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United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended June 30, 2002

Commission File Number: 0-22269

GS Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

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

 

3798 Veterans Blvd.

Metairie, LA 70002

(Address of Principal Executive Offices)

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.

x Yes No

As of August 12, 2002, there were 1,544,361 shares of the Registrant’s common stock outstanding, net of treasury shares. The financial statements contained within this Form 10-Q for the three and six months ended June 30, 2002 and 2001 represent the consolidated financial position and results of operations of GS Financial Corp.

 

GS Financial Corp.

 

Form 10-Q

 

Quarterly period ended June 30, 2002

 

Table of Contents

Part I - Financial Information
     
Item 1 Financial Statements  
     
  Consolidated Balance Sheets  
  (as of June 30, 2002, Unaudited and December 31, 2001, Audited)

3
     
  Consolidated Statements of Income  
  (For the three and six months ended June 30, 2002 and 2001, Unaudited)

4
     
  Consolidated Statements of Changes in Stockholders’ Equity  
  (For the six months ended June 30, 2002 and 2001, Unaudited)

5
     
  Consolidated Statements of Cash Flows  
  (For the six months ended June 30, 2002 and 2001, Unaudited)

6-7
     
  Notes to Consolidated Financial Statements

7-12
     
Item 2 Management’s Discussion and Analysis of Financial  
  Condition and Results of Operations

12-16
     
Item 3 Quantitative and Qualitative Disclosures about Market Risk

16
     
Part II - Other Information

16
     
Item 1 Legal Proceedings

16
     
Item 2 Changes in Securities and Use of Proceeds

16
     
Item 3 Defaults Upon Senior Securities

17
Item 4 Submission of Matters to a Vote of Security Holders

17
     
Item 5 Other Information

17
     
Item 6 Exhibits and Reports on Form 8-K

17
     

 

 

GS FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

ASSETS

June 30, 2002
 December 31, 2001

(Unaudited)

(Audited)
Cash and Due from Banks

$

897

$

376
Interest-Bearing Deposits in Other Banks

2,261

8,132
Federal Funds Sold

600

130
Investment Securities

29,261

35,820
Loans (Net)

83,847

81,611
Mortgage-Backed Securities

680

885
Collateralized Mortgage Obligations

67,113

52,087
FHLB Stock

5,383

5,304
Accrued Interest Receivable

798

883
Premises and Equipment

2,683

2,546
Other Assets

813

720
Total Assets

$

194,336

$

188,494

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Interest-Bearing Deposits

$

82,924

$

70,925
Non-Interest Bearing Deposits

1,062

982
Borrowings

72,409

79,265
Other Liabilities

2,335

1,914
Total Liabilities

158,730

153,086

STOCKHOLDERS' EQUITY
Common Stock & Additional Paid in Capital

34,087

33,945
Treasury Stock

(26,060)

(25,179)
Accumulated Other Comprehensive Income

2,253

1,845
Unearned ESOP Stock

(1,224)

(1,365)
Unearned RRP Trust Stock

(1,477)

(1,477)
Other Stockholders' Equity

28,027

27,639
Total Stockholders' Equity

35,606

35,408
Total Liabilities and Stockholders' Equity

$

194,336

$

188,494

 

GS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, except per share data)
(Unaudited)

For The Three Months
Ended June 30,

For The Six Months
Ended June 30,

2002

2001

2002

2001
INTEREST INCOME (from)
Loans

$

1,637

$

1,469

$

3,211

 $

2,930
Mortgage-Backed Securities

12

22

26

58
Investment Securities

405

327

872

591
Collateralized Mortgage Obligations

1,021

1,470

1,971

2,562
Other Interest Income

60

157

125

393
Total Interest Income

3,135

3,445

6,205

6,534
INTEREST EXPENSE (on)
Deposits

646

714

1,276

1,429
FHLB Advances

1,032

1,409

2,111

2,541
Total Interest Expense

1,678

2,123

3,387

3,970
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES

1,457

1,322

2,818

2,564
PROVISION FOR LOAN LOSSES

11

0

15

14
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES

1,446

1,322

2,803

2,550
NON-INTEREST INCOME
Gain on Investments

20

-

20

591
Other Income

17

6

41

12
Total Non-Interest Income

37

6

61

603
OTHER EXPENSES
Compensation and Benefits

660

566

1,290

1,168
Net Occupancy Expense

104

91

213

173
Other Expenses

263

265

493

463
Total Other Expenses

1,027

922

1,996

1,804
INCOME BEFORE TAX EXPENSE

456

406

868

1,349
INCOME TAX EXPENSE

98

124

182

459
NET INCOME

$

358

$

282

$

686

$

890
BASIC EARNINGS PER SHARE

$

.25

$

.17

$

.48

$

.54
DILUTED EARNINGS PER SHARE

$

.25

$

.17

$

.48

$

.54

 

GS FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

For The Six Months Ended June 30, 2002, and 2001

(Dollars in Thousands)
(Unaudited)

Unearned

Accumulated

Additional

Unearned

RRP

Other

Total

Common
Stock

Paid in
Capital

Treasury
Stock

ESOP
Stock

Trust
Stock

Retained
Earnings

Comprehensive
Income (Loss)

Stockholders'
Equity
BALANCE AT
DECEMBER 31, 2000

$ 34

$ 33,854

$ (20,568)

$ (1,646)

$ (1,754)

$ 26,583

$ 1,292

$ 37,795
Net Income for the six mths
Ended June 30, 2001

-

-

-

-

-

890

-

890
Other Comprehensive
Income Net of
Applicable Deferred
Income Taxes

-

-

-

-

-

-

(30)

(30)
Purchase of Treasury Stock

-

-

(2,480)

-

-

-

-

(2,480)
ESOP Compensation Earned

-

123

-

141

-

-

-

264
Distribution of RRP Stock

-

(21)

-

-

72

-

-

51
Cash Dividends Paid

-

-

-

-

-

(345)

-

(345)
BALANCE AT
June 30, 2001

$ 34

$ 33,956

$ (23,048)

$ (1,505)

$ (1,682)

$ 27,128

$ 1,262

$ 36,145

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BALANCE AT
DECEMBER 31, 2001

$ 34

$ 33,911

$ (25,179)

$ (1,365)

$ (1,477)

$ 27,639

$ 1,845

$ 35,408
Net Income for the six mths
Ended June 30, 2002

-

-

-

-

-

686

-

686
Other Comprehensive
Loss Net of
Applicable Deferred
Income Taxes

-

-

-

-

-

-

408

408
Purchase of Treasury Stock

-

-

(881)

-

-

-

-

(881)
ESOP Compensation Earned

-

142

-

141

-

-

-

283
Cash Dividends Paid

-

-

-

-

-

(298)

-

(298)
BALANCE AT
June 30, 2002

$ 34

$ 34,053

$ (26,060)

$ (1,224)

$ (1,477)

$ 28,027

$ 2,253

$ 35,606

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GS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)

For The Six Months
Ended June 30,

2002

2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income

$

686

$

890
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation

82

69
Discount Accretion Net of Premiums Amortized

(460)

(194)
Provision for Loan Losses

15

13
Gain on Sale of Foreclosed Real Estate

(17)

(23)
Net Loan Fees

(2)

-
Dividend on ARM Fund

(313)

(106)
Dividend on IMF Fund

(9)

(11)
Dividend on UST Fund

(43)

-
Non-Cash Dividend - FHLB

(79)

(111)
ESOP Expense

235

215
RRP Expense

74

116
Gain on Sale of Investments

(20)

(591)
Increase in Prepaid Income Taxes - Current

16

-
Changes in Deferred Income Tax

278

190
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Accrued Interest Receivable

85

(130)
Increase in Deferred Charges

(80)

(27)
Increase in Accrued Income Tax

-

47
Increase in Other Liabilities

137

97
Increase in Other Assets

(19)

(72)
Net Cash Provided by Operating Activities

566

372
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of FHLMC Common Stock

$

-

$

632
Redemption/(Investment) in Adjustable Rate Mutual Fund

6,663

(3,190)
Redemption of UST Fund

4,255

-
Purchase of CMOs

(41,799)

(32,431)
Proceeds from Maturities of CMOs

26,970

8,241
Investment in FHLMC Preferred Stock

(3,621)

(12,718)
Sale/(Investment) in Other Equity Investments

299

(123)
Proceeds from Maturities of Available-for-Sale Securities

-

786
Proceeds from Maturities of Mortgage-Backed Securities

197

619
Redemption of IMF Mutual Fund

-

27
Proceeds from Sale of Mortgage-Backed Securities

-

2,321
Net Loan (Originations)/Repayments

(2,248)

630
Purchases of Premises and Equipment

(42)

(52)
Purchase of Land for Future Branch Development

(171)

-
Proceeds from Sales of Foreclosed Real Estate

51

140
Investment in Real Estate Held for Investment

-

(389)
Investment in Foreclosed Real Estate

(45)

-
Purchase of FHLB Stock

-

(1,990)
Net Cash Used in Investing Activities