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OHSL FINANCIAL CORP. REPORTS FOURTH QUARTER RESULTS FOR OAK HILLS SAVINGS AND LOAN UNIT

 CINCINNATI, April 19 /PRNewswire/ -- OHSL Financial Corp. (NASDAQ: OHSL), the parent company for Oak Hills Savings and Loan Company, F.A. ("Oak Hills") today reported net income for its Oak Hills unit for the fourth quarter ended December 31, 1992, of $315,000, an increase of $44,000, or 16.2 percent, over the fourth quarter of 1991. For the twelve months ended December 31, 1992, Oak Hills reported net income of $1,069,000, an increase of $22,000, or 2.1 percent, over the prior year.
 OHSL Financial Corp. became the holding company for Oak Hills on February 5, 1993, when OHSL Financial Corp. issued 1,356,600 shares of its common stock at $10 per share in its initial public offering in connection with the conversion of Oak Hills from mutual to stock ownership. Because OHSL Financial Corp. had not yet completed its initial stock offering at December 31, 1992, the results reported are those for Oak Hills only and, accordingly, do not reflect the net proceeds of OHSL Financial Corp.'s initial stock offering, any potential earnings on such proceeds nor any per share amounts.
 OHSL Financial Corp. President Kenneth L. Hanauer stated that "the improvements to our bottom line as reflected in our fourth quarter income are generally the result of several factors, including the low interest rate environment, which is generally favorable to financial institutions, as well as the reduced need to provide for potential loan losses through loan loss provisions, which were substantially strengthened in the third quarter of 1992." During 1992, Oak Hills increased its provision for loan losses to $364,000, as compared to $64,000 for 1991. "Although delinquencies in the loan portfolio have been and are expected to remain at very modest levels, management felt that an increase in the loan loss provision was prudent at that time in light of economic conditions and softness in real estate values," stated Hanauer. Net interest income for 1992 was $4,994,000, a $613,000 increase over 1991.
 At December 31, 1992, Oak Hills Savings and Loan Company, F.A., had retained earnings of $11,492,000, or 7.29 percent of total assets. The thrift also exceeded all federal regulatory capital requirements at December 31, 1992.
 Selected Financial Data
 OAK HILLS SAVINGS AND LOAN COMPANY, F.A.(A)
 SELECTED CONSOLIDATED FINANCIAL INFORMATION
 December 31
 1988 1989 1990 1991 1992
 (in thousands)
 Selected Financial
 Condition Data:
 Total assets $131,499 $133,410 $145,374 $155,123 $157,613
 Loans receivable,
 net 111,370 110,617 115,048 119,561 124,009
 5,442 6,458 7,907
 Deposits 118,012 122,242 130,411 140,102 142,778
 Total borrowings 4,652 1,788 4,376 3,050 2,250
 Retained earnings -
 net, substantially
 restricted 7,187 8,202 9,398 10,445 11,492
 Year Ended December 31,
 1988 1989 1990 1991 1992
 (In thousands)
 Selected Operations
 data:
 Total interest income
 and fees on loans $12,610 $13,318 $14,034 $14,254 $13,098
 Total interest
 expense 8,452 9,425 9,747 9,873 8,104
 Net interest income 4,158 3,893 4,287 4,381 4,994
 Provision for loan
 losses 67 12 10 64 364
 Net interest income
 after provision for
 loan losses 4,091 3,881 4,277 4,317 4,630
 Service charges 120 133 164 180 207
 Gain on sales of loans,
 mortgage-backed
 investments and
 investment
 securities 324 --- 23 43 15
 Other non-interest
 income 36 73 105 111 198
 Total non-interest
 income 480 206 292 334 420
 Total non-interest
 expense 2,532 2,556 2,775 3,114 3,264
 Tax provision 659 516 598 490 717
 Net income $1,380 $1,015 $1,196 $1,047 $1,069
 (A) -- Does not reflect effects of OHSL Financial Corp.'s initial public offering, which was completed on Feb. 5, 1993.
 -0- 4/19/93
 /CONTACT: Kenneth L. Hanauer or Patrick J. Condren, both of OHSL Financial Corp., 513-574-3322/
 (OHSL)


CO: OHSL Financial Corp. ST: Ohio IN: FIN SU: ERN

AR -- CL008 -- 7332 04/19/93 11:16 EDT
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Date:Apr 19, 1993
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