CLEARWATER, Fla., Jan. 30 /PRNewswire-FirstCall/ -- William W. Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced year-end and fourth quarter 2007 operating results. Total assets at December 31, 2007, were $217 million, a $46 million (27%) increase over the previous year. Total loans were $171 million, a $40 million (31%) increase and total deposits were $180 million, a $33 million (22%) increase. Nonperforming assets at year-end were $8.7 million. Net earnings for the year ended December 31 were $121,000 ($.06 per share) compared to a loss of $127,000 ($.06 per share) for the same period in 2006. The net loss for the quarter was $195,000 ($.10 per share) compared to earnings of $22,000 ($.01 per share) for the same quarter in 2006. The earnings for the year and the quarter were negatively impacted by a provision for loan losses in the fourth quarter of approximately $643,000. The Bank has no subprime loan exposure. Old Harbor Bank is a community bank 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 Belleair Bluffs, Dunedin, New Port Richey, Palm Harbor, 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 December 31, December 31, 2007 2006 Total assets $ 216,697 170,899 Loans, net $ 170,988 131,420 Deposits $ 180,478 147,050 Stockholders' equity $ 23,311 23,032 Book value per share $ 11.72 11.58 Number of common shares outstanding 1,989,224 1,989,024 Year Year Ended Ended 12/31/2007 12/31/2006 Interest income $ 14,086 9,764 Interest expense 8,093 4,983 Net interest income 5,993 4,781 Provision for loan losses 1,078 573 Net interest income after provision 4,915 4,208 Noninterest income 263 245 Noninterest expense 4,951 4,632 Earnings (loss) before income taxes 227 (179) Income tax expense (benefit) 106 (52) Net earnings (loss) $ 121 (127) Per Share $ .06 (.06) Three Months Three Months Ended Ended 12/31/2007 12/31/2006 Interest income $ 3,589 2,856 Interest expense 2,118 1,500 Net interest income 1,471 1,356 Provision for loan losses 643 175 Net interest income after provision 828 1,181 Noninterest income 71 63 Noninterest expense 1,202 1,200 Earnings (loss) before income taxes (303) 44 Income tax expense (benefit) (108) 22 Net earnings (loss) $ (195) 22 Per Share $ (.10) .01 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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