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x Quarterly 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 whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

As of November 13, 2002, there were 1,520,961 shares of the Registrant’s common stock outstanding, net of treasury shares. The financial statements contained within this Form 10-Q at September 30, 2002 and December 31, 2001 and for the three and nine months ended September 30, 2002 and 2001 represent the consolidated financial position and results of operations of GS Financial Corp.

Part I - Financial Information
Item 1	Financial Statements
	Consolidated Balance Sheets
	(as of September 30, 2002, Unaudited and December 31, 2001, Audited)	3
	Consolidated Statements of Income
	(For the three and nine months ended September 30, 2002 and 2001, Unaudited)	4
	Consolidated Statements of Changes in Stockholders’ Equity
	(For the nine months ended September 30, 2002 and 2001, Unaudited)	5
	Consolidated Statements of Cash Flows
	(For the nine months ended September 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
Item 4	Controls and Procedures	17
Part II - Other Information		17
Item 1	Legal Proceedings	17
Item 2	Changes in Securities and Use of Proceeds	17
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	17-18

GS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
ASSETS
					September 30, 2002				Dec. 31, 2001
					(Unaudited)				(Audited)
Cash and Due from Banks				$	2,194		$		376
Interest-Bearing Deposits in Other Banks					4,358				8,132
Federal Funds Sold					980				130
Investment Securities					56,587				35,820
Loans (Net)					81,595				81,611
Mortgage-Backed Securities					643				885
Collateralized Mortgage Obligations					50,456				52,087
FHLB Stock					5,424				5,304
Accrued Interest Receivable					671				883
Premises and Equipment					2,670				2,546
Other Assets					759				720
			Total Assets	$	206,337		$		188,494

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
	Interest-Bearing Deposits			$	99,296	$	70,925
	Non-Interest Bearing Deposits				1,087		982
	Borrowings				69,129		79,265
	Other Liabilities				2,403		1,914
			Total Liabilities		171,915		153,086
STOCKHOLDERS’ EQUITY
	Common Stock & Additional Paid in Capital				34,157		33,945
	Treasury Stock				(27,461)		(25,179)
	Accumulated Other Comprehensive Income				2,070		1,845
	Unearned ESOP Stock				(1,153)		(1,365)
	Unearned RRP Trust Stock				(1,477)		(1,477)
	Other Stockholders’ Equity				28,286		27,639
			Total Stockholders’ Equity		34,422		35,408
			Total Liabilities and Stockholders’ Equity	$	206,337	$	188,494

GS FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands, except per share data) (Unaudited)
					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
					2002		2001		2002		2001
INTEREST INCOME (from)
	Loans			$	1,616	$	1,518	$	4,827	$	4,448
	Mortgage-Backed Securities				12		16		38		74
	Investment Securities				413		367		1,285		958
	Collateralized Mortgage Obligations				1,105		1,398		3,076		3,960
	Other Interest Income				65		77		190		470
			Total Interest Income		3,211		3,376		9,416		9,910
INTEREST EXPENSE (on)
	Deposits				713		726		1,989		2,155
	FHLB Advances				986		1,282		3,097		3,822
			Total Interest Expense		1,699		2,008		5,086		5,977
NET INTEREST INCOME BEFORE
	PROVISION FOR LOAN LOSSES				1,512		1,368		4,330		3,933
PROVISION FOR LOAN LOSSES					-		2		15		16
NET INTEREST INCOME AFTER
	PROVISION FOR LOAN LOSSES				1,512		1,366		4,315		3,917
NON-INTEREST INCOME
	Gain on Sale of Investments				-		16		20		607
	Other Income				21		6		61		17
			Total Non-Interest Income		21		22		81		624
OTHER EXPENSES
	Compensation and Benefits				654		597		1,944		1,765
	Net Occupancy Expense				105		89		318		262
	Other Expenses				268		245		761		707
			Total Other Expenses		1,027		931		3,023		2,734
INCOME BEFORE TAX EXPENSE					506		457		1,373		1,807
INCOME TAX EXPENSE					105		131		287		591
NET INCOME				$	401	$	326	$	1,086	$	1,216
BASIC EARNINGS PER SHARE				$	.30	$	.22	$	.78	$	.76
DILUTED EARNINGS PER SHARE				$	.30	$	.22	$	.78	$	.76

GS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For The Nine Months Ended September 30, 2002, and 2001
(Dollars in Thousands) (Unaudited)
												Unearned				Accumulated
					Additional				Unallocated			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 Nine Months
	Ended September 30, 2001			-		-		-		-		-		1,216		-		1,216
Other Comprehensive
	Income Net of Applicable Deferred
	Income Taxes			-		-		-		-		-		-		557		557
Purchase of Treasury Stock				-		-		(4,486)		-		-		-		-		(4,486)
ESOP Compensation Earned				-		185		-		211		-		-		-		396
Distribution of RRP Stock				-		(21)		-		-		72		-		-		51
Cash Dividends Paid				-		-		-		-		-		(507)		-		(507)
BALANCE AT
SEPTEMBER 30, 2001				$ 34		$ 34,018		$ (25,054)		$ (1,435)		$ (1,682)		$ 27,292		$ 1,849		$ 35,022
				==		=====		======		=====		=====		======		====		=====
BALANCE AT
DECEMBER 31, 2001				$ 34		$ 33,911		$ (25,179)		$ (1,365)		$ (1,477)		$ 27,639		$ 1,845		$ 35,408
Net Income for Nine Months
	Ended September 30, 2002			-		-		-		-		-		1,086		-		1,086
Other Comprehensive
	Income Net of Applicable Deferred
	Income Taxes			-		-		-		-		-		-		225		225
Purchase of Treasury Stock				-		-		(2,282)		-		-		-		-		(2,282)
ESOP Compensation Earned				-		212		-		212		-		-		-		424
Cash Dividends Paid				-		-		-		-		-		(439)		-		(439)
BALANCE AT
SEPTEMBER 30, 2002				$ 34		$ 34,123		$ (27,461)		$ (1,153)		$ (1,477)		$ 28,286		$ 2,070		$ 34,422
				==		=====		======		=====		=====		======		====		=====

GS FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
							For the Nine Months Ended September 30,
							2002		2001
CASH FLOWS FROM OPERATING ACTIVITIES
	Net Income					$	1,086	$	1,216
	Adjustments to Reconcile Net Income to Net Cash
		Provided by Operating Activities:
			Depreciation				125		104
			Discount Accretion Net of Premiums Amortized				(623)		(376)
			Provision for Loan Losses				15		16
			Gain on Sale of Foreclosed Real Estate				(17)		(10)
			Net Loan Fees				2		-
			Dividend on ARM Fund				(425)		(208)
			Dividend on IMF Fund				(14)		(16)
			Dividend on UST Fund				(43)		-
			Non-Cash Dividend – FHLB				(120)		(159)
			ESOP Expense				353		322
			RRP Expense				111		161
			Gain on Sale of Investments				(20)		(607)
			Increase in Prepaid Income Taxes – Current				7		-
			Changes in Deferred Income Tax				517		155
			Changes in Operating Assets and Liabilities:
				Increase (Decrease) in Accrued Interest Receivable			213		(93)
				Increase in Deferred Charges			(26)		(53)
				Increase in Accrued Income Tax			-		101
				Increase in Other Liabilities			262		108
				(Increase) Decrease in Other Assets			(18)		2
					Net Cash Provided by Operating Activities		1,385		663
CASH FLOWS FROM INVESTING ACTIVITIES
	Proceeds from Sale of FHLMC Common Stock					$	-	$	632
	Investment in Adjustable Rate Mutual Fund						(21,136)		(9,157)
	Redemption of UST Fund						4,284		-
	Purchase of CMOs						(41,799)		(35,711)
	Proceeds from Maturities of CMOs						43,986		19,813
	Proceeds from Sale of CMOs						-		2,316
	Investment in FHLMC Preferred Stock						(3,621)		(12,718)
	Net Sale/(Investment) in Other Equity Investments						193		(173)
	Proceeds from Maturities of Available-for-Sale Securities						-		1,586
	Proceeds from Maturities of Mortgage-Backed Securities						239		814
	(Investment)/Redemption of IMF Mutual Fund						(14)		10
	Proceeds from Sale of Mortgage-Backed Securities						-		2,739
	Net Loan Repayments/(Originations)						2		(2,278)
	Purchases of Premises and Equipment						(66)		(102)
	Purchase of Land for Future Branch Development						(171)		-
	Proceeds from Sales of Foreclosed Real Estate						51		186
	Investment in Real Estate Held for Investment						(13)		(276)
	Investment in Foreclosed Real Estate						(45)		(389)
	Purchase of FHLB Stock						-		(1,990)