GS Financial Corp. (MM) (NASDAQ:GSLA)
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GS Financial Corp. (NASDAQ:GSLA), the holding company of
Guaranty Savings and Homestead Association (www.gsha.com), reported
earnings for the quarter ended March 31, 2006 of $276,000, or $.23 per
share, compared with a loss of $101,000, or ($.09) per share for the
same period in 2005. The 2005 loss included costs associated with the
retirement of the Company's former President and Chief Executive
Officer totaling $428,000, or $.36 per share ($282,000, or $.24 per
share, after related tax benefits). Excluding the impact of this
one-time charge, net earnings from operations for the quarter ended
March 31, 2005 were $182,000, or $.15 per share.
President Stephen E. Wessel noted "Our strong first quarter
results come from growth in our core businesses of residential and
commercial mortgage lending, construction lending and deposits. With
the addition of two seasoned commercial lenders and our existing core
strengths in retail deposit and mortgage delivery, we are well
positioned for continued growth enhanced by rebuilding efforts in our
region."
Net interest income for the quarter ended March 31, 2006 was $1.5
million compared to $1.4 million for the same period in 2005. The
Company's net interest margin also increased to 3.49% for the first
quarter of 2006 from 3.03% for the same period in 2005. This increase
was due primarily to the beneficial effects in a rising rate
environment on our rate sensitive balance sheet and lower funding
costs related primarily to a reduction in borrowings.
Non-interest expenses for the first quarter of 2006 were $1.1
million, down approximately $375,000 from the first quarter of 2005
total of $1.5 million. If adjusted for one-time retirement benefits
incurred in 2005, operating expenses would have increased by $43,000
from 2005 to 2006.
Loan quality has shown improvement subsequent to Hurricane
Katrina. During the months of September, October and November, 2005,
payments were unilaterally deferred by the Association for all
borrowers. A $4.8 million provision for loan losses was taken during
the fourth quarter of 2005 to provide reserves for potential losses
within the loan portfolio caused by the impact of Hurricane Katrina.
The Company has experienced a reduction in non-performing loans from
$3.6 million at December 31, 2005 to $2.2 million at March 31, 2006.
The majority of the reduction in non-performing loans was the result
of local customers who had not been in a position to make payments on
their loans by December 31, 2005 resuming payments on their loans
during the first quarter.
Total Assets at March 31, 2006 were $176.8 million compared to
$177.6 million at December 31, 2005, a decrease of approximately $0.8
million, or 0.5%. Net loans increased $5.1 million, or 7.3% in the
first quarter of 2006. At March 31, 2006 net loans were $74.8 million
compared to $69.7 million at year-end 2005. Deposit accounts increased
approximately $6.3 million, or 5.3% during the first quarter, totaling
$125.2 million at March 31, 2006 compared to $118.9 million at
December 31, 2005. Borrowings from the Federal Home Loan Bank were
reduced from $32.1 million at December 31, 2005 to $25.3 million at
March 31, 2006. Stockholders' equity was 14.3% of total assets at both
March 31, 2006 and December 31, 2005.
FORWARD-LOOKING INFORMATION
Statements contained in this news release which are not historical
facts may be forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently anticipated
due to a number of factors. Factors which could result in material
variations include, but are not limited to, changes in interest rates
which could affect net interest margins and net interest income,
competitive factors which could affect net interest income and
noninterest income, changes in demand for loans, deposits and other
financial services in the Company's market area; changes in asset
quality, general economic conditions as well as other factors
discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time. In addition to risks and
uncertainties described by the Company in prior filings with the SEC,
other risks and uncertainties potentially impacting the Company are
those related to the Company in its primary market area impacted by
Hurricane Katrina, including the continuing effect of the storm and
its aftermath on the Company's operating expenses and on the Company's
borrowers and other customers. The Company undertakes no obligation to
update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements were
made.
-0-
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GS Financial Corp.
Consolidated Statements of Financial Condition
----------------------------------------------------------------------
March 31, December 31,
2006 2005
($ in thousands) (Unaudited) (Audited)
----------------------------------------------------------------------
ASSETS
Cash and Amounts due from Depository
Institutions $1,322 $3,040
Interest-Bearing Deposits in Other Banks 4,709 4,515
Federal Funds Sold 9,410 15,000
Securities Available-for-Sale, at Fair Value 78,466 77,344
Loans, Net 74,802 69,657
Accrued Interest Receivable 1,562 1,627
Premises & Equipment, Net 2,244 2,257
Stock in Federal Home Loan Bank, at Cost 1,853 1,833
Foreclosed Assets - -
Real Estate Held-for-Investment, Net 474 478
Other Assets 1,916 1,863
----------------------------------------------------------------------
Total Assets $176,758 $177,614
----------------------------------------------------------------------
LIABILITIES
Interest-Bearing Deposits $123,024 $116,798
Noninterest-Bearing Deposits 2,139 2,195
FHLB Advances 25,250 32,106
Other Liabilities 926 1,108
----------------------------------------------------------------------
Total Liabilities 151,339 152,207
----------------------------------------------------------------------
STOCKHOLDERS' EQUITY
Common Stock $34 $34
Additional Paid-in Capital 34,576 34,565
Unearned ESOP Stock (179) (239)
Unearned RRP Trust Stock (698) (698)
Treasury Stock (32,265) (32,193)
Retained Earnings 24,412 24,136
Accumulated Other Comprehensive Loss (461) (198)
----------------------------------------------------------------------
Total Stockholders' Equity 25,419 25,407
----------------------------------------------------------------------
Total Liabilities & Stockholders' Equity $176,758 $177,614
----------------------------------------------------------------------
Selected Asset Quality Data
Total Non Performing Assets $2,240 $3,582
Non Performing Assets to Total Assets 1.27% 2.01%
Allowance for Loan Losses to Non Performing
Assets 255.04% 159.52%
----------------------------------------------------------------------
GS Financial Corp.
Condensed Consolidated Statements of Income
(Unaudited)
For the Three Months
Ended March 31,
----------------------------------------------------------------------
($ in thousands, except per share data) 2006 2005
----------------------------------------------------------------------
Interest and Dividend Income $2,712 $2,663
Interest Expense 1,173 1,223
----------------------------------------------------------------------
Net Interest Income 1,539 1,440
Provision for Loan Losses - -
----------------------------------------------------------------------
Net Interest Income after Provision for Loan
Losses 1,539 1,440
----------------------------------------------------------------------
Non-interest Expense 1,132 1,518
----------------------------------------------------------------------
Net Income (Loss) Before Non-Interest Income and
Income Taxes 407 (78)
----------------------------------------------------------------------
Non-interest Income 7 8
----------------------------------------------------------------------
Income (Loss) Before Tax Expense 414 (70)
----------------------------------------------------------------------
Income Tax Expense 138 31
----------------------------------------------------------------------
Net Income (Loss) 276 (101)
----------------------------------------------------------------------
Earnings (Loss) Per Share - Basic $0.23 $(0.09)
----------------------------------------------------------------------
Earnings (Loss) Per Share - Diluted $0.23 $(0.08)
----------------------------------------------------------------------
Selected Operating Data
Weighted Average Shares Outstanding 1,215,567 1,182,616
Return on Average Assets(1) 0.63% -0.21%
Non-Interest Expense/Average Assets(1) 2.57% 3.11%
Net Interest Margin(1) 3.49% 3.03%
----------------------------------------------------------------------
(1) Annualized
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