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
June
30, 2008
|
Commission
File Number:
0-22269
|
|
GS
Financial Corp.
|
|
(Exact
Name of Issuer 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
|
|
(Issuer's
Telephone 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.
x
Yes
o
No
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check One):
Large
accelerated filer
o
Accelerated
filer
o
Non-accelerated
filer
o
Smaller
reporting company
x
(Do
not check if a smaller reporting company)
|
|
|
Indicate
by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).Yes
o
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 August 14,
2008
|
Common
Stock, par value $.01 per share
|
|
1,285,800
shares
|
GS
FINANCIAL CORP.
TABLE
OF CONTENTS
|
Page
|
PART
I – FINANCIAL INFORMATION
|
|
Item
1
|
Financial
Statements
|
|
|
|
Consolidated
Statements of Financial Condition
|
1
|
|
|
|
Consolidated
Statements of (Loss) Income
|
2
|
|
|
|
Consolidated
Statements of Changes in Stockholders’ Equity
|
3
|
|
|
|
Consolidated
Statements of Cash Flows
|
4
|
|
|
|
Notes
to Consolidated Financial Statements
|
5
|
|
|
|
Selected
Consolidated Financial Data
|
7
|
|
Item
2
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
8
|
|
Item
3
|
Quantitative
and Qualitative Disclosures about Market Risk
|
19
|
|
Item
4
|
Controls
and Procedures
|
20
|
PART
II – OTHER INFORMATION
|
|
Item
1
|
Legal
Proceedings
|
20
|
|
Item
1a
|
Risk
Factors
|
20
|
|
Item
2
|
Changes
in Securities, Use of Proceeds and Issuer Purchases of Equity
Securities
|
20
|
|
Item
3
|
Defaults
Upon Senior Securities
|
20
|
|
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
20
|
|
Item
5
|
Other
Information
|
20
|
|
Item
6
|
Exhibits
|
21
|
SIGNATURES
EXHIBIT
INDEX
|
PART
I – FINANCIAL INFORMATION
ITEM
1 – FINANCIAL STATEMENTS
GS
Financial Corp.
|
|
Condensed
Consolidated Statements of Financial Condition
|
|
|
|
|
|
|
|
|
($
in thousands)
|
|
6/30/2008
(Unaudited)
|
|
|
12/31/2007
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
Cash
and Cash Equivalents
|
|
|
|
|
|
|
Cash
& Amounts Due from Depository Institutions
|
|
$
|
2,738
|
|
|
$
|
2,485
|
|
Interest-Bearing
Deposits from Other Banks
|
|
|
3,223
|
|
|
|
6,008
|
|
Federal
Funds Sold
|
|
|
1,619
|
|
|
|
969
|
|
Total
Cash and Cash Equivalents
|
|
|
7,580
|
|
|
|
9,462
|
|
Securities
Available-for-Sale, at Fair Value
|
|
|
47,780
|
|
|
|
47,747
|
|
Loans,
Net
|
|
|
138,838
|
|
|
|
118,477
|
|
Accrued
Interest Receivable
|
|
|
1,516
|
|
|
|
1,828
|
|
Premises
& Equipment, Net
|
|
|
5,695
|
|
|
|
5,874
|
|
Stock
in Federal Home Loan Bank, at Cost
|
|
|
1,863
|
|
|
|
1,220
|
|
Foreclosed
Assets
|
|
|
469
|
|
|
|
-
|
|
Real
Estate Held-for-Investment, Net
|
|
|
443
|
|
|
|
450
|
|
Other
Assets
|
|
|
1,452
|
|
|
|
1,429
|
|
Total
Assets
|
|
$
|
205,636
|
|
|
$
|
186,487
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
$
|
126,793
|
|
|
$
|
123,825
|
|
Non-interest-Bearing
Deposits
|
|
|
7,548
|
|
|
|
6,020
|
|
Total
Deposits
|
|
|
134,341
|
|
|
|
129,845
|
|
FHLB
Advances
|
|
|
42,438
|
|
|
|
26,986
|
|
Other
Liabilities
|
|
|
1,395
|
|
|
|
1,492
|
|
Total
Liabilities
|
|
|
178,174
|
|
|
|
158,323
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
34,546
|
|
|
|
34,546
|
|
Unearned
RRP Trust Stock
|
|
|
(158
|
)
|
|
|
(158
|
)
|
Treasury
Stock (2,152,700 Shares at June 30, 2008 and December 31,
2007)
|
|
|
(32,062
|
)
|
|
|
(32,062
|
)
|
Retained
Earnings
|
|
|
25,556
|
|
|
|
25,919
|
|
Accumulated
Other Comprehensive Loss
|
|
|
(454
|
)
|
|
|
(115
|
)
|
Total
Stockholders' Equity
|
|
|
27,462
|
|
|
|
28,164
|
|
Total
Liabilities & Stockholders' Equity
|
|
$
|
205,636
|
|
|
$
|
186,487
|
|
The
accompanying notes are an integral part of these financial
statements.
|
|
GS
Financial Corp.
|
|
Consolidated
Statements of (Loss) Income
|
|
(Unaudited)
|
|
|
|
|
|
For
the Three Months Ended
June
30,
|
|
|
For
the Six Months Ended
June
30,
|
|
($
in thousands, except per share data)
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
INTEREST
AND DIVIDEND INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
Including Fees
|
|
$
|
2,349
|
|
|
$
|
1,919
|
|
|
$
|
4,548
|
|
|
$
|
3,712
|
|
Investment
Securities
|
|
|
621
|
|
|
|
731
|
|
|
|
1,338
|
|
|
|
1,453
|
|
Other
Interest Income
|
|
|
49
|
|
|
|
83
|
|
|
|
120
|
|
|
|
222
|
|
Total
Interest and Dividend Income
|
|
|
3,019
|
|
|
|
2,733
|
|
|
|
6,006
|
|
|
|
5,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
979
|
|
|
|
1,131
|
|
|
|
2,070
|
|
|
|
2,194
|
|
Advances
from Federal Home Loan Bank
|
|
|
401
|
|
|
|
211
|
|
|
|
806
|
|
|
|
433
|
|
Interest
Expense
|
|
|
1,380
|
|
|
|
1,342
|
|
|
|
2,876
|
|
|
|
2,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
1,639
|
|
|
|
1,391
|
|
|
|
3,130
|
|
|
|
2,760
|
|
PROVISION
(REVERSAL) FOR LOAN LOSSES
|
|
|
-
|
|
|
|
(300
|
)
|
|
|
-
|
|
|
|
(300
|
)
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
1,639
|
|
|
|
1,691
|
|
|
|
3,130
|
|
|
|
3,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and Employee Benefits
|
|
|
868
|
|
|
|
817
|
|
|
|
1,732
|
|
|
|
1,610
|
|
Occupancy
Expense
|
|
|
201
|
|
|
|
152
|
|
|
|
401
|
|
|
|
288
|
|
Other
Expenses
|
|
|
396
|
|
|
|
345
|
|
|
|
748
|
|
|
|
692
|
|
Total
Non-Interest Expense
|
|
|
1,465
|
|
|
|
1,314
|
|
|
|
2,881
|
|
|
|
2,590
|
|
NET
INCOME BEFORE NON-INTEREST INCOME AND INCOME TAXES
|
|
|
174
|
|
|
|
377
|
|
|
|
249
|
|
|
|
470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(Loss) on Available-for-Sale Securities
|
|
|
(660
|
)
|
|
|
-
|
|
|
|
(660
|
)
|
|
|
-
|
|
Other
Income
|
|
|
135
|
|
|
|
43
|
|
|
|
250
|
|
|
|
72
|
|
Total
Non-Interest Income (Loss)
|
|
|
(525
|
)
|
|
|
43
|
|
|
|
(410
|
)
|
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
|
|
(351
|
)
|
|
|
420
|
|
|
|
(161
|
)
|
|
|
542
|
|
INCOME
TAX (BENEFIT) EXPENSE
|
|
|
(119
|
)
|
|
|
127
|
|
|
|
(55
|
)
|
|
|
153
|
|
NET
(LOSS) INCOME
|
|
$
|
(232
|
)
|
|
$
|
293
|
|
|
$
|
(106
|
)
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS)
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.18
|
)
|
|
$
|
0.24
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.32
|
|
Diluted
|
|
$
|
(0.18
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.31
|
|
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
RRP Trust Stock
|
|
|
Retained
Earnings
|
|
|
Accumulated
Other Comprehensive Income (Loss)
|
|
|
Total
Stockholders' Equity
|
|
Balances
At December 31, 2006
|
|
$
|
34
|
|
|
$
|
34,701
|
|
|
$
|
(32,493
|
)
|
|
$
|
(523
|
)
|
|
$
|
25,764
|
|
|
$
|
(319
|
)
|
|
$
|
27,164
|
|
Comprehensive
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
389
|
|
|
|
-
|
|
|
|
389
|
|
Other
Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
net holding losses on securities, net of taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(316
|
)
|
|
|
(316
|
)
|
Total
Comprehensive Income (Loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
389
|
|
|
|
(316
|
)
|
|
|
73
|
|
Distribution
of RRP Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Purchase
of Treasury Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Dividends
Declared
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(251
|
)
|
|
|
-
|
|
|
|
(251
|
)
|
Balances
at June 30, 2007
|
|
$
|
34
|
|
|
$
|
34,701
|
|
|
$
|
(32,493
|
)
|
|
$
|
(523
|
)
|
|
$
|
25,902
|
|
|
$
|
(635
|
)
|
|
$
|
26,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances
At December 31, 2007
|
|
$
|
34
|
|
|
$
|
34,546
|
|
|
$
|
(32,062
|
)
|
|
$
|
(158
|
)
|
|
$
|
25,919
|
|
|
$
|
(115
|
)
|
|
$
|
28,164
|
|
Comprehensive
Loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(106
|
)
|
|
|
-
|
|
|
|
(106
|
)
|
Other
Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
net holding losses on securities, net of taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(339
|
)
|
|
|
(339
|
)
|
Total
Comprehensive Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(106
|
)
|
|
|
(339
|
)
|
|
|
(445
|
)
|
Distribution
of RRP Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Purchase
of Treasury Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Dividends
Declared
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(257
|
)
|
|
|
-
|
|
|
|
(257
|
)
|
Balances
at June 30, 2008
|
|
$
|
34
|
|
|
$
|
34,546
|
|
|
$
|
(32,062
|
)
|
|
$
|
(158
|
)
|
|
$
|
25,556
|
|
|
$
|
(454
|
)
|
|
$
|
27,462
|
|
GS
FINANCIAL CORP.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
|
Six
Months Ended June 30,
|
|
($
in thousands)
|
|
2008
|
|
|
2007
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net
(Loss) Income
|
|
$
|
(106
|
)
|
|
$
|
389
|
|
Adjustments
to Reconcile Net (Loss) Income to Net Cash Provided by Operating
Activities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
145
|
|
|
|
94
|
|
Discount
Accretion Net of Premium Amortization
|
|
|
(19
|
)
|
|
|
6
|
|
Reversal
of Provision for Loan Losses
|
|
|
-
|
|
|
|
(300
|
)
|
Non-Cash
Dividend - FHLB Stock
|
|
|
(24
|
)
|
|
|
(27
|
)
|
Net
Loan Fees
|
|
|
139
|
|
|
|
14
|
|
RRP
Expense
|
|
|
9
|
|
|
|
61
|
|
Loss
on Sale of Investments
|
|
|
9
|
|
|
|
-
|
|
Changes
in Operating Assets and Liabilities
|
|
|
|
|
|
|
|
|
Decrease
in Accrued Interest Receivable
|
|
|
312
|
|
|
|
121
|
|
Decrease
in Other Assets
|
|
|
2
|
|
|
|
157
|
|
Increase
in Accrued Income Tax
|
|
|
83
|
|
|
|
153
|
|
Decrease
in Other Liabilities
|
|
|
(189
|
)
|
|
|
(390
|
)
|
Net
Cash Provided by Operating Activities
|
|
|
345
|
|
|
|
278
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
Proceeds
from Maturities of Investment Securities
|
|
|
13,034
|
|
|
|
6,957
|
|
Proceeds
from Sales of Investment Securities
|
|
|
5,003
|
|
|
|
10,921
|
|
Purchases
of Investment Securities
|
|
|
(19,319
|
)
|
|
|
(8,118
|
)
|
Investment
in Mutual Funds, Net
|
|
|
250
|
|
|
|
5,000
|
|
Loan
Originations and Principal Collections, Net
|
|
|
(34,228
|
)
|
|
|
(12,729
|
)
|
Proceeds
from the Sale of Loans
|
|
|
13,259
|
|
|
|
-
|
|
Purchases
of Premises and Equipment
|
|
|
(85
|
)
|
|
|
(1,674
|
)
|
Proceeds
from Disposal of Property and Equipment
|
|
|
142
|
|
|
|
-
|
|
Net
Cash Used in Investing Activities
|
|
|
(21,944
|
)
|
|
|
(9,027
|
)
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
Increase
(Decrease) in Advances from Federal Home Loan Bank
|
|
|
15,452
|
|
|
|
(225
|
)
|
Payment
of Cash Stock Dividends
|
|
|
(257
|
)
|
|
|
(251
|
)
|
Increase
in Deposits
|
|
|
4,496
|
|
|
|
2,204
|
|
Increase
in Deposits for Escrows
|
|
|
26
|
|
|
|
74
|
|
Net
Cash Provided by Financing Activities
|
|
|
19,717
|
|
|
|
1,802
|
|
NET
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
(1,882
|
)
|
|
|
(6,947
|
)
|
CASH
AND CASH EQUIVALENTS – Beginning of Period
|
|
|
9,462
|
|
|
|
11,116
|
|
CASH
AND CASH EQUIVALENTS - End of Period
|
|
$
|
7,580
|
|
|
$
|
4,169
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
Cash
Paid During the Period For:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
2,852
|
|
|
$
|
2,628
|
|
Income
Taxes
|
|
|
-
|
|
|
|
-
|
|
Loans
Transferred to Foreclosed Real Estate During the Period
|
|
|
469
|
|
|
|
-
|
|
The
accompanying notes are an integral part of these financial
statements.
|
|
GS
FINANCIAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – BASIS OF PRESENTATION
The
consolidated financial statements include the accounts of GS Financial Corp.
(the “Company”) and its subsidiary, Guaranty Savings Bank (the “Bank”), which
prior to June 2006 was known as Guaranty Savings and Homestead
Association. All significant intercompany balances and transactions
have been eliminated. Certain financial information for prior periods
has been reclassified to conform with the current presentation.
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.
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 six months
ended June 30, 2008 are not necessarily indicative of the results to be expected
for the year ending December 31, 2008. These unaudited financial
statements should be read in conjunction with the Company’s 2007 annual report
on Form 10-K.
NOTE
2 – EARNINGS PER SHARE
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
June
30
|
|
|
Six
Months Ended
June
30
|
|
($
in thousands, except per share data)
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(Loss) Income
|
|
$
|
(232
|
)
|
|
$
|
293
|
|
|
$
|
(106
|
)
|
|
$
|
389
|
|
Effect
of Dilutive Securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Numerator
for Diluted Earnings Per Share
|
|
$
|
(232
|
)
|
|
$
|
293
|
|
|
$
|
(106
|
)
|
|
$
|
389
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
Shares Outstanding
|
|
|
1,285,800
|
|
|
|
1,234,453
|
|
|
|
1,285,800
|
|
|
|
1,234,453
|
|
Effect
of Potentially Dilutive Securities and Contingently Issuable
Shares
|
|
|
-
|
|
|
|
38,389
|
|
|
|
-
|
|
|
|
38,017
|
|
Denominator
for Diluted Earnings Per Share
|
|
|
1,285,800
|
|
|
|
1,272,842
|
|
|
|
1,285,800
|
|
|
|
1,272,470
|
|
Earnings
(LOSS) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.18
|
)
|
|
$
|
0.24
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.32
|
|
Diluted
|
|
|
(0.18
|
)
|
|
|
0.23
|
|
|
|
(0.08
|
)
|
|
|
0.31
|
|
Cash
Dividends Per Share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
NOTE
3 – 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 was secured by those shares not yet allocated to
plan participants and was paid in full as of December 31,
2006. Effective January 1, 2007, the Company amended and restated its
ESOP, added a 401(k) feature and renamed the plan the “Guaranty Savings Bank
401(k) Plan” (the “401(k) Plan”).
Compensation expense
related to the ESOP and 401(k) plan was $30,000 and $58,000 for the three and
six month periods ended June 30, 2008, respectively, compared to $55,000 and
$103,000 for the same time periods ended June 30, 2007.
NOTE
4 – STOCK OPTION PLAN
On
October 15, 1997, the stockholders approved the adoption of the GS Financial
Corp. 1997 Stock Option Plan for the benefit of directors, officers and other
key employees. Under this plan, 343,850 shares of common stock were
reserved for issuance pursuant to the exercise of stock options, of which
275,076 shares became fully vested and exercisable. On October 15,
2007, the expiration date of the options, 30,000 options were
exercised.
During
2005, the Company adopted SFAS No. 123(R) which replaced SFAS No. 123 and
superseded APB Opinion No. 25. Because all of the options that have
been granted were vested as of June 30, 2007 and expired on October 15, 2007,
there was no impact on net income and earnings per share for the three month
periods ended June 30, 2008 and 2007.
NOTE
5 – RECOGNITION AND RETENTION PLAN
On
October 15, 1997 the Company established the Recognition and Retention Plan and
Trust (“RRP”) as an incentive to retain personnel of experience and ability in
key positions. Stockholders approved a total of 137,540 shares of
stock to be granted pursuant to the RRP. The Company acquired a total
of 137,500 shares of common stock for issuance under the RRP. The
Company is accruing this expense over the ten-year vesting period based on the
price of the stock ($12.50/share) when the plan was modified in September,
1998. As of June 30, 2008 of the 125,028 shares awarded, 6,627 shares
have been forfeited due to termination of employment or service as a director
and 110,153 had been earned and issued. Compensation expense related
to the RRP was $4,000 and $9,000 for the three and six month periods ended June
30, 2008, respectively, compared to $31,000 and $61,000 for the same time
periods ended June 30, 2007.
GS
FINANCIAL CORP.
|
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
|
(Unaudited)
|
|
|
|
Three
Months Ended
|
|
|
Six
Months Ended
|
|
($
in thousands, except per share data)
|
|
June
30, 2008
|
|
|
March
31, 2008
|
|
|
June
30, 2007
|
|
|
June
30, 2008
|
|
|
June
30, 2007
|
|
SUMMARY
OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
$
|
3,019
|
|
|
$
|
2,987
|
|
|
$
|
2,733
|
|
|
$
|
6,006
|
|
|
$
|
5,387
|
|
Interest
Expense
|
|
|
1,380
|
|
|
|
1,495
|
|
|
|
1,342
|
|
|
|
2,876
|
|
|
|
2,627
|
|
Net
Interest Income
|
|
|
1,639
|
|
|
|
1,492
|
|
|
|
1,391
|
|
|
|
3,130
|
|
|
|
2,760
|
|
Provision
(Reversal) for Loan Losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(300
|
)
|
|
|
-
|
|
|
|
(300
|
)
|
Net
Interest Income After Provision for Loan Losses
|
|
|
1,639
|
|
|
|
1,492
|
|
|
|
1,691
|
|
|
|
3,130
|
|
|
|
3,060
|
|
Non-Interest
Income (Loss)
|
|
|
(525
|
)
|
|
|
115
|
|
|
|
43
|
|
|
|
(410
|
)
|
|
|
72
|
|
Non-Interest
Expense
|
|
|
1,465
|
|
|
|
1,416
|
|
|
|
1,314
|
|
|
|
2,881
|
|
|
|
2,590
|
|
Net
Income Before Taxes
|
|
|
(351
|
)
|
|
|
191
|
|
|
|
420
|
|
|
|
(161
|
)
|
|
|
542
|
|
Income
Tax Expense
|
|
|
(119
|
)
|
|
|
65
|
|
|
|
127
|
|
|
|
(55
|
)
|
|
|
153
|
|
Net
Income
|
|
|
(232
|
)
|
|
|
126
|
|
|
|
293
|
|
|
|
(106
|
)
|
|
|
389
|
|
SELECTED
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
205,636
|
|
|
$
|
200,521
|
|
|
$
|
169,924
|
|
|
|
|
|
|
|
|
|
Loans
Receivable, Net
|
|
|
138,838
|
|
|
|
129,815
|
|
|
|
105,466
|
|
|
|
|
|
|
|
|
|
Investment
Securities
|
|
|
47,780
|
|
|
|
47,964
|
|
|
|
50,852
|
|
|
|
|
|
|
|
|
|
Deposit
Accounts
|
|
|
134,341
|
|
|
|
133,330
|
|
|
|
125,194
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
42,438
|
|
|
|
37,537
|
|
|
|
16,817
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
27,462
|
|
|
|
28,118
|
|
|
|
26,986
|
|
|
|
|
|
|
|
|
|
SELECTED
AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
201,195
|
|
|
|
195,421
|
|
|
$
|
168,213
|
|
|
$
|
198,324
|
|
|
$
|
167,643
|
|
Loans
Receivable, Net
|
|
|
133,097
|
|
|
|
124,287
|
|
|
|
100,720
|
|
|
|
128,719
|
|
|
|
98,009
|
|
Investment
Securities
|
|
|
46,654
|
|
|
|
51,091
|
|
|
|
51,388
|
|
|
|
48,860
|
|
|
|
51,778
|
|
Deposit
Accounts
|
|
|
133,638
|
|
|
|
130,778
|
|
|
|
124,580
|
|
|
|
132,216
|
|
|
|
123,608
|
|
Borrowings
|
|
|
37,956
|
|
|
|
34,931
|
|
|
|
15,273
|
|
|
|
36,452
|
|
|
|
15,749
|
|
Stockholders’
Equity
|
|
|
28,106
|
|
|
|
28,515
|
|
|
|
27,150
|
|
|
|
28,309
|
|
|
|
27,202
|
|
KEY
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
(0.23
|
%)
|
|
|
0.23
|
%
|
|
|
0.70
|
%
|
|
|
0.47
|
%
|
|
|
0.47
|
%
|
Return
on average shareholders' equity
|
|
|
(1.70
|
%)
|
|
|
1.43
|
%
|
|
|
4.33
|
%
|
|
|
2.89
|
%
|
|
|
2.89
|
%
|
Net
Interest Margin
|
|
|
3.43
|
%
|
|
|
3.44
|
%
|
|
|
3.50
|
%
|
|
|
3.32
|
%
|
|
|
3.49
|
%
|
Average
loans to average deposits
|
|
|
102.06
|
%
|
|
|
97.66
|
%
|
|
|
83.84
|
%
|
|
|
99.90
|
%
|
|
|
81.67
|
%
|
Average
Interest-earning assets to interest-bearing liabilities
|
|
|
116.61
|
%
|
|
|
117.75
|
%
|
|
|
119.31
|
%
|
|
|
117.17
|
%
|
|
|
119.24
|
%
|
Efficiency
ratio
|
|
|
82.58
|
%
|
|
|
88.17
|
%
|
|
|
91.67
|
%
|
|
|
85.24
|
%
|
|
|
91.44
|
%
|
Non-interest
expense to average assets
|
|
|
2.93
|
%
|
|
|
2.91
|
%
|
|
|
3.13
|
%
|
|
|
2.92
|
%
|
|
|
3.12
|
%
|
Allowance
for loan losses to total loans
|
|
|
2.28
|
%
|
|
|
2.57
|
%
|
|
|
3.15
|
%
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
13.35
|
%
|
|
|
14.02
|
%
|
|
|
15.88
|
%
|
|
|
|
|
|
|
|
|
COMMON
SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.18
|
)
|
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.32
|
|
Diluted
|
|
|
(0.18
|
)
|
|
|
0.10
|
|
|
|
0.23
|
|
|
|
(0.08
|
)
|
|
|
0.41
|
|
Dividends
Paid Per Share
|
|
|
0.10
|
|
|
|
0.10
|
|
|
|
0.10
|
|
|
|
0.20
|
|
|
|
0.20
|
|
Book
Value Per Share
|
|
|
21.56
|
|
|
|
21.87
|
|
|
|
20.97
|
|
|
|
|
|
|
|
|
|
Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,285,800
|
|
|
|
1,285,800
|
|
|
|
1,234,453
|
|
|
|
1,285,800
|
|
|
|
1,215,707
|
|
Diluted
|
|
|
1,285,800
|
|
|
|
1,285,800
|
|
|
|
1,272,842
|
|
|
|
1,285,800
|
|
|
|
1,272,470
|
|
(1) Amounts
are annualized where appropriate
|
ITEM
2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|
The
purpose of this discussion and analysis is to provide information necessary to
gain an understanding of the financial condition, changes in financial condition
and results of operations of GS Financial Corp. (“GS Financial” or the
“Company”), and its subsidiary during the first and second quarters of 2008 and
2007. Virtually all of the Company’s operations are dependent on the
operations of its subsidiary, Guaranty Savings Bank (“Guaranty” or the
“Bank”). Prior to June 15, 2006 the subsidiary was known as Guaranty
Savings and Homestead Association. The subsidiary had its name
legally changed but remains a state-charted savings association. This
discussion is presented to highlight and supplement information presented
elsewhere in this quarterly report on Form 10-Q, particularly the consolidated
financial statements and related notes in Item 1. This discussion and
analysis should be read in conjunction with accompanying tables and the
Company’s 2007 annual report on Form 10-K.
FORWARD-LOOKING
STATEMENTS
In
addition to the historical information, this discussion includes certain
forward-looking statements as that term is defined by the Private Securities
Litigation Reform Act of 1995. Such statements include, but may not
be limited to comments regarding (a) the potential for earnings volatility from
changes in the estimated allowance for loan losses over time, (b) the expected
growth rate of the loan portfolio, (c) future changes in the mix of deposits,
(d) the results of net interest income simulations run by the Company to measure
interest rate sensitivity, (e) the performance of Guaranty’s net interest income
and net interest margin assuming certain future conditions, and (f) changes or
trends in certain expense levels.
Forward-looking
statements are based on numerous assumptions, certain of which may be referred
to specifically in connection with a particular statement. Some of
the more important assumptions include:
|
·
|
expectations
about overall economic strength and the performance of the economies in
Guaranty’s market area,
|
|
·
|
expectations
about the movement of interest rates, including actions that may be taken
by the Federal Reserve Board in response to changing economic
conditions,
|
|
·
|
reliance
on existing or anticipated changes in laws or regulations affecting the
activities of the banking industry and other financial service
providers
|
|
·
|
expectations
regarding the nature and level of competition, changes in customer
behavior and preferences, and Guaranty’s ability to execute its plans to
respond effectively, and
|
|
·
|
expectations
regarding the ability of Guaranty’s market area to recover economically
from the damages caused by Hurricane
Katrina.
|
Because
it is uncertain whether future conditions and events will confirm these
assumptions, there is a risk that the Company’s future results will differ
materially from what is stated or implied by such forward-looking
statements. The Company cautions the reader to consider this
risk.
The
Company undertakes no obligation to update any forward-looking statement
included in this quarterly report, whether as a result of new information,
future events or developments, or for any other reason.
FINANCIAL
CONDITION
LOANS
AND ALLOWANCE FOR LOAN LOSSES
Total
loans increased $20.2 million, or 16.5%, from year-end 2007 to the end of the
second quarter of 2008. Average loans for the second quarter of 2008
were $136.4 million, up $32.0 million (30.6%) compared to the second quarter of
2007. Year-to-date average loans at June 30, 2008 totaled $132.1
million, up $30.4 million (29.9%) from the same time period in 2007. Table 1,
which is based on regulatory reporting codes, shows loan balances at June 30,
2008 and at the end of the four prior quarters and average loans outstanding
during each quarter.
TABLE
1. COMPOSITION OF LOAN PORTFOLIO
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
June
30
|
|
|
March
31
|
|
|
December
31
|
|
|
September
30
|
|
|
June
30
|
|
Real
estate loans - residential
|
|
$
|
69,439
|
|
|
$
|
66,124
|
|
|
$
|
62,481
|
|
|
$
|
58,885
|
|
|
$
|
55,282
|
|
Real
estate loans - commercial and other
|
|
|
58,683
|
|
|
|
53,445
|
|
|
|
45,757
|
|
|
|
43,528
|
|
|
|
42,822
|
|
Real
estate loans - construction
|
|
|
7,069
|
|
|
|
7,695
|
|
|
|
9,074
|
|
|
|
7,392
|
|
|
|
7,859
|
|
Consumer
loans
|
|
|
1,625
|
|
|
|
1,041
|
|
|
|
913
|
|
|
|
668
|
|
|
|
658
|
|
Commercial
business loans
|
|
|
5,260
|
|
|
|
4,929
|
|
|
|
3,625
|
|
|
|
2,779
|
|
|
|
2,264
|
|
Total
Loans
|
|
$
|
142,076
|
|
|
$
|
133,234
|
|
|
$
|
121,850
|
|
|
$
|
113,252
|
|
|
$
|
108,885
|
|
Average
Total Loans During Period
|
|
$
|
136,395
|
|
|
$
|
127,719
|
|
|
$
|
117,442
|
|
|
$
|
111,274
|
|
|
$
|
104,448
|
|
The Bank
has hired three experienced commercial loan officers, a mortgage banking manager
and a residential loan officer since the beginning of 2006. The loan
growth since the beginning of 2006 reflects the post-Katrina economic recovery
in the Bank’s market area subsequent to Hurricane Katrina and the efforts of the
new loan officers.
All loans
carry a degree of credit risk. Management’s evaluation of this risk ultimately
is reflected in the estimate of probable loan losses that is reported in the
Company’s financial statements as the allowance for loan
losses. Changes in this ongoing evaluation over time are reflected in
the provision for loan losses charged to operating expense. At June
30, 2008 the allowance for loan losses was $3.2 million, or 2.28% of total
loans. Table 2 presents an analysis of the activity in the allowance
for loan losses for the past five quarters. The allowance was reduced
in the second quarter of 2008 as a specific reserve was assigned to a loan which
was transferred to Other Real Estate owned upon
foreclosure. Reductions in the allowance were taken in the second
quarter of 2007 and in the third quarter of 2006 to reflect improvements in the
quality of the loan portfolio as borrowers have exceeded management’s initial
expectations in meeting their obligations subsequent to Hurricane
Katrina.
TABLE
2. SUMMARY OF ACTIVITY IN THE ALLOWANCE FOR LOAN LOSSES
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
Second
Quarter
|
|
|
First
Quarter
|
|
|
Fourth
Quarter
|
|
|
Third
Quarter
|
|
|
Second
Quarter
|
|
Beginning
Balance
|
|
$
|
3,419
|
|
|
$
|
3,432
|
|
|
$
|
3,432
|
|
|
$
|
3,432
|
|
|
$
|
3,732
|
|
Provision
for Losses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(300
|
)
|
Loans
Charged Off
|
|
|
181
|
|
|
|
13
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Recoveries
of loans previously charged off
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Ending
Balance
|
|
$
|
3,238
|
|
|
$
|
3,419
|
|
|
$
|
3,432
|
|
|
$
|
3,432
|
|
|
$
|
3,432
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
to average loans
|
|
|
0.53
|
%
|
|
|
0.04
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Provision
for loan losses to charge-offs
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
n/a
|
|
Allowance
for loan losses to charge-offs
(annualized)
|
|
|
447.23
|
%
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
n/a
|
|
Allowance
for loan losses to ending loans
|
|
|
2.28
|
%
|
|
|
2.57
|
%
|
|
|
2.82
|
%
|
|
|
3.03
|
%
|
|
|
3.15
|
%
|
Tables 3
and 4 set forth the Company’s delinquent loans and nonperforming assets at June
30, 2008 and at the end of the preceding four quarters. The
balances presented in Table 3 are total principal balances outstanding on the
loans rather than the actual principal past due. Nonperforming assets
consist of loans on non-accrual status and foreclosed assets. There
were no loans 90 days delinquent and still accruing interest at the end of any
of the five quarters presented.
TABLE
3. DELINQUENT LOANS
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
June
30
|
|
|
March
31
|
|
|
December
31
|
|
|
September
30
|
|
|
June
30
|
|
30-89
Days
|
|
$
|
265
|
|
|
$
|
5,574
|
|
|
$
|
3,305
|
|
|
$
|
4,054
|
|
|
$
|
2,577
|
|
90+
Days
|
|
|
2,821
|
|
|
|
3,162
|
|
|
|
1,438
|
|
|
|
990
|
|
|
|
502
|
|
Total
|
|
$
|
3,086
|
|
|
$
|
8,736
|
|
|
$
|
4,743
|
|
|
$
|
5,044
|
|
|
$
|
3,079
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
delinquent 90 days to total loans
|
|
|
1.99
|
%
|
|
|
2.37
|
%
|
|
|
1.18
|
%
|
|
|
0.87
|
%
|
|
|
0.46
|
%
|
Total
delinquent loans to total loans
|
|
|
2.17
|
%
|
|
|
6.56
|
%
|
|
|
3.89
|
%
|
|
|
4.45
|
%
|
|
|
2.83
|
%
|
Allowance
for loan losses to 90+ day delinquent loans
|
|
|
114.78
|
%
|
|
|
108.13
|
%
|
|
|
238.66
|
%
|
|
|
346.67
|
%
|
|
|
683.67
|
%
|
Allowance
for loan losses to total delinquent loans
|
|
|
104.92
|
%
|
|
|
39.14
|
%
|
|
|
72.36
|
%
|
|
|
68.04
|
%
|
|
|
111.46
|
%
|
TABLE
4. NONPERFORMING ASSETS
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
June
30
|
|
|
March
31
|
|
|
December
31
|
|
|
September
30
|
|
|
June
30
|
|
Loans
accounted for on a nonaccrual basis
|
|
$
|
2,821
|
|
|
$
|
3,162
|
|
|
$
|
1,438
|
|
|
$
|
1,310
|
|
|
$
|
502
|
|
Foreclosed
assets
|
|
|
469
|
|
|
|
85
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
nonperforming assets
|
|
$
|
3,290
|
|
|
$
|
3,247
|
|
|
$
|
1,438
|
|
|
$
|
1,310
|
|
|
$
|
502
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to loans plus foreclosed assets
|
|
|
2.31
|
%
|
|
|
2.44
|
%
|
|
|
1.18
|
%
|
|
|
1.16
|
%
|
|
|
0.46
|
%
|
Nonperforming
assets to total assets
|
|
|
1.60
|
%
|
|
|
1.62
|
%
|
|
|
0.77
|
%
|
|
|
0.74
|
%
|
|
|
0.30
|
%
|
Allowance
for loan losses to nonperforming assets
|
|
|
98.42
|
%
|
|
|
105.30
|
%
|
|
|
238.66
|
%
|
|
|
261.98
|
%
|
|
|
683.67
|
%
|
INVESTMENT
IN SECURITIES
At June
30, 2008, the Company’s total securities available-for-sale were $47.8 million,
compared to $47.7 million at December 31, 2007 and $50.9 million at June 30,
2007.
Effective
June 30, 2008, the Company took an other-than-temporary impairment loss on its
investment in mutual funds of $430,000, net of tax. These mutual
funds are invested primarily in adjustable-rate mortgage-backed
securities. The substantial price declines and an analysis of the
underlying assets in the funds led management to make the determination that the
losses in these funds were “other-than-temporary.”
At June
30, 2008, the net unrealized losses on the Company’s entire securities portfolio
was $762,000 or 1.57% of amortized cost, compared to net unrealized losses of
$167,000, or 0.35% of amortized cost at December 31, 2007. These
losses consist primarily of losses on collateralized mortgage obligations and
agency securities as there has been some discounting in values relating to
private CMO’s as a result of concerns with the overall mortgage market, and also
rises in long-term interest rates in the second quarter of 2008 that have
adversely affected longer-term investments with fixed coupon
payments. Management believes that these losses are temporary in
nature and will reverse themselves when interest rates become more favorable for
those types of investments.
TABLE
5. COMPOSITION OF INVESTMENT PORTFOLIO
|
|
|
|
June
30, 2008
|
|
|
December
31, 2007
|
|
|
June
30, 2007
|
|
($
in thousands)
|
|
Amortized
Cost
|
|
|
Market
Value
|
|
|
Amortized
Cost
|
|
|
Market
Value
|
|
|
Amortized
Cost
|
|
|
Market
Value
|
|
U.S.
Agency Securities
|
|
$
|
12,511
|
|
|
$
|
12,293
|
|
|
$
|
18,492
|
|
|
$
|
18,421
|
|
|
$
|
23,486
|
|
|
$
|
22,949
|
|
Mortgage
Backed Securities
|
|
|
17,171
|
|
|
|
17,057
|
|
|
|
8,849
|
|
|
|
8,912
|
|
|
|
6,536
|
|
|
|
6,512
|
|
Collateralized
Mortgage Obligations
|
|
|
13,880
|
|
|
|
13,375
|
|
|
|
14,736
|
|
|
|
14,633
|
|
|
|
15,950
|
|
|
|
15,607
|
|
Mutual
funds
|
|
|
4,891
|
|
|
|
5,055
|
|
|
|
5,837
|
|
|
|
5,781
|
|
|
|
5,836
|
|
|
|
5,784
|
|
Total
Investments
|
|
$
|
48,453
|
|
|
$
|
47,780
|
|
|
$
|
47,914
|
|
|
$
|
47,747
|
|
|
$
|
51,808
|
|
|
$
|
50,852
|
|
DEPOSITS
At June
30, 2008, deposits were 3.7%, or $4.8 million, above the level at December 31,
2007 and up $9.1 million, or 7.3% from the level at the end of the second
quarter of 2007. Average deposits totaled $133.6 million in the
second quarter of 2008, up $2.9 million (2.2%) from the first quarter of 2008
and up $9.1 million (7.5%) from the second quarter of 2007.
Table 6
presents the composition of average deposits for the quarters ended June 30,
2008, March 31, 2008 and June 30, 2007.
TABLE
6. DEPOSIT COMPOSITION
|
|
|
|
Second
Quarter 2008
|
|
|
First
Quarter 2008
|
|
|
Second
Quarter 2007
|
|
($
in thousands)
|
|
Average
Balances
|
|
|
%
of Deposits
|
|
|
Average
Balances
|
|
|
%
of Deposits
|
|
|
Average
Balances
|
|
|
%
of Deposits
|
|
Noninterest
bearing demand deposits
|
|
$
|
8,335
|
|
|
|
6.2
|
%
|
|
$
|
8,072
|
|
|
|
6.2
|
%
|
|
$
|
3,952
|
|
|
|
3.2
|
%
|
NOW
account deposits
|
|
|
24,470
|
|
|
|
18.3
|
|
|
|
23,345
|
|
|
|
17.8
|
|
|
|
20,606
|
|
|
|
16.5
|
|
Savings
deposits
|
|
|
17,458
|
|
|
|
13.1
|
|
|
|
18,600
|
|
|
|
14.2
|
|
|
|
20,707
|
|
|
|
16.6
|
|
Time
deposits
|
|
|
83,375
|
|
|
|
62.4
|
|
|
|
80,761
|
|
|
|
61.8
|
|
|
|
79,315
|
|
|
|
63.7
|
|
Total
|
|
$
|
133,638
|
|
|
|
100.0
|
%
|
|
$
|
130,778
|
|
|
|
100.0
|
%
|
|
$
|
124,580
|
|
|
|
100.0
|
%
|
BORROWINGS
At June
30, 2008, the Company’s borrowings from the Federal Home Loan Bank increased
$15.5 million, or 57.3%, from December 31, 2007 and $25.6 million, or 152.4%,
from June 30, 2007. Average advances for the second quarter of 2008
were $38.0 million, an increase of $3.0 million, or 8.7%, from the first quarter
of 2008 and an increase of $22.7 million, or 148.5%, from the prior year’s
second quarter. The increases were primarily to fund loan
growth. The Company is constantly evaluating its funding options to
determine the most cost-effective means of funding its growth, and in the past
year FHLB advances have been a cost-effective funding source.
STOCKHOLDERS’
EQUITY AND CAPITAL ADEQUACY
At June
30, 2008, stockholders’ equity totaled $27.5 million, a decrease of $702,000
from December 31, 2007. This decrease was due to a net loss of
$106,000 for the six months ended June 30, 2008, an increase in unrealized
losses on investment securities of $339,000 and cash dividends paid of
$257,000.
From 1998
through 2003, the Company was regularly repurchasing shares of its common stock
when shares were available at prices and amounts deemed prudent by
management. Purchases from 2004 through 2006 were primarily purchases
of ESOP shares which had been allocated to the accounts of terminated
employees. Due to the highly capitalized condition of the Company,
management believed in the past that these purchases, most of which were at a
discount to book value, were an effective way to reduce capital while still
enhancing shareholder value. These shares have not been retired and
could potentially serve as a source of capital funding should the need arise in
the future. Table 7 summarizes the repurchase of the shares of its
common stock by year.
TABLE
7. SUMMARY OF STOCK REPURCHASES
|
|
Year
Ended December 31,
|
|
Shares
|
|
|
Cost
($000)
|
|
|
Average
Price Per Share
|
|
1998
|
|
|
491,054
|
|
|
$
|
8,324
|
|
|
$
|
16.95
|
|
1999
|
|
|
299,000
|
|
|
|
3,653
|
|
|
|
12.22
|
|
2000
|
|
|
679,600
|
|
|
|
8,590
|
|
|
|
12.64
|
|
2001
|
|
|
305,684
|
|
|
|
4,612
|
|
|
|
15.09
|
|
2002
|
|
|
142,201
|
|
|
|
2,516
|
|
|
|
17.69
|
|
2003
|
|
|
216,181
|
|
|
|
4,109
|
|
|
|
19.01
|
|
2004
|
|
|
16,842
|
|
|
|
315
|
|
|
|
18.70
|
|
2005
|
|
|
3,907
|
|
|
|
74
|
|
|
|
19.06
|
|
2006
|
|
|
17,763
|
|
|
|
300
|
|
|
|
16.87
|
|
2007
|
|
|
10,468
|
|
|
|
188
|
|
|
|
18.00
|
|
2008
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
Stock Repurchases
|
|
|
2,182,700
|
|
|
$
|
32,681
|
|
|
$
|
14.97
|
|
The
ratios in Table 8 indicate that the Bank remained well capitalized for
regulatory compliance purposes at June 30, 2008. The regulatory
capital ratios of Guaranty Savings Bank exceed the minimum required ratios, and
the Bank has been categorized as “well-capitalized” in the most recent notice
received from its primary regulatory agency.
TABLE
8. REGULATORY CAPITAL AND CAPITAL RATIOS
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
June
30
|
|
|
December
31
|
|
|
June
30
|
|
Tier
1 regulatory capital
|
|
$
|
27,023
|
|
|
$
|
27,197
|
|
|
$
|
26,797
|
|
Tier
2 regulatory capital
|
|
|
1,600
|
|
|
|
1,260
|
|
|
|
1,154
|
|
Total
regulatory capital
|
|
$
|
28,623
|
|
|
$
|
28,457
|
|
|
$
|
27,951
|
|
Adjusted
total assets
|
|
$
|
204,879
|
|
|
$
|
184,285
|
|
|
$
|
169,373
|
|
Risk-weighted
assets
|
|
$
|
128,027
|
|
|
$
|
103,236
|
|
|
$
|
93,322
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1 capital to total assets
|
|
|
13.19
|
%
|
|
|
14.76
|
%
|
|
|
15.82
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
21.11
|
%
|
|
|
26.34
|
%
|
|
|
28.71
|
%
|
Total
capital to risk-weighted assets
|
|
|
22.36
|
%
|
|
|
27.57
|
%
|
|
|
29.95
|
%
|
Shareholders'
equity to total assets
|
|
|
13.40
|
%
|
|
|
15.26
|
%
|
|
|
15.93
|
%
|
LIQUIDITY
AND CAPITAL RESOURCES
The
objective of liquidity management is to ensure that funds are available to meet
cash flow requirements of depositors and borrowers, while at the same time
meeting the operating, capital and strategic cash flow needs of the Company and
the Bank, all in the most cost-effective manner. The Company develops
its liquidity management strategies and measures and monitors liquidity risk as
part of its overall asset/liability management process.
On the
liability side, liquidity management focuses on growing the base of more stable
core deposits at competitive rates, while at the same time ensuring access to
economical wholesale funding sources. The sections above on Deposits
and Borrowings discuss changes in these liability-funding sources in the first
three and six months of 2008.
Liquidity
management on the asset side primarily addresses the composition and maturity
structure of the loan and investment securities portfolios and their impact on
the Company’s ability to generate cash flows from scheduled payments,
contractual maturities and prepayments, their use as collateral for borrowings
and possible sales on the secondary market.
Cash
generated from operations is another important source of funds to meet liquidity
needs. The consolidated statements of cash flows present operating
cash flows and summarize all significant sources and uses of funds for the first
six months of 2008 and 2007. The Company reported a net loss of
$106,000 for the six months ended June 30, 2008, and generated a net cash
increase of $383,000 from operations. Certain adjustments are made to
net income to reach the level of cash provided by operating activities,
including non-cash expenses (depreciation, employee compensation made in the
form of stock, and deferred tax provisions) and revenues (accretion of
discounts, and dividends received in the form of stock).
In
addition, management monitors its liquidity position by tracking certain
financial data. Table 9 illustrates some of the factors that the
Company uses to measure liquidity. The Company remains very liquid,
though some liquidity is being utilized to fund loan growth.
TABLE
9. KEY LIQUIDITY INDICATORS
|
|
|
|
2008
|
|
|
2007
|
|
($
in thousands)
|
|
June
30
|
|
|
December
31
|
|
|
June
30
|
|
Cash
and cash equivalents
|
|
$
|
7,580
|
|
|
$
|
9,462
|
|
|
$
|
4,169
|
|
Total
loans
|
|
|
142,076
|
|
|
|
121,850
|
|
|
|
108,885
|
|
Total
deposits
|
|
|
134,341
|
|
|
|
129,845
|
|
|
|
125,194
|
|
Deposits
$100,000 and over
|
|
|
43,386
|
|
|
|
35,586
|
|
|
|
29,822
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans to total deposits
|
|
|
105.76
|
%
|
|
|
93.84
|
%
|
|
|
86.98
|
%
|
Deposits
$100,000 and over to total deposits
|
|
|
32.30
|
%
|
|
|
27.41
|
%
|
|
|
23.82
|
%
|
RESULTS
OF OPERATIONS
NET
INTEREST INCOME
Net
interest income for the second quarter of 2008 increased $146,000, or 9.8%, from
the first quarter of 2008, with a 2.6% increase in earning assets and a 42 basis
point reduction in cost of funds only being partially offset by a 3 basis point
decrease in the yield on earning assets. Second quarter net interest
income for 2008 was up $248,000 or 17.8%, on average earning assets that were up
18.4% compared with the second quarter of 2007. The year-to-year
increase is thus primarily attributable to the increase in earning assets, as
there was a one basis point drop in net interest margin from 3.44% for the
second quarter of 2007 to 3.43% for the second quarter of
2008. Tables 10 and 11 show the components of the Company’s net
interest margin and the changes in those components from the first quarter of
2008 and the second quarter of 2007.
During
the second quarter of 2008, interest income from earning assets was up $32,000,
or 1.1%, from the first quarter of 2008. This increase was due to the
Company’s increased investment in loans. The Company’s average
investment in loans was up $8.7 million in the second quarter of 2008 compared
to the first quarter of 2008 and average yield increased 8 basis points,
resulting in a $150,000 increase in interest income. This increase
was partially offset by a $95,000 decrease in interest income from investment
securities caused by both a reduction in the balances maintained in these assets
as well as a 28 basis point decrease in average yield. Interest
income from earning assets was up $286,000, or 10.5%, from the second quarter of
2007. This was primarily due to $30.0 million in growth in average
earning assets only partially being offset by a 44 basis point decline in yield
on earning assets, which was caused by significant rate declines, particularly
in short-term rates.
During
the second quarter of 2008, interest expense decreased $114,000, or 7.6%, from
the first quarter of 2008 and increased $38,000, or 2.8%, from the second
quarter of 2007. The decrease from the first quarter was driven by
decreases in deposit rates and certificates of deposit maturing and repricing
into higher-yielding certificates, as well as the maturities and refinancing of
some higher-yielding borrowings into borrowings with a lower
yield. The increase from the second quarter of 2007 is volume driven
as the Company increased its average interest-bearing liabilities by $27.4
million from period to period.
The
average cost on interest bearing deposits decreased to 3.15% for the second
quarter of 2008, from 3.58% in the first quarter of 2008 and 3.76% in the second
quarter of 2007. These changes in rates contributed $125,000 and
$192,000 of decreases in interest expense from the first quarter of 2008 and the
second quarter of 2007, respectively.
Net
interest income for the first six months of 2008 increased $370,000, or 13.4%,
from the first six months of 2007 on average earning assets that were $27.8
million (17.2%) higher. Table 12 shows the components of the
Company’s net interest margin for the first six months of 2008 and
2007. Net interest margin was 3.32% for the six months ended June 30,
2008 and 3.44% for the prior year’s period. The yield on average
earning assets decreased 34 basis points and the total interest cost of funding
earning assets decreased 30 basis points compared to the first six months of
2007.
TABLE
10. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST
RATES
|
|
|
|
Second
Quarter 2008
|
|
|
First
Quarter 2008
|
|
|
Second
Quarter 2007
|
|
($
in thousands)
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/ Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
136,395
|
|
|
$
|
2,349
|
|
|
|
6.93
|
%
|
|
$
|
127,725
|
|
|
|
2,199
|
|
|
|
6.85
|
%
|
|
$
|
104,448
|
|
|
$
|
1,919
|
|
|
|
7.37
|
%
|
U.S.
Agency securities
|
|
|
16,467
|
|
|
|
239
|
|
|
|
5.84
|
|
|
|
21,981
|
|
|
|
333
|
|
|
|
6.03
|
|
|
|
23,039
|
|
|
|
339
|
|
|
|
5.90
|
|
Mortgage-backed
securities
|
|
|
11,123
|
|
|
|
143
|
|
|
|
5.17
|
|
|
|
8,804
|
|
|
|
120
|
|
|
|
5.42
|
|
|
|
6,323
|
|
|
|
87
|
|
|
|
5.52
|
|
Collateralized
mortgage obligations
|
|
|
13,601
|
|
|
|
179
|
|
|
|
5.29
|
|
|
|
14,537
|
|
|
|
197
|
|
|
|
5.39
|
|
|
|
16,218
|
|
|
|
229
|
|
|
|
5.66
|
|
Mutual
funds
|
|
|
5,463
|
|
|
|
61
|
|
|
|
4.49
|
|
|
|
5,769
|
|
|
|
67
|
|
|
|
4.62
|
|
|
|
5,808
|
|
|
|
76
|
|
|
|
5.24
|
|
Total
investment in securities
|
|
|
46,654
|
|
|
|
622
|
|
|
|
5.36
|
|
|
|
51,091
|
|
|
|
717
|
|
|
|
5.64
|
|
|
|
51,388
|
|
|
|
731
|
|
|
|
5.70
|
|
FHLB
stock
|
|
|
1,726
|
|
|
|
12
|
|
|
|
2.80
|
|
|
|
1,547
|
|
|
|
12
|
|
|
|
3.09
|
|
|
|
996
|
|
|
|
13
|
|
|
|
5.13
|
|
Federal
funds sold and demand deposits
|
|
|
7,332
|
|
|
|
36
|
|
|
|
1.97
|
|
|
|
6,805
|
|
|
|
59
|
|
|
|
3.45
|
|
|
|
5,311
|
|
|
|
70
|
|
|
|
5.32
|
|
Total
interest-earning assets
|
|
|
192,107
|
|
|
|
3,019
|
|
|
|
6.32
|
%
|
|
|
187,168
|
|
|
|
2,987
|
|
|
|
6.35
|
%
|
|
|
162,143
|
|
|
|
2,733
|
|
|
|
6.76
|
%
|
NONINTEREST-EARNING
ASSETS
|
|
Other
assets
|
|
|
12,386
|
|
|
|
|
|
|
|
|
|
|
|
11,685
|
|
|
|
|
|
|
|
|
|
|
|
9,799
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(3,298
|
)
|
|
|
|
|
|
|
|
|
|
|
(3,432
|
)
|
|
|
|
|
|
|
|
|
|
|
(3,729
|
)
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
201,195
|
|
|
|
|
|
|
|
|
|
|
$
|
195,421
|
|
|
|
|
|
|
|
|
|
|
$
|
168,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
INTEREST-BEARING
LIABILITIES
|
|
NOW
account deposits
|
|
$
|
24,471
|
|
|
|
128
|
|
|
|
2.10
|
%
|
|
$
|
23,345
|
|
|
|
159
|
|
|
|
2.71
|
%
|
|
$
|
20,606
|
|
|
|
171
|
|
|
|
3.34
|
%
|
Savings
deposits
|
|
|
17,458
|
|
|
|
32
|
|
|
|
0.74
|
|
|
|
18,601
|
|
|
|
40
|
|
|
|
0.86
|
|
|
|
20,707
|
|
|
|
65
|
|
|
|
1.25
|
|
Time
deposits
|
|
|
83,374
|
|
|
|
820
|
|
|
|
3.96
|
|
|
|
80,761
|
|
|
|
891
|
|
|
|
4.39
|
|
|
|
79,315
|
|
|
|
895
|
|
|
|
4.53
|
|
Total
interest-bearing deposits
|
|
|
125,303
|
|
|
|
980
|
|
|
|
3.15
|
|
|
|
122,707
|
|
|
|
1,090
|
|
|
|
3.58
|
|
|
|
120,628
|
|
|
|
1,131
|
|
|
|
3.76
|
|
Borrowings
|
|
|
37,956
|
|
|
|
401
|
|
|
|
4.25
|
|
|
|
34,931
|
|
|
|
405
|
|
|
|
4.61
|
|
|
|
15,273
|
|
|
|
211
|
|
|
|
5.54
|
|
Total
interest-bearing liabilities
|
|
|
163,259
|
|
|
|
1,381
|
|
|
|
3.40
|
%
|
|
|
157,638
|
|
|
|
1,495
|
|
|
|
3.82
|
%
|
|
|
135,901
|
|
|
|
1,342
|
|
|
|
3.96
|
%
|
NONINTEREST-BEARING
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
Demand
deposits
|
|
|
8,335
|
|
|
|
|
|
|
|
|
|
|
|
8,072
|
|
|
|
|
|
|
|
|
|
|
|
3,946
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
1,495
|
|
|
|
|
|
|
|
|
|
|
|
1,196
|
|
|
|
|
|
|
|
|
|
|
|
1,216
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
28,106
|
|
|
|
|
|
|
|
|
|
|
|
28,515
|
|
|
|
|
|
|
|
|
|
|
|
27,150
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
$
|
201,195
|
|
|
|
|
|
|
|
|
|
|
$
|
195,421
|
|
|
|
|
|
|
|
|
|
|
$
|
168,213
|
|
|
|
|
|
|
|
|
|
Net
interest income and margin
|
|
|
|
|
|
$
|
1,638
|
|
|
|
3.43
|
%
|
|
|
|
|
|
$
|
1,492
|
|
|
|
3.21
|
%
|
|
|
|
|
|
$
|
1,391
|
|
|
|
3.44
|
%
|
Net
interest-earning assets and spread
|
|
$
|
28,848
|
|
|
|
|
|
|
|
2.92
|
%
|
|
$
|
29,670
|
|
|
|
|
|
|
|
2.53
|
%
|
|
$
|
26,243
|
|
|
|
|
|
|
|
2.80
|
%
|
Cost
of funding interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
2.89
|
%
|
|
|
|
|
|
|
|
|
|
|
3.20
|
%
|
|
|
|
|
|
|
|
|
|
|
3.32
|
%
|
TABLE
11. SUMMARY OF CHANGES IN NET INTEREST MARGIN
|
|
|
|
Second
Quarter 2008 Compared to:
|
|
|
|
First
Quarter of 2008
|
|
|
Second
Quarter of 2007
|
|
|
|
Due
to Change in
|
|
|
Total
Increase (Decrease)
|
|
|
Due
to Change in
|
|
|
Total
Increase
(Decrease)
|
|
($
in thousands)
|
|
Volume
|
|
|
Rate
|
|
|
Volume
|
|
|
Rate
|
|
INTEREST
INCOME
|
|
Loans
|
|
$
|
78
|
|
|
$
|
72
|
|
|
$
|
150
|
|
|
$
|
491
|
|
|
$
|
(61
|
)
|
|
$
|
430
|
|
U.S.
Agency securities
|
|
|
(34
|
)
|
|
|
(60
|
)
|
|
|
(94
|
)
|
|
|
(48
|
)
|
|
|
(52
|
)
|
|
|
(100
|
)
|
Mortgage-backed
securities
|
|
|
17
|
|
|
|
6
|
|
|
|
23
|
|
|
|
52
|
|
|
|
4
|
|
|
|
56
|
|
Collateralized
mortgage obligations
|
|
|
(6
|
)
|
|
|
(12
|
)
|
|
|
(18
|
)
|
|
|
(27
|
)
|
|
|
(23
|
)
|
|
|
(50
|
)
|
Mutual
funds
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
(6
|
)
|
|
|
(2
|
)
|
|
|
(13
|
)
|
|
|
(15
|
)
|
Total
investment in securities
|
|
|
(25
|
)
|
|
|
(70
|
)
|
|
|
(95
|
)
|
|
|
(25
|
)
|
|
|
(84
|
)
|
|
|
(109
|
)
|
FHLB
stock
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
5
|
|
|
|
(6
|
)
|
|
|
(1
|
)
|
Federal
funds sold and demand deposits
|
|
|
1
|
|
|
|
(24
|
)
|
|
|
(23
|
)
|
|
|
9
|
|
|
|
(43
|
)
|
|
|
(34
|
)
|
Total
interest income
|
|
|
55
|
|
|
|
(23
|
)
|
|
|
32
|
|
|
|
480
|
|
|
|
(194
|
)
|
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
NOW
account deposits
|
|
$
|
3
|
|
|
$
|
(34
|
)
|
|
$
|
(31
|
)
|
|
$
|
18
|
|
|
$
|
(61
|
)
|
|
$
|
(43
|
)
|
Savings
deposits
|
|
|
(1
|
)
|
|
|
(7
|
)
|
|
|
(8
|
)
|
|
|
(5
|
)
|
|
|
(28
|
)
|
|
|
(33
|
)
|
Time
deposits
|
|
|
13
|
|
|
|
(84
|
)
|
|
|
(71
|
)
|
|
|
28
|
|
|
|
(103
|
)
|
|
|
(75
|
)
|
Total
interest-bearing deposits
|
|
|
15
|
|
|
|
(125
|
)
|
|
|
(110
|
)
|
|
|
41
|
|
|
|
(192
|
)
|
|
|
(151
|
)
|
Borrowings
|
|
|
17
|
|
|
|
(21
|
)
|
|
|
(4
|
)
|
|
|
233
|
|
|
|
(43
|
)
|
|
|
190
|
|
Total
interest expense
|
|
|
32
|
|
|
|
(146
|
)
|
|
|
(114
|
)
|
|
|
274
|
|
|
|
(235
|
)
|
|
|
39
|
|
Change
in net interest income
|
|
|
23
|
|
|
|
123
|
|
|
|
146
|
|
|
|
206
|
|
|
|
41
|
|
|
|
247
|
|
TABLE
12. SUMMARY OF AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND INTEREST
RATES
|
|
|
|
Six
Months Ended
June
30, 2008
|
|
|
Six
Months Ended
June
30, 2007
|
|
($
in thousands)
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
ASSETS
|
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
132,084
|
|
|
$
|
4,548
|
|
|
|
6.92
|
%
|
|
$
|
101,741
|
|
|
$
|
3,712
|
|
|
|
7.36
|
%
|
U.S.
Agency securities
|
|
|
19,209
|
|
|
|
571
|
|
|
|
5.99
|
|
|
|
22,193
|
|
|
|
646
|
|
|
|
5.87
|
|
Mortgage-backed
securities
|
|
|
9,970
|
|
|
|
263
|
|
|
|
5.30
|
|
|
|
5,119
|
|
|
|
144
|
|
|
|
5.67
|
|
Collateralized
mortgage obligations
|
|
|
14,066
|
|
|
|
376
|
|
|
|
5.38
|
|
|
|
16,532
|
|
|
|
459
|
|
|
|
5.60
|
|
Mutual
funds
|
|
|
5,615
|
|
|
|
128
|
|
|
|
4.58
|
|
|
|
7,323
|
|
|
|
204
|
|
|
|
5.18
|
|
Total
investment in securities
|
|
|
48,860
|
|
|
|
1,338
|
|
|
|
5.51
|
|
|
|
51,167
|
|
|
|
1,453
|
|
|
|
5.65
|
|
FHLB
stock
|
|
|
1,637
|
|
|
|
24
|
|
|
|
2.95
|
|
|
|
989
|
|
|
|
27
|
|
|
|
5.45
|
|
Federal
funds sold and demand deposits
|
|
|
7,070
|
|
|
|
95
|
|
|
|
2.70
|
|
|
|
7,323
|
|
|
|
195
|
|
|
|
5.38
|
|
Total
interest-earning assets
|
|
|
189,651
|
|
|
|
6,006
|
|
|
|
6.37
|
%
|
|
|
161,220
|
|
|
|
5,387
|
|
|
|
6.71
|
%
|
NONINTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12,037
|
|
|
|
|
|
|
|
|
|
|
|
10,153
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(3,364
|
)
|
|
|
|
|
|
|
|
|
|
|
(3,730
|
)
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
198,324
|
|
|
|
|
|
|
|
|
|
|
$
|
167,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
account deposits
|
|
$
|
23,911
|
|
|
$
|
287
|
|
|
|
2.41
|
%
|
|
$
|
19,724
|
|
|
$
|
313
|
|
|
|
3.20
|
%
|
Savings
deposits
|
|
|
18,026
|
|
|
|
72
|
|
|
|
0.80
|
|
|
|
21,340
|
|
|
|
133
|
|
|
|
1.25
|
|
Time
deposits
|
|
|
82,075
|
|
|
|
1,711
|
|
|
|
4.19
|
|
|
|
78,904
|
|
|
|
1,747
|
|
|
|
4.47
|
|
Total
interest-bearing deposits
|
|
|
124,012
|
|
|
|
2,070
|
|
|
|
3.36
|
|
|
|
119,968
|
|
|
|
2,193
|
|
|
|
3.69
|
|
Borrowings
|
|
|
36,458
|
|
|
|
806
|
|
|
|
4.45
|
|
|
|
15,749
|
|
|
|
433
|
|
|
|
5.54
|
|
Total
interest-bearing liabilities
|
|
|
160,470
|
|
|
|
2,876
|
|
|
|
3.60
|
%
|
|
|
135,717
|
|
|
|
2,626
|
|
|
|
3.90
|
%
|
NONINTEREST-BEARING
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
8,204
|
|
|
|
|
|
|
|
|
|
|
|
3,640
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
1,341
|
|
|
|
|
|
|
|
|
|
|
|
1,084
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
28,309
|
|
|
|
|
|
|
|
|
|
|
|
27,202
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
$
|
198,324
|
|
|
|
|
|
|
|
|
|
|
$
|
167,643
|
|
|
|
|
|
|
|
|
|
Net
interest income and margin
|
|
|
|
|
|
$
|
3,130
|
|
|
|
3.32
|
%
|
|
|
|
|
|
$
|
2,760
|
|
|
|
3.44
|
%
|
Net
interest-earning assets and spread
|
|
$
|
26,263
|
|
|
|
|
|
|
|
2.77
|
%
|
|
$
|
26,263
|
|
|
|
|
|
|
|
2.81
|
%
|
Cost
of funding interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
3.05
|
%
|
|
|
|
|
|
|
|
|
|
|
3.23
|
%
|
TABLE
13. SUMMARY OF CHANGES IN NET INTEREST MARGIN
|
|
|
|
First
Six Months 2008 Compared to:
|
|
|
|
First
Six Months of 2007
|
|
|
|
Due
to Change in
|
|
|
Total
Increase (Decrease)
|
|
($
in thousands)
|
|
Volume
|
|
|
Rate
|
|
INTEREST
INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,045
|
|
|
$
|
(209
|
)
|
|
$
|
836
|
|
U.S.
Agency securities
|
|
|
(89
|
)
|
|
|
15
|
|
|
|
(74
|
)
|
Mortgage-backed
securities
|
|
|
128
|
|
|
|
(9
|
)
|
|
|
119
|
|
Collateralized
mortgage obligations
|
|
|
(66
|
)
|
|
|
(17
|
)
|
|
|
(83
|
)
|
Mutual
funds
|
|
|
(39
|
)
|
|
|
(37
|
)
|
|
|
(76
|
)
|
Total
investment in securities
|
|
|
(66
|
)
|
|
|
(48
|
)
|
|
|
(114
|
)
|
FHLB
stock
|
|
|
10
|
|
|
|
(13
|
)
|
|
|
(3
|
)
|
Federal
funds sold and demand deposits
|
|
|
(3
|
)
|
|
|
(97
|
)
|
|
|
(100
|
)
|
Total
interest income (loss)
|
|
|
986
|
|
|
|
(367
|
)
|
|
|
619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
account deposits
|
|
$
|
50
|
|
|
$
|
(76
|
)
|
|
$
|
(26
|
)
|
Savings
deposits
|
|
|
(13
|
)
|
|
|
(48
|
)
|
|
|
(61
|
)
|
Time
deposits
|
|
|
66
|
|
|
|
(102
|
)
|
|
|
(36
|
)
|
Total
interest-bearing deposits
|
|
|
103
|
|
|
|
(226
|
)
|
|
|
(123
|
)
|
Borrowings
|
|
|
458
|
|
|
|
(85
|
)
|
|
|
373
|
|
Total
interest expense
|
|
|
561
|
|
|
|
(311
|
)
|
|
|
250
|
|
Change
in net interest income
|
|
|
425
|
|
|
|
(56
|
)
|
|
|
369
|
|
PROVISION
FOR LOAN LOSSES
The
Company has made no provision for loan losses in 2008. The Company
made a reversal of $300,000 of its provision for loan losses in the second
quarter of 2007 due to the ongoing improvement in credit quality as the
Company’s borrowers continue to recover from the impact of Hurricane
Katrina.
For a
more detailed discussion of changes in the allowance for loan losses,
nonperforming assets and general credit quality, see the earlier section on
Loans and Allowance for Loan Losses. The future level of the
allowance for loan losses will reflect management’s ongoing evaluation of credit
risk, based on established internal policies and practices.
NON-INTEREST
INCOME
Non-interest
income, excluding securities transactions, increased $92,000 for the second
quarter of 2008 compared to the same time period in 2007 and increased $178,000
for the first six months of 2008 compared to the first six months of 2007, both
primarily the result of increased gains on sales of mortgage loans in the
secondary market. Losses from securities transactions in the second
quarter of 2008 of $660,000 include a $651,000 other-than-temporary impairment
loss relating to the Company’s investments in mortgage-related mutual funds and
$9,000 from the sales of certain securities. There were no security
sales in the first six months of 2007. The major categories of
non-interest income for the three and six months ended June 30, 2008 and 2007
are presented in Table 14.
TABLE
14. NON-INTEREST INCOME
|
|
|
|
Three
Months Ended
|
|
|
Six
Months Ended
|
|
($
in thousands)
|
|
June
30, 2008
|
|
|
June
30, 2007
|
|
|
Percentage
Increase (Decrease)
|
|
|
June
30, 2008
|
|
|
June
30, 2007
|
|
|
Percentage
Increase (Decrease)
|
|
Service
charges on deposit accounts
|
|
$
|
11
|
|
|
$
|
6
|
|
|
|
83
|
%
|
|
$
|
16
|
|
|
$
|
10
|
|
|
|
60
|
%
|
ATM
fees
|
|
|
4
|
|
|
|
3
|
|
|
|
33
|
|
|
|
7
|
|
|
|
4
|
|
|
|
75
|
|
Early
closing penalties
|
|
|
1
|
|
|
|
2
|
|
|
|
(50
|
)
|
|
|
2
|
|
|
|
6
|
|
|
|
(67
|
)
|
Income
from real estate held for investment
|
|
|
14
|
|
|
|
13
|
|
|
|
8
|
|
|
|
28
|
|
|
|
26
|
|
|
|
8
|
|
Gain
on Sales of Mortgage Loans
|
|
|
92
|
|
|
|
18
|
|
|
|
411
|
|
|
|
187
|
|
|
|
22
|
|
|
|
750
|
|
Miscellaneous
|
|
|
13
|
|
|
|
1
|
|
|
|
1,200
|
|
|
|
10
|
|
|
|
4
|
|
|
|
150
|
|
Total
noninterest income before securities transactions
|
|
|
135
|
|
|
|
43
|
|
|
|
214
|
|
|
|
250
|
|
|
|
72
|
|
|
|
247
|
|
Securities
impairments and losses, net of gains from sales
|
|
|
(660
|
)
|
|
|
-
|
|
|
(a)
|
|
|
|
(660
|
)
|
|
|
-
|
|
|
(a)
|
|
Total
noninterest income
|
|
$
|
(525
|
)
|
|
$
|
43
|
|
|
(a)
|
|
|
$
|
(410
|
)
|
|
$
|
72
|
|
|
(a)
|
|
(a)
Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
Non-interest
expense for the second quarter of 2008 totaled $1.5 million, a $151,000 (11%)
increase from the second quarter of 2007. For the first
six months of 2008, non-interest expenses were $2.9 million, a $291,000 (11%)
increase from 2007. Non-interest expense for the three
and six months ended June 30, 2008 and 2007 are presented in Table 15
below.
TABLE
15. NON-INTEREST EXPENSE
|
|
|
|
Three
Months Ended
|
|
|
Six
Months Ended
|
|
($
in thousands)
|
|
June
30, 2008
|
|
|
June
30, 2007
|
|
|
Percentage
Increase (Decrease)
|
|
|
June
30, 2008
|
|
|
June
30, 2007
|
|
|
Percentage
Increase (Decrease)
|
|
Employee
compensation
|
|
$
|
661
|
|
|
$
|
583
|
|
|
|
13
|
%
|
|
$
|
1,300
|
|
|
$
|
1,129
|
|
|
|
15
|
%
|
Employee
benefits
|
|
|
207
|
|
|
|
234
|
|
|
|
(12
|
)
|
|
|
432
|
|
|
|
481
|
|
|
|
(10
|
)
|
Total
personnel expense
|
|
|
868
|
|
|
|
817
|
|
|
|
6
|
|
|
|
1,732
|
|
|
|
1,610
|
|
|
|
8
|
|
Net
occupancy expense
|
|
|
201
|
|
|
|
152
|
|
|
|
32
|
|
|
|
401
|
|
|
|
288
|
|
|
|
39
|
|
Ad
Valorem taxes
|
|
|
75
|
|
|
|
64
|
|
|
|
17
|
|
|
|
150
|
|
|
|
129
|
|
|
|
16
|
|
Data
processing costs
|
|
|
74
|
|
|
|
67
|
|
|
|
10
|
|
|
|
145
|
|
|
|
138
|
|
|
|
5
|
|
Advertising
|
|
|
13
|
|
|
|
23
|
|
|
|
(43
|
)
|
|
|
25
|
|
|
|
44
|
|
|
|
(43
|
)
|
ATM
server expenses
|
|
|
10
|
|
|
|
11
|
|
|
|
(9
|
)
|
|
|
19
|
|
|
|
17
|
|
|
|
12
|
|
Professional
fees
|
|
|
64
|
|
|
|
51
|
|
|
|
25
|
|
|
|
112
|
|
|
|
100
|
|
|
|
12
|
|
Deposit
insurance and supervisory fees
|
|
|
29
|
|
|
|
26
|
|
|
|
12
|
|
|
|
58
|
|
|
|
53
|
|
|
|
9
|
|
Printing
and office supplies
|
|
|
32
|
|
|
|
30
|
|
|
|
7
|
|
|
|
54
|
|
|
|
60
|
|
|
|
(10
|
)
|
Telephone
|
|
|
20
|
|
|
|
18
|
|
|
|
11
|
|
|
|
37
|
|
|
|
32
|
|
|
|
16
|
|
Dues
and subscriptions
|
|
|
23
|
|
|
|
27
|
|
|
|
(15
|
)
|
|
|
48
|
|
|
|
52
|
|
|
|
(8
|
)
|
Other
operating expenses
|
|
|
56
|
|
|
|
28
|
|
|
|
100
|
|
|
|
100
|
|
|
|
67
|
|
|
|
49
|
|
Total
non-interest expense
|
|
$
|
1,465
|
|
|
$
|
1,314
|
|
|
|
11
|
%
|
|
$
|
2,881
|
|
|
$
|
2,590
|
|
|
|
11
|
%
|
Efficiency
Ratio
|
|
|
82.58
|
%
|
|
|
91.67
|
%
|
|
|
|
|
|
|
85.24
|
%
|
|
|
91.44
|
%
|
|
|
|
|
Personnel
costs, which represent the largest component of non-interest expense, increased
$51,000, or 6.2% to $868,000 in the second quarter of 2008 compared to $817,000
in the second quarter of 2007. Personnel costs increased $122,000, or
7.6%, to $1.6 million in the first half of 2008. Both increases
relate to the Company’s increase in headcount as it added two banking locations
in the second half of 2007.
Occupancy
expense increased $49,000, or 32.2%, in the second quarter of 2008 compared with
the same period in 2007 and increased $113,000, or 39.2% for the first six
months of 2008 compared with the first six months of 2007. This is
the result of increases in utilities, maintenance and repairs, insurance and
depreciation primarily relating to the re-opening of the Canal St. location and
the opening of the Westbank branch in the latter half of 2007.
While
non-interest expense increased in both the three month and six month periods
ended June 30, 2008, compared with the same periods in the prior year, the rate
of increase was slower than that of asset and revenue growth. This is
evidenced by the improvement in the Company’s efficiency ratio to 82.58% and
85.24% for the three and six month periods ended June 30, 2008, compared with
91.67% and 91.44% for the same periods in 2007.
Although
operating earnings are not a measure of performance calculated in accordance
with U.S. generally accepted accounting principles (“GAAP”), we believe that the
operating earnings are an important indication of our ability to generate
earnings through our fundamental banking business. Since operating
earnings exclude the effects of certain items that are unusual and/or difficult
to predict, we believe that our operating earnings provide useful supplemental
information to both management and investors in evaluating the Company’s
financial results.
Operating
earnings should not be considered in isolation or as a substitute for net
income, cash flows from operating activities, or other income or cash flow
statement data calculated in accordance with GAAP. Moreover, the
manner in which we calculate our operating earnings may differ from that of
other companies reporting measures with similar names.
Reconciliations
of the Company’s GAAP and operating earnings for the three months ended June 30,
2008, March 31, 2008 and June 30, 2007 and for the six months ended June 30,
2008 and 2007 follow in Table 16:
TABLE
16. RECONCILIATION OF GAAP EARNINGS TO OPERATING EARNINGS
|
|
For
the Three Months Ended
|
|
|
For
the Six Months Ended
|
|
(in
thousands, except per share data)
|
|
June
30,
2008
|
|
|
March
31,
2008
|
|
|
June
30,
2007
|
|
|
June
30,
2008
|
|
|
June
30,
2007
|
|
GAAP
(Loss) Earnings
|
|
$
|
(232
|
)
|
|
$
|
126
|
|
|
$
|
293
|
|
|
$
|
(106
|
)
|
|
$
|
389
|
|
Adjustments
to GAAP (loss) earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on other-than-temporary
impairment
of securities
|
|
|
651
|
|
|
|
-
|
|
|
|
-
|
|
|
|
651
|
|
|
|
-
|
|
Reversal of provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(300
|
)
|
|
|
-
|
|
|
|
(300
|
)
|
Income tax
effect
|
|
|
(221
|
)
|
|
|
-
|
|
|
|
102
|
|
|
|
(221
|
)
|
|
|
102
|
|
Operating
Earnings
|
|
$
|
198
|
|
|
$
|
126
|
|
|
$
|
95
|
|
|
$
|
324
|
|
|
$
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
GAAP (Loss) Earnings per Share
|
|
$
|
(.18
|
)
|
|
$
|
.10
|
|
|
$
|
.23
|
|
|
$
|
(.08
|
)
|
|
$
|
.31
|
|
Adjustments
to diluted GAAP (loss) earnings
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on other-than-temporary
impairment
of securities
|
|
|
.33
|
|
|
|
-
|
|
|
|
-
|
|
|
|
.33
|
|
|
|
-
|
|
Reversal of provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(.16
|
)
|
|
|
-
|
|
|
|
(.16
|
)
|
Diluted
operating earnings per share
|
|
$
|
.15
|
|
|
$
|
.10
|
|
|
$
|
.07
|
|
|
$
|
.25
|
|
|
$
|
.15
|
|
Item
3 – Quantitative and Qualitative Disclosures about Market Risk
Quantitative
and qualitative disclosures about market risk are presented at December 31, 2007
in the Company’s Annual Report on Form 10-K, filed with the SEC on March 30,
2008. Management believes there have been no material changes in the
Company’s market risk since December 31, 2007.
Item
4 - Controls and Procedures
Our
management evaluated, with the participation of our Chief Executive Officer and
Chief Financial Officer, the effectiveness of our disclosure controls and
procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities
Exchange Act of 1934) as of the end of the period covered by this
report. Based on such evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that our disclosure controls and
procedures are designed to ensure that information required to be disclosed by
us in the reports that we file or submit under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and regulations and are operating in an effective
manner.
No change
in our internal control over financial reporting (as defined in Rules 13a–15(f)
or 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the
most recent fiscal quarter that has materially affected, or is reasonably likely
to affect, our internal control over financial reporting.
Part
II - Other Information
Item
1 - Legal Proceedings
There are
no matters required to be reported under this item.
Item
1a. Risk Factors
There
have been no material changes from the risk factors disclosed in the Company’s
Annual Report on Form 10-k for the year ended December 31, 2007.
Item
2 – Unregistered Sales of Equity Securities and Use of Proceeds
(a) Not
applicable
(b) Not
applicable
(c) Not
applicable
Item
3 - Defaults Upon Senior Securities
There are
no matters required to be reported under this item.
Item
4 - Submission of Matters to a Vote of Security Holders
On April
22, 2008, the Company held an Annual Meeting of Stockholders to obtain approval
for two proxy proposals submitted on behalf of the Company’s Board of
Directors. Shareholders of record as of March 7, 2008, received proxy
materials and were considered eligible to vote on these
proposals. The following is a brief summary of each proposal and the
result of the vote.
|
|
|
|
|
1.
|
To
elect two directors for a three year term expiring in
2011:
|
|
|
|
|
|
|
|
|
|
|
|
Bradford
A. Glazer
|
1,058,045
|
203,890
|
n/a
|
-
|
|
Bruce
A. Scott
|
1,077,211
|
184,724
|
n/a
|
-
|
|
|
|
|
|
|
2.
|
To
ratify the appointment of the Company’s independent registered public
accounting firm:
|
1,170,644
|
-
|
90,239
|
1,052
|
Item
5 - Other Information
There are
no matters required to be reported under this item.
Item
6 - Exhibits
3.1*
|
Articles
of Incorporation of GS Financial Corp.
|
3.2*
|
Bylaws
of GS Financial Corp.
|
4.1*
|
Stock
Certificate of GS Financial Corp.
|
10.1**
|
GS
Financial Corp. Stock Option Plan
|
10.2**
|
GS
Financial Corp. Recognition and Retention Plan and Trust Agreement for
Employees and Non-Employee Directors
|
31.1
|
Rule
13a-14(a) Certification of Chief Executive Officer
|
31.2
|
Rule
13a-14(a) Certification of Chief Financial Officer
|
32.0
|
Certification
pursuant to 18 U.S.C. Section 1350
|
*
|
Incorporated
herein by reference from the Registration Statement on Form SB-2
(Registration number 333-18841) filed by the Registrant with the SEC on
December 26, 1996, as subsequently
amended.
|
**
|
Incorporated
herein by reference from the definitive proxy statement, dated September
16, 1997, filed by the Registrant with the SEC (Commission File No.
000-22269)
|
Pursuant
to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
GS
FINANCIAL CORP.
Date:
|
August
14, 2008
|
By:
|
/s/
Stephen E. Wessel
|
|
|
Stephen
E. Wessel
President
and
Chief Executive Officer
|
Date:
|
August
14, 2008
|
By:
|
/s/
J. Andrew Bower
|
|
|
J.
Andrew Bower
Chief
Financial Officer
|
GS Financial Corp. (MM) (NASDAQ:GSLA)
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