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 16, 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 April 16, 1998, OHSL Financial Corp. issued a press release
announcing its earnings for the three-month period ended March 31,
1998.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated April 16, 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.
/s/ Kenneth L. Hanauer
Date: April 20, 1998 By: _________________________________
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL FINANCIAL ANNOUNCES RECORD FIRST QUARTER EARNINGS
Text: Cincinnati, Ohio, April 16, 1998 -- OHSL Financial Corp.
(NASDAQ:OHSL), the parent company of Oak Hills Savings and Loan
Company, F.A., today announced earnings for the three month period
ended March 31, 1998. Net income for the period ended March 31,
1998 totaled $563,000 compared to $525,000 for the same period in
1997, an increase of $38,000 or 7.2%. Earnings per share for the
three months ended March 31, 1998 totaled $0.47 compared to $0.44
for the same period in 1997.
Net interest income for the three months ended March 31, 1998
totaled $1,889,000 compared to $1,814,000 for 1997, an increase of
$75,000 or 4.1%.
Kenneth L. Hanauer, President and Chief Executive Officer of OHSL
Financial Corp., commented "Our first quarter results reflect a
solid performance. These earnings represent an increase of
$38,000 over the net income for the same quarter of 1997, which
was our best quarter ever, to date. We are very pleased to have
bettered our previous earnings record, especially in light of the
flat interest rate environment which presently exists. Management
has taken certain strategic steps within the first quarter of
1998, including the sale of certain low-yielding fixed rate
mortgage loans and the restructuring of our borrowed money, in
order to reduce the Company's exposure to interest rate risk and
to lock in favorable interest rate spreads. We believe these
steps will prove to be beneficial as we proceed throughout 1998.
We're confident that 1998 will be a favorable year for OHSL and
its shareholders."
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.
Contact: Patrick J. Condren, CFO of OHSL Financial Corp. at (513)
574-3322.
OHSL FINANCIAL CORP.
(unaudited)
Three months ended March 31:
CONSOLIDATED RESULTS OF OPERATIONS 1998 1997
(000) (000)
Interest income 4642 4223
Interest expense 2753 2409
Net interest income 1889 1814
Provision for loan losses 7 16
Net interest income after
provision 1882 1798
Noninterest income 178 76
Noninterest expense 1158 1064
Net income before tax provision 902 810
Provision for income taxes 339 285
Net income 563 525
EARNINGS PER SHARE $0.47 $0.44
DILUTED EARNINGS PER SHARE $0.46 $0.43
BOOK VALUE PER SHARE (END OF PERIOD) $21.84 $21.00
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31 Dec. 31
1998 1997
(000) (000)
Cash and cash equivalents 15587 16224
Investments - held to maturity 50422 33854
Investments - available for sale 10533 10774
Loans receivable 166747 171768
Other assets 7885 6285
______ ______
251174 238905
______ ______
______ ______
Deposits 187859 184690
Advances from Federal Home Loan Bank 34889 26570
Other Liabilities 1942 1613
______ ______
Total Liabilities 224690 212873
Stockholders' equity 26484 26032
______ ______
Total liabilities and equity 251174 238905
______ ______
______ ______
CONTACT: Patrick J. Condren, CFO of OHSL Financial Corp. at
(513) 574-3322