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)
April 15, 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 April 15, 1999, the Registrant issued a press release
announcing its first quarter 1999 earnings.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated April 15, 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: April 20, 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 1ST QUARTER 1999 EARNINGS
Cincinnati, Ohio, April 15, 1999 -- OHSL Financial Corp. (NASDAQ:
OHSL), the parent company of Oak Hills Savings and Loan Company,
F.A., today announced earnings for the three months ended March
31, 1999.
Net income for the three months ended March 31, 1999 totaled
$583,000, an increase of $20,000 or 3.6% over the same period in
1998. Net interest income for the three months ended March 31,
1999 totaled $1,922,000, an increase of $33,000 or 1.7% over the
net interest income for the same period in 1998. Non-interest
income for the first three months of 1999 totaled $171,000, a
reduction of $7,000 when compared to the same period in 1998.
While fee income and other income increased by $32,000 over the
same period in 1998, a lessening of secondary market activity -
namely sales of mortgage loans to the Federal Home Loan Mortgage
Corp. - resulted in a $39,000 reduction in income in this area
when compared to the prior year. Non-interest expenses for the
first three months of 1999 totaled $1,205,000, an increase of
$47,000 when compared to the same period in 1998. This increase
is largely attributable to the addition of the Company's sixth
branch office in late 1998.
The net income reported for the first quarter of 1999 of $583,000
represents the largest reported quarterly net income ever for
OHSL, besting its prior quarterly record (three months ended March
31, 1998) by $20,000.
Earnings per share for the three months ended March 31, 1999
totaled $0.24, an increase of $0.01 or 4.3% over the earnings per
share of $0.23 reported for 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.
Contact: Patrick J. Condren, CFO of OHSL Financial Corp.
at (513) 574-3322.
<PAGE>
<TABLE>
OHSL FINANCIAL CORP.
(unaudited)
<CAPTION>
Three months ended March 31:
<S> <C> <C>
CONSOLIDATED RESULTS OF OPERATIONS 1999 1998
(000) (000)
Interest income $4,738 $4,642
Interest expense 2,816 2,753
Net interest income 1,922 1,889
Provision for loan losses 7 7
Net interest income after provision 1,915 1,882
Noninterest income 171 178
Noninterest expense 1,205 1,158
Net income before tax provision 881 902
Provision for income taxes 298 339
Net income 583 563
EARNINGS PER SHARE $ 0.24 $ 0.23
DIVIDENDS PER SHARE $0.125 $ 0.11
BOOK VALUE PER SHARE (END OF PERIOD) $11.22 $10.92
</TABLE>
<TABLE>
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
<CAPTION>
<S> <C> <C>
March 31 March 31
1999 1998
(000) (000)
Cash and cash equivalents $ 8,069 $ 15,587
Investments - held to maturity 85,078 50,422
Investments - available for sale 8,808 10,533
Loans receivable 165,644 166,747
Other assets 9,158 7,885
-------- --------
Total assets $276,757 $251,174
-------- --------
-------- --------
Deposits $212,696 $187,859
Advances from Federal Home Loan Bank 34,528 34,889
Other liabilities 2,280 1,942
-------- --------
Total liabilities $249,504 $224,690
Stockholders' equity 27,253 26,484
-------- --------
Total liabilities and equity $276,757 $251,174
-------- --------
-------- --------
</TABLE>
Contact: Patrick J. Condren, CFO & Treasurer of
OHSL Financial Corp.
at (513) 574-3322.
