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x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-22269

Louisiana	72-1341014
(State or Other Jurisdiction	(IRS Employer ID Number)
of Incorporation or Organization)

Registrant's Telephone Number: (504) 457-6220

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.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. _x__

As of March 18, 2002, there were 1,650,462 shares of the Registrant’s common stock, par value $.01 per share, issued and outstanding. The aggregate market value of such stock, excluding the shares held by all directors, officers and affiliates of the Registrant, was $17.0 million at March 18, 2002 based on the per common share price at closing of $15.00 on that date. The information presented in this Form 10-K at December 31, 2001 and 2000, and for the twelve months ended December 31, 2001, 2000, and 1999 represent the financial condition and results of operations of GS Financial Corp. and its wholly-owned subsidiary, Guaranty Savings & Homestead Association.

DOCUMENTS INCORPORATED BY REFERENCE

Listed hereunder are the following documents which have been incorporated by reference and the Part of the Form 10-K into which the document is incorporated.

(1)	Portions of the Annual Report to Shareholders for the fiscal year ended December 31, 2001 are incorporated into Part II, Items 5 through 8, and Part IV, Item 14.
(2)	Portions of the definitive proxy statement for the 2002 Annual Meeting of Shareholders to be filed within 120 days of the Registrant’s fiscal year end are incorporated into Part III, Items 10 through 13.

Item 1. BUSINESS

In addition to historical information, this Annual Report on Form 10-K includes certain "forward-looking statements," as defined in the Securities Act of 1933 and the Securities Exchange Act of 1934, based on current management expectations. The Company’s actual results could differ materially from those management expectations. Such forward-looking statements include statements regarding the Company’s intentions, beliefs or current expectations as well as the assumptions on which such statements are based. Stockholders and potential stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of the Company’s loan and investment portfolios, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees. The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

General

GS Financial Corp. (the "Company") was incorporated under Louisiana law on December 24, 1996 as a thrift holding company. The Company commenced operations on April 1, 1997 upon the completion of its initial public offering of common stock, which trades on the Nasdaq National Market. On that date the Company’s wholly owned subsidiary, Guaranty Savings and Homestead Association (the "Association"), was converted from a Louisiana chartered mutual savings and loan association to a Louisiana chartered stock savings and loan association. This was accomplished through the offer and sale of common stock by the Company to certain depositors, employees, officers and directors of the Association as well as the GS Financial Employee Stock Ownership Plan (the "ESOP"). The Company simultaneously used a portion of the proceeds of its sale of common stock to acquire 100% of the stock of the Association.

The Company's principal business is conducted through the Association. Guaranty Savings and Homestead Association was founded in New Orleans, Louisiana in 1937 as a mutual savings and loan association. The Association’s unconsolidated assets at December 31, 2001 totaled $186.0 million and comprise 98.7% of the total consolidated assets of the Company. The Association provides financial services primarily to individuals, mainly through the origination of mortgage loans on 1-4 family residences. The Association accepts deposits in the form of passbook savings, certificates of deposit, demand deposit accounts and individual retirement accounts. The Association also invests in short and long term liquid investments such as US Treasury and Agency securities, mortgage backed securities, overnight Federal Funds, money market investments and qualified thrift grade mutual funds. The balance of the consolidated assets includes $1.7 million in similar short and long term liquid investments, and $.8 million in fixed assets held exclusively at the Company level.

Regulation

The Company’s primary regulator is the Office of Thrift Supervision ("OTS"). The OTS regulates all thrifts and thrift holding companies whose deposits are insured by the Savings Association Insurance Fund ("SAIF") which is administered by the Federal Deposit Insurance Corporation ("FDIC"). The Company, by virtue of its state charter is also subject to the rules and regulations of the Louisiana Office of Financial Institutions ("OFI"). These two agencies currently examine the Company approximately every 18 months on an individual basis, relying on the examination report of the other agency on cycles, alternating when it is not their year to examine the Association. The nature of such examinations includes safety and soundness issues or compliance with applicable laws and regulations. The Association was last examined by the OFI as of September 30, 2000 and the Company was last examined by the OTS as of December 31, 2000.

As a public registrant the Company is subject to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Company also is subject to the rules of the NASDAQ Stock Market.

The Association has been a member of the Federal Home Loan Bank of Dallas ("FHLB") since 1937. The Federal Home Loan Bank System is comprised of 12 regional banks which serve thrifts and banks by offering investment opportunities and sources of funds.

Lending Activities

Loan Portfolio Composition. The following table sets forth the composition of the Company’s loan portfolio by type of loan at the dates indicated (in thousands):

				December 31,
				2001		2000		1999		1998		1997
Real Estate Loans:
	1-4 Family Residential		$	69,843	$	71,092	$	67,424	$	61,562	$	52,528
	FHA and VA			9		52		140		237		358
	Construction			1,056		619		646		740		99
	Commercial Real Estate			3,431		1,006		1,377		1,157		471
	Other			6,750		1,453		446		201		123
				---------		---------		---------		---------		---------
		Total Real Estate Loans		81,089		74,222		70,033		63,897		53,579
Consumer Loans:
	Second Mortgage			11		52		84		119		172
	Loans on Deposits			254		237		367		337		244
				---------		---------		---------		---------		---------
		Total Consumer Loans		265		289		451		456		416
Commercial Loans				683		381		-		-		-
				---------		---------		---------		---------		---------
		Total Loans		82,037		74,892		70,484		64,353		53,995
Allowance for
	Loan Losses			(435)		(420)		(424)		(463)		(410)
Net Deferred Loan
	Origination Costs			9		8		6		5		3
				---------		---------		---------		---------		---------
Net Loans			$	81,611	$	74,480	$	70,066	$	63,895	$	53,588
				=====		=====		=====		=====		=====

Contractual Term to Final Maturities. The following table sets forth certain information as of December 31, 2001 regarding the dollar amount of loans maturing in the Company’s portfolio, based on the contractual date of the loan’s final maturity, before giving effect to net items. Demand loans and loans having no stated maturity are reported as due in one year or less. The amounts shown below do not reflect normal principal amortization; rather, the balance of each loan outstanding at December 31, 2001 is shown in the appropriate year of the loan’s final maturity. The actual maturity of loans varies primarily on prepayments which to a large extent depend on market interest rates. In general if prevailing market rates fall below those of the portfolio, prepayments accelerate. Conversely if market interest rates increase above portfolio rates early pay-offs tend to decrease.

Fixed rate loans receivable as of December 31, 2001 are scheduled to mature and adjustable rate loans are scheduled to re-price as follows (in thousands):

					Under One Year		One to Five Years		Over Five to Ten Years		Over 10 Years		Total
					------		------		------		------		------
Loans Secured by 1-4 Family
	Residential:
		Fixed Rate		$	54	$	2,879	$	7,610	$	59,300	$	69,843
Other Loans Secured by
	Real Estate:
		Fixed Rate			58		2,127		3,546		5,526		11,257
Commercial Fixed Rate					286		-		124		273		683
All Other Loans					254		-		-		-		254
					------		------		------		------		------
				$	652	$	5,006	$	11,280	$	65,099	$	82,037
					=====		=====		=====		=====		=====

Loan Origination Activity. The table below sets forth the Company’s total loan origination and reduction experience during the periods indicated. Historically, the Company has not purchased or sold any loans.

			December 31,
			2001		2000		1999		1998		1997
			-------		-------		-------		-------		-------
Loan Originations (in thousands):
	1-4 Family Residential	$	12,062	$	10,846	$	13,082	$	14,697	$	14,806
	Construction		1,670		1,514		1,004		1,610		726
	Commercial real estate		1,430		323		306		526		75
	Consumer		252		106		266		283		149
	Commercial		610		383		-		-		-
	Other Real Estate		6,030		568		263		732		165
			-------		-------		-------		-------		-------
Total Loan Originations			22,054		13,740		14,921		17,848		15,921
Loan principal
	Repayments		(14,521)		(9,218)		(8,790)		(7,490)		(6,425)
Increase (decrease)
	due to other items		(14)		6		72		(51)		(33)
			-------		-------		-------		-------		-------
Net increase (decrease) in
	Loan portfolio	$	7,519	$	4,528	$	6,203	$	10,307	$	9,463
			======		======		======		======		======

Real Estate Lending Standards and Underwriting Policies.

The lending activities of the Company are subject to written underwriting standards and loan origination procedures established by the Company's Board of Directors and Management which are consistent with safe and sound banking requirements. These standards and procedures are incorporated into the Company's Underwriting Standards and Lending Policy which are reviewed annually by the Board of Directors (the "Board"). The underwriting standards dictate the manner in which loan applications are accepted and processed. Such standards are written to comply with all applicable laws and regulations including but not limited to Truth-In-Lending (Regulation Z) and the Real Estate Settlement and Procedures Act ("RESPA"). These standards pertain to such issues as appraisal guidelines, disclosure requirements, credit criteria, complete applications, and title requirements. The Company requires appraisals from Board-approved state licensed and certified appraisers. The lending policy establishes the overall direction of the Company's lending activities within the community and forms the basis for setting underwriting standards which are intended to limit the Company's exposure to credit risk. Such factors include loan amount, debt to income ratios, collateral, and acceptable rates and terms.

Briefly stated, the loan process consists of applicants meeting with loan personnel and providing pertinent documentation, including but not limited to, requested loan amount, property description, security offered as collateral, intended down payments and an acceptable rate and term consistent with the Company's then current lending policy. Upon receipt of a favorable credit report, an appraisal is obtained with requisite documentation to support the property's stated market value. Upon completion the loan package is presented to the Loan Committee for consideration. All applicants receive written notification of the Committee’s decision to approve or deny the request. Approved loans are assigned to one of the Company's approved attorneys for closing. Actions of the Loan Committee are submitted to the Board of Directors for consideration and ratification on a monthly basis.

Loan applications are accepted at all three of the Company’s full service branches and the two loan production offices in Ponchatoula and Metairie and forwarded to the Loan Committee which meets weekly. The Company requires a title insurance policy on all loans secured by real estate prior to closing.

The Company’s conventional fixed rate mortgage loans on 1-4 family residential dwellings are offered with terms up to 30 years. Currently, the minimum cash down payment is 20% of the lesser of purchase price or appraised value. The Company originates and funds construction loans which subsequently convert to permanent, fixed rate mortgage loans. During the construction period, the Company requires payment of interest only on the amount of principal drawn.

In 2000, the Company began shifting some of its lending activity towards the commercial market to diversify and enhance the products and services offered to its customers and add loans to the overall portfolio with yields higher than current market rates on residential mortgage loans. Commercial loans typically carry higher yields and associated risk than loans on 1-4 family dwellings. The Company offers mortgage loans on residential investment property, commercial real estate, condominiums and vacant ground. The Company also offers commercial asset based loans secured by non-real estate collateral such as inventory and accounts receivable.

During 2001, the Company was able to originate approximately $8 million of non-residential loans. Of this amount approximately $6 million was secured by multi-family dwellings. The Company applies similar underwriting standards to its commercial loans with particular attention paid to debt coverage ratios. Commercial loan documentation procedures differ from residential lending requirements on a case-by-case basis.

Loans are available to depositors of the Company secured by passbook savings or certificates of deposit at a rate 2 percentage points above the savings rate up to 90% of the face amount of a certificate of deposit or 90% of the current available balance of a passbook. The minimum amount on such loans is $1,000 and these loans are payable on demand subject to 30 days notice.

Asset Quality

General. The Company has adopted an asset classification policy which is designed to draw attention to assets before collection becomes a problem, thus maintaining the quality of the Company’s investment as an interest earning asset. The policy also insures the accurate reporting of the Company’s assets from a valuation standpoint.

All of the Company’s assets are reviewed on a quarterly basis. Payment histories as well as the value of the underlying collateral are reviewed and assessed in light of several risk factors. The most significant risk factor is the state of the local economy. A healthy economy is characterized by low unemployment which usually leads to strong real estate markets and the maintenance if not appreciation of underlying collateral values. Current interest rates and expectations of the movement thereof is also a significant risk factor. Low or falling interest rates can act to stimulate local real estate markets while also increasing prepayment speeds on existing assets. Rising or high interest rates usually slows down payments. The level of credit concentration the customer has with the Company is also a risk factor. Other risk factors include environmental factors which could impair the value of the underlying collateral of an asset or changes in federal and state regulations which might reduce the ability of the Company to collect all of the principal and interest owed to the Company.

The Company’s Watch List, comprising substandard and special mention assets is presented to the Board quarterly. Assets displaying tendencies which might hinder full collection of principal are classified as substandard. Such tendencies include but are not limited to late payments on loans or deterioration of the underlying collateral. Those loans classified substandard, for which a specific potential for loss has been identified, are considered "special assets." Assets classified as special mention are those not yet serious enough to merit the substandard classification but do require additional attention from management.

Loan collection efforts in the form of past due notices commence when loan payments are more than 15 days past due. Once a loan reaches 30 days past due status, the Company’s collection manager initiates personal contact with the borrower. When a loan becomes 90 days past due, the Company initiates foreclosure proceedings. At this point, loans are placed on non-accrual status. All interest and late charges due on such loans are reversed in the form of reserves for uncollectible interest and late charges.

Real estate acquired by the Company through foreclosure is classified as foreclosed real estate until such time as the property is sold. All such assets are booked at the lower of appraised value or cost which includes all principal, escrow overdrafts and attorney fees. All Foreclosed Real Estate is considered substandard.

Delinquent Loans and Non-Performing Assets. The following tables set forth the Company’s delinquent loans and non-performing assets as of the dates indicated. Balances are indicative of the total principal balances of such loans rather than the actual principal past due based on the number of payments past due. At December 31 of the five years presented, predominantly all of the Association’s delinquent loans and non performing assets were either 1-4 family residential dwellings or loans secured by 1-4 family residential loans.

		2001		2000		1999		1998		1997
		-----		-----		-----		-----		-----
30-89 Days	$	3,542	$	2,231	$	2,673	$	2,171	$	271
90+ Days		249		434		100		266		166
		-----		-----		-----		-----		-----
Total Delinquent Loans	$	3,791	$	2,665	$	2,773	$	2,437	$	437
		====		====		====		====		====

During 1998, the Company changed its data processing parameters to include accounts exactly 30 days past due in the delinquent 30-89 day category. This accounts for the material increase in the amount of loans delinquent 30-89 days in 1998 through 2001 compared to 1997.

			2001		2000		1999		1998		1997
			-----		-----		-----		-----		-----
90+ Day Delinquent Loans		$	249	$	434	$	100	$	266	$	166
Foreclosed Real Estate			-		117		14		-		-
			-----		-----		-----		-----		-----
Total Non Performing Assets		$	249	$	551	$	114	$	266	$	166
			===		===		===		===		===
Non Performing Loans as
	a % of Total Loans		.30%		.58%		.14%		.42%		.31%
Non Performing Assets as
	a % of Total Assets		.13%		.28%		.06%		.17%		.13%

Classified Assets. The following table presents information pertaining to the Company’s Watch list of classified assets and associated specific valuation allowances as of the dates indicated. All substandard and special mention loans receivable and related specific valuation allowances were on 1-4 family residential mortgage loans.

			At December 31,
			2001		2000		1999		1998		1997
			------		------		------		------		------
Substandard		$	1,771	$	1,785	$	1,633	$	1,970	$	1,564
Special Mention			66		127		148		241		298
			------		------		------		------		------
Gross			1,837		1,912		1,781		2,211		1,862
Less Allowance for
	Loan Loss *		-		-		(106)		(141)		(141)
			------		------		------		------		------
Net		$	1,837	$	1,912	$	1,675	$	2,070	$	1,721
			=====		=====		=====		=====		=====

* Up until the safety and soundness examination completed by the OTS in November, 1999, the Company maintained a specific and general valuation allowance for loan loss. At the suggestion of OTS regulators, the Company adopted a methodology of one single allowance for loan loss, eliminating the prior separate accounting of the specific and general valuation allowances for loan loss.

Allowance for Loan Loss. The allowance for loan loss ("ALL") is calculated by assessing the need for specific reserves on identified problem credits (see special assets in the previous paragraph) in addition to using historical and economic based percentages on certain classifications of homogeneous loans to arrive at an overall ALL. Several of these categories are based on the particular loan being included on the Company’s Watch List. Other categories are based on the type of underlying collateral such as commercial or residential real estate while still other categories are based on the nature of the loan such as construction versus permanent financing. At December 31, the ALL was allocated as follows for the five years presented:

Allocation of the Allowance for Loan Losses

(Dollars in Thousands)

Balance at End of Period Applicable to:	2001		2000		1999		1998		1997
	Amount	Percent of Total Loans	Amount	Percent of Total Loans	Amount	Percent of Total Loans	Amount	Percent of Total Loans	Amount	Percent of Total Loans
1-4 Family Residential	$ 337	85.1%	$ 390	94.9%	$ 340	95.7%	$ 377	95.7%	$ 373	97.3%
FHA and VA	-	0.0%	-	.1%	-	.2%	-	.4%	-	.7%
Construction	5	1.4%	-	.8%	-	.9%	-	1.1%	-	.2%
Commercial Real Estate	57	4.2%	24	1.3%	39	2.0%	15	1.8%	22	.9%
Other Real Estate	33	8.2%	-	1.9%	45	.6%	45	.3%	15	.2%
Second Mortgage	-	0.0%	-	.1%	-	.1%	26	.2%	-	.3%
Loans on Deposits	-	.3%	-	.3%	-	.5%	-	.5%	-	.5%
Commercial Loans	3	.8%	6	.5%	-	n/a	-	n/a	-	n/a
TOTAL	$ 435	100.0%	$ 420	100.0%	$ 424	100.0%	$ 463	100.0%	$ 410	100.0%

LOAN LOSS EXPERIENCE

Provisions for loan losses are charged to earnings to bring the total ALL to a level considered appropriate by management. Losses are incurred via foreclosure, deterioration of the underlying collateral, inability of the customer to repay the loan or other means. These losses are charged against the ALL. The ALL is evaluated on a quarterly basis and provisions to increase or adjustments to reduce the allowance to the appropriate level deemed by management are recorded when necessary. Charge-offs reduce the allowance while recoveries increase the allowance during the quarter. Management assesses the ALL accordingly and establishes additional provisions to bring the ALL to an appropriate level. The appropriate level of the ALL is determined by management’s estimation of the amount of loss associated with loans considered to be impaired in accordance with SFAS 114, "Accounting by Creditors for Impairment of a Loan," as well as management’s estimate of loss associated with the remaining portfolio. Historical analysis of factors such as number of foreclosures, level of delinquencies and amount of charge-offs as well as other factors such as local and national economic conditions help management set both the formula used to calculate the ALL for the remaining loan portfolio as well as an appropriate level for the ALL overall.

The following table sets forth the Company’s loan loss experience for the years presented. All of the charge-offs and provisions in the following table were on first mortgages of one-to-four family dwellings.

An analysis of the allowance for loan losses is as follow (dollars in thousands):

			Years Ended December 31,
			2001		2000		1999		1998		1997
Balance, Beginning			-----		-----		-----		-----		-----
	of Year	$	420	$	424	$	463	$	410	$	382
Provision for Losses			25		7		6		53		28
Loans Charged Off			(10)		(11)		(45)		-		-
Recoveries			-		-		-		-		-
			-----		-----		-----		-----		-----
Balance, End of Year		$	435	$	420	$	424	$	463	$	410
			====		====		====		====		====
Allowance for Loan
	Losses as a % of
	Total Loans Receivable	.53%		.56%		.60%		.72%		.77%
Allowance for Loan
	Losses as a % of
	Non Performing Loans	174.80%		96.69%		422.97%		174.01%		247.49%
Net Charge-Offs as a % of
	Average Loans	0.01%		0.02%		0.07%		-		-

Mortgage-Backed Securities

The Company has invested in a portfolio of fixed-rate, mortgage-backed securities that are issued or guaranteed by the Government National Mortgage Association (GNMA). GNMA securities represent direct obligations of the Federal government. Because of this, these securities are considered high quality investments with minimal credit risks. The guaranteed aspect of these investments results in yields slightly less than the actual yields on the underlying mortgage loans.

Mortgage-backed securities represent participating interests in pools of first mortgage loans originated and serviced by their prospective issuers. Principal and interest payments of the underlying mortgage loans are passed through intermediaries, including but not limited to the issuing agencies, on to investors such as GS Financial Corp. These securities in general offer slightly higher yields than United States Treasury obligations.

The Company invests in mortgage-backed securities with terms varying from 5 to 30 years. These securities are subject to variations in cash flow and yield due to the prepayment rates of the underlying mortgage loans. All such mortgage-backed securities meet the requirements of qualified thrifts investments as later defined.

On September 30, 1997 the Company reclassified all of its mortgage-backed securities as available-for-sale pursuant to SFAS 115. Management felt that this classification was more appropriate considering the magnitude of the Company’s investment in these instruments and the liquidity available should other investment opportunities arrive.

The following table sets forth the composition of the Company’s mortgage-backed securities portfolio at each of the dates indicated (dollars in thousands):

MORTGAGE-BACKED SECURITIES

December 31, 2001		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
		----------		----------		----------		----------
Available for Sale:
GNMA	$	857	$	28	$	-	$	885
		-------		-------		-------		-------
	$	857	$	28	$	-	$	885
		=====		=====		=====		=====
December 31, 2000		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
		----------		----------		----------		----------
Available for Sale:
FNMA	$	1,481	$	-	$	5	$	1,476
FHLMC		1,096		-		2		1,094
GNMA		1,541		4		-		1,545
		-------		-------		-------		-------
	$	4,118	$	4	$	7	$	4,115
		====		==		==		=====

The following table sets forth the maturities of the mortgage-backed security portfolio as of December 31, 2001 (dollars in thousands):

MORTGAGE-BACKED SECURITIES

December 31, 2001