<PAGE>
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                               -----------------
                                   Form 10-Q
                               -----------------
(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO

                        COMMISSION FILE NUMBER 1-14154

                              GA FINANCIAL, INC.
            (Exact name of registrant as specified in its charter)

                   DELAWARE                                 25-1780835
        (State or other jurisdiction of        (IRS Employer Identification No.)
        incorporation or organization)

              4750 CLAIRTON BOULEVARD                         15236
              PITTSBURGH, PENNSYLVANIA                     (Zip Code)
        (Address of principal executive offices)

                                (412) 882-9946
             (Registrant's telephone number, including area code)

                                NOT APPLICABLE
    (Former name, former address, and former fiscal year, if changed since
                                 last report)
                           --------------------------

     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. Yes __X__ No ___

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

5,372,963 shares of common stock, par value $.01 per share, were outstanding as
of April 22, 2002.



<PAGE>

                              GA FINANCIAL, INC.
                                   FORM 10-Q
                                MARCH 31, 2002



                                   CONTENTS

<TABLE>
<CAPTION>

                                                                                             PAGE
<S>         <C>                                                                              <C>
PART I.      FINANCIAL INFORMATION

   ITEM 1.   FINANCIAL STATEMENTS

             CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION ................................   1

             CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ....................   2

             CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY ................................   3

             CONSOLIDATED STATEMENTS OF CASH FLOWS .........................................   4

             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................   5

   ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
             OF OPERATIONS .................................................................   9

   ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ....................  13

PART II.     OTHER INFORMATION

   ITEM 1.   LEGAL PROCEEDINGS .............................................................  14


   ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS .....................................  14

   ITEM 3.   DEFAULTS UPON SENIOR SECURITIES ...............................................  14

   ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ...........................  14

   ITEM 5.   OTHER INFORMATION .............................................................  14

   ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K ..............................................  14

SIGNATURES .................................................................................  14
</TABLE>


<PAGE>


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
GA FINANCIAL, INC.
<TABLE>
<CAPTION>

                                                                                                      (UNAUDITED)
                                                                                                        MARCH 31,    DECEMBER 31,
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                                                         2002             2001
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                    <C>            <C>
ASSETS
    Cash (including interest-bearing deposits of $35,280 and $24,950) ............................     $  39,429      $  29,859
    Held for trading securities, at fair value ...................................................           160            159
    Available for sale securities, at fair value .................................................       326,128        335,383
    Held to maturity securities, at cost .........................................................         2,923          2,914
--------------------------------------------------------------------------------------------------------------------------------
            Total securities .....................................................................       329,211        338,456
    Education loans held for sale ................................................................        14,400         14,732
    Loans (net of deferred fees of $415 and $330 .................................................       453,719        442,276
--------------------------------------------------------------------------------------------------------------------------------
            Total loans ..........................................................................       468,119        457,008
    Allowance for loan losses ....................................................................        (3,455)        (3,210)
--------------------------------------------------------------------------------------------------------------------------------
            Net loans ............................................................................       464,664        453,798
    Accrued interest receivable on securities ....................................................         2,348          2,192
    Accrued interest receivable on loans .........................................................         3,129          3,429
    Federal Home Loan Bank stock .................................................................        11,479         12,429
    Premises and equipment, net ..................................................................         6,852          7,069
    Foreclosed assets ............................................................................            45            154
    Securities sold, not settled .................................................................          --            3,472
    Prepaid expenses and other assets ............................................................        13,404         12,978
--------------------------------------------------------------------------------------------------------------------------------
            Total assets .........................................................................     $ 870,561      $ 863,836
================================================================================================================================
LIABILITIES
    Noninterest-bearing deposits .................................................................     $  35,933      $  31,671
    Interest-bearing deposits ....................................................................       502,347        498,020
--------------------------------------------------------------------------------------------------------------------------------
            Total deposits .......................................................................       538,280        529,691
    Borrowed funds ...............................................................................       221,575        229,575
    Advances from customers for taxes, insurance, and other ......................................         2,289          1,886
    Accrued interest payable .....................................................................         3,743          2,129
    Securities purchased, not settled ............................................................         5,000           --
    Other liabilities ............................................................................         3,644          3,615
--------------------------------------------------------------------------------------------------------------------------------
            Total liabilities ....................................................................       774,531        766,896
--------------------------------------------------------------------------------------------------------------------------------

SHAREHOLDERS' EQUITY
    Preferred stock ($.01 par value); 1,000,000 shares authorized; 0 shares issued ...............          --             --
    Common stock ($.01 par value); 23,000,000 shares authorized; 8,900,000 shares issued .........            89             89
    Additional paid-in capital ...................................................................        86,981         87,056
    Retained earnings, substantially restricted ..................................................        67,771         67,215
    Accumulated other comprehensive income, net of taxes .........................................         1,279          2,044
    Unearned employee stock ownership plan (ESOP) shares .........................................        (3,081)        (3,081)
    Unearned stock-based compensation plan (SCP) shares ..........................................          (394)          (406)
    Treasury stock, at cost (3,527,037 shares and 3,489,677 shares) ..............................       (56,615)       (55,977)
--------------------------------------------------------------------------------------------------------------------------------
            Total shareholders' equity ...........................................................        96,030         96,940
--------------------------------------------------------------------------------------------------------------------------------
            Total liabilities and shareholders' equity ...........................................     $ 870,561      $ 863,836
================================================================================================================================
</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.



                                       1
<PAGE>

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
GA FINANCIAL, INC.
<TABLE>
<CAPTION>

                                                                                                             (UNAUDITED)
                                                                                                      THREE MONTHS ENDED MARCH 31,
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                                                      2002                 2001
--------------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME
<S>                                                                                              <C>                <C>
    Loans ................................................................................       $     8,312        $     7,741
    Securities:
            Taxable interest .............................................................             3,243              5,218
            Nontaxable interest ..........................................................               685                708
            Dividends ....................................................................               459                814
    Interest-bearing deposits ............................................................               124                365
--------------------------------------------------------------------------------------------------------------------------------
            Total interest income ........................................................            12,823             14,846
--------------------------------------------------------------------------------------------------------------------------------

INTEREST EXPENSE
    Interest-bearing deposits ............................................................             4,526              5,350
    Borrowed funds .......................................................................             2,923              3,660
    Escrow ...............................................................................                 7                  7
--------------------------------------------------------------------------------------------------------------------------------
            Total interest expense .......................................................             7,456              9,017
--------------------------------------------------------------------------------------------------------------------------------
            Net interest income ..........................................................             5,367              5,829
    Provision for loan losses ............................................................               300                 90
--------------------------------------------------------------------------------------------------------------------------------
            Net interest income after provision for loan losses ..........................             5,067              5,739
--------------------------------------------------------------------------------------------------------------------------------

NONINTEREST INCOME
    Service fees .........................................................................               597                637
    Net gain (loss) on sales of available for sale securities ............................               134                (36)
    Net gain on held for trading securities ..............................................                 1                 69
    Gain on sales of education loans held for sale .......................................                37                 43
    Other ................................................................................               131                 45
--------------------------------------------------------------------------------------------------------------------------------
            Total noninterest income .....................................................               900                758
--------------------------------------------------------------------------------------------------------------------------------

NONINTEREST EXPENSE
    Compensation and employee benefits ...................................................             2,249              2,608
    Occupancy ............................................................................               428                464
    Furniture and equipment ..............................................................               298                297
    Marketing ............................................................................                69                 83
    Deposit insurance premiums ...........................................................                24                 25
    Other ................................................................................             1,024              1,067
--------------------------------------------------------------------------------------------------------------------------------
            Total noninterest expense ....................................................             4,092              4,544
--------------------------------------------------------------------------------------------------------------------------------
            Income before provision for income taxes .....................................             1,875              1,953
    Provision for income taxes ...........................................................               400                450
--------------------------------------------------------------------------------------------------------------------------------
            Net income ...................................................................       $     1,475        $     1,503
================================================================================================================================

OTHER COMPREHENSIVE INCOME
    Unrealized holding (losses) gains on available for sale securities, net of taxes .....       $      (573)       $     3,371
    Reclassification adjustment for net (gains) losses included in net income ............              (192)                70
--------------------------------------------------------------------------------------------------------------------------------
            Other comprehensive (loss) income ............................................              (765)             3,441
--------------------------------------------------------------------------------------------------------------------------------
            Comprehensive income .........................................................       $       710        $     4,944
================================================================================================================================
EARNINGS PER SHARE
Basic ....................................................................................       $      0.29        $      0.30
Diluted ..................................................................................       $      0.29        $      0.29
AVERAGE SHARES OUTSTANDING
Basic ....................................................................................         5,072,973          5,080,030
Diluted ..................................................................................         5,165,115          5,145,708
================================================================================================================================
</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.




                                       2
<PAGE>

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)
GA FINANCIAL, INC.
<TABLE>
<CAPTION>

                                                                            ACCUMULATED
                                                                               OTHER                                        TOTAL
                                                     ADDITIONAL               COMPRE-    UNEARNED   UNEARNED                SHARE-
(DOLLARS IN THOUSANDS,                      COMMON      PAID-     RETAINED    HENSIVE       ESOP      SCP     TREASURY     HOLDERS'
EXCEPT PER SHARE AMOUNTS)                    STOCK   IN CAPITAL   EARNINGS     INCOME      SHARES    SHARES     STOCK       EQUITY
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>      <C>         <C>          <C>        <C>        <C>      <C>          <C>
Balance at December 31, 2001 ............... $89      $87,056     $67,215      $2,044     $(3,081)   $(406)   $(55,977)    $96,940
   Net income ..............................  --           --       1,475        --            --       --          --       1,475
   Other comprehensive loss, net of tax(1) .  --           --          --        (765)         --       --          --        (765)
   Cash dividends ($.18 per share) .........  --           --        (919)       --            --       --          --        (919)
   Treasury stock purchased ................  --           --          --          --          --       --        (674)       (674)
   Shares allocated to ESOP ................  --           --          --          --          --       --          --          --
   SCP, net of tax:
     Stock options exercised ...............  --          (76)         --          --          --       --          --         (76)
     Stock awards granted ..................  --            1          --          --          --      (39)         40           2
     Stock awards forfeited ................  --           --          --          --          --        4          (4)       --
     Stock awards expensed .................  --           --          --          --          --       47          --          47
-----------------------------------------------------------------------------------------------------------------------------------
Balance at March 31, 2002 .................. $89      $86,981     $67,771      $1,279     $(3,081)   $(394)   $(56,615)    $96,030
===================================================================================================================================
</TABLE>

(1) Other comprehensive loss for the three months ended March 31, 2002 is net
    of tax benefit of $454.

The accompanying notes are an integral part of the consolidated financial
statements.






                                       3
<PAGE>

CONSOLIDATED STATEMENTS OF CASH FLOWS
GA FINANCIAL, INC.
<TABLE>
<CAPTION>

                                                                                                             (UNAUDITED)
                                                                                                     THREE MONTHS ENDED MARCH 31,
(DOLLARS IN THOUSANDS)                                                                                 2002              2001
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                <C>               <C>
OPERATING ACTIVITIES
Net income ...................................................................................     $   1,475         $   1,503
Adjustments to reconcile net income to net cash provided by operating activities:
    Provision for loan losses ................................................................           300                90
    Depreciation .............................................................................           247               257
    Net premium amortization on securities ...................................................          (249)             (199)
    (Accretion) amortization of net deferred loan fees .......................................           (85)               98
    Amortization of intangibles ..............................................................            46                46
    Net gain on held for trading securities ..................................................            (1)              (69)
    Proceeds from sales of held for trading securities .......................................          --                 320
    Purchases of held for trading securities .................................................          --                (314)
    Net (gain) loss on sales of available for sale securities ................................          (134)               36
    Gain on sales of education loans held for sale ...........................................           (37)              (43)
    Net (gain) loss on sales of foreclosed assets ............................................           (14)                9
    Expense recognition of ESOP shares .......................................................           213               181
    Expense recognition of SCP shares ........................................................            47               154
    Decrease in accrued interest receivable ..................................................           144                43
    Increase in prepaid expenses and other assets ............................................          (472)             (711)
    Net increase in other liabilities ........................................................           270               878
    Increase in accrued interest payable .....................................................         1,614             1,973
---------------------------------------------------------------------------------------------------------------------------------
            Net cash provided by operating activities ........................................         3,364             4,252
---------------------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
    Proceeds from sales of available for sale securities .....................................        29,054            22,166
    Repayments and maturities of available for sale securities ...............................        81,660            10,287
    Purchases of available for sale securities ...............................................       (93,832)             (403)
    Maturities of held to maturity securities ................................................          --              15,000
    Purchases of held to maturity securities .................................................          --             (16,171)
    Proceeds from sales of education loans held for sale .....................................         2,800             3,402
    Funding of education loans held for sale .................................................        (2,431)           (3,100)
    Purchases of loans .......................................................................        (5,504)          (12,119)
    Net (increase) decrease in loans .........................................................        (5,969)            4,843
    Purchases of premises and equipment, net .................................................           (30)             (282)
    Proceeds from sales of foreclosed assets .................................................           183              --
    Redemption of FHLB stock .................................................................           950              --
---------------------------------------------------------------------------------------------------------------------------------
            Net cash provided by investing activities ........................................         6,881            23,623
---------------------------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
    Net increase (decrease) in noninterest and interest-bearing deposits .....................        19,448            (2,018)
    Net (decrease) increase in certificates of deposit .......................................       (10,859)            9,074
    Payments from borrowed funds .............................................................        (8,000)         (118,598)
    Proceeds on borrowed funds ...............................................................          --             108,575
    Cash dividends paid ......................................................................          (919)             (916)
    Net increase in advances from customers for taxes, insurance, and other ..................           403               485
    Purchases of treasury stock ..............................................................          (674)           (2,246)
    Other stock transactions .................................................................           (74)              (15)
---------------------------------------------------------------------------------------------------------------------------------
            Net cash used in financing activities ............................................          (675)           (5,659)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in cash and cash equivalents ....................................................         9,570            22,216
---------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period .............................................        29,859            22,730
---------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period ...................................................     $  39,429         $  44,946
=================================================================================================================================
</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.




                                       4
<PAGE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
GA FINANCIAL, INC.

NOTE 1. BASIS OF PRESENTATION

     The accompanying consolidated financial statements include the accounts of
GA Financial, Inc. (the "Company") and its subsidiaries, Great American Federal
(the "Bank") and New Eagle Capital, Inc., and the Bank's wholly owned
subsidiaries, GA Financial Strategies, LLC and Great American Financial
Services, Inc. Intercompany accounts and transactions have been eliminated in
consolidation.

     The preparation of consolidated financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.

     In the opinion of the management of the Company, the accompanying
consolidated financial statements include all normal recurring adjustments
necessary for a fair presentation of the financial position and results of
operations for the periods presented. Certain information and note disclosures
normally included in financial statements presented in accordance with
accounting principles generally accepted in the United States of America have
been condensed or omitted. For comparative purposes, reclassifications have
been made to certain amounts previously reported to conform with the current
period presentation in the consolidated financial statements. It is suggested
that the accompanying consolidated financial statements be read in conjunction
with the Company's 2001 Annual Report to Shareholders and Form 10-K.

Note 2. Subsidiary/Segment Reporting

     The consolidated operating results of GA Financial, Inc. are presented as
a single financial services segment. GA Financial, Inc. is the parent company
of Great American Federal, a community commercial bank and the Company's
principal subsidiary, New Eagle Capital, Inc., an investment company, and the
Bank's wholly owned subsidiaries, GA Financial Strategies, LLC, established in
2001 to provide wealth management services, and Great American Financial
Services, Inc., currently inactive. GA Financial, Inc. and New Eagle Capital,
Inc. are incorporated in the state of Delaware while Great American Federal, GA
Financial Strategies, LLC, and Great American Financial Services are
incorporated in the state of Pennsylvania.

     The following table sets forth selected financial data for the Company's
subsidiaries, parent company, and consolidated results:

<TABLE>
<CAPTION>
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------------------------------------------------------------------
                                                  Great
                                                 American        New Eagle     GA Financial Inc.       Net
MARCH 31, 2002                                    Federal       Capital, Inc.  (Parent Company)   Eliminations      Consolidated
---------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>              <C>              <C>               <C>               <C>
Assets ...................................      $ 859,271        $  34,163        $ 119,960         $(142,833)        $ 870,561
Liabilities ..............................        774,303            1,285           23,930           (24,987)          774,531
Shareholders' equity .....................         84,968           32,878           96,030          (117,846)           96,030
---------------------------------------------------------------------------------------------------------------------------------
DECEMBER 31, 2001
---------------------------------------------------------------------------------------------------------------------------------
Assets ...................................      $ 851,250        $  33,601        $ 118,823         $(139,838)        $ 863,836
Liabilities ..............................        766,801            1,097           21,883           (22,885)          766,896
Shareholders' equity .....................         84,449           32,504           96,940          (116,953)           96,940
---------------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, 2002
---------------------------------------------------------------------------------------------------------------------------------
Interest income ..........................      $  12,574        $     423        $      83         $    (257)        $  12,823
Interest expense .........................          7,456               --              257              (257)            7,456
Provision for loan losses ................            300               --               --                --               300
Noninterest income .......................            818               74                8                --               900
Noninterest expense ......................          3,968               12              112                --             4,092
Provision for income taxes ...............            330              165              (95)               --               400
Net income (loss) ........................          1,338              320             (183)               --             1,475
=================================================================================================================================
</TABLE>

                                       5
<PAGE>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
GA FINANCIAL, INC.
<TABLE>
<CAPTION>

(DOLLARS IN THOUSANDS)
-----------------------------------------------------------------------------------------------------------------------------------
                                                        Great
                                                      American        New Eagle     GA Financial Inc.       Net
MARCH 31, 2001                                         Federal      Capital, Inc.   (Parent Company)    Eliminations   Consolidated
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>              <C>              <C>               <C>               <C>
Assets ......................................        $ 877,912        $  30,519        $ 111,650         $(127,653)        $ 892,428
Liabilities .................................          797,630              552           17,081           (17,404)          797,859
Shareholders' equity ........................           80,282           29,967           94,569          (110,249)           94,569
-----------------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, 2001
-----------------------------------------------------------------------------------------------------------------------------------
Interest income .............................        $  14,540        $     551        $     103         $    (348)        $  14,846
Interest expense ............................            9,017             --                348              (348)            9,017
Provision for loan losses ...................               90             --               --                --                  90
Noninterest income ..........................              725               27                6              --                 758
Noninterest expense .........................            4,377                6              161              --               4,544
Provision for income taxes ..................              395              190             (135)             --                 450
Net income (loss) ...........................            1,386              382             (265)             --               1,503
====================================================================================================================================
</TABLE>

Note 3. Securities

     There was a $5.0 million security purchased, not settled, as of March 31,
2002.

     The amortized cost and estimated fair value of available for sale and held
to maturity securities are as follows:

<TABLE>
<CAPTION>
MARCH 31,
(DOLLARS IN THOUSANDS)                                                                              2002
------------------------------------------------------------------------------------------------------------------------------------
                                                                                           Gross            Gross
                                                                       Amortized        Unrealized       Unrealized
                                                                          Cost             Gain              Loss        Fair Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>              <C>              <C>               <C>
Available for Sale Securities:
    U.S. government and agency debt ...........................         $ 35,708         $     20         $   (131)         $ 35,597
    Mortgage-backed securities ................................          125,525              817             (370)          125,972
    Collateralized mortgage obligations .......................           22,329              306             --              22,635
    Municipal obligations .....................................           58,812              198           (1,124)           57,886
    Corporate debt obligations ................................           54,188              231              (65)           54,354
    Marketable equity securities ..............................           27,532            2,931             (779)           29,684
------------------------------------------------------------------------------------------------------------------------------------
            Total available for sale securities ...............         $324,094         $  4,503         $ (2,469)         $326,128
====================================================================================================================================
Held to Maturity Securities:
    Corporate debt obligations ................................         $  2,923         $    178         $   --            $  3,101
====================================================================================================================================
<CAPTION>

DECEMBER 31,
(DOLLARS IN THOUSANDS)                                                                             2001
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                          Gross            Gross
                                                                       Amortized       Unrealized      Unrealized
                                                                           Cost           Gain             Loss          Fair Value
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>             <C>             <C>              <C>
Available for Sale Securities:
    U.S. government and agency debt ...........................        $  5,017        $     61        $    (15)        $  5,063
    Mortgage-backed securities ................................         139,637           1,090             (86)         140,641
    Collateralized mortgage obligations .......................          48,803             962             (41)          49,724
    Municipal obligations .....................................          58,807             196          (1,288)          57,715
    Corporate debt obligations ................................          51,058             314             (46)          51,326
    Marketable equity securities ..............................          28,809           2,775            (670)          30,914
-----------------------------------------------------------------------------------------------------------------------------------
            Total available for sale securities ...............        $332,131        $  5,398        $ (2,146)        $335,383
====================================================================================================================================
Held to Maturity Securities:
    Corporate debt obligations ................................        $  2,914        $    224        $   --           $  3,138
====================================================================================================================================
</TABLE>






                                       5
<PAGE>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
GA FINANCIAL, INC.


NOTE 4.   LOANS

Loans consist of the following:
<TABLE>
<CAPTION>

                                                                                   MARCH 31,                DECEMBER 31,
(DOLLARS IN THOUSANDS)                                                               2002                        2001
------------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>                        <C>
Mortgage Loans:
    Residential .........................................................          $ 249,819                  $ 259,154
    Multi-family ........................................................             10,547                      9,782
    Commercial real estate ..............................................             86,397                     63,769
    Commercial and residential construction
            and development, net(1) .....................................             19,395                     25,500
------------------------------------------------------------------------------------------------------------------------
            Total mortgage loans ........................................            366,158                    358,205
Consumer Loans:
    Home equity .........................................................             63,812                     62,249
    Unsecured personal ..................................................              2,684                      2,775
    Loans on deposit accounts ...........................................              1,346                      1,322
    Automobile ..........................................................                186                        174
------------------------------------------------------------------------------------------------------------------------
            Total consumer loans ........................................             68,028                     66,520
Commercial Business Loans:
    Secured business ....................................................             17,041                     14,852
    Unsecured business ..................................................              2,907                      3,029
------------------------------------------------------------------------------------------------------------------------
            Total commercial business loans .............................             19,948                     17,881
Education loans held for sale ...........................................             14,400                     14,732
Deferred fees ...........................................................               (415)                      (330)
------------------------------------------------------------------------------------------------------------------------
            Total loans .................................................            468,119                    457,008
Less:
    Allowance for loan losses ...........................................             (3,455)                    (3,210)
------------------------------------------------------------------------------------------------------------------------
            Net loans ...................................................          $ 464,664                  $ 453,798
========================================================================================================================
</TABLE>

(1) Amounts for March 31, 2002 and December 31, 2001 are net of loans in process
of $13.5 million and $19.0 million, respectively.

     The Company purchased approximately $5.5 million and $12.1 million, for
the three months ended March 31, 2002 and 2001, respectively, of residential
loans collateralized by single-family properties located inside and outside its
primary market area.

At March 31, 2002 and December 31, 2001, the Company had approximately $1.5
million in loans which were 90 days or more past due that were not accruing
interest. These nonperforming loans were comprised of residential mortgages and
consumer home equity loans. In addition, the Company had $45,000 and $154,000
of foreclosed assets as of March 31, 2002 and December 31, 2001, respectively.

     The following table sets forth the changes in the allowance for loan
losses for the three months ended March 31, 2002:

(DOLLARS IN THOUSANDS)
-------------------------------------------------------------------------------
Allowance for Loan Losses:
Balance as of December 31, 2001 .................................   $ 3,210
        Charge-offs .............................................       (58)
        Recoveries ..............................................         3
-------------------------------------------------------------------------------
                Net charge-offs .................................       (55)
        Provision for loan losses ...............................       300
-------------------------------------------------------------------------------
Balance as of March 31, 2002 ....................................   $ 3,455
===============================================================================

     The following table presents information regarding the Company's
nonperforming assets as of the dates indicated:
<TABLE>
<CAPTION>

                                                          MARCH 31,                 DECEMBER 31,
(DOLLARS IN THOUSANDS)                                      2002                        2001
-------------------------------------------------------------------------------------------------
<S>                                                       <C>                        <C>
Nonperforming Assets:
    Nonperforming loans ................................. $   1,542                  $   1,518
    Foreclosed assets ...................................        45                        154
            Total nonperforming assets .................. $   1,587                  $   1,672
================================================================================================
Nonperforming loans to loans ............................      0.33%                      0.33%
Nonperforming assets to assets ..........................      0.18%                      0.19%
Allowance for loan losses to loans ......................      0.74%                      0.70%
Allowance for loan losses to
        nonperforming assets ............................    217.71%                    191.99%
================================================================================================
</TABLE>


NOTE 5.   SUPPLEMENTARY CASH FLOW INFORMATION


     Cash paid for the three months ended March 31, for interest and income
taxes was approximately $5.8 million and $140,000, respectively in 2002, and
$7.0 million and $150,000, respectively in 2001.

     Noncash investing and financing activity consisted of a security
purchased, not settled of $5.0 million as of March 31, 2002. The Company
transferred $60,000 and $15,000 of loans to foreclosed assets during the three
months ended March 31, 2002 and 2001, respectively.





                                       7
<PAGE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
GA FINANCIAL, INC.

NOTE 6.   EARNINGS PER SHARE

     Basic earnings per share ("EPS") is computed by dividing income available
to common shareholders by the weighted average number of common shares
outstanding for the period. Diluted EPS reflects the potential dilution that
could occur if securities or other contracts to issue common stock were
exercised or converted into common stock or resulted in the issuance of common
stock that then shared in the earnings of the Company.

     The calculation of basic and diluted earnings per share follows:
<TABLE>
<CAPTION>

                                                                           MARCH 31,               DECEMBER 31,
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                             2002                      2001
---------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>                       <C>
Basic Earnings Per Share:
    Net income .................................................          $    1,475                $    1,503
    Basic average shares outstanding ...........................           5,072,973                 5,080,030
---------------------------------------------------------------------------------------------------------------
        Basic earnings per share ...............................          $     0.29                $     0.30
===============================================================================================================
Diluted Earnings Per Share:
    Net income .................................................          $    1,475                $    1,503
    Basic average shares outstanding ...........................           5,072,973                 5,080,030
    Effect of dilutive securities:
        Shares issuable upon exercise of
                outstanding stock options and
                stock awards ...................................              92,142                    65,678
    Diluted average shares outstanding .........................           5,165,115                 5,145,708
---------------------------------------------------------------------------------------------------------------
        Diluted earnings per share .............................          $     0.29                $     0.29
===============================================================================================================
</TABLE>



NOTE 7.   SUBSEQUENT EVENTS

     On April 24, 2002, the Board of Directors declared a cash dividend of $.18
per share to shareholders of record on May 10, 2002, payable on May 21, 2002.

     Also on May 10, 2002, the Company announced that it will close its
limited-service, retail-store-based satellite office in North Versailles,
located inside the Wal-Mart at 100 Wal-Mart Drive. Subject to regulatory
approval, the closure is expected to be completed during the third quarter of
2002. In connection with this branch closing, the Company expects to incur a
one-time before tax charge of approximately $300,000 and expects to record this
charge in the second quarter of 2002.




                                       8
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (UNAUDITED) GA FINANCIAL, INC.

This discussion should be read in conjunction with the consolidated financial
statements, notes, and tables included in this report.

OVERVIEW

     GA Financial, Inc. (the "Company") was incorporated on December 14, 1995,
and is the holding company for Great American Federal (the "Bank"), a community
commercial bank and the Company's principal subsidiary, New Eagle Capital,
Inc., an investment company, and the Bank's wholly owned subsidiaries, GA
Financial Strategies, LLC, established in 2001 to provide wealth management
services, and Great American Financial Services, Inc., currently inactive.

     On March 25, 1996, the Bank completed its conversion from a federally
chartered mutual savings and loan association to a stock form of ownership and,
simultaneously, the Company issued 8,900,000 shares of common stock, utilizing
a portion of the net proceeds to acquire all of the outstanding stock of the
Bank.

     The Company currently transacts banking activities through Great American
Federal. The Bank, serving customers for over 85 years, operates its
administrative office in Whitehall, Pennsylvania and thirteen branch offices in
Allegheny County and one branch office in Westmoreland County, all of which are
located in southwestern Pennsylvania. Through these office locations, the Bank
offers a broad array of consumer and commercial loan, deposit, and wealth
management products and services. In addition to conducting community
commercial banking activities, the Bank invests in various marketable
securities. New Eagle Capital, Inc., the Company's other subsidiary, operating
as an investment company in Wilmington, Delaware, also invests in various
marketable securities as well as marketable equity securities.

     The Company's results of operations are dependent primarily on net
interest income, which is the difference between the interest income earned on
interest-earning assets, such as loans and securities, and the interest expense
incurred on interest-bearing liabilities, such as deposits and borrowed funds.
The Company also generates noninterest income, such as service fees, gains and
losses on the sale of education loans and securities, trading account profits
and losses, wealth management fees, and other noninterest income. The Company's
operating expenses consist primarily of compensation and employee benefits,
occupancy, furniture and equipment, marketing, deposit insurance premiums, and
other noninterest expenses. The Company's results of operations are also
significantly affected by general economic and competitive conditions,
particularly changes in market interest rates, government policies, and actions
of regulatory agencies.

     Certain critical accounting policies affect the more significant judgments
and estimates used in the preparation of the consolidated financial statements.
The Company's single most critical accounting policy relates to the Company's
allowance for loan losses, which reflects the estimated losses resulting from
the inability of the Company's borrowers to make required loan payments. If the
financial condition of the Company's borrowers were to deteriorate, resulting
in an impairment of their ability to make payments, the Company's estimates
would be updated, and additional provisions for loan losses may be required.

     Further discussion of the estimates used in determining the allowance for
loan losses is contained in the discussion on "Allowance for Loan Losses" on
page 10 of the Company's Form10-K and page 26 of the Company's 2001 Annual
Report to Shareholders.

REVIEW OF CONSOLIDATED FINANCIAL CONDITION AT MARCH 31, 2002 AND DECEMBER 31,
2001

ASSETS

     The Company's total assets were $870.6 million as of March 31, 2002, an
increase of $6.7 million or 0.8% compared to total assets of $863.8 million as
of December 31, 2001.

     Cash increased $9.6 million or 32.1% to $39.4 million as of March 31, 2002
due to repayments of loans and securities, and sales, calls, and maturities of
securities.

     Available for sale securities decreased $9.3 million or 2.8% to $326.1
million at March 31, 2002 due to repayments, sales, calls, and maturities. The
Company had no securities sold, not settled as of March 31, 2002. The Company
had $3.5 million of securities sold, not settled as of December 31, 2001, which
settled in January 2002.

     Total loans increased $11.1 million or 2.4% to $468.1 million as of March
31, 2002 primarily due to increases in commercial real estate and commercial
business loans partially offset by repayments in purchased residential mortgage
loans outside the Company's primary market area.

     Prepaid expenses and other assets increased $426,000 or 3.3% to $13.4
million as of March 31, 2002 substantially due to prepaid expenses related to
the conversion of the Company's core operating system as previously disclosed
in the 2001 Annual Report to Shareholders.

LIABILITIES

     Total liabilities were $774.5 million as of March 31, 2002, an increase of
$7.6 million or 1.0% compared to total liabilities of $766.9 as of December 31,
2001.

     Total deposits increased $8.6 million or 1.6% to $538.3 million primarily
based on growth in the Company's checking accounts, money market deposit
accounts, and savings accounts partially offset by a decrease in certificates
of deposit.

     Borrowed funds decreased $8.0 million or 3.5% to $221.6 million due to the
pay-off of maturing Federal Home Loan Bank ("FHLB") advances. Alternative
sources of funding were provided by repayments of loans and securities, and
sales, calls, and maturities of securities.





                                       9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (UNAUDITED) GA FINANCIAL, INC.


     Accrued interest payable increased $1.6 million to $3.7 million as of
March 31, 2002. This was due to the timing of accrued interest payable to
deposit accounts and borrowings.

     The Company had $5.0 million of securities purchased, not settled as of
March 31, 2002 which settled in April 2002. The Company had no securities
purchased, not settled as of December 31, 2001.

SHAREHOLDERS' EQUITY

     Shareholder's equity decreased $910,000 or 0.9% to $96.0 million as of
March 31, 2002. This was due to dividends paid, a decrease in accumulated
comprehensive income, and purchases of treasury stock, partially offset by net
income.

AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS

     The following table sets forth certain information relating to the
Company's average balance sheet and reflects the weighted average yield on
assets and weighted average cost of liabilities for the periods indicated. Such
yields and costs are derived by dividing income or expense by the average
balance of assets or liabilities, respectively, for the periods presented.

<TABLE>
<CAPTION>

                                                                     THREE MONTHS ENDED                 THREE MONTHS ENDED
(DOLLARS IN THOUSANDS)                                                  MARCH 31, 2002                    MARCH 31, 2001
---------------------------------------------------------------------------------------------------------------------------------
                                                                                         Average                          Average
                                                                Average                  Yield/    Average                 Yield/
                                                                Balance      Interest     Cost     Balance      Interest    Cost
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                             <C>          <C>          <C>      <C>         <C>         <C>
ASSETS
    Interest-Earning Assets:
          Deposits ..........................................   $ 30,947     $    124     1.60%    $ 30,534    $    365    4.78%
          Securities(1,2) ...................................    333,032        4,660     5.60      412,868       6,899    6.68
          Loans, net(3) .....................................    458,728        8,312     7.25      402,827       7,741    7.69
          FHLB stock ........................................     11,700          129     4.41       15,458         257    6.65
---------------------------------------------------------------------------------------------------------------------------------
                  Total interest-earning assets .............    834,407       13,225     6.34      861,687      15,262    7.08
          Noninterest-earning assets ........................     28,735                             27,361
---------------------------------------------------------------------------------------------------------------------------------
                  Total assets ..............................   $863,142                           $889,048
=================================================================================================================================
Liabilities and Shareholders' equity
    Interest-Bearing Liabilities:
          Checking accounts .................................   $ 40,766     $     71     0.70%    $ 39,186    $    126    1.29%
          Money market deposit accounts .....................     66,718          384     2.30       69,966         807    4.61
          Savings accounts ..................................    132,412          777     2.35      124,681         732    2.35
          Certificates of deposit ...........................    260,167        3,294     5.06      258,623       3,685    5.70
---------------------------------------------------------------------------------------------------------------------------------
                  Total interest-bearing deposits ...........    500,063        4,526     3.62      492,456       5,350    4.35
          Borrowed funds ....................................    225,931        2,923     5.18      268,986       3,660    5.44
          Escrow ............................................      2,024            7     1.38        1,690           7    1.66
---------------------------------------------------------------------------------------------------------------------------------
                  Total interest-bearing liabilities ........    728,018        7,456     4.10      763,132       9,017    4.73
          Noninterest-bearing liabilities ...................     37,426                             33,259
          Shareholders' equity ..............................     97,698                             92,657
---------------------------------------------------------------------------------------------------------------------------------
                  Total liabilities and
                     shareholders' equity ...................   $863,142                           $889,048
=================================================================================================================================
Net interest income .........................................                $  5,769                          $  6,245
Interest rate spread(4) .....................................                             2.24%                            2.35%
Net interest margin(5) ......................................                             2.77%                            2.90%
=================================================================================================================================
</TABLE>

     1    Includes unamortized discounts and premiums.

     2    Includes municipal obligations; yield and income are stated on a
          taxable equivalent basis.

     3    Amount is net of deferred fees, undisbursed funds, discounts and
          premiums, estimated allowances for loan losses, and includes
          education loans held for sale and nonperforming loans.

     4    Interest rate spread represents the difference between the yield on
          interest-earning assets and the cost of interest-bearing liabilities
          on a taxable equivalent basis.

     5    Net interest margin represents net interest income on a taxable
          equivalent basis divided by average interest-earning assets.




                                      10
<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (UNAUDITED) GA FINANCIAL, INC.


REVIEW OF THE CONSOLIDATED RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
MARCH 31, 2002 AND 2001

NET INCOME

     Net income for the three months ended March 31, 2002 decreased $28,000 or
1.9% from the previous period to $1.5 million. Changes in the components of net
income are discussed herein.

INTEREST INCOME

     Total interest income decreased $2.0 million ($2.0 million on a taxable
equivalent basis) or 13.6% to $12.8 million for the three months ended March 31,
2002. This was primarily the result of a decrease of $27.3 million in average
interest-earning assets and a decrease of 74 basis points in the average yield
on interest-earning assets. Interest on loans increased $571,000 or 7.4% to $8.3
million due to the increase in average balances of $55.9 million or 13.9%,
partially offset by a decrease in the average yield on loans of 44 basis points.
Taxable equivalent interest on securities decreased $2.2 million or 32.5%, due
to the average balances decreasing $79.8 million or 19.3%, and a decrease in the
average yield of 108 basis points. The dividends on FHLB advances decreased
$128,000 or 49.8% to $129,000 in 2002 due to a decrease of $3.8 million in the
average balance resulting from the redemption of FHLB stock and a decrease in
the average yield of 224 basis points. The Bank is required to own FHLB stock
based partly on the levels of its FHLB borrowings.

INTEREST EXPENSE

     Total interest expense decreased $1.6 million or 17.3% due to a decrease
in the average balance of interest-bearing liabilities of $35.1 million or 4.6%
to $728.0 million and a decrease in the average cost of 63 basis points. The
interest expense on interest-bearing deposits decreased $824,000 or 15.4% to
$4.5 million for 2001 due to the average cost decreasing 73 basis points
partially offset by an increase in the average balance of $7.6 million. The
interest expense on borrowed funds decreased $737,000 or 20.1% due to a
decrease in the average balance of $43.1 million or 16.0% and a decrease in the
average cost of 26 basis points. This reduction was due to the pay-off of
maturing FHLB advances.

PROVISION FOR LOAN LOSSES

     The provision for loan losses for the three months ended March 31, 2002 was
$300,000 compared to $90,000 for the three months ended March 31, 2001. The
allowance for loan losses to loans and nonperforming assets was 0.74% and 218%,
respectively, as of March 31, 2002 as compared to 0.70% and 192%, respectively,
as of December 31, 2001. The current year provision was influenced by strong
loan production, strategic growth in commercial real estate, business and
construction/development loans and current economic conditions. Substantially
all of the increase in the provision was related to growth in commercial real
estate and related loans. Nonperforming loans, primarily comprised of
residential mortgages and consumer home equity loans, were $1.5 million for
March 31, 2002 and December 31, 2001. The Company monitors all nonperforming
loans which could impact the provision for loan losses. The allowance for loan
losses is maintained at an amount management considers appropriate to cover
estimated losses on loans which are deemed probable based on information
currently known to management. While management believes the Company's allowance
for loan losses is sufficient to cover losses in its loan portfolio at this
time, no assurance can be given that the Company's level of allowance for loan
losses will be sufficient to cover future loan losses incurred by the Company,
or that future adjustments to the allowance for loan losses will not be
necessary if economic and other conditions differ substantially from the
economic and other conditions analyzed by management to determine the current
level of the allowance for loan losses.

NONINTEREST INCOME

     Total noninterest income increased $142,000 or 18.7% to $900,000 for the
three months ended March 31, 2002. Service fees on deposit products decreased
$40,000. Net gains on the sales of available for sale securities increased
$170,000. Trading security gains decreased $68,000. Gains on the sale of
education loans decreased $6,000 due to the timing of loans that reach repayment
status. Education loans are sold as they reach repayment status.

NONINTEREST EXPENSE

     Total noninterest expense decreased $452,000 or 9.9% to $4.1 million for
the three months ended March 31, 2002. This was due primarily to a decrease in
compensation and employee benefits costs of $359,000, occupancy expenses of
$36,000, marketing expenses of $14,000, and other noninterest expenses of
$43,000.

PROVISION FOR INCOME TAXES

     The provision for income taxes decreased $50,000 or 11.1% to $400,000 for
the three months ended March 31, 2002. The effective tax rate for the three
months ended March 31, 2002 was 21.3% as compared to 23.0% for the three months
ended March 31, 2001.

OTHER MATTERS

LIQUIDITY RESOURCES

     The Company's primary sources of funds are deposits, repayments of loans
and securities, sales, calls and maturities of securities, advances from the
FHLB, and other borrowed funds. While scheduled maturities of investments and
the amortization of loans are predictable sources of funds, deposit flows and
prepayments on mortgages, and mortgage-backed and related securities are greatly
influenced by market interest rates, economic conditions, and competition.

     Legislation has repealed the Office of Thrift Supervision ("OTS") minimum
liquidity ratio requirements. OTS regulations now require the Company to
maintain sufficient liquidity to ensure its safe and sound operation.




                                      11
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (UNAUDITED) GA FINANCIAL, INC.


     Liquidity can be analyzed by utilizing the Consolidated Statements of Cash
Flows. Net cash provided by operating activities was $3.4 million. Net cash
provided by investing activities was $6.9 million. Net cash used in financing
activities was $675,000. Overall, cash and cash equivalents increased $9.6
million for the three months ended March 31, 2002.

     Management believes the Company has sufficient liquidity to meet current
obligations to borrowers, depositors, debt holders, and others.

CAPITAL RESOURCES

     The Company is not required to maintain any minimum level of capital;
however, the Bank is subject to various regulatory capital requirements
administered by the OTS.

     At March 31, 2002, the Bank had exceeded the OTS requirements for tier I
core (leverage), tier I and total risk-based, and tangible capital. The OTS
requires the Bank to maintain a minimum 4.00% tier I core (leverage) capital
ratio (expressed as a percentage of adjusted total assets), a minimum tier I
risk-based capital ratio of 4.00% and total risk-based capital ratio of 8.00%
(both expressed as a percentage of risk-weighted assets, which includes
off-balance sheet items) and a minimum tangible capital ratio of 1.50% of
tangible assets. The well-capitalized requirement for tier I core (leverage),
tier I risk-based, and total risk-based ratios is 5.00%, 6.00%, and 10.00%,
respectively. The Bank has consistently maintained all regulatory capital
ratios at or above the well capitalized standards with tier I core (leverage)
at 9.72%, tier I risk-based at 18.29%, total risk-based at 19.26%, and tangible
at 9.72% as of March 31, 2002.

NEW ACCOUNTING PRONOUNCEMENTS

     In August 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 143, "Accounting for
Asset Retirement Obligations," which addresses financial accounting and
reporting for obligations associated with the retirement of tangible long-lived
assets and the associated asset retirement costs. The standard applies to legal
obligations associated with the retirement of long-lived assets that result
from the acquisition, construction, development and (or) normal use of the
asset.

     SFAS No. 143 requires that the fair value of a liability for an asset
retirement obligation be recognized in the period in which it is incurred if a
reasonable estimate of fair value can be made. The fair value of the liability
is added to the carrying amount of the associated asset and this additional
carrying amount is depreciated over the life of the asset. The liability is
accreted at the end of each period through charges to operating expense. If the
obligation is settled for other than the carrying amount of the liability, an
entity would recognize a gain or loss on settlement.

     SFAS No. 143 is effective for fiscal years beginning after June 15, 2002.
The adoption of SFAS No. 143 is not expected to have a material effect on the
financial position, results of operations or liquidity of the Company.

     In October 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," which addresses financial
accounting and reporting for the impairment or disposal of long-lived assets.
SFAS No. 144 supersedes SFAS No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of;" however, it
retains many of the fundamental provisions of SFAS No. 121.

     SFAS No. 144 also supersedes the accounting and reporting provisions of
APB Opinion No. 30, "Reporting the Results of Operations-Reporting the Effects
of Disposal of a Segment of a Business, and Extraordinary, Unusual and
Infrequently Occurring Events and Transactions," for the disposal of a segment
of a business. However, it retains the requirement in APB No. 30 to report
separately discontinued operations and extends that reporting to a component of
an entity that either has been disposed of (by sale, abandonment, or in a
distribution to owners) or is classified as held for sale. By broadening the
presentation of discontinued operations to include more disposal transactions,
the FASB has enhanced management's ability to provide information that helps
financial statement users to assess the effects of a disposal transaction on
the ongoing operations of an entity.

     SFAS No. 144 is effective for fiscal years beginning after December 15,
2001 and interim periods within those fiscal years. The provisions of SFAS No.
144 generally are to be applied prospectively. The adoption of SFAS No. 144 had
no impact on the financial position, results of operations or liquidity of the
Company.

FORWARD-LOOKING STATEMENTS

     This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995, and is including this statement for purposes of these safe
harbor provisions. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies and expectations of the
Company, are generally identified by use of the words "believe," "expect,"
"intend," "anticipate," "estimate," "project," or similar expressions. The
Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
effect on the operations of the Company include, but are not limited to:
changes in interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Federal Reserve Board, the quality or
composition of the loan or investment portfolios, demand for loan products,
deposit flows, competition, demand for financial services in the Company's
market area, and accounting principles and guidelines. These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.

     Except as required by applicable law and regulation, the Company does not
undertake--and specifically disclaims any obligation--to publicly release the
result of any revisions which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.





                                      12
<PAGE>

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

GA FINANCIAL, INC.

     Management is responsible for monitoring and limiting the Company's
exposure to interest rate risk within established guidelines while maximizing
net interest income. The Company will continue to monitor its interest rate
sensitivity with the primary objective to prudently structure the balance sheet
so that movements of interest rates on assets and liabilities are highly
correlated and produce a reasonable net interest margin even in periods of
volatile interest rates. Further discussion on market risk is in the Company's
2001 Annual Report to Shareholders and Form 10-K.

     The principal objective of the Company's interest rate risk management
function is to evaluate the interest rate risk included in certain balance
sheet accounts, determine the level of risk appropriate given the Company's
business strategy, operating environment, capital and liquidity requirements
and performance objectives, and manage the risk consistent with the Board of
Directors approved guidelines. Through such management, the Company seeks to
reduce the vulnerability of its operations to changes in interest rates. The
Company monitors all of its interest rate risk. The Company's Board of
Directors has established an Asset/Liability Management Committee, which is
responsible for reviewing its asset/liability policies and interest rate risk
position, and meets at least on a quarterly basis. The Asset/Liability
Management Committee reviews trends in interest rates, the financial position
of the Company, the Company's actual performance to budgeted performance, the
Company's interest rate position as measured by changes in its net income and
net portfolio value under certain interest rate scenarios, and the projected
impact of such interest rate scenarios on its earnings and capital. The extent
of the movement of interest rates is an uncertainty that could have a negative
impact on the earnings of the Company.

     In recent years, the Company has utilized the following strategies to
manage interest rate risk: (1) purchasing adjustable interest rate
mortgage-backed and related securities; (2) investing in shorter term
fixed-rate corporate debt and government agency bonds or in such types of bonds
with adjustable interest rates; (3) originating shorter term commercial and
consumer loan products; and (4) emphasizing longer term deposits. To manage the
interest rate risk of the Company, the Board of Directors has also established
parameters relating to the types of securities in which the Company may invest
and parameters relating to the types of deposits which may be offered by the
Company and rates which may be paid on such deposits.

     Market risk is the risk of losses resulting from adverse changes in market
pricing and rates. The Company's market risk is primarily its interest rate
risk associated with its lending, investing, deposit and borrowing functions.
Interest rate risk arises when interest rates on assets change in a different
time period or in a different proportion from that of liabilities. Management
actively monitors its interest rate sensitivity position with the primary
objective to prudently structure the balance sheet so that movements of
interest rates on assets and liabilities are highly correlated and produce a
reasonable net interest margin even in periods of volatile interest rates.
Interest rate risk is considered by management to be the Company's most
significant market risk that could materially impact the Company's financial
position or results of operations.





                                      13
<PAGE>

PART II.        OTHER INFORMATION

GA FINANCIAL, INC.

ITEM 1.  LEGAL PROCEEDINGS

     The Company is not involved in any pending legal proceedings other than
routine legal proceedings occurring in the ordinary course of business. Such
routine legal proceedings, in the aggregate, are believed by management to be
immaterial to the Company's financial condition, results of operations and cash
flows.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS
     None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
     None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
     None

ITEM 5.  OTHER INFORMATION
     None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
        3.1  Certificate of Incorporation of GA Financial, Inc.1
        3.2  Amended Bylaws of GA Financial, Inc.2
        4.0  Stock Certificates of GA Financial, Inc.1
       11.0  Computation of Earnings per Share. This is incorporated
             by reference to note number 6 of the Notes to the Consolidated
             Financial Statements.
(b) Reports on Form 8-K:
    None

1    Incorporated by reference into this document from the Exhibits to Form
     S-1. Registration Statement, filed on December 21, 1995, as amended,
     Registration No. 33-80715.

2    Incorporated by reference into this document from the Company's Form 10-Q
     filed on November 15, 1999.


SIGNATURES

GA FINANCIAL, INC.

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date    May 14, 2002
      -----------------------------------------------------

        GA Financial, Inc.
      -----------------------------------------------------
        (Registrant)


By      /s/ John M. Kish
      -----------------------------------------------------
        John M. Kish
        Chairman of the Board and Chief Executive Officer
        (Principal Executive Officer)

By      /s/ James V. Dionise
      -----------------------------------------------------
        James V. Dionise
        Chief Financial Officer/Secretary/Treasurer
        (Principal Financial and Accounting Officer)







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