Oak Hill Financial Reports Revised 2nd Quarter GAAP Net Earnings
01 8월 2007 - 7:16AM
PR Newswire (US)
JACKSON, Ohio, July 31 /PRNewswire-FirstCall/ -- Oak Hill
Financial, Inc. (Nasdaq GS: OAKF) announced that it had revised the
net earnings (U.S. GAAP) for the three and six months ended June
30, 2007 that it had reported on July 12, 2007. The revision was
due to a reduction in the estimated proceeds from bank-owned life
insurance. For the three months ended June 30, 2007, Oak Hill
Financial recorded revised U.S. GAAP net earnings of $3,961,000, or
$0.74 per diluted share. For the six months ended June 30, 2007,
the company's revised U.S. GAAP net earnings were $6,574,000, or
$1.22 per diluted share. The U.S. GAAP net earnings for the second
quarter and first six months of 2007 include a $996,000 non-taxable
gain on bank-owned life insurance. Excluding this item, the
company's operating net income remained unchanged from the July 12
release at $2,965,000, or $0.55 per diluted share, for the second
quarter of 2007 and $5,578,000, or $1.03 per diluted share, for the
first six months of 2007. Oak Hill Financial is a financial holding
company headquartered in Jackson, Ohio. Its subsidiary, Oak Hill
Banks, operates 36 full-service banking offices and one bank loan
production office in 15 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. On July 20, 2007, Oak Hill Financial and
WesBanco, Inc. jointly announced the signing of a definitive
agreement under which, subject to necessary shareholder and
regulatory approval, Oak Hill Financial would be merged with and
into WesBanco. Additional information about Oak Hill Financial can
be found on the company's website at http://www.oakf.com/.
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. DATASOURCE: Oak Hill Financial, Inc.
CONTACT: David G. Ratz, Executive Vice President of Oak Hill
Financial, Inc., +1-740-286-3283 Web site: http://www.oakf.com/
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