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)
January 21, 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 January 21, 1999, the Registrant issued a press release
announcing that its 1998 fourth quarter earnings were up 12.7
percent over the same period in 1997 and that its EPS were up 15.8
percent over the EPS reported for the same period in 1997.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated January 21,
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: January 25, 1999 By:/s/ Charles F. Hertlein, Jr., Esq.
Charles F. Hertlein, Jr., Esq.
Attorney-in-fact for
Kenneth L. Hanauer
President and Chief
Executive Officer
Exhibit 99.1
OHSL Announces 4th Quarter Earnings up 12.7 Percent,
EPS up 15.8 Percent
CINCINNATI--(BUSINESS WIRE)--Jan. 21, 1999--OHSL Financial
Corp. (Nasdaq: OHSL), the parent company of Oak Hills Savings and
Loan Co., F.A., today announced earnings for the three months and
the full year ended Dec. 31, 1998.
Net income for the three months ended Dec. 31, 1998 totaled
$524,000, an increase of $59,000 or 12.7 percent over the same
period in 1997. Net interest income for the three months ended
Dec. 31, 1998 totaled $1,877,000, an increase of $116,000 or 6.6
percent over the net interest income for the same period in 1997.
Net income for the 12 months ended Dec. 31, 1998 totaled
$2,161,000, an increase of $154,000 or 7.7 percent over the full
year 1997. Net interest income for the 12 months ended Dec. 31,
1998 totaled $7,473,000, an increase of $346,000 or 4.9 percent
over the net interest income for the full year 1997. Non-interest
income totaled $745,000 for the year ended Dec. 31, 1998 compared
to $515,000 for the same period in 1997, an increase of $256,000.
Earnings per share for the three months ended Dec. 31, 1998
totaled 22 cents, an increase of 3 cents or 15.8 percent over the
earnings per share of 19 cents reported for the same period in
1997.
Earnings per share for the year ended Dec. 31, 1998 totaled
89 cents, an increase of 5 cents or 6.0 percent over the earnings
per share of 84 cents reported for the year ended Dec. 31, 1997.
OHSL's subsidiary, Oak Hills Savings and Loan Co., 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.
<PAGE>
<TABLE>
OHSL FINANCIAL CORP.
(unaudited)
<CAPTION>
Three months ended Dec. 31:
<S> <C> <C>
CONSOLIDATED RESULTS OF OPERATIONS 1998 1997
(000) (000)
Interest income $ 4,717 $ 4,505
Interest expense 2,840 2,744
Net interest income 1,877 1,761
Provision for loan losses 11 0
Net interest income after provision 1,866 1,761
Noninterst income 209 177
Noninterest expense 1,240 1,249
Net income before tax provision 835 689
Provision for income taxes 311 224
Net income 524 465
EARNINGS PER SHARE $ 0.22 $ 0.19
DIVIDENDS PER SHARE $ 0.125 $ 0.11
BOOK VALUE PER SHARE (END OF PERIOD) $ 11.17 $ 10.80
</TABLE>
<TABLE>
Year ended Dec. 31:
<CAPTION>
<S> <C> <C>
CONSOLIDATED RESULTS OF OPERATIONS 1998 1997
(000) (000)
Interest income $18,714 $17,612
Interest expense 11,241 10,485
Net interest income 7,473 7,127
Provision for loan losses 37 32
Net interest income after provision 7,436 7,095
Noninterest income 745 515
Noninterest expense 4,733 4,580
Net income before tax provision 3,448 3,030
Provision for income taxes 1,287 1,023
Net income 2,161 2,007
EARNINGS PER SHARE $ 0.89 $ 0.84
DIVIDENDS PER SHARE $ 0.485 $ 0.440
/TABLE
<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
<CAPTION>
Dec. 31 Dec. 31
1998 1997
(000) (000)
<S> <C> <C>
Cash and cash equivalents $ 19,012 $ 16,224
Investments - held to maturity 65,268 33,854
Investments - available for sale 9,372 10,774
Loans receivable 164,595 171,768
Other assets 8,929 6,285
-------- --------
Total assets 267,176 238,905
-------- --------
-------- --------
Deposits 206,755 184,690
Advances from Federal Home Loan Bank 31,118 26,570
Other liabilities 2,277 1,613
-------- --------
Total liabilities 240,150 212,873
Stockholders' equity 27,026 26,032
-------- --------
Total liabilities and equity 267,176 238,905
-------- --------
-------- --------
</TABLE>
CONTACT: OHSL Financial Corp.
Patrick J. Condren, 513/574-3322
