| FOR IMMEDIATE RELEASE  For More Information:                                                                                               |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Claire S. Bean, Chief Financial Officer & C.O.O.Northeast Bank, 500 Canal Street, Lewiston, ME 04240207.786.3245 ext. 6202www.northeastbank.com  |   |

| 1.   | An improved net interest margin (“NIM”), which increased to 3.53%, compared to 3.09% in the first quarter of fiscal year 2012. Improvement in the NIM is principally the result of growth in the Company’s purchased loan portfolio, which increased to $51.5 million at December 31, 2011 from $637 thousand at June 30, 2011.  The yield on the purchased loan portfolio was 16.1% and 15.8% for the three and six months ended December 31, 2011, respectively, compared to a yield of 5.9% and 6.1% for the three and six month periods, respectively, on the Company’s originated loan portfolio. The following summarizes interest income and related yields recognized on the Company’s purchased loan and originated loan portfolios for the three and six months ended December 31, 2011. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|               | Three Months Ended December 31, 2011 |    | Six Months Ended December 31, 2011 |
|--------------------|--------------------------------------|---------|------------------------------------|
|               | Average                              |    | Interest                           |   | Average |   | Average |   | Interest |   | Average |
|               | Daily                                |    | Income/                            |   | Yield/ |   | Daily |   | Income/ |   | Yield/ |
|               | Balance                              |    | Expense                            |   | Rate |   | Balance |   | Expense |   | Rate |
|               | (Dollars in thousands)               |
|               |                                 |    |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans - originated | $                                    | 309,171 |                               | $ | 4,620 |   | 5.93% |   | $ | 309,948 |   | $ | 9,557 |   | 6.12% |
| Loans - purchased  |                                 | 31,001  |                               |   | 1,254 |   | 16.05% |   |   | 18,262 |   |   | 1,454 |   | 15.79% |
| Total              | $                                    | 340,172 |                               | $ | 5,874 |   | 6.85% |   | $ | 328,210 |   | $ | 11,011 |   | 6.66% |

|                               | Three Months Ended December 31, 2011 |   | Six Months Ended December 31, 2011 |
|------------------------------------|--------------------------------------|--------|------------------------------------|
|                               | Average                              |   | Interest                           |   | Average |   | Average |   | Interest |   | Average |
|                               | Daily                                |   | Income/                            |   | Yield/ |   | Daily |   | Income/ |   | Yield/ |
|                               | Balance                              |   | Expense                            |   | Rate |   | Balance |   | Expense |   | Rate |
|                               | (Dollars in thousands)               |
| Regularly scheduled                |                                 |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |
|   interest and accretion | $                                    | 31,001 |                               | $ | 772 |   | 9.88% |   | $ | 18,262 |   | $ | 972 |   | 10.56% |
| Accelerated accretion              |                                 | 31,001 |                               |   | 482 |   | 6.17% |   |   | 18,262 |   |   | 482 |   | 5.24% |
| Total                              |                                 | 31,001 |                               | $ | 1,254 |   | 16.05% |   |   | 18,262 |   | $ | 1,454 |   | 15.79% |

| 2.   | The sale of a commercial real estate loan for a gain of $203 thousand. The loan had been reported as nonperforming in previous quarters. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | A net gain on sale of available-for-sale investment securities of $433 thousand. |
|----------------|----------------------------------------------------------------------------------|

| 4.   | Increased noninterest expenses, principally resulting from increased marketing expenses and up-front staffing and infrastructure costs for the Company’s new loan purchasing and deposit initiatives. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | A $35.1 million, or 15.0%, decrease in cash and investments, principally as a result of growth in loans during the period. Cash and securities, net of holdings pledged as collateral for borrowed funds, represent 21.0% of total assets at quarter-end, a level of balance sheet liquidity that is intended in part for future purchases of commercial loans. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Loan growth of $37.1 million or 12.0%, principally due to growth of $50.8 million in loans purchased by the Company’s Loan Acquisition and Servicing Group, offset in part by amortization and payoffs from the originated loan portfolio of $13.7 million; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | A $4.2 million, or 3.0%, reduction in borrowed funds, resulting primarily from the $2.1 million repayment of insurance agency debt in connection with the insurance transaction; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | An $8.1 million, or 6.2%, decrease in intangible assets, resulting primarily from the insurance agency transaction. |
|----------------|---------------------------------------------------------------------------------------------------------------------|

| NORTHEAST BANCORP AND SUBSIDIARY                                                                                                                                                                                                                |   |              |     |   |          |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|----------|--------|---------------|--------|
| CONSOLIDATED BALANCE SHEETS(Unaudited)                                                                                                                                                                                                          |   |              |     |   |          |   |
| (Dollars in thousands, except per share data)                                                                                                                                                                                                   |   |              |     |   |          |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |
|                                                                                                                                                                                                                                            |   | December 31, 2011 |     |   | June 30, 2011 |   |
| Assets                                                                                                                                                                                                                                          |   |              |     |   |          |   |
| Cash and due from banks                                                                                                                                                                                                                         |   | $                 | 3,005    |   |          | $      | 3,227 |   |
| Short-term investments                                                                                                                                                                                                                          |   |              | 55,358   |   |          |   | 80,704 |   |
|       Total cash and cash equivalents                                                                                                                                                                             |   |              | 58,363   |   |          |   | 83,931 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Available-for-sale securities, at fair value                                                                                                                                                                                                    |   |              | 139,480  |   |          |   | 148,962 |   |
| Loans held-for-sale                                                                                                                                                                                                                             |   |              | 8,189    |   |          |   | 5,176 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Loans                                                                                                                                                                                                                                           |   |              |     |   |          |   |   |   |
|   Residential real estate                                                                                                                                                                                                             |   |              | 98,129   |   |          |   | 95,417 |   |
|   Commercial real estate                                                                                                                                                                                                              |   |              | 162,999  |   |          |   | 117,761 |   |
|   Construction                                                                                                                                                                                                                        |   |              | 1,280    |   |          |   | 2,015 |   |
|   Commercial business                                                                                                                                                                                                                 |   |              | 19,210   |   |          |   | 22,225 |   |
|   Consumer                                                                                                                                                                                                                            |   |              | 65,441   |   |          |   | 72,495 |   |
|     Total loans                                                                                                                                                                                                             |   |              | 347,059  |   |          |   | 309,913 |   |
|   Less: Allowance for loan losses                                                                                                                                                                                                     |   |              | 737      |   |          |   | 437 |   |
|     Loans, net                                                                                                                                                                                                              |   |              | 346,322  |   |          |   | 309,476 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Premises and equipment, net                                                                                                                                                                                                                     |   |              | 9,262    |   |          |   | 8,271 |   |
| Acquired assets, net                                                                                                                                                                                                                            |   |              | 837      |   |          |   | 690 |   |
| Accrued interest receivable                                                                                                                                                                                                                     |   |              | 1,761    |   |          |   | 1,244 |   |
| Federal Home Loan Bank stock, at cost                                                                                                                                                                                                           |   |              | 4,889    |   |          |   | 4,889 |   |
| Federal Reserve Bank stock, at cost                                                                                                                                                                                                             |   |              | 871      |   |          |   | 871 |   |
| Intangible assets, net                                                                                                                                                                                                                          |   |              | 5,012    |   |          |   | 13,133 |   |
| Bank owned life insurance                                                                                                                                                                                                                       |   |              | 14,047   |   |          |   | 13,794 |   |
| Other assets                                                                                                                                                                                                                                    |   |              | 5,522    |   |          |   | 5,956 |   |
|   Total assets                                                                                                                                                                                                                        |   | $                 | 594,555  |   |          | $      | 596,393 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Liabilities and Stockholders' Equity                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Liabilities                                                                                                                                                                                                                                     |   |              |     |   |          |   |   |   |
|   Deposits                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
|     Demand                                                                                                                                                                                                                  |   | $                 | 43,682   |   |          | $      | 48,215 |   |
|     Savings and interest checking                                                                                                                                                                                           |   |              | 87,356   |   |          |   | 89,804 |   |
|     Money market                                                                                                                                                                                                            |   |              | 43,353   |   |          |   | 48,695 |   |
|     Brokered time deposits                                                                                                                                                                                                  |   |              | 4,905    |   |          |   | 4,924 |   |
|     Certificates of deposit                                                                                                                                                                                                 |   |              | 221,728  |   |          |   | 209,480 |   |
|       Total deposits                                                                                                                                                                                              |   |              | 401,024  |   |          |   | 401,118 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
|   Federal Home Loan Bank advances                                                                                                                                                                                                     |   |              | 43,684   |   |          |   | 43,922 |   |
|   Structured repurchase agreements                                                                                                                                                                                                    |   |              | 67,089   |   |          |   | 68,008 |   |
|   Short-term borrowings                                                                                                                                                                                                               |   |              | 1,744    |   |          |   | 2,515 |   |
|   Junior subordinated debentures issued to affiliated trusts                                                                                                                                                                          |   |              | 8,029    |   |          |   | 7,957 |   |
|   Capital lease obligation                                                                                                                                                                                                            |   |              | 1,994    |   |          |   | 2,075 |   |
|   Other borrowings                                                                                                                                                                                                                    |   |              | 0        |   |          |   | 2,229 |   |
|   Other liabilities                                                                                                                                                                                                                   |   |              | 5,091    |   |          |   | 3,615 |   |
|       Total liabilities                                                                                                                                                                                           |   |              | 528,655  |   |          |   | 531,439 |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Commitments and contingencies                                                                                                                                                                                                                   |   |              |     |   |          |   |   |   |
|                                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
| Stockholders' equity                                                                                                                                                                                                                            |   |              |     |   |          |   |   |   |
|   Preferred stock, $1.00 par value, 1,000,000 shares authorized; 4,227    shares issued and outstanding at December 31, 2011 and June 30,    2011; liquidation preference of $1,000 per share |   |              |   4 |   |          |   |   4 |   |
|   Voting common stock, $1.00 par value, 13,500,000 shares authorized; 3,312,173    issued and outstanding at December 31, 2011 and June 30, 2011, respectively                                                    |   |              | 3,312    |   |          |   | 3,312 |   |
|   Non-voting common stock, $1.00 par value, 1,500,000 shares authorized    195,351 issued and outstanding at December 31, 2011 and June 30, 2011, respectively                                                    |   |              | 195      |   |          |   | 195 |   |
| Warrants to purchase common stock                                                                                                                                                                                                               |   |              | 406      |   |          |   | 406 |   |
| Additional paid-in capital                                                                                                                                                                                                                      |   |              | 49,982   |   |          |   | 49,700 |   |
| Unearned restricted stock                                                                                                                                                                                                                       |   |              | (145     | )      |          |   | (163 | ) |
| Retained earnings                                                                                                                                                                                                                               |   |              | 11,846   |   |          |   | 11,726 |   |
| Accumulated other comprehensive income (loss)                                                                                                                                                                                                   |   |              | 300      |   |          |   | (226 | ) |
|     Total stockholders' equity                                                                                                                                                                                              |   |              | 65,900   |   |          |   | 64,954 |   |
|     Total liabilities and stockholders' equity                                                                                                                                                                              |   | $                 | 594,555  |   |          | $      | 596,393 |   |

| NORTHEAST BANCORP AND SUBSIDIARY                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF INCOME                                                                                                   |
| (Unaudited)                                                                                                                         |
| (Dollars in thousands, except  per share data)                                                                            |
|                                                                                                                                |   | Successor Company (1) |   |   | Predecessor Company (2) |
|                                                                                                                                |  Three Months Ended |   | Six Months Ended |   | Three Days Ended |   |   | 89 Days Ended | 181 Days Ended |
|                                                                                                                                |  December 31, 2011 |   | December 31, 2011 |   | December 31, 2010 |   |   | December 28, 2010 | December 28, 2010 |
| Interest and dividend income:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Interest on loans                                                                                                       |   | $ | 5,874 |   | $ | 11,011 |   | $ | 196 |   |   | $ | 5,468 |   | $ | 11,210 |
|   Interest and dividends on available-for-sale securities                                                                 |   |   | 541 |   |   | 1,180 |   |   | 45 |   |   |   | 1,439 |   |   | 3,111 |
|   Dividends on regulatory stock                                                                                           |   |   | 21 |   |   | 33 |   |   | 0 |   |   |   | 9 |   |   | 18 |
|   Other interest and dividend income                                                                                      |   |   | 36 |   |   | 83 |   |   | 1 |   |   |   | 28 |   |   | 39 |
|     Total interest and dividend income                                                                          |   |   | 6,472 |   |   | 12,307 |   |   | 242 |   |   |   | 6,944 |   |   | 14,378 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense:                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Deposits                                                                                                                |   |   | 836 |   |   | 1,673 |   |   | 42 |   |   |   | 1,273 |   |   | 2,796 |
|   Federal Home Loan Bank advances                                                                                         |   |   | 258 |   |   | 516 |   |   | 15 |   |   |   | 451 |   |   | 918 |
|   Structured repurchase agreements                                                                                        |   |   | 249 |   |   | 497 |   |   | 23 |   |   |   | 685 |   |   | 1,392 |
|   Short-term borrowings                                                                                                   |   |   | 3 |   |   | 8 |   |   | 6 |   |   |   | 205 |   |   | 376 |
|   Junior subordinated debentures issued to affiliated trusts                                                              |   |   | 185 |   |   | 368 |   |   | 6 |   |   |   | 167 |   |   | 340 |
|   Obligation under capital lease agreements                                                                               |   |   | 25 |   |   | 51 |   |   | 1 |   |   |   | 27 |   |   | 55 |
|     Total interest expense                                                                                      |   |   | 1,556 |   |   | 3,113 |   |   | 93 |   |   |   | 2,808 |   |   | 5,877 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net interest and dividend income before provision for        loan losses |   |   | 4,916 |   |   | 9,194 |   |   | 149 |   |   |   | 4,136 |   |   | 8,501 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for loan losses                                                                                                           |   |   | 134 |   |   | 534 |   |   | 0 |   |   |   | 453 |   |   | 912 |
|     Net interest and dividend income after provision for        loan losses  |   |   | 4,782 |   |   | 8,660 |   |   | 149 |   |   |   | 3,683 |   |   | 7,589 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest income:                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Fees for other services to customers                                                                                    |   |   | 370 |   |   | 710 |   |   | 14 |   |   |   | 331 |   |   | 698 |
|   Net securities gains                                                                                                    |   |   | 433 |   |   | 380 |   |   | 0 |   |   |   | 5 |   |   | 17 |
|   Gain on sales of residential loans                                                                                      |   |   | 770 |   |   | 1,426 |   |   | 49 |   |   |   | 919 |   |   | 1,867 |
|   Gain on sale of commercial loan                                                                                         |   |   | 203 |   |   | 203 |   |   | 0 |   |   |   | 0 |   |   | 0 |
|   Investment commissions                                                                                                  |   |   | 704 |   |   | 1,391 |   |   | 25 |   |   |   | 625 |   |   | 1,174 |
|   Bank owned life insurance income                                                                                        |   |   | 126 |   |   | 253 |   |   | 4 |   |   |   | 123 |   |   | 250 |
|   Bargain purchase gain                                                                                                   |   |   | 0 |   |   | 0 |   |   | 14,921 |   |   |   | 0 |   |   | 0 |
|   Other  income                                                                                                 |   |   | 86 |   |   | 107 |   |   | 7 |   |   |   | 153 |   |   | 225 |
|     Total noninterest income                                                                                    |   |   | 2,692 |   |   | 4,470 |   |   | 15,020 |   |   |   | 2,156 |   |   | 4,231 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest expense:                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Salaries and employee benefits                                                                                          |   |   | 3,729 |   |   | 7,446 |   |   | 139 |   |   |   | 2,493 |   |   | 4,949 |
|   Occupancy and equipment expense                                                                                         |   |   | 916 |   |   | 1,765 |   |   | 23 |   |   |   | 674 |   |   | 1,352 |
|   Professional fees                                                                                                       |   |   | 277 |   |   | 692 |   |   | 10 |   |   |   | 239 |   |   | 509 |
|   Data processing fees                                                                                                    |   |   | 289 |   |   | 563 |   |   | 8 |   |   |   | 273 |   |   | 521 |
|   Marketing expense                                                                                                       |   |   | 254 |   |   | 345 |   |   | 4 |   |   |   | 123 |   |   | 230 |
|   FDIC insurance premiums                                                                                                 |   |   | 122 |   |   | 239 |   |   | 5 |   |   |   | 170 |   |   | 346 |
|   Intangible asset amortization                                                                                           |   |   | 337 |   |   | 673 |   |   | 0 |   |   |   | 0 |   |   | 0 |
|   Merger expense                                                                                                          |   |   | 0 |   |   | 0 |   |   | 3,050 |   |   |   | 23 |   |   | 94 |
|   Other                                                                                                                   |   |   | 953 |   |   | 1,807 |   |   | 103 |   |   |   | 751 |   |   | 1,454 |
|     Total noninterest expense                                                                                   |   |   | 6,877 |   |   | 13,530 |   |   | 3,342 |   |   |   | 4,746 |   |   | 9,455 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income (loss) from continuing operations before income      tax expense (benefit)              |   |   | 597 |   |   | (400) |   |   | 11,827 |   |   |   | 1,093 |   |   | 2,365 |
| Income tax expense (benefit)                                                                                                        |   |   | 179 |   |   | (224) |   |   | (14) |   |   |   | 310 |   |   | 698 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |
|     Net income (loss) from continuing operations                                                                |   | $ | 418 |   | $ | (176) |   | $ | 11,841 |   |   | $ | 783 |   | $ |  1,667 |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|  NORTHEAST BANCORP AND SUBSIDIARY                              |
|---------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF INCOME                                   |
| (Unaudited)                                                         |
| (Dollars in thousands, except per share data)                       |
| (Continued)                                                         |
|                                                                |   | Successor Company (1) |   |   | Predecessor Company (2) |
|                                                                |  Three Months Ended |   | Six Months Ended |   | Three Days Ended |   |   | 89 Days Ended |   | 181 Days Ended |
|                                                                |   | December 31, 2011 |   | December 31, 2011 |   | December 31, 2010 |   |   | December 28, 2010 |   | December 28, 2010 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income (loss) from discontinued operations              |   | $ | 0 |   | $ | 186 |   | $ | (10) |   |   | $ | (23) |   | $ | 94 |
|   Gain on sale of discontinued operations                 |   |   | 0 |   |   | 1,529 |   |   | 0 |   |   |   | 105 |   |   | 105 |
|   Income tax expense (benefit)                            |   |   | 0 |   |   | 592 |   |   | (4) |   |   |   | 29 |   |   | 70 |
|   Net income (loss) from discontinued operations          |   |   | 0 |   |   | 1,123 |   |   | (6) |   |   |   | 53 |   |   | 129 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Net income                                              |   | $ | 418 |   | $ | 947 |   | $ | 11,835 |   |   | $ | 836 |   | $ | 1,796 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net income available to common stockholders |   | $ | 320 |   | $ | 751 |   | $ | 11,833 |   |   | $ | 777 |   | $ | 1,677 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Basic                                                   |   |   | 3,494,498 |   |   | 3,494,498 |   |   | 3,492,498 |   |   |   | 2,331,332 |   |   | 2,330,197 |
|   Diluted                                                 |   |   | 3,511,994 |   |   | 3,494,498 |   |   | 3,588,756 |   |   |   | 2,358,647 |   |   | 2,354,385 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per common share:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Basic:                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Income (loss) from continuing operations    |   | $ | 0.09 |   | $ | (0.11) |   | $ | 3.38 |   |   | $ | 0.31 |   | $ | 0.66 |
|     Income from discontinued operations         |   |   | 0.00 |   |   | 0.32 |   |   | 0.00 |   |   |   | 0.02 |   |   | 0.06 |
|     Net income                                  |   | $ | 0.09 |   | $ | 0.21 |   | $ | 3.38 |   |   | $ | 0.33 |   | $ | 0.72 |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Diluted:                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Income (loss) from continuing operations    |   | $ | 0.09 |   | $ | (0.11) |   | $ | 3.29 |   |   | $ | 0.31 |   | $ | 0.65 |
|     Income from discontinued operations         |   |   | 0.00 |   |   | 0.32 |   |   | 0.00 |   |   |   | 0.02 |   |   | 0.06 |
|     Net income                                  |   | $ | 0.09 |   | $ | 0.21 |   | $ | 3.29 |   |   | $ | 0.33 |   | $ | 0.71 |

| (1)  | “Successor Company” means Northeast Bancorp and its subsidiary after the closing of the merger with FHB Formation LLC on December 29, 2010.    |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                       |
| (2)  | “Predecessor Company” means Northeast Bancorp and its subsidiary before the closing of the merger with FHB Formation LLC on December 29, 2010. |
|      |                                                                                                                                                       |

| NORTHEAST BANCORP AND SUBSIDIARY                          |
|-----------------------------------------------------------|
| CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS |
| (Unaudited)                                               |   |
| (Dollars in thousands)                                    |   |

|                                                        | Successor Company (1)                |
|-------------------------------------------------------------|--------------------------------------|
|                                                        | Three Months Ended December 31, 2011 |   | Six Months Ended December 31, 2011 |
|                                                        | Average                              |   | Interest |   | Average |   | Average |   | Interest |   | Average |
|                                                        | Daily                                |   | Income/ |   | Yield/ |   | Daily |   | Income/ |   | Yield/ |
|                                                        | Balance                              |   | Expense |   | Rate |   | Balance |   | Expense |   | Rate |
|                                                        | (Dollars in thousands)               |
| Assets:                                                     |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning assets:                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities                                       | $                                    |    139,051 |   | $ |          541 |   | 1.54% |   | $ |    143,372 |   | $ |       1,180 |   | 1.63% |
| Loans (2) (3)                                               |                                 |    340,172 |   |   |       5,874 |   | 6.85% |   |   |    328,210 |   |   |     11,011 |   | 6.66% |
| Regulatory stock                                            |                                 |        5,761 |   |   |            21 |   | 1.45% |   |   |        5,761 |   |   |            33 |   | 1.14% |
| Short-term investments (4)                                  |                                 |      67,455 |   |   |            36 |   | 0.21% |   |   |      72,903 |   |   |            83 |   | 0.23% |
| Total interest-earning assets                               |                                 |    552,439 |   |   |       6,472 |   | 4.65% |   |   |    550,246 |   |   |     12,307 |   | 4.44% |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest earning assets:                                |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash & due from banks                                   |                                 |        2,981 |   |   |   |   |   |   |   |        2,950 |   |   |   |   |   |
| Bank premises and equipment, net                            |                                 |        8,924 |   |   |   |   |   |   |   |        8,598 |   |   |   |   |   |
| Other assets                                                |                                 |      28,941 |   |   |   |   |   |   |   |      29,963 |   |   |   |   |   |
| Allowance for loan losses                                   |                                 |         (743) |   |   |   |   |   |   |   |         (596) |   |   |   |   |   |
| Total non-interest earning assets                           |                                 |      40,103 |   |   |   |   |   |   |   |      40,915 |   |   |   |   |   |
| Total assets                                                | $                                    |    592,542 |   |   |   |   |   |   | $ |    591,161 |   |   |   |   |   |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities & Stockholders' Equity:                     |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                               |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW                                                         | $                                    |      54,806 |   | $ |            54 |   | 0.39% |   | $ |      55,494 |   | $ |          123 |   | 0.44% |
| Money market                                                |                                 |      44,247 |   |   |            42 |   | 0.38% |   |   |      45,114 |   |   |            92 |   | 0.40% |
| Savings                                                     |                                 |      32,360 |   |   |            18 |   | 0.22% |   |   |      32,899 |   |   |            44 |   | 0.27% |
| Time                                                        |                                 |    220,670 |   |   |          722 |   | 1.30% |   |   |    218,133 |   |   |       1,414 |   | 1.29% |
|     Total interest-bearing deposits     |                                 |    352,083 |   |   |          836 |   | 0.94% |   |   |    351,640 |   |   |       1,673 |   | 0.94% |
| Short-term borrowings (5)                                   |                                 |           631 |   |   |              3 |   | 1.89% |   |   |           886 |   |   |              8 |   | 1.79% |
| Borrowed funds                                              |                                 |    113,100 |   |   |          532 |   | 1.87% |   |   |    113,423 |   |   |       1,064 |   | 1.86% |
| Junior subordinated debentures                              |                                 |        8,009 |   |   |          185 |   | 9.16% |   |   |        7,990 |   |   |          368 |   | 9.14% |
| Total interest-bearing liabilities                          |                                 |    473,823 |   |   |       1,556 |   | 1.30% |   |   |    473,939 |   |   |       3,113 |   | 1.30% |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities of discontinued operations (6) |                                 |  0 |   |   |   |   |   |   |   |           570 |   |   |   |   |   |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing liabilities:                           |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits and escrow accounts                         |                                 |      47,290 |   |   |   |   |   |   |   |      46,524 |   |   |   |   |   |
| Other liabilities                                           |                                 |        5,723 |   |   |   |   |   |   |   |        4,498 |   |   |   |   |   |
| Total liabilities                                           |                                 |    526,836 |   |   |   |   |   |   |   |    525,531 |   |   |   |   |   |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                        |                                 |      65,706 |   |   |   |   |   |   |   |      65,630 |   |   |   |   |   |
| Total liabilities and stockholders' equity                  | $                                    |    592,542 |   |   |   |   |   |   | $ |    591,161 |   |   |   |   |   |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net interest income                       |                                 |   |   | $ |       4,916 |   |   |   |   |   |   | $ |       9,194 |   |   |
|                                                        |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate spread                                        |                                 |   |   |   |   |   | 3.35% |   |   |   |   |   |   |   | 3.14% |
| Net interest margin (7)                                     |                                 |   |   |   |   |   | 3.53% |   |   |   |   |   |   |   | 3.31% |

| (1)   | "Successor Company" means Northeast Bancorp and its subsidiary after the closing of the merger with FHB Formation LLC on December 29, 2010. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Non-accruing loans are included in the computation of average balances, but unpaid interest on nonperforming loans has not been included for purposes of determining interest income. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Includes Loans held for sale |
|-----------------|------------------------------|

| (4)   | Short term investments include FHLB overnight deposits and other interest-bearing deposits. |
|-----------------|---------------------------------------------------------------------------------------------|

| (5)   | Short-term borrowings include securities sold under repurchase agreements and sweep accounts. |
|-----------------|-----------------------------------------------------------------------------------------------|

| (6)   | The average balance of borrowings associated with discontinued operations has been excluded from interest expense, interest rate spread, and net interest margin. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | Net interest margin is calculated as net interest income divided by total interest-earning assets. |
|-----------------|----------------------------------------------------------------------------------------------------|

| NORTHEAST BANCORP AND SUBSIDIARY                          |
|-----------------------------------------------------------|
| CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS |
| (Unaudited)                                               |   |
| (Dollars in thousands)                                    |   |

|                                                        | Predecessor Company (1)         |
|-------------------------------------------------------------|---------------------------------|
|                                                        | 89 days ended December 28, 2010 |   | 181 days ended December 28, 2010 |
|                                                        | Average                         |   | Interest |   | Average |   | Average |   | Interest |   | Average |
|                                                        | Daily                           |   | Income/ |   | Yield/ |   | Daily |   | Income/ |   | Yield/ |
|                                                        | Balance                         |   | Expense |   | Rate |   | Balance |   | Expense |   | Rate |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets:                                                     |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning assets:                                    |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities                                       | $                               |   160,332 |   |  $ |   1,439 |   | 3.68% |   | $ |   161,894 |   |  $ |     3,111 |   | 3.88% |
| Loans (2)(3)                                                |                            |   381,076 |   |   |   5,468 |   | 5.88% |   |   |   385,286 |   |   |   11,210 |   | 5.87% |
| Regulatory stock                                            |                            |       5,486 |   |   |          9 |   | 0.67% |   |   |       5,486 |   |   |          18 |   | 0.66% |
| Short-term investments (4)                                  |                            |     49,403 |   |   |        28 |   | 0.23% |   |   |     39,212 |   |   |          39 |   | 0.20% |
| Total interest-earning assets                               |                            |   596,297 |   |   |   6,944 |   | 4.78% |   |   |   591,878 |   |   |   14,378 |   | 4.90% |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest earning assets:                                |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash & due from banks                                   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank premises and equipment, net                            |                            |       3,347 |   |   |   |   |   |   |   |       3,340 |   |   |   |   |   |
| Other assets                                                |                            |       7,983 |   |   |   |   |   |   |   |       8,006 |   |   |   |   |   |
| Allowance for loan losses                                   |                            |     32,377 |   |   |   |   |   |   |   |     32,620 |   |   |   |   |   |
| Total non-interest earning assets                           |                            |     (5,915) |   |   |   |   |   |   |   |     (5,902) |   |   |   |   |   |
| Total assets                                                |                            |     37,792 |   |   |   |   |   |   |   |     38,064 |   |   |   |   |   |
|                                                        | $                               |   634,089 |   |   |   |   |   |   | $ |   629,942 |   |   |   |   |   |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities & Stockholders' Equity:                     |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                               |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW                                                         | $                               |     55,147 |   |  $ |        85 |   | 0.63% |   | $ |     53,780 |   |  $ |        183 |   | 0.69% |
| Money market                                                |                            |     55,645 |   |   |        88 |   | 0.65% |   |   |     55,955 |   |   |        212 |   | 0.76% |
| Savings                                                     |                            |     38,234 |   |   |        42 |   | 0.45% |   |   |     38,303 |   |   |          99 |   | 0.52% |
| Time                                                        |                            |   190,650 |   |   |   1,058 |   | 2.28% |   |   |   196,318 |   |   |     2,302 |   | 2.36% |
|     Total interest-bearing deposits     |                            |   339,676 |   |   |   1,273 |   | 1.54% |   |   |   344,356 |   |   |     2,796 |   | 1.64% |
| Short-term borrowings (5)                                   |                            |     61,364 |   |   |      205 |   | 1.37% |   |   |     53,873 |   |   |        376 |   | 1.41% |
| Borrowed funds                                              |                            |   117,668 |   |   |   1,163 |   | 4.05% |   |   |   117,688 |   |   |     2,365 |   | 4.05% |
| Junior subordinated debentures                              |                            |     16,496 |   |   |      167 |   | 4.15% |   |   |     16,496 |   |   |        340 |   | 4.16% |
| Total interest-bearing liabilities                          |                            |   535,204 |   |   |   2,808 |   | 2.15% |   |   |   532,413 |   |   |     5,877 |   | 2.23% |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities of discontinued operations (6) |                            |       2,351 |   |   |   |   |   |   |   |       2,462 |   |   |   |   |   |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing liabilities:                           |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits and escrow accounts                         |                            |     39,252 |   |   |   |   |   |   |   |     37,941 |   |   |   |   |   |
| Other liabilities                                           |                            |       5,711 |   |   |   |   |   |   |   |       5,576 |   |   |   |   |   |
| Total liabilities                                           |                            |   582,518 |   |   |   |   |   |   |   |   578,392 |   |   |   |   |   |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                        |                            |     51,571 |   |   |   |   |   |   |   |     51,550 |   |   |   |   |   |
| Total liabilities and stockholders' equity                  | $                               |   634,089 |   |   |   |   |   |   | $ |   629,942 |   |   |   |   |   |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net interest income                       |                            |   |   |  $ |   4,136 |   |   |   |   |   |   |  $ |     8,501 |   |   |
|                                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate spread                                        |                            |   |   |   |   |   | 2.63% |   |   |   |   |   |   |   | 2.67% |
| Net interest margin (7)                                     |                            |   |   |   |   |   | 2.84% |   |   |   |   |   |   |   | 2.90% |

| (1)   | "Predecessor Company" means Northeast Bancorp and its subsidiary prior to the closing of the merger with FHB Formation LLC on December 29, 2010. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Non-accruing loans are included in the computation of average balances, but unpaid interest on nonperforming loans has not been included for purposes of determining interest income. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Includes Loans Held-for-Sale |
|-----------------|------------------------------|

| (4)   | Short term investments include FHLB overnight deposits and other interest-bearing deposits. |
|-----------------|---------------------------------------------------------------------------------------------|

| (5)   | Short-term borrowings include securities sold under repurchase agreements and sweep accounts. |
|-----------------|-----------------------------------------------------------------------------------------------|

| (6)   | The average balance of borrowings associated with discontinued operations has been excluded from interest expense, interest rate spread, and net interest margin. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)   |  Net interest margin is calculated as net interest income divided by total interest-earning assets.                                                          |

| NORTHEAST BANCORP AND SUBSIDIARY                                        |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |
|-------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SELECTED CONSOLIDATED FINANCIAL HIGHLIGHTS AND OTHER DATA               |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |
| (Unaudited)                                                             |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |
| (Dollars in thousands, except share and per share data)                 |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |
|                                                                    |                                                                                                                                                                                                                                                                | Successor Company (1)                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                |   |   |
|                                                                    |                                                                                                                                                                                                                                                                | Three Months                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                | Six Months |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |  Ended                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                |  Ended |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                | December 31, 2011                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                | December 31, 2011 |   |   |   |
| Net interest income                                                     |  $                                4,916                                                             |                                                                                                                                                                                                                    |  $                               9,194                                                              |   |   |   |
| Net income                                                              |  $                                   418                                        |                                                                                                                                                                                                                    |  $                                  947                                              |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| Weighted average shares outstanding:                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
|    Basic                                                 |                           3,494,498                                                                                               |                                                                                                                                                                                                                    |                           3,494,498                                                                                               |   |   |   |
|    Diluted                                               |                             3,511,994                                                                                   |                                                                                                                                                                                                                    |                           3,494,498                                                                                               |   |   |   |
| Earnings per share:                                                     |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
|    Basic                                                 |  $                                 0.09                                                   |                                                                                                                                                                                                                    |  $                                  0.21                                             |   |   |   |
|    Diluted                                               |  $                                 0.09                                                   |                                                                                                                                                                                                                    |  $                                  0.21                                             |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
| Return on average assets                                                | 0.28%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 0.32%                                                                                                                                                                                                                                                               |   |   |   |
| Return on average equity                                                | 2.52%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 2.86%                                                                                                                                                                                                                                                               |   |   |   |
| Net interest rate spread (4)                                            | 3.35%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 3.14%                                                                                                                                                                                                                                                               |   |   |   |
| Net interest margin (5)                                                 | 3.53%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 3.31%                                                                                                                                                                                                                                                               |   |   |   |
| Efficiency ratio (6)                                                    | 90.39%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 99.02%                                                                                                                                                                                                                                                              |   |   |   |
| Non-interest expense to average total assets                            | 4.60%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 4.54%                                                                                                                                                                                                                                                               |   |   |   |
| Average interest-earning assets to average interest-bearing liabilities | 116.59%                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    | 116.10%                                                                                                                                                                                                                                                             |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |
|                                                                    |                                                                                                                                                                                                                                                                | Successor Company (1)                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                |
| Non-performing loans:                                                   | December 31, 2011                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                    | September 30, 2011                                                                                                                                                                                                                                                  |   | June 30, 2011 |   |
| Originated portfolio:                                                   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
| Residential                                                             |  $                              3,264                                                                    |                                                                                                                                                                                                                    |  $                              2,733                                                                    |   |  $                               2,195 |   |
| Commercial                                                              |                                    1,998                                             |                                                                                                                                                                                                                    |                                   2,797                                                   |   |                                    3,601 |   |
| Construction                                                            |  0                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    |                                         121                 |   |                                         121 |   |
| Home equity                                                             |                                        182                       |                                                                                                                                                                                                                    |                                       205                             |   |                                       205 |   |
| Commercial business                                                     |                                      1,119                                 |                                                                                                                                                                                                                    |                                    1,224                                             |   |                                       559 |   |
| Consumer                                                                |                                       329                             |                                                                                                                                                                                                                    |                                       356                             |   |                                       527 |   |
|                                                                    |                                   6,892                                                   |                                                                                                                                                                                                                    |                                   7,436                                                   |   |                                   7,208 |   |
| Purchased portfolio:                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
| Residential                                                             |  0                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    |  0                                                                                                                                                                                                                                                             |   |  0 |   |
| Commercial                                                              |  0                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    |  0                                                                                                                                                                                                                                                             |   |  0 |   |
| Commercial business                                                     |  0                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    |  0                                                                                                                                                                                                                                                             |   |  0 |   |
|                                                                    |                                                                                                                                                                                                                                                                |  0                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                |  0 |   |  0 |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
|     Total non-performing loans                      |                                   6,892                                                   |                                                                                                                                                                                                                    |                                   7,436                                                   |   |                                   7,208 |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| Repossessed collateral                                                  |                                       837                             |                                                                                                                                                                                                                    |                                       463                             |   |                                       690 |   |
|     Total non-performing assets                     |  $                              7,729                                                                    |                                                                                                                                                                                                                    |  $                              7,899                                                                    |   |  $                              7,898 |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| Ratio of nonperforming loans to total loans                             | 1.99%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 2.35%                                                                                                                                                                                                                                                               |   | 2.33% |   |
| Ratio of nonperforming assets to total assets                           | 1.30%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 1.35%                                                                                                                                                                                                                                                               |   | 1.32% |   |
| Allowance for loan losses to total loans                                | 0.21%                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                    | 0.22%                                                                                                                                                                                                                                                               |   | 0.14% |   |
| Allowance for loan losses to nonperforming loans                        | 10.69%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 9.55%                                                                                                                                                                                                                                                               |   | 6.06% |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| Commercial real estate loans to risk-based capital                      | 236.88%                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                    | 194.08%                                                                                                                                                                                                                                                             |   | 200.53% |   |
| Net loans to core deposits (2)                                          | 91.34%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 84.75%                                                                                                                                                                                                                                                              |   | 84.46% |   |
| Purchased loans to total loans                                          | 14.83%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 3.90%                                                                                                                                                                                                                                                               |   | 0.21% |   |
| Equity to total assets                                                  | 11.08%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 11.27%                                                                                                                                                                                                                                                              |   | 10.89% |   |
| Tier 1 leverage capital  ratio                                | 11.86%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 11.85%                                                                                                                                                                                                                                                              |   | 10.35% |   |
| Total risk-based capital ratio                                          | 19.28%                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                    | 20.93%                                                                                                                                                                                                                                                              |   | 18.99% |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |
| Number of full service branches                                         |                                          10            |                                                                                                                                                                                                                    |                                          10            |   |                                          10 |   |
| Number of investment and mortgage loan origination offices              |                                            7 |                                                                                                                                                                                                                    |                                            7 |   |                                            7 |   |
| Stockholders' equity                                                    |  $                            65,900                                                                               |                                                                                                                                                                                                                    |  $                             66,188                                                                         |   |  $                             64,954 |   |
| Book value per share                                                    |  $                              17.58                                                                    |                                                                                                                                                                                                                    |  $                               17.66                                                              |   |  $                               17.33 |   |
| Tangible book value per share (3)                                       |  $                              16.15                                                                    |                                                                                                                                                                                                                    |  $                               16.14                                                              |   |  $                               13.58 |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| (1)                                                                     | "Successor Company" means Northeast Bancorp and its subsidiary after the closing of the merger with FHB Formation LLC on December 29, 2010.                                                                                                                         |
| (2)                                                                     | Core deposits includes all non-maturity deposits and maturity deposits less than $250 thousand.  Net loans includes loans held-for-sale.                                                                                                                  |
| (3)                                                                     | Reconciliation of Non-GAAP Ratio:                                                                                                                                                                                                                                   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                | Per Common |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |  Equity                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                | Share |   |   |   |
|                                                                    | Total Stockholders' Equity                                                                                                                                                                                                                                          |  $                            65,900                                   |                                                                                                                                                                                                                                                                |   |   |   |   |
|                                                                    | Less Preferred Stock                                                                                                                                                                                                                                                |                                   4,227       |                                                                                                                                                                                                                                                                |   |   |   |   |
|                                                                    | Total Common Equity                                                                                                                                                                                                                                                 |  $                            61,673                                   |                                                                                                                                                                                                                                                                |  $                               17.58 |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
|                                                                    | Less Core Deposit Intangible                                                                                                                                                                                                                                        |                                    5,012 |                                                                                                                                                                                                                                                                |                                       1.43 |   |   |   |
|                                                                    | Tangible Common Equity                                                                                                                                                                                                                                              |  $                            56,661                                   |                                                                                                                                                                                                                                                                |  $                               16.15 |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
|                                                                    | Outstanding Common Shares                                                                                                                                                                                                                                           |                           3,507,524                                                   |                                                                                                                                                                                                                                                                |   |   |   |   |
|                                                                    |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                |   |   |   |   |
| (4)                                                                     | The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average                                                                                                                       |
|                                                                    |  cost of interest-bearing liabilities for the period.                                                                                                                                                                                                          |
| (5)                                                                     | The net interest margin represents net interest income as a percent of average interest-earning assets for the period.                                                                                                                                              |
| (6)                                                                     | The efficiency ratio represents non-interest expense divided by the sum of net interest income (before the loan loss provision) plus non-interest income.                                                                                                           |