SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 30, 1996
OHSL
(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 October 30, 1996, the Registrant issued the attached press
release announcing its results for the three month and nine month
periods ended September 30, 1996.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release, dated October 30, 1996.
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: November 6, 1996 By:/s/ Kenneth L. Hanauer
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL FINANCIAL ANNOUNCES 3RD QUARTER RESULTS
--------------------------------------------------------
Text:
Cincinnati, Ohio, October 30, 1996-- OHSL Financial Corp. (NASDAQ:
OHSL), the parent company of Oak Hills Savings and Loan Company,
F.A., today reported its results for the three month and nine month
periods ended September 30, 1996. For the three months ended
September 30, 1996, OHSL reported a net loss of $202,000. This
amount includes the much-publicized "special assessment" for the
recapitalization of the Savings Association Insurance Fund ("SAIF"),
which was signed into law by President Clinton on September 30,
1996. OHSL's charge for this special assessment was $927,000,
resulting in an after-tax charge of $612,000. Without this one-time
assessment, OHSL would have reported net income for the quarter
ended September 30, 1996 of $410,000.
For the nine month period ended September 30, 1996, OHSL reported
net income of $731,000. Without the special SAIF assessment, this
net income would total $1,343,000.
Kenneth L. Hanauer, OHSL President and Chief Executive Officer,
stated, "We are very pleased to have the controversy which
surrounded the SAIF legislation behind us. While the one-time
special assessment is certainly painful now, the relief which we
will feel in the future as our deposit premiums are decreased from
23 basis points to approximately 6.4 basis points will be a definite
plus for future earnings. This action will save OHSL's subsidiary,
Oak Hills Savings and Loan Company, F.A., approximately $260,000 per
year before the related tax effect."
For the three months ended September 30, 1996, the net loss of
$202,000 compares to net income of $536,000 for the same period in
1995, a decrease of $738,000. For the nine months ended September
30, 1996, the net income of $731,000 compares to net income of
$1,411,000 for the same nine month period in 1995.
Total assets at September 30, 1996 amounted to $217.6 million
compared to $204.1 million at December 31,1995, an increase of $13.5
million or 6.6%. Stockholders' equity totaled $25.2 million at
September 30, 1996, a decrease of $287,000 from the December 31,1995
equity amount. The major factors which had an impact upon the
stockholders' equity for the nine months ended September 30, 1996
were the Corporation's net income of $731,000 the dividends declared
on the common stock which totaled $694,000 and the purchase of
treasury shares at a cost of $431,000. CEO Hanauer stated, "The
third quarter of 1996 also saw OHSL undertake a data processing
conversion, where we will now process our own transactions, as
opposed to relying on an outside service bureau. We were obligated
to recognize certain exit fees charged by our former provider, and
related one-time start-up expenses relative to our conversion,
including certain training, travel and other related expenses, we
incurred in the third quarter of 1996. While we will see additional
expenses related to this system change during the fourth quarter of
1996, we anticipate that these additional conversion costs will be
substantially behind us by year end."