Date of Report (Date of earliest event reported):            October 23, 2003           

(Exact Name of Registrant as Specified in its Charter)

The information contained herein, including the exhibit attached hereto, is furnished pursuant to Item 9 of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, the information in this report (including the exhibits hereto) are not to be incorporated by reference into any of the Company's filings with the Securities and Exchange Commission, whether filed prior to or after the furnishing of these certificates, regardless of any general or specific incorporation language in such filing.

The press release referred to under Item 9 above and filed as Exhibit 99.1 hereto included disclosure regarding the earnings and financial results of Northeast Bancorp for the first quarter ended September 30, 2003 and declaration of a dividend. The full text of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained herein, including the exhibit attached hereto, is furnished pursuant to Item 12 of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, the information in this report (including the exhibits hereto) are not to be incorporated by reference into any of the Company's filings with the Securities and Exchange Commission, whether filed prior to or after the furnishing of these certificates, regardless of any general or specific incorporation language in such filing.

[Rest of Page Intentionally Blank. Signature on Following Page.]

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Auburn, Me 10/23/03-Northeast Bancorp (AMEX "NBN") announced that earnings for the first quarter ended September 30, 2003 were $916,381, or $0.35 per diluted share. Earnings for the same period last year were $906,939, or $0.34 per diluted share. Management noted that the results were in line with expectations. In addition, the company announced that the Board of Directors had declared the regular quarterly dividend of $0.09 per share, payable on November 22, 2003 to shareholders of record as of the close of business on October 31, 2003. As previously announced, this dividend represents an increase of $0.01 per share, or 12.5%. Annually, the dividend paid increased to $0.36 per share. Northeast Bancorp trades on the American Stock Exchange with approximately 2.5 million shares outstanding and a book value per share of $14.32 as of September 30, 2003. The Company continues to be well capitalized and has expressed a desire to increase or maintain a sufficient amount of capital that will al low it to pay a fair dividend return, to continue the regular repurchase of its shares, and to support the overall asset growth of the franchise.

For the quarter ended September 30, 2003, Northeast had total loans of $381 million, total assets of $472 million, total deposits of $313 million, and shareholders' equity of $37 million. Northeast derives its revenue from a combination of traditional banking services such as loans, deposits and trust services, as well as fee based services from investment brokerage, insurance, and personal and business planning services. Northeast continues to increase the number of products sold per household and believes that the combination of income diversity and increased revenue per household will lead to an increase in the value of the franchise and the ongoing development of long-term, mutually profitable relationships with customers.

Northeast remains dedicated to its mission of becoming a "one stop" source for virtually all of their customer's financial needs, and remains committed to expanding its customer base throughout its market area through the delivery of services focused on individual customer's needs.

Jim Delamater, President & CEO commented, "We are pleased with the overall growth and development of our organization. We are also proud of our ongoing commitment toward the development of additional sources of revenue and product offerings, as well as the enhancement of our technology and infrastructure. Although our investment in additional human and physical resources, our dedication to an asset sensitive interest rate risk position, and the maintenance of quality credit standards has and will continue to have an adverse impact our short term earnings, we believe that this strategy will enhance shareholder value in the long-term. In particular, we expect that our ability to offer a vast array of financial products and services to new and existing customers will result in the long-term growth of our revenues."

Northeast Bancorp is the holding company for Maine-based Northeast Bank, founded in 1872, which operates from 13 locations throughout western, central, southern and mid-coastal Maine. Northeast Bank, together with its wholly owned subsidiary, Northeast Financial Services, and other affiliations provides its consumer and business customers with a comprehensive array of financial services. We believe Northeast Bank is unique in its marketplace because it does not limit its product offerings to its own proprietary products; but, instead focuses on the customer and delivers quality "needs-based" advice that seeks to match the client's personal goals and objectives with the actual product delivered.