NORTHEAST BANCORP 
Exhibit 11.  Statement Regarding Computation of Per Share Earnings
                                    
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                                      Three Months Ended    Three Months Ended
                                        March 31, 1999        March 31, 1998   
                                     ____________________  ____________________
<S>                                  <C>                   <C>                 
EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding           2,764,421             2,232,162  
                                                                               
Total Diluted Shares                          2,792,552             2,743,406 
                                                                               
Net Income                           $          743,506    $          732,361
                                                                             
Less Preferred Stock Dividend                      -                   35,000
                                     ____________________  ____________________
Income Available to Common                                                     
 Stockholders                        $          743,506    $          697,361  
                                     ====================  ====================
                                                                               
Basic Earnings Per Share             $              0.27   $              0.31 
Diluted Earnings Per Share           $              0.27   $              0.26 
                                                                              
                                                                               
                                      Nine Months Ended     Nine Months Ended  

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                                        March 31, 1999        March 31, 1998   
                                     ____________________  ____________________
EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding           2,690,872             2,224,194  
                                                                               
Total Diluted Shares                          2,794,034             2,683,732 
                                                                               
Net Income                           $        2,080,111    $        1,658,992
Less Preferred Stock Dividend                    25,667               104,998
                                     ____________________  ____________________
Income Available to Common                                                     
 Stockholders                        $        2,054,444    $        1,553,994  
                                     ====================  ====================
                                                                               
Basic Earnings Per Share             $              0.76   $              0.70 
Diluted Earnings Per Share           $              0.74   $              0.62 




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