CLEARWATER, Fla., April 18 /PRNewswire-FirstCall/ -- William W. Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced first quarter 2007 operating results. Net profit for the quarter was $37,000 ($.02 per share) compared to a loss of $92,000 ($.06 per share) for the same quarter in 2006. Total assets at March 31, 2007, were $196 million, a $59 million (43%) increase over the previous year. Total loans were $145 million, a $47 million (48%) increase and total deposits were $172 million, a $54 million (46%) increase. During the quarter a loan on a commercial property located in Florida in which the Bank has a $1.5 million participation interest went over 90 days delinquent and the Bank had to remove $69,000 from interest income, thus negatively impacting earnings for the quarter. This loan is currently being foreclosed by the lead lender. Since the loan is well collateralized, Bank management has not found it necessary to record a specific loss reserve and a near-term resolution is anticipated. As has been the case for well over a year, interest margins continue to be very tight. Old Harbor Bank is a community bank, with total assets of $196 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, Belleair Bluffs and Trinity, 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) (Unaudited) At March 31, March 31, 2007 2006 Total assets $ 196,284 136,739 Loans, net $ 144,778 97,743 Deposits $ 172,250 117,548 Stockholders' equity $ 23,096 13,816 Book value per share $ 11.61 9.67 Number of common shares outstanding 1,989,224 1,428,800 Three Months Three Months Ended Ended 3/31/2007 3/31/2006 Interest income $ 3,289 1,963 Interest expense 1,908 898 Net interest income 1,381 1,065 Provision for loan losses 172 149 Net interest income after provision 1,209 916 Noninterest income 51 48 Noninterest expense 1,193 1,106 Earnings (loss) before income taxes 67 (142) Income tax expense (benefit) 30 (50) Net earnings (loss) $ 37 (92) Per Share $ .02 (.06) DATASOURCE: Old Harbor Bank CONTACT: Katie Spies, Community Marketing Officer of Old Harbor Bank, +1-727-451-2297, Web site: http://www.oldharborbank.com/

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