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For the quarterly period ended September 30, 2003 Commission File Number: 0-22269

Louisiana	72-1341014
(State of Incorporation)	(IRS Employer Identification Number)

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. Yes X No ___

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes X No ___

As of November 14, 2003, there were 1,304,780 shares of the Registrant’s common stock outstanding. The financial statements contained within this Form 10-Q for the three and nine months ended September 30, 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 September 30, 2003, Unaudited and December 31, 2002, Audited)	3
	Consolidated Statements of Income
	(For the three and nine months ended September 30, 2003 and 2002, Unaudited)	4
	Consolidated Statements of Changes in Stockholders’ Equity
	(For the nine months ended September 30, 2003 and 2002, Unaudited)	5
	Consolidated Statements of Cash Flows
	(For the nine months ended September 30, 2003 and 2002, Unaudited)	6-7
	Notes to Consolidated Financial Statements	7-11
Item 2	Management’s Discussion and Analysis of Financial
	Condition and Results of Operations	11-15
Item 3	Quantitative and Qualitative Disclosures about Market Risk	15
Item 4	Controls and Procedures	15
Part II - Other Information		15
Item 1	Legal Proceedings	15
Item 2	Changes in Securities and Use of Proceeds	15
Item 3	Defaults Upon Senior Securities	15
Item 4	Submission of Matters to a Vote of Security Holders	15
Item 5	Other Information	15
Item 6	Exhibits and Reports on Form 8-K	15-16

GS Financial Corp.
Consolidated Balance Sheets
(Dollars In Thousands)
		September 30, 2003		December 31, 2002
		(Unaudited)		(Audited)
Assets
Cash & Due from Banks		$ 2,461		$ 1,584
Interest Bearing Deposits		12,568		9,578
Federal Funds Sold		2,920		2,190
Investment Securities		86,468		55,091
Loans (Net)		75,921		78,334
Mortgage Backed Securities		456		569
Collateralized Mortgage Obligations		21,920		53,066
Federal Home Loan Bank Stock		5,557		5,461
Accrued Interest Receivable		452		642
Premises & Equipment		2,612		2,668
Other Assets		858		846
Total Assets		$ 212,193		$ 210,029
Liabilities
Interest Bearing Deposits		$ 135,427		$ 105,907
Non-Interest Bearing Dep.		1,395		1,306
Borrowings		43,933		66,392
Other Liabilities		1,687		2,040
Total Liabilities		182,442		175,645
Stockholders' Equity
Common Stock & Additional Paid in Capital		34,337		34,074
Treasury Stock		(31,434)		(27,695)
Accumulated Other Comprehensive Income		554		2,028
Unearned ESOP Shares		(872)		(1,083)
RP Stock Trust		(1,274)		(1,274)
Other Stockholders' Equity		28,440		28,334
Total Stockholders' Equity		29,751		34,384
Total Liabilities & Stockholders' Equity		$ 212,193		$ 210,029
The accompanying notes are an integral part of these financial statements.

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,
			2003		2002		2003		2002
INTEREST INCOME
	Loans		$ 1,427		$ 1,616		$ 4,410		$ 4,827
	Mortgage-Backed Securities		9		12		28		38
	Investment Securities		702		461		1,986		1,444
	Collateralized Mortgage Obligations		141		1,105		888		3,076
	Other Interest Income		36		17		105		31
		Total Interest Income	2,315		3,211		7,417		9,416
INTEREST EXPENSE
	Deposits		862		713		2,484		1,989
	FHLB Advances		640		986		2,239		3,097
		Total Interest Expense	1,502		1,699		4,723		5,086
NET INTEREST INCOME			813		1,512		2,694		4,330
PROVISION FOR LOAN LOSSES			41		-		97		15
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES			772		1,512		2,597		4,315
NON-INTEREST INCOME
	Gain on Securities Transactions		553		-		1,375		20
	Other Income		53		21		105		61
		Total Non-Interest Income	606		21		1,480		81
NON-INTEREST EXPENSE
	Compensation and Benefits		614		654		2,013		1,944
	Net Occupancy Expense		86		105		312		318
	Other Expenses		480		268		1,110		761
		Total Non-Interest Expense	1,179		1,027		3,434		3,023
INCOME BEFORE TAX EXPENSE			199		506		643		1,373
INCOME TAX EXPENSE			49		105		112		287
NET INCOME			$ 150		$ 401		$ 531		$ 1,086
BASIC EARNINGS PER SHARE			$ 0.13		$ 0.30		$ 0.44		$ 0.78
DILUTED EARNINGS PER SHARE			$ 0.13		$ 0.30		$ 0.43		$ 0.78
The accompanying notes are an integral part of these financial statements.

GS Financial Corp.
Consolidated Statements of Changes in Stockholders' Equity
For the Nine Months Ended September 30, 2003 and 2002
(Dollars in Thousands)
(Unaudited)
			Common Stock	Additional Paid in Capital	Treasury Stock	Unearned ESOP Stock	Unearned RRP Trust Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity
Balance At December 31, 2001			$ 34	$ 33,911	$ (25,179)	$ (1,365)	$ (1,477)	$ 27,639	$ 1,845	$ 35,408
Comprehensive Income:
	Net Income		-	-	-	-	-	1,086	-	1,086
	Other Comprehensive Income
		Unrealized net holding gains on securities, net of taxes	-	-	-	-	-	-	225	225
Total Comprehensive Income			-	-	-	-	-	1,086	225	1,311
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
Balance At December 31, 2002			$ 34	$ 34,040	$ (27,695)	$ (1,083)	$ (1,274)	$ 28,334	$ 2,028	$ 34,384
Comprehensive Income:
	Net Income		-	-	-	-	-	531	-	531
	Other Comprehensive Income
		Unrealized net holding gains on securities, net of taxes	-	-	-	-	-	-	(1,474)	(1,474)
Total Comprehensive Income			-	-	-	-	-	531	(1,474)	(943)
Purchase of Treasury Stock			-	-	(3,739)	-	-	-	-	(3,739)
ESOP Compensation Earned			-	263	-	211	-	-	-	474
Cash Dividends Paid			-	-	-	-	-	(425)	-	(425)
Balance at September 30, 2003			$ 34	$ 34,303	$ (31,434)	$ (872)	$ (1,274)	$ 28,440	$ 554	$ 29,751
The accompanying notes are an integral part of these financial statements.

GS Financial Corp.
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
					For The Nine Months Ended September 30,
					2003	2002
Cash Flows from Operating Activities
	Net Income				$ 531	$ 1,086
	Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
		Depreciation			107	125
		Discount Accretion Net of Premiums Amortized			(6)	(623)
		Provision for Loan Losses			97	15
		Gain on Sale of Foreclosed Real Estate			-	(17)
		Net Loan Fees			2	2
		Mutual Fund Dividends Reinvested			(1,006)	(482)
		Non-Cash Dividend - FHLB			(96)	(120)
		ESOP Expense			474	353
		RRP Expense			-	111
		Gain on Sale of Investments			(1,376)	(20)
		Deferred Income Tax Provision			4	517
		Changes in Operating Assets and Liabilities
			Decrease in Accrued Interest Receivable		190	213
			Decrease in Prepaid Income Taxes		44	7
			Increase in Other Assets		(70)	(44)
			Increase (Decrease) in Accrued Interest Payable		525	(114)
			Decrease in Accrued Income Tax		(4)	-
			(Decrease) Increase in Other Liabilities		(104)	376
				Net Cash (Used in) Provided by Operating Activities	(688)	1,385
Cash Flows From Investing Activities
	Proceeds from Maturities of Investment Securities				60,167	44,225
	Proceeds from Sales of Investment Securities				8,299	193
	Purchases of Investment Securities				(36,582)	(45,420)
	(Investment)/Redemption of Mutual Funds				(31,861)	(16,866)
	Net Loan Repayments/(Originations)				2,314	2
	Purchases of Premises and Equipment				(37)	(237)
	Proceeds from Sales of Foreclosed Real Estate				-	51
	Investment in Foreclosed Real Estate				-	(45)
	Investment in Real Estate Held for Investment				-	(13)
				Net Cash Provided by (Used in) Investing Activities	2,300	(18,110)
The accompanying notes are an integral part of these financial statements.

GS Financial Corp.
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
					For The Nine Months Ended September 30,
					2003	2002
Cash Flows From Financing Activities
	Net Increase in Deposits				29,705	28,602
	Net Decrease in Advance Payments by Borrowers for Taxes and Insurance				(97)	(126)
	Purchase of Treasury Stock				(3,739)	(2,282)
	Payment of Cash Stock Dividends				(425)	(439)
	Net Decrease in FHLB Advances				(22,459)	(10,136)
				Net Cash Provided by Financing Activities	2,985	15,619
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS					4,597	(1,106)
CASH AND CASH EQUIVALENTS - January 1,					13,352	8,638
CASH AND CASH EQUIVALENTS - September 30,					$ 17,949	$ 7,532
Cash Received During the Period From:
	Interest Income				$ 7,607	$ 9,629
Cash Paid During the Period For:
	Interest Expense				$ 4,827	$ 5,200
	Income Taxes				68	280
The accompanying notes are an integral part of these financial statements.

1. NOTE 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 consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany balances and transactions have been eliminated.
   
   In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.
2. Pursuant to rules and regulations of the Securities and Exchange Commission, certain financial information and disclosures have been condensed or omitted in preparing the consolidated financial statements presented in this quarterly report on Form 10-Q. The results of operations for the three and nine months ended September 30, 2003 are not necessarily indicative of the results to be expected for the year ending December 31, 2003. These unaudited financial statements should be read in conjunction with the Company’s 2002 annual report of Form 10-K.
   
   NOTE 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 September 30, 2003, there were 108,318 unallocated shares and the balance of the loan was $1.1 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 September 30, 2003, compared to $118,000 for the three months ended September 30, 2002. The increase was attributable to the rise in the market value of the stock.
   
   NOTE 3 - EARNINGS PER SHARE
   
3. Earnings per share are computed using the weighted average number of shares outstanding as prescribed in Statement of Financial Accounting Standard ("SFAS") 128. The components used in this computation were as follows:

   		Three Months Ended September 30			Nine Months Ended September 30
   		2003	2002		2003	2002
   Numerator:
   	Net Income	$ 150	$ 401		$ 531	$ 1,086
   	Effect of Dilutive Securities	-	-		-	-
   	Numerator for Diluted Earnings Per Share	$ 150	$ 401		$ 531	$ 1,086
   Denominator
   	Weighted-Average Shares Outstanding	1,155,595	1,329,660		1,212,703	1,392,500
   	Effect of Potentially Dilutive Securities and Contingently Issuable Shares	17,920	-		18,509	-
   	Denominator for Diluted Earnings Per Share	1,173,515	1,329,660		1,231,212	1,392,500
   Earnings Per Share
   	Basic	$ 0.13	$ 0.30		$ 0.44	$ 0.78
   	Diluted	0.13	0.30		0.43	0.78
   Cash Dividends Per Share		$ 0.10	$ 0.10		$ 0.09	$ 0.09

4. NOTE 4 - INVESTMENT SECURITIES

	September 30, 2003			December 31, 2002
	Amortized Cost	Market Value		Amortized Cost	Market Value
AVAILABLE FOR SALE
US Government & Agency Obligations	$ 801	$ 896		$ 801	$ 917
Adjustable Rate Mortgage Mutual Fund	59,740	59,294		31,924	31,963
Intermediate Mortgage Mutual Fund	421	424		412	419
Ultra Short Mortgage Mutual Fund	5,041	5,026		-	-
FHLMC Common Stock	-	-		16	945
FHLMC Preferred Stock	19,846	20,828		19,846	20,847
Total Investments	$ 85,849	$ 86,468		$ 52,999	$ 55,091

	September 30, 2003		December 31, 2002
Total Loans	$ 76,493		$ 78,807
Allowance for Loan Losses	(580)		(483)
Net Unearned Fees	8		10
Total Net Loans	$ 75,921		$ 78,334
Permanent Mortgages (1-4 Family)	$ 45,576		$ 57,510
Construction	3,822		1,263
Commercial Mortgages	12,278		8,672
Other Mortgages	13,057		9,451
Commercial	1,161		1,515
Consumer	599		396
Total Loans	$ 76,493		$ 78,807
ALLOWANCE FOR LOAN LOSSES
	2003		2002
Beginning Balance - July 1	$ 539		$ 450
Provision for Losses	41		-
Loans Charged Off	-		-
Ending Balance