EXHIBIT 99
[LOGO]OAK HILL
FINANCIAL, INC.
For Immediate Release
Thursday, January 12, 2006
Contact: David G. Ratz, Executive Vice President
(740) 286-3283
Oak Hill Financial Reports 4th Quarter Results
Jackson, Ohio -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net
earnings from operations for the three months ended December 31, 2005 of
$3,438,000, or $0.60 per diluted share. The fourth quarter 2005 earnings
represent a 1.3% increase over the $3,394,000, or $0.59 per diluted share, in
net earnings from operations that the company recorded for the quarter ended
December 31, 2004.
For the twelve months ended December 31, 2005, Oak Hill Financial recorded net
earnings from operations of $10,923,000, or $1.89 per diluted share, as compared
to the $13,096,000, or $2.30 per diluted share, in net earnings from operations
for the full year 2004.
The operating earnings for the fourth quarter and full year 2005 have been
adjusted for various non-recurring charges and expense reductions. Including the
non-recurring items, the company's U.S. GAAP (accounting principles generally
accepted in the United States) net income was $3,579,000, or $0.63 per diluted
share, for the fourth quarter of 2005 and $11,379,000, or $1.97 per diluted
share, for the twelve months ended December 31, 2005, which compares to U.S.
GAAP net income of $1,053,000, or $0.18 per diluted share, for the fourth
quarter of 2004, and $10,662,000, or $1.87 per diluted share, for the full year
2004.
The company's total assets ended the fourth quarter of 2005 at $1.24 billion, an
increase of 14.6% over the $1.08 billion in total assets recorded at December
31, 2004. Net loans at December 31, 2005 were $1.02 billion, up 11.2% over the
$912.5 million in net loans at December 31, 2004. The year-over-year comparisons
are enhanced by Oak Hill Financial's acquisition of Lawrence Financial Holdings,
Inc. on April 1, 2005. The Lawrence Financial transaction added $116.9 million
in assets and $76.5 million in loans to Oak Hill Financial's totals.
Reviewing his company's performance, Oak Hill Financial President and CEO R.E.
Coffman, Jr. said, "On balance, we are pleased with the quarter. Loans were up
almost 8% annualized, and we had strong growth in several of our core deposit
categories. Although our nonperforming loans are still not where we want them to
be, net charge-offs remained low, and we kept operating expenses in check."
Coffman continued, "I am very pleased with how our people have responded to the
challenges of 2005. In the past few months, we have taken many positive steps to
position Oak Hill Financial for a successful future. In 2006, we will continue
to focus on credit quality, and we are confident that our credit administration
and special assets teams will reduce our nonperforming loans. Also, we expect
loan growth to be stronger in 2006, we will remain rational in our pricing and
prudent in our underwriting, and we will not sacrifice the net interest margin
and credit quality for the sake of growth."
"We have strengthened our financial services, commercial lending, mortgage
origination, and insurance areas, and we expect to see the results of these
efforts in 2006. We have also been very successful in increasing the number of
core deposit accounts and household relationships during the third and fourth
quarters, and we will continue to target these areas. To support our development
efforts, we are taking our sales training and monitoring programs to a higher
level. We think we have a good sales culture now; we intend to turn it into a
great sales culture in 2006."
Key Issue Review and Outlook
Net Interest Margin - Net interest margin for the fourth quarter was 3.60%, as
compared to the 3.96% posted in the fourth quarter of 2004 and the 3.72%
recorded for the third quarter of 2005. The fourth quarter margin was impacted
by the sustained flat yield curve, which held down asset yields, and rising
liability costs as financial institutions in the company's market areas
aggressively increased deposit rates. However, while the margin declined on a
linked-quarter basis, it hit the low point in October and improved as the
quarter progressed. Going forward, the company will continue to take a
disciplined approach to both loan and deposit pricing to preserve the margin.
Although continued pressure is likely, management believes that the margin can
be maintained at or near its current level.
Operating Expenses - Non-interest expenses from operations were 2.67% of average
assets for the fourth quarter of 2005, which compares to 2.70% for the fourth
quarter of 2004 and 2.72% for the third quarter of 2005. On a linked-quarter
basis, compensation and benefits, occupancy, and certain data processing
expenses decreased. These reductions were offset by increases in professional
fees and various miscellaneous expenses. The company's efficiency ratio from
operations for the fourth quarter of 2005 was 58.7%, as compared to 55.3% in the
prior year's quarter and 58.9% in the third quarter of 2005.
For the year 2005, the non-interest expense to average assets and efficiency
ratios from operations were 2.66% and 57.9%, respectively, versus 2.69% and
54.2% for the year 2004. With a continued focus on controlling operating
expenses and further realization of the cost savings from the Lawrence Financial
Holdings transaction, management expects that the non-interest expense to
average assets and efficiency ratios can be improved in 2006.
Non-Interest Income - Non-interest income from operations, including gain on
sale of loans, was $3.1 million in the fourth quarter, an increase of 13.1% over
the fourth quarter of 2004 and 3.1% over the third quarter of 2005. The
linked-quarter increase was the result of increases in deposit service charges
and recovery of impairment of mortgage servicing rights, which the company
includes in non-interest income. Offsetting the linked-quarter increase were
declines in the gain on the sale of loans and investment services income and a
loss on the sale of investments.
For the full year 2005, non-interest income increased 11.5%, with the increase
due in part to the Lawrence Financial Holdings acquisition. For 2006, the
company anticipates that non-interest income overall will continue to increase,
with mortgage and SBA originations, brokerage and financial planning services,
insurance commissions, title services, and service charges expected to be the
largest contributors to growth.
Asset Quality - At the end of the fourth quarter, the nonperforming loans/total
loans and nonperforming assets/total assets ratios were 1.72% and 1.45%,
respectively, as compared to the 1.67% and 1.41%, respectively, recorded at
September 30, 2005. The increase is due to the movement to nonperforming status
during the fourth quarter of a $1.0 million commercial real estate loan.
As previously reported, the largest of the company's nonperforming loans remains
a group of commercial real estate loans from a single relationship with a net
carrying value of $5.4 million. Management believes that further losses on this
relationship will be minimal. The second largest of the nonperforming loans,
also reported previously, is a $3.4 million commercial real estate loan on which
minimal losses are anticipated.
The company's net charge-offs (non-annualized) were 0.03% of total loans for the
quarter, as compared to 0.02% in the third quarter of 2005 and 0.08% in the
fourth quarter of 2004. Going forward, the company expects net charge-offs to be
in line with its historical range of 0.20% to 0.25% annually.
Consistent with generally accepted accounting principles and regulatory
guidelines, the company uses various formulas to determine its allowance for
loan losses (ALL). The methodology takes into consideration not only charge-offs
but also the rated quality of the company's loans based on loan review grades
and the types and amounts of loans comprising the portfolio, while allowing some
discretion by management to make adjustments based on near-term economic
conditions. The ALL/total loans ratio began the fourth quarter at 1.32%.
Management's ongoing analysis of the above factors indicated that an ALL/total
loans ratio of 1.33% was appropriate at December 31.
Asset/Loan Growth - Oak Hill Financial's total assets increased at a 3.8% annual
rate from September 30 to December 31, while net loans grew at an annualized
7.8%. Total deposits declined slightly as the company allowed maturing brokered
deposits to run-off and replaced them with borrowings. For 2006, management
anticipates moderate loan growth in the range of the fourth quarter's growth
rate.
Stock Buyback - In May 2005, Oak Hill Financial announced a program under which
it may repurchase up to 290,000 shares, or approximately 5.0%, of its
outstanding common stock. The new program replaced the company's previous
repurchase plan, which was announced in February 2004. During the fourth quarter
of 2005, Oak Hill Financial repurchased 55,400 common shares under its new
buyback program. A total of 269,945 common shares were repurchased by the
company under its buyback plans during the full year 2005.
Expansion - On January 5, the company's Oak Hill Banks affiliate opened a
Business Financial Center in the Ohio community of Lancaster to serve the
lending, depository, and financial services needs of small and mid-size
businesses in that market. A second Business Financial Center will open in the
first quarter in Athens, Ohio, where the company already has a full-service
banking office. Also, a new bank branch in Mt. Orab, Ohio, a growing community
east of Cincinnati, is currently under construction and is expected to open in
the second quarter. Later in 2006 and into 2007, the company expects to pursue
additional expansion opportunities in suburban Columbus and the
Cincinnati-Dayton region.
Estimates - Management estimates that earnings per share from operations for
2006 will be in the range of $2.45 to $2.55.
Oak Hill Financial is a financial holding company headquartered in Jackson,
Ohio. Its subsidiary, Oak Hill Banks, operates 35 full-service banking offices
and three bank loan production offices in 16 counties across southern and
central Ohio. A second subsidiary, Oak Hill Financial Insurance Agency, provides
group health plans, benefits administration, and other insurance services to
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)
January 12, 2006 Press Release
At December 31,
(In thousands) 2005 2004
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SUMMARY OF FINANCIAL CONDITION
Total assets $1,241,058 $1,083,040
Interest-bearing deposits and federal funds sold 2,983 2,705
Investment securities 134,812 92,023
Loans receivable - net 1,015,083 912,538
Deposits 978,396 862,096
Federal Home Loan Bank advances and other borrowings 164,382 131,660
Stockholders' equity 94,081 85,043
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 For the
three months ended twelve months ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES
Net earnings (U.S. GAAP) $ 3,579 $ 1,053 $ 11,379 $ 10,662
Non-recurring items, net of tax:
Loss on sale of consumer finance loan portfolio -- 2,115 -- 2,115
Expenses related to the discontinuation of operations at
consumer finance subsidiary -- 215 -- 215
Gain on sale of branch locations and other assets -- -- (133) --
Merger-related expenses 28 11355 104 --
Reduction in tax expense (169) -- (678) --
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Net earnings from operations $ 3,438 $ 3,394 $ 10,923 $ 13,096
====================================================================================================================================
Diluted earnings per share (U.S. GAAP) $ 0.63 $ 0.18 $ 1.97 $ 1.87
Non-recurring items, net of tax:
Loss on sale of consumer finance loan portfolio -- 0.37 -- 0.37
Expenses related to the discontinuation of operations at
consumer finance subsidiary -- 0.04 -- 0.04
Gain on sale of branch locations and other assets -- -- (0.02) --
Merger-related expenses -- -- 0.06 0.02
Reduction in tax expense (0.03) -- (0.12) --
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Diluted earnings per share from operations $ 0.60 $ 0.59 $ 1.89 $ 2.30
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Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 12, 2006 Press Release
For the For the
three months ended twelve months ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES (continued)
Non-interest income (expense) (U.S. GAAP) $ 3,082 $ (529) $ 11,638 $ 7,001
Non-recurring items:
Loss on sale of consumer finance loan portfolio -- 3,254 -- 3,254
Gain on sale of branch locations and other assets -- (205) -- --
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Non-interest income from operations $ 3,082 $ 2,725 $ 11,433 $ 10,255
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Non-interest expense (U.S. GAAP) $ 8,107 $ 7,606 $ 31,045 $ 27,275
Non-recurring items:
Expenses related to the discontinuation of operations at
consumer finance subsidiary -- (331) -- (331)
Merger-related expenses (44) (17) (546) (160)
Reduction in tax expense 261 -- 1,044 --
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Non-interest expense from operations $ 8,324 $ 7,258 $ 31,543 $ 26,784
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SUMMARY OF OPERATIONS (1)(2)(3)
Interest income $ 18,674 $ 15,756 $ 69,720 $ 59,251
Interest expense 8,481 5,732 29,436 20,838
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Net interest income 10,193 10,024 40,284 38,413
Provision for losses on loans 670 851 6,341 3,136
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Net interest income after provision for losses on loans 9,523 9,173 33,943 35,277
Gain on sale of loans 216 528 1,085 1,882
Insurance commissions 710 826 2,781 3,050
Other non-interest income 2,156 1,371 7,567 5,323
General, administrative and other expense 8,324 7,258 31,543 26,784
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Earnings before federal income taxes 4,281 4,640 13,833 18,748
Federal income taxes 1,218 1,496 3,910 6,152
Federal tax credits (375) (250) (1,000) (500)
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Net earnings from operations $ 3,438 $ 3,394 $ 10,923 $ 13,096
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SELECTED PERFORMANCE RATIOS FROM OPERATIONS (1)(2)(3)(5)(6)
Diluted earnings per share $ 0.60 $ 0.59 $ 1.89 $ 2.30
===================================================================================================================================
Return on average assets 1.10% 1.26% 0.92% 1.31%
Return on average equity 14.54% 15.78% 11.89% 15.83%
Non-interest expense to average assets 2.67% 2.70% 2.66% 2.69%
Efficiency ratio 58.65% 55.30% 57.93% 54.12%
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 12, 2006 Press Release
At or For the At or For the
three months ended twelve months ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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PER SHARE INFORMATION (U.S. GAAP)
Basic earnings per share (4) $ 0.64 $ 0.19 $ 2.01 $ 1.92
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Diluted earnings per share (5) $ 0.63 $ 0.18 $ 1.97 $ 1.87
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Dividends per share $ 0.19 $ 0.17 $ 0.70 $ 0.62
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Book value per share -- -- $ 16.79 $ 15.29
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OTHER STATISTICAL AND OPERATING DATA (U.S. GAAP) (6)
Return on average assets 1.15% 0.39% 0.96% 1.07%
Return on average equity 15.14% 4.89% 12.39% 12.89%
Non-interest expense to average assets 2.60% 2.83% 2.62% 2.74%
Net interest margin (fully-taxable equivalent) 3.60% 3.96% 3.70% 4.05%
Total allowance for losses on loans to non-performing loans -- -- 77.25% 186.83%
Total allowance for losses on loans to total loans -- -- 1.33% 1.28%
Non-performing loans to total loans -- -- 1.72% 0.69%
Non-performing assets to total assets -- -- 1.45% 0.73%
Net charge-offs to average loans (actual for the period) 0.03% 0.08% 0.50% 0.26%
Net charge-offs to average loans (annualized) 0.12% 0.33% 0.50% 0.26%
Equity to assets at period end 7.58% 7.84%
Efficiency ratio 57.06% 57.99% 56.98% 55.11%
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(1) Excludes $261,000 and $1,044,000 reduction in tax expense for the three
and twelve months ended December 31, 2005 resulting from a tax savings of
$1.0 million for 2005.
(2) Does not include $44,000 and $546,000 of merger-related charges for the
three and twelve months ended December 31, 2005 and $17,000 and $160,000
of merger-related charges for the three and twelve months ended December
31, 2004. Also does not include a $3.3 million loss on the sale of the
consumer finance loan portfolio and $331,000 of expenses related to the
discontinuation of operations at the consumer finance subsidiary for the
three and twelve months ended December 31, 2004.
(3) Does not include $205,000 of gains on the sale of branch locations and
other assets for the twelve months ended December 31, 2005.
(4) Based on 5,616,138, 5,667,513, 5,546,680 and 5,549,855 weighted-average
shares outstanding for the three and twelve months ended December 31, 2005
and 2004, respectively.
(5) Based on 5,719,294, 5,789,330, 5,685,557 and 5,692,468 weighted-average
shares outstanding for the three and twelve months ended December 31, 2005
and 2004, respectively.
(6) Annualized where appropriate.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 12, 2006 Press Release
At December 31,
(In thousands, except share data) 2005 2004
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SUPPLEMENTAL DETAIL
BALANCE SHEET - ASSETS
Cash and cash equivalents 26,400 31,997
Trading account securities -- --
Securities available for sale 131,193 88,383
Securities held to maturity 3,619 3,640
Other securities 7,626 6,590
Total securities 142,438 98,613
Total cash and securities 168,838 130,610
Loans and leases held for investment (1) 1,024,998 924,129
Loans and leases held for sale (1) 410 256
Total loans and leases (1) 1,025,408 924,385
Allowance for losses on loans 13,653 11,847
Goodwill 5,020 1,674
Other intangible assets 4,068 1,270
Total intangible assets 9,088 2,944
Mortgage servicing rights 3,328 3,146
Purchased credit card relationships -- --
Other real estate owned 376 1,614
Bank owned life insurance 12,948 10,118
Other assets 34,725 22,070
Total assets 1,241,058 1,083,040
BALANCE SHEET - LIABILITIES
Deposits 978,396 862,096
Federal Home Loan Bank advances and other borrowings 141,382 113,660
Other liabilities 4,191 4,233
Total liabilities 1,123,969 979,989
Redeemable preferred stock -- --
Trust preferred securities 23,000 18,000
Minority interests 8 8
Other mezzanine level items -- --
Total mezzanine level items 23,008 18,008
Total liabilities and mezzanine level items 1,146,977 997,997
BALANCE SHEET - EQUITY
Preferred equity -- --
Common equity 94,081 85,043
MEMO ITEM: Net unrealized gain (loss) on securities
available for sale, net of tax (673) 605
End of period shares outstanding (2) 5,604,165 5,557,281
Options outstanding 484,233 582,466
Treasury shares held by the Company 270,420 96,302
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(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)
January 12, 2006 Press Release
At or For the At or For the
Three Months Ended Twelve Months Ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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SUPPLEMENTAL DETAIL (continued)
Repurchase plan announced? No No Yes Yes
Number of shares to be repurchased in plan(1) N/A N/A 290,000 300,000
Number of shares repurchased during the period(1) 55,400 -- 269,945 134,936
Average price of shares repurchased(1) $ 30.43 -- $ 28.97 $ 32.38
INCOME STATEMENT
Interest income 18,674 15,756 69,720 59,251
Interest expense 8,481 5,732 29,436 20,838
Net interest income 10,193 10,024 40,284 38,413
Net interest income (fully-taxable equivalent) 10,572 10,218 41,557 39,057
Provision for losses on loans 670 851 6,341 3,136
Non-recurring expense:
Loss on sale of consumer finance loan portfolio -- 3,254 -- 3,254
Expenses related to the discontinuation of operations at
consumer finance subsidiary -- 331 -- 331
Merger-related expenses 44 17 546 160
Non-recurring income:
Gain on sale of branch locations and other assets -- -- 205 --
Trading account income -- -- -- --
Foreign exchange income -- -- -- --
Trust income -- -- -- --
Insurance commissions 710 826 2,781 3,050
Service charges on deposits 1,322 925 4,508 3,562
Gain on sale of loans 216 528 1,085 1,882
Gain on investment securities transactions (10) 498 276
Other non-interest income 844 446 2,561 1,485
Total non-interest income 3,082 2,725 11,433 10,225
Employee compensation and benefits 4,095 3,776 16,107 14,519
Occupancy and equipment expense 977 954 4,067 3,400
Foreclosed property expense -- -- -- --
Amortization of intangibles 283 72 953 72
Other general, administrative and other expense 2,708 2,456 9,372 8,793
Total non-interest expenses 8,063 7,258 30,499 26,784
Net income before taxes 4,498 1,038 14,536 15,003
Federal income taxes 1,294 235 4,157 4,841
Federal new markets tax credit (375) (250) (1,000) (500)
Net income before extraordinary items 3,579 1,053 11,379 10,662
Extraordinary items -- -- -- --
Net income 3,579 1,053 11,379 10,662
CHARGE-OFFS
Loan charge-offs 839 1,588 7,747 3,545
Recoveries on loans 541 823 2,755 1,291
Net loan charge-offs 298 765 4,992 2,254
AVERAGE BALANCE SHEET
Average loans and leases 1,022,153 924,372 993,976 869,849
Average other earning assets 141,576 101,438 129,309 93,816
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(1) The existing plan, approved on February 26, 2004, was rescinded and a new
plan was announced on May 26, 2005. Under the existing plan, 32,000 shares
were repurchased at an average price of $27.70 during the twelve months
ended December 31, 2005. Under the new plan, 55,400 and 237,945 shares were
repurchased at an average price of $30.43 and $29.14 during the three and
twelve months ended December 31, 2005, respectively.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 12, 2006 Press Release
At or For the At or For the
Three Months Ended Twelve Months Ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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SUPPLEMENTAL DETAIL (continued)
AVERAGE BALANCE SHEET (continued)
Average total earning assets 1,163,729 1,025,810 1,123,285 963,665
Average total assets 1,235,698 1,070,287 1,186,236 997,026
Average non-interest bearing deposits 100,077 80,293 91,315 72,142
Average total time deposits 589,104 547,112 585,114 509,340
Average other interest-bearing deposits 299,984 218,093 267,404 205,576
Average total interest-bearing deposits 889,088 765,205 852,518 714,916
Average borrowings 146,016 135,869 144,445 124,514
Average interest-bearing liabilities 1,035,104 901,074 996,963 839,430
Average preferred equity -- -- -- --
Average common equity 93,800 85,565 91,853 82,708
ASSET QUALITY AND OTHER DATA
Non-accrual loans 16,695 5,549
Renegotiated loans -- --
Loans 90+ days past due and still accruing 979 791
Total non-performing loans 17,674 6,340
Other real estate owned 376 1,614
Total non-performing assets 18,050 7,954
ADDITIONAL DATA
1 - 4 family mortgage loans serviced for others 246,200 252,079
Proprietary mutual fund balances -- --
Fair value of securities held to maturity 3,851 3,906
Full-time equivalent employees 422 377
Total number of full-service banking offices 34 29
Total number of bank and thrift subsidiaries 1 1
Total number of ATMs 40 35
LOANS RECEIVABLE
1 - 4 family residential 237,138 199,987
Home equity 42,967 41,744
Multi-family residential 37,241 25,215
Commercial real estate 381,966 347,303
Construction and land development 52,612 63,132
Commercial and other 164,527 173,766
Consumer 106,775 68,074
Credit cards 2,183 2,020
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Loans receivable - gross 1,025,409 921,241
Unearned interest (1) (2)
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Loans receivable - net of unearned interest 1,025,408 921,239
Allowance for losses on loans (13,653) (11,847)
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Loans receivable - net (1) 1,011,755 909,392
(1) Does not include mortgage servicing rights.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 12, 2006 Press Release
At or For the At or For the
Three Months Ended Twelve Months Ended
December 31, December 31,
(In thousands, except share data) 2005 2004 2005 2004
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SUPPLEMENTAL DETAIL (continued)
DEPOSITS
Transaction accounts
Non-interest bearing 97,575 88,712
Interest-bearing 79,329 65,395
Savings accounts 64,128 58,978
Money market deposit accounts 159,060 89,539
Other core interest-bearing 427,647 365,125
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Total core deposit accounts 827,739 667,749
Non-core interest-bearing accounts 150,657 194,347
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Total deposits 978,396 862,096
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Yield/average earning assets (fully-taxable equivalent) 6.49% 6.18% 6.32% 6.22%
Cost/average earning assets 2.89% 2.22% 2.62% 2.17%
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Net interest income (fully-taxable equivalent) 3.60% 3.96% 3.70% 4.05%
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NEW MARKETS TAX CREDIT
Qualified equity investment in Oak Hill Banks Community Development Corp. 20,000 10,000
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QEI New Markets Tax Credit
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Year Amount 2004 2005 2006 2007 2008 2009 2010 2011
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2004 10,000 500 500 500 600 600 600 600 --
2005 10,000 -- 500 500 500 600 600 600 600
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Totals 20,000 500 1,000 1,000 1,100 1,200 1,200 1,200 600
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