Old Harbor Bank Announces First Quarter 2007 Earnings
19 April 2007 - 4:07AM
PR Newswire (US)
CLEARWATER, Fla., April 18 /PRNewswire-FirstCall/ -- William W.
Short, President of Old Harbor Bank, Clearwater, Florida (OTC:OHBK)
(BULLETIN BOARD: OHBK) announced first quarter 2007 operating
results. Net profit for the quarter was $37,000 ($.02 per share)
compared to a loss of $92,000 ($.06 per share) for the same quarter
in 2006. Total assets at March 31, 2007, were $196 million, a $59
million (43%) increase over the previous year. Total loans were
$145 million, a $47 million (48%) increase and total deposits were
$172 million, a $54 million (46%) increase. During the quarter a
loan on a commercial property located in Florida in which the Bank
has a $1.5 million participation interest went over 90 days
delinquent and the Bank had to remove $69,000 from interest income,
thus negatively impacting earnings for the quarter. This loan is
currently being foreclosed by the lead lender. Since the loan is
well collateralized, Bank management has not found it necessary to
record a specific loss reserve and a near-term resolution is
anticipated. As has been the case for well over a year, interest
margins continue to be very tight. Old Harbor Bank is a community
bank, with total assets of $196 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, 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) (Unaudited) At March 31, March 31, 2007 2006 Total assets
$ 196,284 136,739 Loans, net $ 144,778 97,743 Deposits $ 172,250
117,548 Stockholders' equity $ 23,096 13,816 Book value per share $
11.61 9.67 Number of common shares outstanding 1,989,224 1,428,800
Three Months Three Months Ended Ended 3/31/2007 3/31/2006 Interest
income $ 3,289 1,963 Interest expense 1,908 898 Net interest income
1,381 1,065 Provision for loan losses 172 149 Net interest income
after provision 1,209 916 Noninterest income 51 48 Noninterest
expense 1,193 1,106 Earnings (loss) before income taxes 67 (142)
Income tax expense (benefit) 30 (50) Net earnings (loss) $ 37 (92)
Per Share $ .02 (.06) 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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