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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.

As of May 13, 2003, there were 1,381,391 shares of the Registrant’s common stock outstanding. The financial statements contained within this Form 10-Q for the three months ended March 31, 2003 and 2002 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 March 31, 2003, Unaudited and December 31, 2002, Audited)	3
	Consolidated Statements of Income
	(For the three months ended March 31, 2003 and 2002, Unaudited)	4
	Consolidated Statements of Changes in Stockholders’ Equity
	(For the three months ended March 31, 2003 and 2002, Unaudited)	5
	Consolidated Statements of Cash Flows
	(For the three months ended March 31, 2003 and 2002, 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	18
Item 6	Exhibits and Reports on Form 8-K	18

GS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
ASSETS
					March 31, 2003				December 31, 2002
					(Unaudited)				(Audited)
Cash and Due from Banks				$	2,345			$	1,584
Interest-Bearing Deposits in Other Banks					3,547				9,578
Federal Funds Sold					1,815				2,190
Investment Securities					81,690				55,091
Loans (Net)					75,448				78,334
Mortgage-Backed Securities					534				569
Collateralized Mortgage Obligations					34,874				53,066
FHLB Stock					5,495				5,461
Accrued Interest Receivable					521				642
Premises and Equipment					2,648				2,668
Other Assets					921				846
			Total Assets	$	209,838			$	210,029

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
	Interest-Bearing Deposits			$	117,715	$	105,907
	Non-Interest Bearing Deposits				1,438		1,306
	Borrowings				56,416		66,392
	Other Liabilities				2,082		2,040
			Total Liabilities		177,651		175,645
STOCKHOLDERS' EQUITY
	Common Stock & Additional Paid in Capital				34,160		34,074
	Treasury Stock				(30,050)		(27,695)
	Accumulated Other Comprehensive Income				1,807		2,028
	Unearned ESOP Stock				(1,013)		(1,083)
	Unearned RRP Trust Stock				(1,274)		(1,274)
	Other Stockholders' Equity				28,557		28,334
			Total Stockholders' Equity		32,187		34,384
			Total Liabilities and Stockholders' Equity	$	209,838	$	210,029

GS FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands, except per share data) (Unaudited)
					For The Three Months Ended March 31,
					2003		2002
INTEREST INCOME (from)
	Loans			$	1,480	$	1,575
	Mortgage-Backed Securities				10		13
	Investment Securities				553		467
	Collateralized Mortgage Obligations				495		950
	Other Interest Income				72		65
			Total Interest Income		2,610		3,070
INTEREST EXPENSE (on)
	Deposits				778		630
	FHLB Advances				830		1,079
			Total Interest Expense		1,608		1,709
NET INTEREST INCOME BEFORE
	PROVISION FOR LOAN LOSSES				1,002		1,361
PROVISION FOR LOAN LOSSES					-		4
NET INTEREST INCOME AFTER
	PROVISION FOR LOAN LOSSES				1,002		1,357
NON-INTEREST INCOME
	Gain on Investments				573		-
	Other Income				20		24
			Total Non-Interest Income		593		24
OTHER EXPENSES
	Compensation and Benefits				715		630
	Net Occupancy Expense				113		105
	Other Expenses				301		234
			Total Other Expenses		1,129		969
INCOME BEFORE TAX EXPENSE					466		412
INCOME TAX EXPENSE					91		84
NET INCOME				$	375	$	328
BASIC EARNINGS PER SHARE				$	.29	$	.23
DILUTED EARNINGS PER SHARE				$	.28	$	.23

GS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For The Three Months Ended March 31, 2003, and 2002
(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, 2001				$ 34		$ 33,911		$ (25,179)		$ (1,365)		$ (1,477)		$ 27,639		$ 1,845		$ 35,408
Net Income for Quarter
	Ended Mar. 31, 2002			-		-		-		-		-		328		-		328
Other Comprehensive
	Income Net of Applicable Deferred
	Income Taxes			-		-		-		-		-		-		(258)		(258)
Purchase of Treasury Stock				-		-		(192)		-		-		-		-		(192)
ESOP Compensation Earned				-		65		-		71		-		-		-		136
Cash Dividends Paid				-		-		-		-		-		(149)		-		(149)
BALANCE AT
March 31, 2002				$ 34		$ 33,976		$ (25,371)		$ (1,294)		$ (1,477)		$ 27,818		$ 1,587		$ 35,273
				==		=====		======		=====		=====		======		====		=====
BALANCE AT
DECEMBER 31, 2002				$ 34		$ 34,040		$ (27,695)		$ (1,083)		$ (1,274)		$ 28,334		$ 2,028		$ 34,384
Net Income for Quarter
	Ended Mar. 31, 2003			-		-		-		-		-		375		-		375
Other Comprehensive
	Loss Net of Applicable Deferred
	Income Taxes			-		-		-		-		-		-		(221)		(221)
Purchase of Treasury Stock				-		-		(2,355)		-		-		-		-		(2,355)
ESOP Compensation Earned				-		86		-		70		-		-		-		156
Cash Dividends Paid				-		-		-		-		-		(152)		-		(152)
BALANCE AT
March 31, 2003				$ 34		$ 34,126		$ (30,050)		$ (1,013)		$ (1,274)		$ 28,557		$ 1,807		$ 32,187
				==		=====		======		=====		=====		======		====		=====

GS FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
							For The Three Months Ended March 31,
							2003		2002
CASH FLOWS FROM OPERATING ACTIVITIES
	Net Income					$	375	$	328
	Adjustments to Reconcile Net Income to Net Cash
		Provided by Operating Activities:
			Depreciation				35		40
			Discount Accretion Net of Premiums Amortized				13		(295)
			Provision for Loan Losses				-		4
			Net Loan Fees				1		(1)
			Dividend on ARM Fund				(253)		(180)
			Dividend on IMF Fund				(3)		(4)
			Dividend on UST Fund				-		(29)
			Non-Cash Dividend - FHLB				(34)		(39)
			ESOP Expense				134		112
			RRP Expense				37		37
			Gain on Sale of Investments				(573)		-
			Increase in Prepaid Income Taxes - Current				1		18
			Changes in Deferred Income Tax				23		23
			Changes in Operating Assets and Liabilities:
				Decrease in Accrued Interest Receivable			121		24
				Increase in Deferred Charges			(68)		(56)
				Increase in Accrued Income Tax			91		65
				Increase in Other Liabilities			28		32
				Increase in Other Assets			(13)		(8)
					Net Cash (Used in) Provided by Operating Activities		(85)		71
CASH FLOWS FROM INVESTING ACTIVITIES
	Net Investment in Adjustable Rate Mutual Fund					$	(25,939)	$	(13,878)
	Purchase of CMOs						(11,562)		(5,606)
	Proceeds from Maturities of CMOs						22,091		17,402
	Investment in FHLMC Preferred Stock						-		(492)
	Proceeds from sale of CMOs						7,481		-
	Investment in Other Equity Investments						-		(107)
	Proceeds from Maturities of Mortgage-Backed Securities						39		104
	Net Loan Repayments						2,885		566
	Purchases of Premises and Equipment						(11)		(15)
	Investment in Real Estate Held for Investment						-		(1)
					Net Cash Used in Investing Activities		(5,016)		(2,027)

GS FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Dollars in Thousands) (Unaudited)
							For The Three Months Ended March 31,
							2003		2002
CASH FLOWS FROM FINANCING ACTIVITIES
	Net Increase in Deposits					$	11,985	$	5,298
	Purchase of Treasury Stock						(2,355)		(192)
	Payment of Cash Stock Dividends						(152)		(149)
	Net Decrease in Advance Payments by Borrowers for
		Taxes and Insurance					(46)		(157)
	Net Decrease in FHLB Advances						(9,976)		(3,404)
					Net Cash (Used in) Provided by Financing Activities		(544)		1,396
DECREASE IN CASH AND CASH EQUIVALENTS							(5,645)		(560)
CASH AND CASH EQUIVALENTS – January 1,							13,352		8,638
CASH AND CASH EQUIVALENTS – March 31,						$	7,707	$	8,078

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

GS Financial Corp. (the Company) was organized and incorporated under the laws of the State of Louisiana on December 24, 1996, for the purpose of becoming the holding company of Guaranty Savings and Homestead Association (the Association). The Association is a state-chartered savings and loan association whose primary regulators are the Office of Thrift Supervision (OTS) and Louisiana Office of Financial Institutions (OFI).

The accompanying financial statements represent the consolidated financial position, results of operations and cash flows of the Company. The accompanying financial statements were prepared in accordance with instructions to Form 10-Q, and therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments, consisting only of normally recurring accruals, which, in the opinion of management are necessary for a fair presentation of the financial statements, have been included.

The results of operations for the three months ended March 31, 2003 are not necessarily indicative of the results to be expected for the year ending December 31, 2003. The unaudited consolidated financial statements and the notes included herein should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2002.

(2) EMPLOYEE STOCK OWNERSHIP PLAN

The GS Financial Employee Stock Ownership Plan (ESOP) purchased 275,080 shares of the Company's common stock on April 1, 1997 financed by a loan from the Company. The loan is secured by those shares not yet allocated to plan participants. At March 31, 2003, there were 108,318 unallocated shares and the balance of the loan was $1.3 million. The Association bears the cost of the ESOP as compensation expense which is based on principal and interest payments on the corresponding debt as well as the market value of the stock. Compensation expense related to the ESOP was $134,000 for the three months ended March 31, 2003, compared to $112,000 for the three months ended March 31, 2002. The increase was attributable to the rise in the market value of the stock.

(3) EARNINGS PER SHARE AND PAYMENTS OF DIVIDENDS

Earnings per share are computed using the weighted average number of shares outstanding as prescribed in Statement of Financial Accounting Standard ("SFAS") 128. In accordance with SFAS 128, the average weighted shares outstanding were approximately 1.3 million for the three months ended March 31, 2003, and 1.4 million shares for the three months ended March 31, 2002, basic and diluted. For the three months ended March 31, 2003, earnings per common share were $.29 basic, and $.28 diluted, compared to $.23 for the three months ended March 31, 2002 (basic and diluted). During the three months ended March 31, 2003 and 2002, the Company declared and paid cash dividends in the amount of $.10 and $.09 per common share, respectively.

(4) INVESTMENT SECURITIES

(Dollars in thousands)		March 31, 2003				December 31, 2002
		Amortized		Market		Amortized		Market
AVAILABLE FOR SALE		Cost		Value		Cost		Value
US Government and
	Agency Obligations	$	801	$	910	$	801	$	917
ARM Mutual Fund			58,117		58,123		31,924		31,963
IMF Mutual Fund			415		422		412		419
FHLMC Common Stock			16		850