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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 |
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
x
No
o
|
Indicate
by check mark whether the registrant is a shell company (as defined
in
Rule 12b-2 of the Exchange Act). Yes
o
No
x
|
Class
|
Outstanding
at November 14, 2007
|
|
Common
Stock, par value $.01 per share
|
1,264,453
shares
|
TABLE
OF CONTENTS
|
||||
Page
|
||||
PART
I – FINANCIAL INFORMATION
|
||||
Item
1
|
Financial
Statements
|
|||
Consolidated
Statements of Financial Condition
|
1
|
|||
Consolidated
Statements of Income
|
2
|
|||
Consolidated
Statements of Changes in Stockholders’ Equity
|
3
|
|||
Consolidated
Statements of Cash Flows
|
4
|
|||
Notes
to Consolidated Financial Statements
|
5
|
|||
Selected
Consolidated Financial Data
|
7
|
|||
Item
2
|
Management’s
Discussion and Analysis or Plan of Operation
|
8
|
||
Item
3
|
Controls
and Procedures
|
20
|
||
PART
II – OTHER INFORMATION
|
||||
Item
1
|
Legal
Proceedings
|
20
|
||
Item
2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
20
|
||
Item
3
|
Defaults
Upon Senior Securities
|
20
|
||
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
20
|
||
Item
5
|
Other
Information
|
20
|
||
Item
6
|
Exhibits
|
21
|
||
SIGNATURES
EXHIBIT
INDEX
|
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
($
in thousands, except per share data)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Numerator:
|
||||||||||||||||
Net Income
|
$ |
69
|
$ |
1,510
|
$ |
458
|
$ |
2,029
|
||||||||
Effect
of Dilutive Securities
|
-
|
-
|
-
|
-
|
||||||||||||
Numerator
for Diluted Earnings Per Share
|
$ |
69
|
$ |
1,510
|
$ |
458
|
$ |
2,029
|
||||||||
Denominator
|
||||||||||||||||
Weighted-Average
Shares Outstanding
|
1,234,453
|
1,208,214
|
1,234,453
|
1,213,182
|
||||||||||||
Effect
of Potentially Dilutive Securities and Contingently Issuable
Shares
|
22,857
|
14,330
|
32,964
|
(3,821 | ) | |||||||||||
Denominator
for Diluted Earnings Per Share
|
1,257,310
|
1,222,544
|
1,267,417
|
1,209,361
|
||||||||||||
Earnings
Per Share
|
||||||||||||||||
Basic
|
$ |
0.06
|
$ |
1.25
|
$ |
0.37
|
$ |
1.67
|
||||||||
Diluted
|
0.06
|
1.24
|
0.36
|
1.67
|
||||||||||||
Cash
Dividends Per Share
|
$ |
0.10
|
$ |
0.10
|
$ |
0.30
|
$ |
0.30
|
GS
FINANCIAL CORP.
|
||||||||||||||||||||
SELECTED
CONSOLIDATED FINANCIAL DATA
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||||||
($
in thousands, except per share data)
|
September
30, 2007
|
June
30, 2007
|
September
30, 2006
|
September
30, 2007
|
September
30, 2006
|
|||||||||||||||
SUMMARY
OF INCOME
|
||||||||||||||||||||
Interest
Income
|
$ |
2,861
|
$ |
2,733
|
$ |
2,800
|
$ |
8,248
|
$ |
8,294
|
||||||||||
Interest
Expense
|
1,448
|
1,342
|
1,262
|
4,075
|
3,606
|
|||||||||||||||
Net
Interest Income
|
1,413
|
1,391
|
1,538
|
4,173
|
4,688
|
|||||||||||||||
Provision
(Reversal) for Loan Losses
|
-
|
(300 | ) | (1,981 | ) | (300 | ) | (1,981 | ) | |||||||||||
Net
Interest Income After Provision for Loan Losses
|
1,413
|
1,691
|
3,519
|
4,473
|
6,669
|
|||||||||||||||
Non-Interest
Income (Loss)
|
109
|
43
|
31
|
181
|
(14 | ) | ||||||||||||||
Non-Interest
Expense
|
1,441
|
1,314
|
1,261
|
4,031
|
3,580
|
|||||||||||||||
Net
Income Before Taxes
|
81
|
420
|
2,289
|
623
|
3,075
|
|||||||||||||||
Income
Tax Expense
|
12
|
127
|
779
|
165
|
1,046
|
|||||||||||||||
Net
Income
|
69
|
293
|
1,510
|
458
|
2,029
|
|||||||||||||||
SELECTED
BALANCE SHEET DATA
|
||||||||||||||||||||
Total
Assets
|
$ |
177,268
|
$ |
169,924
|
$ |
172,412
|
||||||||||||||
Loans
Receivable, Net
|
109,845
|
105,466
|
89,874
|
|||||||||||||||||
Investment
Securities
|
50,128
|
50,852
|
62,209
|
|||||||||||||||||
Deposit
Accounts
|
131,407
|
125,194
|
126,152
|
|||||||||||||||||
Borrowings
|
17,414
|
16,817
|
18,376
|
|||||||||||||||||
Stockholders'
Equity
|
27,307
|
26,986
|
27,019
|
|||||||||||||||||
SELECTED
AVERAGE BALANCES
|
||||||||||||||||||||
Total
Assets
|
$ |
173,891
|
$ |
168,213
|
$ |
171,772
|
$ |
169,749
|
$ |
174,902
|
||||||||||
Loans
Receivable, Net
|
107,842
|
100,720
|
86,144
|
98,009
|
78,990
|
|||||||||||||||
Investment
Securities
|
50,380
|
51,388
|
64,696
|
51,778
|
75,695
|
|||||||||||||||
Deposit
Accounts
|
128,440
|
124,580
|
123,639
|
125,234
|
123,062
|
|||||||||||||||
Borrowings
|
17,056
|
15,273
|
21,679
|
16,189
|
25,122
|
|||||||||||||||
Stockholders’
Equity
|
27,202
|
27,150
|
25,521
|
27,185
|
25,471
|
|||||||||||||||
KEY
RATIOS (1)
|
||||||||||||||||||||
Return
on average assets
|
0.16 | % | 0.70 | % | 3.49 | % | 0.36 | % | 1.55 | % | ||||||||||
Return
on average shareholders' equity
|
1.02 | % | 4.33 | % | 23.49 | % | 2.25 | % | 10.66 | % | ||||||||||
Net
interest margin
|
3.38 | % | 3.50 | % | 3.61 | % | 3.42 | % | 3.63 | % | ||||||||||
Average
loans to average deposits
|
86.63 | % | 83.84 | % | 74.28 | % | 83.47 | % | 68.82 | % | ||||||||||
Average
interest-earning assets to interest-bearing liabilities
|
117.27 | % | 119.31 | % | 115.43 | % | 118.61 | % | 117.00 | % | ||||||||||
Efficiency
ratio
|
94.68 | % | 91.67 | % | 79.16 | % | 92.58 | % | 73.81 | % | ||||||||||
Non-interest
expense to average assets
|
3.29 | % | 3.13 | % | 2.93 | % | 3.17 | % | 2.73 | % | ||||||||||
Allowance
for loan losses to total loans
|
3.03 | % | 3.15 | % | 3.99 | % | ||||||||||||||
Stockholders'
equity to total assets
|
15.40 | % | 15.88 | % | 15.67 | % | ||||||||||||||
COMMON
SHARE DATA
|
||||||||||||||||||||
Earnings
Per Share
|
||||||||||||||||||||
Basic
|
$ |
0.06
|
$ |
0.24
|
$ |
1.25
|
$ |
0.37
|
$ |
1.67
|
||||||||||
Diluted
|
0.06
|
0.23
|
1.24
|
0.36
|
1.67
|
|||||||||||||||
Dividends
Paid Per Share
|
0.10
|
0.10
|
0.10
|
0.30
|
0.30
|
|||||||||||||||
Book
Value Per Share
|
22.12
|
20.97
|
22.50
|
|||||||||||||||||
Average
Shares Outstanding
|
||||||||||||||||||||
Basic
|
1,234,453
|
1,234,453
|
1,208,214
|
1,234,453
|
1,213,182
|
|||||||||||||||
Diluted
|
1,257,310
|
1,272,842
|
1,222,544
|
1,267,417
|
1,213,182
|
|
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
|
||||||
|
2007
|
2006
|
||||
($
in thousands)
|
September
30
|
June
30
|
March
31
|
December
31
|
September
30
|
|
Real
estate loans – residential
|
$ 58,885
|
$ 55,282
|
$ 51,056
|
$ 48,610
|
$ 46,285
|
|
Real
estate loans - commercial and other
|
43,528
|
42,822
|
40,019
|
36,896
|
34,345
|
|
Real
estate loans - construction
|
7,392
|
7,859
|
7,120
|
9,089
|
10,257
|
|
Consumer
loans
|
668
|
658
|
676
|
677
|
744
|
|
Commercial
business loans
|
2,779
|
2,264
|
2,306
|
2,445
|
2,071
|
|
Total
Loans
|
$ 113,252
|
$ 108,885
|
$ 101,177
|
$ 97,717
|
$ 93,702
|
|
Average
Total Loans During Period
|
$ 111,274
|
$ 104,448
|
$ 99,004
|
$ 95,649
|
$ 91,846
|
TABLE
2. SUMMARY OF ACTIVITY IN THE ALLOWANCE FOR LOAN
LOSSES
|
||||||||||||||||||||
|
2007
|
2006
|
||||||||||||||||||
($
in thousands)
|
Third
Quarter
|
Second
Quarter
|
First
Quarter
|
Fourth
Quarter
|
Third
Quarter
|
|||||||||||||||
Beginning
Balance
|
$ |
3,432
|
$ |
3,732
|
$ |
3,732
|
$ |
3,732
|
$ |
5,713
|
||||||||||
Provision
for Losses
|
-
|
(300 | ) |
-
|
-
|
(1,981 | ) | |||||||||||||
Loans
Charged Off
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Recoveries
of loans previously charged off
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ending
Balance
|
$ |
3,432
|
$ |
3,432
|
$ |
3,732
|
$ |
3,732
|
$ |
3,732
|
||||||||||
Ratios
|
||||||||||||||||||||
Charge-offs
to average loans
|
0.00 | % | 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 ending loans
|
3.03 | % | 3.15 | % | 3.69 | % | 3.82 | % | 3.99 | % |
TABLE
3. DELINQUENT LOANS
|
||||||||||||||||||||
|
2007
|
2006
|
||||||||||||||||||
($
in thousands)
|
September
30
|
June
30
|
March
31
|
December
31
|
September
30
|
|||||||||||||||
30-89
Days
|
$ |
4,054
|
$ |
2,577
|
$ |
1,234
|
$ |
1,379
|
$ |
642
|
||||||||||
90+
Days
|
990
|
502
|
335
|
179
|
491
|
|||||||||||||||
Total
|
$ |
5,044
|
$ |
3,079
|
$ |
1,569
|
$ |
1,558
|
$ |
1,133
|
||||||||||
Ratios
|
||||||||||||||||||||
Loans
delinquent 90 days to total loans
|
0.87 | % | 0.46 | % | 0.33 | % | 0.18 | % | 0.52 | % | ||||||||||
Total
delinquent loans to total loans
|
4.45 | % | 2.83 | % | 1.55 | % | 1.59 | % | 1.21 | % | ||||||||||
Allowance
for loan losses to 90+ day delinquent loans
|
346.67 | % | 683.67 | % | 1,114.03 | % | 2,084.92 | % | 760.08 | % | ||||||||||
Allowance
for loan losses to total delinquent loans
|
68.04 | % | 111.46 | % | 237.86 | % | 239.54 | % | 329.39 | % |
TABLE
4. NONPERFORMING ASSETS
|
||||||||||||||||||||
|
2007
|
2006
|
||||||||||||||||||
($
in thousands)
|
September
30
|
June
30
|
March
31
|
December
31
|
September
30
|
|||||||||||||||
Loans
accounted for on a nonaccrual basis
|
$ |
1,310
|
$ |
502
|
$ |
335
|
$ |
179
|
$ |
491
|
||||||||||
Foreclosed
assets
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
nonperforming assets
|
$ |
1,310
|
$ |
502
|
$ |
335
|
$ |
179
|
$ |
491
|
||||||||||
Ratios
|
||||||||||||||||||||
Nonperforming
assets to loans plus foreclosed assets
|
1.16 | % | 0.46 | % | 0.33 | % | 0.18 | % | 0.52 | % | ||||||||||
Nonperforming
assets to total assets
|
0.74 | % | 0.30 | % | 0.20 | % | 0.11 | % | 0.28 | % | ||||||||||
Allowance
for loan losses to nonperforming assets
|
261.98 | % | 683.67 | % | 1,114.03 | % | 2,084.92 | % | 760.08 | % |
TABLE
5. COMPOSITION OF INVESTMENT PORTFOLIO
|
||||||||||||||||||||||||
|
September
30, 2007
|
December
31, 2006
|
September
30, 2006
|
|||||||||||||||||||||
($
in thousands)
|
Amortized
Cost
|
Market
Value
|
Amortized
Cost
|
Market
Value
|
Amortized
Cost
|
Market
Value
|
||||||||||||||||||
U.S.
Agency Securities
|
$ |
23,487
|
$ |
23,341
|
$ |
23,485
|
$ |
23,326
|
$ |
23,439
|
$ |
23,343
|
||||||||||||
Mortgage
Backed Securities
|
5,935
|
5,947
|
3,764
|
3,791
|
3,918
|
3,937
|
||||||||||||||||||
Collateralized
Mortgage Obligations
|
15,240
|
15,060
|
17,486
|
17,173
|
18,567
|
18,109
|
||||||||||||||||||
Mutual
funds
|
5,836
|
5,780
|
10,832
|
10,800
|
16,834
|
16,820
|
||||||||||||||||||
Total
Investments
|
$ |
50,498
|
$ |
50,128
|
$ |
55,567
|
$ |
55,090
|
$ |
62,758
|
$ |
62,209
|
TABLE
6. DEPOSIT COMPOSITION
|
||||||||||||||||||||||||
|
Third
Quarter 2007
|
Second
Quarter 2007
|
Third
Quarter 2006
|
|||||||||||||||||||||
($
in thousands)
|
Average
Balances
|
%
of Deposits
|
Average
Balances
|
%
of Deposits
|
Average
Balances
|
%
of Deposits
|
||||||||||||||||||
Noninterest
bearing demand deposits
|
$ |
4,340
|
3.4 | % | $ |
3,952
|
3.2 | % | $ |
1,453
|
1.2 | % | ||||||||||||
NOW
account deposits
|
23,821
|
18.5
|
20,606
|
16.5
|
7,093
|
5.8
|
||||||||||||||||||
Savings
deposits
|
19,783
|
15.4
|
20,707
|
16.6
|
29,439
|
24.3
|
||||||||||||||||||
Time
deposits
|
80,496
|
62.7
|
79,315
|
63.7
|
83,268
|
68.7
|
||||||||||||||||||
Total
|
$ |
128,440
|
100.0 | % | $ |
124,580
|
100.0 | % | $ |
121,253
|
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
|
-
|
-
|
-
|
|||||||||
Total
Stock Repurchases
|
2,172,232
|
$ |
32,493
|
$ |
14.96
|
TABLE
8. REGULATORY CAPITAL AND CAPITAL RATIOS
|
||||||||||||
|
2007
|
2006
|
||||||||||
($
in thousands)
|
September
30
|
December
31
|
September
30
|
|||||||||
Tier
1 regulatory capital
|
$ |
26,579
|
$ |
26,580
|
$ |
26,218
|
||||||
Tier
2 regulatory capital
|
1,243
|
1,096
|
1,044
|
|||||||||
Total
regulatory capital
|
$ |
27,822
|
$ |
27,676
|
$ |
27,262
|
||||||
Adjusted
total assets
|
$ |
176,191
|
$ |
167,126
|
$ |
171,531
|
||||||
Risk-weighted
assets
|
$ |
99,462
|
$ |
87,645
|
$ |
83,529
|
||||||
Ratios
|
||||||||||||
Tier
1 capital to total assets
|
15.09 | % | 15.90 | % | 15.28 | % | ||||||
Tier
1 capital to risk-weighted assets
|
26.72 | % | 30.33 | % | 31.39 | % | ||||||
Total
capital to risk-weighted assets
|
27.97 | % | 31.58 | % | 32.64 | % | ||||||
Shareholders'
equity to total assets
|
15.09 | % | 15.90 | % | 15.28 | % |
TABLE
9. KEY LIQUIDITY INDICATORS
|
||||||||||||
|
2007
|
2006
|
||||||||||
($
in thousands)
|
September
30
|
December
31
|
September
30
|
|||||||||
Cash
and cash equivalents
|
$ |
7,334
|
$ |
11,117
|
$ |
12,055
|
||||||
Total
loans
|
113,252
|
97,717
|
93,702
|
|||||||||
Total
deposits
|
131,407
|
122,754
|
126,152
|
|||||||||
Deposits
$100,000 and over
|
33,936
|
27,285
|
27,430
|
|||||||||
Ratios
|
||||||||||||
Total
loans to total deposits
|
86.18 | % | 79.60 | % | 74.28 | % | ||||||
Deposits
$100,000 and over to total deposits
|
25.82 | % | 22.23 | % | 21.74 | % |
TABLE
11. SUMMARY OF CHANGES IN NET INTEREST
MARGIN
|
|||||||||||||||||||||
|
Third
Quarter 2007 Compared to:
|
||||||||||||||||||||
|
Second
Quarter of 2007
|
Third
Quarter of 2006
|
|||||||||||||||||||
Due
to Change in
|
Total
Increase (Decrease)
|
Due
to Change in
|
Total
Increase
(Decrease)
|
||||||||||||||||||
($
in thousands)
|
Volume
|
Rate
|
Volume
|
Rate
|
|||||||||||||||||
INTEREST
INCOME
|
|||||||||||||||||||||
Loans
|
$ |
128
|
$ |
46
|
$ |
174
|
$ |
366
|
$ (57)
|
$ 309
|
|||||||||||
U.S.
Treasury securities
|
-
|
-
|
-
|
(1 | ) |
-
|
(1)
|
||||||||||||||
U.S.
Agency securities
|
-
|
4
|
4
|
32
|
38
|
70
|
|||||||||||||||
Mortgage-backed
securities
|
(1 | ) |
8
|
7
|
34
|
(21)
|
13
|
||||||||||||||
Collateralized
mortgage obligations
|
(12 | ) | (24 | ) | (36 | ) | (45 | ) |
3
|
(42)
|
|||||||||||
Mutual
funds
|
-
|
1
|
1
|
(207 | ) |
19
|
(188)
|
||||||||||||||
Total
investment in securities
|
(13 | ) | (11 | ) | (24 | ) | (187 | ) |
39
|
(148)
|
|||||||||||
FHLB
stock
|
-
|
-
|
-
|
(4 | ) |
(1)
|
(5)
|
||||||||||||||
Federal
funds sold and demand deposits
|
(18 | ) | (4 | ) | (22 | ) | (84 | ) |
(11)
|
(95)
|
|||||||||||
Total
interest income
|
97
|
31
|
128
|
91
|
(30)
|
61
|
|||||||||||||||
INTEREST
EXPENSE
|
|||||||||||||||||||||
NOW
account deposits
|
$ |
27
|
$ |
-
|
$ |
27
|
$ |
36
|
$ 39
|
$ 75
|
|||||||||||
Savings
deposits
|
(3 | ) |
-
|
(3 | ) | (18 | ) |
-
|
(18)
|
||||||||||||
Time
deposits
|
14
|
42
|
56
|
44
|
142
|
186
|
|||||||||||||||
Total
interest-bearing deposits
|
38
|
42
|
80
|
62
|
181
|
243
|
|||||||||||||||
Borrowings
|
25
|
1
|
26
|
(99 | ) |
43
|
(56)
|
||||||||||||||
Total
interest expense
|
63
|
43
|
106
|
(37 | ) |
224
|
(187)
|
||||||||||||||
Change
in net interest income
|
34
|
(12 | ) |
22
|
128
|
(254)
|
(126)
|
TABLE
13. SUMMARY OF CHANGES IN NET INTEREST
MARGIN
|
||||||||||||
First
Nine Months 2007 Compared to:
|
||||||||||||
First
Nine Months of 2006
|
||||||||||||
Due
to Change in
|
Total Increase (Decrease) | |||||||||||
($
in thousands)
|
Volume
|
Rate
|
||||||||||
INTEREST
INCOME (LOSS)
|
||||||||||||
Loans
|
$ |
1,110
|
$ | (324 | ) |
$ 786
|
||||||
U.S.
Treasury securities
|
(19 | ) |
-
|
(19)
|
||||||||
U.S.
Agency securities
|
358
|
80
|
438
|
|||||||||
Mortgage-backed
securities
|
137
|
(30 | ) |
107
|
||||||||
Collateralized
mortgage obligations
|
(159 | ) | (32 | ) |
(191)
|
|||||||
Mutual
funds
|
(1,093 | ) |
196
|
(897)
|
||||||||
Total
investment in securities
|
(776 | ) |
214
|
(562)
|
||||||||
FHLB
stock
|
(22 | ) |
5
|
(17)
|
||||||||
Federal
funds sold and demand deposits
|
(278 | ) |
25
|
(253)
|
||||||||
Total
interest income (loss)
|
34
|
(80 | ) |
(46)
|
||||||||
INTEREST
EXPENSE
|
||||||||||||
NOW
account deposits
|
$ |
116
|
$ |
173
|
$ 289
|
|||||||
Savings
deposits
|
(162 | ) |
91
|
(71)
|
||||||||
Time
deposits
|
106
|
471
|
577
|
|||||||||
Total
interest-bearing deposits
|
60
|
735
|
795
|
|||||||||
Borrowings
|
(369 | ) |
43
|
(326)
|
||||||||
Total
interest expense
|
(309 | ) |
778
|
469
|
||||||||
Change
in net interest income
|
343
|
(858 | ) |
(515)
|
TABLE
14. NON-INTEREST INCOME
|
||||||||||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
($
in thousands)
|
Septmber
30, 2007
|
September
30, 2006
|
Percentage
Increase (Decrease)
|
September
30, 2007
|
September
30, 2006
|
Percentage
Increase (Decrease)
|
||||||||||||||||||
Service
charges on deposit accounts
|
$ |
6
|
$ |
4
|
50 | % | $ |
16
|
$ |
10
|
60 | % | ||||||||||||
ATM
fees
|
2
|
1
|
100
|
6
|
3
|
100
|
||||||||||||||||||
Early
closing penalties
|
4
|
10
|
(60 | ) |
10
|
13
|
(23 | ) | ||||||||||||||||
Income
from real estate held for investment
|
13
|
13
|
-
|
39
|
39
|
-
|
||||||||||||||||||
Gain
on sales of mortgage loans
|
82
|
-
|
(a)
|
104
|
-
|
(a)
|
||||||||||||||||||
Miscellaneous
|
2
|
3
|
(33 | ) |
6
|
13
|
(54 | ) | ||||||||||||||||
Total
noninterest income before securities transactions
|
109
|
31
|
252
|
181
|
78
|
132
|
||||||||||||||||||
Securities
transactions
|
-
|
-
|
(a)
|
-
|
(92 | ) |
(a)
|
|||||||||||||||||
Total
noninterest income
|
$ |
109
|
$ |
31
|
252
|
$ |
181
|
$ | (14 | ) |
(a)
|
|||||||||||||
(a)
Not meaningful
|
TABLE
15. NON-INTEREST EXPENSE
|
||||||||||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
($
in thousands)
|
September
30, 2007
|
September
30, 2006
|
Percentage
Increase (Decrease)
|
September
30, 2007
|
September
30, 2006
|
Percentage
Increase (Decrease)
|
||||||||||||||||||
Employee
compensation
|
$ |
667
|
$ |
607
|
10 | % | $ |
1,797
|
$ |
1,604
|
12 | % | ||||||||||||
Employee
benefits
|
199
|
228
|
(13 | ) |
679
|
741
|
(8 | ) | ||||||||||||||||
Total
personnel expense
|
866
|
835
|
4
|
2,476
|
2,345
|
6
|
||||||||||||||||||
Net
occupancy expense
|
179
|
148
|
21
|
467
|
397
|
18
|
||||||||||||||||||
Ad
valorem taxes
|
64
|
39
|
64
|
193
|
155
|
24
|
||||||||||||||||||
Data
processing costs
|
78
|
70
|
11
|
216
|
172
|
26
|
||||||||||||||||||
Advertising
|
61
|
8
|
663
|
105
|
29
|
262
|
||||||||||||||||||
ATM
server expenses
|
12
|
8
|
50
|
29
|
20
|
45
|
||||||||||||||||||
Professional
fees
|
43
|
22
|
95
|
143
|
121
|
18
|
||||||||||||||||||
Deposit
insurance and supervisory fees
|
27
|
25
|
8
|
80
|
74
|
8
|
||||||||||||||||||
Printing
and office supplies
|
34
|
32
|
6
|
94
|
91
|
3
|
||||||||||||||||||
Telephone
|
15
|
14
|
7
|
47
|
36
|
31
|
||||||||||||||||||
Dues
and subscriptions
|
33
|
22
|
50
|
85
|
55
|
55
|
||||||||||||||||||
Other
operating expenses
|
29
|
38
|
(24 | ) |
96
|
85
|
13
|
|||||||||||||||||
Total
non-interest expense
|
$ |
1,441
|
1,261
|
14 | % | $ |
4,031
|
$ |
3,580
|
13 | % | |||||||||||||
Efficiency
Ratio
|
91.67 | % | 94.68 | % | 91.44 | % | 92.58 | % |
3.1*
|
Articles
of Incorporation of GS Financial Corp.
|
3.2*
|
Bylaws
of GS Financial Corp.
|
4.1*
|
Stock
Certificate of GS Financial Corp.
|
10.1**
|
GS
Financial Corp. Stock Option Plan
|
10.2**
|
GS
Financial Corp. Recognition and Retention Plan and Trust Agreement
for
Employees and Non-Employee Directors
|
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
|
*
|
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.
|
**
|
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)
|
|
SIGNATURES
|
Date:
|
November
14, 2007
|
By:
|
/s/
Stephen E. Wessel
|
Stephen
E. Wessel
President
and
Chief Executive Officer
|
|||
Date:
|
November
14, 2007
|
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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