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|                                                                  |                      |  |                     |        
|NORTHEAST BANCORP                                                 |                     
|Exhibit 11. Statement Regarding Computation of Per Share Earnings |                     
|                                                                  |                      |  |                     |        
|                                                                  | Three Months Ended   |  | Three Months Ended  |        
|                                                                  | December 31, 2005    |  | December 31, 2004   |        
|EQUIVALENT SHARES:                                                |                      |  |                     |        
|                                                                  |                      |  |                     |        
|Weighted Average Shares Outstanding                               | 2,526,017            |  | 2,512,194           |        
|                                                                  |                      |  |                     |        
|Total Diluted Shares                                              | 2,556,492            |  | 2,555,332           |        
|                                                                  |                      |  |                     |        
|Net Income                                                        | $   
  1,071,196     |  | $    
  764,882     |        
|                                                                  |                      |  |                     |        
|Basic Earnings Per Share                                          | $            
  0.42 |  | $          
  0.30  |        
|                                                                  |                      |  |                     |        
|Diluted Earnings Per Share                                        | $            
  0.42 |  | $          
  0.30  |        
|                                                                  |                      |  |                     |        
|                                                                  |                      |  |                     |        
|                                                                  | Six Months Ended     |  | Six Months Ended    |        
|                                                                  | December 31, 2005    |  | December 31, 2004   |        
|EQUIVALENT SHARES:                                                |                      |  |                     |        
|                                                                  |                      |  |                     |        
|Weighted Average Shares Outstanding                               | 2,524,335            |  | 2,518,770           |        
|                                                                  |                      |  |                     |        
|Total Diluted Shares                                              | 2,555,845            |  | 2,565,448           |        
|                                                                  |                      |  |                     |        
|Net Income                                                        | $   
  2,113,293     |  | $  
  1,720,997     |        
|                                                                  |                      |  |                     |        
|Basic Earnings Per Share                                          | $            
  0.84 |  | $           
  0.68 |        
|                                                                  |                      |  |                     |        
|Diluted Earnings Per Share                                        | $            
  0.83 |  | $           
  0.67 |