Old Harbor Bank Announces Second Quarter 2006 Operating Results and Closing of Common Stock Offering
19 July 2006 - 4:49AM
PR Newswire (US)
CLEARWATER, Fla., July 18 /PRNewswire-FirstCall/ -- Barry K.
Miller, Chairman and Chief Executive Officer of Old Harbor Bank,
Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced
today second quarter 2006 operating results and the closing of the
offering of 558,778 shares at $17.00 per share for total gross
proceeds of $9,499,226. Net loss for the quarter was $85,000 ($.06
per share) compared to a profit of $10,000 ($.01 per share) for the
same quarter in 2005. The year-to-date loss for 2006 was $177,000
($.12 per share) compared to a loss of $72,000 ($.05 per share) for
the same period in 2005. The year-to-date 2006 results are slightly
better than the company's expectations. The company's 2006 results
have been impacted by the increased operating expenses relating to
the two new offices that were opened subsequent to June 30, 2005
and a third office for which staff has been hired but which is not
yet open. Total assets at June 30, 2006, were $148 million, a $40
million (37%) increase over the previous year. Total loans were
$109 million, a $32 million (42%) increase and total deposits were
$116 million, a $27 million (30%) increase. Old Harbor Bank is a
community bank, with total assets of $148 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 and Trinity, Florida with a Belleair Bluffs
office to be opened in third quarter 2006. 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, 2006 2005 Total assets $ 148,263 107,975 Loans, net $ 109,060
77,304 Deposits $ 116,150 88,699 Stockholders' equity $ 13,610
14,013 Book value per share $ 9.53 9.81 Number of common shares
outstanding 1,428,800 1,428,800 Three Months Three Months Ended
Ended 6/30/2006 6/30/2005 Interest income $ 2,288 1,421 Interest
expense 1,170 556 Net interest income 1,118 865 Provision for loan
losses 146 149 Net interest income after provision 972 716
Noninterest income 52 25 Noninterest expense 1,156 724 Earnings
(loss) before income taxes (132) 17 Income tax expense (benefit)
(47) 7 Net earnings (loss) $ (85) 10 Per Share $ (.06) .01 Six
Months Six Months Ended Ended 6/30/2006 6/30/2005 Interest income $
4,251 2,572 Interest expense 2,068 1,001 Net interest income 2,183
1,571 Provision for loan losses 295 340 Net interest income after
provision 1,888 1,231 Noninterest income 100 40 Noninterest expense
2,262 1,384 Earnings (loss) before income taxes (274) (113) Income
tax expense (benefit) (97) (41) Net earnings (loss) $ (177) (72)
Per Share $ (.12) (.05) DATASOURCE: Old Harbor Bank CONTACT: Barry
K. Miller, Old Harbor Bank, +1-727-451-2265 Web site:
http://www.oldharborbank.com/
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