UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||||
FORM 10-Q | ||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the Quarterly period ended March 31, 2005 | Commission File Number: 0-22269 | |||
GS Financial Corp. | ||||
(Exact Name of Registrant as Specified in its Charter) | ||||
Louisiana | 72-1341014 | |||
(State of Incorporation) | (IRS Employer Identification No.) | |||
3798 Veterans Blvd. | ||||
Metairie, LA 70002 | ||||
(Address of Principal Executive Offices) | ||||
(504) 457-6220 | ||||
(Registrant's Telephone Number, including area code) | ||||
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 Exchange Act Rule 12b-2). Yes ___ No X
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class | Outstanding at May 16, 2005 | |
Common Stock, par value $.01 per share | 1,284,787 shares |
GS FINANCIAL CORP.
TABLE OF CONTENTS | ||||
Page | ||||
PART I – FINANCIAL INFORMATION | ||||
Item 1 | Financial Statements | |||
Consolidated Statements of Condition | 1 | |||
Consolidated Statements of Income | 2 | |||
Consolidated Statements of Changes in Stockholders’ Equity | 3 | |||
Consolidated Statements of Cash Flows | 4 | |||
Notes to Consolidated Financial Statements | 5 | |||
Selected Consolidated Financial Data | 7 | |||
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 8 | ||
Item 3 | Quantitative and Qualitative Disclosures about Market Risk | 18 | ||
Item 4 | Controls and Procedures | 18 | ||
PART II – OTHER INFORMATION | ||||
Item 1 | Legal Proceedings | 18 | ||
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 18 | ||
Item 3 | Defaults Upon Senior Securities | 18 | ||
Item 4 | Submission of Matters to a Vote of Security Holders | 18 | ||
Item 5 | Other Information | 18 | ||
Item 6 | Exhibits | 19 | ||
SIGNATURES EXHIBIT INDEX | ||||
PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
GS Financial Corp. | ||
Condensed Consolidated Statements of Financial Condition | ||
|
|
|
($ in thousands) | 3/31/2005 (Unaudited) | 12/31/2004 (Audited) |
ASSETS | ||
Cash and Cash Equivalents | ||
Cash & Amounts Due from Depository Institutions | $ 1,925 | $ 1,613 |
Interest-Bearing Deposits from Other Banks | 5,575 | 3,761 |
Federal Funds Sold | 1,475 | 1,650 |
Total Cash and Cash Equivalents | 8,975 | 7,024 |
Securities Available-for-Sale, at Fair Value | 85,546 | 94,557 |
Loans, Net | 89,753 | 92,158 |
Accrued Interest Receivable | 706 | 596 |
Premises & Equipment, Net | 2,578 | 2,508 |
Stock in Federal Home Loan Bank, at Cost | 2,467 | 2,445 |
Foreclosed Assets | - | - |
Real Estate Held-for-Investment, Net | 489 | 493 |
Other Assets | 499 | 285 |
Total Assets | $ 191,013 | $ 200,066 |
LIABILITIES | ||
Deposits | ||
Interest-Bearing Deposits | $ 123,027 | $ 129,758 |
Noninterest-Bearing Deposits | 645 | 965 |
Total Deposits | 123,672 | 130,723 |
FHLB Advances | 37,762 | 39,689 |
Other Liabilities | 1,111 | 710 |
Total Liabilities | 162,545 | 171,122 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock - $.01 Par Value | $ - | $ - |
Authorized - 5,000,000 shares | ||
Issued - 0 shares | ||
Common Stock - $.01 Par Value | 34 | 34 |
Authorized - 20,000,000 shares | ||
Issued - 3,438,500 shares | ||
Additional Paid-in Capital | 34,485 | 34,425 |
Unearned ESOP Stock | (450) | (521) |
Unearned RRP Trust Stock | (865) | (865) |
Treasury Stock (2,153,713 Shares at March 31, 2005 and 2,150,720 Shares at December 31, 2004) | (32,180) | (32,119) |
Retained Earnings | 28,063 | 28,286 |
Accumulated Other Comprehensive Loss | (619) | (296) |
Total Stockholders' Equity | 28,468 | 28,944 |
Total Liabilities & Stockholders' Equity | $ 191,013 | $ 200,066 |
The accompanying notes are an integral part of these financial statements. | ||
GS Financial Corp. | ||
Consolidated Statements of Income | ||
(Unaudited) | ||
| For the Three Months Ended March 31, | |
($ in thousands, except per share data) | 2005 | 2004 |
INTEREST AND DIVIDEND INCOME | ||
Loans, Including Fees | $ 1,838 | $ 1,563 |
Investment Securities | 724 | 1,109 |
Other Interest Income | 101 | 11 |
Total Interest and Dividend Income | $ 2,663 | $ 2,683 |
INTEREST EXPENSE | ||
Deposits | 715 | 848 |
Advances from Federal Home Loan Bank | 508 | 580 |
Interest Expense | 1,223 | 1,428 |
NET INTEREST INCOME | 1,440 | 1,255 |
PROVISION FOR LOAN LOSSES | - | 14 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,440 | 1,241 |
NON-INTEREST EXPENSE | ||
Salaries and Employee Benefits | 1,070 | 681 |
Occupancy Expense | 107 | 101 |
Ad Valorem Taxes | 109 | 128 |
Other Expenses | 231 | 233 |
Total Non-Interest Expense | 1,517 | 1,143 |
NET (LOSS) INCOME BEFORE NON-INTEREST INCOME AND INCOME TAXES | (77) | 98 |
NON-INTEREST (LOSS) INCOME | ||
Net (Loss) on Available-for-Sale Securities | (18) | - |
Other Income | 26 | 21 |
Total Non-Interest Income | 8 | 21 |
INCOME (LOSS) BEFORE INCOME TAXES | (69) | 119 |
INCOME TAX (BENEFIT) EXPENSE | 30 | 8 |
NET (LOSS) INCOME | $ (99) | $ 111 |
(LOSS) EARNINGS PER SHARE | ||
Basic | $ (0.09) | $ 0.10 |
Diluted | $ (0.08) | $ 0.09 |
The accompanying notes are an integral part of these financial statements. | ||
GS FINANCIAL CORP. | ||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||
(Unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
($ in thousands) | 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 |
Balances At December 31, 2003 | $ 34 | $ 34,231 | $ (31,804) | $ (802) | $ (1,059) | $ 28,553 | $ 155 | $ 29,308 |
Comprehensive Income: | ||||||||
Net Income | - | - | - | - | - | 111 | - | 111 |
Other Comprehensive Income | ||||||||
Unrealized net holding gains on securities, net of taxes | - | - | - | - | - | - | 1,069 | 1,069 |
Total Comprehensive Income | - | - | - | - | - | 111 | 1,069 | 1,180 |
Distribution of RRP Stock | - | (5) | - | - | 20 | - | - | 15 |
ESOP Compensation Earned | - | 68 | - | 70 | - | - | - | 138 |
Purchase of Treasury Stock | - | - | (111) | - | - | - | - | (111) |
Dividends Declared | - | - | - | - | - | (118) | - | (118) |
Balances at March 31, 2004 | $ 34 | $ 34,294 | $ (31,915) | $ (732) | $ (1,039) | $ 28,546 | $ 1,224 | $ 30,412 |
| &nbs p; | ||||||||
Balances At December 31, 2004 | $ 34 | $ 34,425 | $ (32,119) | $ (521) | $ (865) | $ 28,286 | $ (296) | $ 28,944 |
Comprehensive Income: | ||||||||
Net Income | - | - | - | - | - | (99) | - | (99) |
Other Comprehensive Income | ||||||||
Unrealized net holding gains on securities, net of taxes | - | - | - | - | - | - | (323) | (323) |
Total Comprehensive Income | - | - | - |
| ||||