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 14, 1999
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 14, 1999, the Registrant issued a press release announcing
its second quarter and year-to-date 1999 earnings.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated July 14, 1999.
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 20, 1999 By: /S/ Charles F. Hertlein, Jr.
Charles F. Hertlein, Jr., Esq.
Attorney-in-fact for
Kenneth L. Hanauer
President and Chief
Executive Officer
Exhibit 99.1
OHSL ANNOUNCES 2ND QUARTER AND YEAR-TO-DATE EARNINGS
CINCINNATI -- (BUSINESS WIRE) -- July 14, 1999--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, 1999.
Net income for the three months ended June 30, 1999 totaled
$614,000, an increase of $68,000 or 12.5% over the same period in
1998. Net interest income for the three months ended June 30,
1999 totaled $2,054,000, an increase of $204,000 or 11.0% over the
net interest income for the same period in 1998. Non-interest
income for the quarter ended June 30, 1999 totaled $160,000, a
reduction of $21,000 when compared to the same period in 1998.
Gains recorded from the origination of loans held for sale totaled
only $20,000 in the second quarter of 1999 compared to $72,000 for
the same period in 1998, while other components of non-interest
income - including service charges, fee income and other income -
increased by $31,000 over the same period in 1998. The reduction
in gains on the origination of loans held for sale noted above was
the result of reduced levels of loan sales in 1999 when compared
to 1998. Non-interest expenses for the quarter ended June 30,
1999
totaled $1,277,000, an increase of $127,000 when compared to the
same period in 1998.
Earnings per share for the three months ended June 30, 1999
totaled $0.25, an increase of $0.02 or 8.7% over the earnings per
share of $0.23 reported for the same period in 1998.
Net income for the six months ended June 30, 1999 totaled
$1,197,000, an increase of $88,000 or 7.9% over the same period in
1998. Net interest income for the six months ended June 30, 1999
totaled $3,976,000 an increase of $237,000 or 6.3% over the same
period in 1998.
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 six offices located in western
Hamilton County, Ohio, as well as mutual fund and annuity products
through its affiliation with Cox Financial.
<PAGE>
<TABLE>
OHSL FINANCIAL CORP.
(unaudited)
<CAPTION>
Three months ended June 30:
<S> <C> <C>
CONSOLIDATED RESULTS OF OPERATIONS 1999 1998
(000) (000)
Interest income $5,016 $4,679
Interest expense 2,962 2,829
Net interest income 2,054 1,850
Provision for loan losses 4 10
Net interest income after provision 2,050 1,840
Noninterest income 160 181
Noninterest expense 1,277 1,150
Net income before tax provision 933 871
Provision for income taxes 319 325
Net income 614 546
EARNINGS PER SHARE $ 0.25 $ 0.23
DIVIDENDS PER SHARE $0.125 $0.125
BOOK VALUE PER SHARE (END OF PERIOD) $11.26 $11.02
Six months ended June 30:
CONSOLIDATED RESULTS OF OPERATIONS 1999 1998
(000) (000)
Interest income $9,754 $9.321
Interest expense 5,778 5,582
Net interest income 3,976 3,739
Provision for loan losses 11 17
Net interest income after provision 3,965 3,722
Noninterest income 331 359
Noninterest expense 2,482 2,308
Net income before tax provision 1,814 1,773
Provision for income taxes 617 664
Net income 1,197 1,109
EARNINGS PER SHARE $ 0.49 $ 0.46
DIVIDENDS PER SHARE $ 0.25 $0.235
</TABLE>
<TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
<CAPTION>
<S> <C> <C>
June 30, Dec. 31
1999 1998
(000) (000)
Cash and cash equivalents $ 2,613 $ 19,012
Investments - held to maturity 92,817 65,268
Investments - available for sale 9,367 9,372
Loans receivable 170,578 164,595
Other assets 8,456 8,929
-------- --------
Total assets $283,831 $267,176
-------- --------
-------- --------
Deposits $211,007 $206,755
Advances from Federal Home Loan Bank 43,173 31,118
Other liabilities 1,970 2,277
-------- --------
Total liabilities $256,150 $240,150
Stockholders' equity 27,681 27,026
-------- --------
Total liabilities and equity $283,831 $267,176
-------- --------
-------- --------
</TABLE>
Contact: Patrick J. Condren, CFO & Treasurer of
OHSL Financial Corp.
at (513) 574-3322
