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|                                                                  |                                        |                                    |         
|NORTHEAST BANCORP                                                 |                                       
|Exhibit 11. Statement Regarding Computation of Per Share Earnings |                                       
|                                                                  |                                        |                                    |         
|                                                                  | Three Months Ended                     | Three Months Ended                 |         
|                                                                  | March 31, 2005                         | March 31, 2004                     |         
|EQUIVALENT SHARES:                                                |                                        |                                    |         
|                                                                  |                                        |                                    |         
|Weighted Average Shares Outstanding                               | 2,517,983                              | 2,526,572                          |         
|                                                                  |                                        |                                    |         
|Total Diluted Shares                                              | 2,553,438                              | 2,582,450                          |         
|                                                                  |                                        |                                    |         
|Net Income                                                        | $                        1,114,365     | $                    1,020,348     |         
|                                                                  |                                        |                                    |         
|Basic Earnings Per Share                                          | $                                 0.44 | $                             0.40 |         
|                                                                  |                                        |                                    |         
|Diluted Earnings Per Share                                        | $                                 0.44 | $                             0.40 |         
|                                                                  |                                        |                                    |         
|                                                                  |                                        |                                    |         
|                                                                  | Nine Months Ended                      | Nine Months Ended                  |         
|                                                                  | March 31, 2005                         | March 31, 2004                     |         
|EQUIVALENT SHARES:                                                |                                        |                                    |         
|                                                                  |                                        |                                    |         
|Weighted Average Shares Outstanding                               | 2,518,528                              | 2,548,172                          |         
|                                                                  |                                        |                                    |         
|Total Diluted Shares                                              | 2,565,813                              | 2,609,256                          |         
|                                                                  |                                        |                                    |         
|Net Income                                                        | $                        2,835,363     | $                    2,826,747     |         
|                                                                  |                                        |                                    |         
|Basic Earnings Per Share                                          | $                                 1.13 | $                             1.11 |         
|                                                                  |                                        |                                    |         
|Diluted Earnings Per Share                                        | $                                 1.11 | $                             1.08 |