CLEARWATER, Fla., April 16 /PRNewswire-FirstCall/ -- William W. Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced first quarter 2008 operating results. Total assets at March 31, 2008, were $241 million, a $45 million (23%) increase over the previous year. Total loans were $177 million, a $32 million (22%) increase and total deposits were $210 million, a $38 million (22%) increase. Nonperforming assets at quarter-end were $14.7 million. The net loss for the three months ended March 31 was $464,000 ($.23 per share) compared to earnings of $37,000 ($.02 per share) for the same period in 2007. The net loss for the quarter was attributed to three major components: a narrowing of the Bank's net interest margin due to the rapid decrease in the Prime Rate, loans that became significantly delinquent and stopped accruing interest during the quarter and an increased provision against possible loan losses. Management remains committed to the overall strategy of growing assets, loans, and deposits despite challenging economic conditions. Non-performing assets are being aggressively pursued to resolution. 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 March 31, March 31, 2008 2007 Total assets $240,564 196,284 Loans, net $ 177,220 144,778 Deposits $210,171 172,250 Stockholders' equity $23,272 23,096 Book value per share $11.70 11.61 Number of common shares outstanding 1,989,224 1,989,224 Three Months Three Months Ended Ended 3/31/2008 3/31/2007 Interest income $3,314 3,289 Interest expense 2,113 1,908 Net interest income 1,201 1,381 Provision for loan losses 474 172 Net interest income after provision 727 1,209 Noninterest income 85 51 Noninterest expense 1,547 1,193 Earnings (loss) before income taxes (735) 67 Income tax expense (benefit) (271) 30 Net earnings (loss) $(464) 37 Per Share $(.23) .02 DATASOURCE: Old Harbor Bank CONTACT: William W. Short, President of Old Harbor Bank, +1-727-451-2265, Web site: http://www.oldharborbank.com/

Copyright