Stock Repurchase Plan pursuant to which the      Company is authorized to repurchase in open-market transactions up to      200,000 shares from time to time until the plan expires on December 31,      2008, unless extended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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| Item 3.    | Defaults      Upon Senior SecuritiesNone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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| Item 4.    | Submission      of Matters to a Vote of Security HoldersNone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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| Item 5.    | Other      InformationNone.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Item 6.    | Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|       | List      of Exhibits:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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|       | Exhibits      No.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Description |
|       | 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Articles      (incorporated by reference to the Company’s June 30, 2007 10K filed on      September 27, 2007) |
|       | 3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Bylaws      (incorporated by reference to the Company’s June 30, 2007 10K filed on      September 27, 2007) |
|       | 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Statement      Regarding Computation of Per Share Earnings. |
|       | 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certification      of the Chief Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)). |
|       | 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certification      of the Chief Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)). |
|       | 32.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certificate      of the Chief Executive Officer Pursuant to 18 U.S.C. Section      1350,  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002 (Rule 13a-14(b)). |
|       | 32.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certificate      of the Chief Financial Officer Pursuant to 18 U.S.C. Section      1350,  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002 (Rule 13a-14(b)). |

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| Date:  November      13, 2008 |   | NORTHEAST      BANCORP                                |
|-----------------------------------------|--------|-------------------------------------------------------|
|                                    | By:    | /s/      James D. Delamater                           |
|                                    |   |           James D. Delamater      |
|                                    |   |           President and CEO       |
|                                    |   |                                                  |
|                                    | By:    | /s/      Robert S. Johnson                            |
|                                    |   |           Robert S. Johnson       |
|                                    |   |           Chief Financial Officer |
|                                    |   |                                                  |

| EXHIBIT      NUMBER |  DESCRIPTION                                                                                                                                                                               |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                 | Articles      (incorporated by reference to the Company’s June 30, 2007 10K filed on      September 27, 2007)                                                                             |
| 3.2                 | Bylaws      (incorporated by reference to the Company’s June 30, 2007 10K filed on      September 27, 2007)                                                                               |
| 11                  | Statement      Regarding Computation of Per Share Earnings                                                                                                                                      |
| 31.1                | Certification      of the Chief Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                              |
| 31.2                | Certification      of the Chief Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).                                                              |
| 32.1                | Certificate      of the Chief Executive Pursuant to 18 U.S.C. Section 1350,  as      Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Rule      13a-14(b)).         |
| 32.2                | Certificate      of the Chief Financial Officer Pursuant to 18 U.S.C. Section      1350,  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002 (Rule 13a-14(b)). |

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