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 15, 1998
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 15, 1998, the Registrant issued a press release announcing
earnings for the three and six month periods ended June 30, 1998.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated July 15, 1998.
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: July 17, 1998 By:/s/ Kenneth L. Hanauer
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL Financial Announces Strong Second Quarter Earnings
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TEXT:
CINCINNATI--July 15, 1998--OHSL Financial Corp.
(NASDAQ:OHSL), the parent company of Oak Hills Savings and Loan
Company, F.A., today announced earnings for the three and six
month periods ended June 30, 1998.
Net income for the three months ended June 30, 1998 totaled
$546,000, an increase of $30,000 or 5.8% over the same period in
1997. Net interest income for the three months ended June 30,
1998 totaled $1,850,000, an increase of $27,000 or 1.5% over the
net interest income for the same period in 1997.
Net income for the six months ended June 30, 1998 totaled
$1,109,000, an increase of $68,000 or 6.5% over the same period in
1997. Net interest income for the six months ended June 30, 1998
totaled $3,739,000, an increase of $102,000 or 2.8% over the net
interest income for the same period in 1997. Non-interest income
totaled $359,000 for the six months ended June 30, 1998, compared
to $185,000 for the same period in 1997, an increase of $174,000.
Earnings per share for the three months ended June 30, 1998
totaled $0.23, an increase of $0.01 or 4.5% over the earnings per
share of $0.22 reported for the same period in 1997.
Earnings per share for the six months ended June 30, 1998
totaled $0.46, an increase of $0.03 or 7.0% over the earnings per
share of $0.43 reported for the six months ended June 30, 1997.
Kenneth L. Hanauer, President and Chief Executive Officer of
OHSL Financial commented, "The first two quarters of 1998 have
produced tangible results for our shareholders. Our income
remains healthy, and, following our recent 2-for-1 stock split,
our stock price has stabilized at levels well above our prior year
price range. We continue to produce a generous dividend, as
reflected by our recent increase from $0.11 to $0.125 per share,
an increase of over 13%. We recently announced the purchase of a
new branch location, which will expand our market coverage in the
western Cincinnati area. We continue to believe that 1998 will be
a sound year in terms of financial performance", stated CEO
Hanauer.
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 affiliation with Cox Financial.
CONTACT: Patrick J. Condren, CFO of OHSL Financial Corp.
at (513)574-3322
<PAGE>
OHSL FINANCIAL CORP.
(unaudited)
Three months ended June 30:
CONSOLIDATED RESULTS OF OPERATIONS 1998 1997
(000) (000)
Interest income 4679 4436
Interest expense 2829 2613
Net interest income 1850 1823
Provision for loan losses 10 6
Net interest income after provision 1840 1817
Noninterest income 181 109
Noninterest expense 1150 1150
Net income before tax provision 871 776
Provision for income taxes 325 260
Net income 546 516
EARNINGS PER SHARE $0.23 $0.22
BOOK VALUE PER SHARE (END OF PERIOD) $11.02 $10.61
Six months ended June 30:
CONSOLIDATED RESULTS OF OPERATIONS 1998 1997
(000) (000)
Interest income 9321 8659
Interest expense 5582 5022
Net interest income 3739 3637
Provision for loan losses 17 22
Net interest income after provision 3722 3615
Noninterest income 359 185
Noninterest expense 2308 2214
Net income before tax provision 1773 1586
Provision for income taxes 664 545
Net income 1109 1041
EARNINGS PER SHARE $0.46 $0.43<PAGE>
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30 Dec. 31
1998 1997
(000) (000)
Cash and cash equivalents 6249 16224
Investments - held to maturity 55934 33854
Investments - available for sale 10098 10774
Loans receivable 168950 171768
Other assets 6622 6285
______ ______
Total assets 247853 238905
______ ______
______ ______
Deposits 186532 184690
Advances from Federal Home Loan Bank 32748 26570
Other liabilities 1719 1613
______ ______
Total liabilities 220999 212873
Stockholders' equity 26854 26032
______ ______
Total liabilities and equity 247853 238905
______ ______
______ ______
CONTACT: Kenneth L. Hanauer, CEO or Patrick J. Condren, CFO of
OHSL Financial Corp. at (513) 574-3322
