<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 June 30, 2001

                                      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, PITTSBURGH, PENNSYLVANIA                          15236
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

                                (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:

     5,529,749 shares of common stock, par value $.01 per share, were
outstanding as of July 30, 2001.
<PAGE>

                              GA FINANCIAL, INC.

                                   FORM 10-Q

                                 June 30, 2001


                                     INDEX

<TABLE>
<CAPTION>
                                                                                                     Page
                                                                                                     ----
<S>                                                                                                 <C>
PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

               Consolidated Statements of Financial Condition as of
               June 30, 2001 (unaudited) and December 31, 2000.......................................       1

               Consolidated Statements of Income and Comprehensive Income
               for the Three  and Six Months Ended June 30, 2001 and 2000 (unaudited)................       2

               Consolidated Statements of Cash Flows for the Six
               Months Ended June 30, 2001 and 2000 (unaudited).......................................       3

               Notes to Consolidated Financial Statements (unaudited)................................     4-6

Item 2.     Management's Discussion and Analysis of Financial
            Condition and Results of Operations......................................................    7-14

Item 3.     Quantitative and Qualitative Disclosures about Market Risk...............................      15

PART II.    OTHER INFORMATION .......................................................................      16

SIGNATURES          .................................................................................      17
</TABLE>
<PAGE>

PART I.  FINANCIAL INFORMATION
------------------------------
Item 1.  Financial Statements

GA Financial, Inc.
Consolidated Statements of Financial Condition
as of June 30, 2001 and December 31, 2000

<TABLE>
<CAPTION>
                                                                                        June 30, 2001         December 31,
(Dollars in thousands except share data)                                                 (Unaudited)              2000
-----------------------------------------------------------------------------------------------------------------------------
ASSETS

<S>                                                                                     <C>                  <C>
Cash (including interest-bearing demand deposits of $31,927
in 2001 and $17,890 in 2000)                                                                $ 35,684            $ 22,730
Held for trading securities, at fair value                                                       520                 798
Available for sale securities, at fair value:
  Investment securities                                                                       122,429            144,076
  Mortgage-related securities                                                                 240,204            265,681
Held to maturity investment securities, at cost                                                 2,896             12,761
Loans receivable, net of allowance for loan losses of $2,616 and $2,268,
respectively                                                                                  421,651            380,474
Education loans held for sale                                                                  19,410             19,359
Accrued interest receivable                                                                     6,252              6,411
Federal Home Loan Bank stock                                                                   12,429             15,458
Office, property and equipment, net                                                             7,235              7,441
Foreclosed assets                                                                                 104                154
Securities sold, not settled                                                                    2,221              1,539
Prepaid expenses and other assets                                                              12,279             12,287
-----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                                                 $883,314           $889,169
=============================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
Noninterest-bearing demand deposits                                                          $ 34,025           $ 33,840
Savings accounts                                                                              494,148            488,645
Borrowed funds                                                                                248,575            268,598
Advances from customers for taxes, insurance, and other                                         3,138              1,822
Accrued interest payable                                                                        6,401              2,506
Other liabilities                                                                               1,867              1,110
-----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES                                                                            $788,154           $796,521

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                                                                     86,699             86,898
Treasury stock, at cost (3,370,251 shares as of 2001 and 3,278,071 shares as of
2000)                                                                                         (54,116)           (52,892)
Unearned employee stock ownership plan (ESOP) shares                                           (3,780)            (3,780)
Unearned recognition and retention plan (RRP) shares                                             (517)              (758)
Accumulated other comprehensive income (loss), net of taxes                                      (116)            (2,608)
Retained earnings                                                                              66,901             65,699
-----------------------------------------------------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY                                                                   $ 95,160           $ 92,648

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                   $883,314           $889,169
=============================================================================================================================
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>

                                       1
<PAGE>

GA Financial, Inc.
Consolidated Statements of Income and Comprehensive Income
For the Three and Six Months Ended June 30, 2001 and 2000

<TABLE>
<CAPTION>
                                                                                 For the Three Months  For the Six Months
                                                                                     Ended June 30,       Ended June 30,
                                                                                      (Unaudited)          (Unaudited)

(Dollars in thousands except per share data)                                       2001        2000        2001        2000
----------------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>         <C>         <C>          <C>
Interest income:
Loans                                                                           $ 8,112     $ 6,982     $15,853      $13,670
Mortgage-related securities                                                       4,024       5,135       8,360       10,449
Investment securities                                                             2,123       2,557       4,555        5,045
Bank deposits                                                                       231         106         568          206
----------------------------------------------------------------------------------------------------------------------------
Total interest income                                                            14,490      14,780      29,336       29,370
----------------------------------------------------------------------------------------------------------------------------
Interest expense:
Savings accounts                                                                  5,281       4,894      10,631        9,721
Borrowed funds                                                                    3,290       3,929       6,950        7,955
Other                                                                                 8           8          15           17
----------------------------------------------------------------------------------------------------------------------------
Total interest expense                                                            8,579       8,831      17,596       17,693
----------------------------------------------------------------------------------------------------------------------------
Net interest income before provision for losses on loans                          5,911       5,949      11,740       11,677
Provision for losses on loans                                                     (330)       (180)       (420)        (360)
----------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for losses on loans                           5,581       5,769      11,320       11,317
----------------------------------------------------------------------------------------------------------------------------
Non-interest income:
Service fees                                                                        682         686       1,323        1,349
Net gain on sales of securities                                                     175          21         139          127
Net trading gains(losses)                                                            18        (21)          87           63
Gain on sales of education loans                                                      -           4          43           24
Other                                                                               214         116         324          259
----------------------------------------------------------------------------------------------------------------------------
Total non-interest income                                                         1,089         806       1,916        1,822
----------------------------------------------------------------------------------------------------------------------------
Non-interest expense:
Compensation and employee benefits                                                2,528       2,178       5,136        4,642
Occupancy and equipment                                                             497         453       1,001          880
Deposit insurance premiums                                                           24          25          49           51
Depreciation                                                                        252         180         509          357
Marketing                                                                           188         120         271          184
Other                                                                             1,229       1,127       2,365        2,405
----------------------------------------------------------------------------------------------------------------------------
Total non-interest expense                                                        4,718       4,083       9,331        8,519
----------------------------------------------------------------------------------------------------------------------------
Income before provision for income taxes                                          1,952       2,492       3,905        4,620
Provision for income taxes                                                        (445)        (610)       (895)      (1,120)
----------------------------------------------------------------------------------------------------------------------------
Net income                                                                       $1,507      $1,882      $3,010       $3,500
============================================================================================================================

Other comprehensive income:
Unrealized holding (losses) gains on available for sale securities, net of
taxes                                                                            $ (805)     $  265      $1,857       $  648
Reclassification adjustment for net losses (gains) included in net income          (144)          7         635          (55)
----------------------------------------------------------------------------------------------------------------------------
Other comprehensive (loss) income                                                  (949)        272       2,492          593
----------------------------------------------------------------------------------------------------------------------------
Comprehensive income                                                             $  558      $2,154      $5,502       $4,093
============================================================================================================================
The accompanying notes are an integral part of the consolidated financial statements.

Basic earnings per share                                                           $.30        $.35        $.59         $.64
                                                                                   ====        ====        ====         ====

Diluted earnings per share                                                         $.29        $.35        $.59         $.64
                                                                                   ====        ====        ====         ====

Dividends per share                                                                $.18        $.18        $.36         $.36
                                                                                   ====        ====        ====         ====

Average shares outstanding - Basic                                            5,055,192   5,322,941   5,067,542    5,441,810
Average shares outstanding - Diluted                                          5,133,200   5,330,652   5,136,390    5,450,653
</TABLE>

                                       2
<PAGE>

GA Financial, Inc.
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2001 and 2000

<TABLE>
<CAPTION>
                                                                              For the Six Months Ended
                                                                                      June 30,
                                                                                  2001          2000
(Dollars in thousands)                                                               (Unaudited)
--------------------------------------------------------------------------------------------------------
<S>                                                                              <C>           <C>
Cash flows from operating activities:
  Net income                                                                       $3,010        $3,500
Adjustments to reconcile net income to net cash provided by
operating activities:
  Provision for losses on loans                                                       420           360
  Depreciation                                                                        509           357
  Amortization on intangibles                                                          93            93
  Amortization (accretion) of net deferred loan fees                                  110           (57)
  Allocation of RRP shares                                                            217           216
  Net gain on sales of securities                                                    (139)         (127)
  Net gain in trading securities                                                      (87)          (63)
  Proceeds from sale of held for trading securities                                   799         1,143
  Purchase of held for trading securities                                            (434)       (2,173)
  Net realized gain on sale of student loans                                          (43)          (24)
  Net realized loss on sale of REO                                                     11            47
  Net premium amortization on securities                                              (22)         (374)
  Decrease (increase) in accrued interest receivable                                  159          (452)
  Increase in prepaid expenses and other assets                                    (1,462)         (919)
  Increase in accrued interest payable                                              3,895         2,188
  Net increase (decrease) in other liabilities                                        727          (594)
--------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                           7,763         3,121
--------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
  Repayments and maturities of held to maturity investment securities              26,250             -
  Proceeds from sale of available for sale securities                              50,517         9,265
  Repayments and maturities of available for sale securities                       25,471        17,644
  Purchases of available for sale securities                                      (25,019)       (3,187)
  Purchases of held to maturity investment securities                             (16,170)       (3,865)
  Proceeds from sale of education loans                                             3,402         1,826
  Net loan (originations) payments                                                (15,406)        2,246
  Net purchases of loans                                                          (29,711)      (17,290)
  Proceeds from sale on REO                                                            39           272
  Purchases of office, property and equipment, net                                   (303)       (1,012)
  Securities sold, not settled                                                       (682)       (1,656)
  Redemption of Federal Home Loan Bank stock                                        3,029             -
--------------------------------------------------------------------------------------------------------
Net cash provided by investing activities                                          21,417         4,243
--------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
  Net (decrease) increase in demand and savings deposits                           (6,688)       25,837
  Net increase (decrease) in certificates of deposits                              12,376       (18,347)
  Net increase in advances from borrowers for taxes and insurance                   1,316           837
  Purchase of treasury stock                                                       (2,246)       (4,971)
  Payments of borrowed funds                                                     (148,598)     (375,778)
  Proceeds from borrowed funds                                                    128,575       354,595
  Cash dividends paid                                                              (1,808)       (2,019)
  Other stock transactions                                                            847            34
--------------------------------------------------------------------------------------------------------
Net cash used in financing activities                                             (16,226)      (19,812)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                              $12,954      $(12,448)
Cash and cash equivalents at beginning of period                                   22,730        32,836
--------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                        $35,684       $20,388
========================================================================================================
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>

                                       3
<PAGE>

                  Notes To Consolidated Financial Statements
                  ------------------------------------------
                                  (Unaudited)

1.   Basis of Presentation

The accompanying unaudited consolidated financial statements include the
accounts of GA Financial, Inc. (the "Company") and its subsidiaries, Great
American Federal (the "Association") and New Eagle Capital, Inc. and the
Association's wholly owned subsidiaries, Great American Financial Services and
GA Financial Strategies. New Eagle Capital, Inc. is a Delaware investment
holding company which holds investment securities in the state of Delaware.
Income from these types of investments is taxed at more favorable rates in
Delaware when compared to other states.

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. All significant intercompany transactions have been
eliminated in consolidation. Certain information and footnote 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 2000 Annual Report on Form 10-K. Currently, other than investing in
various securities, the Company does not directly transact any material business
other than through the Association and New Eagle Capital, Inc. 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.

2.   New Accounting Pronouncements

SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as
amended by SFAS No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133," and SFAS
No. 138, "Accounting for Certain Derivative Instruments and Certain Hedging
Activities - An Amendment of FASB Statement No. 133," requires that derivative
instruments be carried at fair value on the balance sheet. The statements
continue to allow derivative instruments to be used to hedge various risks and
set forth specific criteria to be used to determine when hedge accounting can be
used. The statements also provide for offsetting changes in fair value or cash
flows of both the derivative and the hedged asset or liability to be recognized
in earnings in the same period; however, any changes in fair value or cash flow
that represent the ineffective portion of a hedge are required to be recognized
in earnings and cannot be deferred. For derivative instruments not accounted for
as hedges, changes in fair value are required to be recognized in earnings.

The provisions of this statement, as amended, were effective for the Company for
its quarterly and annual reporting beginning January 1, 2001. The Company
experienced no material impact to its financial position, results of operations
and cash flows as of the effective date of this statement as no such instruments
are used by the Company.

In September 2000, the FASB issued SFAS No. 140, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities, a replacement
of FASB Statement No. 125." This statement revises the standards for accounting
for securitizations and other transfers of financial assets and collateral and
requires certain disclosures, but it carries over most of Statement 125's
provisions without reconsideration. This statement is effective for transfers
and servicing of financial assets and extinguishments of liabilities occurring
after March 31, 2001. This statement is effective for recognition and
reclassification of collateral and for disclosures relating to securitization
transactions and collateral for fiscal years ending after December 15, 2000.
Disclosures about securitization and collateral accepted need not be reported
for periods ending on or before December 15, 2000, for which financial
statements are presented for comparative purposes. This statement is to be
applied prospectively with certain exceptions. Other than those exceptions,
earlier or retroactive application of its accounting provisions are not
permitted. The Company did not experience any impact to its financial position,
results of operations and cash flows as of the effective date of this statement.

In July of 2001, the Financial Accounting Standards Board issued SFAS No.
141, "Business Combinations", and SFAS No. 142, "Goodwill and Other
Intangible Assets".

                                       4
<PAGE>

SFAS No. 141 requires all business combinations to be accounted for using
the purchase method of accounting as use of the pooling-of-interests method is
prohibited. In addition, this Statement requires that negative goodwill that
exists after the basis of certain acquired assets is reduced to zero should be
recognized as an extraordinary gain. The provisions of this Statement apply to
all business combinations initiated after June 30, 2001.

SFAS No. 142 prescribes that goodwill associated with a business combination
and intangible assets with an indefinite useful life should not be amortized but
should be tested for impairment at least annually. The Statement requires
intangibles that are separable from goodwill and that have a determinable useful
life to be amortized over the determinable useful life. The provisions of this
Statement will become effective for the Company in January of 2002. Upon
adoption of this statement, goodwill and other intangible assets arising from
acquisitions completed before July 1, 2001 should be accounted for in accordance
with the provisions of this statement. This transition provision could require a
reclassification of a previously separately recognized intangible to goodwill
and vice versa if the intangibles in question do not meet the new criteria for
classification as a separately recognizable intangible.

Adoption of these statements is not expected to have a material impact on the
Company's financial condition or results of operations.

                                       5
<PAGE>

3.   Earnings per Share

               (Dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                       For the Three Months Ended              For the Six Months Ended
                                                    June 30, 2001      June 30, 2000       June 30, 2001      June 30, 2000
                                                    -----------------------------------------------------------------------
<S>                                                 <C>                <C>                 <C>                <C>
Basic:
  Net income                                            $  1,507            $  1,882           $  3,010           $  3,500
  Average common shares - outstanding basic            5,055,192           5,322,941          5,067,542          5,441,810
  Basic earnings per share                              $    .30            $    .35           $    .59           $    .64

Diluted:
  Net income                                            $  1,507            $  1,882           $  3,010           $  3,500
  Average common shares - outstanding basic            5,055,192           5,322,941          5,067,542          5,441,810

  Effect of dilutive securities:
     Shares issuable upon exercise of
     outstanding stock options and stock awards           78,008               7,711             68,848              8,843
                                                    -----------------------------------------------------------------------
  Average common shares outstanding - diluted          5,133,200           5,330,652          5,136,390          5,450,653

Diluted earnings per share                              $    .29            $    .35           $    .59           $    .64
                                                    =======================================================================
</TABLE>


4.   Changes in Shareholders' Equity:

The consolidated shareholders' equity for the six month period ended June 30,
2001 is as follows:

<TABLE>
<CAPTION>

                                                                          Accumulated
                                Additional           Unearned  Unearned      Other                    Total
                        Common   Paid in   Treasury    ESOP       RRP    Comprehensive   Retained  Shareholders'
(Dollars in thousands)  Stock    Capital    Stock     Shares    Shares   Income (Loss)   Earnings     Equity
----------------------------------------------------------------------------------------------------------------
<S>                     <C>     <C>       <C>        <C>       <C>       <C>            <C>        <C>
Balance at 12/31/00      $89     $86,898   $(52,892) $(3,780)   $(758)     $(2,608)      $65,699       92,648

Net income                 -           -         -         -        -            -         3,010        3,010
Other comprehensive
income, net
of tax                     -           -         -         -        -        2,492             -        2,492
Treasury stock
Purchased                  -           -    (2,246)        -        -            -             -       (2,246)
Cash dividends
($0.36 per share)          -           -         -         -        -            -        (1,808)      (1,808)
Shares allocated to
ESOP                       -           -         -         -        -            -             -            -
Shares allocated  to
stock based
compensation               -        (199)    1,022         -      241            -             -        1,064
                         ---------------------------------------------------------------------------------------
Balance at 6/30/01       $89     $86,699  $(54,116)  $(3,780)  $ (517)      $ (116)      $66,901      $95,160
                         =======================================================================================
</TABLE>

                                       6
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
-------  -----------------------------------------------------------------------
General  of Operations
-------  ------------

The Company's and the Association's consolidated 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
investments, and the interest expense incurred on interest-bearing liabilities,
such as deposits and borrowings. The Company and the Association are referred to
herein collectively as the "Company". The Company also generates non-interest
income such as service fees, gains and losses on the sale of education loans and
investment and mortgage-related securities, trading account profits, and other
miscellaneous income. The Company's operating expenses consist primarily of
employee compensation, occupancy expenses, federal deposit insurance premiums,
marketing expenses, depreciation expenses, and other general and administrative
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.

Accordingly, the discussion herein addresses the consolidated operations of the
Company as they are conducted through the Association and New Eagle Capital,
Inc.

Private Securities Litigation Reform Act Safe Harbor Statement
--------------------------------------------------------------

In addition to historical information, this report may include certain forward
looking statements based on current management expectations. The Company's
actual results could differ materially from those management expectations.
Factors that could cause future results to vary from current management
expectations include, but are not limited to, general economic conditions,
legislative and regulatory changes, monetary and fiscal policies of the federal
government, changes in tax policies, rates and regulations of federal, state and
local tax authorities, changes in interest rates, deposit flows, the cost of
funds, demand for loan products, demand for financial services, competition,
changes in the quality or composition of the Company's loan and investment
portfolios, changes in accounting principles, policies or guidelines, and other
economic, competitive, governmental and technological factors affecting the
Company's operations, markets, products, services and prices. Further
description of the risks and uncertainties to the business are included in
detail in Item 1, "Business," of the Company's 2000 Form 10-K.

Comparison of Financial Condition as of June 30, 2001 and December 31, 2000
---------------------------------------------------------------------------

Assets:
-------

The Company's total assets decreased $5.9 million or 0.7% to $883.3 million as
of June 30, 2001.

Cash increased $13.0 million or 57.0% to $35.7 million as of June 30, 2001. The
increase was substantially due to loan repayments, mortgage related securities
repayments and sales, and investment securities sales and maturities. These
funds will be used for future loan fundings.

Investment securities classified as available for sale decreased $21.6 million
or 15.0% to $122.4 million as of June 30, 2001 due to maturities and sales.

Mortgage-related securities classified as available for sale decreased $25.5
million or 9.6% to $240.2 million as of June 30, 2001 due to repayments and
sales.

Held to maturity investment securities decreased $9.9 million due to maturities.

The following table presents details of the Company's investment securities and
mortgage-related securities as of June 30, 2001 (Dollars in thousands):

<TABLE>
<CAPTION>
                                                                          Gross               Gross
                                                     Amortized          Unrealized         Unrealized
Available for sale securities:                         Cost               Gains              Losses           Fair Value
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>                  <C>            <C>                  <C>
Mortgage-backed securities                            $183,856             $ 845          $ ( 1,411)           $183,290
Collateralized mortgage obligations                     57,145               364              ( 595)             56,914
Marketable equity securities                            36,327             2,930             (1,545)             37,712
U.S. government agency debt                             11,573                11               ( 91)             11,493
Corporate obligations                                   14,016               101               ( 16)             14,101
Municipal obligations                                   59,888               220              ( 985)             59,123
-----------------------------------------------------------------------------------------------------------------------------
         Total                                        $362,805            $4,471            $(4,643)           $362,633
=============================================================================================================================
</TABLE>

                                       7
<PAGE>

<TABLE>
<CAPTION>
                                                                          Gross           Gross
                                                      Amortized         Unrealized      Unrealized
Held to maturity investment securities:                 Cost              Gains           Losses             Fair Value
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>              <C>               <C>               <C>
Corporate obligations                                  $2,896             $149               -                 $3,045
=============================================================================================================================
</TABLE>

The following table presents details of the Company's investment securities and
mortgage-related securities as of December 31, 2000 (Dollars in thousands):

<TABLE>
<CAPTION>
                                                                          Gross               Gross
                                                     Amortized          Unrealized         Unrealized
Available for sale securities:                         Cost               Gains              Losses           Fair Value
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                 <C>                  <C>               <C>                <C>
Mortgage-backed securities                            $200,054             $ 672             $ (1,872)          $198,854
Collateralized mortgage obligations                     68,373               131               (1,677)            66,827
Marketable equity securities                            35,901             2,715               (2,165)            36,451
U.S. government agency debt                             38,737                 -               (1,311)            37,426
Corporate obligations                                    9,385                 3                 (162)             9,226
Municipal obligations                                   61,378               269                 (674)            60,973
-----------------------------------------------------------------------------------------------------------------------------
         Total                                        $413,828            $3,790             $ (7,861)          $409,757
=============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
                                                                          Gross              Gross
                                                     Amortized          Unrealized         Unrealized
Held to maturity investment securities:                 Cost              Gains              Losses            Fair Value
------------------------------------------------------------------------------------------------------------------------------
<S>                                                 <C>                 <C>                <C>                <C>
Corporate obligations                                  $12,761             $91                $(52)              $12,800
==============================================================================================================================
</TABLE>

Loans receivable increased $41.2 million or 10.8% to $421.7 million as of June
30, 2001, due primarily to the Company's origination and purchase of commercial
real estate loans, commercial construction and development loans, and home
equity loans.

The following table presents details of the Company's loan portfolio (Dollars in
thousands):

<TABLE>
<CAPTION>


                                                         As of June 30,        As of December 31,
                                                              2001                    2000
                                                     ------------------------------------------------
<S>                                                  <C>                      <C>
Mortgages:
   One to four family residential                            $266,015                 $276,611
   Multi-family                                                 9,665                    5,575
   Commercial real estate                                      48,799                   23,495
   Construction and development                                51,367                   25,402
Consumer loans:
   Home equity                                                 62,348                   54,458
   Loans on savings accounts                                    1,457                    1,521
   Unsecured personal loans                                     2,542                    2,489
Other:
   Secured business loans                                       9,933                    6,431
   Unsecured business loans                                       682                      813
                                                     ------------------------------------------------
      Total                                                  $452,808                 $396,795
Less:
   Undisbursed mortgage loans                                 (28,187)                 (13,589)
   Deferred loan fees                                            (354)                    (464)
   Allowance for loan losses                                   (2,616)                  (2,268)
-----------------------------------------------------------------------------------------------------
      Net loans                                              $421,651                 $380,474
=====================================================================================================
</TABLE>

The Company's education loans held for sale as of June 30, 2001 and December 31,
2000 were $19.4 million. All education loans are held for sale. The Company will
sell education loans when placed on repayment status.

As of June 30, 2001, investment securities sold, not settled totaling $2.2
million settled in July 2001.

                                       8
<PAGE>

Liabilities:
------------

Total deposits increased $5.7 million or 1.1% to $528.2 million as of June 30,
2001. The increase was a result of interest crediting of $6.9 million partially
offset by a net deposit decrease of $1.2 million.

Borrowed funds decreased $20.0 million or 7.5% to $248.6 million as of June 30,
2001. This was a result of management reducing borrowings to targeted levels.
Management utilized borrowings to fund asset growth, particularly investments in
mortgage-related and investment securities. Borrowings can be invested at yields
higher than the cost of the borrowed funds thereby increasing net interest
income. The Company is utilizing both short and long term borrowings to fund
asset growth. The Company continually monitors the interest rate sensitivity of
this strategy with the primary objective to prudently structure the balance
sheet so that movements of interest rates on assets and liabilities are
correlated and produce a reasonable net interest margin even in periods of
volatile interest rates. Interest rate risk is considered to be one of the most
significant market risks that could materially impact the Company's financial
position or results of operations. Borrowed funds as of June 30, 2001 consisted
of short term FHLB borrowings of $37.0 million and long term FHLB borrowings of
$211.6 million.

Accrued interest payable increased $3.9 million to $6.4 million as of June 30,
2001. This change was due to the timing of accrued interest payable credited to
deposit accounts and borrowings. All of the borrowed funds as of June 30, 2001
were FHLB advances.


Shareholders' Equity:
---------------------

Total shareholders' equity increased $2.5 million or 2.7% to $95.2 million as of
June 30, 2001. This was due to $3.0 million in net income, $1.1 million in stock
based compensation, and a $2.5 million increase in accumulated other
comprehensive income, partially offset by the purchase of $2.2 million of
treasury stock, and payment of $1.8 million in cash dividends.

Comparison of the Consolidated Results of Operations for the Three Month Period
-------------------------------------------------------------------------------
Ended June 30, 2001 and 2000
----------------------------

Net Income. Net income was $1.5 million for the three month period ended June
30, 2001, a decrease of $375,000 or 19.9% from the same period in 2000.

Interest Income. Interest income totaled $14.5 million for the three month
period ended June 30, 2001, a decrease of $290,000 or 2.0% compared to the $14.8
million recorded for the three month period ended June 30, 2000. The decrease
was primarily attributable to a 33 basis points decline in the yield on interest
earning assets partially offset by an increase in average balances of $22.4
million. Average balances of loan receivables and interest earning deposits
increased $62.7 million and $18.1 million, respectively, partially offset by a
decrease in average balances of investment and mortgage-related securities of
$15.5 million and $41.6 million, respectively. The Company increased the loan
portfolio while reducing investment and mortgage-related securities.

Interest Expense. Total interest expense for the three month period ended June
30, 2001 was $8.6 million, a decrease of $252,000 or 2.9% compared to $8.8
million for the same period in 2000. Average balances of borrowings decreased
$27.2 million or 9.8% from the three month period ended June 30, 2000 while the
average cost decreased 41 basis points. This reduction was the result of
management reducing borrowings to targeted levels. Average balances of interest
bearing deposits increased $21.9 million or 4.6% over the same period in 2000
and the average cost increased 13 basis points.

Provision for Loan Losses. The provision for loan losses during the three month
period ended June 30, 2001 was $330,000 compared to $180,000 for the three month
period ended June 30, 2000. The allowance for loan losses to gross loans
receivable and total non-performing assets was .55% and 138%, respectively, as
of June 30, 2001 as compared to 0.53% and 169%, respectively as of June 30,
2000. Non-performing loans increased from $981,000 as of June 30, 2000 to $1.8
million as of June 30, 2001. The increase was primarily attributed to
residential mortgage loans. The Company monitors all non-performing 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 receivable 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 assurances 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.

                                       9
<PAGE>

Non-interest Income. Non-interest income consists of service fees, gains and
losses on the sale of education loans and investment and mortgage-related
securities, trading profits and other miscellaneous items. For the three month
period ended June 30, 2001, non-interest income was $1.1 million, compared to
$806,000 recorded for the same period in 2000. The increase of $283,000 was
primarily due to a $100,000 gain on sale of the former Homestead branch location
and an increase of $193,000 in trading profits and investment securities sales.

Non-interest Expense. Total non-interest expense increased $635,000, or 15.6%,
to $4.7 million for the three month period ended June 30, 2001 due primarily to
an increase in compensation costs, partially the result of changes in
management, increased depreciation expense due in part to the establishment of a
new branch location and investments in technology, and increased general
marketing expenses.

Income Tax Expense. Income tax expense of $445,000 for the three month period
ended June 30, 2001 resulted in an effective tax rate of 22.8% compared to the
income tax expense recorded for the three month period ended June 30, 2000 of
$610,000 which resulted in an effective tax rate of 24.5%. The Company utilizes
municipal bonds and low income housing tax credit investments as part of its tax
strategy.

                                       10
<PAGE>

Comparison of the Consolidated Results of Operations for the Six Month Period
-----------------------------------------------------------------------------
Ended June 30, 2001 and 2000
----------------------------

Net Income. Net income was $3.0 million for the six month period ended June 30,
2001, a decrease of $490,000 or 14.0% from the same period in 2000.

Interest Income. Interest income totaled $29.3 million for the six month period
ended June 30, 2001, compared to the $29.4 million recorded for the six month
period ended June 30, 2000. Average balances of interest earning assets
increased $24.7 million while the yield decreased 22 basis points. Average
balances of loan receivables and interest earning deposits increased $53.8
million and $19.5 million, respectively, partially offset by a decrease in
average balances of investment and mortgage-related securities of $8.7 million
and $39.3 million, respectively. The Company increased the loan portfolio while
reducing investment and mortgage-related securities.

Interest Expense. Total interest expense for the six month period ended June 30,
2001 was $17.6 million, compared to $17.7 million for the same period in 2000.
Average balances of borrowings decreased $23.8 million or 8.4% from the six
month period ended June 30, 2000 while the average cost decreased 26 basis
points. This is the result of management reducing borrowings to targeted levels.
Average balances of deposits increased $21.3 million or 4.5% over the same
period in 2000 and the average cost increased 19 basis points.

Provision for Loan Losses. The provision for loan losses during the six month
period ended June 30, 2001 was $420,000 compared to $360,000 for the six month
period ended June 30, 2000. The Company monitors all non-performing 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 receivable 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 assurances 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.

Non-interest Income. Non-interest income consists of service fees, gains and
losses on the sale of education loans and investment and mortgage-related
securities, trading profits and other miscellaneous items. For the six month
period ended June 30, 2001, non-interest income was $1.9 million, compared to
$1.8 million recorded for the same period in 2000. The increase was due
primarily to the $100,000 gain on the sale of the former Homestead branch.

Non-interest Expense. Total non-interest expense increased $812,000, or 9.5%, to
$9.3 million for the six month period ended June 30, 2001 due primarily to an
increase in compensation costs, partially the result of changes in management,
increased depreciation expense due in part to the establishment of a new branch
location and investments in technology, and increased general marketing
expenses.

Income Tax Expense. Income tax expense of $895,000 for the six month period
ended June 30, 2001 resulted in an effective tax rate of 22.9% compared to the
income tax expense recorded for the six month period ended June 30, 2000 of $1.1
million which resulted in an effective tax rate of 24.2%. The Company utilizes
municipal bonds and low income housing tax credit investments as part of its tax
strategy.

                                       11
<PAGE>

Average Balance Sheets and Analysis of Net Interest Income
----------------------------------------------------------

Net interest income represents the difference between income on interest-earning
assets and expense on interest-bearing liabilities. Net interest income depends
on the volume of interest-earning assets and interest-bearing liabilities and
the rates earned or paid on them. The following tables present certain
information relating to the Company's average consolidated statements of
financial condition and consolidated statements of income for the three and six
month periods ended June 30, 2001 and 2000. The average yields and costs are
derived by dividing income or expense by the average balance of assets or
liabilities, respectively. Average balances are derived from daily average
balances. The average balance of loans receivable includes loans on which the
Company has discontinued accruing interest. The average yields and costs include
fees and expenses which are considered adjustments to yield.

The following table presents average balances, average yields on
interest-earning assets and average costs of interest-bearing liabilities for
the three months ended June 30, 2001 and June 30, 2000 (Dollars in thousands):

<TABLE>
<CAPTION>
                                                 Three Months Ended June 30, 2001            Three Months Ended June 30, 2000

                                                Average                   Average           Average                   Average
                                                Balance     Interest     Yield/Cost         Balance      Interest    Yield/Cost
                                              -----------------------------------------------------------------------------------
<S>                                            <C>         <C>          <C>                 <C>          <C>         <C>
Assets:
Interest-earning assets:
  Interest-earning deposits and
    short-term investments                       $27,520      $ 281        4.08%             $ 9,376       $ 106        4.52%
  Investment securities, net (1) (2)             134,527      2,255        6.70%             150,051       2,726        7.27%
  Loans receivable, net (1) (3)                  426,395      8,113        7.61%             363,733       6,982        7.68%
  Mortgage-related securities, net (1)           248,751      4,023        6.47%             290,381       5,135        7.07%
  FHLB stock                                      14,193        238        6.71%              15,458         269        6.96%
                                              -----------------------------------------------------------------------------------
         Total interest-earning assets           851,386     14,910        7.01%             828,999      15,128        7.34%
Non-interest earning assets                       27,457                                      39,127
                                              -----------                              -------------
         Total assets                           $878,843                                    $868,126
                                              ===========                              =============

Liabilities and equity:
Interest-bearing liabilities:
  Money market accounts                          $68,513      $ 666        3.89%             $64,502        $886        5.49%
  Passbook accounts                              124,055        740        2.39%             140,589         838        2.38%
  Checking accounts                               37,469        107        1.14%              37,247         150        1.61%
  Certificate accounts                           263,037      3,768        5.73%             228,884       3,020        5.28%
                                              -----------------------------------------------------------------------------------
         Total                                   493,074      5,281        4.28%             471,222       4,894        4.15%
  Borrowed funds                                 250,993      3,290        5.24%             278,162       3,929        5.65%
  Other                                            2,070          8        1.55%               1,817           8        1.76%
                                              -----------------------------------------------------------------------------------
         Total interest-bearing liabilities      746,137      8,579        4.60%             751,201       8,831        4.70%
Non-interest bearing liabilities                  37,672                                      35,205
Shareholders' equity                              95,034                                      81,720
                                              -----------                              -------------
Total liabilities and shareholders' equity      $878,843                                    $868,126
                                              ===========                              =============

Net interest income                                          $6,331                                       $6,387
Net interest rate spread (4)                                               2.41%                                        2.64%
Net interest margin (5)                                                    2.97%                                        3.08%
Ratio of interest-earning assets to
   interest-bearing liabilities                                             114%                                         110%
</TABLE>

(1)  Includes related assets available for sale and unamortized discounts and
     premiums.
(2)  Includes municipal obligations and interest and yield stated is fully
     taxable equivalent.
(3)  Amount is net of deferred loan fees, undisbursed loan funds, discounts and
     premiums and estimated loan loss allowances and includes loans held for
     sale and non-performing loans.
(4)  Net interest rate spread represents the difference between the yield on
     average interest-earning assets and the cost of average interest-bearing
     liabilities on a fully taxable equivalent basis.
(5)  Net interest margin represents net interest income on a fully taxable
     equivalent basis divided by average interest earning assets.

                                       12
<PAGE>

     The following table presents average balances, average yields on interest-
     earning assets and average costs of interest-bearing liabilities for the
     six months ended June 30, 2001 and June 30, 2000 (Dollars in thousands):

<TABLE>
<CAPTION>
                                                  Six Months Ended June 30, 2001              Six Months Ended June 30, 2000

                                                Average                   Average           Average                    Average
                                                Balance     Interest     Yield/Cost         Balance      Interest     Yield/Cost
                                              ------------------------------------------------------------------------------------
<S>                                            <C>          <C>          <C>               <C>          <C>          <C>
Assets:
Interest-earning assets:
  Interest-earning deposits and
    short-term investments                      $ 29,018     $   645        4.45%          $  9,511      $   206        4.33%
  Investment securities, net (1) (2)             142,228       4,817        6.77%           150,892        5,398        7.15%
  Loans receivable, net (1) (3)                  414,676      15,854        7.65%           360,877       13,670        7.58%
  Mortgage-related securities, net (1)           255,764       8,360        6.54%           295,103       10,449        7.08%
  FHLB stock                                      14,822         496        6.69%            15,458          528        6.83%
                                             -------------------------------------------------------------------------------------
         Total interest-earning assets           856,508      30,172        7.05%           831,841       30,251        7.27%
Non-interest earning assets                       27,149                                     40,754
                                             ------------                              -------------
         Total assets                           $883,657                                   $872,595
                                             ============                              =============

Liabilities and equity:
Interest-bearing liabilities:
  Money market accounts                          $69,235     $ 1,473        4.26%           $56,417      $ 1,516        5.53%
  Passbook accounts                              124,135       1,472        2.37%           142,837        1,701        2.38%
  Checking accounts                               37,354         233        1.25%            36,840          298        1.62%
  Certificate accounts                           261,073       7,453        5.71%           234,380        6,161        5.26%
                                             -------------------------------------------------------------------------------------
         Total                                   491,797      10,631        4.32%           470,474        9,721        4.13%
  Borrowed funds                                 259,939       6,950        5.35%           283,727        7,955        5.61%
  Other                                            1,958          15        1.53%             1,728           17        1.97%
                                             -------------------------------------------------------------------------------------
         Total interest-bearing liabilities      753,694      17,596        4.67%           755,929       17,693        4.68%
Non-interest bearing liabilities                  36,370                                     34,586
Shareholders' equity                              93,593                                     82,080
                                             ------------                              -------------
Total liabilities and shareholders' equity      $883,657                                   $872,595
                                             ============                              =============
Net interest income                                          $12,576                                     $12,558
Net interest rate spread (4)                                                2.38%                                       2.59%
Net interest margin (5)                                                     2.94%                                       3.02%
Ratio of interest-earning assets to
   interest-bearing liabilities                                              114%                                        110%
</TABLE>

(1)  Includes related assets available for sale and unamortized discounts and
     premiums.
(2)  Includes municipal obligations and interest and yield stated is fully
     taxable equivalent.
(3)  Amount is net of deferred loan fees, undisbursed loan funds, discounts and
     premiums and estimated loan loss allowances and includes loans held for
     sale and non-performing loans.
(4)  Net interest rate spread represents the difference between the yield on
     average interest-earning assets and the cost of average interest-bearing
     liabilities on a fully taxable equivalent basis.
(5)  Net interest margin represents net interest income on a fully taxable
     equivalent basis divided by average interest earning assets.

                                       13
<PAGE>

Allowance for Loan Losses
-------------------------

The following table sets forth the changes in the allowance for loan losses for
the six month period ended June 30, 2001 (Dollars in thousands):


                  Balance, December 31, 2000                   $2,268
                  Provision for loan losses                       420
                  Net charge-offs                                 (72)
                                                       --------------
                  Balance, June 30, 2001                       $2,616
                                                               ======

Non-Performing Assets
---------------------

The following table presents information regarding the Company's non-performing
assets as of the dates indicated:

<TABLE>
<CAPTION>
                                                                            June 30,      June 30,
                                                                              2001          2000
                                                                          ------------- -------------
                                                                            (Dollars in thousands)
<S>                                                                       <C>           <C>
Non-performing loans:
   Non-accrual loans                                                            $1,795        $  981
   Accruing loans which are contractually
      past due 90 days or more                                                       -             -
   Restructured loans                                                                -             -
-----------------------------------------------------------------------------------------------------
      Total non-performing loans                                                $1,795        $  981
   Real estate owned                                                               104           218
-----------------------------------------------------------------------------------------------------
         Total non-performing assets                                            $1,899        $1,199
=====================================================================================================

   Non-performing assets as a percent of gross loans receivable                   .40%          .31%
   Non-performing assets as a percent of total assets                             .22%          .14%
   Allowance for loan loss as a percent of gross loans receivable                 .55%          .53%
   Allowance for loan loss as a percent of non-performing assets                  138%          169%
</TABLE>

Liquidity and Capital Resources
-------------------------------

The Company's primary sources of funds are deposits, principal and interest
payments on loans, and repayments on mortgage-related securities; proceeds from
maturing investment securities; advances from the FHLB; and other borrowed
funds. While scheduled maturities of investments and amortization of loans are
predictable sources of funds, deposit flows and prepayments on mortgage loans
and mortgage-related securities are greatly influenced by interest rates,
economic conditions and competition.

Recent legislation has repealed the OTS' minimum liquidity ratio requirement.
OTS regulations now require the Company to maintain sufficient liquidity to
ensure its safe and sound operation.

As of June 30, 2001, the Company had commitments to originate loans of $1.7
million, purchase loans of $1.1 million, and fund $28.2 million in construction
loans. The Company anticipates it will have sufficient funds available to
meet these commitments.

As of June 30, 2001, the Company's equity capital exceeded each of the OTS
capital requirements. The OTS requires Tier I capital to adjusted assets of
4.00%, tier I capital to risk-based assets of 4.00%, and total capital to risk-
based assets of 8.00%. The Company maintained equity capital levels of 9.21%,
21.07%, and 21.95%, respectively.

                                       14
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk
-------  ----------------------------------------------------------

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 the Company's 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
December 31, 2000 Annual Report on Form 10-K.

                                       15
<PAGE>

PART II - OTHER INFORMATION
---------------------------

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
-------  ---------------------------------------------------
              The annual meeting of shareholders of GA Financial Inc. was held
              on April 25, 2001. Of 5,466,017 shares eligible to vote, 88.5%, or
              4,837,302 were voted by proxy.

              The shareholders elected the two nominees for directors, as
              described in the proxy statement for the annual meeting. The
              results for the re-election of Thomas M. Stanton as director were
              4,619,173 shares or 95.5% in favor and 218,129 shares or 4.5%
              withheld. The results for the re-election of Robert J. Ventura as
              director were 4,617,837 shares or 95.5% in favor, and 219,465
              shares or 4.5% withheld. The other continuing directors are Thomas
              E. Bugel, Darrell J. Hess, John M. Kish and David R. Wasik.

              Also, shareholders ratified KPMG LLP as the independent auditors
              for the Company for the fiscal year ending December 31, 2001. The
              results were 4,743,480 shares or 98.1% in favor, 81,270 shares or
              1.7% against and 12,552 or 0.2% shares in abstention.

Item 5.  Other Information
-------  -----------------
              The Board of Directors declared a dividend of $.18 per share to
              stockholders of record on August 10, 2001, payable on August 21,
              2001.

              During the second quarter, Mr. Todd L. Cover was named Vice
              President and Assistant Treasurer of the Company. Mr. Cover was
              also named to the Board of Directors of the Company. Mr. James V.
              Dionise was named Chief Financial Officer and Treasurer of the
              Company.

Item 6.       Exhibits and Reports on Form 8-K
-------       --------------------------------
              (a)  Exhibits
         3.1  Certificate of Incorporation of GA Financial, Inc.*
         3.2  Amended Bylaws of GA Financial, Inc.**
         4.0  Stock Certificates of GA Financial, Inc.*
         11.0 Computation of Earnings per Share. This is incorporated by
              reference to footnote number 3 of the financial statements on page
              number 5.

              (b)  Reports on Form 8-K
              -------------------
              None

*   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.

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

                                       16
<PAGE>

                      GA FINANCIAL, INC. AND SUBSIDIARIES

     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.



                                           GA FINANCIAL, INC.
                                ---------------------------------------
                                              (Registrant)




Date  August 10, 2001                 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
                                          (Principal Financial and
                                          Accounting Officer)



                                       17