| NORTHEAST      BANCORP                                                 |   |                    |      |   |                    |   |
|------------------------------------------------------------------------|--------|-------------------------|-----------|--------|-------------------------|--------|
| Exhibit      11. Statement Regarding Computation of Per Share Earnings |   |                    |      |   |
|                                                                   |   |                    |      |   |                    |   |
|                                                                   |   | Three      Months Ended |      |   | Three      Months Ended |   |
|                                                                   |   | December      31, 2008  |      |   | December      31, 2007  |   |
| EQUIVALENT      SHARES:                                                |   |                    |      |   |                    |   |
|                                                                   |   |                    |      |   |                    |   |
| Weighted      Average Shares Outstanding                               |   |                    | 2,321,264 |   |                    |   | 2,357,104 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Total      Diluted Shares                                              |   |                    | 2,321,480 |   |                    |   | 2,370,853 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Net      Income                                                        |   | $                       | 293,575   |   |                    | $      | 402,428 |   |
| Less:                                                                  |   |                    |      |   |                    |   |   |   |
|    Preferred      Stock Dividend                        |   |                    | 11,363    |   |                    |   | - |   |
|    Accretion      of Preferred Stock                    |   |                    | 1,439     |   |                    |   | - |   |
|    Amortization      of issuance costs                  |   |                    | 136       |   |                    |   | - |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Net      income available to common stockholders                       |   | $                       | 280,637   |   |                    | $      | 402,428 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Basic      Earnings Per Share                                          |   | $                       | 0.12      |   |                    | $      | 0.17 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Diluted      Earnings Per Share                                        |   | $                       | 0.12      |   |                    | $      | 0.17 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
|                                                                   |   | Six      Months Ended   |      |   | Six      Months Ended   |   |
|                                                                   |   | December      31, 2008  |      |   | December      31, 2007  |   |
| EQUIVALENT      SHARES:                                                |   |                    |      |   |                    |   |   |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Weighted      Average Shares Outstanding                               |   |                    | 2,318,353 |   |                    |   | 2,386,528 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Total      Diluted Shares                                              |   |                    | 2,332,132 |   |                    |   | 2,402,895 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Net      Income                                                        |   | $                       | 362,690   |   |                    | $      | 832,993 |   |
| Less:                                                                  |   |                    |      |   |                    |   |   |   |
|    Preferred      Stock Dividend                        |   |                    | 11,363    |   |                    |   | - |   |
|    Accretion      of Preferred Stock                    |   |                    | 1,439     |   |                    |   | - |   |
|    Amortization      of issuance costs                  |   |                    | 136       |   |                    |   | - |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Net      income available to common stockholders                       |   | $                       | 349,752   |   |                    | $      | 832,993 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Basic      Earnings Per Share                                          |   | $                       | 0.15      |   |                    | $      | 0.35 |   |
|                                                                   |   |                    |      |   |                    |   |   |   |
| Diluted      Earnings Per Share                                        |   | $                       | 0.15      |   |                    | $      | 0.35 |   |