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 30, 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 January 30, 1998, the Registrant issued a press release
reporting that its earnings for the twelve months ended 12/31/97
totaled $2,007,000, and that its earnings per share for the same
period totaled $1.67.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release, dated January 30, 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: February 2, 1998 By: _________________________
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL FINANCIAL ANNOUNCES RECORD EARNINGS FOR 1997
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Text:
Cincinnati, Ohio, January 30, 1998 -OHSL Financial Corp. (NASDAQ:
OHSL), the parent company of Oak Hills Savings and Loan Company,
F.A., announced today that its earnings for the twelve months
ended December 31, 1997 totaled $2,007,000. This amount compares
to 1996 earnings of $1,234,000, and is an increase of $663,000 or
62.6%. Net interest income for 1997 totaled $7,127,000 compared
to $6,918,000 for calendar 1996, an increase of $209,000 or 3.0%.
Noninterest income for 1997 totaled $515,000 compared to $376,000,
an increase of $139,000 or 37.0%. Noninterest expenses for 1997
totaled $4,580,000 compared to $5,401,000 for 1996, a decrease of
$821,000 or 15.2%.
Basic earnings per share for the twelve months ended December 31,
1997 totaled $1.67 versus $1.01 per share for calendar 1996. Book
value per share at December 31, 1997 totaled $21.60 compared to
$20.90 at December 31, 1996.
Kenneth L. Hanauer, President and Chief Executive Officer of OHSL
Financial Corp., commented: "We are happy to have reached the two
million dollar plateau in after-tax earnings. Our consistent
earnings per share and book value growth reflect our Board's goal
to provide shareholders with an investment that can be relied upon
to produce a quality total return. At the thrift level, we
continue to roll out new lending and savings products that meet
the needs of our community. Our commitment to the future will be
enhanced by the integration of today's technology in our Company.
We believe that the application of technology truly levels the
playing field for us to competitively strive in the marketplace
for customers seeking the services of financial institutions. We
continue to enhance our delivery systems, stressing efficiency."
"While 1998 could continue the compaction of the yield curve and
cause pressure on our net interest margin, our focus has been
shifted to non-interest income enhancement. Our 1997 efforts
reflect some of our actions in this area."
OHSL's subsidiary, Oak Hills Savings and Loan Company, F.A.,
offers traditional community bank services to its individual and
business customers through its five offices located in western
Hamilton County, Ohio, as well as mutual funds, annuity products
and financial planning services through its affiliation with Cox
Financial Corporation.
Contact: Patrick J. Condren, CFO of OHSL Financial Corp. at (513)
574-3322.
OHSL FINANCIAL CORP.
(unaudited)
Year ended December 31:
CONSOLIDATED RESULTS OF OPERATIONS 1997 1996
(000) (000)
Interest income 17612 16207
Interest expense 10485 9289
Net interest income 7127 6918
Provision for loan losses 32 9
Net interest income after provision 7095 6909
Noninterest income 515 376
Noninterest expense 4580 5401
Net income before tax provision 3030 1884
Provision for income taxes 1023 650
Net income 2007 1234
BASIC EARNINGS PER SHARE $1.67 $1.01
EARNINGS PER SHARE, ASSUMING FULL DILUTION $1.62 $0.98
BOOK VALUE PER SHARE (END OF PERIOD) $21.60 $20.90
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
Dec. 31 Dec. 31
1997 1996
(000) (000)
Cash and cash equivalents 16224 8373
Investments - held to maturity 33854 29162
Investments - available for sale 10774 13969
Loans receivable 172498 158457
Other assets 5555 5707
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Total assets 238905 215668
Deposits 184690 169486
Advances from Federal Home Loan Bank 26570 19116
Other liabilities 1613 1870
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Total liabilities 212873 190472
Stockholders' equity 26032 25196
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Total liabilities and equity 238905 215668
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CONTACT: Kenneth L. Hanauer, CEO or Patrick J. Condren, CFO of
OHSL Financial Corp. at (513) 574-3322