CLEARWATER, Fla., Oct. 10 /PRNewswire-FirstCall/ -- William W. Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced third quarter 2007 operating results. Net earnings for the quarter were $130,000 ($.07 per share) compared to earnings of $28,000 ($.01 per share) for the same quarter in 2006. Earnings for the nine months ended September 30 were $316,000 ($.16 per share) compared to a loss of $149,000 ($.07 per share) for the same period in 2006. As reported last quarter, 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 September 30, 2007, were $211 million, a $52 million (33%) increase over the previous year. Total loans were $166 million, a $48 million (41%) increase and total deposits were $181 million, a $52 million (40%) increase. The Bank has never originated or purchased any "subprime loans" and therefore has no exposure in that area. Nonperforming assets at quarter end were $2.9 million. Old Harbor Bank is a locally owned and operated community bank, with total assets of $211 million, which opened for business in July 2003. The bank provides commercial and retail 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 September 30, September 30, 2007 2006 Total assets $211,386 159,074 Loans, net $ 165,803 117,361 Deposits $180,875 128,848 Stockholders' equity $23,365 22,918 Book value per share $11.75 11.53 Number of common shares outstanding 1,989,224 1,987,578 Three Months Three Months Ended Ended 9/30/2007 9/30/2006 Interest income $3,700 2,657 Interest expense 2,121 1,416 Net interest income 1,579 1,241 Provision for loan losses 144 102 Net interest income after provision 1,435 1,139 Noninterest income 72 82 Noninterest expense 1,292 1,170 Earnings before income taxes 215 51 Income tax expense 85 23 Net earnings $130 28 Per Share $.07 .01 Nine Months Nine Months Ended Ended 9/30/2007 9/30/2006 Interest income $ 10,497 6,908 Interest expense 5,975 3,484 Net interest income 4,522 3,424 Provision for loan losses 435 397 Net interest income after provision 4,087 3,027 Noninterest income 192 182 Noninterest expense 3,749 3,432 Earnings (loss) before income taxes 530 (223) Income tax expense (benefit) 214 (74) Net earnings (loss) $316 (149) Per Share $.16 (.07) 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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