Old Harbor Bank posted a net loss of $127,000, or 6 cents a share, in 2006, compared to breakeven for the same period in 2005.

The bank said in a release that 2006 results were impacted by increased operating expenses related to three new offices that have opened since mid-2005. A tightening in the net interest margin also affected 2006 results, which were about 19 percent better than the company's expectations, the release said.

For the fourth quarter ended Dec. 31, net profit was $22,000, or 1 cent a share, compared to $21,000 or 1 cent a share, for the same quarter in 2005.

Total assets at Dec. 31 were $171 million, a 46 percent increase over the previous year. Total loans were $131 million, up 52 percent, and total deposits were up 50 percent to $147 million.

Old Harbor Bank (OTCBB: OHBK), based in Clearwater, provides commercial banking services in Pinellas, southwestern Pasco and northwestern Hillsborough counties.