CLEARWATER, Fla., Jan. 31 /PRNewswire-FirstCall/ -- Barry K. Miller, Chairman and Chief Executive Officer of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) , announced fourth quarter 2006 operating results. Net profit for the quarter was $22,000 ($.01 per share) compared to a profit of $21,000 ($.01 per share) for the same quarter in 2005. The year-to-date loss for 2006 was $127,000 ($.06 per share) compared to breakeven for the same period in 2005. The year-to-date 2006 results are approximately 19% better than the company's expectations. Consistent with the company's growth strategy, the company's 2006 results were impacted by the increased operating expenses relating to the three new offices that were opened subsequent to June 30, 2005. Also impacting earnings was a tightening in the net interest margin. Total assets at December 31, 2006, were $171 million, a $54 million (46%) increase over the previous year. Total loans were $131 million, a $45 million (52%) increase and total deposits were $147 million, a $49 million (50%) increase. Old Harbor Bank is a community bank, with total assets of $171 million, which opened for business in July 2003. The bank provides commercial banking services to Pinellas, southwestern Pasco and northwestern Hillsborough Counties, Florida. Its headquarters office is located at 2605 Enterprise Road, Suite 100, Clearwater, Florida, and its telephone number is (727) 451-2265. Community Offices are located in Dunedin, Palm Harbor, Trinity and Belleair Bluffs, Florida. This press release may contain 'forward-looking statements' that concern future events which are subject to risks and uncertainties. Any such statements are based on certain assumptions and analyses by the Bank and other factors it believes are appropriate in the circumstances. The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement. OLD HARBOR BANK Clearwater, Florida FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share figures) At December 31, December 31, 2006 2005 Total assets $ 170,899 117,353 Loans, net $ 131,420 86,018 Deposits $ 147,050 97,938 Stockholders' equity $ 23,032 13,916 Book value per share $ 11.58 9.74 Number of common shares outstanding 1,989,024 1,428,800 Three Months Three Months Ended Ended 12/31/2006 12/31/2005 Interest income $ 2,856 1,755 Interest expense 1,499 766 Net interest income 1,357 989 Provision for loan losses 176 72 Net interest income after provision 1,181 917 Noninterest income 63 46 Noninterest expense 1,200 925 Earnings (loss) before income taxes 44 38 Income tax expense (benefit) 22 17 Net earnings (loss) $ 22 21 Per Share $ .01 .01 Year Year Ended Ended 12/31/2006 12/31/2005 Interest income $ 9,764 5,953 Interest expense 4,983 2,440 Net interest income 4,781 3,513 Provision for loan losses 573 443 Net interest income after provision 4,208 3,070 Noninterest income 245 115 Noninterest expense 4,632 3,175 Earnings (loss) before income taxes (179) 10 Income tax expense (benefit) (52) 10 Net earnings (loss) $ (127) 0 Per Share $ (.06) .00 DATASOURCE: Old Harbor Bank CONTACT: Katie Spies of Old Harbor Bank, +1-727-451-2297, or Web site: http://www.oldharborbank.com/

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