GS Financial Corp., (NASDAQ:GSLA), the holding company of Guaranty
Savings Bank (www.guarantysb.com), announced quarterly earnings of
$243,000 for the quarter ended June 30, 2006, down $28,000, or
10.3% from the same period in 2005. Earnings per share for the
second quarter of 2006 were $.20, down from $.23 for the second
quarter of 2005. Earnings for the quarter ended June 30, 2006
include non-recurring securities losses of $76,000. "These are
solid earnings results," noted President Stephen E. Wessel. "In the
past six months we have greatly improved credit quality, increased
our operating capabilities and put a management team in place that
is enhancing our business development efforts." For the first six
months of 2006, net income totaled $519,000, up 202% from $172,000
over the same time period in 2005. Earnings per share over the
first half of 2006 were $.43, up 207% from $.14 in the first half
of 2005. First half results in 2005 include the one-time
recognition of costs associated with the retirement of the
Company's former President and Chief Executive Officer. These costs
totaled $428,000, or $.36 per share ($282,000, or $.24 per share,
after related tax benefits). Net interest income for the quarter
ended June 30, 2006 was $1.6 million, up 14% from $1.4 million in
the second quarter of 2005, and up 5% from $1.5 million in the
first quarter of 2006. The second quarter 2006 net interest margin
was 3.80%, up 71 basis points from 3.09% for the second quarter of
2005, and up 31 basis points from 3.49% in the first quarter of
2006. Net interest income for the first half of 2006 was $3.2
million, up 6% from $2.9 million in the first six months of 2005.
The net interest margin for the first half of 2006 was 3.65%, up 59
basis points from 3.06% for the same time period in 2005.
Additional financial highlights include the following: -- Total
assets at June 30, 2006 were $172.7 million, down approximately 3%
from December 31, 2005. -- Total loans at June 30, 2006 were $90.0
million, up approximately 19% from December 31, 2005. -- Deposits
at June 30, 2006 were $123.0 million, up approximately 3% from
December 31, 2005. -- Outstanding advances from the Federal Home
Loan Bank at June 30, 2006 were $23.6 million, down approximately
26% from December 31, 2005. -- Stockholders' equity at June 30,
2006 was $25.5 million, up $93,000 from December 31, 2005.
Stockholders' equity as a percentage of total assets at June 30,
2006 was 14.74%, up from 14.30% at December 31, 2005. --
Non-interest expense for the second quarter of 2006 totaled $1.2
million, up approximately 9% from a year earlier. Non-interest
expense for the first half of 2006 totaled $2.3 million, down
approximately 12% from the first six months of 2005. Included in
the first half of 2005 are the previously mentioned expenses
associated with the retirement of the Company's former President
and Chief Executive Officer. -- Non-performing assets were $558,000
at June 30, 2006, compared to $3.6 million at December 31, 2005.
The ratio of non-performing assets to total assets at June 30, 2006
was .32% compared to 2.02% at December 31, 2005. -- The ratio of
total loans to deposits at June 30, 2006 was 73.19%, compared to
63.54% at December 31, 2005. FORWARD-LOOKING INFORMATION Statements
contained in this news release which are not historical facts may
be forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated due to a number of factors. Factors which
could result in material variations include, but are not limited
to, changes in interest rates which could affect net interest
margins and net interest income, competitive factors which could
affect net interest income and noninterest income, changes in
demand for loans, deposits and other financial services in the
Company's market area; changes in asset quality, general economic
conditions as well as other factors discussed in documents filed by
the Company with the Securities and Exchange Commission from time
to time. In addition to risks and uncertainties described by the
Company in prior filings with the SEC, other risks and
uncertainties potentially impacting the Company are those related
to the Company in its primary market area impacted by Hurricane
Katrina, including the continuing effect of the storm and its
aftermath on the Company's operating expenses and on the Company's
borrowers and other customers. The Company undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements
were made. -0- *T GS Financial Corp. Condensed Consolidated
Statements of Financial Condition
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6/30/2006 12/31/2005 ($ in thousands) (Unaudited) (Audited)
----------------------------------------------------------------------
ASSETS Cash & Amounts Due from Depository Institutions $2,130
$3,040 Interest-Bearing Deposits in Other Banks 12,208 4,515
Federal Funds Sold 1,885 15,000 Securities Available-for-Sale, at
Fair Value 64,555 77,344 Loans, Net 84,278 69,657 Accrued Interest
Receivable 1,726 1,627 Premises & Equipment, Net 2,297 2,257
Stock in Federal Home Loan Bank, at Cost 1,345 1,833 Foreclosed
Assets - - Real Estate Held-for-Investment, Net 471 478 Other
Assets 1,846 1,863
----------------------------------------------------------------------
Total Assets $172,741 $177,614
----------------------------------------------------------------------
LIABILITIES Deposits Interest-Bearing Deposits $120,803 $116,798
Noninterest-Bearing Deposits 2,155 2,195
----------------------------------------------------------------------
Total Deposits 122,958 118,993
----------------------------------------------------------------------
FHLB Advances 23,615 32,106 Other Liabilities 702 1,108
----------------------------------------------------------------------
Total Liabilities 147,275 152,207
----------------------------------------------------------------------
STOCKHOLDERS' EQUITY Preferred Stock - $.01 Par Value $- $- Common
Stock - $.01 Par Value 34 34 Additional Paid-in Capital 34,631
34,565 Unearned ESOP Stock (120) (239) Unearned RRP Trust Stock
(698) (698) Treasury Stock (32,264) (32,193) Retained Earnings
24,534 24,136 Accumulated Other Comprehensive Loss (651) (198)
----------------------------------------------------------------------
Total Stockholders' Equity 25,466 25,407
----------------------------------------------------------------------
Total Liabilities & Stockholders' Equity $172,741 $177,614
Selected Asset Quality Data Total Non Performing Assets $558 $3,582
Non Performing Assets to Total Assets 0.32% 2.02% Allowance for
Loan Losses to Non Performing Assets 1,023.84% 159.49%
----------------------------------------------------------------------
GS Financial Corp. Condensed Consolidated Statements of Income
(Unaudited) For the Three Months For the Six Months Ended June 30,
Ended June 30,
----------------------------------------------------------------------
($ in thousands, except per share data) 2006 2005 2006 2005
----------------------------------------------------------------------
Interest and Dividend Income $2,782 $2,647 $5,494 $5,310 Interest
Expense 1,170 1,220 2,344 2,443
----------------------------------------------------------------------
Net Interest Income 1,612 1,427 3,150 2,867 Provision for Loan
Losses - - - -
----------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 1,612 1,427
3,150 2,867
----------------------------------------------------------------------
Non-interest Expense 1,187 1,071 2,319 2,588
----------------------------------------------------------------------
Net Income Before Non-Interest Income and Income Taxes 425 356 831
279
----------------------------------------------------------------------
Non-interest (Loss) Income (53) 24 (45) 32
----------------------------------------------------------------------
Income Before Tax Expense 372 380 786 311
----------------------------------------------------------------------
Income Tax Expense 129 109 267 139
----------------------------------------------------------------------
Net Income $243 $271 $519 $172
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Earnings Per Share - Basic $0.20 $0.23 $0.43 $0.14
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Earnings Per Share - Diluted $0.20 $0.23 $0.43 $0.14
----------------------------------------------------------------------
Selected Operating Data Weighted Average Shares Outstanding
1,214,190 1,181,065 1,215,707 1,181,834 Return on Average Assets(1)
0.56% 0.57% 0.59% 0.18% Non-Interest Expense/Average Assets(1)
2.72% 2.26% 2.65% 2.69% Net Interest Margin(1) 3.80% 3.09% 3.65%
3.06%
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(1) Annualized *T
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