Oak Hill Financial Inc. of Jackson, Ohio, reported a 67% decline in fourth-quarter net income, to $1.05 million.
The $1.08 billion-asset company, which released its results late Thursday, cited a $2.3 million charge related to the previously announced sale of consumer loans originated by its consumer finance subsidiary, Action Finance Co.
Oak Hill closed Action, which had five offices in southwest Ohio, on Dec. 31. It disclosed the closure and the loan sale Jan. 4.
Full-year profits fell 15%, to $10.7 million.
The holding company for Oak Hill Banks bought the $53 million-asset Ripley National Bank on Oct. 9 and announced a deal for the $120 million-asset Lawrence Financial Holdings of Ironton three days later. That purchase is expected to close early next quarter.
Oak Hill's president and chief executive, R.E. Coffman Jr., said the two acquisitions would help boost earnings this year.
