CLEARWATER, Fla., July 10 /PRNewswire/ -- William W. Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced second quarter 2007 operating results. Net earnings for the quarter were $149,000 ($.07 per share) compared to a loss of $85,000 ($.06 per share) for the same quarter in 2006. Earnings for the six months ended June 30 were $186,000 ($.09 per share) compared to a loss of $177,000 ($.12 per share) for the same period in 2006. These earnings improvements are attributable to the ability of the Bank to significantly grow the balance sheet over the past year thereby increasing net interest income while keeping operating expenses under control. Total assets at June 30, 2007, were $198 million, a $50 million (34%) increase over the previous year. Total loans were $154 million, a $45 million (41%) increase and total deposits were $166 million, a $50 million (43%) increase. Old Harbor Bank is a community bank, with total assets of $198 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) At June 30, June 30, 2007 2006 Total assets $ 197,878 148,263 Loans, net $ 154,313 109,060 Deposits $ 165,759 116,150 Stockholders' equity $ 22,970 13,610 Book value per share $ 11.55 9.53 Number of common shares outstanding 1,989,224 1,428,800 Three Months Three Months Ended Ended 6/30/2007 6/30/2006 Interest income $ 3,508 2,288 Interest expense 1,946 1,170 Net interest income 1,562 1,118 Provision for loan losses 119 146 Net interest income after provision 1,443 972 Noninterest income 69 52 Noninterest expense 1,264 1,156 Earnings (loss) before income taxes 248 (132) Income tax expense (benefit) 99 (47) Net earnings (loss) $ 149 (85) Per Share $ .07 (.06) Six Months Six Months Ended Ended 6/30/2007 6/30/2006 Interest income $ 6,797 4,251 Interest expense 3,854 2,068 Net interest income 2,943 2,183 Provision for loan losses 291 295 Net interest income after provision 2,652 1,888 Noninterest income 120 100 Noninterest expense 2,457 2,262 Earnings (loss) before income taxes 315 (274) Income tax expense (benefit) 129 (97) Net earnings (loss) $ 186 (177) Per Share $ .09 (.12) 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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