GS Financial Corp. (MM) (NASDAQ:GSLA)
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GS Financial Corp. (NASDAQ:GSLA), the holding company of Guaranty
Savings Bank, (www.guarantysb.com),
announced quarterly earnings of $1,511,000, or $1.25 per share for the
quarter ended September 30, 2006, up 554% from $231,000, or $.20 per
share reported for the same period in 2005. Diluted earnings per share
for the third quarter of 2006 were $1.24. These results include income
from a reduction in the allowance for loan losses of $2.0 million
recorded due to improvements in asset quality as the economy in the Bank’s
trade area rebounds and individual borrowers recover from the impact of
Hurricane Katrina. The reversal to the loan loss provision added
$1,307,000, or $1.08 per share, to after-tax net income for both the
quarterly and year-to-date results.
Net income for the first nine months of 2006 totaled $2,030,000, up 404%
from $403,000 reported for the same time period in 2005. Basic and
diluted earnings per share over the first nine months of 2006 were
$1.67, up 391% from $.34 in the first nine months of 2005. The reduction
in the allowance for loan losses added $1,307,000, or $1.08 per share,
to after-tax net income for the year-to-date results in 2006. The
results for the first nine months of 2005 include the one-time
recognition of costs associated with the retirement of the Company’s
former President and Chief Executive Officer. These costs totaled
$428,000, or $.36 per share ($282,000, or $.24 per share, after related
tax benefits). Excluding the impact of both of these one-time charges
and recoveries, net earnings from operations for the nine months ended
September 30, 2006 and 2005 were $725,000, or $.60 per share and
$685,000, or $.58 per share, respectively.
Net interest income for the quarter ended September 30, 2006 was $1.5
million, up approximately $99,000, or 7% from the third quarter of 2005,
and down 4%, or $74,000 from the second quarter of 2006. The third
quarter 2006 net interest margin was 3.61%, up 41 basis points from
3.20% from the third quarter of 2005, and down 19 basis points from
3.80% in the second quarter of 2006.
Net interest income for the first nine months of 2006 was $4.7 million,
up 9% from $4.3 million in the first nine months of 2005. The net
interest margin for the first nine months of 2006 was 3.63%, up 53 basis
points from 3.10% for the same time period in 2005.
Additional financial information includes the following:
Total assets at September 30, 2006 were $172.4 million, down
approximately 3% from December 31, 2005.
Loans, net at September 30, 2006 were $89.9 million, up approximately
29% from December 31, 2005.
Deposits at September 30, 2006 were $126.2 million, up approximately
6% from December 31, 2005.
Outstanding advances from the Federal Home Loan Bank at September 30,
2006 were $18.4 million, down approximately 43% from December 31, 2005.
Stockholders’ equity at September 30, 2006
was $27.0 million, up approximately 6% from December 31, 2005.
Stockholders’ equity as a percentage of
total assets at September 30, 2006 was 15.67%, up from 14.30% at
December 31, 2005.
Non-interest expense for the third quarter of 2006 totaled $1.3
million, up approximately 29% from the year earlier period.
Non-interest expense for the first nine months of 2006 totaled $3.6
million, up less than 1% from the first nine months of 2005. Included
in the first nine months of 2005 are the previously mentioned expenses
associated with the retirement of the Company’s
former President and Chief Executive Officer. Excluding the impact of
this one-time charge, non-interest expenses for the first nine months
of 2005 would have been $3.1 million, approximately 14% less than the
current year.
Non-performing assets were $499,000 at September 30, 2006, compared to
$3,582,000 at December 31, 2005. The ratio of non-performing assets to
total assets at September 30, 2006 was .29% compared to 2.01% at
December 31, 2005.
Reserve coverage of non-performing assets at September 30, 2006 was
748% compared to 160% at December 31, 2005. Reserve coverage of total
loans was 3.98% at September 30, 2006 compared to 7.58% at December
31, 2005.
The ratio of loans to deposits at September 30, 2006 was 74.28%,
compared to 63.34% at 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.
GS Financial Corp.
Condensed Consolidated Statements of Financial Condition
($ in thousands)
9/30/2006(Unaudited)
12/31/2005(Audited)
ASSETS
Cash & Amounts Due from Depository Institutions
$ 2,013
$ 3,040
Interest-Bearing Deposits from Other Banks
7,232
4,515
Federal Funds Sold
2,810
15,000
Total Cash and Cash Equivalents
12,055
22,555
Securities Available-for-Sale, at Fair Value
62,209
77,344
Loans, Net
89,874
69,657
Accrued Interest Receivable
1,824
1,627
Premises & Equipment, Net
3,489
2,257
Stock in Federal Home Loan Bank, at Cost
1,364
1,833
Foreclosed Assets
-
-
Real Estate Held-for-Investment, Net
467
478
Other Assets
1,130
1,863
Total Assets
$ 172,412
$ 177,614
LIABILITIES
Deposits
Interest-Bearing Deposits
$ 123,555
$ 116,798
Noninterest-Bearing Deposits
2,597
2,195
Total Deposits
126,152
118,993
FHLB Advances
18,376
32,106
Other Liabilities
864
1,108
Total Liabilities
145,393
152,207
STOCKHOLDERS' EQUITY
Preferred Stock - $.01 Par Value
$ -
$ -
Common Stock - $.01 Par Value
34
34
Additional Paid-in Capital
34,724
34,565
Unearned ESOP Stock
(100)
(239)
Unearned RRP Trust Stock
(697)
(698)
Treasury Stock
(32,493)
(32,193)
Retained Earnings
25,922
24,136
Accumulated Other Comprehensive Loss
(371)
(198)
Total Stockholders' Equity
27,019
25,407
Total Liabilities & Stockholders' Equity
$ 172,412
$ 177,614
Selected Asset Quality Data
Total Non Performing Assets
$ 499
$ 3,582
Non Performing Assets to Total Assets
0.29%
2.01%
Allowance for Loan Losses to Non Performing Assets
747.89%
159.52%
GS Financial Corp.
Condensed Consolidated Statements of Income
(Unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
($ in thousands, except per share data)
2006
2005
2006
2005
Interest and Dividend Income
$ 2,800
$ 2,670(1)
$ 8,294
$ 7,980(1)
Interest Expense
1,262
1,231
3,606
3,674
Net Interest Income
1,538
1,439
4,688
4,306
Provision (reversal) for Loan Losses
(1,981)
-
(1,981)
-
Net Interest Income after Provision for Loan Losses
3,519
1,439
6,669
4,306
Non-interest Expense
1,261
981
3,580
3,569
Net Income Before Non-Interest Income and Income Taxes
2,258
458
3,089
737
Impairment Charge Related to Hurricane Katrina
-
(155)
-
(155)
Non-interest Income
31
39
(14)
71
Income Before Tax Expense
2,289
342
3,075
653
Income Tax Expense
778
111
1,045
250
Net Income
$ 1,511
$ 231
$ 2,030
$ 403
Earnings Per Share – Basic
$ 1.25
$ 0.20
$ 1.67
$ 0.34
Earnings Per Share –Diluted
$ 1.24
$ 0.20
$ 1.67
$ 0.34
Selected Operating Data
Weighted Average Shares Outstanding
1,208,214
1,180,635
1,213,182
1,181,436
Return on Average Assets 2
3.49%
0.50%
1.55%
0.28%
Non-Interest Expense/Average Assets2
2.93%
2.12%
2.73%
3.76%
Net Interest Margin2
3.61%
3.20%
3.63%
3.10%
(1) Includes approximately $397,000 of interest accrued on loans but
for which payments had not been received as a result of loan
deferrals granted in the wake of Hurricane Katrina.
(2) Annualized
GS Financial Corp. (NASDAQ:GSLA), the holding company of Guaranty
Savings Bank, (www.guarantysb.com), announced quarterly earnings of
$1,511,000, or $1.25 per share for the quarter ended September 30,
2006, up 554% from $231,000, or $.20 per share reported for the same
period in 2005. Diluted earnings per share for the third quarter of
2006 were $1.24. These results include income from a reduction in the
allowance for loan losses of $2.0 million recorded due to improvements
in asset quality as the economy in the Bank's trade area rebounds and
individual borrowers recover from the impact of Hurricane Katrina. The
reversal to the loan loss provision added $1,307,000, or $1.08 per
share, to after-tax net income for both the quarterly and year-to-date
results.
Net income for the first nine months of 2006 totaled $2,030,000,
up 404% from $403,000 reported for the same time period in 2005. Basic
and diluted earnings per share over the first nine months of 2006 were
$1.67, up 391% from $.34 in the first nine months of 2005. The
reduction in the allowance for loan losses added $1,307,000, or $1.08
per share, to after-tax net income for the year-to-date results in
2006. The results for the first nine months of 2005 include the
one-time recognition of costs associated with the retirement of the
Company's former President and Chief Executive Officer. These costs
totaled $428,000, or $.36 per share ($282,000, or $.24 per share,
after related tax benefits). Excluding the impact of both of these
one-time charges and recoveries, net earnings from operations for the
nine months ended September 30, 2006 and 2005 were $725,000, or $.60
per share and $685,000, or $.58 per share, respectively.
Net interest income for the quarter ended September 30, 2006 was
$1.5 million, up approximately $99,000, or 7% from the third quarter
of 2005, and down 4%, or $74,000 from the second quarter of 2006. The
third quarter 2006 net interest margin was 3.61%, up 41 basis points
from 3.20% from the third quarter of 2005, and down 19 basis points
from 3.80% in the second quarter of 2006.
Net interest income for the first nine months of 2006 was $4.7
million, up 9% from $4.3 million in the first nine months of 2005. The
net interest margin for the first nine months of 2006 was 3.63%, up 53
basis points from 3.10% for the same time period in 2005.
Additional financial information includes the following:
-- Total assets at September 30, 2006 were $172.4 million, down
approximately 3% from December 31, 2005.
-- Loans, net at September 30, 2006 were $89.9 million, up
approximately 29% from December 31, 2005.
-- Deposits at September 30, 2006 were $126.2 million, up
approximately 6% from December 31, 2005.
-- Outstanding advances from the Federal Home Loan Bank at
September 30, 2006 were $18.4 million, down approximately 43%
from December 31, 2005.
-- Stockholders' equity at September 30, 2006 was $27.0 million,
up approximately 6% from December 31, 2005. Stockholders'
equity as a percentage of total assets at September 30, 2006
was 15.67%, up from 14.30% at December 31, 2005.
-- Non-interest expense for the third quarter of 2006 totaled
$1.3 million, up approximately 29% from the year earlier
period. Non-interest expense for the first nine months of 2006
totaled $3.6 million, up less than 1% from the first nine
months of 2005. Included in the first nine months of 2005 are
the previously mentioned expenses associated with the
retirement of the Company's former President and Chief
Executive Officer. Excluding the impact of this one-time
charge, non-interest expenses for the first nine months of
2005 would have been $3.1 million, approximately 14% less than
the current year.
-- Non-performing assets were $499,000 at September 30, 2006,
compared to $3,582,000 at December 31, 2005. The ratio of
non-performing assets to total assets at September 30, 2006
was .29% compared to 2.01% at December 31, 2005.
-- Reserve coverage of non-performing assets at September 30,
2006 was 748% compared to 160% at December 31, 2005. Reserve
coverage of total loans was 3.98% at September 30, 2006
compared to 7.58% at December 31, 2005.
-- The ratio of loans to deposits at September 30, 2006 was
74.28%, compared to 63.34% at 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-
*T
GS Financial Corp.
Condensed Consolidated Statements of Financial Condition
----------------------------------------------------------------------
9/30/2006 12/31/2005
($ in thousands) (Unaudited) (Audited)
----------------------------------------------------------------------
ASSETS
Cash & Amounts Due from Depository
Institutions $2,013 $3,040
Interest-Bearing Deposits from Other Banks 7,232 4,515
Federal Funds Sold 2,810 15,000
----------------------------------------------------------------------
Total Cash and Cash Equivalents 12,055 22,555
----------------------------------------------------------------------
Securities Available-for-Sale, at Fair Value 62,209 77,344
Loans, Net 89,874 69,657
Accrued Interest Receivable 1,824 1,627
Premises & Equipment, Net 3,489 2,257
Stock in Federal Home Loan Bank, at Cost 1,364 1,833
Foreclosed Assets - -
Real Estate Held-for-Investment, Net 467 478
Other Assets 1,130 1,863
----------------------------------------------------------------------
Total Assets $172,412 $177,614
----------------------------------------------------------------------
LIABILITIES
Deposits
Interest-Bearing Deposits $123,555 $116,798
Noninterest-Bearing Deposits 2,597 2,195
----------------------------------------------------------------------
Total Deposits 126,152 118,993
----------------------------------------------------------------------
FHLB Advances 18,376 32,106
Other Liabilities 864 1,108
----------------------------------------------------------------------
Total Liabilities 145,393 152,207
----------------------------------------------------------------------
STOCKHOLDERS' EQUITY
Preferred Stock - $.01 Par Value $- $-
Common Stock - $.01 Par Value 34 34
Additional Paid-in Capital 34,724 34,565
Unearned ESOP Stock (100) (239)
Unearned RRP Trust Stock (697) (698)
Treasury Stock (32,493) (32,193)
Retained Earnings 25,922 24,136
Accumulated Other Comprehensive Loss (371) (198)
----------------------------------------------------------------------
Total Stockholders' Equity 27,019 25,407
----------------------------------------------------------------------
Total Liabilities & Stockholders' Equity $172,412 $177,614
----------------------------------------------------------------------
Selected Asset Quality Data
Total Non Performing Assets $499 $3,582
Non Performing Assets to Total Assets 0.29% 2.01%
Allowance for Loan Losses to Non Performing
Assets 747.89% 159.52%
----------------------------------------------------------------------
*T
-0-
*T
GS Financial Corp.
Condensed Consolidated Statements of Income
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
----------------------------------------------------------------------
($ in thousands, except
per share data) 2006 2005 2006 2005
----------------------------------------------------------------------
Interest and Dividend
Income $2,800 $2,670(1) $8,294 $7,980(1)
Interest Expense 1,262 1,231 3,606 3,674
----------------------------------------------------------------------
Net Interest Income 1,538 1,439 4,688 4,306
Provision (reversal) for
Loan Losses (1,981) - (1,981) -
----------------------------------------------------------------------
Net Interest Income after
Provision for Loan Losses 3,519 1,439 6,669 4,306
----------------------------------------------------------------------
Non-interest Expense 1,261 981 3,580 3,569
----------------------------------------------------------------------
Net Income Before Non-
Interest Income and
Income Taxes 2,258 458 3,089 737
----------------------------------------------------------------------
Impairment Charge Related
to Hurricane Katrina - (155) - (155)
Non-interest Income 31 39 (14) 71
----------------------------------------------------------------------
Income Before Tax Expense 2,289 342 3,075 653
----------------------------------------------------------------------
Income Tax Expense 778 111 1,045 250
----------------------------------------------------------------------
Net Income $1,511 $231 $2,030 $403
----------------------------------------------------------------------
Earnings Per Share - Basic $1.25 $0.20 $1.67 $0.34
----------------------------------------------------------------------
Earnings Per Share
-Diluted $1.24 $0.20 $1.67 $0.34
----------------------------------------------------------------------
Selected Operating Data
Weighted Average Shares
Outstanding 1,208,214 1,180,635 1,213,182 1,181,436
Return on Average Assets
(2) 3.49% 0.50% 1.55% 0.28%
Non-Interest
Expense/Average
Assets(2) 2.93% 2.12% 2.73% 3.76%
Net Interest Margin(2) 3.61% 3.20% 3.63% 3.10%
----------------------------------------------------------------------
(1) Includes approximately $397,000 of interest accrued on loans but
for which payments had not been received as a result of loan
deferrals granted in the wake of Hurricane Katrina.
(2) Annualized
*T