|  FOR IMMEDIATE RELEASE   For More Information:                                                 |                                                         |
|--------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| Jim Delamater, President & CEONortheast Bank, 500 Canal Street, Lewiston, ME 04240www.northeastbank.com   | 1-800-284-5989 ext. 3569 jdelamater@northeastbank.com   |

|  Amounts in thousands except per share amounts  |   | Three Months EndedJune |   |   | Twelve Months EndedJune |   |
|------------------------------------------------------|--------|------------------------|--------|--------|-------------------------|--------|
|                                                 |   | 2009                   |   |   | 2008                    |   |   | 2009 |   |   | 2009 |   |
| Earnings excluding intangible Amortization           |   |                   |   |   |                    |   |   |   |   |   |   |   |
| Net income                                           |   | $                      | 209    |   |                    | $      | 426 |   |   | $ | 959 |   |   | $ | 1,931 |   |
| Add back intangible expense, net of tax              |   |                   | 120    |   |                    |   | 116 |   |   |   | 489 |   |   |   | 399 |   |
| Adjusted net income                                  |   | $                      | 329    |   |                    | $      | 542 |   |   | $ | 1,448 |   |   | $ | 2,330 |   |
|                                                 |   |                   |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Adjusted net income available to common shareholders |   | $                      | 269    |   |                    | $      | 542 |   |   | $ | 1,314 |   |   | $ | 2,330 |   |
| Adjusted basic earnings per common share             |   | $                      | 0.12   |   |                    | $      | 0.23 |   |   | $ | 0.57 |   |   | $ | 0.99 |   |
| Adjusted diluted earnings per common share           |   | $                      | 0.12   |   |                    | $      | 0.23 |   |   | $ | 0.57 |   |   | $ | 0.98 |   |

| NORTHEAST BANCORP                                                    |   |
|----------------------------------------------------------------------|--------|
| (Dollars in Thousands, Except Per Share and Shares Outstanding Data) |   |
| (Unaudited)                                                          |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Three Months Ended |   |   |   |   |   | Twelve Months Ended |   |   |   |   |
|                                                                 |   | June 30, |   |   | % |   |   | June 30, |   |   | % |   |
|                                                                 |   | 2009 |   |   | 2008 |   |   | Change |   |   | 2009 |   |   | 2008 |   |   | Change |   |
| Selected financial information                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income statement data:                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                      |   | $ | 8,182 |   |   | $ | 8,572 |   |   |   | -5 | % |   | $ | 33,766 |   |   | $ | 35,397 |   |   |   | -5 | % |
| Interest expense                                                     |   |   | 3,895 |   |   |   | 4,790 |   |   |   | -19 | % |   |   | 16,980 |   |   |   | 21,051 |   |   |   | -19 | % |
| Net interest income                                                  |   |   | 4,287 |   |   |   | 3,782 |   |   |   | 13 | % |   |   | 16,786 |   |   |   | 14,346 |   |   |   | 17 | % |
| Provision for loan losses                                            |   |   | 525 |   |   |   | 179 |   |   |   | 193 | % |   |   | 2,168 |   |   |   | 836 |   |   |   | 159 | % |
| Net interest income after provision for loan losses                  |   |   | 3,762 |   |   |   | 3,603 |   |   |   | 4 | % |   |   | 14,618 |   |   |   | 13,510 |   |   |   | 8 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of loans                                                |   |   | 556 |   |   |   | 182 |   |   |   | 205 | % |   |   | 1,519 |   |   |   | 615 |   |   |   | 147 | % |
| Gain on securities, net                                              |   |   | 350 |   |   |   | 34 |   |   |   | 929 | % |   |   | 268 |   |   |   | 293 |   |   |   | -9 | % |
| Investment brokerage income                                          |   |   | 313 |   |   |   | 558 |   |   |   | -44 | % |   |   | 1,589 |   |   |   | 2,223 |   |   |   | -29 | % |
| Insurance agency income                                              |   |   | 1,392 |   |   |   | 1,411 |   |   |   | -1 | % |   |   | 5,865 |   |   |   | 5,364 |   |   |   | 9 | % |
| Other noninterest income                                             |   |   | 579 |   |   |   | 591 |   |   |   | -2 | % |   |   | 2,292 |   |   |   | 2,308 |   |   |   | -1 | % |
| Noninterest Income                                                   |   |   | 3,190 |   |   |   | 2,776 |   |   |   | 15 | % |   |   | 11,533 |   |   |   | 10,803 |   |   |   | 7 | % |
| Noninterest expense                                                  |   |   | 6,753 |   |   |   | 5,886 |   |   |   | 15 | % |   |   | 25,153 |   |   |   | 21,854 |   |   |   | 15 | % |
| Operating income before income tax                                   |   |   | 199 |   |   |   | 493 |   |   |   | -60 | % |   |   | 998 |   |   |   | 2,459 |   |   |   | -59 | % |
| Income tax (benefit) expense                                         |   |   | (10 | ) |   |   | 67 |   |   |   | -115 | % |   |   | 39 |   |   |   | 528 |   |   |   | -93 | % |
| Net income                                                           |   | $ | 209 |   |   | $ | 426 |   |   |   | -51 | % |   | $ | 959 |   |   | $ | 1,931 |   |   |   | -50 | % |
| Net income available to common stockholder                           |   | $ | 148 |   |   | $ | 426 |   |   |   | -65 | % |   | $ | 825 |   |   | $ | 1,931 |   |   |   | -57 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per share data:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per common share                                      |   | $ | 0.06 |   |   | $ | 0.18 |   |   |   | -67 | % |   | $ | 0.36 |   |   | $ | 0.82 |   |   |   | -56 | % |
| Diluted earnings per common share                                    |   | $ | 0.06 |   |   | $ | 0.18 |   |   |   | -67 | % |   | $ | 0.36 |   |   | $ | 0.82 |   |   |   | -56 | % |
| Weighted average shares outstanding:                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                |   |   | 2,321,332 |   |   |   | 2,315,182 |   |   |   | 0 | % |   |   | 2,319,830 |   |   |   | 2,352,484 |   |   |   | -1 | % |
| Diluted                                                              |   |   | 2,321,617 |   |   |   | 2,322,869 |   |   |   | 0 | % |   |   | 2,321,929 |   |   |   | 2,366,340 |   |   |   | -2 | % |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Book value per share                                                 |   | $ | 18.57 |   |   | $ | 17.40 |   |   |   |   |   |   | $ | 18.57 |   |   | $ | 17.40 |   |   |   |   |   |
| Tangible book value per share                                        |   | $ | 13.05 |   |   | $ | 11.85 |   |   |   |   |   |   | $ | 13.05 |   |   | $ | 11.85 |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest margin                                                  |   |   | 3.04 | % |   |   | 2.81 | % |   |   |   |   |   |   | 2.99 | % |   |   | 2.70 | % |   |   |   |   |
| Net interest spread                                                  |   |   | 2.80 | % |   |   | 2.52 | % |   |   |   |   |   |   | 2.75 | % |   |   | 2.38 | % |   |   |   |   |
| Return on average assets (annualized)                                |   |   | 0.14 | % |   |   | 0.29 | % |   |   |   |   |   |   | 0.16 | % |   |   | 0.33 | % |   |   |   |   |
| Return on equity (annualized)                                        |   |   | 1.72 | % |   |   | 4.01 | % |   |   |   |   |   |   | 2.14 | % |   |   | 4.63 | % |   |   |   |   |
| Tier I leverage ratio (Bank)                                         |   |   | 7.72 | % |   |   | 7.06 | % |   |   |   |   |   |   | 7.72 | % |   |   | 7.06 | % |   |   |   |   |
| Tier I risk-based capital ratio (Bank)                               |   |   | 11.26 | % |   |   | 9.60 | % |   |   |   |   |   |   | 11.26 | % |   |   | 9.60 | % |   |   |   |   |
| Total risk-based capital ratio (Bank)                                |   |   | 12.51 | % |   |   | 10.85 | % |   |   |   |   |   |   | 12.51 | % |   |   | 10.85 | % |   |   |   |   |
| Efficiency ratio                                                     |   |   | 90 | % |   |   | 90 | % |   |   |   |   |   |   | 89 | % |   |   | 87 | % |   |   |   |   |
| Nonperforming loans                                                  |   |   | 9,894 |   |   |   | 7,703 |   |   |   |   |   |   |   | 9,894 |   |   |   | 7,703 |   |   |   |   |   |
| Total nonperforming assets                                           |   |   | 10,567 |   |   |   | 8,381 |   |   |   |   |   |   |   | 10,567 |   |   |   | 8,381 |   |   |   |   |   |
| Nonperforming loans as a % of total loans                            |   |   | 2.51 | % |   |   | 1.88 | % |   |   |   |   |   |   | 2.51 | % |   |   | 1.88 | % |   |   |   |   |
| Nonperforming assets as a % of total assets                          |   |   | 1.77 | % |   |   | 1.40 | % |   |   |   |   |   |   | 1.77 | % |   |   | 1.40 | % |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   | June 30, |   |   | % |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   | 2009 |   |   |   | 2008 |   |   | Change |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance sheet highlights:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale securities, at fair value                         |   | $ | 148,410 |   |   | $ | 134,483 |   |   |   | 10 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans held for sale                                                  |   |   | 2,437 |   |   |   | 486 |   |   |   | 401 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                |   |   | 393,651 |   |   |   | 409,194 |   |   |   | -4 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                            |   |   | 5,764 |   |   |   | 5,656 |   |   |   | 2 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill & intangibles                                           |   |   | 12,802 |   |   |   | 12,835 |   |   |   | 0 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                         |   |   | 598,148 |   |   |   | 598,274 |   |   |   | 0 | % |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits:                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW and money market                                                 |   |   | 83,515 |   |   |   | 70,138 |   |   |   | 19 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                                                              |   |   | 19,079 |   |   |   | 19,906 |   |   |   | -4 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Certificates of deposits                                             |   |   | 239,658 |   |   |   | 225,590 |   |   |   | 6 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Brokered time deposits                                               |   |   | 10,906 |   |   |   | 12,597 |   |   |   | -13 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing deposits                                         |   |   | 32,228 |   |   |   | 35,143 |   |   |   | -8 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Total deposits                                                       |   |   | 385,386 |   |   |   | 363,374 |   |   |   | 6 | % |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Borrowings                                                           |   |   | 162,389 |   |   |   | 186,830 |   |   |   | -13 | % |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                 |   |   | 47,317 |   |   |   | 40,273 |   |   |   | 17 | % |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares outstanding                                                   |   |   | 2,321,332 |   |   |   | 2,315,182 |   |   |   | 0 | % |   |   |   |   |   |   |   |   |   |   |   |   |