NORTHEAST BANCORP 

Exhibit 11.  Statement Regarding Computation of Per Share Earnings
                                    


                                     
                                      Three Months Ended    Three Months Ended
                                      September 30, 1998    September 30, 1997 
                                     ____________________  ____________________
                                                                      
EQUIVALENT SHARES:                                                             
                                                                               
Weighted Average Shares Outstanding           2,615,515             2,218,051  
                                                                               
Total Diluted Shares                          2,791,569             2,702,738
                                                                           
Net Income                           $          636,037    $          570,565
                                                                  
Less Preferred Stock Dividend                    17,500                35,000
                                     ____________________  ____________________
Income Available to Common 
 Stockholders                        $          618,537    $          535,565
                                     ====================  ====================

Basic Earnings Per Share             $              0.24   $              0.24
Diluted Earnings Per Share           $              0.23   $              0.21