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 September 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 September 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
September 30, 1997 and for the three and nine months ending
September 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 nine months ending September 30,
1996, represent the financial condition and results of operations
of Guaranty Savings and Homestead alone as GS Financial had not
yet completed its initial public offering which took place on
April 1, 1997.
GS Financial Corp.
Form 10-Q
Quarter ended September 30, 1997
Table of Contents
Part I - Financial Information
Item 1
Consolidated Statements of Financial Condition
(as of September 30, 1997 and December 31, 1996) 3
Consolidated Statements of Operations
(For the three and nine months ended, 4
September 30, 1997 and 1996)
Consolidated Statements of Equity Capital
(For the nine months ended September 30, 1997 and 1996)5
Consolidated Statements of Cash Flows
(For the nine months ended,
September 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
September 30, 1997 December 31, 1996
Cash and Due from Banks $ 233 $ 329
Interest Bearing Deposits 1,095 1,212
Federal Funds Sold 5,100 6,050
Investment Securities 29,040 23,566
Loans (Net) 47,808 44,126
Mortgage Backed Securities 43,244 7,520
Accrued Interest Receivable 720 536
Premises & Equipment 2,737 2,752
Other Assets 1,094 1,459
----------- ----------
TOTAL ASSETS $ 131,071 $ 87,550
=========== ==========
LIABILITIES
Interest Bearing Deposits $ 56,050 $ 61,421
Non-Interest Bearing Dep. 598 529
Borrowings 17,045 0
Other Liabilities 853 821
----------- ----------
TOTAL LIABILITIES 74,546 62,771
STOCKHOLDERS EQUITY AND RETAINED EARNINGS
Common Stock 30,892 0
Unrealized Gain on Securities 655 916
Other Stockholders' Equity 24,978 23,863
---------- ----------
TOTAL EQUITY CAPITAL 56,525 24,779
----------- ----------
TOTAL LIABILITIES AND
EQUITY CAPITAL $ 131,071 $ 87,550
=========== ==========
GS Financial Corp.
Statements of Operations
(Thousands of Dollars)
For the three Months For the nine Months
ended September 30, ended September 30,
1997 1996 1997 1996
----------------------------------------
INTEREST INCOME
Loans Receivable $ 1,031 $ 955 $ 3,015 $ 2,807
Mortgage Backed Securities 655 109 1,112 327
Investment Securities 452 404 1,259 1,311
Fed Funds Sold & Deposits 133 52 615 120
Other Interest Income 13 11 34 31
----- ----- ----- -----
TOTAL INTEREST INCOME 2,284 1,531 6,035 4,596
----- ----- ----- -----
INTEREST EXPENSE
Deposits 625 699 1,969 1,963
FHLB Advances 175 188
----- ----- ----- -----
TOTAL INTEREST EXPENSE 800 699 2,157 1,963
----- ----- ----- -----
NET INTEREST INCOME 1,484 832 3,878 2,633
PROVISION FOR LOAN LOSSES 3 6 8 14
----- ----- ----- -----
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,481 826 3,870 2,619
----- ----- ----- -----
Gain/(Loss) on Sale of
Investment Securities 0 (100) ( 8) (100)
Other Income 5 0 6 11
----- ----- ----- -----
TOTAL OTHER INCOME 5 (100) (2) (89)
OTHER EXPENSES
Compensation and Benefits 427 321 1,183 945
Net Occupancy Expense 82 75 228 210
Data Processing 15 20 53 51
SAIF Recap. Premium 0 413 413
Other Expenses 102 101 269 301
----- ----- ----- -----
TOTAL OTHER EXPENSES 626 930 1,733 1,920
----- ----- ----- -----
INCOME/(LOSS) BEFORE TAX 860 (204) 2,135 610
INCOME TAX EXPENSE 331 ( 33) 779 245
----- ----- ----- -----
NET INCOME/(LOSS) $ 529 $(171) $1,356 $ 365
===== ===== ===== =====
EARNINGS PER SHARE $ .17 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
Other Applicable Total
Stockholders Common Deferred Equity
Equity Stock Income Tax Capital
BALANCE AT DECEMBER 31, 1995 $ 23,458 0 $ 488 $23,946
Net Income 365 365
Increase in Unrealized Gain 189 189
BALANCE AT SEPTEMBER 30, 1996 $ 23,823 $ 677 24,500
BALANCE AT DECEMBER 31, 1996 $ 23,862 0 917 24,779
Net Income 1,356 1,356
Decrease in Unrealized Gain (262) (262)
Sale of Common Stock 30,783 30,783
Payment of Cash Dividends (240) (240)
Release of ESOP Shares 109 109
BALANCE AT SEPTEMBER 30, 1997 $ 24,978 30,892 655 56,525
GS Financial Corp.
Statements of Cash Flows
(Thousands of Dollars)
For the Nine Months Ended
September 30
-----------------------
1997 1996
---- ----
CASH FLOWS FROM OPERATIING ACTIVITIES
Net Income $ 1,356 $ 365
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation 100 91
Discounts/Accretion (Net) ( 18) (323)
Provision for Losses 8 18
Loss on Sale of Loans 5
Dividend on Arm Fund ( 91) ( 38)
ESOP Expense 90
(Gain) on Sale Foreclosed Real Estate ( 7)
Loss on Sale of Invest.(Net) 8 114
(Increase) Decrease in Prepaid Income Tax 402 ( 380)
Deferred Income Tax 6 26
Changes in Operating Assets and Liabilities:
(Increase)/Decrease in
Accrued Interest Receivable ( 183) ( 19)
(Increase)/Decrease in Deferred Charges ( 50) ( 56)
Increase/(Decrease) in Accrued Income Tax 103 245
Increase/(Decrease) in Other Liabilities 76 379
(Increase)/Decrease in Other Assets 170 ( 4)
--------- -------
Net Cash Provided by Operating Activities 1,982 411
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Held-to-Maturity Securities ( 16,177)
Proceeds from Maturities 19,900
of Held to Maturity Securities
Purchase of Available-for-Sale ( 12,347) ( 780)
Securities
Proceeds from Maturities 7,000 1,700
of Available for Sale Securities
Purchases of Mortgage-Backed ( 38,440) ( 2,436)
Securities
Proceeds from Maturities of 2,116 1,513
Mortgage Backed Securities
(Purchase) of ARM Mutual Fund ( 5,430) ( 700)
Proceeds from Sales of Loans and
Investment Securities 5,564 6,878
Loan (Origination's) or ( 3,683) ( 3,184)
Principal Repayments (Net)
Purchases of Premises and Equipment ( 81) ( 196)
Proceeds from Sales of Foreclosed
Real Estate 46
Investment in Foreclosed Real Estate ( 15) ( 19)
Purchase of FHLB Stock ( 110)
Non-Cash Dividend - FHLB ( 33) ( 31)
Investment in Real Estate Held- ( 4)
for Investment
---------- -------
Net Cash Provided by Investing Activities ( 45,459) 6,510
---------- -------
CASH FLOW FROM FINANCING ACTIVITIES
Net Increase/(Decrease) in Deposits ( 5,371) ( 451)
Net Increase/(Decrease) in
Common Stock 30,813
Net Increase/(Decrease) in
Unapplied Loan Payments 4
Payment of Cash Dividends ( 242)
Net Increase/(Decrease) in Advance
Payment by Borrowers for Taxes
and Insurance 65 ( 127)
Net Increase/(Decrease)in FHLB Advance 17,045
---------- ---------
Net Cash (Used in) Financing Activities 42,314 ( 578)
---------- ---------
NET CASH EQUIVALENTS ( 1,163) 6,343
CASH AND CASH EQUIVALENTS -January 1 7,591 2,355
---------- ---------
CASH AND CASH EQUIVALENTS -September 30 $ 6,428 $ 8,698
========== =========
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").
The Conversion of the Association from a Louisiana chartered
mutual savings and loan association to a Louisiana chartered stock savings and
loan association was completed on April 1, 1997 through 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.
BUSINESS
The Company's principal business is conducted through its
wholly owned subsidiary, Guaranty Savings and Homestead
Association. The Association makes up 87.9% or $115.2 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
$15.9 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 September 30, 1997 was $2,642,214.55. Shares
are committed to be released to eligible employees as the debt is
reduced and allocated individually at the end of the year.
(3) EARNINGS PER SHARE
Earnings per share were based on a weighted average of 3,177,174 common
shares outstanding during the three months ended September 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
September 30, 1997 December 31,1996
-------------- -------------
(in thousands)
Amortized Market Amortized Market
Cost Value Cost Value
US Govt & Ag Oblig $ 20,870 $ 21,192 $ 21,086 $ 21,518
(available for sale)
Other Securities 6,611 7,848 1,091 2,048
(available for sale) ------ ------ ------ ------
Total $ 27,481 $ 29,040 $ 22,177 $ 23,566
====== ====== ====== ======
(5) LOANS
September 30, December 31,
1997 1996
--------- ----------
Total Loans $ 48,196,560 $ 44,500,895
Allowance for Loan Losses (390,315) (382,061)
Net Unearned Fees 2,136 6,570
---------- ----------
TOTAL NET LOANS $ 47,808,381 $ 44,125,404
========== ==========
Permanent Mortgages (1-4 family) $ 46,977,310 $ 43,444,490
Construction (1-4 family) 394,154 297,726
Commercial Mortgages 483,194 429,955
Other Mortgages 127,799 145,376
Consumer (secured by deposits) 214,103 183,348
---------- ----------
TOTAL LOANS $ 48,196,560 $ 44,500,895
========== ==========
Allowance for Loan Losses
September 30,
---------
1997 1996
---- ----
Beginning Balance,Quarter $ 387,400 $ 331,300
Provision for Losses 2,915 6,182
Loans Charged Off 0 0
------- -------
Ending Balance, Quarter $ 390,315 $ 337,482
(6) MORTGAGE BACKED SECURITIES
September 30, December 31,
1997 1996
--------- ------------
(in thousands)
Book Market Book Market
Value Value Value Value
----- ----- ----- -----
FHLMC Fixed Rate (1-4 family) $11,718 $11,696 $ 4,793 $ 4,690
FNMA Fixed Rate (1-4 family) 17,873 17,102 2,718 2,640
GNMA Fixed Rate (1-4 family) 14,263 14,446
------ ------ ----- -----
TOTAL MORTGAGE BACKED SECURITIES $ 43,854 $43,244 $ 7,511 $ 7,330
====== ====== ===== =====
(7) INTEREST BEARING DEPOSITS
September 30, December 31,
1997 1996
--------- -----------
(thousands)
Passbook Savings $ 22,762 $ 25,088
Certificates of Deposits 33,288 36,333
------- ------
TOTAL INTEREST BEARING DEPOSITS $ 56,050 $ 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 September 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 nine months ended September 30, 1997 to the results of
operations of the Association for the three and nine months ended
September 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 September 30, 1997, the assets of the Company totaled
$131.1 million, an increase of $43.5 million, or 49.7%, from
December 31, 1996. This was due primarily to the influx and
subsequent investment of $30.8 million which represented the net
proceeds from the sale of common stock 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. The remaining growth has largely been
the result of a wholesale growth strategy as well as growth in the
mortgage portfolio.
On a consolidated basis, net loans receivable increased by
$3.7 million, or 8.4%, to $47.8 million at September 30, 1997
compared to $44.1 million at December 31, 1996. The increase was
primarily the result of a $3.6 million, or 8.3%, increase in
single family residential loans.
The Company utilizes interest bearing deposits in other
financial institutions to facilitate its liquidity management in
conjunction with correspondent investment activity. Currently the
Company has short term interest bearing deposits in other
financial institutions totaling $1.1 million. At December 31,
1996 these deposits totaled $1.2 million.
Investment securities increased $5.4 million, or 22.9%, to
$29 million at September 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 $5.4 million, or 8.8%, to
$56 million at September 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 $31.7 million, or 127.9%, to $56.5
million at September 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 nine
months ended September 30, 1997 of $1.4 million and a decrease in
unrealized gain on securities available for sale of $.3 million.
Also affecting equity capital was the payment of dividends
totaling $240,000 in August, 1997.
Wholesale Growth Strategy
Mortgage-backed securities increased $35.7 million, or 476.0%
to $43.2 million at September 30, 1997 compared to $7.5 million at
December 31, 1996. The increase was due primarily to the
adoption of a new wholesale growth strategy of leveraged
investing. This involves a tiered (advances with maturities
ranging from 30 days to five years) borrowing from the Federal
Home Loan Bank and subsequent re-investment of these funds in
likewise instruments of varying terms. At present the Company has
approximately $21 million invested in this fashion, leveraged
through Federal Home Loan Bank Advances totaling $17 million. The
amortizing nature of both the borrowings and the investments
reduces the interest rate risk associated with a transaction of
this nature due to the high cash flow. The increase in mortgage
backed securities was to a lesser extent funded through the
investment of the proceeds of the Association's conversion from
mutual to stock form. The Company also made an election this
quarter to classify all of its mortgage backed securities as
available for sale.
RESULTS OF OPERATIONS
The Company reported net income for the three months ended
September 30, 1997 of $.5 million which was an increase of
$.7 million compared to the three months ended September 30, 1996
where the Association incurred a net loss of ($.2 million). The
loss was due primarily to the payment of a one time SAIF
recapitalization premium of $.4 million. An increase in net
interest income of $.8 million also had a significant effect on
the increase in net income and to a lesser extent the difference
in net income was attributable to the loss on the sale of
innvestments of ($.1 million) incurred during the three months
ending September 30, 1996.
Total interest income increased $.8 million, or 53.4%, to
$2.3 million for the three months ended September 30, 1997
compared to $1.5 million for the three months ended September 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 $ .1 million, or 11.1%, to
$1 million for the three months ended September 30, 1997 compared
to $ .9 million for the three months ended September 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 September 30, 1997 was $46.4 million compared to
$42.2 million for the three months ended September 30, 1996. The
yield on loans for the three months ended September 30, 1997 was
8.89% (annualized) compared to 9.05% (annualized) for the three
months ended September 30, 1996.
Interest and dividends on investment securities increased
$.05 million, or 12.5%, to $.45 million for the three months ended
September 30, 1997 compared to $.4 million for the three months
ended September 30, 1996. This was primarily due to an increase
in the yield of the investment portfolio. The annualized yield on
the investment portfolio for the three months ending September 30,
1997 was 6.9% on an average balance of $26.1 million, while the
investment portfolio had a yield of 6.0% for the three months
ending September 30, 1996 on an average balance of $29.4 million.
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 September 30, 1997 was 43 months, while the average maturity at
September 30, 1996 was 23 months. In general, longer term
investments offer higher yields.
Interest on Fed Funds Sold and interest bearing deposits
increased from $.05 million for the three months ending September
30, 1996 compared to $.13 million for the three months ending
September 30, 1997. The 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. In the present interest rate environment, funds
heretofore designated for investment in short term Treasury
instruments are now being invested in overnight Fed Funds and
money market deposits. The average balance on Fed Funds sold and
interest bearing deposits for the three months ending September
30, 1997 was $9.6 million compared to $4.1 million for the three
months ending September 30, 1996. The Company has adopted this
position as part of its liquidity management to make funds more
available to meet the current high volume of loan demand.
The Association had provisions for loan losses for the
quarters ended September 30, 1997 ($.03 million) and September
30, 1996 ($.06 million). 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 September
30, 1997 and September 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
$.1 million, or 14.3%, to $.8 million for the three months ended
September 30, 1997 compared to $.7 million for the three months
ended September 30, 1996. This was due primarily to the wholesale
growth strategy adopted by the Company and subsequent addition of
interest expense on Federal Home Loan Bank Advances. Interest on
Federal Home Loan Bank Advances totaled $.2 million for the three
months ended September 30, 1997 compared to the three months ended
September 30, 1996 where no such expense existed. Interest
expense on deposits decreased $.07 million for the three months
ended September 30, 1997 to $.6 million, compared to the three
months ended September 30, 1996 where interest expense on deposits
totaled $.7 million, reflective of a 10.0% decrease. This was due
to the previously mentioned decrease in interest bearing deposits
of approximately $5.4 million. For the three months ended
September 30, 1997, the average balance of savings accounts and
borrowed funds was $68.6 million with a cost of funds of 4.7%.
The average balance of savings deposits for the three months
ending September 30, 1996 was $60.1 million with a cost of funds
of 4.6%.
Other expenses for the three months ended September 30, 1997
were $.6 million compared to $.9 million for the three months
ended September 30, 1996. This represents a decrease of
$.3 million or 33.3% from September 30, 1996 to September
30, 1997. This was due to the payment of a special one time SAIF
deposit insurance premium in conjunction with the Congressional
Omnibus Budget Agreement and the efforts to raise the Savings
Institution Fund (SAIF) to a level commensurate with the Bank
Insurance Fund (BIF). This premium, which was paid on September
30, 1996, amounted to $.4 million. Salaries and employee benefits
increased $.1 million, or 33.0% for the three months ended
September 30, 1997 to $.4 million, compared to $.3 million for the
three months ended September 30, 1996. This was due to the
expense associated with the Employee Stock Ownership Plan
($.04 million) and the accrual of potential employee bonuses of
$.03 million for the three months ended September 30, 1997. These
expenses were not present for the three months ended September 30,
1996.
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
securities. As of September 30, 1997, the Association's liquidity
stood at 58.3% or $39.2 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 September 30, 1997,
the Association's tangible and core capital amounted to
$37.6 million or 32.6% of adjusted total assets, while the
Association's risk based capital was $37.8 million or 95.2% 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: OCTOBER 30, 1997 BY:/s/ Donald C. Scott
-------------------
DONALD C. SCOTT, CHAIRMAN OF THE
BOARD, PRESIDENT AND
CHIEF EXECUTIVE OFFICER
DATE: OCTOBER 30, 1997 BY:/s/ Glenn R. Bartels
--------------------
GLENN R. BARTELS
CONTROLLER
15
16
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