| NORTHEAST      BANCORP                                                 |   |
|------------------------------------------------------------------------|--------|
| Exhibit      11. Statement Regarding Computation of Per Share Earnings |   |
|                                                                   |   |   |   |   |   |   |
|                                                                   |   | Three      Months Ended |   |   | Three      Months Ended |   |
|                                                                   |   | March      31, 2009 |   |   | March      31, 2008 |   |
| EQUIVALENT      SHARES:                                                |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |
| Weighted      Average Shares Outstanding                               |   |   | 2,321,332 |   |   |   | 2,320,951 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Total      Diluted Shares                                              |   |   | 2,321,332 |   |   |   | 2,333,212 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Net      Income                                                        |   | $ | 387,370 |   |   | $ | 672,169 |   |
| Less:                                                                  |   |   |   |   |   |   |   |   |
|    Preferred      Stock Dividend                        |   |   | 52,838 |   |   |   | - |   |
|    Accretion      of Preferred Stock                    |   |   | 6,481 |   |   |   | - |   |
|    Amortization      of issuance costs                  |   |   | 1,300 |   |   |   | - |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Net      income available to common stockholders                       |   | $ | 326,751 |   |   | $ | 672,169 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Basic      Earnings Per Share                                          |   | $ | 0.14 |   |   | $ | 0.29 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Diluted      Earnings Per Share                                        |   | $ | 0.14 |   |   | $ | 0.29 |   |
|                                                                   |   |   |   |   |   |   |   |   |
|                                                                   |   | Nine      Months Ended |   |   | Nine      Months Ended |   |
|                                                                   |   | March      31, 2009 |   |   | March      31, 2008 |   |
| EQUIVALENT      SHARES:                                                |   |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Weighted      Average Shares Outstanding                               |   |   | 2,319,332 |   |   |   | 2,364,828 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Total      Diluted Shares                                              |   |   | 2,329,527 |   |   |   | 2,380,412 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Net      Income                                                        |   | $ | 750,060 |   |   | $ | 1,505,162 |   |
| Less:                                                                  |   |   |   |   |   |   |   |   |
|    Preferred      Stock Dividend                        |   |   | 64,200 |   |   |   | - |   |
|    Accretion      of Preferred Stock                    |   |   | 7,920 |   |   |   | - |   |
|    Amortization      of issuance costs                  |   |   | 1,566 |   |   |   | - |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Net      income available to common stockholders                       |   | $ | 676,374 |   |   | $ | 1,505,162 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Basic      Earnings Per Share                                          |   | $ | 0.29 |   |   | $ | 0.64 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Diluted      Earnings Per Share                                        |   | $ | 0.29 |   |   | $ | 0.63 |   |