**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      11-K**

**SECURITIES      EXCHANGE ACT OF 1934**

**SECURITIES      EXCHANGE ACT OF 1934 (NO FEE REQUIRED)**

**NORTHEAST      BANCORP**

**      401(K) SAVINGS AND RETIREMENT PLAN**

**NORTHEAST      BANCORP**

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**Northeast      Bancorp**

**401(K)      Savings and Retirement Plan**

|  West                Peabody, Massachusetts | /s/                SHATSWELL, MacLEOD & COMPANY, P.C.                    SHATSWELL, MacLEOD & COMPANY, P.C. |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| June                26, 2007                     |                                                                                                                                    |

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**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

| Portland,                  Maine | /s/                  Baker Newman & Noyes                      Baker Newman & Noyes |
|----------------------------------|------------------------------------------------------------------------------------------------------------|
| June                  20, 2006   |                       Limited Liability Company                                        |

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**NORTHEAST      BANCORP 401(K) SAVINGS AND RETIREMENT PLAN**

| ASSETS                                                                                                                                                                                                                                                              |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                |   |   | 2006    |   |   |   | 2005                   |   |
| Investments,                at fair value (note 5):                                                                                                                                                                                                                 |   | $ | 5,541,356 |   |   | $ | 4,787,384 |   |
|     Pooled                separate accounts                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
|     Northeast                Bancorp Stock Fund (includes $9,765 and $37,268 of                cash equivalents at December 31, 2006         and                2005,                respectively) |   |   | 242,269 |   |   |   | 328,579 |   |
|     Participant                loans (note 4)                                                                                                                                                                                                   |   |   | 282,675 |   |   |   | 181,433 |   |
|                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
|         Total                investments                                                                                                                                                                                    |   |   | 6,066,300 |   |   |   | 5,297,396 |   |
|                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Receivables:                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
|     Employer's                contribution                                                                                                                                                                                                      |   |   | 3,804 |   |   |   | 3,769 |   |
|     Employees'                contribution                                                                                                                                                                                                      |   |   | 10,866 |   |   |   | 10,135 |   |
|                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
|         Total                receivables                                                                                                                                                                                    |   |   | 14,670 |   |   |   | 13,904 |   |
|                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
|  Net              assets available for benefits                                                                                                                                                                                                                |   |   | $6,080,970  |   |   |   | $5,311,300  |   |
|                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| See                accompanying notes.                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |

**NORTHEAST      BANCORP 401(K) SAVINGS AND RETIREMENT PLAN**

| Additions                to net assets attributed to:                                   |   |   |             |
|-----------------------------------------------------------------------------------------|--------|--------|------------------|
|   Investment                income (note 5):                                  |   |   |             |
|   Net                appreciation in fair                value of investments |   | $      | 520,738          |   |
|   Dividends                and                interest                        |   |   | 23,288           |   |
|                                                                               |   |   |             |   |
|                                                                                    |   |   | 544,026          |   |
|                                                                               |   |   |             |   |
|   Contributions:                                                              |   |   |             |   |
|   Employer's                                                                  |   |   | 209,155          |   |
|   Employees'                                                                  |   |   | 575,191          |   |
|   Rollovers                                                                   |   |   | 271,823          |   |
|                                                                               |   |   |             |   |
|                                                                                    |   |   | 1,056,169        |   |
|                                                                               |   |   |             |   |
|   Total                additions                                              |   |   | 1,600,195        |   |
|                                                                               |   |   |             |   |
|  Deductions                from net                assets attributed to:           |   |   |             |   |
|   Benefits                paid to                participants                 |   |   | 772,751          |   |
|   Other                deductions                                             |   |   | 16,929           |   |
|   Administrative                expenses                                      |   |   | 40,845           |   |
|                                                                               |   |   |             |   |
|   Total                deductions                                             |   |   | 830,525          |   |
|                                                                               |   |   |             |   |
|   Net                increase                                                 |   |   | 769,670          |   |
|                                                                               |   |   |             |   |
| Net                assets available for benefits:                                       |   |   |             |   |
|   Beginning                of                year                             |   |   | 5,311,300        |   |
|                                                                               |   |   |             |   |
|     End              of              year                           |   |   | $6,080,970  |   |
|                                                                |   |   |             |   |
| See                accompanying notes.                                                  |   |   |             |   |

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**NORTHEAST      BANCORP 401(K) SAVINGS AND RETIREMENT PLAN**

| **1.** | **Description                  of Plan**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The                  following description of the Northeast Bancorp 401(k) Savings and                  Retirement Plan (the Plan), provides only general                  information.  Participants should refer to the Plan document for                  a more complete description of the Plan's provisions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | General                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | The                  Plan is a 401(k) plan sponsored by Northeast Bancorp (the                  Company).  It is subject to the provisions of the Employee                  Retirement Income Security Act of 1974 (ERISA).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | Eligibility                  and Participation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | Employees                  are eligible for participation in the Plan after they have completed                  90                  days of service and attained age 18.  Attainment of age 18                  became effective on August 2, 2006; prior to that date the age                  requirement                  was 21.  A participant can enter the Plan on the first day of                  the next quarter after becoming eligible.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | Contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | A                  participant may elect to contribute pre-tax dollars to the Plan                  from their                  compensation up to the Internal Revenue Service                  limitation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | On                  behalf of each participant who elects to contribute to the Plan,                  and is a                  participant on the last day of each quarter, the Company will make                  a                  matching contribution in the amount of 50% of the first 6% of compensation                  that a participant contributes to the Plan.  The Company may                  also make a discretionary contribution.  A participant must                  complete 1,000 hours to be eligible for the discretionary                  contribution.  For the twelve months ended December 31,                  2006 and 2005 , there were no discretionary                  contributions.                                                                                                                                                                                 |
|   | At                  the participant's option, contributions may be invested in any                  of the                  available investment options.  As of December 31, 2006, the                  options consisted of numerous pooled separate accounts offered                  through                  Transamerica Life Insurance and Annuity Company (Transamerica) and                  the Northeast Bancorp Stock Fund.  The Northeast Bancorp Stock                  Fund invests primarily in common stock of Northeast Bancorp.  It                  also contains a small balance of cash equivalents (Prime Fund Capital                  Reserve Class) for any uninvested funds. Effective March 1, 2007,                  contributions to and purchases of Northeast Bancorp stock from                  the                  Northeast Bancorp Stock Funds are no longer permitted. |
|   | Participant                  Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | Each                  participant's account is credited with the participant's contribution,                  the                  Company's contributions on their behalf, an allocation of Plan                  earnings,                  an allocation of forfeitures, and is charged with an allocation                  of administrative expenses.  Allocations are based on                  account balances.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | Benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | Upon                  death, retirement or disability, the full amount credited to the                  participant's accounts shall become fully vested.  In the event                  of termination of employment for any other reason, the participant                  will                  receive the vested amount of his or her accounts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | Vesting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | Participants                  are immediately vested in their contributions.  Participants                  vest in the Company matching and discretionary contributions as                  follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Years                  of Service | Vesting                  % |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Less                  than 2 |     0% |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2                  but less than 3 |    20 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 3                  but less than 4 |    40 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 4                  but less than 5 |    60 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5                  or more |   100 |
|   | Forfeitures                  are reallocated to participants.  Unallocated forfeitures were                  $18,616 at December 31, 2006 and $7,982 at December 31,                  2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | *Plan                  Termination*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | Although                  it has not expressed any intent to do so, the Company has the right                  under                  the Plan to discontinue its contributions at any time and to terminate                  or                  amend the Plan subject to the provisions of ERISA.  In the event                  of Plan termination, participants will become 100% vested in their                  accounts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | *Investment                  Management*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | Transamerica                  is the custodian of the Plan's investments, except for the Northeast                  Bancorp Stock Fund.  Certain plan investments are shares of                  pooled separate accounts managed by Transamerica, and therefore,                  transactions with Transamerica qualify as                  party-in-interest.  Administrative expenses paid to Transamerica                  totaled $40,845 for the year ended December 31,                  2006.                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **2.** | **Summary                  of Significant Accounting Policies**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | *Basis                  of Accounting*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The                  accompanying financial statements have been prepared on an accrual                  basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | *Administrative                  Expenses*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | Custodial                  fees are paid by the Plan.  Administrative expenses are paid by                  the Plan sponsor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | *Valuation                  of Investments*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Investments                  in pooled separate accounts are valued at fair value as calculated                  by the                  custodian based on the market value of the underlying                  investments.  Investments in the common stock of Northeast                  Bancorp are valued at fair value based upon quoted market                  prices.  Participant loans are valued at cost, which                  approximates fair value.                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | Purchases                  and sales of investments are recorded on a trade-date                  basis.  Interest income is recorded on the accrual                  basis.  Dividends are recorded on the ex-dividend                  date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | *Use                  of Estimates*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | The                  preparation of financial statements in conformity with accounting                  principles generally accepted in the United States of America requires                  the                  plan administrator to make estimates and assumptions that affect                  the                  reported amounts of net assets available for benefits at the date                  of the                  financial statements and the reported amounts of changes in net                  assets                  available for benefits during the reporting period.  Actual                  results could differ from those estimates.                                                                                                                                                                                                                                                                     |
|   | *Benefits*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | Benefits                  are reflected as reduction to net assets when paid.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **3.** | **TTax                  Status**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | A                  qualifying plan is one for which the employer may currently deduct                  contributions on its income tax return, the employee is not currently                  taxed on the contribution, and the plan income is not                  taxable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | Effective                  July 1, 2000, the Plan was amended to adopt the provisions of the                  Transamerica Tax-Favored Savings and Discretionary Contribution                  Plan and                  Trust Agreement.  This is a volume submitter profit sharing                  401(k) plan which received a favorable volume submitter program                  letter                  from the Internal Revenue Service (IRS) dated April 17,                  2002.  The Plan has not requested a separate tax determination                  letter.  However, in the opinion of the administrator, the Plan                  has been operated within the applicable sections of the Internal                  Revenue                  Code and is qualified under the Code and applicable                  regulations.                                                         |
| **4.** | **Participant                  Loans**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The                  Plan allows participants to borrow against their accounts.  Such                  loans shall not exceed the lesser of $50,000 or 50% of the participants'                  vested interest in their account.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **5.** | **Investments**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The                  following investments are greater than or equal to 5% of net assets                  available for benefits as of December 31, 2006 and                  2005:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

|                                                                   |   | 2006   |    |   | 2005   |   |
|------------------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|
| Transamerica                    Balanced Fund                          |   | $                | 390,395 |   |             | $      | 359,011 |   |
| Transamerica                    Cash Management Fund                   |   |             | 364,704 |   |             |   | 386,226 |   |
| Transamerica                    AIM International Growth               |   |             | 327,759 |   |             |   | - |   |
| Transamerica                    Core Equity Fund                       |   |             | 453,084 |   |             |   | 468,270 |   |
| Transamerica                    Equity Index Fund                      |   |             | 330,367 |   |             |   | 304,315 |   |
| Transamerica                    Mutual Qualified Fund                  |   |             | 722,470 |   |             |   | 448,139 |   |
| Transamerica                    Oppenheimer Global Fund                |   |             | 644,341 |   |             |   | 532,193 |   |
| Transamerica                    Franklin Balance Sheet Investment Fund |   |             | 457,378 |   |             |   | 392,841 |   |
| Northeast                    Bancorp Common Stock                      |   |             | -       |   |             |   | 291,311 |   |
|                                                                   |   |             |    |   |             |   |   |   |

| The                    components of the net appreciation (depreciation) in the fair                    value of                    investments are as follows for the year ended December 31,                    2006: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                          |   |   |   |   |   |    |    |    |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|---------|---------|
|      Pooled                  separate accounts       |   |   |   |   |   |  $ | 579,595 |    |
|      Northeast                  Bancorp Common Stock |   |   |   |   |   |    | (58,857 |  ) |
|                                                      |   |   |   |   |   |    |    |    |
|                                                                          |   |   |   |   |   |  $ | 520,738 |    |

| **6.** | **Reconciliation                    of the Financial Statements to Form 5500**                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The                    following is a reconciliation of the financial statements to                    Form 5500 as                    of December 31, 2006, and for the year then                    ended: |

|     Net                  assets available for benefits - per financial statements                                                                                   |   | $      | 6,080,970 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
|     Other                                                                                                                                                           |   |   | (1        | )      |
|                                                                                                                                                                                    |   |   |      |   |
|     Net                  assets - per Form 5500                                                                                                                     |   | $      | 6,080,969 |   |
|                                                                                                                                                                                    |   |   |      |   |
|     Net                  increase in net assets - per financial statements                                                                                          |   | $      | 769,670   |   |
|     December 31,                  2005 receivables - per financial statements                                                                                  |   |   | 13,904    |   |
|     Other                                                                                                                                                           |   |   | (28       | )      |
|                                                                                                                                                                                    |   |   |      |   |
|     Net                  income - per Form 5500                                                                                                                     |   | $      | 783,546   |   |
|                                                                                                                                                                                    |   |
| The                  following is a reconciliation of the financial statements to Form                  5500 as                  of December 31, 2005 and for the year then ended: |   |
|                                                                                                                                                                                    |   |   |      |   |
|     Net                  assets available for benefits - per financial statements                                                                                   |   | $      | 5,311,300 |   |
|     Receivables                  -                  per financial statements                                                                                        |   |   | (13,904   | )      |
|     Other                                                                                                                                                           |   |   | 27        |   |
|                                                                                                                                                                                    |   |   |      |   |
|     Net                  assets - per Form 5500                                                                                                                     |   | $      | 5,297,423 |   |

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**NORTHEAST      BANCORP 401(K) SAVINGS AND RETIREMENT PLAN**

| (a)    |                (b)                Identity of Issue,Borrower,                Lessor    or                Similar Party        |   |                (c)                Description of InvestmentIncluding                Maturity Date,Rate                of Interest, Collateral, Par         or                Maturity Value                         |   |                (d)                      Cost**  |   |   |                (e)      Current                   Value                    |   |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
|        |  Pooled              Separate Accounts                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                  |   |  Equity                Fund                                                                                                                                                                                                                                                                              |   | $                                                                                  | --     |   |                                                                                                                                        | $      | 267,188 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Equity                Index Fund                                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 330,367 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Balanced                Fund                                                                                                                                                                                                                                                                            |   |                                                                               | --     |   |                                                                                                                                        |   | 390,395 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Bond                Fund                                                                                                                                                                                                                                                                                |   |                                                                               | --     |   |                                                                                                                                        |   | 146,141 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Cash                Management Fund                                                                                                                                                                                                                                                                     |   |                                                                               | --     |   |                                                                                                                                        |   | 364,704 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  High                Yield Bond Fund                                                                                                                                                                                                                                                                     |   |                                                                               | --     |   |                                                                                                                                        |   | 178,066 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Aggressive                Growth Fund                                                                                                                                                                                                                                                                   |   |                                                                               | --     |   |                                                                                                                                        |   | 222,972 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Growth                Opportunity Fund                                                                                                                                                                                                                                                                  |   |                                                                               | --     |   |                                                                                                                                        |   | 228,362 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Core                Equity Fund                                                                                                                                                                                                                                                                         |   |                                                                               | --     |   |                                                                                                                                        |   | 453,084 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  AIM                International Growth                                                                                                                                                                                                                                                                 |   |                                                                               | --     |   |                                                                                                                                        |   | 327,759 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Franklin                Small Mid Cap Growth                                                                                                                                                                                                                                                            |   |                                                                               | --     |   |                                                                                                                                        |   | 240,068 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  SSgA                Small Cap Index                                                                                                                                                                                                                                                                     |   |                                                                               | --     |   |                                                                                                                                        |   | 7,389 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Mutual                Qualified Fund                                                                                                                                                                                                                                                                    |   |                                                                               | --     |   |                                                                                                                                        |   | 722,470 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Oppenheimer                Global Fund                                                                                                                                                                                                                                                                  |   |                                                                               | --     |   |                                                                                                                                        |   | 644,341 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Columbia                Mid-Cap Value Fund                                                                                                                                                                                                                                                              |   |                                                                               | --     |   |                                                                                                                                        |   | 217,402 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Columbia                Intermediate Bond Fund                                                                                                                                                                                                                                                          |   |                                                                               | --     |   |                                                                                                                                        |   | 265,099 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Franklin                Balance Sheet Investment Fund                                                                                                                                                                                                                                                   |   |                                                                               | --     |   |                                                                                                                                        |   | 457,378 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Vanguard                Targeted Retirement 2035                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 1,917 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Vanguard                Targeted Retirement 2045                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 16,835 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Vanguard                Targeted Retirement 2005                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 1,663 |   |
| *****       | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Vanguard                Targeted Retirement 2015                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 41,889 |   |
| *****  | Transamerica                Life Insurance and Annuity Company                                                                                                                       |   |  Vanguard                Targeted Retirement 2025                                                                                                                                                                                                                                                        |   |                                                                               | --     |   |                                                                                                                                        |   | 15,867 |   |
|        |                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |   |   |
|        | Other                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |   |   |
|        |                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |   |   |
| *****       | Northeast                Bancorp                                                                                                                                                     |   | Northeast                Bancorp Common Stock 12,173 shares                                                                                                                                                                                                                                                   |   | $                                                                                  | --     |   |                                                                                                                                        |   | 232,504 |   |
|        |                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |   |   |
|        | Prime                Funds                                                                                                                                                           |   | Prime                Fund Capital Reserve                                                                                                                                                                                                                                                                     |   |                                                                               | --     |   |                                                                                                                                        |   | 9,765 |   |
|        |                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                          |   |                                                                               |   |   |                                                                                                                                        |   |   |   |
|        | Participant                Loans                                                                                                                                                     |   | 5.25%                - 10.25%                                                                                                                                                                                                                                                                                 |   |                                                                               | --     |   |                                                                                                                                        |   | 282,675 |   |

|   |                                                                            |
|--------|---------------------------------------------------------------------------------|
| *****  | Denotes                  party-in-interest.                                     |
|   |                                                                            |
| ****** | Not                  required as Plan is participant                  directed. |

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|                               | Northeast                Bancorp 401(k) Savings and Retirement Plan                                                                                                                                                                            |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:                June 28, 2007 | By:                /s/ James D. Delamater           James                D. Delamater           President                and CEO |

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