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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, 2009
|
Commission
File Number:
0-22269
|
||||||
GS
Financial Corp.
|
|||||||
(Exact
Name of Registrant 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
|
|||||||
(Registrant’s
Telephone Number, including area code)
|
|||||||
Not applicable
|
|||||||
(Former
name, former address and former fiscal year, if changed since last
report)
|
|||||||
Indicate
by check mark whether the registrant: (1) has filed all reports required
to be filed by Section 13 or 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.
[X]
Yes
[ ]
No
|
|||||||
Indicate
by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such
files).
[ ] 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 |
[X]
|
||||
(Do not check if a smaller reporting company) | |||||||
Indicate
by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
Yes [
]
No [X]
|
|||||||
Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, as of the latest practicable date.
|
Class
|
Outstanding at May 15,
2009
|
|
Common
Stock, par value $.01 per share
|
1,269,307
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 and Results of Operations |
8
|
|||
Item 3 | Quantitative and Qualitative Disclosures about Market Risk | 18 | |||
Item 4 | Controls and Procedures | 18 |
PART
II – OTHER INFORMATION
|
|||
Item
1
|
Legal
Proceedings
|
18
|
|
Item
1a
|
Risk
Factors
|
18
|
|
Item
2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
18
|
|
Item
3
|
Defaults
Upon Senior Securities
|
19
|
|
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
19
|
|
Item
5
|
Other
Information
|
19
|
|
Item
6
|
Exhibits
|
19
|
|
SIGNATURES
EXHIBIT
INDEX
|
GS
FINANCIAL CORP. AND SUBSIDIARY
|
||||
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
|
||||
March
31, 2009
|
December
31, 2008
|
|||
(Unaudited)
|
(See
Note 1)
|
|||
(In
Thousands)
|
||||
ASSETS
|
||||
Cash
and Cash Equivalents
|
||||
Cash
& Amounts Due from Depository Institutions
|
$ 2,917
|
$ 2,313
|
||
Interest-Bearing
Deposits in Other Banks
|
6,315
|
569
|
||
Federal
Funds Sold
|
8,532
|
323
|
||
Total
Cash and Cash Equivalents
|
17,764
|
3,205
|
||
Securities
Available-for-Sale, at Fair Value
|
50,216
|
47,617
|
||
Loans,
Net of Allowance for Loan Losses of $2,693 and
|
||||
$2,719,
Respectively
|
170,364
|
158,523
|
||
Accrued
Interest Receivable
|
1,556
|
1,612
|
||
Other
Real Estate
|
461
|
461
|
||
Premises
and Equipment, Net
|
5,763
|
5,756
|
||
Stock
in Federal Home Loan Bank, at Cost
|
2,351
|
2,300
|
||
Real
Estate Held-for-Investment, Net
|
434
|
436
|
||
Other
Assets
|
2,094
|
1,960
|
||
Total
Assets
|
$ 251,003
|
$ 221,870
|
||
LIABILITIES
|
||||
Deposits
|
||||
Noninterest-bearing
|
$ 10,143
|
$ 7,970
|
||
Interest-bearing
|
160,600
|
132,145
|
||
Total
Deposits
|
170,743
|
140,115
|
||
Advance
Payments by Borrowers for Taxes and Insurance
|
70
|
167
|
||
FHLB
Advances
|
49,853
|
52,002
|
||
Other
Liabilities
|
2,325
|
2,028
|
||
Total
Liabilities
|
222,991
|
194,312
|
||
STOCKHOLDERS'
EQUITY
|
||||
Preferred
Stock - $.01 Par Value; 5,000,000 Shares Authorized,
|
$ -
|
$ -
|
||
None
Issued
|
||||
Common
Stock - $.01 Par Value; 20,000,000 Shares Authorized,
|
34
|
34
|
||
3,438,500
Shares Issued
|
||||
Additional
Paid-in Capital
|
34,548
|
34,546
|
||
Unearned
RRP Trust Stock
|
(137)
|
(143)
|
||
Treasury
Stock (2,162,359 Shares at March 31, 2009 and
|
||||
2,152,700
Shares at December 31, 2008)
|
(32,179)
|
(32,062)
|
||
Retained
Earnings
|
25,654
|
25,404
|
||
Accumulated
Other Comprehensive Income (Loss)
|
92
|
(221)
|
||
Total
Stockholders' Equity
|
28,012
|
27,558
|
||
Total
Liabilities & Stockholders' Equity
|
$ 251,003
|
$ 221,870
|
||
The
accompanying notes are an integral part of these financial
statements.
|
||||
GS
FINANCIAL CORP. AND SUBSIDIARY
|
||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||
(Unaudited)
|
||||
For
the Three Months Ended
|
||||
March
31,
|
||||
2009
|
2008
|
|||
(In
Thousands, Except Per Share Data)
|
||||
INTEREST
AND DIVIDED INCOME
|
||||
Loans,
Including Fees
|
$ 2,747
|
$ 2,199
|
||
Investment
Securities
|
636
|
717
|
||
Other
Interest Income
|
5
|
71
|
||
Total
Interest and Dividend Income
|
3,388
|
2,987
|
||
INTEREST
EXPENSE
|
||||
Deposits
|
1,020
|
1,090
|
||
Advances
from Federal Home Loan Bank
|
493
|
405
|
||
Total
Interest Expense
|
1,513
|
1,495
|
||
NET
INTEREST INCOME
|
1,875
|
1,492
|
||
PROVISION
FOR LOAN LOSSES
|
-
|
-
|
||
NET
INTEREST INCOME AFTER PROVISION
|
||||
FOR
LOAN LOSSES
|
1,875
|
1,492
|
||
NON-INTEREST
INCOME
|
||||
Loss
on Securities
|
(2)
|
-
|
||
Gain
on Sale of Loans
|
358
|
95
|
||
Other
Income
|
17
|
20
|
||
Total
Non-Interest Income
|
373
|
115
|
||
NON-INTEREST
EXPENSE
|
||||
Salaries
and Employee Benefits
|
919
|
864
|
||
Occupancy
Expense
|
198
|
200
|
||
Ad
Valorem Taxes
|
58
|
75
|
||
Other
Expenses
|
501
|
277
|
||
Total
Non-Interest Expense
|
1,676
|
1,416
|
||
INCOME BEFORE
INCOME TAX EXPENSE
|
572
|
191
|
||
INCOME
TAX EXPENSE
|
194
|
65
|
||
NET
INCOME
|
$ 378
|
$ 126
|
||
EARNINGS
PER SHARE - BASIC
|
$ 0.30
|
$ 0.10
|
||
EARNINGS
PER SHARE - DILUTED
|
$ 0.30
|
$ 0.10
|
||
The
accompanying notes are an integral part of these financial
statements.
|
GS
FINANCIAL CORP. AND SUBSIDIARY
|
|||||||
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
|||||||
(Unaudited)
|
|||||||
|
|||||||
Accumulated
|
|||||||
Additional
|
Unearned
|
Other
|
Total
|
||||
Common |
Paid-in
|
Treasury
|
RRP
Trust
|
Retained
|
Comprehensive
|
Stockholders' | |
(In
Thousands)
|
Stock
|
Capital
|
Stock
|
Stock
|
Earnings
|
Income
(Loss)
|
Equity
|
Balances
At December 31, 2007
|
$ 34
|
$ 34,546
|
$ (32,062)
|
$ (158)
|
$ 25,919
|
$ (115)
|
$ 28,164
|
Comprehensive
Income:
|
|||||||
Net
Income
|
-
|
-
|
-
|
-
|
126
|
-
|
126
|
Other
Comprehensive Loss,
|
|||||||
Net
of Applicable Deferred
Income
Taxes
|
-
|
-
|
-
|
-
|
-
|
(41)
|
(41)
|
Total
Comprehensive Income (Loss)
|
-
|
-
|
-
|
-
|
126
|
(41)
|
85
|
Dividends
Declared
|
-
|
-
|
-
|
-
|
(128)
|
-
|
(128)
|
Balances
at March 31, 2008
|
$ 34
|
$ 34,546
|
$ (32,062)
|
$ (158)
|
$ 25,917
|
$ (156)
|
$ 28,121
|
Balances
At December 31, 2008
|
$ 34
|
$ 34,546
|
$ (32,062)
|
$ (143)
|
$ 25,404
|
$ (221)
|
$ 27,558
|
Comprehensive
Income:
|
|||||||
Net
Income
|
-
|
-
|
-
|
-
|
378
|
-
|
378
|
Other
Comprehensive Income,
|
|||||||
Net
of Applicable Deferred
Income
Taxes
|
-
|
-
|
-
|
-
|
-
|
313
|
313
|
Total
Comprehensive Income
|
-
|
-
|
-
|
-
|
378
|
313
|
691
|
Distribution
of RRP Stock
|
-
|
2
|
-
|
6
|
-
|
-
|
8
|
Purchase
of Treasury Stock
|
-
|
-
|
(117)
|
-
|
-
|
-
|
(117)
|
Dividends
Declared
|
-
|
-
|
-
|
-
|
(128)
|
-
|
(128)
|
Balances
at March 31, 2009
|
$ 34
|
$ 34,548
|
$ (32,179)
|
$ (137)
|
$ 25,654
|
$ 92
|
$ 28,012
|
The
accompanying notes are an intergral part of these financial
statements.
|
GS
FINANCIAL CORP. AND SUBSIDIARY
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
For
the Three Months Ended
|
||||||||
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
Thousands)
|
||||||||
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
||||||||
Net
Income
|
$ | 378 | $ | 126 | ||||
Adjustments
to Reconcile Net Income to Net Cash
|
||||||||
Provided
by (Used in) Operating Activities:
|
||||||||
Depreciation
and Amortization
|
68 | 77 | ||||||
Premium
Amortization (Discount Accretion), Net
|
(19 | ) | (1 | ) | ||||
Non-Cash
Dividend - FHLB Stock
|
(3 | ) | - | |||||
RRP
Expense
|
8 | 4 | ||||||
Gain
on Sale of Loans
|
(358 | ) | (95 | ) | ||||
Loss
on Sale of Investments
|
2 | - | ||||||
Changes
in Operating Assets and Liabilities:
|
||||||||
Accrued
Interest Receivable and Other Assets
|
(78 | ) | 46 | |||||
Accrued
Interest Payable and Other Liabilities
|
297 | (288 | ) | |||||
Net
Cash Provided by (Used in) Operating Activities
|
295 | (131 | ) | |||||
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
||||||||
Proceeds
from Maturities of Investment Securities
|
1,821 | 9,726 | ||||||
Purchases
of Investment Securities
|
(4,340 | ) | (10,000 | ) | ||||
Redemption
of Mutual Funds, Net
|
250 | - | ||||||
Loan
Originations and Principal Collections, Net
|
(30,572 | ) | (17,941 | ) | ||||
Proceeds
from Sales of Loans
|
19,089 | 6,613 | ||||||
Purchases
of Premises and Equipment
|
(73 | ) | (62 | ) | ||||
Purchase
of Federal Home Loan Bank Stock
|
(48 | ) | (431 | ) | ||||
Net
Cash Used in Investing Activities
|
(13,873 | ) | (12,095 | ) | ||||
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
||||||||
Purchase
of Treasury Stock
|
(117 | ) | - | |||||
(Decrease)
Increase in Federal Home Loan Bank Advances
|
(2,149 | ) | 10,551 | |||||
Payment
of Cash Stock Dividends
|
(128 | ) | (128 | ) | ||||
Increase
in Deposits
|
30,628 | 3,825 | ||||||
(Decrease)
Increase in Deposit for Escrows
|
(97 | ) | 7 | |||||
Net
Cash Provided by Financing Activities
|
28,137 | 14,255 | ||||||
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
14,559 | 2,029 | ||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
3,205 | 9,462 | ||||||
CASH
AND CASH EQUIVALENTS, END OF YEAR
|
$ | 17,764 | $ | 11,491 | ||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash
Paid During the Period for Interest
|
$ | 1,513 | $ | 1,494 | ||||
Cash
Paid During the Period for Income Taxes
|
- | - | ||||||
Loans
Transferred to Other Real Estate During the Period
|
- | 85 | ||||||
The
accompanying notes are an integral part of these
statements.
|
For
the Three Months Ended
|
|||
March
31,
|
|||
($
in thousands, except per share data)
|
2009
|
2008
|
|
Numerator:
|
|||
Net Income
|
$ 378
|
$ 126
|
|
Effect
of Dilutive Securities
|
-
|
-
|
|
Numerator
for Diluted Earnings Per Share
|
$ 378
|
$ 126
|
|
Denominator
|
|||
Weighted
Average Shares Outstanding
|
1,274,892
|
1,285,800
|
|
Effect
of Potentially Dilutive Securities and Contingently Issuable
Shares
|
-
|
-
|
|
Denominator
for Diluted Earnings Per Share
|
1,274,892
|
1,285,800
|
|
Earnings
Per Share
|
|||
Basic
|
$ 0.30
|
$ 0.10
|
|
Diluted
|
$ 0.30
|
$ 0.10
|
|
Cash
Dividends Per Share
|
$ 0.10
|
$ 0.10
|
|
GS
FINANCIAL CORP.
|
||||
SELECTED
CONSOLIDATED FINANCIAL DATA
|
||||
(Unaudited)
|
||||
At
or For The Three Months Ended
|
||||
($
in thousands, except per share data)
|
March
31, 2009
|
December
31, 2008
|
March
31, 2008
|
|
BALANCE
SHEET DATA
|
||||
Total
Assets
|
$ 251,003
|
$ 221,870
|
$ 200,531
|
|
Cash
and Cash Equivalents
|
17,764
|
3,205
|
11,491
|
|
Loans
Receivable, Net
|
170,364
|
158,523
|
129,815
|
|
Investment
Securities
|
50,216
|
47,617
|
47,964
|
|
Deposit
Accounts
|
170,743
|
140,115
|
133,335
|
|
Borrowings
|
49,853
|
52,002
|
37,537
|
|
Stockholders'
Equity
|
28,012
|
27,558
|
28,121
|
|
INCOME
STATEMENT DATA
|
||||
Interest
Income
|
$ 3,388
|
$ 3,206
|
$ 2,987
|
|
Interest
Expense
|
1,513
|
1,463
|
1,495
|
|
Net
Interest Income
|
1,875
|
1,743
|
1,492
|
|
Provision
for Loan Losses
|
-
|
-
|
-
|
|
Net
Interest Income After Provision for Loan Losses
|
1,875
|
1,743
|
1,492
|
|
Non-Interest
Income (Loss)
|
373
|
(637)
|
115
|
|
Non-Interest
Expense
|
1,676
|
1,344
|
1,416
|
|
Net
Income (Loss) Before Taxes
|
572
|
(238)
|
191
|
|
Income
Tax Expense (Benefit)
|
194
|
(68)
|
65
|
|
Net
Income (Loss)
|
378
|
(170)
|
126
|
|
KEY
RATIOS
1
|
||||
Return
on Average Assets
|
0.64%
|
(0.31%)
|
0.26%
|
|
Return
on Average Stockholders' Equity
|
5.42%
|
(2.48%)
|
1.78%
|
|
Net
Interest Margin
|
3.35%
|
3.33%
|
3.21%
|
|
Average
Loans to Average Deposits
|
109.27%
|
110.59%
|
97.66%
|
|
Average
Interest-Earning Assets to Average Interest-Bearing
Liabilities
|
114.47%
|
116.12%
|
117.75%
|
|
Efficiency
Ratio
|
74.57%
|
121.52%
|
88.17%
|
|
Non-interest
Expense to Average Assets
|
2.86%
|
2.44%
|
2.91%
|
|
Allowance
for Loan Losses to Total Loans
|
1.56%
|
1.69%
|
2.57%
|
|
Stockholders'
Equity to Total Assets
|
11.16%
|
12.42%
|
14.02%
|
|
COMMON
SHARE DATA
|
||||
Earnings
(Loss) Per Share
|
||||
Basic
|
$ 0.30
|
$ (0.13)
|
$ 0.10
|
|
Diluted
|
0.30
|
(0.13)
|
0.10
|
|
Dividends
Paid Per Share
|
0.10
|
0.10
|
0.10
|
|
Book
Value Per Share
|
21.97
|
21.56
|
21.87
|
|
Average
Shares Outstanding
|
||||
Basic
|
1,274,892
|
1,278,466
|
1,285,800
|
|
Diluted
|
1,274,892
|
1,278,466
|
1,285,800
|
|
1 Amounts
are annualized where appropriate
|
ITEM 2
-
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
·
|
expectations
about the overall economy in the Company’s market
area,
|
·
|
expectations
about the ability of the Bank’s borrowers to make payments on outstanding
loans and the sufficiency of the allowance for loan
losses,
|
·
|
expectations
about the current values of collateral securing the Bank’s outstanding
loans,
|
·
|
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,
and
|
·
|
expectations
regarding the nature and level of competition, changes in customer
behavior and preferences, and the Company’s ability to execute its plans
to respond effectively.
|
TABLE
1. COMPOSITION OF LOAN PORTFOLIO
|
|||||
2009
|
2008
|
||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
Real
estate loans - residential
|
$ 88,544
|
$ 76,429
|
$ 77,448
|
$ 69,439
|
$ 66,124
|
Real
estate loans - commercial and other
|
66,407
|
67,751
|
61,450
|
58,683
|
53,445
|
Real
estate loans - construction
|
11,408
|
10,542
|
6,727
|
7,069
|
7,695
|
Consumer
loans
|
1,287
|
1,713
|
1,992
|
1,625
|
1,041
|
Commercial
business loans
|
5,411
|
4,807
|
4,534
|
5,260
|
4,929
|
Total Loans
|
$ 173,057
|
$ 161,242
|
$ 152,151
|
$ 142,076
|
$ 133,234
|
Average Total Loans During
Three-Month Period
|
$ 166,926
|
$ 155,609
|
$ 147,934
|
$ 136,395
|
$ 127,719
|
TABLE
2. SUMMARY OF ACTIVITY IN THE ALLOWANCE FOR LOAN LOSSES
|
|||||
2009
|
2008
|
||||
($
in thousands)
|
First
Quarter
|
Fourth
Quarter
|
Third
Quarter
|
Second
Quarter
|
First
Quarter
|
Beginning
Balance
|
$ 2,719
|
$ 2,818
|
$ 3,238
|
$ 3,419
|
$ 3,432
|
Provision
for Loan Losses Charged to Operations
|
-
|
-
|
-
|
-
|
-
|
Charge-offs
|
28
|
99
|
420
|
181
|
13
|
Recoveries
of loans previously charged-off
|
(2)
|
-
|
-
|
-
|
-
|
Ending
Balance
|
$ 2,693
|
$ 2,719
|
$ 2,818
|
$ 3,238
|
$ 3,419
|
Ratios
|
|||||
Charge-offs
to average loans
|
0.02%
|
0.06%
|
0.28%
|
0.13%
|
0.01%
|
Provision
for loan losses to charge-offs
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
Allowance
for loan losses to ending loans
|
1.56%
|
1.69%
|
1.85%
|
2.28%
|
2.57%
|
TABLE
3. DELINQUENT LOANS
|
|||||
2009
|
2008
|
||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
30-89
Days
|
$ 3,214
|
$ 5,231
|
$ 749
|
$ 265
|
$ 5,574
|
90+
Days
|
2,359
|
2,011
|
2,075
|
2,821
|
3,162
|
Total
|
$ 5,573
|
$ 7,242
|
$ 2,824
|
$ 3,086
|
$ 8,736
|
Ratios
|
|||||
Loans
delinquent 90 days or more to total loans
|
1.36%
|
1.25%
|
1.36%
|
1.99%
|
2.37%
|
Total
delinquent loans to total loans
|
3.22%
|
4.50%
|
1.86%
|
2.17%
|
6.56%
|
Allowance
for loan losses to non-accrual loans
|
114.16%
|
135.21%
|
135.83%
|
114.78%
|
108.13%
|
Allowance
for loan losses to total delinquent loans
|
48.32%
|
37.54%
|
99.79%
|
104.92%
|
39.14%
|
TABLE
4. NONPERFORMING ASSETS
|
|||||
2009
|
2008
|
||||
($
in thousands)
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
Loans
accounted for on a nonaccrual basis
|
$ 2,359
|
$ 2,011
|
$ 2,075
|
$ 2,821
|
$ 3,162
|
Foreclosed
assets
|
461
|
461
|
844
|
469
|
85
|
Total
nonperforming assets
|
$ 2,820
|
$ 2,472
|
$ 2,919
|
$ 3,290
|
$ 3,247
|
Loans
greater than 90 days past due and accruing interest
|
-
|
-
|
-
|
-
|
-
|
Troubled
debt restructurings
|
-
|
-
|
-
|
-
|
-
|
Ratios
|
|||||
Nonperforming
assets to loans plus foreclosed assets
|
1.63%
|
1.53%
|
1.91%
|
2.31%
|
2.44%
|
Nonperforming
assets to total assets
|
1.12%
|
1.11%
|
1.35%
|
1.60%
|
1.62%
|
Allowance
for loan losses to nonperforming assets
|
95.50%
|
109.99%
|
96.55%
|
98.42%
|
105.30%
|
TABLE
5. COMPOSITION OF INVESTMENT SECURITIES PORTFOLIO
|
||||||
March
31, 2009
|
December
31, 2008
|
March
31,2008
|
||||
($
in thousands)
|
Amortized
Cost
|
Market
Value
|
Amortized
Cost
|
Market
Value
|
Amortized
Cost
|
Market
Value
|
U.S.
Agency Securities
|
$ 14,348
|
$ 14,383
|
$ 10,010
|
$ 10,070
|
$ 19,511
|
$ 19,705
|
Mortgage
Backed Securities
|
24,160
|
25,042
|
25,484
|
26,100
|
8,460
|
8,560
|
Collateralized
Mortgage Obligations
|
8,412
|
7,757
|
9,035
|
8,039
|
14,417
|
14,039
|
Mutual
Funds
|
3,156
|
3,034
|
3,408
|
3,408
|
5,803
|
5,660
|
Total
Investment Securities
|
$ 50,076
|
$ 50,216
|
$ 47,937
|
$ 47,617
|
$ 48,191
|
$ 47,964
|
TABLE
6. DEPOSIT COMPOSITION
|
||||||
First
Quarter 2009
|
Fourth
Quarter 2008
|
First
Quarter 2008
|
||||
($
in thousands)
|
Average
Balances
|
%
of
Deposits
|
Average
Balances
|
%
of
Deposits
|
Average
Balances
|
%
of
Deposits
|
Noninterest
bearing demand deposits
|
$ 8,860
|
5.8%
|
$ 10,158
|
7.2%
|
$ 8,072
|
6.2%
|
NOW
account deposits
|
42,089
|
27.6%
|
30,837
|
21.9%
|
23,345
|
17.8%
|
Savings
deposits
|
14,680
|
9.6%
|
15,738
|
11.2%
|
18,600
|
14.2%
|
Time
deposits
|
87,136
|
57.0%
|
83,977
|
59.7%
|
80,761
|
61.8%
|
Total
|
$ 152,765
|
100.00%
|
$ 140,710
|
100.00%
|
$ 130,778
|
100.00%
|
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
|
18.94
|
2005
|
3,907
|
74
|
19.06
|
2006
|
17,763
|
300
|
16.87
|
2007
|
10,468
|
188
|
18.00
|
2008
|
-
|
-
|
-
|
Three
months ended March 31, 2009
|
9,659
|
117
|
12.05
|
Total
Stock Repurchases
|
2,192,359
|
$ 32,798
|
$ 14.96
|
TABLE
8. REGULATORY CAPITAL AND CAPITAL RATIOS
|
|||
2009
|
2008
|
||
($
in thousands)
|
March
31
|
December
31
|
March
31
|
Tier
1 regulatory capital
|
$ 26,078
|
$ 25,611
|
$ 27,253
|
Tier
2 regulatory capital
|
1,908
|
1,772
|
1,400
|
Total
regulatory capital
|
$ 27,986
|
$ 27,383
|
$ 28,653
|
Adjusted
total assets
|
$ 250,434
|
$ 221,614
|
$ 198,660
|
Risk-weighted
assets
|
$ 152,697
|
$ 141,772
|
$ 115,632
|
Ratios
|
|||
Tier
1 capital to adjusted total assets
|
10.41%
|
11.56%
|
13.72%
|
Tier
1 capital to risk-weighted assets
|
17.08%
|
18.06%
|
23.57%
|
Total
regulatory capital to risk-weighted assets
|
18.33%
|
19.31%
|
24.78%
|
TABLE
9. KEY LIQUIDITY INDICATORS
|
|||
2009
|
2008
|
||
($
in thousands)
|
March
31
|
December
31
|
March
31
|
Cash
and cash equivalents
|
$ 17,764
|
$ 3,205
|
$ 11,491
|
Total
loans
|
173,057
|
161,242
|
133,234
|
Total
deposits
|
170,743
|
140,115
|
133,335
|
Deposits
$100,000 and over
|
74,530
|
54,620
|
40,478
|
Ratios
|
|||
Total
loans to total deposits
|
101.36%
|
115.08%
|
99.93%
|
Deposits
$100,000 and over to total deposits
|
43.65%
|
38.98%
|
30.36%
|
TABLE
10. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST
RATES
|
|||||||||
First
Quarter 2009
|
Fourth
Quarter 2008
|
First
Quarter 2008
|
|||||||
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
||||
($
in thousands)
|
Balance
|
Interest
|
Yield/
Cost
|
Balance
|
Interest
|
Yield/
Cost
|
Balance
|
Interest
|
Yield/
Cost
|
ASSETS
|
|||||||||
INTEREST-EARNING
ASSETS
|
|||||||||
Loans
|
$ 166,926
|
$ 2,747
|
6.58%
|
$ 155,609
|
$ 2,531
|
6.51%
|
$ 127,725
|
$ 2,199
|
6.85%
|
U.S.
Agency securities
|
10,138
|
138
|
5.44
|
9,839
|
137
|
5.57
|
21,981
|
333
|
6.03
|
Mortgage-backed
securities
|
25,780
|
338
|
5.24
|
24,462
|
348
|
5.69
|
8,804
|
120
|
5.42
|
Collateralized
mortgage obligations
|
8,024
|
125
|
6.23
|
9,730
|
131
|
5.39
|
14,537
|
197
|
5.39
|
Mutual
funds
|
3,269
|
35
|
4.28
|
3,802
|
46
|
4.84
|
5,769
|
67
|
4.62
|
Total
investment in securities
|
47,211
|
636
|
5.39
|
47,833
|
662
|
5.54
|
51,091
|
717
|
5.64
|
FHLB
stock
|
2,345
|
3
|
0.51
|
2,290
|
10
|
1.75
|
1,547
|
12
|
3.09
|
Federal
funds sold and demand deposits
|
7,471
|
2
|
0.11
|
3,849
|
3
|
0.31
|
6,805
|
59
|
3.45
|
Total
interest-earning assets
|
223,953
|
3,388
|
6.05%
|
209,581
|
3,206
|
6.12%
|
187,168
|
2,987
|
6.35%
|
NONINTEREST-EARNING
ASSETS
|
|||||||||
Other
assets
|
13,368
|
13,508
|
11,685
|
||||||
Allowance
for loan losses
|
(2,719)
|
(2,782)
|
(3,432)
|
||||||
Total
assets
|
$ 234,602
|
$ 220,307
|
$ 195,421
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||||
INTEREST-BEARING
LIABILITIES
|
|||||||||
NOW
account deposits
|
$ 42,089
|
$ 278
|
2.64%
|
$ 30,837
|
$ 204
|
2.65%
|
$ 23,345
|
$ 159
|
2.71%
|
Savings
deposits
|
14,680
|
18
|
0.49
|
15,738
|
29
|
0.74
|
18,601
|
40
|
0.86
|
Time
deposits
|
87,136
|
724
|
3.32
|
83,977
|
744
|
3.54
|
80,761
|
891
|
4.39
|
Total
interest-bearing deposits
|
143,905
|
1,020
|
2.84
|
130,552
|
977
|
2.99
|
122,707
|
1,090
|
3.58
|
Borrowings
|
51,736
|
493
|
3.81
|
49,931
|
486
|
3.89
|
34,931
|
405
|
4.61
|
Total
interest-bearing liabilities
|
195,641
|
1,513
|
3.09%
|
180,483
|
1,463
|
3.24%
|
157,638
|
1,495
|
3.82%
|
NONINTEREST-BEARING
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||
Demand
deposits
|
8,860
|
10,158
|
8,072
|
||||||
Other
liabilities
|
2,237
|
2,286
|
1,196
|
||||||
Stockholders'
equity
|
27,864
|
27,380
|
28,515
|
||||||
Total
liabilities and stockholders' equity
|
$ 234,602
|
$ 220,307
|
$ 195,421
|
||||||
Net
interest income and margin
|
$ 1,875
|
3.35%
|
$ 1,743
|
3.33%
|
$ 1,492
|
3.21%
|
|||
Net
interest-earning assets and spread
|
$ 28,312
|
2.96%
|
$ 29,098
|
2.88%
|
$ 29,530
|
2.53%
|
|||
Cost
of funding interest-earning assets
|
2.70%
|
2.79%
|
3.20%
|
||||||
TABLE
11. SUMMARY OF CHANGES IN NET INTEREST INCOME
|
||||||
First
Quarter 2009 Compared to:
|
||||||
Fourth
Quarter of 2008
|
First
Quarter of 2008
|
|||||
Due
to Change in
|
Total
|
Due
to Change in
|
Total
|
|||
($
in thousands)
|
Volume
|
Rate
|
Increase
(Decrease)
|
Volume
|
Rate
|
Increase
(Decrease)
|
INTEREST
INCOME
|
||||||
Loans
|
$ 184
|
$ 32
|
$ 216
|
$ 675
|
$ (127)
|
$ 548
|
U.S.
Agency securities
|
4
|
(3)
|
1
|
(179)
|
(16)
|
(195)
|
Mortgage-backed
securities
|
19
|
(29)
|
(10)
|
231
|
(13)
|
218
|
Collateralized
mortgage obligations
|
(23)
|
17
|
(6)
|
(88)
|
16
|
(72)
|
Mutual
funds
|
(6)
|
(5)
|
(11)
|
(29)
|
(3)
|
(32)
|
Total
investment in securities
|
(6)
|
(20)
|
(26)
|
(65)
|
(16)
|
(81)
|
FHLB
stock
|
-
|
(7)
|
(7)
|
6
|
(15)
|
(9)
|
Federal
funds sold and demand deposits
|
3
|
(4)
|
(1)
|
6
|
(63)
|
(57)
|
Total
interest income
|
181
|
1
|
182
|
622
|
(221)
|
401
|
INTEREST
EXPENSE
|
||||||
NOW
account deposits
|
$ 74
|
$ -
|
$ 74
|
$ 128
|
$ (9)
|
$ 119
|
Savings
deposits
|
(2)
|
(9)
|
(11)
|
(8)
|
(14)
|
(22)
|
Time
deposits
|
28
|
(48)
|
(20)
|
70
|
(237)
|
(167)
|
Total
interest-bearing deposits
|
100
|
(57)
|
43
|
190
|
(260)
|
(70)
|
Borrowings
|
18
|
(11)
|
7
|
195
|
(107)
|
88
|
Total
interest expense
|
118
|
(68)
|
50
|
385
|
(367)
|
18
|
Change
in net interest income
|
63
|
69
|
132
|
237
|
146
|
383
|
TABLE
12. NON-INTEREST INCOME
|
||
($
in thousands)
|
First
Quarter 2009
|
First
Quarter 2008
|
Service
charges on deposit accounts
|
$ 13
|
$ 5
|
ATM
fees
|
6
|
3
|
Early
closing penalties
|
2
|
1
|
Income
from real estate held for investment
|
14
|
14
|
Gain
on sales of mortgage loans
|
358
|
95
|
Miscellaneous
|
(18)
|
(3)
|
Total
non-interest income before securities transactions
|
375
|
115
|
Net
(loss)/gain on securities transactions
|
(2)
|
-
|
Total
non-interest income
|
$ 373
|
$ 115
|
TABLE
13. NON-INTEREST EXPENSE
|
||
($
in thousands)
|
First
Quarter 2009
|
First
Quarter 2008
|
Employee
compensation and benefits
|
$ 919
|
$ 864
|
Net
occupancy expense
|
198
|
200
|
Ad
Valorem taxes
|
58
|
75
|
Data
processing costs
|
88
|
71
|
Advertising
|
21
|
12
|
ATM
server expenses
|
13
|
9
|
Professional
fees
|
165
|
48
|
Deposit
insurance and supervisory fees
|
76
|
29
|
Printing
and office supplies
|
31
|
22
|
Telephone
|
13
|
17
|
Security
expense
|
12
|
8
|
Dues
and subscriptions
|
19
|
25
|
Other
operating expenses
|
63
|
36
|
Total
non-interest expense
|
$ 1,676
|
$ 1,416
|
Efficiency
ratio
|
74.57%
|
88.17%
|
Item
2 – Unregistered Sales of Equity Securities and Use of
Proceeds
|
|
Period
|
Total
Number of Shares
Purchased
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plans or Programs
(1)
|
||||||||||||
January
1, 2009 – January 31, 2009
|
- | $ | - | - | 64,250 | |||||||||||
February
1, 2008 – February 28, 2009
|
6,659 | 11.87 | 6,659 | 57,591 | ||||||||||||
March
1, 2009 – March 31, 2009
|
3,000 | 12.43 | 3,000 | 54,591 | ||||||||||||
Total
|
9,659 | $ | 12.05 | 9,659 | 54,591 |
(1)
|
On
October 22, 2008 the Company announced by press release a stock repurchase
program to repurchase 64,250 shares, or 5.0% of its outstanding common
stock over a one year period, or such longer amount of time as may be
necessary to complete the repurchase plan. The program became effective
November 6, 2008.
|
* | 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) |
No.
|
Description | |
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 Year GS Financial Corp. (MM) Chart |
1 Month GS Financial Corp. (MM) Chart |
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