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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT: APRIL 6, 1999
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OAK HILL FINANCIAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Ohio 0-26876 31-1010517
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(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
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14621 State Route 93
Jackson, Ohio 44640
(614) 286-3283
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S
PRINCIPAL EXECUTIVE OFFICES)
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Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
On April 6, 1999, Oak Hill Financial, Inc. ("Oak Hill") issued a news
release announcing its earnings for the first quarter and three months ended
March 31, 1999. The information contained in the news release, which is attached
as an exhibit to this report, is incorporated herein by reference.
The information contained or incorporated by reference in this Current
Report on Form 8-K may contain forward-looking statements, including certain
plans, expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. Actual results could differ materially
from those contained or implied by such statements for a variety of factors,
including: changes in economic conditions; movements in interest rates;
competitive pressures on product pricing and services; success and timing of
business strategies; the nature and extent of legislative and regulatory actions
and reforms; and extended disruption of vital infrastructure.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99 Press release of Oak Hill Financial, Inc., dated
April 6, 1999.
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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: April 9, 1999 By: /s/ H. Tim Bichsel
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H. Tim Bichsel, Secretary
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EXHIBIT INDEX
Exhibit No. Description
99 Press release of Oak Hill Financial, Inc., dated
April 6, 1999.
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FOR IMMEDIATE RELEASE
Tuesday, April 6, 1999
Contact: David G. Ratz, Vice President
(740) 286-3283
OAK HILL FINANCIAL EARNINGS INCREASE 20%
JACKSON, OHIO -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net
earnings for the three months ended March 31, 1999 of $1,572,000, or $.35 per
diluted share. The first quarter earnings represented an increase of 20.4% over
the $1,306,000, or $.29 per diluted share, in net earnings that the company
recorded for the first quarter of 1998.
Oak Hill Financial's total assets were also up, ending the quarter at $435.2
million, an increase of 15.9% over the $375.4 million in assets recorded at
March 31, 1998. Similarly, the company's net loans and deposits at March 31,
1999 were up 18.9% and 15.5%, respectively, from their levels at the end of the
first quarter of 1998.
Oak Hill Financial President and CEO John D. Kidd explained that the company's
earnings performance continues to be fueled by increased net interest income
which, in turn, is being driven by loan growth. "We're still seeing strong loan
demand in our established markets, and our newer offices have had excellent loan
volume," Kidd stated.
Oak Hill Financial is a bank holding company headquartered in Jackson, Ohio. Its
subsidiary, Oak Hill Banks, operates 17 full-service banking offices in nine
counties across southern Ohio. The company also operates Action Finance Company,
which has offices in Jackson and Wellston.
On March 11, 1999, Oak Hill Financial announced the signing of a definitive
agreement to acquire Towne Financial Corp. of Blue Ash, Ohio. Subject to
regulatory and shareholder approval, that transaction is expected to be
completed by October 1, 1999.
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OAK HILL FINANCIAL, INC.
APRIL 6, 1999 PRESS RELEASE
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(in thousands, except per share data),
<TABLE>
<CAPTION>
AT OR FOR THE
THREE MONTHS ENDED MARCH 31,
1999 1998
(unaudited)
<S> <C> <C>
SUMMARY OF FINANCIAL CONDITION
Total assets $435,164 $375,428
Interest bearing deposits
and federal funds sold 11,938 12,218
Investment securities 54,606 52,133
Loans receivable -- net 346,925 291,736
Deposits 370,933 321,166
Federal Home Loan Bank
advances and other borrowings 22,389 16,524
Stockholders' equity 38,373 34,427
SUMMARY OF OPERATIONS
Interest income 8,748 7,634
Interest expense 4,058 3,654
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Net interest income 4,690 3,980
Provision for loan losses 303 277
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Net interest income after
provision for loan losses 4,387 3,703
Gain on sale of loans 159 144
Other non-interest income 427 372
Non-interest expense 2,598 2,298
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Earnings before federal income taxes 2,375 1,921
Federal income taxes 803 615
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Net earnings $ 1,572 $ 1,306
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</TABLE>
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OAK HILL FINANCIAL, INC.
APRIL 6, 1999 PRESS RELEASE
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(in thousands, except per share data),
<TABLE>
<CAPTION>
AT OR FOR THE
THREE MONTHS ENDED MARCH 31,
1999 1998
(unaudited)
<S> <C> <C>
PER SHARE INFORMATION (1)
Basic earnings per share (2) $ 0.36 $ 0.30
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Diluted earnings per share (3) $ 0.35 $ 0.29
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Dividends per share (2) $ 0.09 $ 0.06
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Book value per share $ 8.79 $ 7.83
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OTHER STATISTICAL AND OPERATING DATA (4)
Return on average assets 1.48% 1.45%
Return on average equity 16.78% 15.58%
Net interest margin 4.56% 4.57%
Non-interest expense to average assets 2.44% 2.55%
Total allowance for loan losses
to nonperforming loans 291.78% 395.90%
Total allowance for loan losses
to total loans 1.25% 1.30%
Nonperforming loans to total loans 0.43% 0.33%
Nonperforming assets to total assets 0.35% 0.26%
Net charge-offs to average loans 0.07% 0.04%
Equity to assets at period end 8.81% 9.17%
Dividend payout ratio 25.01% 21.59%
</TABLE>
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(1) Per share information gives retroactive effect to the 25% stock dividend
effected June 1, 1998.
(2) Based on 4,367,765 and 4,398,209 weighted-average shares outstanding for the
three month period ended March 31, 1999 and 1998, respectively.
(3) Based on 4,448,146 and 4,477,867 weighted-average shares outstanding for the
three month period ended March 31, 1999 and 1998, respectively.
(4) Annualized where appropriate.
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