NORTHEAST BANCORP AND SUBSIDIARIES
Exhibit 11.  Statement Regarding Computation of Per Share Earnings

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<CAPTION>                    
                            
                                      Three Months Ended     Three Months Ended 
                                        March 31, 1998         March 31, 1997   
                                     --------------------  --------------------
<S>                                  <C>                   <C>                 
EQUIVALENT SHARES:                                                             
Weighted Average Shares Outstanding          2,232,162             2,158,395   
                                                                               
Total Diluted Shares                         2,743,406             2,573,419   
                                                                               
Net Income                           $         732,361     $         420,634   
Less Preferred Stock Dividend                   35,000                35,000   
                                     --------------------  --------------------
Income Available to Common                                                     
 Stockholders                        $         697,361     $         385,634   
                                     ====================  ====================
                                                                               
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Basic Earnings Per Share             $             0.31    $             0.18  
Diluted Earnings Per Share           $             0.27    $             0.16  
                                                                               
                                                                               
                                                                               
                                       Nine Months Ended     Nine Months Ended
                                        March 31, 1998        March 31, 1997   
                                     --------------------  --------------------
EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding          2,224,194             2,138,682   
                                                                               
Total Diluted Shares                         2,683,732             2,552,011   
                                                                               
Net Income                           $       1,658,992     $       1,122,422   
Less Preferred Stock Dividend                  104,998               104,998   
                                     --------------------  --------------------
Income Available to Common                                                     
 Stockholders                        $       1,553,994     $       1,017,424   
                                     ====================  ====================
                                                                               
Basic Earnings Per Share             $             0.70    $             0.48  
Diluted Earnings Per Share           $             0.62    $             0.44



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