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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
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Washington, D.C. 20549
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FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly period ended
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Commission File Number:
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June 30, 2009
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0-22269
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GS Financial Corp.
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(Exact name of Registrant as Specified in its Charter)
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Louisiana
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72-1341014
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(State of Incorporation)
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(IRS Employer Identification No.)
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3798 Veterans Blvd.
Metairie, LA 70002
(Address of Principal Executive Offices)
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(504) 457-6220
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(Registrant’s Telephone Number, including area code)
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Not applicable
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(Former name, former address and former fiscal year, if changed since last report)
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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
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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
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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):
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Large accelerated filer
[ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ X ]
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(Do not check if smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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[ ] Yes [ X ] No
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
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Class
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Outstanding at August 14, 2009
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Common Stock, par value $.01 per share
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1,251,516 shares
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TABLE OF CONTENTS
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Page
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PART I – FINANCIAL INFORMATION
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Item 1
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Financial Statements
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Consolidated Statements of Financial Condition
|
1
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Consolidated Statements of Income
|
2
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Consolidated Statements of Changes in Stockholders’ Equity
|
3
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Consolidated Statements of Cash Flows
|
4
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Notes to Consolidated Financial Statements
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5
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Selected Consolidated Financial Data
|
8
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Item 2
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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9
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Item 3
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Quantitative and Qualitative Disclosures about Market Risk
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22
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Item 4
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Controls and Procedures
|
22
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PART II – OTHER INFORMATION
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Item 1
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Legal Proceedings
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22
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Item 1a
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Risk Factors
|
22
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Item 2
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Unregistered Sales of Equity Securities and Use of Proceeds
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22
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Item 3
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Defaults Upon Senior Securities
|
23
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Item 4
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Submission of Matters to a Vote of Security Holders
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23
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Item 5
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Other Information
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23
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Item 6
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Exhibits
|
23
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SIGNATURES
EXHIBIT INDEX
|
GS FINANCIAL CORP. AND SUBSIDIARY
|
||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||
June 30, 2009
|
December 31, 2008 | |||||||
(Unaudited)
|
(See Note 1)
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|||||||
(In Thousands)
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||||||||
ASSETS
|
||||||||
Cash and Cash Equivalents
|
||||||||
Cash and Amounts Due from Depository Institutions
|
$ | 3,127 | $ | 2,313 | ||||
Interest-Bearing Deposits in Other Banks
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14,104 | 569 | ||||||
Federal Funds Sold
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1,547 | 323 | ||||||
Total Cash and Cash Equivalents
|
18,778 | 3,205 | ||||||
Securities Available-for-Sale, at Fair Value
|
52,781 | 47,617 | ||||||
Loans, Net of Allowance for Loan Losses of $2,643 and
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||||||||
$2,719, Respectively
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179,005 | 158,523 | ||||||
Accrued Interest Receivable
|
1,593 | 1,612 | ||||||
Other Real Estate
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1,847 | 461 | ||||||
Premises and Equipment, Net
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5,688 | 5,756 | ||||||
Stock in Federal Home Loan Bank, at Cost
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2,352 | 2,300 | ||||||
Real Estate Held-for-Investment, Net
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432 | 436 | ||||||
Other Assets
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2,258 | 1,960 | ||||||
Total Assets
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$ | 264,734 | $ | 221,870 | ||||
LIABILITIES
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||||||||
Deposits
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||||||||
Noninterest-bearing
|
$ | 10,042 | $ | 7,970 | ||||
Interest-bearing
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179,580 | 132,145 | ||||||
Total Deposits
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189,622 | 140,115 | ||||||
Advance Payments by Borrowers for Taxes and Insurance
|
332 | 167 | ||||||
FHLB Advances
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44,490 | 52,002 | ||||||
Other Liabilities
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2,152 | 2,028 | ||||||
Total Liabilities
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236,596 | 194,312 | ||||||
STOCKHOLDERS' EQUITY
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||||||||
Preferred Stock - $.01 Par Value; 5,000,000 Shares Authorized,
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$ | - | $ | - | ||||
None Issued
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||||||||
Common Stock - $.01 Par Value; 20,000,000 Shares Authorized,
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34 | 34 | ||||||
3,438,500 Shares Issued
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||||||||
Additional Paid-in Capital
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34,550 | 34,546 | ||||||
Unearned RRP Trust Stock
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(132 | ) | (143 | ) | ||||
Treasury Stock (2,164,948 Shares at June 30, 2009 and
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||||||||
2,152,700 Shares at December 31, 2008)
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(32,215 | ) | (32,062 | ) | ||||
Retained Earnings
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26,029 | 25,404 | ||||||
Accumulated Other Comprehensive Loss
|
(128 | ) | (221 | ) | ||||
Total Stockholders' Equity
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28,138 | 27,558 | ||||||
Total Liabilities & Stockholders' Equity
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$ | 264,734 | $ | 221,870 | ||||
The accompanying notes are an integral part of these financial statements.
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||||||||
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For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2009
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2008
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2009
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2008
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|||||||||||||
(In Thousands, Except Per Share Data)
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||||||||||||||||
INTEREST AND DIVIDED INCOME
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||||||||||||||||
Loans, Including Fees
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$ | 2,992 | $ | 2,349 | $ | 5,739 | $ | 4,548 | ||||||||
Investment Securities
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609 | 621 | 1,245 | 1,338 | ||||||||||||
Other Interest Income
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9 | 49 | 14 | 120 | ||||||||||||
Total Interest and Dividend Income
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3,610 | 3,019 | 6,998 | 6,006 | ||||||||||||
INTEREST EXPENSE
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||||||||||||||||
Deposits
|
1,192 | 979 | 2,212 | 2,070 | ||||||||||||
Advances from Federal Home Loan Bank
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471 | 401 | 964 | 806 | ||||||||||||
Total Interest Expense
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1,663 | 1,380 | 3,176 | 2,876 | ||||||||||||
NET INTEREST INCOME
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1,947 | 1,639 | 3,822 | 3,130 | ||||||||||||
PROVISION FOR LOAN LOSSES
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- | - | - | - | ||||||||||||
NET INTEREST INCOME AFTER PROVISION
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FOR LOAN LOSSES
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1,947 | 1,639 | 3,822 | 3,130 | ||||||||||||
NON-INTEREST INCOME
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||||||||||||||||
Loss on Securities
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(9 | ) | (660 | ) | (11 | ) | (660 | ) | ||||||||
Gain on Sale of Loans
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335 | 92 | 693 | 187 | ||||||||||||
Other Income
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155 | 43 | 172 | 63 | ||||||||||||
Total Non-Interest Income (Loss)
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481 | (525 | ) | 854 | (410 | ) | ||||||||||
NON-INTEREST EXPENSE
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Salaries and Employee Benefits
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954 | 868 | 1,873 | 1,732 | ||||||||||||
Occupancy Expense
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205 | 201 | 403 | 401 | ||||||||||||
Ad Valorem Taxes
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59 | 75 | 117 | 150 | ||||||||||||
Other Expenses
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555 | 321 | 1,056 | 598 | ||||||||||||
Total Non-Interest Expense
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1,773 | 1,465 | 3,449 | 2,881 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
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655 | (351 | ) | 1,227 | (161 | ) | ||||||||||
INCOME TAX EXPENSE (BENEFIT)
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152 | (119 | ) | 346 | (55 | ) | ||||||||||
NET INCOME (LOSS)
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$ | 503 | $ | (232 | ) | $ | 881 | $ | (106 | ) | ||||||
EARNINGS (LOSS) PER SHARE - BASIC
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$ | 0.40 | $ | (0.18 | ) | $ | 0.69 | $ | (0.08 | ) | ||||||
EARNINGS (LOSS) PER SHARE - DILUTED
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$ | 0.40 | $ | (0.18 | ) | $ | 0.69 | $ | (0.08 | ) | ||||||
The accompanying notes are an integral part of these financial statements.
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GS FINANCIAL CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY
(Unaudited)
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||||||||||||||||||||||||||||
(
In Thousands)
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Common Stock
|
Additional
Paid-in Capital
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Treasury Stock
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Unearned RRP Trust Stock
|
Retained Earnings
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Accumulated
Other Comprehensive
Income (Loss)
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Total Stockholders' Equity
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|||||||||||||||||||||
Balances At December 31, 2007
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$ | 34 | $ | 34,546 | $ | (32,062 | ) | $ | (158 | ) | $ | 25,919 | $ | (115 | ) | $ | 28,164 | |||||||||||
Comprehensive Loss:
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Net Loss
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- | - | - | - | (106 | ) | - | (106 | ) | |||||||||||||||||||
Other Comprehensive Loss,
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||||||||||||||||||||||||||||
Net of Applicable
Deferred
Income Taxes
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- | - | - | - | - | (339 | ) | (339 | ) | |||||||||||||||||||
Total Comprehensive Loss
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- | - | - | - | (106 | ) | (339 | ) | (445 | ) | ||||||||||||||||||
Dividends Declared
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- | - | - | - | (257 | ) | - | (257 | ) | |||||||||||||||||||
Balances at June 30, 2008
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$ | 34 | $ | 34,546 | $ | (32,062 | ) | $ | (158 | ) | $ | 25,556 | $ | (454 | ) | $ | 27,462 | |||||||||||
Balances At December 31, 2008
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$ | 34 | $ | 34,546 | $ | (32,062 | ) | $ | (143 | ) | $ | 25,404 | $ | (221 | ) | $ | 27,558 | |||||||||||
Comprehensive Income:
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||||||||||||||||||||||||||||
Net Income
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- | - | - | - | 881 | - | 881 | |||||||||||||||||||||
Other Comprehensive
Income,
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||||||||||||||||||||||||||||
Net of Applicable
Deferred Income Taxes
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- | - | - | - | - | 93 | 93 | |||||||||||||||||||||
Total Comprehensive Income
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- | - | - | - | 881 | 93 | 974 | |||||||||||||||||||||
Distribution of RRP Stock
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- | 4 | - | 11 | - | - | 15 | |||||||||||||||||||||
Purchase of Treasury Stock
|
- | - | (153 | ) | - | - | - | (153 | ) | |||||||||||||||||||
Dividends Declared
|
- | - | - | - | (256 | ) | - | (256 | ) | |||||||||||||||||||
Balances at June 30, 2009
|
$ | 34 | $ | 34,550 | $ | (32,215 | ) | $ | (132 | ) | $ | 26,029 | $ | (128 | ) | $ | 28,138 | |||||||||||
The accompanying notes are an intergral part of these financial statements.
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||||||||||||||||||||||||||||
GS FINANCIAL CORP. AND SUBSIDIARY
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended
|
||||||||
June 30,
|
||||||||
2009
|
2008
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income (Loss)
|
$ | 881 | $ | (106 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash
|
||||||||
Provided by Operating Activities:
|
||||||||
Depreciation and Amortization
|
136 | 145 | ||||||
Premium Amortization (Discount Accretion), Net
|
20 | (19 | ) | |||||
Non-Cash Dividend - FHLB Stock
|
(4 | ) | (24 | ) | ||||
Loan Fees, Net
|
282 | 139 | ||||||
RRP Expense
|
15 | 9 | ||||||
Gain on Sales of Loans
|
(693 | ) | (187 | ) | ||||
Gain on Sale of Property and Equipment
|
(134 | ) | (16 | ) | ||||
Loss on Sales of Investments
|
11 | 9 | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||
Accrued Interest Receivable and Other Assets
|
(279 | ) | 314 | |||||
Accrued Interest Payable and Other Liabilities
|
76 | (106 | ) | |||||
Net Cash Provided by Operating Activities
|
311 | 158 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from Maturities of Investment Securities
|
10,574 | 13,034 | ||||||
Proceeds from Sales of Investment Securities
|
- | 5,003 | ||||||
Purchases of Investment Securities
|
(16,128 | ) | (19,319 | ) | ||||
Redemption of Mutual Funds, Net
|
500 | 250 | ||||||
Loan Originations and Principal Collections, Net
|
(59,483 | ) | (34,228 | ) | ||||
Proceeds from Sales of Loans
|
38,026 | 13,446 | ||||||
Proceeds from Sale of Premises and Equipment
|
191 | 142 | ||||||
Purchases of Premises and Equipment
|
(121 | ) | (85 | ) | ||||
Purchase of Federal Home Loan Bank Stock
|
(48 | ) | - | |||||
Net Cash Used in Investing Activities
|
(26,489 | ) | (21,757 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase of Treasury Stock
|
(153 | ) | - | |||||
(Decrease) Increase in Federal Home Loan Bank Advances
|
(7,512 | ) | 15,452 | |||||
Payment of Cash Stock Dividends
|
(256 | ) | (257 | ) | ||||
Increase in Deposits
|
49,507 | 4,496 | ||||||
Increase in Deposit for Escrows
|
165 | 26 | ||||||
Net Cash Provided by Financing Activities
|
41,751 | 19,717 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
15,573 | (1,882 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
3,205 | 9,462 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$ | 18,778 | $ | 7,580 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash Paid During the Period for Interest
|
$ | 3,190 | $ | 2,852 | ||||
Cash Paid During the Period for Income Taxes
|
408 | - | ||||||
Loans Transferred to Other Real Estate During the Period
|
1,386 | 469 | ||||||
The accompanying notes are an integral part of these statements.
|
||||||||
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
($ in thousands, except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Numerator:
|
||||||||||||||||
Net Income (Loss)
|
$ | 503 | $ | (232 | ) | $ | 881 | $ | (106 | ) | ||||||
Effect of Dilutive Securities
|
- | - | - | - | ||||||||||||
Numerator for Diluted Earnings Per Share
|
$ | 503 | $ | (232 | ) | $ | 881 | $ | (106 | ) | ||||||
Denominator
|
||||||||||||||||
Weighted Average Shares Outstanding
|
1,268,579 | 1,285,000 | 1,271,735 | 1,285,000 | ||||||||||||
Effect of Potentially Dilutive Securities and
Contingently Issuable Shares
|
- | - | - | - | ||||||||||||
Denominator for Diluted Earnings Per Share
|
1,268,579 | 1,285,000 | 1,271,735 | 1,285,000 | ||||||||||||
Earnings (Loss) Per Share
|
||||||||||||||||
Basic
|
$ | 0.40 | $ | (0.18 | ) | $ | 0.69 | $ | (0.08 | ) | ||||||
Diluted
|
$ | 0.40 | $ | (0.18 | ) | $ | 0.69 | $ | (0.08 | ) | ||||||
Cash Dividends Per Share
|
$ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
June 30, 2009
|
|||||||
Level 1
|
Level 2
|
Level 3
|
|||||
(In Thousands)
|
|||||||
Available for Sale Securities
1
|
|||||||
U.S. Agency Securities
|
$ |
--
|
$ 10,379
|
$ |
--
|
||
Mortgage Backed Securities
|
--
|
32,263
|
--
|
||||
Collateralized Mortgage Obligations
|
--
|
6,173
|
--
|
||||
Municipal Securities
|
--
|
1,165
|
--
|
||||
Mutual Funds
|
--
|
2,801
|
--
|
||||
Loans
2
|
--
|
2,610
|
--
|
||||
Cash Dividends Per Share
3
|
--
|
1,847
|
--
|
||||
1
Securities are measured at fair value on a recurring basis, generally monthly.
|
|||||||
2
includes impaired loans that have been measured for impairment at the fair value of the loan's collateral and a reserve of $482,000 which is included in the Company's allowance for loan losses.
|
|||||||
3
Other real estate is transferred from loans to real estate owned at the lower of carrying value or market.
|
GS FINANCIAL CORP.
|
||||||||||||||||||||
SELECTED CONSOLIDATED FINANCIAL DATA
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
At or For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
($ in thousands, except per share data)
|
June 30, 2009
|
March 31, 2009
|
June 30, 2008
|
June 30, 2009
|
June 30, 2008
|
|||||||||||||||
BALANCE SHEET DATA
|
||||||||||||||||||||
Total Assets
|
$ | 264,734 | $ | 251,003 | $ | 205,636 | ||||||||||||||
Cash and Cash Equivalents
|
18,778 | 17,764 | 7,580 | |||||||||||||||||
Loans Receivable, Net
|
179,005 | 170,364 | 138,838 | |||||||||||||||||
Investment Securities
|
52,781 | 50,216 | 47,780 | |||||||||||||||||
Deposit Accounts
|
189,622 | 170,743 | 134,341 | |||||||||||||||||
Borrowings
|
44,490 | 49,853 | 42,438 | |||||||||||||||||
Stockholders' Equity
|
28,138 | 28,012 | 27,462 | |||||||||||||||||
INCOME STATEMENT DATA
|
||||||||||||||||||||
Interest and Dividend Income
|
$ | 3,610 | $ | 3,388 | $ | 3,019 | $ | 6,998 | $ | 6,006 | ||||||||||
Interest Expense
|
1,663 | 1,513 | 1,380 | 3,176 | 2,876 | |||||||||||||||
Net Interest Income
|
1,947 | 1,875 | 1,639 | 3,822 | 3,130 | |||||||||||||||
Provision for Loan Losses
|
- | - | - | - | - | |||||||||||||||
Net Interest Income After Provision for Loan Losses
|
1,947 | 1,875 | 1,639 | 3,822 | 3,130 | |||||||||||||||
Non-Interest Income (Loss)
|
481 | 373 | (525 | ) | 854 | (410 | ) | |||||||||||||
Non-Interest Expense
|
1,773 | 1,676 | 1,465 | 3,449 | 2,881 | |||||||||||||||
Net Income (Loss) Before Taxes
|
655 | 572 | (351 | ) | 1,227 | (161 | ) | |||||||||||||
Income Tax Expense (Benefit)
|
152 | 194 | (119 | ) | 346 | (55 | ) | |||||||||||||
Net Income (Loss)
|
503 | 378 | (232 | ) | 881 | (106 | ) | |||||||||||||
KEY RATIOS
1
|
||||||||||||||||||||
Return on Average Assets
|
0.76 | % | 0.64 | % | (0.23 | %) | 0.71 | % | 0.47 | % | ||||||||||
Return on Average Stockholders' Equity
|
7.10 | % | 5.42 | % | (1.70 | %) | 6.26 | % | 2.89 | % | ||||||||||
Net Interest Margin
|
3.10 | % | 3.35 | % | 3.43 | % | 3.21 | % | 3.32 | % | ||||||||||
Average Loans to Average Deposits
|
95.86 | % | 109.27 | % | 102.06 | % | 101.93 | % | 99.90 | % | ||||||||||
Average Interest-Earning Assets to
|
||||||||||||||||||||
Average Interest-Bearing Liabilities
|
113.33 | % | 114.47 | % | 116.61 | % | 113.86 | % | 117.17 | % | ||||||||||
Efficiency Ratio
|
73.01 | % | 74.57 | % | 82.58 | % | 73.76 | % | 85.24 | % | ||||||||||
Non-Interest Expense to Average Assets
|
2.69 | % | 2.86 | % | 2.93 | % | 2.77 | % | 2.92 | % | ||||||||||
Allowance for Loan Losses to Total Loans
|
1.46 | % | 1.56 | % | 2.28 | % | ||||||||||||||
Stockholders' Equity to Total Assets
|
10.63 | % | 11.16 | % | 13.35 | % | ||||||||||||||
COMMON SHARE DATA
|
||||||||||||||||||||
Earnings (Loss) Per Share
|
||||||||||||||||||||
Basic
|
$ | 0.40 | $ | 0.30 | $ | (0.18 | ) | $ | 0.69 | $ | (0.08 | ) | ||||||||
Diluted
|
0.40 | 0.30 | (0.18 | ) | 0.69 | (0.08 | ) | |||||||||||||
Dividends Paid Per Share
|
0.10 | 0.10 | 0.10 | 0.20 | 0.20 | |||||||||||||||
Book Value Per Share
|
22.18 | 21.97 | 21.56 | |||||||||||||||||
Average Shares Outstanding
|
||||||||||||||||||||
Basic
|
1,268,579 | 1,274,892 | 1,285,000 | 1,271,735 | 1,285,000 | |||||||||||||||
Diluted
|
1,268,579 | 1,274,892 | 1,285,800 | 1,271,735 | 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)
|
June 30
|
March 31
|
December 31
|
September 30
|
June 30
|
|||||||||||||||
Real estate loans - residential
|
$ | 89,379 | $ | 88,544 | $ | 76,429 | $ | 77,448 | $ | 69,439 | ||||||||||
Real estate loans - commercial and other
|
70,980 | 66,407 | 67,751 | 61,450 | 58,683 | |||||||||||||||
Real estate loans - construction
|
14,578 | 11,408 | 10,542 | 6,727 | 7,069 | |||||||||||||||
Consumer loans
|
1,266 | 1,287 | 1,713 | 1,992 | 1,625 | |||||||||||||||
Commercial business loans
|
5,445 | 5,411 | 4,807 | 4,534 | 5,260 | |||||||||||||||
Total loans
|
$ | 181,648 | $ | 173,057 | $ | 161,242 | $ | 152,151 | $ | 142,076 | ||||||||||
Average total loans during three-month period
|
$ | 176,633 | $ | 166,926 | $ | 155,609 | $ | 147,934 | $ | 136,395 | ||||||||||
TABLE 2. SUMMARY OF ACTIVITY IN THE ALLOWANCE FOR LOAN LOSSES
|
||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||
($ in thousands)
|
Second
Quarter
|
First
Quarter
|
Fourth
Quarter
|
Third
Quarter
|
Second
Quarter
|
|||||||||||||||
Beginning balance
|
$ | 2,693 | $ | 2,719 | $ | 2,818 | $ | 3,238 | $ | 3,419 | ||||||||||
Provision for loan losses
|
- | - | - | - | - | |||||||||||||||
Loans charged off
|
50 | 28 | 99 | 420 | 181 | |||||||||||||||
Recoveries of loans previously charged-off
|
- | (2 | ) | - | - | - | ||||||||||||||
Ending balance
|
$ | 2,643 | $ | 2,693 | $ | 2,719 | $ | 2,818 | $ | 3,238 | ||||||||||
Ratios
|
||||||||||||||||||||
Charge-offs to average loans
|
0.03 | % | 0.02 | % | 0.06 | % | 0.28 | % | 0.13 | % | ||||||||||
Provision for loan losses to charge-offs
|
n/a | n/a | n/a | n/a | n/a | |||||||||||||||
Allowance for loan losses to ending loans
|
1.46 | % | 1.56 | % | 1.69 | % | 1.85 | % | 2.28 | % | ||||||||||
TABLE 3. DELINQUENT LOANS
|
||||||
2009
|
2008
|
|||||
($ in thousands)
|
June 30
|
March 31
|
December 31
|
September 30
|
June 30
|
|
30-89 Days
|
$ 1,960
|
$ 3,214
|
$ 5,231
|
$ 749
|
$ 265
|
|
90+ Days
|
3,092
|
2,359
|
2,011
|
2,075
|
2,821
|
|
Total
|
$ 5,052
|
$ 5,573
|
$ 7,242
|
$ 2,824
|
$ 3,086
|
|
Ratios
|
||||||
Loans delinquent 90+ days to total loans
|
1.70%
|
1.36%
|
1.25%
|
1.36%
|
1.99%
|
|
Total delinquent loans to total loans
|
2.78%
|
3.22%
|
4.50%
|
1.86%
|
2.17%
|
|
Allowance for loan losses to 90+ day
|
||||||
delinquent loans
|
85.48%
|
114.16%
|
135.21%
|
135.81%
|
114.78%
|
|
Allowance for loan losses to total
|
||||||
delinquent loans
|
52.32%
|
48.32%
|
37.54%
|
99.79%
|
104.93%
|
|
TABLE 4. NONPERFORMING ASSETS
|
||||||
2009
|
2008
|
|||||
($ in thousands)
|
June 30
|
March 31
|
December 31
|
September 30
|
June 30
|
|
Loans accounted for on a non-accrual basis
|
$ 2,885
|
$ 2,210
|
$ 2,011
|
$ 2,075
|
$ 2,821
|
|
Foreclosed assets
|
1,847
|
461
|
461
|
844
|
469
|
|
Total nonperforming assets
|
$ 4,732
|
$ 2,671
|
$ 2,472
|
$ 2,919
|
$ 3,290
|
|
Loans greater than 90 days past due and accruing interest
|
207
|
149
|
|
-
|
-
|
-
|
Troubled debt restructurings
|
-
|
-
|
|
-
|
-
|
-
|
Ratios
|
||||||
Nonperforming assets to loans plus foreclosed assets
|
2.58%
|
1.52%
|
1.53%
|
1.91%
|
2.31%
|
|
Nonperforming assets to total assets
|
1.79%
|
1.06%
|
1.11%
|
1.35%
|
1.60%
|
|
Allowance for loan losses to nonperforming loans
|
91.61%
|
121.86%
|
135.21%
|
135.81%
|
114.78%
|
|
TABLE 5. COMPOSITION OF INVESTMENT SECURITIES PORTFOLIO
|
||||||
June 30, 2009
|
December 31, 2008
|
June 30, 2008
|
||||
($ in thousands)
|
Amortized Cost
|
Market Value
|
Amortized Cost
|
Market Value
|
Amortized Cost
|
Market Value
|
U.S. Agency securities
|
$ 10,362
|
$ 10,379
|
$ 10,010
|
$ 10,070
|
$ 12,511
|
$ 12,293
|
Mortgage-backed securities
|
31,706
|
32,263
|
25,484
|
26,100
|
17,171
|
17,057
|
Collateralized mortgage obligations
|
6,763
|
6,173
|
9,035
|
8,039
|
13,880
|
13,375
|
Municipal securities
|
1,248
|
1,165
|
-
|
-
|
-
|
-
|
Mutual funds
|
2,897
|
2,801
|
3,408
|
3,408
|
4,891
|
5,055
|
Total investment securities
|
$ 52,976
|
$ 52,781
|
$ 47,937
|
$ 47,617
|
$ 48,453
|
$ 47,780
|
TABLE 6. DEPOSIT COMPOSITION
|
||||||
Second Quarter 2009
|
First Quarter 2009
|
Second Quarter 2008
|
||||
($ in thousands)
|
Average
Balances
|
% of
Deposits
|
Average
Balances
|
% of
Deposits
|
Average
Balances
|
% of
Deposits
|
Noninterest-bearing demand deposits
|
$ 10,445
|
5.7%
|
$ 8,860
|
5.8%
|
$ 8,335
|
6.2%
|
NOW and MMDA account deposits
|
65,839
|
35.7%
|
42,089
|
27.6%
|
24,470
|
18.3%
|
Savings deposits
|
13,841
|
7.5%
|
14,680
|
9.6%
|
17,458
|
13.1%
|
Time deposits
|
94,127
|
51.1%
|
87,136
|
57.0%
|
83,375
|
62.4%
|
Total
|
$ 184,252
|
100.0%
|
$ 152,765
|
100.0%
|
$ 133,638
|
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
|
19.00
|
2004
|
16,842
|
315
|
18.71
|
2005
|
3,907
|
74
|
19.06
|
2006
|
17,763
|
300
|
16.87
|
2007
|
10,468
|
188
|
18.00
|
2008
|
-
|
-
|
-
|
Six months ended June 30, 2009
|
12,248
|
153
|
12.42
|
Total stock repurchases
|
2,194,948
|
$ 32,834
|
$ 14.96
|
TABLE 8. REGULATORY CAPITAL AND CAPITAL RATIOS
|
|||
2009
|
2008
|
||
($ in thousands)
|
June 30
|
December 31
|
June 30
|
Tier 1 regulatory capital
|
$ 26,408
|
$ 25,611
|
$ 27,023
|
Tier 2 regulatory capital
|
1,704
|
1,772
|
1,600
|
Total regulatory capital
|
$ 28,112
|
$ 27,383
|
$ 28,623
|
Adjusted total assets
|
$ 264,234
|
$ 221,614
|
$ 204,879
|
Risk-weighted assets
|
$ 160,037
|
$ 141,772
|
$ 128,027
|
Ratios
|
|||
Tier 1 capital to adjusted total assets
|
9.99%
|
11.56%
|
13.19%
|
Tier 1 capital to risk-weighted assets
|
16.50%
|
18.06%
|
21.11%
|
Total capital to risk-weighted assets
|
17.57%
|
19.31%
|
22.36%
|
TABLE 9. KEY LIQUIDITY INDICATORS
|
|||
2009
|
2008
|
||
($ in thousands)
|
June 30
|
December 31
|
June 30
|
Cash and cash equivalents
|
$ 18,778
|
$ 3,205
|
$ 7,580
|
Total loans
|
181,648
|
161,242
|
142,076
|
Total deposits
|
189,622
|
140,115
|
134,341
|
Deposits $100,000 and over
|
86,765
|
54,620
|
43,386
|
Ratios
|
|||
Total loans to total deposits
|
95.79%
|
115.08%
|
105.76%
|
Deposits $100,000 and over to total deposits
|
45.76%
|
38.98%
|
32.30%
|
TABLE 10. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST RATES
|
||||||||||
Second Quarter 2009
|
First Quarter 2009
|
Second Quarter 2008
|
||||||||
($ 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
|
$ 176,633
|
$ 2,992
|
6.78%
|
$ 166,926
|
$ 2,747
|
6.58%
|
$ 136,395
|
$ 2,349
|
6.93%
|
|
U.S. Agency securities
|
11,241
|
122
|
4.34
|
10,138
|
138
|
5.44
|
16,467
|
239
|
5.84
|
|
Mortgage-backed securities
|
30,088
|
349
|
4.64
|
25,780
|
338
|
5.24
|
11,123
|
143
|
5.17
|
|
Collateralized mortgage obligations
|
7,070
|
101
|
5.71
|
8,024
|
125
|
6.23
|
13,601
|
179
|
5.29
|
|
Municipal securities
|
494
|
5
|
4.05
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Mutual funds
|
2,930
|
32
|
4.37
|
3,269
|
35
|
4.28
|
5,463
|
61
|
4.49
|
|
Total investment in securities
|
51,823
|
609
|
4.70
|
47,211
|
636
|
5.39
|
46,654
|
622
|
5.36
|
|
FHLB stock
|
2,351
|
1
|
0.17
|
2,345
|
3
|
0.51
|
1,726
|
12
|
2.80
|
|
Federal funds sold and
|
||||||||||
interest-bearing deposit in other banks
|
20,498
|
8
|
0.16
|
7,471
|
2
|
0.11
|
7,332
|
36
|
1.97
|
|
Total interest-earning assets
|
251,305
|
3,610
|
5.75%
|
223,953
|
3,388
|
6.05%
|
192,107
|
3,019
|
6.32%
|
|
NONINTEREST-EARNING ASSETS
|
||||||||||
Other assets
|
14,541
|
13,368
|
12,386
|
|||||||
Allowance for loan losses
|
(2,663
|
) |
(2,719
|
) |
(3,298
|
) | ||||
Total assets
|
$ 263,183
|
$ 234,602
|
$ 201,195
|
|||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||
INTEREST-BEARING LIABILITIES
|
||||||||||
NOW and MMDA account deposits
|
$ 65,839
|
$ 429
|
2.61%
|
$ 42,089
|
$ 278
|
2.64%
|
$ 24,471
|
$ 128
|
2.10%
|
|
Savings deposits
|
13,841
|
17
|
0.49
|
14,680
|
18
|
0.49
|
17,458
|
32
|
0.74
|
|
Time deposits
|
94,127
|
746
|
3.17
|
87,136
|
724
|
3.32
|
83,374
|
819
|
3.96
|
|
Total interest-bearing deposits
|
173,807
|
1,192
|
2.74
|
143,905
|
1,020
|
2.84
|
125,303
|
979
|
3.15
|
|
Borrowings
|
47,947
|
471
|
3.93
|
51,736
|
493
|
3.81
|
37,956
|
401
|
4.25
|
|
Total interest-bearing liabilities
|
221,754
|
1,663
|
3.00%
|
195,641
|
1,513
|
3.09%
|
163,259
|
1,380
|
3.40%
|
|
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||
Demand deposits
|
10,445
|
8,860
|
8,335
|
|||||||
Other liabilities
|
2,621
|
2,237
|
1,495
|
|||||||
Stockholders' equity
|
28,363
|
27,864
|
28,106
|
|||||||
Total liabilities and
|
||||||||||
stockholders' equity
|
$ 263,183
|
$ 234,602
|
$ 201,195
|
|||||||
Net interest income and margin
|
$ 1,947
|
3.10%
|
$ 1,875
|
3.35%
|
$ 1,639
|
3.41%
|
||||
Net interest-earning assets and spread
|
$ 29,551
|
2.75%
|
$ 28,312
|
2.96%
|
$ 28,848
|
2.92%
|
||||
Cost of funding interest-earning assets
|
2.65%
|
2.70%
|
2.88%
|
|||||||
TABLE 11. SUMMARY OF CHANGES IN NET INTEREST MARGIN
|
||||||||||||||||||||||||
Second Quarter 2009 Compared to:
|
||||||||||||||||||||||||
First Quarter of 2009
|
Second 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
|
160 | 85 | 245 | 693 | (50 | ) | 643 | |||||||||||||||||
U.S. Agency securities
|
15 | (31 | ) | (16 | ) | (76 | ) | (41 | ) | (117 | ) | |||||||||||||
Mortgage-backed securities
|
56 | (45 | ) | 11 | 244 | (38 | ) | 206 | ||||||||||||||||
Collateralized mortgage obligations
|
(15 | ) | (9 | ) | (24 | ) | (86 | ) | 8 | (78 | ) | |||||||||||||
Municipal securities
|
5 | - | 5 | 5 | - | 5 | ||||||||||||||||||
Mutual funds
|
(4 | ) | 1 | (3 | ) | (28 | ) | (1 | ) | (29 | ) | |||||||||||||
Total investment in securities
|
57 | (84 | ) | (27 | ) | 59 | (72 | ) | (13 | ) | ||||||||||||||
FHLB stock
|
- | (2 | ) | (2 | ) | 4 | (15 | ) | (11 | ) | ||||||||||||||
Federal funds sold and
|
||||||||||||||||||||||||
interest bearing deposits in other banks
|
3 | 3 | 6 | 65 | (93 | ) | (28 | ) | ||||||||||||||||
Total interest income
|
220 | 2 | 222 | 821 | (230 | ) | 591 | |||||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||||||
NOW account deposits
|
157 | (6 | ) | 151 | 216 | 85 | 301 | |||||||||||||||||
Savings deposits
|
(1 | ) | - | (1 | ) | (7 | ) | (8 | ) | (15 | ) | |||||||||||||
Time deposits
|
58 | (36 | ) | 22 | 106 | (180 | ) | (74 | ) | |||||||||||||||
Total interest-bearing deposits
|
214 | (42 | ) | 172 | 315 | (103 | ) | 212 | ||||||||||||||||
Borrowings
|
(36 | ) | 14 | (22 | ) | 106 | (36 | ) | 70 | |||||||||||||||
Total interest expense
|
178 | (28 | ) | 150 | 421 | (139 | ) | 282 | ||||||||||||||||
Change in net interest income
|
42 | 30 | 72 | 400 | (91 | ) | 309 | |||||||||||||||||
TABLE 12. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST RATES
|
||||||||||||||||||||||||
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30, 2009
|
June 30, 2008
|
|||||||||||||||||||||||
($ in thousands)
|
Average |
|
Average
|
Average
|
|
Average
|
||||||||||||||||||
Balance |
Interest
|
Yield/ Cost
|
Balance | Interest |
Yield/ Cost
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
INTEREST-EARNING ASSETS
|
||||||||||||||||||||||||
Loans
|
$ | 171,801 | $ | 5,739 | 6.68 | % | $ | 132,084 | $ | 4,548 | 6.92 | % | ||||||||||||
U.S. Agency securities
|
10,696 | 260 | 4.86 | 19,209 | 571 | 5.99 | ||||||||||||||||||
Mortgage-backed securities
|
27,948 | 686 | 4.91 | 9,970 | 263 | 5.30 | ||||||||||||||||||
Collateralized mortgage obligations
|
7,543 | 227 | 6.02 | 14,066 | 376 | 5.38 | ||||||||||||||||||
Municipal securities
|
248 | 5 | 4.03 | - | - | - | ||||||||||||||||||
Mutual funds
|
3,098 | 67 | 4.33 | 5,615 | 128 | 4.58 | ||||||||||||||||||
Total investment in securities
|
49,533 | 1,245 | 5.03 | 48,860 | 1,338 | 5.51 | ||||||||||||||||||
FHLB stock
|
2,348 | 4 | 0.34 | 1,637 | 25 | 2.95 | ||||||||||||||||||
Federal funds sold and
|
||||||||||||||||||||||||
interest-bearing deposits in other banks
|
14,046 | 10 | 0.14 | 7,070 | 95 | 2.70 | ||||||||||||||||||
Total interest-earning assets
|
237,728 | 6,998 | 5.89 | % | 189,651 | 6,006 | 6.37 | % | ||||||||||||||||
NONINTEREST-EARNING ASSETS
|
||||||||||||||||||||||||
Other assets
|
13,957 | 12,037 | ||||||||||||||||||||||
Allowance for loan losses
|
(2,691 | ) | (3,364 | ) | ||||||||||||||||||||
Total assets
|
$ | 248,994 | $ | 198,324 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
INTEREST-BEARING LIABILITIES
|
||||||||||||||||||||||||
NOW and MMDA account deposits
|
$ | 54,051 | $ | 708 | 2.62 | % | $ | 23,911 | $ | 287 | 2.41 | % | ||||||||||||
Savings deposits
|
14,257 | 35 | 0.49 | 18,026 | 72 | 0.80 | ||||||||||||||||||
Time deposits
|
90,658 | 1,469 | 3.24 | 82,075 | 1,711 | 4.19 | ||||||||||||||||||
Total interest-bearing deposits
|
158,966 | 2,212 | 2.78 | 124,012 | 2,070 | 3.36 | ||||||||||||||||||
Borrowings
|
49,831 | 964 | 3.87 | 36,458 | 806 | 4.45 | ||||||||||||||||||
Total interest-bearing liabilities
|
208,797 | 3,176 | 3.04 | % | 160,470 | 2,876 | 3.60 | % | ||||||||||||||||
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Demand deposits
|
9,590 | 8,204 | ||||||||||||||||||||||
Other liabilities
|
2,492 | 1,341 | ||||||||||||||||||||||
Stockholders' equity
|
28,115 | 28,309 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 248,994 | $ | 198,324 | ||||||||||||||||||||
Net interest income and margin
|
$ | 3,822 | 3.21 | % | $ | 3,130 | 3.32 | % | ||||||||||||||||
Net interest-earning assets and spread
|
$ | 28,931 | 2.85 | % | $ | 29,181 | 2.77 | % | ||||||||||||||||
Cost of funding interest-earning assets
|
2.67 | % | 3.05 | % | ||||||||||||||||||||
TABLE 13. SUMMARY OF CHANGES IN NET INTEREST MARGIN
|
||||||||||||
First Six Months 2009 Compared to:
|
||||||||||||
First Six Months of 2008
|
||||||||||||
Due to Change in
|
Total Increase
|
|||||||||||
($ in thousands)
|
Volume
|
Rate
|
(Decrease) | |||||||||
INTEREST INCOME
|
||||||||||||
Loans
|
1,368 | (177 | ) | 1,191 | ||||||||
U.S. Agency securities
|
(253 | ) | (58 | ) | (311 | ) | ||||||
Mortgage-backed securities
|
474 | (51 | ) | 423 | ||||||||
Collateralized mortgage obligations
|
(174 | ) | 25 | (149 | ) | |||||||
Municipal Securities
|
5 | - | 5 | |||||||||
Mutual funds
|
(57 | ) | (4 | ) | (61 | ) | ||||||
Total investment in securities
|
(5 | ) | (88 | ) | (93 | ) | ||||||
FHLB stock
|
11 | (32 | ) | (21 | ) | |||||||
Federal funds sold and Interest Bearing Deposit in Other Banks
|
94 | (179 | ) | (85 | ) | |||||||
Total interest income
|
1,468 | (476 | ) | 992 | ||||||||
INTEREST EXPENSE
|
||||||||||||
NOW and MMDA account deposits
|
362 | 59 | 421 | |||||||||
Savings deposits
|
(15 | ) | (22 | ) | (37 | ) | ||||||
Time deposits
|
179 | (421 | ) | (242 | ) | |||||||
Total interest-bearing deposits
|
526 | (384 | ) | 142 | ||||||||
Borrowings
|
296 | (138 | ) | 158 | ||||||||
Total interest expense
|
822 | (522 | ) | 300 | ||||||||
Change in net interest income
|
646 | 46 | 692 | |||||||||
TABLE 14. NON-INTEREST INCOME
|
||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||
($ in thousands)
|
June 30,
2009
|
June 30,
2008
|
Percentage Increase (Decrease)
|
June 30,
2009
|
June 30,
2008
|
Percentage Increase (Decrease)
|
||||||
Service charges on deposit accounts
|
$ 17
|
$ 11
|
54.5
|
% |
$ 30
|
$ 16
|
87.5 %
|
|||||
ATM fees
|
5
|
4
|
25.0
|
11
|
7
|
57.1
|
||||||
Early closing penalties
|
3
|
1
|
200.0
|
5
|
2
|
150.0
|
||||||
Income from real estate held for investment
|
14
|
14
|
-
|
28
|
28
|
-
|
||||||
Gain on sales of mortgage loans
|
335
|
92
|
264.1
|
693
|
187
|
270.6
|
||||||
Gain on sales of premises and equipment
|
134
|
-
|
(a)
|
134
|
-
|
(a)
|
||||||
Mortgage servicing fees, net
|
(19
|
) |
(2
|
) |
850.0
|
(39
|
) |
(7
|
) |
457.1
|
||
Miscellaneous
|
1
|
15
|
(93.3
|
) |
3
|
17
|
(82.4)
|
|||||
Total non-interest income before securities transactions
|
490
|
135
|
263.0
|
% |
865
|
250
|
246.0%
|
|||||
Securities impairments and losses, net of gains from sales
|
(9
|
) |
(660
|
) |
(a)
|
(11
|
) |
(660
|
) |
(a)
|
||
Total non-interest income
|
$ 481
|
$ (525
|
) |
(a)
|
$ 854
|
$ |
(410
|
) |
(a)
|
|||
(a) Not meaningful
|
||||||||||||
TABLE 15. NON-INTEREST EXPENSE
|
||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||
($ in thousands)
|
June 30,
2009
|
June 30,
2008
|
Percentage Increase (Decrease)
|
June 30,
2009
|
June 30,
2008
|
Percentage Increase (Decrease)
|
||||
Employee compensation and benefits
|
$ 954
|
$ 868
|
9.9
|
% |
$ 1,873
|
$ 1,732
|
8.1 |
%
|
||
Net occupancy expense
|
205
|
201
|
2.0
|
403
|
401
|
0.5 |
|
|||
Ad Valorem taxes
|
59
|
75
|
(21.3
|
) |
117
|
150
|
(22.0 |
)
|
||
Data processing costs
|
94
|
74
|
27.0
|
182
|
145
|
25.5 |
|
|||
Advertising
|
19
|
13
|
46.2
|
40
|
25
|
60.0 |
|
|||
ATM server expenses
|
14
|
10
|
40.0
|
27
|
19
|
42.1 |
|
|||
Professional fees
|
134
|
64
|
109.4
|
299
|
112
|
167.0 |
|
|||
Deposit insurance and supervisory fees
|
146
|
29
|
403.4
|
222
|
58
|
282.8 |
|
|||
Printing and office supplies
|
37
|
32
|
15.6
|
68
|
54
|
25.9 |
|
|||
Telephone
|
14
|
12
|
16.7
|
27
|
21
|
28.6 |
|
|||
Security expense
|
11
|
8
|
37.5
|
23
|
16
|
43.8 |
|
|||
Dues and subscriptions
|
19
|
23
|
(17.4
|
) |
38
|
48
|
(20.8 |
)
|
||
Other operating expenses
|
67
|
56
|
19.6
|
130
|
100
|
30.0 |
|
|||
Total non-interest expense
|
$ 1,773
|
$ 1,465
|
21.0
|
$ 3,449
|
$ 2,881
|
20.0 |
%
|
|||
Efficiency ratio
|
73.01
|
% |
82.58
|
% |
73.76
|
% |
85.24
|
% | ||
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)
|
April 1, 2009 – April 30, 2009
|
-
|
$ -
|
-
|
54,591
|
May 1, 2009 – May 31, 2009
|
1,489
|
13.76
|
1,489
|
53,102
|
June 1, 2009 – June 30, 2009
|
1,100
|
13.90
|
1,100
|
52,002
|
Total
|
2,589
|
$ 13.82
|
2,589
|
52,002
|
(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.
|
For
|
Withhold
|
Against
|
Abstain
|
||
1.
|
To elect two directors for a three year term expiring in 2012:
|
||||
Edward J. Bourgeois
|
810,461
|
263,918
|
n/a
|
n/a
|
|
Stephen L. Cory
|
815,519
|
258,860
|
n/a
|
n/a
|
|
2.
|
To ratify the appointment of the Company’s independent registered public accounting firm:
|
974,517
|
n/a
|
99,850
|
2
|
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
|
Date:
|
August 14, 2009
|
By:
|
/s/ Stephen E. Wessel
|
Stephen E. Wessel
President
and Chief Executive Officer
|
|||
Date:
|
August 14, 2009
|
By:
|
/s/ Stephen F. Theriot
|
Stephen F. Theriot
Chief Financial Officer
|
1 Year GS Financial Corp. (MM) Chart |
1 Month GS Financial Corp. (MM) Chart |
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