Oak Hill Financial Inc. of Jackson, Ohio, has lowered its 2005 profit estimate and raised its loan-loss provision by $4.3 million to reflect recent chargeoffs.
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The $1.1 billion-asset company said after the market closed Thursday that it expects earnings of $1.80 to $2 a share. In April it had estimated $2.50 to $2.60; the average analyst estimate was $2.56.
The company had said in its first-quarter earnings release that several large loans on its books could default.
On Thursday it said it had taken chargeoffs, including $2 million of them for three commercial real estate loans to one customer, after reevaluating its commercial, commercial real estate, and residential mortgage loans.
Oak Hill's stock sunk 10.75% on Friday, to $25.98.
