United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
x Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended June 30, 1997
Commission File Number: 0-22269
GS Financial Corp.
(Exact Name of Registrant as Specified in its Charter)
Louisiana 72-1341014
(State or Other Jurisdiction (IRS Employer ID Number)
of Incorporation or Organization)
3798 Veterans Blvd.
Metairie, LA 70002
(Address of Principal Executive Offices)
Registrant's Telephone Number: (504) 457-6220
Indicate by check 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 No
As of June 30, 1997, there were 3,438,500 shares of the
Registrant's common stock, par value $.01 per share, issued and
outstanding. The information presented in this Form 10-Q at June
30, 1997 and for the three and six months ending June 30, 1997
represent the consolidated statement of financial condition and
results of operations of GS Financial Corp. and its wholly owned
subsidiary, Guaranty Savings and Homestead Association. The
information presented as of December 31, 1996 and for the three
and six months ending June 30, 1996, represent the financial
condition and results of operations of Guaranty Savings and
Homestead alone, due to the pending the completion of the initial
public offering of GS Financial on April 1, 1997.
GS Financial Corp.
Form 10-Q
Quarter ended June 30, 1997
Table of Contents
Part I - Financial Information
Item 1
Consolidated Statements of Financial Condition
(as of June 30, 1997 and December 31, 1996) 3
Consolidated Statements of Operations
(For the three and six months ended, 4
June 30, 1997 and 1996)
Consolidated Statements of Equity Capital
(For the six months ended June 30, 1997 and 1996) 5
Consolidated Statements of Cash Flows
(For the six months ended June 30, 1997 and 1996) 5-7
Notes to Consolidated Financial Statements 7
Item 2
Management's Discussion and Analysis of Financial
Condition and Results of Operations 10-15
Part II Other Information 15
Item 1 Legal Proceedings 15
Item 2 Changes in Securities 15
Item 3 Defaults Upon Senior Securities 15
Item 4 Submission of Matters to a Vote of Security
Holders 15
Item 5 Other Information 15
Item 6 Exhibits and Reports on Form 8-K 15
GS Financial Corp.
Statements of Financial Condition
(Dollars in Thousands)
ASSETS
June 30, 1997 December 31, 1996
Cash and Due from Banks $ 130 $ 329
Interest Bearing Deposits 7,508 1,212
Federal Funds Sold 5,600 6,050
Investment Securities 25,154 23,566
Loans (Net) 45,838 44,126
Mortgage Backed Securities 34,648 7,520
Accrued Interest Receivable 687 536
Premises & Equipment 2,736 2,752
Other Assets 944 1,459
----------- ----------
TOTAL ASSETS $ 123,245 $ 87,550
=========== ==========
LIABILITIES
Interest Bearing Deposits $ 57,702 $ 61,421
Non-Interest Bearing Dep. 547 529
Borrowings 8,000 0
Other Liabilities 752 821
----------- ----------
TOTAL LIABILITIES 67,001 62,771
STOCKHOLDERS EQUITY AND RETAINED EARNINGS
Common Stock 30,858 0
Unrealized Gain on Securities 697 916
Retained Earnings 24,689 23,863
---------- ----------
TOTAL EQUITY CAPITAL 56,244 24,779
----------- ----------
TOTAL LIABILITIES AND
EQUITY CAPITAL $ 123,245 $ 87,550
=========== ==========
GS Financial Corp.
Statements of Operations
(Thousands of Dollars)
For the three Months For the six Months
ended June 30, ended June 30,
1997 1996 1997 1996
----------------------------------------
INTEREST INCOME
Loans Receivable $ 1,002 $ 918 $ 1,984 $ 1,851
Mortgage Backed Securities 342 115 457 219
Investment Securities 432 442 807 907
Fed Funds Sold & Deposits 284 34 482 68
Other Interest Income 11 10 21 20
----- ----- ----- -----
TOTAL INTEREST INCOME 2,071 1,519 3,751 3,065
----- ----- ----- -----
INTEREST EXPENSE
Deposits 648 643 1,344 1,263
FHLB Advances 13 13
----- ----- ----- -----
TOTAL INTEREST EXPENSE 661 643 1,357 1,263
----- ----- ----- -----
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES 1,410 876 2,394 1,802
PROVISION FOR LOAN LOSSES 5 8 5 8
----- ----- ----- -----
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,405 868 2,389 1,794
----- ----- ----- -----
OTHER INCOME (7) 9 (7) 11
OTHER EXPENSES
Compensation and Benefits 402 314 756 624
Net Occupancy Expense 74 71 146 134
Data Processing 16 14 38 31
Other Expenses 101 90 167 202
----- ----- ----- -----
TOTAL OTHER EXPENSES 593 489 1,107 991
----- ----- ----- -----
INCOME BEFORE TAX EXPENSE 805 388 1,275 814
INCOME TAX EXPENSE 286 130 448 278
----- ----- ----- -----
NET INCOME $ 519 $ 258 $ 827 $ 536
===== ===== ===== =====
EARNINGS PER SHARE $ .15 n/a n/a n/a
GS Financial Corp.
Statements of Changes in Equity Capital
(Thousands of Dollars)
Unrealized Gain
on Securities
Available for
Sale Net of
Applicable Total
Retained Common Deferred Equity
Earnings Stock Income Tax Capital
BALANCE AT DECEMBER 31, 1995 $ 23,458 0 $ 488 $23,946
Net Income 536 536
Reduction in Unrealized Gain (2) (2)
BALANCE AT JUNE 30, 1996 $ 23,994 $ 486 24,480
BALANCE AT DECEMBER 31, 1996 $ 23,862 0 917 24,779
Net Income 827 827
Reduction in Unrealized Gain (220) (220)
Sale of Common Stock 30,858 30,858
BALANCE AT JUNE 30, 1997 $ 24,689 30,858 697 56,244
GS Financial Corp.
Statements of Cash Flows
For the Six Months Ended
June 30
-----------------------
1997 1996
---- ----
CASH FLOWS FROM OPERATIING ACTIVITIES
Net Income $ 826,984 $ 536,192
Adjustments to Reconcile Net Income
to Net Cash Provided
by Operating Activities:
Depreciation 63,794 58,418
Discounts/Accretion (Net) (13,910) (268,953)
Provision for Losses 5,339 11,817
Gain on Sale of Real Estate
Held-For-Investment (7,325)
Loss on Sale of Loans 4,966
Dividend on Arm Fund (37,732) (22,849)
Loss on Sale of Invest.(Net) 7,783
(Increase) Decrease in Prepaid Income 2,259 (255,123)
Deferred Income Tax (10,338) 21,519
Changes in Operating Assets and Liabilities:
(Increase)/Decrease in
Accrued Interest Receivable (150,081) (74,751)
(Increase)/Decrease in Deferred Charges (21,113) (52,903)
Increase/(Decrease) in Accrued Income Tax 443,763 278,025
Increase/(Decrease) in Other Liabilities (3,069) (52,762)
(Increase)/Decrease in Other Assets 171,085 1,633
--------- -------
Net Cash Provided by Operating Activities 1,289,730 172,938
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Held-to-Maturity Securities (10,381,014)
Proceeds from Maturities 15,200,000
of Held to Maturity Securities
Purchase of Available-for-Sale (12,346,864) (780,324)
Securities
Proceeds from Maturities 4,900,000 900,000
of Available for Sale Securities
Purchases of Mortgage-Backed (27,892,088) (2,435,823)
Securities
Proceeds from Maturities of 770,431 1,192,209
Mortgage Backed Securities
(Purchase) of ARM Mutual Fund (705,345)
Proceeds from Sales of Loans and
Investment Securities 5,563,795
Loan (Origination's) or (1,712,678) (1,554,279)
Principal Repayments (Net)
Purchases of Premises and Equipment (44,885) (180,045)
Proceeds from Sales of Foreclosed
Real Estate 46,457
Investment in Foreclosed Real Estate (14,789) (19,132)
Non-Cash Dividend - FHLB (21,300) (20,300)
Investment in Real Estate Held- (4,300)
for Investment
---------- -------
Net Cash Provided by Investing Activities(30,798,378) 1,258,104
---------- -------
CASH FLOW FROM FINANCING ACTIVITIES
Net Increase/(Decrease) in Deposits (3,719,434) (1,189,019)
Net Increase/(Decrease) in Stock
Subscription Deposits 30,857,698
Net Increase/(Decrease) in
Unapplied Loan Payments 2,734 (609)
Net Increase/(Decrease) in Advance
Payment by Borrowers for Taxes
and Insurance 15,159 (23,756)
Net Increase/(Decrease)in FHLB Advance 8,000,000
---------- ---------
Net Cash (Used in) Financing Activities 35,156,157 (1,213,384)
---------- ---------
NET CASH EQUIVALENTS 5,647,509 217,658
CASH AND CASH EQUIVALENTS - January 1 7,590,655 2,355,177
---------- ---------
CASH AND CASH EQUIVALENTS - June 30 $ 13,238,164 $ 2,572,835
========== =========
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
GS Financial Corp. (the "Company") was organized and
incorporated under the laws of the state of Louisiana on December
24, 1996 for the purpose of becoming the holding company of
Guaranty Savings and Homestead Association (the "Association") in
anticipation of converting the Association from a Louisiana
chartered mutual savings and loan association to a Louisiana
chartered stock savings and loan association, the offer and sale
of common shares of stock of the Company to certain depositors of
the Association and the Company's Employee Stock Ownership Plan
(the "ESOP") and the issuance of the common stock of the
Association to the Company, collectively referred to as the
"Conversion."
BUSINESS
The Company's principal business is conducted through its
wholly owned subsidiary, Guaranty Savings and Homestead
Association. The Association makes up 87.3% or $107.6 million of
the total consolidated assets of the Company. The Association
provides financial services primarily to individuals, mainly
through the origination of mortgage loans on 1-4 family
residences. The Association also takes in deposits in the form of
passbook savings and certificates of deposit. The Association
also invests in short term liquid investments, US Treasury and
Agency securities as well as mortgage backed securities. The
balance of the consolidated assets held by the Company include
$15.6 million in short term liquid investments and mortgage backed
securities.
BASIS OF FINANCIAL STATEMENT PRESENTATION
The accompanying financial statements represent the
consolidated financial position, results of operations and cash
flows of the Company after April 1, 1997 and solely that of the
Association prior to that. The accompanying financial statements
were prepared in accordance with instructions to Form 10-Q, and
therefore, do not include information or footnotes necessary for a
complete presentation of financial position, results of operations
and cash flows in conformity with generally accepted accounting
principles. However, all adjustments, consisting only of normally
recurring accruals, which, in the opinion of management are
necessary for a fair presentation of the financial statements,
have been included.
(2) EMPLOYEE STOCK OWNERSHIP PLAN
Effective January 1, 1997 the Association terminated its
former retirement plan or Simplified Employee Pension ("SEP") and
formally adopted an Employee Stock Ownership Plan ("ESOP") for the
benefit of its employees. The ESOP purchased 8% of the common
stock in the Conversion or 275,080 shares. The purchase of this
stock was financed through a loan from the Company. The balance
of this loan as of June 30, 1997 was $2,706,450.00.
(3) EARNINGS PER SHARE
Earnings per share were based on 3,438,500 weighted average
common shares outstanding during the three months ended June 30,
1997. Earnings per share for periods preceding the three months
ended June 30, 1997 are not applicable since the conversion of the
Association from mutual to stock was not completed until April 1,
1997.
(4) INVESTMENTS
June 30, 1997 December 31,1996
-------------- -------------
(in thousands)
Amortized Market Amortized Market
Cost Value Cost Value
US Govt & Ag Oblig $ 22,969 $ 23,114 $ 21,086 $ 21,518
(available for sale)
Other Securities 1,129 2,040 1,091 2,048
(available for sale) ------ ------ ------ ------
Total $ 24,098 $ 25,154 $ 22,177 $ 23,566
====== ====== ====== ======
(5) LOANS
June 30, December 31,
1997 1996
--------- ----------
Total Loans $ 46,221,282 $ 44,500,895
Allowance for Loan Losses (387,400) (382,061)
Net Unearned Fees 4,200 6,570
---------- ----------
TOTAL NET LOANS $ 45,838,082 $ 44,125,404
========== ==========
Permanent Mortgages (1-4 family) $ 45,226,309 $ 43,444,490
Construction (1-4 family) 118,853 297,726
Commercial Mortgages 494,936 429,955
Other Mortgages 133,668 145,376
Consumer (secured by deposits) 247,516 183,348
---------- ----------
TOTAL LOANS $ 46,221,282 $ 44,500,895
========== ==========
Allowance for Loan Losses
June 30,
---------
1997 1996
---- ----
Beginning Balance,Quarter $ 382,061 $ 323,455
Provision for Losses 5,339 7,845
Loans Charged Off 0 0
------- -------
Ending Balance, Quarter $ 387,400 $ 331,300
(6) MORTGAGE BACKED SECURITIES
June 30, December 31,
1997 1996
--------- ------------
(in thousands)
Book Market Book Market
Value Value Value Value
----- ----- ----- -----
FHLMC Fixed Rate (1-4 family) $11,246 $12,524 $ 4,793 $ 4,690
FNMA Fixed Rate (1-4 family) 12,376 12,177 2,718 2,640
GNMA Fixed Rate (1-4 family) 11,026 11,438
------ ------ ----- -----
TOTAL MORTGAGE BACKED SECURITIES $ 34,648 $36,139 $ 7,511 $ 7,330
====== ====== ===== =====
(7) INTEREST BEARING DEPOSITS
June 30, December 31,
1997 1996
--------- -----------
(thousands)
Passbook Savings $ 23,329 $ 25,088
Certificates of Deposits 34,373 36,333
------- ------
TOTAL INTEREST BEARING DEPOSITS $ 57,702 $ 61,421
======= ======
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following discussion compares the consolidated financial
condition of GS Financial Corp. (the "Company") at June 30, 1997
to the financial condition of Guaranty Savings & Homestead
Association ("the Association"), the Company's wholly owned
subsidiary, at December 31, 1996. This report also compares the
consolidated results of operations for the Company for the three
and six months ended June 30, 1997 to the results of operations of
the Association for the three and six months ended June 30, 1996.
The comparison of the Company to the Association was facilitated
by the Company's sale of common stock which was completed on April
1, 1997.
CHANGES IN FINANCIAL CONDITION
At June 30, 1997, the assets of the Company totaled $123.2
million, an increase of $35.6 million, or 40.6%, from December 31,
1996. This was due primarily to the influx and subsequent
investment of the net proceeds ($30.8 million)from the sale of
common stock which was completed on April 1, 1997. Of this amount
50% was reinvested in the Association in exchange for 100% of the
Association's common stock. The remaining 50% of the proceeds, or
approximately $15 million, have been retained at the Company level
and invested in short term liquid investments and mortgage backed
securities.
On a consolidated basis, net loans receivable increased by
$1.7 million, or 3.9%, to $45.8 million at June 30, 1997 compared
to $44.1 million at December 31, 1996. The increase was primarily
the result of a $1.8 million, or 4.1%, increase in single family
residential loans. The increase was funded internally through the
liquidation of short term investments.
Interest bearing deposits in other financial institutions
increased $6.3 million, or 525.0%, to $7.5 million at June 30,
1997 compared to $1.2 million at December 31, 1996. The increase
in interest bearing deposits was funded primarily by the proceeds
of the Association's Conversion. Of the $6.3 million increase in
interest bearing deposits in other financial institutions, $2.5
million was invested at the Company level while the remaining
increase of $3.8 million occurred on the Association's books.
Investment securities increased $1.6 million, or 6.8%, to
$25.2 million at June 30, 1997 compared to $23.6 million at
December 31, 1996. This increase was funded primarily through the
re-investment of proceeds from the sale of common stock on April
1, 1997.
Interest bearing deposits decreased $3.7 million, or 6.0%, to
$57.7 million at June 30, 1997 compared to $61.4 million at
December 31, 1996. This was mostly due to the conversion of $3.5
million in passbook savings and certificate of deposit accounts to
stock subscription funds.
Equity capital increased $31.4 million, or 126.6%, to $56.2
million at June 30, 1997 compared to $24.8 million at December 31,
1996. This was due to the net proceeds from of the sale of 3.4
million shares of common stock for $30.8 million completed April
1, 1997, the consolidated net income for the six months ended June
30, 1997 of $.8 million and a decrease in unrealized gain on
securities available for sale of $.2 million.
Wholesale Growth Strategy
Mortgage-backed securities increased $27.1 million, or 361.3%
to $34.6 million at June 30, 1997 compared to $7.5 million at
December 31, 1996. This increase was funded primarily by the net
proceeds of the Association's conversion from mutual to stock
form. The increase was to a lesser extent the result of a new
wholesale growth strategy adopted by the Association of leveraged
investing. This involves a tiered (advances with maturities
ranging from 30 days to four years) borrowing from the Federal
Home Loan Bank and subsequent re-investment of these funds in a
likewise tiered investment. The exact transactions this quarter
involved the Association investing $2 million and borrowing $8
million of amortizing advances. Of this $10 million approximately
$6.5 million was invested in mortgaged backed securities, and $3.5
million was invested in agency issued securities. The amortizing
nature of both the borrowings and the investments reduces the
interest rate risk associated with a transaction of this nature.
RESULTS OF OPERATIONS
The Company reported net income for the three months ended
June 30, 1997 of $519,000 which was an increase of $261,000
compared to the three months ended June 30, 1996 where net income
totaled $258,000. The increase was due primarily to an increase
in net interest income of $533,000, or 60.0%, to $1,410,000 for
the three months ended June 30, 1997 compared to $877,000 for the
three months ended June 30, 1996.
Total interest income increased $552,000, or 36.3%, to
$2,071,000 for the three months ended June 30, 1997 compared to
$1,519,000 for the three months ended June 30, 1996. This was due
mainly to increases in interest income on mortgage backed
securities as well as interest income on Fed Funds Sold and
interest bearing deposits in other financial institutions.
Interest on loans increased $84,000, or 9.1%, to $1,002,000
for the three months ended June 30, 1997 compared to $918,000 for
the three months ended June 30, 1996. This was due primarily to
growth in the loan portfolio. The average balance of the mortgage
loan portfolio for the three months ended June 30, 1997 was $45.3
million compared to $40.5 million for the three months ended June
30, 1996. The yield on loans for the three months ended June 30,
1997 was 8.84% (annualized) compared to 9.07% (annualized) for the
three months ended June 30, 1996.
Interest and dividends on investment securities decreased
$10,000, or 2.3%, to $432,000 for the three months ended June 30,
1997 compared to $442,000 for the three months ended June 30,
1996. This was primarily due to a decrease in the average balance
of the investment portfolio. The average balance for the three
months ending June 30, 1997 was $24.1 million while the average
balance for the three months ending June 30, 1996 was $28.4
million, reflective of a decrease of $4.3 million. The annualized
yield on the investment portfolio for the three months ending June
30, 1997 was 7.2%, while the investment portfolio had a yield of
6.2% for the three months ending June 30, 1996. The main reason
for the increased yield was due largely to a restructuring of the
investment portfolio toward longer term investments and to a
lesser extent due to changes in market interest rates. The
average maturity of the investment portfolio at June 30, 1997 was
37 months, while the average maturity at June 30, 1996 was 23
months. In general, longer term investments offer higher yields.
Interest on Fed Funds Sold and interest bearing deposits
increased dramatically from $284,000 for the three months ending
June 30, 1997 compared to $34,000 for the three months ending June
30, 1996. The dramatic difference was attributable to the
investment of proceeds from the sale of common stock in short term
liquid investments as well as a shift in investment policy of the
Association. With the flattening of the yield curve over the past
2 years, funds heretofore designated for 3 to 12 month Treasury
instruments are now being invested in overnight Fed Funds and
money market deposits at yields equal to and sometimes greater
than the previously mentioned Treasury Bills. The average balance
on Fed Funds sold and interest bearing deposits for the three
months ending June 30, 1997 was $30.8 million compared to $2.5
million for the three months ending June 30, 1996. These funds
offer the advantage of immediate availability in case of
advantageous changes in market interest rates. The average yield
on Fed Funds sold and interest bearing deposits was 5.6% for the
three months ending June 30, 1997 and 5.4% for the three months
ending June 30, 1996.
The Association had provisions for loan losses for the
quarters ended June 30, 1997 ($5,000.00) and June 30, 1996
($8,000.00). Provisions for loan losses are charged to earnings
to bring the total allowance for loan losses to a level considered
appropriate by management based on a quarterly review which is
reflective of each individual loan's performance and condition of
the underlying collateral. Management targets a certain
percentage of the entire mortgage portfolio given the current
economic conditions at which the general valuation allowance is
deemed adequate. The Association employs the reserve method of
accounting for its general and specific valuation allowances for
loan losses. For the three months ended June 30, 1997 and June
30, 1996 the above-mentioned provisions were necessary to bring
the general valuation allowance in line with management's targets
due to growth in the mortgage portfolio.
The Association's total interest expense increased $18,000,
or 2.8%, to $661,000 for the three months ended June 30, 1997
compared to $643,000 for the three months ended June 30, 1996.
This was due primarily to an increase in the Association's cost of
funds as well as the additional cost of funds borrowed from the
Federal Home Loan Bank. For the three months ended June 30, 1997,
the average balance of savings accounts and borrowed funds was
$59.4 million with a cost of funds of 4.4%. The average balance
of savings deposits for the three months ending June 30, 1996 was
$59.6 million with a cost of funds of 4.3%.
Other expenses for the three months ended June 30, 1997 were
$593,000 compared to $490,000 for the three months ended June 30,
1996. This represents an increase of $103,000 or 21.0% from June
30, 1996 to June 30, 1997. Salaries and employee benefits
increased $88,000, or 28.0%. This was due to two principal
factors. The expense associated with the principal payments from
the note payable to the Employee Stock Ownership Plan (ESOP) to
the Company was $44,000 for the three months ending as well as the
accrual of potential employee bonuses of $23,000 for the three
months ended June 30, 1997. These expenses were not present for
the three months ended June 30, 1996. The increase was also due
to a cost of living adjustment given to employees on July 1, 1996,
plus the cost of hiring of additional staff necessary for the
opening of the Mandeville Branch in May, 1996. The other
significant increase was in legal expenses which were up $15,000
to $16,000 for the three months ending June 30, 1997 compared to
$1,000 for the three months ending June 30, 1996. This was due to
the fees and expenses associated with being a public registrant.
Printing and office supplies were up $10,000 or 62.5% to $26,000
for the three months ended June 30, 1997 compared to $16,000 for
the three months ended June 30, 1996. This was due in large part
to the significant amount of printing associated with the April 1,
1997 public offering.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity measures the Association's ability to meet its
short term obligations with ready cash. The Association is
required under Federal regulations to maintain certain levels of
"liquid" investments, specifically not less than 5% of its average
daily balance of net withdrawable deposit accounts. For its
liquid investments, the Association utilizes a combination of cash
on hand, certain money market investments and deposits in other
Financial institutions as well as U.S. Government and Agency
issued securities. As of June 30, 1997, the Association's
liquidity stood at 71.4% or $40.2 million in excess of the minimum
requirement.
The Association is required to maintain regulatory capital
sufficient to meet all three of the regulatory capital
requirements, those being tangible capital (1.5%), core capital
(3.0%), and risk based capital (8.0%). As of June 30, 1997, the
Association's tangible and core capital amounted to $37.2 million
or 34.8% of adjusted total assets, while the Association's risk
based capital was $37.4 million or 114.9% of total adjusted risk
weighted assets.
Part II - Other Information
Item 1 - Legal Proceedings
There are no matters required to be reported under this item.
Item 2 - Changes in Securities
There are no matters required to be reported under this item.
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:
There are no matters required to be reported under this item.
Item 5 - Other Information
There are no matters required to be reported under this item.
Item 6 - Exhibits and Reports on Form 8-K:
(a) Not Applicable
(b) No Form 8-K reports were filed during the quarter.
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
GS FINANCIAL CORP.
REGISTRANT
DATE: AUGUST 5, 1997 BY:/s/ Donald C. Scott
DONALD C. SCOTT, CHAIRMAN OF THE
BOARD, PRESIDENT AND
CHIEF EXECUTIVE OFFICER
DATE: AUGUST 5, 1997 BY:/s/Glenn R. Bartels
GLENN R. BARTELS
CONTROLLER
15
15
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