SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 31, 1997
OHSL FINANCIAL CORP.
(Exact name of Registrant as specified in its Charter)
Delaware 0-20886 31-1362390
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification Number)
5889 Bridgetown Road, Cincinnati, Ohio 45348-3199
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513) 574-3322
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
On July 31, 1997, the Registrant issued a press release reporting
earnings for the three months and six months periods ended June 30,
1997.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release, dated July 31, 1997.
<PAGE>
OHSL FINANCIAL CORP.
(unaudited)
Three months ended June 30
CONSOLIDATED RESULTS OF OPERATIONS 1997 1996
(O00) (000)
Interest income 4436 3998
Interest expense 2613 2230
Net interest income 1823 1768
Provision for loan losses 6 4
Net interest income after provision 1817 1764
Noninterest income 109 92
Noninterest expense 1150 1111
Net income before tax provision 776 743
Provision for income taxes 260 262
Net income 516 481
EARNINGS PER SHARE $ 0.42 $0.38
BOOK VALUE PER SHARE (END OF PERIOD) $ 21.21 $20.94
OHSL FINANCIAL CORP.
(unaudited)
Six months ended June 30
CONSOLIDATED RESULTS OF OPERATIONS 1997 1996
(O00) (000)
Interest income 8659 7915
Interest expense 5022 4469
Net interest income 3637 3446
Provision for loan losses 22 4
Net interest income after provision 3615 3442
Noninterest income 185 154
Noninterest expense 2214 2164
Net income before tax provision 1586 1432
Provision for income taxes 545 499
Net income 1041 933
EARNINGS PER SHARE $ 0.84 $0.74
<PAGE>
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
June 30 Dec. 31
1997 1996
(000) (000)
Cash and cash equivalents 6943 8373
Investments - held to maturity 38791 29162
Investments - available for sale 11509 13969
Loans receivable 166573 158457
Other assets 6219 5707
______ ______
Total assets 230035 215668
Deposits 174472 169486
Advances from Federal Home Loan Bank 28804 19116
Other liabilities 1392 1870
______ ______
Total liabilities 204668 190472
Stockholders' equity 25367 25196
______ ______
Total liabilities and equity 230035 215668
====== ======
<PAGE>
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 thereunto duly authorized.
OHSL FINANCIAL CORP.
Date: August 1, 1997 By:/s/ Kenneth L. Hanauer
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL FINANCIAL ANNOUNCES QUARTERLY DIVIDEND
-------------------------------------------
Text:
Cincinnati, Ohio, July 31, 1997 - OHSL Financial Corp. (NASDAQ:
OHSL), the parent company of Oak Hills Savings and Loan Company,
F.A., today announced earnings for the three month and six month
periods ended June 30, 1997. Net income for the three months ended
June 30, 1997 totaled $516,000 versus $481,000 for the same period
in 1996, an increase of $35,000 or 7.3%. For the six month period
ended June 30, 1997, net income totaled $1,041,000 versus $933,000
for the same six month period in 1996, an increase of $108,000 or
11.6%.
Net interest income for the three months ended June 30, 1997 totaled
$1,823,000 versus $1,768,000 for the same period in 1996. For the
six months ended June 30, 1997, net interest income totaled
$3,637,000 versus $3,446,000 for the same six month period in 1996.
Earnings per share for the three months ended June 30, 1997 totaled
$0.42, an increase of $0.04 over the earnings per share of $0.38
reported for the second quarter of 1996. For the six months ended
June 30, 1997, earning per share totaled $0.84 versus $0.74 for the
same six month period in 1996.
Kenneth L. Hanauer, President and Chief Executive Officer of OHSL
Financial Corp., commented: "We continue with our efforts to improve
upon our prior year's results. We continue to see strong
competition in both the lending and the savings areas. We remain
convinced, however, that we can continue to provide our shareholders
with competitive returns and that there remains a place in the
financial marketplace for community institutions such as Oak Hills."
OHSL's subsidiary, Oak Hills Savings and Loan Company, F.A., offers
traditional community bank type services to its individual and
business customers through its five offices located in western
Hamilton County, Ohio, as well as mutual fund and annuity products
through its subsidiary, CFSC, Inc.
Contact: Kenneth L. Hanauer, CEO or Patrick J. Condren, CFO of OHSL
Financial Corp. At (513) 574-3322.
