NORTHEAST BANCORP
Exhibit 11.  Statement Regarding Computation of Per Share Earnings
                                    
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                                     Three Months Ended     Three Months Ended
                                     December 31, 1998      December 31, 1997 
                                    ____________________   ____________________
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EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding         2,692,802              2,222,543  
                                                                               
Total Diluted Shares                        2,786,889              2,753,434  
                                                                               
Net Income                          $         700,568      $         356,066  
Less Preferred Stock Dividend                   8,167                 35,000  
                                    ____________________   ____________________
Income Available to Common                                                     
 Stockholders                       $         692,401      $         321,066   
                                    ====================   ====================
                                                                               
Basic Earnings Per Share            $               0.26   $               0.14
Diluted Earnings Per Share          $               0.25   $               0.13
                                       
                                     
                                      Six Months Ended       Six Months Ended
                                     December 31, 1998      December 31, 1997  
                                    ____________________   ____________________
EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding         2,654,158              2,220,297   
                                                                               
Total Diluted Shares                        2,790,300              2,734,423   
                                                                               
Net Income                          $       1,336,605      $         926,631
Less Preferred Stock Dividend                  25,667                 69,999
                                    ____________________   ____________________
Income Available to Common                                                     
 Stockholders                       $       1,310,938      $         856,632   
                                    ====================   ====================
                                                                               
Basic Earnings Per Share            $               0.49   $               0.39
Diluted Earnings Per Share          $               0.48   $               0.35
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