| 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.   | Loan growth of $7.7 million or 2.5%, lead by growth of $14.7 million in purchased commercial loans. Launched in the fourth quarter of fiscal 2011, the Bank’s new Loan Acquisition and Servicing Group purchases performing commercial loans nationwide for the Bank’s portfolio. Such purchased commercial loans are typically acquired at a discount from their outstanding principal balances, producing yields higher than those normally achievable on the Bank’s originated commercial loans. The remainder of the Bank’s loan portfolio decreased by $7.0 million during the quarter, principally due to an increased level of mortgage refinance activity. During the quarter, most refinances of loans in the Bank’s existing portfolio were fixed rate loans, which the Bank sold in the secondary market. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | An $11.7 million reduction in funding sources, consisting of a $7.4 million, or 1.8%, net decrease in deposits and a $4.3 million, or 3.4%, decrease in borrowed funds. The latter is primarily the result of repaying Northeast Bank Insurance Group debt in connection with the insurance transaction; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | A $9.9 million or 4.2% decrease in cash and securities, the net result of changes in loans and funding sources. Cash and securities, net of holdings pledged as collateral for borrowed funds, represent 24% of total assets at quarter-end, a level of balance sheet liquidity that is intended in part for future purchases of commercial loans. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NORTHEAST BANCORP AND SUBSIDIARY                                                                   |   |          |    |   |      |   |
|----------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|-----------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                        |   |          |    |   |      |   |
| (Dollars in thousands)                                                                             |   |          |    |   |      |   |
|                                                                                               |   |          |    |   |      |   |
|                                                                                               |   |          |    |   |      |   |
|                                                                                               |   | September 30, |    |   | June 30,  |   |
|                                                                                               |   | 2011          |    |   | 2011      |   |
|                                                                                               |   | (Unaudited)   |    |   | (Audited) |   |
| Assets                                                                                             |   |          |    |   |      |   |
| Cash and due from banks                                                                            |   | $             | 3,517   |   |      | $      | 3,227 |   |
| Short-term investments                                                                             |   |          | 76,281  |   |      |   | 80,704 |   |
| Total cash and cash equivalents                                                                    |   |          | 79,798  |   |      |   | 83,931 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Available-for-sale securities, at fair value                                                       |   |          | 143,229 |   |      |   | 148,962 |   |
| Loans held-for-sale                                                                                |   |          | 6,405   |   |      |   | 5,176 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Loans receivable                                                                                   |   |          |    |   |      |   |   |   |
| Residential real estate                                                                            |   |          | 142,401 |   |      |   | 145,477 |   |
| Commercial real estate                                                                             |   |          | 130,422 |   |      |   | 117,761 |   |
| Construction                                                                                       |   |          | 2,079   |   |      |   | 2,015 |   |
| Commercial business                                                                                |   |          | 20,576  |   |      |   | 22,225 |   |
| Consumer                                                                                           |   |          | 20,938  |   |      |   | 22,435 |   |
| Total loans, gross                                                                                 |   |          | 316,416 |   |      |   | 309,913 |   |
| Less allowance for loan losses                                                                     |   |          | 710     |   |      |   | 437 |   |
| Loans, net                                                                                         |   |          | 315,706 |   |      |   | 309,476 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Premises and equipment, net                                                                        |   |          | 8,396   |   |      |   | 8,271 |   |
| Acquired assets, net                                                                               |   |          | 463     |   |      |   | 690 |   |
| Accrued interest receivable                                                                        |   |          | 1,566   |   |      |   | 1,244 |   |
| Federal Home Loan Bank stock, at cost                                                              |   |          | 4,889   |   |      |   | 4,889 |   |
| Federal Reserve Bank stock, at cost                                                                |   |          | 871     |   |      |   | 871 |   |
| Intangible assets                                                                                  |   |          | 5,348   |   |      |   | 13,133 |   |
| Bank owned life insurance                                                                          |   |          | 13,921  |   |      |   | 13,794 |   |
| Other assets                                                                                       |   |          | 6,621   |   |      |   | 5,956 |   |
| Total assets                                                                                       |   | $             | 587,213 |   |      | $      | 596,393 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Liabilities and Stockholders' Equity                                                               |   |          |    |   |      |   |   |   |
| Liabilities:                                                                                       |   |          |    |   |      |   |   |   |
| Deposits                                                                                           |   |          |    |   |      |   |   |   |
| Demand                                                                                             |   | $             | 45,361  |   |      | $      | 48,215 |   |
| Savings and interest checking                                                                      |   |          | 87,488  |   |      |   | 89,804 |   |
| Money market                                                                                       |   |          | 44,914  |   |      |   | 48,695 |   |
| Brokered time deposits                                                                             |   |          | 4,915   |   |      |   | 4,924 |   |
| Certificates of deposit                                                                            |   |          | 211,055 |   |      |   | 209,480 |   |
| Total deposits                                                                                     |   |          | 393,733 |   |      |   | 401,118 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Federal Home Loan Bank advances                                                                    |   |          | 43,803  |   |      |   | 43,922 |   |
| Structured repurchase agreements                                                                   |   |          | 67,548  |   |      |   | 68,008 |   |
| Short-term borrowings                                                                              |   |          | 1,009   |   |      |   | 2,515 |   |
| Junior subordinated debentures issued to affiliated trusts                                         |   |          | 7,992   |   |      |   | 7,957 |   |
| Capital lease obligation                                                                           |   |          | 2,035   |   |      |   | 2,075 |   |
| Other borrowings                                                                                   |   |          | 0       |   |      |   | 2,229 |   |
| Other liabilities                                                                                  |   |          | 4,905   |   |      |   | 3,615 |   |
| Total liabilities                                                                                  |   |          | 521,025 |   |      |   | 531,439 |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Commitments and contingent liabilities                                                             |   |          |    |   |      |   |   |   |
|                                                                                               |   |          |    |   |      |   |   |   |
| Stockholders' equity                                                                               |   |          |    |   |      |   |   |   |
| Preferred stock, $1.00 par value, 1,000,000 shares authorized; 4,227 shares issued and outstanding |   |          |    |   |      |   |   |   |
| at September 30, 2011 and June 30, 2011 liquidation preference of $1,000 per share                 |   |          | 4       |   |      |   | 4 |   |
| Voting common stock, at stated value, 13,500,000 shares authorized; 3,312,173 issued and           |   |          |    |   |      |   |   |   |
| outstanding at September 30, 2011 and June 30, 2011, respectively                                  |   |          | 3,312   |   |      |   | 3,312 |   |
| Non-voting common stock, at stated value, 1,500,000 shares authorized; 195,351 issued and          |   |          |    |   |      |   |   |   |
| outstanding at September 30, 2011 and June 30, 2011, respectively                                  |   |          | 195     |   |      |   | 195 |   |
| Warrants                                                                                           |   |          | 406     |   |      |   | 406 |   |
| Additional paid-in capital                                                                         |   |          | 49,841  |   |      |   | 49,700 |   |
| Unearned restricted stock award                                                                    |   |          | (154    | )      |      |   | (163 | ) |
| Retained earnings                                                                                  |   |          | 11,841  |   |      |   | 11,726 |   |
| Accumulated other comprehensive income (loss)                                                      |   |          | 743     |   |      |   | (226 | ) |
| Total stockholders' equity                                                                         |   |          | 66,188  |   |      |   | 64,954 |   |
| Total liabilities and stockholders' equity                                                         |   | $             | 587,213 |   |      | $      | 596,393 |   |

| NORTHEAST BANCORP AND SUBSIDIARY                                              |   |
|-------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF INCOME                                             |   |
| (Unaudited)                                                                   |   |
| (Dollars in thousands, except share and per share data)                       |   |
|                                                                          |   |   |   |   |   |   |
|                                                                          |   | Successor   |   |   | Predecessor |   |
|                                                                          |   | Company (1) |   |   | Company (2) |   |
|                                                                          |   | Three Months |   |   | Three Months |   |
|                                                                          |   | Ended |   |   | Ended |   |
|                                                                          |   | September 30, |   |   | September 30, |   |
|                                                                          |   | 2011 |   |   | 2010 |   |
| Interest and dividend income:                                                 |   |   |   |   |   |   |
| Interest on loans                                                             |   | $ | 5,137 |   |   | $ | 5,742 |   |
| Taxable interest on available-for-sale securities                             |   |   | 636 |   |   |   | 1,544 |   |
| Tax-exempt interest on available-for-sale securities                          |   |   | 0 |   |   |   | 118 |   |
| Dividends on available-for-sale securities                                    |   |   | 3 |   |   |   | 9 |   |
| Dividends on Federal Home Loan Bank  and Federal Reserve Bank stock |   |   | 12 |   |   |   | 9 |   |
| Other interest and dividend income                                            |   |   | 47 |   |   |   | 12 |   |
| Total interest and dividend income                                            |   |   | 5,835 |   |   |   | 7,434 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Interest expense:                                                             |   |   |   |   |   |   |   |   |
| Deposits                                                                      |   |   | 837 |   |   |   | 1,523 |   |
| Federal Home Loan Bank advances                                               |   |   | 258 |   |   |   | 466 |   |
| Structured repurchase agreements                                              |   |   | 248 |   |   |   | 708 |   |
| Short-term borrowings                                                         |   |   | 5 |   |   |   | 171 |   |
| Junior subordinated debentures issued to affiliated trusts                    |   |   | 183 |   |   |   | 173 |   |
| Obligation under capital lease agreements                                     |   |   | 26 |   |   |   | 28 |   |
| Other borrowings                                                              |   |   | 14 |   |   |   | 39 |   |
| Total interest expense                                                        |   |   | 1,571 |   |   |   | 3,108 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Net interest and dividend income before provision for loan losses             |   |   | 4,264 |   |   |   | 4,326 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Provision for loan losses                                                     |   |   | 400 |   |   |   | 459 |   |
| Net interest and dividend income after provision for loan losses              |   |   | 3,864 |   |   |   | 3,867 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Noninterest income:                                                           |   |   |   |   |   |   |   |   |
| Fees for other services to customers                                          |   |   | 340 |   |   |   | 367 |   |
| Net securities gains (losses)                                                 |   |   | (53 | ) |   |   | 12 |   |
| Gain on sales of loans                                                        |   |   | 656 |   |   |   | 948 |   |
| Gain on sale of business                                                      |   |   | 1,529 |   |   |   | 0 |   |
| Investment commissions                                                        |   |   | 687 |   |   |   | 548 |   |
| Insurance commissions                                                         |   |   | 965 |   |   |   | 1,439 |   |
| BOLI income                                                                   |   |   | 127 |   |   |   | 127 |   |
| Other  income                                                       |   |   | 17 |   |   |   | 73 |   |
| Total noninterest income                                                      |   |   | 4,268 |   |   |   | 3,514 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Noninterest expense:                                                          |   |   |   |   |   |   |   |   |
| Salaries and employee benefits                                                |   |   | 4,211 |   |   |   | 3,351 |   |
| Occupancy and equipment expense                                               |   |   | 937 |   |   |   | 782 |   |
| Professional fees                                                             |   |   | 431 |   |   |   | 237 |   |
| Data processing fees                                                          |   |   | 312 |   |   |   | 306 |   |
| Intangible assets amortization                                                |   |   | 405 |   |   |   | 175 |   |
| Merger expense                                                                |   |   | 0 |   |   |   | 72 |   |
| Other                                                                         |   |   | 1,118 |   |   |   | 1,069 |   |
|   Total noninterest expense                                         |   |   | 7,414 |   |   |   | 5,992 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Income before income tax expense                                              |   |   | 718 |   |   |   | 1,389 |   |
| Income tax expense                                                            |   |   | 189 |   |   |   | 428 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Net income                                                                    |   | $ | 529 |   |   | $ | 961 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Net income available to common stockholders                                   |   | $ | 431 |   |   | $ | 900 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding                                           |   |   |   |   |   |   |   |   |
| Basic                                                                         |   |   | 3,494,498 |   |   |   | 2,329,098 |   |
| Diluted                                                                       |   |   | 3,513,545 |   |   |   | 2,349,115 |   |
| Earnings per common share:                                                    |   |   |   |   |   |   |   |   |
|  Basic                                                                   |   | $ | 0.12 |   |   | $ | 0.39 |   |
|  Diluted                                                                 |   | $ | 0.12 |   |   | $ | 0.38 |   |

| (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 BALANCES AND ANNUALIZED YIELDS     |   |
| (Unaudited)                                             |   |
| (Dollars in thousands)                                  |   |
|                                                    |   | Successor Company (1) |   |   | Predecessor Company (2) |   |
|                                                    |   | Three months ended September 30, |   |   | Three months ended September 30, |   |
|                                                    |   | 2011 |   |   | 2010 |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   | Average |   |   |   |   |   |   |   |   | Average |   |
|                                                    |   | Average |   |   |   |   |   | Yield/ |   |   | Average |   |   |   |   |   | Yield/ |   |
|                                                    |   | Balance |   |   | Q-T-D Inc. |   |   | Rate |   |   | Balance |   |   | Q-T-D Inc. |   |   | Rate (3) |   |
| Assets:                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest earning-assets:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities                                              |   | $ | 147,692 |   |   | $ | 639 |   |   |   | 1.72 | % |   | $ | 163,405 |   |   | $ | 1,671 |   |   |   | 4.18 | % |
| Loans (4)(5)                                            |   |   | 316,248 |   |   |   | 5,137 |   |   |   | 6.44 | % |   |   | 389,360 |   |   |   | 5,742 |   |   |   | 5.85 | % |
| Bank Regulatory Stock                                   |   |   | 5,761 |   |   |   | 12 |   |   |   | 0.83 | % |   |   | 5,486 |   |   |   | 9 |   |   |   | 0.65 | % |
| Short-term investments (6)                              |   |   | 78,351 |   |   |   | 47 |   |   |   | 0.24 | % |   |   | 29,354 |   |   |   | 12 |   |   |   | 0.16 | % |
| Total interest-earning assets                           |   |   | 548,052 |   |   |   | 5,835 |   |   |   | 4.22 | % |   |   | 587,605 |   |   |   | 7,434 |   |   |   | 5.05 | % |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-interest earning assets                       |   |   | 41,729 |   |   |   |   |   |   |   |   |   |   |   | 38,284 |   |   |   |   |   |   |   |   |   |
| Total assets                                            |   | $ | 589,781 |   |   |   |   |   |   |   |   |   |   | $ | 625,889 |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities & Net Worth:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Now                                                     |   | $ | 56,182 |   |   | $ | 69 |   |   |   | 0.49 | % |   | $ | 52,458 |   |   | $ | 98 |   |   |   | 0.74 | % |
| Money Market                                            |   |   | 45,981 |   |   |   | 51 |   |   |   | 0.44 | % |   |   | 56,255 |   |   |   | 125 |   |   |   | 0.88 | % |
| Savings                                                 |   |   | 33,439 |   |   |   | 26 |   |   |   | 0.31 | % |   |   | 38,370 |   |   |   | 57 |   |   |   | 0.59 | % |
| Time                                                    |   |   | 215,595 |   |   |   | 691 |   |   |   | 1.27 | % |   |   | 201,801 |   |   |   | 1,243 |   |   |   | 2.44 | % |
|     Total interest-bearing deposits |   |   | 351,197 |   |   |   | 837 |   |   |   | 0.95 | % |   |   | 348,884 |   |   |   | 1,523 |   |   |   | 1.73 | % |
| Short-term borrowings (7)                               |   |   | 1,141 |   |   |   | 5 |   |   |   | 1.74 | % |   |   | 46,627 |   |   |   | 171 |   |   |   | 1.46 | % |
| Borrowed funds                                          |   |   | 114,886 |   |   |   | 546 |   |   |   | 1.89 | % |   |   | 120,277 |   |   |   | 1,241 |   |   |   | 4.09 | % |
| Junior Subordinated Debentures                          |   |   | 7,971 |   |   |   | 183 |   |   |   | 9.11 | % |   |   | 16,496 |   |   |   | 173 |   |   |   | 4.16 | % |
| Total interest-earning liabilities                      |   |   | 475,195 |   |   |   | 1,571 |   |   |   | 1.31 | % |   |   | 532,284 |   |   |   | 3,108 |   |   |   | 2.32 | % |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-interest bearing liabilities:                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits and escrow accounts                     |   |   | 44,553 |   |   |   |   |   |   |   |   |   |   |   | 36,674 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                       |   |   | 4,478 |   |   |   |   |   |   |   |   |   |   |   | 5,392 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                       |   |   | 524,226 |   |   |   |   |   |   |   |   |   |   |   | 574,350 |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                    |   |   | 65,555 |   |   |   |   |   |   |   |   |   |   |   | 51,539 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity              |   | $ | 589,781 |   |   |   |   |   |   |   |   |   |   | $ | 625,889 |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net interest income                   |   |   |   |   |   | $ | 4,264 |   |   |   |   |   |   |   |   |   |   | $ | 4,326 |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate spread                                    |   |   |   |   |   |   |   |   |   |   | 2.91 | % |   |   |   |   |   |   |   |   |   |   | 2.73 | % |
| Net yield on interest earning assets (8)                |   |   |   |   |   |   |   |   |   |   | 3.09 | % |   |   |   |   |   |   |   |   |   |   | 2.96 | % |

| (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.                                                                                                       |
| (3)    | Yields are stated on a fully tax-equivalent basis using a 30.84% tax rate.                                                      |
| (4)    | 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.                                                               |
| (5)    | Includes Loans Held-for-Sale.                                                                                                   |
| (6)    | Short term investments include FHLB overnight deposits and other interest-bearing deposits.                                     |
| (7)    | Short-term borrowings include securities sold under repurchase agreements and sweep accounts.                                   |
| (8)    | The net yield on interest-earning assets is 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   |   |   | Predecessor |   |
|                                                                    |   | Company (1) |   |   | Company (2) |   |
|                                                                    |   | Three Months |   |   | Three Months |   |
|                                                                    |   | Ended |   |   | Ended |   |
|                                                                    |   | September 30, |   |   | September 30, |   |
|                                                                    |   | 2011 |   |   | 2010 |   |
| Financial Highlights:                                                   |   |   |   |   |   |   |
| Net interest income                                                     |   | $ | 4,264 |   |   | $ | 4,326 |   |
| Net income                                                              |   | $ | 529 |   |   | $ | 961 |   |
| Weighted average shares outstanding:                                    |   |   |   |   |   |   |   |   |
|    Basic                                                 |   |   | 3,494,498 |   |   |   | 2,329,098 |   |
|    Diluted                                               |   |   | 3,513,545 |   |   |   | 2,349,115 |   |
| Earnings per share:                                                     |   |   |   |   |   |   |   |   |
|    Basic                                                 |   | $ | 0.12 |   |   | $ | 0.39 |   |
|    Diluted                                               |   | $ | 0.12 |   |   | $ | 0.38 |   |
| Stockholders' equity - end of period                                    |   | $ | 66,188 |   |   | $ | 51,259 |   |
| Book value per share - end of period                                    |   | $ | 17.66 |   |   | $ | 20.16 |   |
| Tangible book value per share - end of period (3)                       |   | $ | 16.14 |   |   | $ | 15.36 |   |
|                                                                    |   |   |   |   |   |   |   |   |
| Ratios and Other Information:                                           |   |   |   |   |   |   |   |   |
| Return on average assets                                                |   |   | 0.36 | % |   |   | 0.61 | % |
| Return on average equity                                                |   |   | 3.20 | % |   |   | 7.40 | % |
| Net interest rate spread (4)                                            |   |   | 2.91 | % |   |   | 2.73 | % |
| Net interest margin (5)                                                 |   |   | 3.09 | % |   |   | 2.96 | % |
| Efficiency ratio (6)                                                    |   |   | 87 | % |   |   | 76 | % |
| Non-interest expense to average total assets                            |   |   | 4.99 | % |   |   | 3.78 | % |
| Average interest-earning assets to average interest-bearing liabilities |   |   | 115.33 | % |   |   | 110.39 | % |
|                                                                    |   |   |   |   |   |   |   |   |
| At period end:                                                          |   |   |   |   |   |   |   |   |
| Non-performing assets to total assets                                   |   |   | 1.34 | % |   |   | 1.59 | % |
| Non-performing loans to total loans                                     |   |   | 2.35 | % |   |   | 2.38 | % |
| Allowance for loan losses to total loans                                |   |   | 0.22 | % |   |   | 0.14 | % |
|                                                                    |   |   |   |   |   |   |   |   |
| Equity to total assets                                                  |   |   | 11.27 | % |   |   | 8.15 | % |
| Tier 1 leverage capital  ratio                                |   |   | 11.80 | % |   |   | 8.49 | % |
| Total risk-based capital ratio                                          |   |   | 20.93 | % |   |   | 14.70 | % |
|                                                                    |   |   |   |   |   |   |   |   |
| Number of full service branches                                         |   |   | 10 |   |   |   | 10 |   |
| Number of insurance agency offices                                      |   |   | 0 |   |   |   | 11 |   |
| Number of investment and mortgage loan origination offices              |   |   | 7 |   |   |   | 6 |   |

| (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.                                                                                             |   |   |   |   |   |   |   |
| (3)    | Reconciliation of Non-GAAP Ratio:                                                                                           |

|   |                         |   |      |   | Per Common |   |
|--------|------------------------------|--------|-----------|--------|------------|--------|
|   |                         | Equity |      |   | Share      |   |
|   | Total Stockholders' Equity   | $      | 66,188    |   |       |   |   |
|   | Less Preferred Stock         |   | 4,230     |   |       |   |   |
|   | Total Common Stock           | $      | 61,958    |   |       | $      | 17.66 |   |
|   |                         |   |      |   |       |   |   |   |
|   | Less Core Deposit Intangible |   | 5,348     |   |       |   | 1.52 |   |
|   | Tangible Common Equity       | $      | 56,610    |   |       | $      | 16.14 |   |
|   |                         |   |      |   |       |   |   |   |
|   | 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.                                                                                                       |