GS Financial Corp. (NASDAQ:GSLA), the holding company of Guaranty
Savings Bank, (www.guarantysb.com), announced quarterly earnings of
$1,511,000, or $1.25 per share for the quarter ended September 30,
2006, up 554% from $231,000, or $.20 per share reported for the
same period in 2005. Diluted earnings per share for the third
quarter of 2006 were $1.24. These results include income from a
reduction in the allowance for loan losses of $2.0 million recorded
due to improvements in asset quality as the economy in the Bank�s
trade area rebounds and individual borrowers recover from the
impact of Hurricane Katrina. The reversal to the loan loss
provision added $1,307,000, or $1.08 per share, to after-tax net
income for both the quarterly and year-to-date results. Net income
for the first nine months of 2006 totaled $2,030,000, up 404% from
$403,000 reported for the same time period in 2005. Basic and
diluted earnings per share over the first nine months of 2006 were
$1.67, up 391% from $.34 in the first nine months of 2005. The
reduction in the allowance for loan losses added $1,307,000, or
$1.08 per share, to after-tax net income for the year-to-date
results in 2006. The results for the first nine months of 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). Excluding the
impact of both of these one-time charges and recoveries, net
earnings from operations for the nine months ended September 30,
2006 and 2005 were $725,000, or $.60 per share and $685,000, or
$.58 per share, respectively. Net interest income for the quarter
ended September 30, 2006 was $1.5 million, up approximately
$99,000, or 7% from the third quarter of 2005, and down 4%, or
$74,000 from the second quarter of 2006. The third quarter 2006 net
interest margin was 3.61%, up 41 basis points from 3.20% from the
third quarter of 2005, and down 19 basis points from 3.80% in the
second quarter of 2006. Net interest income for the first nine
months of 2006 was $4.7 million, up 9% from $4.3 million in the
first nine months of 2005. The net interest margin for the first
nine months of 2006 was 3.63%, up 53 basis points from 3.10% for
the same time period in 2005. Additional financial information
includes the following: Total assets at September 30, 2006 were
$172.4 million, down approximately 3% from December 31, 2005.
Loans, net at September 30, 2006 were $89.9 million, up
approximately 29% from December 31, 2005. Deposits at September 30,
2006 were $126.2 million, up approximately 6% from December 31,
2005. Outstanding advances from the Federal Home Loan Bank at
September 30, 2006 were $18.4 million, down approximately 43% from
December 31, 2005. Stockholders� equity at September 30, 2006 was
$27.0 million, up approximately 6% from December 31, 2005.
Stockholders� equity as a percentage of total assets at September
30, 2006 was 15.67%, up from 14.30% at December 31, 2005.
Non-interest expense for the third quarter of 2006 totaled $1.3
million, up approximately 29% from the year earlier period.
Non-interest expense for the first nine months of 2006 totaled $3.6
million, up less than 1% from the first nine months of 2005.
Included in the first nine months of 2005 are the previously
mentioned expenses associated with the retirement of the Company�s
former President and Chief Executive Officer. Excluding the impact
of this one-time charge, non-interest expenses for the first nine
months of 2005 would have been $3.1 million, approximately 14% less
than the current year. Non-performing assets were $499,000 at
September 30, 2006, compared to $3,582,000 at December 31, 2005.
The ratio of non-performing assets to total assets at September 30,
2006 was .29% compared to 2.01% at December 31, 2005. Reserve
coverage of non-performing assets at September 30, 2006 was 748%
compared to 160% at December 31, 2005. Reserve coverage of total
loans was 3.98% at September 30, 2006 compared to 7.58% at December
31, 2005. The ratio of loans to deposits at September 30, 2006 was
74.28%, compared to 63.34% 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. GS Financial Corp. Condensed Consolidated Statements of
Financial Condition ($ in thousands) � 9/30/2006(Unaudited) �
12/31/2005(Audited) ASSETS Cash & Amounts Due from Depository
Institutions $ 2,013� $ 3,040� Interest-Bearing Deposits from Other
Banks 7,232� 4,515� Federal Funds Sold � 2,810� � 15,000� Total
Cash and Cash Equivalents � 12,055� � 22,555� Securities
Available-for-Sale, at Fair Value 62,209� 77,344� Loans, Net
89,874� 69,657� Accrued Interest Receivable 1,824� 1,627� Premises
& Equipment, Net 3,489� 2,257� Stock in Federal Home Loan Bank,
at Cost 1,364� 1,833� Foreclosed Assets -� -� Real Estate
Held-for-Investment, Net 467� 478� Other Assets � 1,130� � 1,863�
Total Assets � $ 172,412� � $ 177,614� � LIABILITIES Deposits
Interest-Bearing Deposits $ 123,555� $ 116,798� Noninterest-Bearing
Deposits � 2,597� � 2,195� Total Deposits � 126,152� � 118,993�
FHLB Advances 18,376� 32,106� Other Liabilities � 864� � 1,108�
Total Liabilities � 145,393� � 152,207� � STOCKHOLDERS' EQUITY
Preferred Stock - $.01 Par Value $ -� $ -� Common Stock - $.01 Par
Value 34� 34� Additional Paid-in Capital 34,724� 34,565� Unearned
ESOP Stock (100) (239) Unearned RRP Trust Stock (697) (698)
Treasury Stock (32,493) (32,193) Retained Earnings 25,922� 24,136�
Accumulated Other Comprehensive Loss � (371) � (198) Total
Stockholders' Equity � 27,019� � 25,407� Total Liabilities &
Stockholders' Equity � $ 172,412� � $ 177,614� � Selected Asset
Quality Data Total Non Performing Assets $ 499� $ 3,582� Non
Performing Assets to Total Assets 0.29% 2.01% Allowance for Loan
Losses to Non Performing Assets � 747.89% � 159.52% GS Financial
Corp. Condensed Consolidated Statements of Income (Unaudited) � � �
For the Three Months Ended September 30, � For the Nine Months
Ended September 30, ($ in thousands, except per share data) � 2006�
� 2005� � 2006� � 2005� Interest and Dividend Income $ 2,800� $
2,670(1) $ 8,294� $ 7,980(1) Interest Expense � 1,262� � 1,231� �
3,606� � 3,674� � Net Interest Income 1,538� 1,439� 4,688� 4,306�
Provision (reversal) for Loan Losses � (1,981) � -� � (1,981) � -�
Net Interest Income after Provision for Loan Losses � 3,519� �
1,439� � 6,669� � 4,306� � Non-interest Expense � 1,261� � 981� �
3,580� � 3,569� Net Income Before Non-Interest Income and Income
Taxes � 2,258� � 458� � 3,089� � 737� � Impairment Charge Related
to Hurricane Katrina -� (155) -� (155) Non-interest Income � 31� �
39� � (14) � 71� Income Before Tax Expense � 2,289� � 342� � 3,075�
� 653� � Income Tax Expense � 778� � 111� � 1,045� � 250� Net
Income � $ 1,511� � $ 231� � $ 2,030� � $ 403� Earnings Per Share �
Basic � $ 1.25� � $ 0.20� � $ 1.67� � $ 0.34� Earnings Per Share
�Diluted � $ 1.24� � $ 0.20� � $ 1.67� � $ 0.34� � Selected
Operating Data Weighted Average Shares Outstanding 1,208,214�
1,180,635� 1,213,182� 1,181,436� Return on Average Assets 2 3.49%
0.50% 1.55% 0.28% Non-Interest Expense/Average Assets2 2.93% 2.12%
2.73% 3.76% Net Interest Margin2 � 3.61% � 3.20% � 3.63% � 3.10% �
(1) Includes approximately $397,000 of interest accrued on loans
but for which payments had not been received as a result of loan
deferrals granted in the wake of Hurricane Katrina. � (2)
Annualized GS Financial Corp. (NASDAQ:GSLA), the holding company of
Guaranty Savings Bank, (www.guarantysb.com), announced quarterly
earnings of $1,511,000, or $1.25 per share for the quarter ended
September 30, 2006, up 554% from $231,000, or $.20 per share
reported for the same period in 2005. Diluted earnings per share
for the third quarter of 2006 were $1.24. These results include
income from a reduction in the allowance for loan losses of $2.0
million recorded due to improvements in asset quality as the
economy in the Bank's trade area rebounds and individual borrowers
recover from the impact of Hurricane Katrina. The reversal to the
loan loss provision added $1,307,000, or $1.08 per share, to
after-tax net income for both the quarterly and year-to-date
results. Net income for the first nine months of 2006 totaled
$2,030,000, up 404% from $403,000 reported for the same time period
in 2005. Basic and diluted earnings per share over the first nine
months of 2006 were $1.67, up 391% from $.34 in the first nine
months of 2005. The reduction in the allowance for loan losses
added $1,307,000, or $1.08 per share, to after-tax net income for
the year-to-date results in 2006. The results for the first nine
months of 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).
Excluding the impact of both of these one-time charges and
recoveries, net earnings from operations for the nine months ended
September 30, 2006 and 2005 were $725,000, or $.60 per share and
$685,000, or $.58 per share, respectively. Net interest income for
the quarter ended September 30, 2006 was $1.5 million, up
approximately $99,000, or 7% from the third quarter of 2005, and
down 4%, or $74,000 from the second quarter of 2006. The third
quarter 2006 net interest margin was 3.61%, up 41 basis points from
3.20% from the third quarter of 2005, and down 19 basis points from
3.80% in the second quarter of 2006. Net interest income for the
first nine months of 2006 was $4.7 million, up 9% from $4.3 million
in the first nine months of 2005. The net interest margin for the
first nine months of 2006 was 3.63%, up 53 basis points from 3.10%
for the same time period in 2005. Additional financial information
includes the following: -- Total assets at September 30, 2006 were
$172.4 million, down approximately 3% from December 31, 2005. --
Loans, net at September 30, 2006 were $89.9 million, up
approximately 29% from December 31, 2005. -- Deposits at September
30, 2006 were $126.2 million, up approximately 6% from December 31,
2005. -- Outstanding advances from the Federal Home Loan Bank at
September 30, 2006 were $18.4 million, down approximately 43% from
December 31, 2005. -- Stockholders' equity at September 30, 2006
was $27.0 million, up approximately 6% from December 31, 2005.
Stockholders' equity as a percentage of total assets at September
30, 2006 was 15.67%, up from 14.30% at December 31, 2005. --
Non-interest expense for the third quarter of 2006 totaled $1.3
million, up approximately 29% from the year earlier period.
Non-interest expense for the first nine months of 2006 totaled $3.6
million, up less than 1% from the first nine months of 2005.
Included in the first nine months of 2005 are the previously
mentioned expenses associated with the retirement of the Company's
former President and Chief Executive Officer. Excluding the impact
of this one-time charge, non-interest expenses for the first nine
months of 2005 would have been $3.1 million, approximately 14% less
than the current year. -- Non-performing assets were $499,000 at
September 30, 2006, compared to $3,582,000 at December 31, 2005.
The ratio of non-performing assets to total assets at September 30,
2006 was .29% compared to 2.01% at December 31, 2005. -- Reserve
coverage of non-performing assets at September 30, 2006 was 748%
compared to 160% at December 31, 2005. Reserve coverage of total
loans was 3.98% at September 30, 2006 compared to 7.58% at December
31, 2005. -- The ratio of loans to deposits at September 30, 2006
was 74.28%, compared to 63.34% 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
----------------------------------------------------------------------
9/30/2006 12/31/2005 ($ in thousands) (Unaudited) (Audited)
----------------------------------------------------------------------
ASSETS Cash & Amounts Due from Depository Institutions $2,013
$3,040 Interest-Bearing Deposits from Other Banks 7,232 4,515
Federal Funds Sold 2,810 15,000
----------------------------------------------------------------------
Total Cash and Cash Equivalents 12,055 22,555
----------------------------------------------------------------------
Securities Available-for-Sale, at Fair Value 62,209 77,344 Loans,
Net 89,874 69,657 Accrued Interest Receivable 1,824 1,627 Premises
& Equipment, Net 3,489 2,257 Stock in Federal Home Loan Bank,
at Cost 1,364 1,833 Foreclosed Assets - - Real Estate
Held-for-Investment, Net 467 478 Other Assets 1,130 1,863
----------------------------------------------------------------------
Total Assets $172,412 $177,614
----------------------------------------------------------------------
LIABILITIES Deposits Interest-Bearing Deposits $123,555 $116,798
Noninterest-Bearing Deposits 2,597 2,195
----------------------------------------------------------------------
Total Deposits 126,152 118,993
----------------------------------------------------------------------
FHLB Advances 18,376 32,106 Other Liabilities 864 1,108
----------------------------------------------------------------------
Total Liabilities 145,393 152,207
----------------------------------------------------------------------
STOCKHOLDERS' EQUITY Preferred Stock - $.01 Par Value $- $- Common
Stock - $.01 Par Value 34 34 Additional Paid-in Capital 34,724
34,565 Unearned ESOP Stock (100) (239) Unearned RRP Trust Stock
(697) (698) Treasury Stock (32,493) (32,193) Retained Earnings
25,922 24,136 Accumulated Other Comprehensive Loss (371) (198)
----------------------------------------------------------------------
Total Stockholders' Equity 27,019 25,407
----------------------------------------------------------------------
Total Liabilities & Stockholders' Equity $172,412 $177,614
----------------------------------------------------------------------
Selected Asset Quality Data Total Non Performing Assets $499 $3,582
Non Performing Assets to Total Assets 0.29% 2.01% Allowance for
Loan Losses to Non Performing Assets 747.89% 159.52%
----------------------------------------------------------------------
*T -0- *T GS Financial Corp. Condensed Consolidated Statements of
Income (Unaudited) For the Three Months For the Nine Months Ended
September 30, Ended September 30,
----------------------------------------------------------------------
($ in thousands, except per share data) 2006 2005 2006 2005
----------------------------------------------------------------------
Interest and Dividend Income $2,800 $2,670(1) $8,294 $7,980(1)
Interest Expense 1,262 1,231 3,606 3,674
----------------------------------------------------------------------
Net Interest Income 1,538 1,439 4,688 4,306 Provision (reversal)
for Loan Losses (1,981) - (1,981) -
----------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 3,519 1,439
6,669 4,306
----------------------------------------------------------------------
Non-interest Expense 1,261 981 3,580 3,569
----------------------------------------------------------------------
Net Income Before Non- Interest Income and Income Taxes 2,258 458
3,089 737
----------------------------------------------------------------------
Impairment Charge Related to Hurricane Katrina - (155) - (155)
Non-interest Income 31 39 (14) 71
----------------------------------------------------------------------
Income Before Tax Expense 2,289 342 3,075 653
----------------------------------------------------------------------
Income Tax Expense 778 111 1,045 250
----------------------------------------------------------------------
Net Income $1,511 $231 $2,030 $403
----------------------------------------------------------------------
Earnings Per Share - Basic $1.25 $0.20 $1.67 $0.34
----------------------------------------------------------------------
Earnings Per Share -Diluted $1.24 $0.20 $1.67 $0.34
----------------------------------------------------------------------
Selected Operating Data Weighted Average Shares Outstanding
1,208,214 1,180,635 1,213,182 1,181,436 Return on Average Assets
(2) 3.49% 0.50% 1.55% 0.28% Non-Interest Expense/Average Assets(2)
2.93% 2.12% 2.73% 3.76% Net Interest Margin(2) 3.61% 3.20% 3.63%
3.10%
----------------------------------------------------------------------
(1) Includes approximately $397,000 of interest accrued on loans
but for which payments had not been received as a result of loan
deferrals granted in the wake of Hurricane Katrina. (2) Annualized
*T
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