UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: July 11, 2003
OAK HILL FINANCIAL, INC.
(Exact name of Registrant as specified in its charter)
Ohio 0-26876 31-1010517
(State or jurisdiction (Commission or file number) (IRS Employer
of incorporation) identification number)
14621 S. R. 93
Jackson, OH 45640
(Address of principal executive offices)
(740) 286-3283
(Registrant's phone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 9: Regulation FD Disclosure
On July 10, 2003, Oak Hill Financial, Inc. issued a press release
announcing its results of operations and financial condition for the
six and three months ("second quarter") ended June 30, 2003. A copy of
the press release is being furnished pursuant to Item 12: "Results of
Operations and Financial Condition" and is attached as Exhibit 99.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Oak Hill Financial, Inc.
Date: July 11, 2003 By: /s/ H. Tim Bichsel
--------------------
H. Tim Bichsel
Secretary
EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
99 Press release of Oak Hill Financial, Inc., dated July 10,
2003, announcing the Company's earnings for the second
quarter ended June 30, 2003.
EXHIBIT 99
For Immediate Release
Thursday, July 10, 2003
Contact: David G. Ratz, Executive Vice President & COO
(740) 286-3283
Oak Hill Financial Posts 14% Increase in 2nd Quarter Earnings; Added to Russell
2000(R)
Jackson, Ohio -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net
earnings from operations for the three months ended June 30, 2003 of $2,975,000,
or $.53 per diluted share, which exceeded analysts' consensus estimate of $.52
per share (source: Thomson Financial I/B/E/S as reported by nasdaq.com). The
second quarter 2003 earnings represent an increase of 13.7% over the $2,616,000,
or $.48 per diluted share, in net earnings from operations that the company
recorded for the quarter ended June 30, 2002.
The company also announced that its common stock has been added to the Russell
2000(R), a leading index of small- and mid-cap stocks compiled by the Frank
Russell Company. "We're extremely pleased to be included in the latest
reconstitution of the Russell 2000," said John D. Kidd, Chairman and CEO of Oak
Hill Financial. "This is a testament to the hard work and dedication of our
employees in building value for our shareholders."
For the six months ended June 30, 2003, Oak Hill Financial recorded net earnings
from operations of $5,821,000, or $1.04 per diluted share, an increase of 14.9%
over the $5,066,000, or $.94 per diluted share, in net earnings from operations
for the first six months of 2002.
The operating earnings for the second quarter and first six months of 2003 have
been adjusted for non-recurring tax savings of $133,000 and $266,000,
respectively, resulting from a one-time tax savings of $533,000 for the full
year 2003. Including the non-recurring savings, the company's net income was
$3,108,000, or $.56 per diluted share, for the second quarter and $6,087,000, or
$1.09 per diluted share, for the first half of 2003.
In addition, the earnings for the first six months of 2002 exclude an $80,000
gain on the sale of a former branch location. Including the gain, the company's
net income for the first six months of 2002 was $5,146,000, or $.95 per diluted
share.
The company's total assets ended the second quarter of 2003 at $863.9 million,
an increase of 4.7% over the $825.2 million in total assets recorded at June 30,
2002, and 3.1% over the $837.9 million in assets on the books at March 31, 2003.
Net loans at June 30, 2003 were $740.9 million, up 7.9% over the $686.9 million
in net loans at June 30, 2002, and 4.0% over the $712.1 million in net loans at
the end of the first quarter of 2003. The loan growth was partially offset by a
17.4% decline in the investment portfolio versus the prior year as management
continued to evaluate appropriate replacement investments to better position the
company for an anticipated higher interest rate environment in the future.
Reviewing the second quarter results, Kidd said, "Overall, it was an excellent
quarter. Revenue growth continues to be very strong. Total revenues for the
second quarter increased 17% over the prior year, with a 71% increase in
non-interest income. The bulk of that was driven by mortgage originations, but
we were also up nearly 20% in insurance commissions and other non-interest
income."
"We had outstanding growth in commercial real estate loans, which were up over
10% for the quarter, and excellent growth in commercial and consumer loans as
well," Kidd continued. "At the same time, our people did a great job of
maintaining the net interest margin. Also, our efforts to grow low-cost demand
deposits were successful, with an increase of nearly 7% from March 31 to June
30."
Addressing the outlook for Oak Hill Financial, Kidd stated, "Right now, the loan
pipeline looks good. We're starting the third quarter with a tremendous number
of mortgage loans in process, and the demand for commercial and commercial real
estate loans has increased considerably since the first quarter. At the same
time, loan rates have stabilized somewhat, and we've been able to extend our
liabilities at a low cost, all of which bodes well for the net interest margin.
Add to that the growth in non-interest income and we believe that our earnings
momentum will continue through the remainder of the year."
Key Issue Review and Outlook
Net Interest Margin - Net interest margin for the second quarter was 4.27%,
comparable to both the 4.25% posted in the second quarter of 2002 and the 4.30%
recorded for the first quarter of 2003. The performance of the margin was at the
high end of management's expectations and resulted from ongoing efforts to
maintain the company's yield on earning assets while continuing to reduce
liability costs. The margin was further bolstered by a 6.7% increase in demand
deposits during the quarter driven by the company's aggressive marketing and
sales programs. Barring further cuts in interest rates, management believes that
the margin can be maintained at a level sufficient for 2003 earnings to be
within the company's estimated range.
Operating Expenses - Non-interest expenses were 2.95% of average assets for the
second quarter of 2003, which compares to 2.74% for the second quarter of 2002
and 2.97% for the first quarter of 2003. The year-over-year increase in
operating expenses was due primarily to the continued impact of management and
staff additions and new facilities consistent with the company's long-term
growth and expansion strategy and variable expenses related to the successful
introduction and growth of new revenue-generating services. With the company's
strong increase in revenues, however, the efficiency ratio improved to 53.1% for
the second quarter of 2003, as compared to the prior year's 55.1% and the 56.4%
posted for the first quarter of 2003.
Non-Interest Income - Non-interest income, including the gain on sale of loans,
was $3,052,000 in the second quarter, an increase of 71.4% over the second
quarter of 2002 and 27.0% over the first quarter of 2003. Gain on sale of loans
was the largest component of the increase, and commissions on the sales of group
health and title insurance, and service charges on deposit accounts related to
the introduction of new services also increased substantially. Offsetting the
increases were amortization and impairment of mortgage servicing rights, which
the company accounts for as a reduction in other non-interest income. Management
now believes that the high demand for fixed-rate mortgages will continue through
at least the third quarter. Further, the company's success in mortgage
origination has resulted in a 44.0% increase in its servicing portfolio over the
past 12 months, thus creating a substantial revenue stream for the future
Asset Quality - At the end of the second quarter, the nonperforming loans/total
loans and nonperforming assets/total assets ratios were 1.07% and 0.96%,
respectively, similar to the 1.05% and 0.93%, respectively, recorded at March
31, 2003. The largest of the non-performing loans, which the company has
discussed in earlier releases, represents 0.16% of the nonperforming loan ratio.
Another non-performing loan, also discussed in a previous release, contributed
0.11% to the nonperforming loan ratio.
The company has aggressively pursued foreclosure actions on a number of smaller
non-performing commercial real estate loans. Several of the properties securing
these loans were sold in foreclosure sales in late June but had not settled as
of June 30. The sales are expected to be finalized in the third quarter. No
losses are anticipated on this group of loans, which combined represent 0.07% of
the nonperforming loan ratio
The remaining nonperforming loans are a mix of commercial real estate,
commercial, residential real estate and consumer loans. The largest of these
represents 0.07% of the nonperforming loan ratio. The maximum expected loss on
all nonperforming loans combined is less than $500,000.
The company took an aggressive posture toward problem credits in the second
quarter, with net charge-offs (non-annualized) at 0.08% of total loans for the
quarter, as compared to 0.03% in the first quarter. The annualized rate through
six months of 0.22% is consistent with management's objective of maintaining net
charge-offs in the 0.20% range for the full year.
The level of non-performing loans has led the company to continue to build its
allowance for loan and lease losses (ALLL). In this regard, consistent with
regulatory guidelines, the company uses various formulas to determine its ALLL.
The methodology takes into consideration not only charge-offs but also the rated
quality of its loans based on loan review grades as well as the types and
amounts of loans comprising the portfolio, while allowing some discretion by
management to make adjustments based on near-term economic conditions. On this
basis, management increased the ALLL/total loans ratio to 1.31% at the end of
the second quarter from 1.30% at March 31, 2003.
Overall Strategy - Oak Hill Financial will continue to pursue revenue growth
through originating adjustable-rate commercial loans, commercial real estate
loans and residential mortgage loans; fixed-rate residential mortgage loans and
SBA loans for sale in the secondary market; and consumer loans. Management
believes that commercial and commercial real estate loans hold the greatest
potential for growth and margin improvement within its bank subsidiary.
Non-interest income growth and diversification of non-interest revenues are also
major elements in the company's strategy. In this regard, cross-selling
additional services to the company's diverse customer base and expanding the
range and penetration of fee-generating services remain key factors in the
company's pursuit of non-interest income.
Asset/Loan Growth - The company's total assets grew at a 12.4% annual rate
during the second quarter, while loans increased at a 16.2% annual rate. As
previously released, the company's objectives for 2003 call for approximately
10% growth in both loans and assets. While growth was nominal in the first
quarter, the second quarter results and current trends indicate that the 10%
target can still be met or exceeded. Management remains committed, however, that
balance sheet growth will not come at the expense of credit quality, the net
interest margin, or the company's earnings objectives.
Estimate - The company has narrowed the range of its earnings estimate for the
full year 2003 to $2.10 to $2.16 per share.
Oak Hill Financial is a financial holding company headquartered in Jackson,
Ohio. Its subsidiaries, Oak Hill Banks and Action Finance Company, operate 25
full-service banking offices, five bank loan production offices, and six
consumer finance offices in 15 counties across southern and central Ohio. A
third subsidiary, Oak Hill Financial Insurance Agency, provides group health
plans and other insurance services to over 350 business and public-sector
organizations throughout the same region. The company also holds 49% of Oak Hill
Title Agency, LLC, which provides title services for commercial and residential
real estate transactions.
Forward-Looking Statements Disclosure
This release contains certain forward-looking statements related to the future
performance and condition of Oak Hill Financial, Inc. These statements, which
are subject to numerous risks and uncertainties, are presented in good faith
based on the company's current condition and management's understanding,
expectations, and assumptions regarding its future prospects as of the date of
this release. Actual results could differ materially from those projected or
implied by the statements contained herein. The factors that could affect the
company's future results are set forth in the periodic reports and registration
statements filed by the company with the Securities and Exchange Commission.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
At June 30,
(In thousands) 2003 2002
- ----------------------------------------------------------------------------------------
SUMMARY OF FINANCIAL CONDITION
Total assets $863,941 $825,201
Interest-bearing deposits and federal funds sold 2,003 4,439
Investment securities 76,337 92,400
Loans receivable - net 740,887 686,939
Deposits 679,742 655,694
Federal Home Loan Bank advances and other borrowings 107,504 103,541
Stockholders' equity 73,482 61,770
The Company discloses net earnings, diluted earnings per share and certain
performance ratios adjusted for non-recurring items. Management believes that
presenting this information is an additional measure of performance that
investors can use to compare operating results between reporting periods. These
measures should not be considered an alternative to measurements required by
accounting principles generally accepted in the United States of America ("U.S.
GAAP"). In accordance with Securities and Exchange Commission Regulation G,
reconciliation of the Company's U.S. GAAP information to its operating
information is presented in the table below.
For the At or For the
three months ended six months ended
June 30, June 30,
(In thousands, except share data)
2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------------------
RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES
Net earnings (U.S. GAAP)
$ 3,108 $ 2,616 $ 6,087 $ 5,146
Non-recurring items, net of tax:
Gain on sale of a former branch location (80)
(80)
Reduction in tax expense (133) (266)
- ----------------------------------------------------------------------------------------------------------------
Net earnings from operations $ 2,975 $ 2,616 $ 5,821 $ 5,066
- ----------------------------------------------------------------------------------------------------------------
Diluted earnings per share (U.S. GAAP) $ 0.56 $ 0.48 $ 1.09 $ 0.95
Non-recurring items, net of tax:
Gain on sale of a former branch location --- --- --- (0.01)
---
Reduction in tax expense (0.03) --- (0.05) ---
- ----------------------------------------------------------------------------------------------------------------
Diluted earnings per share from operations $ 0.53 $ 0.48 $ 1.04 $ 0.94
- ----------------------------------------------------------------------------------------------------------------
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
For the At or For the
three months ended six months ended
June 30, June 30,
(In thousands, except share
data)
- ---------------------------------------------------------------------------------------------------------------------------------
2003 2002 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES (continued)
Non-interest expense (U.S. GAAP) $ 6,059 $ 5,561 $11,962 $10,973
Non-recurring items:
Reduction in tax expense 202 --- 405 ---
- ---------------------------------------------------------------------------------------------------------------------------------
Non-interest expense from operations $ 6,261 $ 5,561 $12,367 $10,973
- ---------------------------------------------------------------------------------------------------------------------------------
Non-interest income (U.S. GAAP) $ 3,052 $ 1,781 $ 5,455 $ 3,576
Non-recurring items:
Gain on sale of a former branch location --- --- --- (122)
Non-interest income from operations $ 3,052 $ 1,781 $ 5,455 $ 3,454
- ---------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF OPERATIONS (1)
Interest income
$13,776 $14,451 $27,516 $28,688
Interest expense 5,140 6,250 10,460 12,696
- ---------------------------------------------------------------------------------------------------------------------------------
Net interest income
8,636 8,201 17,056 15,992
Provision for losses on loans 1,031 587 1,540 1,047
- ---------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for losses on loans 7,605 7,614 15,516 14,945
Gain on sale of loans 1,293 313 2,218 708
Insurance commissions 717 600 1,393 1,138
Other non-interest income 1,042 868 1,844 1,608
General, administrative and other expense 6,261 5,561 12,367 10,973
- ---------------------------------------------------------------------------------------------------------------------------------
Earnings before federal income taxes 4,396 3,834 8,604 7,426
Federal income taxes 1,421 1,218 2,783 2,360
- ---------------------------------------------------------------------------------------------------------------------------------
Net earnings from operations $ 2,975 $ 2,616 $ 5,821 $ 5,066
- ---------------------------------------------------------------------------------------------------------------------------------
SELECTED PERFORMANCE RATIOS FROM OPERATIONS (1)(4)
Diluted earnings per share (3) $ 0.53 $ 0.48 $ 1.04 $ 0.94
- ---------------------------------------------------------------------------------------------------------------------------------
Return on average assets 1.40% 1.29% 1.39% 1.28%
Return on average equity 16.54% 17.49% 16.64% 17.34%
Non-interest expense to average assets 2.95% 2.74% 2.96% 2.77%
Efficiency ratio 53.07% 55.05% 54.66% 55.79%
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
For the At or For the
three months ended six months ended
June 30, June 30,
(In thousands, except share data) 2003 2002 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE INFORMATION (U.S. GAAP)
Basic earnings per share(2) $ 0.57 $ 0.49 $ 1.12$ 0.97
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share(3) $ 0.56 $ 0.48 $ 1.09$ 0.95
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends per share(2) $ 0.13 $ 0.12 $ 0.26$ 0.24
- ---------------------------------------------------------------------------------------------------------------------------------
Book value per share $ 13.41 $11.62
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER STATISTICAL AND OPERATING DATA (U.S. GAAP) (4)
Return on average assets 1.48% 1.29% 1.46% 1.30%
Return on average equity 17.67% 17.49% 17.40% 17.62%
Non-interest expense to average assets 2.89% 2.74% 2.86% 2.81%
Net interest margin (fully-taxable equivalent) 4.27% 4.25% 4.28% 4.24%
Total allowance for losses on loans to non-performing loans 122.40% 187.21%
Total allowance for losses on loans to total loans 1.31% 1.29%
Non-performing loans to total loans 1.07% 0.69%
Non-performing assets to total assets 0.96% 0.59%
Net charge-offs to average loans (actual for the period) 0.08% 0.04% 0.11% 0.06%
Net charge-offs to average loans (annualized) 0.31% 0.15% 0.22% 0.13%
Equity to assets at period end 8.51% 7.48%
Efficiency ratio 51.36% 55.05% 52.87% 55.79%
- ---------------------------------------------------------------------------------------------------------------------------------
(1) Does not include a $122,000, pre-tax gain on the sale of a former branch
location for the six months ended June 30, 2002. Includes $202,500 and
$405,000, pre-tax reduction in tax expense for the three months and six
months ended June 30, 2003, respectively, resulting from a one-time pre-tax
savings of $810,000 for 2003.
(2) Based on 5,464,060, 5,301,841, 5,442,945 and 5,288,117 weighted-average
shares outstanding for the three and six months ended June 30, 2003 and
2002, respectively.
(3) Based on 5,612,669, 5,441,863, 5,585,894 and 5,399,225 weighted-average
shares outstanding for the three and six months ended June 30, 2003 and
2002, respectively.
(4) Annualized where appropriate.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
At June 30,
(In thousands, except share data) 2003 2002
- --------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL
BALANCE SHEET - ASSETS
Cash and cash equivalents 21,727 22,988
Trading account securities
Securities available for sale 72,670 88,993
Securities held to maturity 3,667 3,407
Other securities 5,879 5,633
Total securities 82,216 98,033
Total cash and securities 103,943 121,021
Loans and leases held for investment (1) 742,889 693,972
Loans and leases held for sale (1) 5,520 589
Total loans and leases (1) 748,409 694,561
Allowance for losses on loans 9,847 8,966
Goodwill 413 413
Other intangible assets
Total intangible assets 413 413
Mortgage servicing rights 2,325 1,344
Purchased credit card relationships
Other real estate owned 244 44
Other assets 18,454 16,784
Total assets 863,941 825,201
BALANCE SHEET - LIABILITIES
Deposits 679,742 655,694
Borrowings 102,504 98,541
Other liabilities 3,205 4,188
Total liabilities 785,451 758,423
Redeemable preferred stock
Trust preferred securities 5,000 5,000
Minority interests 8 8
Other mezzanine level items
Total mezzanine level items 5,008 5,008
Total liabilities and mezzanine level items 790,459 763,431
BALANCE SHEET - EQUITY
Preferred equity
Common equity 73,482 61,770
MEMO ITEM: Net unrealized gain (loss) on securities
available for sale, net of tax 1,292 891
End of period shares outstanding (2) 5,478,181 5,310,558
Options outstanding 604,027 780,563
Treasury shares held by the Company 116,047 283,670
- --------------------------------------------------------------------------------
(1) Data is net of unearned interest, gross of allowance for losses on loans
(2) Excludes treasury shares
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
For the At or For the
three months ended six months ended
June 30, June 30,
- -----------------------------------------------------------------------------------------------------------
(In thousands, except share data) 2003 2002 2003 2002
SUPPLEMENTAL DETAIL (continued)
Repurchase plan announced? No No No No
Number of shares to be repurchased in plan N/A N/A N/A N/A
Number of shares repurchased during the period N/A N/A N/A N/A
Average price of repurchased shares N/A N/A N/A N/A
INCOME STATEMENT
Interest income 13,776 14,451 27,516 28,688
Interest expense 5,140 6,250 10,460 12,696
Net interest income 8,636 8,201 17,056 15,992
Net interest income (fully-taxable equivalent) 8,775 8,353 17,329 16,293
Provision for losses on loans 1,031 587 1,540 1,047
Non-recurring income:
Gain on sale of a former branch -- -- -- 122
Trading account income -- -- -- --
Foreign exchange income -- -- -- --
Trust income -- -- -- --
Insurance commissions 717 600 1,393 1,138
Service charges on deposits 832 402 1,309 856
Gain on sale of loans 1,293 313 2,218 708
Gain on investment securities transactions 25 28 147 77
Other non-interest income 185 438 388 675
Total non-interest income 3,052 1,781 5,455 3,454
Employee compensation and benefits 3,619 3,175 7,174 6,395
Occupancy and equipment expense 698 590 1,459 1,191
Foreclosed property expense
Amortization of intangibles
Other general, administrative and other expense 1,742 1,797 3,329 3,387
Total non-interest expenses 6,059 5,562 11,962 10,973
Net income before taxes 4,598 3,833 9,009 7,548
Federal income taxes 1,490 1,217 2,922 2,401
Net income before extraordinary items 3,108 2,616 6,087 5,147
Extraordinary items -- -- -- --
Net income 3,108 2,616 6,087 5,147
CHARGE-OFFS
Loan charge-offs 687 359 1,067 652
Recoveries on loans 123 102 261 226
Net loan charge-offs 564 257 806 426
AVERAGE BALANCE SHEET
Average loans and leases 736,968 689,411 726,081 676,498
Average other earning assets 86,854 97,919 89,560 97,563
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
For the At or For the
three months ended six months ended
(In thousands, except share data) June 30, June 30,
- -------------------------------------------------------------------------------------------------------------------
2003 2002 2003 2002
SUPPLEMENTAL DETAIL (continued)
AVERAGE BALANCE SHEET (continued)
Average total earning assets 823,822 787,330 815,641 774,061
Average total assets 850,350 815,684 841,983 800,805
Average total time deposits 415,320 406,376 416,118 404,781
Average other interest-bearing deposits 187,399 189,355 184,732 179,857
Average total interest-bearing deposits 602,719 595,731 600,850 584,638
Average borrowings 109,985 100,745 106,956 96,824
Average interest-bearing liabilities 712,704 696,476 707,806 681,462
Average preferred equity
Average common equity 72,160 60,000 70,535 58,912
ASSET QUALITY AND OTHER DATA
Non-accrual loans 7,373 4,365
Renegotiated loans
Loans 90+ days past due and still accruing 673 425
Total non-performing loans 8,046 4,790
Other real estate owned 244 44
Total non-performing assets 8,290 4,834
ADDITIONAL DATA
1 - 4 family mortgage loans serviced for others 231,591 160,813
Proprietary mutual fund balances
Fair value of securities held to maturity 3,696 3,233
Full-time equivalent employees 332 321
Total number of full-service banking offices 25 24
Total number of bank and thrift subsidiaries 1 2
Total number of ATMs 27 27
LOANS RECEIVABLE
Real estate 230,532 251,358
Commercial real estate 302,838 226,634
Commercial and other 141,375 141,463
Consumer 73,852 75,280
Credit cards 1,405 1,508
- -------------------------------------------------------------------------------------------------------------------
Loans receivable - gross 750,002 696,243
Unearned interest (1,593) (1,682)
- -------------------------------------------------------------------------------------------------------------------
Loans receivable - net of unearned interest 748,409 694,561
Allowance for losses on loans (9,847) (8,966)
- -------------------------------------------------------------------------------------------------------------------
Loans receivable - net (1) 738,562 685,595
- -------------------------------------------------------------------------------------------------------------------
(1) Does not include mortgage servicing rights.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
July 10, 2003 Press Release
For the At or For the
three months ended six months ended
June 30, June 30,
(In thousands, except share data) 2003 2002 2003 2002
- -------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
DEPOSITS
Non-interest bearing 66,809 58,463
Core interest-bearing 506,139 464,529
Non-core interest-bearing 106,794 132,702
- -------------------------------------------------------------------------------------------------------------
Total deposits 679,742 655,694
- -------------------------------------------------------------------------------------------------------------
Yield/average earning assets (fully-taxable equivalent) 6.77% 7.44% 6.87% 7.55%
Cost/average earning assets 2.50% 3.19% 2.59% 3.31%
- -------------------------------------------------------------------------------------------------------------
Net interest income (fully-taxable equivalent) 4.27% 4.25% 4.24% 4.24%