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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GS Financial Corp. (MM) | NASDAQ:GSLA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.83 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
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April 27, 2010
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GS FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
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Louisiana
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000-22269
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72-1341014
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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3798 Veterans Boulevard, Metairie, Louisiana
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70002
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
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(504) 457-6220
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Not applicable.
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(d)
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The following exhibit is included with this Report.
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Exhibit No. | Description |
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99.1 | Press release dated April 27, 2010 |
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GS FINANCIAL CORP.
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By:
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/s/ Stephen E. Wessel
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Name:
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Stephen E. Wessel
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Title:
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President and Chief Executive Officer
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Date: April 27, 2010
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Exhibit No.
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Description
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99.1
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Press release dated April 27, 2010
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·
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Total assets at March 31, 2010 were $277.3 million, up approximately $5.7 million, or 2.1%, from December 31, 2009.
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·
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Loans increased by $3.1 million, or 1.7%, during the first quarter from $185.5 million at December 31, 2009 to $188.6 million at March 31, 2010, with the majority of the growth in both residential and commercial real estate mortgage loans.
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·
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Total deposits at March 31, 2010 were $206.9 million, which represents an increase of $5.5 million, or 2.7%, from $201.5 million at December 31, 2009.
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·
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Net interest margin increased by 8 basis points to 3.43% for the first quarter of 2010 from 3.35% for the same period in the prior year.
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·
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The ratio of average loans to average deposits decreased from 109.27% at March 31, 2009 to 93.56% at March 31, 2010, and the ratio of average interest-earning assets to average interest-bearing liabilities decreased from 114.47% to 110.91% when comparing those same periods.
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GS Financial Corp.
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||||||||
Condensed Consolidated Statements of Financial Condition
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||||||||
March 31, 2010
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December 31, 2009
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|||||||
($ in thousands)
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(Unaudited)
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(Audited)
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||||||
ASSETS
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Cash & Amounts Due from Depository Institutions
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$ | 5,167 | $ | 7,158 | ||||
Interest-Bearing Deposits in Other Banks
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5,479 | 9,293 | ||||||
Federal Funds Sold
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5,107 | 3,284 | ||||||
Securities Available-for-Sale, at Fair Value
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56,128 | 50,455 | ||||||
Loans, Net
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188,583 | 185,500 | ||||||
Accrued Interest Receivable
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1,501 | 1,518 | ||||||
Other Real Estate
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2,272 | 2,489 | ||||||
Premises & Equipment, Net
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6,078 | 5,934 | ||||||
Stock in Federal Home Loan Bank, at Cost
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2,356 | 2,354 | ||||||
Real Estate Held-for-Investment, Net
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425 | 427 | ||||||
Other Assets
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4,198 | 3,192 | ||||||
Total Assets
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$ | 277,294 | $ | 271,604 | ||||
LIABILITIES
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||||||||
Deposits
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Noninterest-Bearing
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$ | 12,759 | $ | 14,812 | ||||
Interest-Bearing
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194,184 | 186,681 | ||||||
Total Deposits
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206,943 | 201,493 | ||||||
Advance Payments by Borrowers for Taxes and Insurance
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333 | 249 | ||||||
FHLB Advances
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40,386 | 40,512 | ||||||
Other Liabilities
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1,582 | 1,329 | ||||||
Total Liabilities
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249,244 | 243,583 | ||||||
STOCKHOLDERS' EQUITY
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||||||||
Common Stock - $.01 Par Value
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$ | 34 | $ | 34 | ||||
Additional Paid-in Capital
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34,552 | 34,550 | ||||||
Unearned RRP Trust Stock
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(124 | ) | (132 | ) | ||||
Treasury Stock
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(32,449 | ) | (32,449 | ) | ||||
Retained Earnings
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25,602 | 25,780 | ||||||
Accumulated Other Comprehensive Income
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435 | 238 | ||||||
Total Stockholders' Equity
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28,050 | 28,021 | ||||||
Total Liabilities & Stockholders' Equity
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$ | 277,294 | $ | 271,604 | ||||
Selected Asset Quality Ratios:
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||||||||
Loans Delinquent 90 Days or More to Total Loans
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3.64 | % | 2.22 | % | ||||
Total Delinquent Loans to Total Loans
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5.23 | % | 4.04 | % | ||||
Allowance for Loans Losses to Total Delinquent Loans
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28.04 | % | 31.46 | % | ||||
Allowance for Loans Losses to Non-performing Loans
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40.27 | % | 57.16 | % | ||||
Allowance for Loans Losses to Ending Loans
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1.47 | % | 1.27 | % |
GS Financial Corp.
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Condensed Consolidated Statements of Income
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(Unaudited)
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||||||||
For the Three Months Ended
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||||||||
March 31,
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($ in thousands, except per share data)
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2010
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2009
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Interest and Dividend Income
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$ | 3,443 | $ | 3,388 | ||||
Interest Expense
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1,251 | 1,513 | ||||||
Net Interest Income
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2,192 | 1,875 | ||||||
Provision for Loan Losses
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500 | - | ||||||
Net Interest Income after Provision for Loan Losses
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1,692 | 1,875 | ||||||
Noninterest Income
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213 | 373 | ||||||
Noninterest Expense
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2,020 | 1,676 | ||||||
(Loss) Income Before Income Tax Expense
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(115 | ) | 572 | |||||
Income Tax (Benefit) Expense
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(63 | ) | 194 | |||||
Net (Loss) Income
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$ | (52 | ) | $ | 378 | |||
(Loss) Earnings Per Share - Basic
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$ | (0.04 | ) | $ | 0.30 | |||
(Loss) Earnings Per Share - Diluted
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$ | (0.04 | ) | $ | 0.30 | |||
Key Ratios:
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||||||||
Return on Average Assets
1
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-0.08 | % | 0.64 | % | ||||
Return on Average Stockholders' Equity
1
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-0.74 | % | 5.42 | % | ||||
Net Interest Margin
1
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3.43 | % | 3.35 | % | ||||
Average Loans to Average Deposits
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93.56 | % | 109.27 | % | ||||
Average Interest-Earning Assets to
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||||||||
Average Interest-Bearing Liabilities
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110.91 | % | 114.47 | % | ||||
Efficiency Ratio
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83.99 | % | 74.57 | % | ||||
Noninterest Expense/Average Assets
1
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2.96 | % | 2.86 | % | ||||
Stockholders' Equity to Total Assets
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10.12 | % | 11.16 | % | ||||
1
Annualized
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1 Year GS Financial Corp. (MM) Chart |
1 Month GS Financial Corp. (MM) Chart |
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