Old Harbor Bank Announces Third Quarter 2006 Operating Results and Opening of New Office
11 October 2006 - 4:30AM
PR Newswire (US)
CLEARWATER, Fla., Oct. 10 /PRNewswire-FirstCall/ -- Barry K.
Miller, Chairman and Chief Executive Officer of Old Harbor Bank,
Clearwater, Florida (OTC:OHBK) (BULLETIN BOARD: OHBK) announced
today third quarter 2006 operating results and the opening of its
fifth office. This office is located in Belleair Bluffs, Pinellas
County, Florida. Net profit for the quarter was $28,000 ($.01 per
share) compared to a profit of $51,000 ($.04 per share) for the
same quarter in 2005. The year-to- date loss for 2006 was $149,000
($.07 per share) compared to a loss of $21,000 ($.01 per share) for
the same period in 2005. The year-to-date 2006 results are
approximately 28% better than the company's expectations. The
company's 2006 results have been impacted by the increased
operating expenses relating to the three new offices that were
opened subsequent to June 30, 2005. Total assets at September 30,
2006, were $159 million, a $44 million (38%) increase over the
previous year. Total loans were $117 million, a $39 million (50%)
increase and total deposits were $129 million, a $33 million (35%)
increase. Old Harbor Bank is a community bank, with total assets of
$159 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, Trinity and
Belleair Bluffs, 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, 2006 2005
Total assets $159,074 114,874 Loans, net $ 117,361 77,960 Deposits
$128,848 95,479 Stockholders' equity $22,918 13,980 Book value per
share $11.53 9.78 Number of common shares outstanding 1,987,578
1,428,800 Three Months Three Months Ended Ended 9/30/2006 9/30/2005
Interest income $2,657 1,626 Interest expense 1,416 673 Net
interest income 1,241 953 Provision for loan losses 102 31 Net
interest income after provision 1,139 922 Noninterest income 82 28
Noninterest expense 1,170 866 Earnings before income taxes 51 84
Income tax expense 23 33 Net earnings $28 51 Per Share $.01 .04
Nine Months Nine Months Ended Ended 9/30/2006 9/30/2005 Interest
income $6,908 4,198 Interest expense 3,484 1,674 Net interest
income 3,424 2,524 Provision for loan losses 397 371 Net interest
income after provision 3,027 2,153 Noninterest income 182 69
Noninterest expense 3,432 2,250 Earnings (loss) before income taxes
(223) (28) Income tax expense (benefit) (74) (7) Net earnings
(loss) $(149) (21) Per Share $(.07) (.01) DATASOURCE: Old Harbor
Bank CONTACT: Barry K. Miller of Old Harbor Bank, +1-727-451-2265
Web site: http://www.oldharborbank.com/
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