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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
WASHINGTON,
D.C. 20549
|
||||
FORM
10-Q
|
||||
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
||||
For
the Quarterly period ended
March
31, 2008
|
Commission
File Number:
0-22269
|
|||
GS
Financial Corp.
|
||||
(Exact
Name of Issuer as Specified in its
Charter)
|
||||
Louisiana
|
72-1341014
|
|||
(State
of Incorporation)
|
(IRS
Employer Identification No.)
|
|||
3798
Veterans Blvd.
|
||||
Metairie,
LA 70002
|
||||
(Address
of Principal Executive Offices)
|
||||
(504)
457-6220
|
||||
(Issuer's
Telephone Number)
|
Indicate
by check mark whether the registrant (1) has filed all reports required
to
be filed by Section 15(d) of the Securities Exchange Act of 1934
during
the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes
No
Indicate
by check mark whether the registrant is a large accelerated filer,
an
accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check One):
Large
accelerated
filer Accelerated
filer
Non-accelerated
filer Smaller
reporting company
(Do
not check if a smaller reporting company)
|
Check
whether the issuer (1) filed all reports required to be filed by
Section
13 or 15(d) of the Exchange Act during the past 12 months (or for
such
shorter period that the registrant was required to file such reports),
and
(2) has been subject to such filing requirements for the past 90
days.Yes
No
|
Indicate
by check mark whether the registrant is a shell company (as defined
in
Rule 12b-2 of the Exchange
Act).YesNo
|
Class
|
Outstanding
at May 15, 2008
|
|
Common
Stock, par value $.01 per share
|
1,285,800
shares
|
TABLE
OF CONTENTS
|
||||
Page
|
||||
PART
I – FINANCIAL INFORMATION
|
||||
Item
1
|
Financial
Statements
|
|||
Consolidated
Statements of Financial Condition
|
1
|
|||
Consolidated
Statements of Income
|
2
|
|||
Consolidated
Statements of Changes in Stockholders’ Equity
|
3
|
|||
Consolidated
Statements of Cash Flows
|
4
|
|||
Notes
to Consolidated Financial Statements
|
5
|
|||
Selected
Consolidated Financial Data
|
7
|
|||
Item
2
|
Management’s
Discussion and Analysis of Financial Condition or Plan of
Operation
|
8
|
||
Item
3
|
Quantitative
and Qualitative Disclosures About Market Risk
|
17
|
||
Item
4T
|
Controls
and Procedures
|
17
|
||
PART
II – OTHER INFORMATION
|
||||
Item
1
|
Legal
Proceedings
|
17
|
||
Item
1A
|
Risk
Factors
|
17
|
||
Item
2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
17
|
||
Item
3
|
Defaults
Upon Senior Securities
|
17
|
||
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
17
|
||
Item
5
|
Other
Information
|
17
|
||
Item
6
|
Exhibits
|
18
|
||
SIGNATURES
EXHIBIT
INDEX
|
GS
Financial Corp.
|
||||||||
Condensed
Consolidated Statements of Financial Condition
|
||||||||
|
|
|
||||||
($
in thousands)
|
3/31/2008
(Unaudited)
|
12/31/2007
(Audited)
|
||||||
ASSETS
|
||||||||
Cash
and Cash Equivalents
|
||||||||
Cash
& Amounts Due from Depository Institutions
|
$ |
2,757
|
$ |
2,485
|
||||
Interest-Bearing
Deposits from Other Banks
|
7,076
|
6,008
|
||||||
Federal
Funds Sold
|
1,658
|
969
|
||||||
Total
Cash and Cash Equivalents
|
11,491
|
9,462
|
||||||
Securities
Available-for-Sale, at Fair Value
|
47,964
|
47,747
|
||||||
Loans,
Net
|
129,815
|
118,477
|
||||||
Accrued
Interest Receivable
|
1,716
|
1,828
|
||||||
Premises
& Equipment, Net
|
5,863
|
5,874
|
||||||
Stock
in Federal Home Loan Bank, at Cost
|
1,651
|
1,220
|
||||||
Foreclosed
Assets
|
85
|
-
|
||||||
Real
Estate Held-for-Investment, Net
|
446
|
450
|
||||||
Other
Assets
|
1,500
|
1,429
|
||||||
Total
Assets
|
$ |
200,531
|
$ |
186,487
|
||||
LIABILITIES
|
||||||||
Deposits
|
||||||||
Interest-Bearing
Deposits
|
$ |
125,168
|
$ |
123,825
|
||||
Noninterest-Bearing
Deposits
|
8,167
|
5,685
|
||||||
Total
Deposits
|
133,335
|
129,510
|
||||||
FHLB
Advances
|
37,537
|
26,986
|
||||||
Other
Liabilities
|
1,538
|
1,827
|
||||||
Total
Liabilities
|
172,410
|
158,323
|
||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
Stock - $.01 Par Value
|
$ |
-
|
$ |
-
|
||||
Authorized
- 5,000,000 shares
|
||||||||
Issued
- 0 shares
|
||||||||
Common
Stock - $.01 Par Value
|
34
|
34
|
||||||
Authorized
- 20,000,000 shares
|
||||||||
Issued
- 3,438,500 shares at March 31, 2008 and December
31,
2007
|
||||||||
Additional
Paid-in Capital
|
34,546
|
34,546
|
||||||
Unearned
RRP Trust Stock
|
(158 | ) | (158 | ) | ||||
Treasury
Stock (2,152,700 Shares at March 31, 2008 and December 31,
2007)
|
(32,062 | ) | (32,062 | ) | ||||
Retained
Earnings
|
25,917
|
25,919
|
||||||
Accumulated
Other Comprehensive Loss
|
(156 | ) | (115 | ) | ||||
Total
Stockholders' Equity
|
28,121
|
28,164
|
||||||
Total
Liabilities & Stockholders' Equity
|
$ |
200,531
|
$ |
186,487
|
||||
The
accompanying notes are an integral part of these financial
statements.
|
GS
Financial Corp.
|
||||||||
Consolidated
Statements of Income
|
||||||||
(Unaudited)
|
||||||||
|
For
the Three Months Ended
March
31,
|
|||||||
($
in thousands, except per share data)
|
2008
|
2007
|
||||||
INTEREST
AND DIVIDEND INCOME
|
||||||||
Loans,
Including Fees
|
$ |
2,199
|
$ |
1,793
|
||||
Investment
Securities
|
717
|
722
|
||||||
Other
Interest Income
|
71
|
139
|
||||||
Total
Interest and Dividend Income
|
2,987
|
2,654
|
||||||
INTEREST
EXPENSE
|
||||||||
Deposits
|
1,090
|
1,063
|
||||||
Advances
from Federal Home Loan Bank
|
405
|
221
|
||||||
Interest
Expense
|
1,495
|
1,284
|
||||||
NET
INTEREST INCOME
|
1,492
|
1,370
|
||||||
PROVISION
FOR LOAN LOSSES
|
-
|
-
|
||||||
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
1,492
|
1,370
|
||||||
NON-INTEREST
EXPENSE
|
||||||||
Salaries
and Employee Benefits
|
864
|
793
|
||||||
Occupancy
Expense
|
200
|
136
|
||||||
Ad
Valorem Taxes
|
75
|
65
|
||||||
Other
Expenses
|
277
|
282
|
||||||
Total
Non-Interest Expense
|
1,416
|
1,276
|
||||||
NET
INCOME BEFORE NON-INTEREST INCOME AND INCOME TAXES
|
76
|
94
|
||||||
NON-INTEREST
INCOME
|
||||||||
Gain
on Sale of Mortgage Loans
|
95
|
4
|
||||||
Other
Income
|
20
|
25
|
||||||
Total
Non-Interest Income
|
115
|
29
|
||||||
INCOME
BEFORE INCOME TAXES
|
191
|
123
|
||||||
INCOME
TAX EXPENSE
|
65
|
27
|
||||||
NET
INCOME
|
$ |
126
|
$ |
96
|
||||
EARNINGS
PER SHARE
|
||||||||
Basic
|
$ |
0.10
|
$ |
0.08
|
||||
Diluted
|
$ |
0.10
|
$ |
0.08
|
||||
The
accompanying notes are an integral part of these financial
statements.
|
GS
FINANCIAL CORP.
|
||||||||||||||||||||||||||||||||
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
($
in thousands)
|
Common
Stock
|
Additional
Paid-in
Capital
|
Treasury
Stock
|
Unearned
ESOP
Stock
|
Unearned
RRP
Trust
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Stockholders'
Equity
|
||||||||||||||||||||||||
Balances
At December 31, 2006
|
$ |
34
|
$ |
34,751
|
$ | (32,493 | ) | $ |
-
|
$ | (573 | ) | $ |
25,764
|
$ | (319 | ) | $ |
27,164
|
|||||||||||||
Comprehensive
Income:
|
||||||||||||||||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
-
|
-
|
96
|
-
|
96
|
||||||||||||||||||||||||
Other
Comprehensive Income
|
|
|||||||||||||||||||||||||||||||
Unrealized net holding gains on securities, net of
taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
76
|
76
|
||||||||||||||||||||||||
Total
Comprehensive Income
|
-
|
-
|
-
|
-
|
-
|
96
|
76
|
172
|
||||||||||||||||||||||||
Distribution
of RRP Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Purchase
of Treasury Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Dividends
Declared
|
-
|
-
|
-
|
-
|
-
|
(126 | ) |
-
|
(126 | ) | ||||||||||||||||||||||
Balances
at March 31, 2007
|
$ |
34
|
$ |
34,751
|
$ | (32,493 | ) |
-
|
$ | (573 | ) | $ |
25,734
|
$ | (243 | ) | $ |
27,210
|
||||||||||||||
Balances
At December 31, 2007
|
$ |
34
|
$ |
34,546
|
$ | (32,062 | ) | $ |
-
|
$ | (158 | ) | $ |
25,919
|
$ | (115 | ) | $ |
28,164
|
|||||||||||||
Comprehensive
Income:
|
||||||||||||||||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
-
|
-
|
126
|
-
|
126
|
||||||||||||||||||||||||
Other
Comprehensive Income (Loss)
|
||||||||||||||||||||||||||||||||
Unrealized net holding losses on securities, net of taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(41 | ) | (41 | ) | ||||||||||||||||||||||
Total
Comprehensive Income
|
-
|
-
|
-
|
-
|
-
|
126
|
(41 | ) |
85
|
|||||||||||||||||||||||
Distribution
of RRP Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Purchase
of Treasury Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Dividends
Declared
|
-
|
-
|
-
|
-
|
-
|
(128 | ) |
-
|
(128 | ) | ||||||||||||||||||||||
Balances
at March 31, 2008
|
$ |
34
|
$ |
34,546
|
$ | (32,062 | ) | $ |
-
|
$ | (158 | ) | $ |
25,917
|
$ | (156 | ) | $ |
28,121
|
|||||||||||||
The
accompanying notes are an integral part of these financial
statements.
|
GS
FINANCIAL CORP.
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
|
Three
Months Ended March 31,
|
|||||||
($
in thousands)
|
2008
|
2007
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
Income
|
$ |
126
|
$ |
96
|
||||
Adjustments
to Reconcile Net Income to Net Cash (Used in) Operating
Activities
|
||||||||
Depreciation
|
77
|
46
|
||||||
Discount
Accretion Net of Premium Amortization
|
(1 | ) | (1 | ) | ||||
Provision
for Loan Losses
|
-
|
-
|
||||||
Non-Cash
Dividend - FHLB Stock
|
-
|
(14 | ) | |||||
Net
Loan Fees
|
(18 | ) | (35 | ) | ||||
RRP
Expense
|
4
|
30
|
||||||
Gain
on Sale of Loans
|
(95 | ) | (4 | ) | ||||
Changes
in Operating Assets and Liabilities
|
||||||||
Decrease
in Accrued Interest Receivable
|
112
|
233
|
||||||
(Increase)
in Other Assets
|
(66 | ) | (80 | ) | ||||
Increase
in Accrued Interest - FHLB Advances
|
38
|
-
|
||||||
Increase
in Accrued Income Tax
|
65
|
26
|
||||||
Decrease
in Other Liabilities
|
(391 | ) | (521 | ) | ||||
Net
Cash (Used in) Operating Activities
|
(149 | ) | (224 | ) | ||||
|
||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Proceeds
from Maturities of Investment Securities
|
9,726
|
5,854
|
||||||
Purchases
of Investment Securities
|
(10,000 | ) | (5,696 | ) | ||||
Investment
in Mutual Funds, Net
|
-
|
5,000
|
||||||
Loan
Originations and Principal Collections, Net
|
(17,923 | ) | (3,724 | ) | ||||
Proceeds
from Sales of Mortgage Loans
|
6,613
|
219
|
||||||
Purchases
of FHLB Stock
|
(431 | ) |
-
|
|||||
Purchases
of Premises and Equipment
|
(62 | ) | (653 | ) | ||||
Net
Cash (Used in) Provided by Investing Activities
|
(12,077 | ) |
1,000
|
|||||
|
||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Increase
(Decrease) in Advances from Federal Home Loan Bank
|
10,551
|
(1,353 | ) | |||||
Payment
of Cash Stock Dividends
|
(128 | ) | (126 | ) | ||||
Increase
in Deposits
|
3,825
|
1,972
|
||||||
Increase
in Deposits for Escrows
|
7
|
42
|
||||||
Net
Cash Provided by Financing Activities
|
14,255
|
535
|
||||||
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
2,029
|
1,311
|
||||||
CASH
AND CASH EQUIVALENTS - Beginning of Period
|
9,462
|
11,117
|
||||||
CASH
AND CASH EQUIVALENTS - End of Period
|
$ |
11,491
|
$ |
12,428
|
||||
|
||||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
||||||||
Cash
Paid During the Period For:
|
||||||||
Interest
Expense
|
$ |
1,494
|
$ |
1,284
|
||||
Income
Taxes
|
-
|
-
|
||||||
Loans
Transferred to Foreclosed Real Estate During the Period
|
$ |
85
|
-
|
|||||
The
accompanying notes are an integral part of these financial
statements.
|
|
Three
Months Ended March 31
|
|||||||
($
in thousands, except per share data)
|
2008
|
2007
|
||||||
Numerator:
|
||||||||
Net
Income
|
$ |
126
|
$ |
96
|
||||
Effect
of Dilutive Securities
|
-
|
-
|
||||||
Numerator
for Diluted Earnings Per Share
|
$ |
126
|
$ |
96
|
||||
Denominator
|
||||||||
Weighted-Average
Shares Outstanding
|
1,285,800
|
1,234,453
|
||||||
Effect
of Potentially Dilutive Securities and Contingently Issuable
Shares
|
-
|
37,646
|
||||||
Denominator
for Diluted Earnings Per Share
|
1,285,800
|
1,272,099
|
||||||
Earnings
Per Share
|
||||||||
Basic
|
$ |
0.10
|
$ |
0.08
|
||||
Diluted
|
0.10
|
0.08
|
||||||
Cash
Dividends Per Share
|
$ |
0.10
|
$ |
0.10
|
GS
FINANCIAL CORP.
|
||||||||||||
SELECTED
CONSOLIDATED FINANCIAL DATA
|
||||||||||||
(Unaudited)
|
||||||||||||
|
||||||||||||
|
Three
Months Ended
|
|||||||||||
($
in thousands, except per share data)
|
March
31, 2008
|
December
31, 2007
|
March
31, 2007
|
|||||||||
SUMMARY
OF INCOME
|
||||||||||||
Interest
Income
|
$ |
2,987
|
$ |
3,000
|
$ |
2,654
|
||||||
Interest
Expense
|
1,495
|
1,473
|
1,284
|
|||||||||
Net
Interest Income
|
1,492
|
1,527
|
1,370
|
|||||||||
Provision
for Loan Losses
|
-
|
-
|
-
|
|||||||||
Net
Interest Income After Provision for Loan Losses
|
1,492
|
1,527
|
1,370
|
|||||||||
Non-Interest
Income
|
115
|
243
|
29
|
|||||||||
Non-Interest
Expense
|
1,416
|
1,378
|
1,276
|
|||||||||
Net Income
Before Taxes
|
191
|
392
|
123
|
|||||||||
Income
Tax Expense
|
65
|
192
|
27
|
|||||||||
Net
Income
|
$ |
126
|
$ |
200
|
$ |
96
|
||||||
SELECTED
BALANCE SHEET DATA
|
||||||||||||
Total
Assets
|
$ |
200,531
|
$ |
186,487
|
$ |
168,615
|
||||||
Loans
Receivable, Net
|
129,815
|
118,477
|
97,490
|
|||||||||
Investment
Securities
|
47,964
|
47,747
|
50,043
|
|||||||||
Deposit
Accounts
|
133,335
|
129,510
|
124,726
|
|||||||||
Borrowings
|
37,537
|
26,986
|
15,689
|
|||||||||
Stockholders'
Equity
|
28,121
|
28,164
|
27,210
|
|||||||||
SELECTED
AVERAGE BALANCES
|
||||||||||||
Total
Assets
|
195,421
|
181,052
|
167,067
|
|||||||||
Loans
Receivable, Net
|
124,287
|
114,011
|
93,987
|
|||||||||
Investment
Securities
|
51,091
|
47,913
|
52,173
|
|||||||||
Deposit
Accounts
|
130,778
|
129,943
|
122,632
|
|||||||||
Borrowings
|
34,931
|
21,645
|
16,230
|
|||||||||
Equity
|
28,515
|
28,140
|
27,254
|
|||||||||
KEY
RATIOS
|
||||||||||||
Return
on average assets
|
0.26 | % | 0.65 | % | 0.23 | % | ||||||
Return
on average shareholders' equity
|
1.78 | % | 2.82 | % | 1.43 | % | ||||||
Net
interest margin
|
3.21 | % | 3.50 | % | 3.44 | % | ||||||
Average
loans to average deposits
|
97.66 | % | 90.38 | % | 79.50 | % | ||||||
Average
interest-earning assets to interest-bearing liabilities
|
117.75 | % | 118.20 | % | 119.17 | % | ||||||
Efficiency
ratio
|
88.17 | % | 77.85 | % | 93.14 | % | ||||||
Non-interest
expense to average assets
|
2.91 | % | 2.95 | % | 3.10 | % | ||||||
Allowance
for loan losses to total loans
|
2.57 | % | 2.82 | % | 3.69 | % | ||||||
Stockholders'
equity to total assets
|
14.02 | % | 15.10 | % | 16.14 | % | ||||||
COMMON
SHARE DATA
|
||||||||||||
Earnings
per share
|
||||||||||||
Basic
|
$ |
0.10
|
$ |
0.16
|
$ |
0.08
|
||||||
Diluted
|
0.10
|
0.16
|
0.08
|
|||||||||
Dividends
paid per share
|
0.10
|
0.10
|
0.10
|
|||||||||
Book
value per share
|
21.87
|
21.90
|
22.04
|
|||||||||
Average
shares outstanding
|
||||||||||||
Basic
|
1,285,800
|
1,270,963
|
1,234,453
|
|||||||||
Diluted
|
1,285,800
|
1,273,430
|
1,272,099
|
|
ITEM
2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION
|
·
|
expectations
about overall economic strength and the performance of the economies
in
Guaranty’s market area,
|
·
|
expectations
about the movement of interest rates, including actions that may
be taken
by the Federal Reserve Board in response to changing economic
conditions,
|
·
|
reliance
on existing or anticipated changes in laws or regulations affecting
the
activities of the banking industry and other financial service
providers,
|
·
|
expectations
regarding the nature and level of competition, changes in customer
behavior and preferences, and Guaranty’s ability to execute its plans to
respond effectively, and
|
·
|
expectations
regarding the ability of Guaranty’s market area to recover economically
from the damages caused by Hurricane
Katrina.
|
TABLE
1. COMPOSITION OF LOAN PORTFOLIO
|
||||||||||||||||||||
|
2008
|
2007
|
||||||||||||||||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|||||||||||||||
Real
estate loans – residential
|
$ |
66,124
|
$ |
62,481
|
$ |
58,885
|
$ |
55,282
|
$ |
51,056
|
||||||||||
Real
estate loans - commercial and other
|
53,445
|
45,757
|
43,528
|
42,822
|
40,019
|
|||||||||||||||
Real
estate loans - construction
|
7,695
|
9,074
|
7,392
|
7,859
|
7,120
|
|||||||||||||||
Consumer
loans
|
1,041
|
913
|
668
|
658
|
676
|
|||||||||||||||
Commercial
business loans
|
4,929
|
3,625
|
2,779
|
2,264
|
2,306
|
|||||||||||||||
Total
Loans
|
$ |
133,234
|
$ |
121,850
|
$ |
113,252
|
$ |
108,885
|
$ |
101,177
|
||||||||||
Average
Loans During Period
|
$ |
127,719
|
$ |
117,442
|
$ |
111,274
|
$ |
104,448
|
$ |
99,004
|
TABLE
2. SUMMARY OF ACTIVITY IN THE ALLOWANCE FOR LOAN
LOSSES
|
||||||||||||||||||||
|
2008
|
2007
|
||||||||||||||||||
($
in thousands)
|
First
Quarter
|
Fourth
Quarter
|
Third
Quarter
|
Second
Quarter
|
First
Quarter
|
|||||||||||||||
Beginning
Balance
|
$ |
3,432
|
$ |
3,432
|
$ |
3,432
|
$ |
3,732
|
$ |
3,732
|
||||||||||
Provision
(Reversal) for Loan Losses
|
-
|
-
|
-
|
(300 | ) |
-
|
||||||||||||||
Loans
Charged Off
|
13
|
-
|
-
|
-
|
-
|
|||||||||||||||
Recoveries
of loans previously charged off
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ending
Balance
|
$ |
3,419
|
$ |
3,432
|
$ |
3,432
|
$ |
3,432
|
$ |
3,732
|
||||||||||
Ratios
|
||||||||||||||||||||
Charge-offs
to average loans
|
0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
Provision
for loan losses to charge-offs
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||
Allowance
for loan losses to charge-offs
(annualized)
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||
Allowance
for loan losses to total loans
|
2.57 | % | 2.82 | % | 3.03 | % | 3.15 | % | 3.69 | % |
TABLE
3. DELINQUENT LOANS
|
||||||||||||||||||||
|
2008
|
2007
|
||||||||||||||||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|||||||||||||||
30-89
Days
|
$ |
5,574
|
$ |
3,305
|
$ |
4,054
|
$ |
2,577
|
$ |
1,234
|
||||||||||
90+
Days
|
3,162
|
1,438
|
990
|
502
|
335
|
|||||||||||||||
Total
|
$ |
8,736
|
$ |
4,743
|
$ |
5,044
|
$ |
3,079
|
$ |
1,569
|
||||||||||
Ratios
|
||||||||||||||||||||
Loans
delinquent 90 days to total loans
|
2.37 | % | 1.18 | % | 0.87 | % | 0.46 | % | 0.33 | % | ||||||||||
Total
delinquent loans to total loans
|
6.56 | % | 3.89 | % | 4.45 | % | 2.83 | % | 1.55 | % | ||||||||||
Allowance
for loan losses to 90 day delinquent loans
|
108.13 | % | 238.66 | % | 346.67 | % | 683.67 | % | 1,114.03 | % | ||||||||||
Allowance
for loan losses to total delinquent loans
|
39.14 | % | 72.36 | % | 68.04 | % | 111.46 | % | 237.86 | % |
TABLE
4. NONPERFORMING ASSETS
|
||||||||||||||||||||
|
2008
|
2007
|
||||||||||||||||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|||||||||||||||
Loans
accounted for on a nonaccrual basis
|
$ |
3,162
|
$ |
1,438
|
$ |
1,310
|
$ |
502
|
$ |
335
|
||||||||||
Foreclosed
assets
|
85
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
nonperforming assets
|
$ |
3,247
|
$ |
1,438
|
$ |
1,310
|
$ |
502
|
$ |
335
|
||||||||||
Ratios
|
||||||||||||||||||||
Nonperforming
assets to loans plus foreclosed assets
|
2.44 | % | 1.18 | % | 1.16 | % | 0.46 | % | 0.33 | % | ||||||||||
Nonperforming
assets to total assets
|
1.62 | % | 0.77 | % | 0.74 | % | 0.30 | % | 0.20 | % | ||||||||||
Allowance
for loan losses to nonperforming assets
|
105.30 | % | 238.66 | % | 261.98 | % | 683.67 | % | 1,114.03 | % |
TABLE
5. COMPOSITION OF INVESTMENT PORTFOLIO
|
||||||||||||||||||||||||
|
March
31, 2008
|
December
31, 2007
|
March
31, 2007
|
|||||||||||||||||||||
($
in thousands)
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
||||||||||||||||||
U.S.
Agency Securities
|
$ |
19,511
|
$ |
19,705
|
$ |
18,492
|
$ |
18,421
|
$ |
22,486
|
$ |
22,343
|
||||||||||||
Mortgage
Backed Securities
|
8,460
|
8,560
|
8,849
|
8,912
|
5,302
|
5,345
|
||||||||||||||||||
Collateralized
Mortgage Obligations
|
14,417
|
14,039
|
14,736
|
14,633
|
16,781
|
16,537
|
||||||||||||||||||
Mutual
funds
|
5,803
|
5,660
|
5,837
|
5,781
|
5,836
|
5,818
|
||||||||||||||||||
Total
Investments
|
$ |
48,191
|
$ |
47,964
|
$ |
47,914
|
$ |
47,747
|
$ |
50,405
|
$ |
50,043
|
TABLE
6. DEPOSIT COMPOSITION
|
||||||||||||||||||||||||
|
First
Quarter 2008
|
Fourth
Quarter 2007
|
First
Quarter 2007
|
|||||||||||||||||||||
($
in thousands)
|
Average
Balances
|
%
of Deposits
|
Average
Balances
|
%
of Deposits
|
Average
Balances
|
%
of Deposits
|
||||||||||||||||||
Noninterest
bearing demand deposits
|
$ |
8,072
|
6.2 | % | $ |
5,881
|
4.5 | % | $ |
3,330
|
2.7 | % | ||||||||||||
NOW
account deposits
|
23,345
|
17.8
|
23,764
|
18.3
|
18,833
|
15.4
|
||||||||||||||||||
Savings
deposits
|
18,600
|
14.2
|
19,229
|
14.8
|
21,980
|
17.9
|
||||||||||||||||||
Time
deposits
|
80,761
|
61.8
|
81,069
|
62.4
|
78,489
|
64.0
|
||||||||||||||||||
Total
|
$ |
130,778
|
100.0 | % | $ |
129,943
|
100.0 | % | $ |
122,632
|
100.0 | % |
TABLE
7. SUMMARY OF STOCK REPURCHASES
|
||||||||||||
Year
Ended December 31,
|
Shares
|
Cost
($000)
|
Average
Price Per Share
|
|||||||||
1998
|
491,054
|
$ |
8,324
|
$ |
16.95
|
|||||||
1999
|
299,000
|
3,653
|
12.22
|
|||||||||
2000
|
679,600
|
8,590
|
12.64
|
|||||||||
2001
|
305,684
|
4,612
|
15.09
|
|||||||||
2002
|
142,201
|
2,516
|
17.69
|
|||||||||
2003
|
216,181
|
4,109
|
19.01
|
|||||||||
2004
|
16,842
|
315
|
18.70
|
|||||||||
2005
|
3,907
|
74
|
19.06
|
|||||||||
2006
|
17,763
|
300
|
16.87
|
|||||||||
2007
|
10,468
|
188
|
18.00
|
|||||||||
2008
|
-
|
-
|
-
|
|||||||||
Total
Stock Repurchases
|
2,182,700
|
$ |
32,681
|
$ |
14.97
|
TABLE
8. CAPITAL AND RISK BASED CAPITAL RATIOS
|
||||||||||||
|
2008
|
2007
|
||||||||||
($
in thousands)
|
March
31
|
December
31
|
March
31
|
|||||||||
Tier
1 regulatory capital
|
$ |
27,253
|
$ |
27,197
|
$ |
26,716
|
||||||
Tier
2 regulatory capital
|
1,400
|
1,260
|
1,144
|
|||||||||
Total
regulatory capital
|
$ |
28,653
|
$ |
28,457
|
$ |
27,860
|
||||||
Adjusted
total assets
|
$ |
198,660
|
$ |
184,285
|
$ |
167,755
|
||||||
Risk-weighted
assets
|
$ |
115,632
|
$ |
103,236
|
$ |
92,868
|
||||||
Ratios
|
||||||||||||
Tier
1 capital to adjusted total assets
|
13.72 | % | 14.76 | % | 13.74 | % | ||||||
Tier
1 capital to risk-weighted assets
|
23.57 | % | 26.34 | % | 34.61 | % | ||||||
Total
capital to risk-weighted assets
|
24.78 | % | 27.57 | % | 35.86 | % | ||||||
Shareholders'
equity to total assets
|
14.02 | % | 15.10 | % | 14.38 | % |
TABLE
9. KEY LIQUIDITY INDICATORS
|
||||||||||||
|
2008
|
2007
|
||||||||||
($
in thousands)
|
March
31
|
December
31
|
March
31
|
|||||||||
Cash
and cash equivalents
|
$ |
11,491
|
$ |
9,462
|
$ |
12,428
|
||||||
Total
loans
|
133,234
|
121,850
|
101,177
|
|||||||||
Total
deposits
|
133,335
|
129,510
|
124,726
|
|||||||||
Deposits
$100,000 and over
|
40,478
|
35,586
|
29,309
|
|||||||||
Ratios
|
||||||||||||
Total
loans to total deposits
|
99.93 | % | 94.08 | % | 81.15 | % | ||||||
Deposits
$100,000 and over to total deposits
|
30.36 | % | 27.48 | % | 23.50 | % |
TABLE
10. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST
RATES
|
||||||||||||||||||||||||||||||||||||
|
First
Quarter 2008
|
Fourth
Quarter 2007
|
First
Quarter 2007
|
|||||||||||||||||||||||||||||||||
($
in thousands)
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
|||||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||||||||||
INTEREST-EARNING
ASSETS
|
||||||||||||||||||||||||||||||||||||
Loans
|
$ |
127,725
|
2,199
|
6.85 | % | $ |
117,442
|
$ |
2,239
|
7.65 | % | $ |
99,004
|
1,793
|
7.34 | % | ||||||||||||||||||||
U.S.
Agency securities
|
21,981
|
333
|
6.03
|
20,997
|
312
|
5.96
|
21,337
|
307
|
5.84
|
|||||||||||||||||||||||||||
Mortgage-backed
securities
|
8,804
|
120
|
5.42
|
6,301
|
84
|
5.35
|
3,901
|
57
|
5.93
|
|||||||||||||||||||||||||||
Collateralized
mortgage obligations
|
14,537
|
197
|
5.39
|
14,832
|
200
|
5.41
|
16,849
|
230
|
5.54
|
|||||||||||||||||||||||||||
Mutual
funds
|
5,769
|
67
|
4.62
|
5,783
|
74
|
5.13
|
10,086
|
128
|
5.15
|
|||||||||||||||||||||||||||
Total
investment in securities
|
51,091
|
717
|
5.64
|
47,913
|
670
|
5.55
|
52,173
|
722
|
5.61
|
|||||||||||||||||||||||||||
FHLB
stock
|
1,547
|
12
|
3.09
|
1,043
|
13
|
5.00
|
982
|
14
|
5.78
|
|||||||||||||||||||||||||||
Federal
funds sold and demand deposits
|
6,805
|
59
|
3.45
|
6,867
|
78
|
4.56
|
9,358
|
125
|
5.42
|
|||||||||||||||||||||||||||
Total
interest-earning assets
|
187,168
|
2,987
|
6.35 | % |
173,265
|
3,000
|
6.94 | % |
161,517
|
2,654
|
6.66 | % | ||||||||||||||||||||||||
NONINTEREST-EARNING
ASSETS
|
||||||||||||||||||||||||||||||||||||
Other
assets
|
11,685
|
11,219
|
9,282
|
|||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
(3,432 | ) | (3,432 | ) | (3,732 | ) | ||||||||||||||||||||||||||||||
Total
assets
|
$ |
195,421
|
$ |
181,052
|
$ |
167,067
|
||||||||||||||||||||||||||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
INTEREST-BEARING
LIABILITIES
|
||||||||||||||||||||||||||||||||||||
NOW
account deposits
|
$ |
23,345
|
159
|
2.71 | % | $ |
23,764
|
$ |
192
|
3.24 | % | $ |
18,833
|
142
|
3.06 | % | ||||||||||||||||||||
Savings
deposits
|
18,601
|
40
|
0.86
|
19,229
|
52
|
1.08
|
21,980
|
68
|
1.25
|
|||||||||||||||||||||||||||
Time
deposits
|
80,761
|
891
|
4.39
|
81,068
|
937
|
4.64
|
78,489
|
852
|
4.41
|
|||||||||||||||||||||||||||
Total
interest-bearing deposits
|
122,707
|
1,090
|
3.58
|
124,061
|
1,181
|
3.78
|
119,302
|
1,062
|
3.61
|
|||||||||||||||||||||||||||
Borrowings
|
34,931
|
405
|
4.61
|
21,645
|
291
|
5.39
|
16,230
|
222
|
5.55
|
|||||||||||||||||||||||||||
Total
interest-bearing liabilities
|
157,638
|
1,495
|
3.82 | % |
145,706
|
1,472
|
4.05 | % |
135,532
|
1,284
|
3.85 | % | ||||||||||||||||||||||||
NONINTEREST-BEARING
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
Demand
deposits
|
8,072
|
5,881
|
3,330
|
|||||||||||||||||||||||||||||||||
Other
liabilities
|
1,196
|
1,325
|
951
|
|||||||||||||||||||||||||||||||||
Shareholders'
equity
|
28,515
|
28,140
|
27,254
|
|||||||||||||||||||||||||||||||||
Total
liabilities and shareholders' equity
|
$ |
195,421
|
$ |
181,052
|
$ |
167,067
|
||||||||||||||||||||||||||||||
Net
interest income and margin
|
$ |
1,492
|
3.21 | % | $ |
1,528
|
3.50 | % | $ |
1,370
|
3.44 | % | ||||||||||||||||||||||||
Net
interest-earning assets and spread
|
$ |
29,670
|
2.53 | % | $ |
26,093
|
2.89 | % | $ |
25,985
|
2.81 | % | ||||||||||||||||||||||||
Cost
of funding interest-earning assets
|
3.20 | % | 3.37 | % | 3.14 | % |
TABLE
11. SUMMARY OF CHANGES IN NET INTEREST
MARGIN
|
|||||||||||||||||||||
|
First
Quarter 2008 Compared to:
|
||||||||||||||||||||
|
Fourth
Quarter of 2007
|
First
Quarter of 2007
|
|||||||||||||||||||
Due
to Change in
|
Total
Increase (Decrease)
|
Due
to Change in
|
Total
Increase (Decrease)
|
||||||||||||||||||
($
in thousands)
|
Volume
|
Rate
|
Volume
|
Rate
|
|||||||||||||||||
INTEREST
INCOME
|
|||||||||||||||||||||
Loans
|
$ |
177
|
$ | (217 | ) | $ | (40 | ) | $ |
479
|
$ (73)
|
$ 406
|
|||||||||
U.S.
Agency securities
|
15
|
6
|
21
|
10
|
16
|
26
|
|||||||||||||||
Mortgage-backed
securities
|
34
|
2
|
36
|
67
|
(4)
|
63
|
|||||||||||||||
Collateralized
mortgage obligations
|
(4 | ) |
1
|
(3 | ) | (31 | ) |
(2)
|
(33)
|
||||||||||||
Mutual
funds
|
0
|
(7 | ) | (7 | ) | (50 | ) |
(11)
|
(61)
|
||||||||||||
Total
investment in securities
|
45
|
2
|
47
|
(4 | ) |
(1)
|
(5)
|
||||||||||||||
FHLB
stock
|
4
|
(5 | ) | (1 | ) |
4
|
(6)
|
(2)
|
|||||||||||||
Federal
funds sold and demand deposits
|
(1 | ) | (18 | ) | (19 | ) | (22 | ) |
(44)
|
(66)
|
|||||||||||
Total
interest income
|
225
|
(238 | ) | (13 | ) |
457
|
(124)
|
333
|
|||||||||||||
INTEREST
EXPENSE
|
|||||||||||||||||||||
NOW
account deposits
|
$ | (3 | ) | $ | (30 | ) | $ | (33 | ) | $ |
31
|
$ (14)
|
$ 17
|
||||||||
Savings
deposits
|
(1 | ) | (11 | ) | (12 | ) | (7 | ) |
(21)
|
(28)
|
|||||||||||
Time
deposits
|
(3 | ) | (43 | ) | (46 | ) |
26
|
13
|
39
|
||||||||||||
Total
interest-bearing deposits
|
(7 | ) | (84 | ) | (91 | ) |
50
|
(22)
|
28
|
||||||||||||
Borrowings
|
154
|
(40 | ) |
114
|
217
|
(34)
|
183
|
||||||||||||||
Total
interest expense
|
147
|
(124 | ) |
23
|
267
|
(56)
|
211
|
||||||||||||||
Change
in net interest income
|
78
|
(114 | ) | (36 | ) |
190
|
(68)
|
122
|
TABLE
12. NON-INTEREST INCOME
|
||||||||||||
($
in thousands)
|
First
Quarter 2008
|
First
Quarter 2007
|
Percentage
Increase (Decrease)
|
|||||||||
Service
charges on deposit accounts
|
$ |
5
|
$ |
4
|
25 | % | ||||||
ATM
surcharges and network fees
|
3
|
1
|
200
|
|||||||||
Early
closing penalties
|
1
|
4
|
(75 | ) | ||||||||
Income
from real estate held for investment
|
14
|
13
|
8
|
|||||||||
Gain
on sales of mortgage loans
|
95
|
4
|
2,275
|
|||||||||
Miscellaneous
|
(3 | ) |
3
|
n/a
|
||||||||
Total
noninterest income before securities transactions
|
115
|
29
|
297
|
|||||||||
Securities
transactions
|
-
|
-
|
||||||||||
Total
noninterest income
|
$ |
115
|
$ |
29
|
297 | % |
TABLE
13. NON-INTEREST EXPENSE
|
||||||||||||
($
in thousands)
|
First
Quarter 2008
|
First
Quarter 2007
|
Percentage
Increase (Decrease)
|
|||||||||
Employee
compensation
|
$ |
639
|
$ |
546
|
17 | % | ||||||
Employee
benefits
|
225
|
247
|
(9 | ) | ||||||||
Total
personnel expense
|
864
|
793
|
9
|
|||||||||
Net
occupancy expense
|
200
|
136
|
47
|
|||||||||
Ad
Valorem taxes
|
75
|
65
|
15
|
|||||||||
Data
processing costs
|
71
|
71
|
-
|
|||||||||
Advertising
|
12
|
21
|
(43 | ) | ||||||||
ATM
server expense
|
9
|
6
|
50
|
|||||||||
Professional
fees
|
48
|
49
|
(2 | ) | ||||||||
Deposit
insurance and supervisory fees
|
29
|
27
|
7
|
|||||||||
Printing
and office supplies
|
22
|
30
|
(27 | ) | ||||||||
Telephone
|
17
|
14
|
21
|
|||||||||
Dues
and Subscriptions
|
25
|
25
|
-
|
|||||||||
Other
operating expenses
|
44
|
39
|
13
|
|||||||||
Total
non-interest expense
|
$ |
1,416
|
$ |
1,276
|
11 | % | ||||||
Non-interest
expense/average assets
|
2.91 | % | 3.10 | % | ||||||||
Efficiency
ratio
|
88.17 | % | 93.14 | % | ||||||||
(c)
|
There
were no issuer purchases of equity securities during the
quarter.
|
3.1
(1)
|
Articles
of Incorporation of GS Financial Corp.
|
3.2
(1)
|
Bylaws
of GS Financial Corp.
|
4.1
(1)
|
Stock
Certificate of GS Financial Corp.
|
10.1
(2)
|
GS
Financial Corp. Stock Option Plan
|
10.2
(2)
|
GS
Financial Corp. Recognition and Retention Plan and Trust Agreement
for
Employees and Non-Employee Directors
|
10.3
(3)
|
Early
Retirement and Consulting Agreement by and among GS Financial Corp.,
Guaranty Savings and Homestead Association and Donald C. Scott Dated
January 7, 2005
|
10.4
(4)
|
Letter
Agreement, dated as of December 8, 2005, by and between Guaranty
Savings
and Homestead Association and Stephen E. Wessel
|
31.1
|
Rule
13a-14(a) Certification of Chief Executive Officer
|
31.2
|
Rule
13a-14(a) Certification of Chief Financial Officer
|
32.0
|
Certification
pursuant to 18 U.S.C. Section 1350
|
(1)
|
Incorporated
herein by reference from the Registration Statement on Form SB-2
(Registration number 333-18841) filed by the Registrant with the
SEC on
December 26, 1996, as subsequently
amended.
|
(2)
|
Incorporated
herein by reference from the definitive proxy statement, dated September
16, 1997, filed by the Registrant with the SEC (Commission File No.
000-22269)
|
(3)
|
Incorporated
herein by reference from the current report on Form 8-K, dated January
7,
2005 filed by the registrant with the SEC (Commission File No.
000-22269).
|
(4)
|
Incorporated
herein by reference from the current report on Form 8-K, dated December
8,
2005 filed by the registrant with the SEC (Commission File No.
000-22269).
|
|
SIGNATURES
|
Date:
|
May
15, 2008
|
By:
|
/s/
Stephen E. Wessel
|
Stephen
E. Wessel
President
and
Chief Executive Officer
|
|||
Date:
|
May
15, 2008
|
By:
|
/s/
J. Andrew Bower
|
J.
Andrew Bower
Chief
Financial Officer
|
1 Year GS Financial Corp. (MM) Chart |
1 Month GS Financial Corp. (MM) Chart |
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