<PAGE>

================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

--------------------------------------------------------------------------------

                                    FORM 10-K

    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005      COMMISSION FILE NUMBER: 0-22269

                               GS FINANCIAL CORP.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
         LOUISIANA                                        72-1341014
  (STATE OF INCORPORATION)                     (IRS EMPLOYER IDENTIFICATION NO.)
                               3798 VETERANS BLVD.
                               METAIRIE, LA 70002
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (504) 457-6220
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                                                      NAME OF EACH EXCHANGE ON
     TITLE OF EACH CLASS                                  WHICH REGISTERED
   -----------------------                          ----------------------------
            NONE                                                NONE

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                     COMMON STOCK, PAR VALUE $.01 PER SHARE
                                (Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

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 _____

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. __X__

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes _____ No __X__

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

Large accelerated filer [ ]   Accelerated filer [ ]    Non-accelerated filer [X}

<PAGE>

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act). Yes [ ] No [X]

The aggregate market value of the voting stock held by nonaffiliates of the
registrant as of June 30, 2005 (the last business day of GS Financial's most
recently completed second fiscal quarter) was approximately $21.1 million.

As of March 23, 2006, GS Financial Corp had 1,208,767 shares of common stock
outstanding.

DOCUMENTS INCORPORATED BY REFERENCE                        PART OF 10-K IN WHICH
-----------------------------------                        ---------------------
                                                                    INCORPORATED
                                                                    ------------
Annual Report to Shareholders for the
  year ended December 31, 2005                                           Part II
Proxy Statement dated March 27, 2006                                    Part III


                               GS FINANCIAL CORP.

TABLE OF CONTENTS
                                                                            PAGE

--------------------------------------------------------------------------------

PART I
  Item 1:     Business                                                        1
  Item 2:     Properties                                                      7
  Item 3:     Legal Proceedings                                               7
  Item 4:     Submission of Matters to a Vote of Security Holders             7

--------------------------------------------------------------------------------

PART II
  Item 5:     Market for the Registrant's Common Equity, Related
              Stockholder Matters and Issuer Purchases of Equity Securities   8
  Item 6:     Selected Financial Data                                         8
  Item 7:     Management's Discussion and Analysis of Financial Condition
              and Results of Operations                                       8
  Item 7a:    Quantitative and Qualitative Disclosure about Market Risk       8
  Item 8:     Financial Statements and Supplementary Data                     8
  Item 9:     Changes in and Disagreements with Accountants on Accounting
              and Financial Disclosure                                        8
  Item 9a:    Controls and Procedures                                         9
  Item 9b:    Other Information                                               9

--------------------------------------------------------------------------------

PART III
  Item 10:    Directors and Executive Officers of the Registrant              9
  Item 11:    Executive Compensation                                          9
  Item 12:    Security Ownership of Certain Beneficial Owners and
              Management and Related Stockholder Matters                      9
  Item 13:    Certain Relationships and Related Transactions                 10
  Item 14:    Principal Accountant Fees and Services                         10

--------------------------------------------------------------------------------

PART IV
  Item 15:    Exhibits and Financial Statement Schedules                     10

SIGNATURES
EXHIBIT INDEX

<PAGE>

                                     PART I

FORWARD LOOKING STATEMENTS

The management of GS Financial Corp. has made forward-looking statements in this
Annual Report on Form 10-K. These forward-looking statements may be subject to
risks and uncertainties. Forward-looking statements include the information
concerning possible or assumed future results of operations of GS Financial
Corp. and its wholly-owned subsidiary, Guaranty Savings and Homestead
Association.

Shareholders should note that many factors, some of which are discussed
elsewhere in this report, could affect the future financial results of GS
Financial Corp. and its subsidiary, both individually and collectively, and
could cause those results to differ materially from those expressed in this
report. These risk factors include the following:

     o    Operating, legal and regulatory risks;

     o    Economic, political and competitive forces impacting our various lines
          of business;

     o    The risk that our analysis of these risks and forces could be
          incorrect and/or that the strategies developed to address them could
          be unsuccessful;

     o    The possibility that increased demand for GS Financial's financial
          services and products may not occur;

     o    Volatility in interest rates; and/or,

     o    Other risks and uncertainties.

GS Financial undertakes no obligation to publicly revise or update these
forward-looking statements to reflect events or circumstances that arise after
the date of this report. Subsequent to the date hereof, readers should also
review other documents that GS Financial files periodically with the Securities
and Exchange Commission, including Quarterly Reports on Form 10-Q and any
Current Reports on Form 8-K.

ITEM 1:   BUSINESS

ORGANIZATION AND RECENT DEVELOPMENTS

GS Financial Corp. (the "Company" or "GS Financial") was incorporated under
Louisiana law on December 24, 1996 as a savings and loan holding company. The
Company commenced operations on April 1, 1997 as the parent of Guaranty Savings
and Homestead Association (the "Association" or "Guaranty"), which has been in
continuous operation in the greater New Orleans area since 1937. The Association
is a Louisiana chartered savings association.

The Company, through the Association, engages in community banking, serving a
market area that covers the southeast corner of Louisiana through the
Association's five offices. The Association serves commercial, small business
and retail customers, offering a variety of transaction and savings deposit
products and secured loan products. Guaranty offers very few unsecured loans and
does not provide trust or investment management services. As of December 31,
2005, the Association had assets of approximately $176.0 million and deposits of
approximately $119.0 million. As of December 31, 2005, the assets of the
Association constituted virtually all of the assets of GS Financial, which
totaled $177.6 million at the end of the fiscal year.

COMPETITION

There is significant competition within the financial services industry in
general as well as with respect to the particular financial services offered by
the Company and the Association. Within its market, the Association competes
directly with other small community financial institutions as well as major
banking institutions of larger size and greater resources and national "nonbank"
competitors, including mortgage and finance companies. Competition is based on a
number of factors, including prices, interest rates, services, and availability
of products.


                                       1
<PAGE>

The growth of electronic communication and commerce over the Internet influences
the Company's competitive environment in several ways. Entities have been formed
which deliver financial services and access to financial products and
transactions exclusively through the Internet. Internet-based services have been
and are being developed that are designed to enhance the value of traditional
financial products. The Internet also has made it easier for consumers to obtain
comparative information on financial products and, over time, could lead to
changes in consumer preferences for financial products. Guaranty operates a
website to provide information about the Company and to market the Association's
products and services. During 2004, the Association began offering online
banking services and plans to expand these features in the future as part of its
overall market strategy.

SUPERVISION AND REGULATION

The banking industry is extensively regulated under both federal and state law.
The following discussion addresses the regulatory framework applicable to
savings and loan holding companies and their subsidiaries and provides certain
specific information relevant to the Company. The regulation and ongoing
supervision of financial institutions is intended primarily for the protection
of depositors, the deposit insurance funds of the Federal Deposit Insurance
Corporation ("FDIC"), and the banking system as a whole, and generally is not
intended for the protection of the institution's shareholders.

GENERAL
The Company, as a savings and loan holding company within the meaning of the
Home Owners' Loan Act, as amended ("HOLA"), is registered with and subject to
OTS regulations, examinations, supervision and reporting. As a subsidiary of a
savings and loan holding company, Guaranty Savings and Homestead Association is
subject to certain restrictions in its dealings with the Company and any
affiliates thereof.

The Company's primary regulator is the Office of Thrift Supervision ("OTS")
which provides ongoing supervision through regular examinations and other means.
The Company, by virtue of its state charter is also subject to the rules and
regulations of the Louisiana Office of Financial Institutions ("OFI"). Thrift
supervision focuses on evaluating management's ability to identify, assess and
control risk in all areas of the institution's operations in a safe and sound
manner. Regulators have a wide range of enforcement actions available to deal
with institutions with unacceptable levels of risk. These actions could have a
material impact on a thrift's financial results and could impose additional
limits on a thrift's ability to pay dividends to its holding company.

PAYMENT OF DIVIDENDS
GS Financial is a legal entity separate and distinct from its subsidiary. The
principal source of cash flow for GS Financial, including cash flow to pay
dividends on its capital stock, is dividends from the Association. There are
statutory and regulatory limitations of the payment of dividends by the
Association to the Company. The payment of dividends by the Association may be
affected by other factors, such as the requirement to maintain capital at or
above regulatory guidelines. See "Capital Adequacy and Related Matters" below.

CAPITAL ADEQUACY AND RELATED MATTERS
Federally insured savings institutions are required to maintain minimum levels
of regulatory capital. The OTS has established capital standards applicable to
all savings institutions. The OTS also is authorized to impose capital
requirements in excess of these standards on individual institutions on a
case-by-case basis.

Current OTS capital standards require savings institutions to satisfy three
different capital requirements. Under these standards, savings institutions must
maintain tangible capital of 1.5 percent, core capital of 3 percent, and risk
based capital of 8 percent. Core capital includes generally recognized capital
such as common stockholders' equity and retained earnings plus other items such
as qualifying goodwill. Tangible capital is essentially the same but does not
include qualifying supervisory goodwill. At December 31, 2005, the Association
had no goodwill or other intangible assets which would be deducted in computing
its tangible capital. At December 31, 2005, Guaranty Savings exceeded all of its
regulatory capital requirements, with tangible, core and risk- based capital
ratios of 13.47 percent, 13.47 percent and 34.08 percent respectively.


                                       2
<PAGE>

HOLDING COMPANY STRUCTURE
There are generally no restrictions on the activities of a savings and loan
holding company which holds only one subsidiary savings institution. However, if
the Director of the OTS determines that there is reasonable cause to believe
that the continuation by a savings and loan holding company of an activity
constitutes a serious risk to the financial safety, soundness or stability of
its subsidiary savings institution, the Director may impose such restrictions as
deemed necessary to address such risk, including limiting (i) payment of
dividends by the savings institution; (ii) transactions between the savings
institution and its affiliates; and (iii) any activities of the savings
institution that might create a serious risk that the liabilities of the holding
company and its affiliates may be imposed on the savings institution.

Notwithstanding the above rules as to permissible business activities of unitary
savings and loan holding companies, if the savings institution subsidiary of
such a holding company fails to meet the qualified thrift lender ("QTL") test,
as discussed below under "Qualified Thrift Lender Test," then such unitary
holding company also shall become subject to the activities restrictions
applicable to multiple savings and loan holding companies and, unless the
savings institution re-qualifies as a QTL within one year thereafter, shall
register as, and become subject to the restrictions applicable to, a bank
holding company.

If the Company were to acquire control of another savings institution, other
than through merger or other business combination with Guaranty Savings, the
Company would thereupon become a multiple savings and loan holding company.
Except where such acquisition is pursuant to the authority to approve emergency
thrift acquisitions and where each subsidiary savings institution meets the QTL
test, as set forth below, the activities of the Company and any of its
subsidiaries (other than Guaranty Savings or other subsidiary savings
institutions) would thereafter be subject to further restrictions. Among other
things, no multiple savings and loan holding company or subsidiary thereof which
is not a savings institution shall commence or continue for a limited period of
time after becoming a multiple savings and loan holding company or subsidiary
thereof any business activity, other than: (i) furnishing or performing
management services for a subsidiary savings institution; (ii) conducting an
insurance agency or escrow business; (iii) holding, managing, or liquidating
assets owned by or acquired from a subsidiary savings institution; (iv) holding
or managing properties used or occupied by a subsidiary savings institution; (v)
acting as trustee under deeds of trust; (vi) those activities authorized by
regulation as of March 5, 1987 to be engaged in by multiple savings and loan
holding companies; or (vii) unless the Director of the OTS by regulation
prohibits or limits such activities for savings and loan holding companies.
Those activities described in clause (vii) above also must be approved by the
Director of the OTS prior to being engaged in by a multiple savings and loan
holding company.

LIMITATIONS ON TRANSACTIONS WITH AFFILIATES
Transactions between savings institutions and any affiliate are governed by
Sections 23A and 23B of the Federal Reserve Act. An affiliate of a savings
institution is any company or entity which controls, is controlled by or is
under common control with the savings institution. In a holding company context,
the parent holding company of a savings institution (such as the Company) and
any companies which are controlled by such parent holding company are affiliates
of the savings institution. Generally, Sections 23A and 23B (i) limit the extent
to which the savings institution or its subsidiaries may engage in "covered
transactions" with any one affiliate to an amount equal to 10% of such
institution's capital stock and surplus, and contain an aggregate limit on all
such transactions with all affiliates to an amount equal to 20% of such capital
stock and surplus and (ii) require that all such transactions be on terms
substantially the same, or at least as favorable, to the institution or
subsidiary as those provided to a non-affiliate. The term "covered transaction"
includes the making of loans, purchase of assets, issuance of guarantee and
other similar transactions. In addition to the restrictions imposed by Sections
23A and 23B, no savings institution may (i) loan or otherwise extend credit to
an affiliate, except for any affiliate which engages only in activities which
are permissible for bank holding companies, or (ii) purchase or invest in any
stocks, bonds, debentures, notes or similar obligations of any affiliate, except
for affiliates which are subsidiaries of the savings institution.


                                       3
<PAGE>

In addition, Sections 22(h) and (g) of the Federal Reserve Act place
restrictions on loans to executive officers, directors and principal
stockholders. Under Section 22(h), secured loans to a director, an executive
officer and to a greater than 10% stockholder of a savings institution, and
certain affiliated interest of either, may not exceed, together with all other
outstanding loans to such person and affiliated interests, the savings
institution's loans to one borrower limit (generally equal to 15% of the
institution's unimpaired capital and surplus). Section 22(h) also requires that
loans to directors, executive officers and principal stockholders be made on
terms substantially the same as offered in comparable transactions to other
persons unless the loans are made pursuant to a benefit or compensation program
that (i) is widely available to employees of the institution and (ii) does not
give preference to any director, executive officer or principal stockholder, or
certain affiliated interests of either, over other employees of the savings
institution. Section 22(h) also requires prior Board approval for certain loans.
In addition, the aggregate amount of extensions of credit by a savings
institution to all insiders cannot exceed the institution's unimpaired capital
and surplus. Furthermore, Section 22(g) places additional restrictions on loans
to executive officers. At December 31, 2005 Guaranty Savings was in compliance
with the above restrictions.

RESTRICTIONS ON ACQUISITIONS
Except under limited circumstances, savings and loan holding companies are
prohibited from acquiring, without prior approval of the Director of the OTS,
(i) control of any other savings institution or savings and loan holding company
or substantially all the assets thereof or (ii) more than 5% of the voting
shares of a savings institution or holding company thereof which is not a
subsidiary. Except with the prior approval of the Director of the OTS, no
director or officer of a savings and loan holding company or person owning or
controlling by proxy or otherwise more than 25% of such company's stock, may
acquire control of any savings institution, other than a subsidiary savings
institution, or of any other savings and loan holding company.

The Director of the OTS may only approve acquisitions resulting in the formation
of a multiple savings and loan holding company which controls savings
institutions in more than one state if (i) the multiple savings and loan holding
company involved controls a savings institution which operated a home or branch
office located in the state of the institution to be acquired as of March 5,
1987; (ii) the acquirer is authorized to acquire control of the savings
institution pursuant to the emergency acquisition provisions of the Federal
Deposit Insurance Act ("FDIA"); or (iii) the statutes of the state in which the
institution to be acquired is located specifically permit institutions to be
acquired by the state-chartered institutions or savings and loan holding
companies located in the state where the acquiring entity is located (or by a
holding company that controls such state-chartered savings institutions).

Under the Bank Holding Company Act of 1956, the Federal Reserve Bank ("FRB") is
authorized to approve an application by a bank holding company to acquire
control of a savings institution. In addition, a bank holding company that
controls a savings institution may merge or consolidate the assets and
liabilities of the savings institution with, or transfer assets and liabilities
to, any subsidiary bank which is a member of the Bank Insurance fund with the
approval of the appropriate federal banking agency and the FRB.

INSURANCE OF ACCOUNTS
The deposits of Guaranty Savings and Homestead Association are insured to the
maximum permitted by the SAIF, which is administered by the FDIC, and are backed
by the full faith and credit of the U.S. Government. As insurer, the FDIC is
authorized to conduct examinations of, and to require reporting by, FDIC-insured
institutions. It also may prohibit any FDIC-insured institution from engaging in
any activity the FDIC determines by regulation or order to pose a serious threat
to the FDIC. The FDIC also has the authority to initiate enforcement actions
against savings institutions, after giving the OTS an opportunity to take such
action.

The FDIC may terminate the deposit insurance of any insured depository
institution, including Guaranty Savings and Homestead Association, if it
determines after a hearing that the institution has engaged or is engaging in
unsafe or unsound practices, is in an unsafe or unsound condition to continue
operations, or has violated any applicable law, regulation, order or any
condition imposed by an agreement with the FDIC. It also may suspend deposit
insurance temporarily during the hearing process for the permanent termination
of insurance, if the institution has no tangible capital. If insurance of
accounts is terminated, the accounts at the institution at the time of the
termination, less subsequent withdrawals, shall continue to be insured for a
period of six months to two years, as determined by the FDIC. Management is
aware of no existing circumstances which would result in termination of the
Association's deposit insurance.


                                       4
<PAGE>

QUALIFIED THRIFT LENDER TEST
The Qualified Thrift Lender ("QTL") Test measures the Association's level of
qualified thrift investments compared to its total portfolio assets (total
assets less intangibles, property used by a savings association in its business
and liquidity investments in an amount not to exceed 20% of assets). Generally,
qualified thrift investments ("QTI's") are residential housing related assets.
The Internal Revenue Service (IRS) requires a savings institution to have at
least 65% of its assets in QTI's to qualify for tax treatment as a building and
loan association. At December 31, 2005, 66.71% of the Association's assets were
invested in QTI's which was in excess of the 65% required to qualify the
Association under the QTL test.

EMPLOYEES

At the end of 2005, the Company and the Association employed a total of 38
employees, all of which are on a full-time basis. The Company affords its
employees a variety of competitive benefit programs including retirement plans
and group health, life and other insurance programs. The Company also supports
training and educational programs designed to ensure that employees have the
types and levels of skills needed to perform at their best in their current
positions and to help them prepare for positions of increased responsibility.

AVAILABLE INFORMATION

The Company's filings with the Securities and Exchange Commission, including
annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and amendments to those reports, are available on the Company's
website as soon as reasonably practicable after the Company files such reports
with the SEC. Copies can be obtained free of charge through the link to the
SEC's website in the "SEC Company Reports" section of the Company's website at
www.gsfinancialcorp.com.


ITEM 1A. RISK FACTORS

IN ANALYZING WHETHER TO MAKE OR TO CONTINUE AN INVESTMENT IN OUR SECURITIES,
INVESTORS SHOULD CONSIDER, AMONG OTHER FACTORS, THE FOLLOWING RISK FACTORS.

OUR RESULTS OF OPERATIONS ARE SIGNIFICANTLY DEPENDENT ON ECONOMIC CONDITIONS AND
RELATED UNCERTAINTIES.

The operations of savings associations are affected, directly and indirectly, by
domestic and international economic and political conditions and by governmental
monetary and fiscal policies. Conditions such as inflation, recession,
unemployment, volatile interest rates, real estate values, government monetary
policy, international conflicts, the actions of terrorists and other factors
beyond our control may adversely affect our results of operations. Changes in
interest rates, in particular, could adversely affect our net interest income
and have a number of other adverse effects on our operations, as discussed in
the risk factor below. Adverse economic conditions also could result in an
increase in loan delinquencies, foreclosures and nonperforming assets and a
decrease in the value of the property or other collateral which secures our
loans, all of which could adversely affect our results of operations. We are
particularly sensitive to changes in economic conditions and related
uncertainties in the metropolitan New Orleans area because we derive
substantially all of our loans, deposits and other business from this area.
Accordingly, we remain subject to the risks associated with prolonged declines
in our local economy.

HURRICANE KATRINA SEVERELY IMPACTED OUR MARKET AREA AND THERE ARE MANY
UNCERTAINTIES REGARDING RECOVERY.

The Association's market area is Metairie, Louisiana and the greater New Orleans
metropolitan area, an area which is susceptible to hurricanes and tropical
storms.

Hurricane Katrina hit the greater New Orleans area in August 2005. The hurricane
caused widespread property damage, required the relocation of an unprecedented
number of residents and business operations, and severely disrupted normal
economic activity in the impacted areas. Hurricane Katrina affected the
Company's loan portfolios by damaging properties pledged as collateral and by
impairing certain borrowers' abilities to repay their loans. While the Company
made a significant provision for loan losses in the fourth quarter of 2005 based
on the information available at the time, additional provisions may be needed in
the future depending on the ultimate resolution of certain loans affected by
Hurricane Katrina. The hurricane may continue to affect our loan originations
into the future and could also adversely impact our deposit base. More
generally, the Company's ability to compete effectively in the consumer banking
business in the future, especially with financial institutions whose operations
were not concentrated


                                       5
<PAGE>

in the affected area or which have greater resources than the Company, will
depend primarily on our ability to continue normal business operations and
experience growth despite the impact of the hurricane. The severity and duration
of these effects will depend on a variety of factors that are beyond our
control, including the amount and timing of government, private and
philanthropic investment (including deposits) in the region, the pace of
rebuilding and economic recovery in the region generally and the extent to which
the hurricane's property damage is covered by insurance.

None of the effects described above can be accurately predicted or quantified at
this time. As a result, significant uncertainty remains regarding the impact
Hurricane Katrina will have on the business, financial condition and results of
operations of the Company. Further, the area in which we operate may experience
hurricanes and other storms in the future, and some of those hurricanes and
storms may have effects similar to those caused by Hurricane Katrina.

CHANGES IN INTEREST RATES COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR
OPERATIONS.

The operations of financial institutions such as us are dependent to a large
extent on net interest income, which is the difference between the interest
income earned on interest-earning assets such as loans and investment securities
and the interest expense paid on interest-bearing liabilities such as deposits
and borrowings. Changes in the general level of interest rates can affect our
net interest income by affecting the difference between the weighted average
yield earned on our interest-earning assets and the weighted average rate paid
on our interest-bearing liabilities, or interest rate spread, and the average
life of our interest-earning assets and interest-bearing liabilities. Changes in
interest rates also can affect our ability to originate loans; the value of our
interest-earning assets and our ability to realize gains from the sale of such
assets; our ability to obtain and retain deposits in competition with other
available investment alternatives; the ability of our borrowers to repay
adjustable or variable rate loans; and the fair value of the derivatives carried
on our balance sheet, derivative hedge effectiveness testing and the amount of
ineffectiveness recognized in our earnings. Interest rates are highly sensitive
to many factors, including governmental monetary policies, domestic and
international economic and political conditions and other factors beyond our
control. Although we believe that the estimated maturities of our
interest-earning assets currently are well balanced in relation to the estimated
maturities of our interest-bearing liabilities (which involves various estimates
as to how changes in the general level of interest rates will impact these
assets and liabilities), there can be no assurance that our profitability would
not be adversely affected during any period of changes in interest rates.

THERE ARE INCREASED RISKS INVOLVED WITH COMMERCIAL REAL ESTATE AND CONSTRUCTION
LENDING ACTIVITIES.

Our lending activities include loans secured by commercial real estate. In
addition, we originate loans for the construction of residential and commercial
use properties. Commercial real estate and construction lending generally is
considered to involve a higher degree of risk than single-family residential
lending due to a variety of factors, including generally larger loan balances,
the dependency on successful completion or operation of the project for
repayment, the difficulties in estimating construction costs and loan terms
which often do not require full amortization of the loan over its term and,
instead, provide for a balloon payment at stated maturity. Our lending
activities also include commercial business loans to small to medium size
businesses, which generally are secured by various equipment, machinery and
other corporate assets, and a wide variety of consumer loans, including home
improvement loans, home equity loans, education loans and loans secured by
automobiles, boats, mobile homes, recreational vehicles and other personal
property. Although commercial business loans and consumer loans generally have
shorter terms and higher interests rates than mortgage loans, they generally
involve more risk than mortgage loans because of the nature of, or in certain
cases the absence of, the collateral which secures such loans.

OUR ALLOWANCE FOR LOSSES ON LOANS AND LEASES MAY NOT BE ADEQUATE TO COVER
PROBABLE LOSSES.

We have established an allowance for loan losses which we believe is adequate to
offset probable losses on our existing loans and leases. There can be no
assurance that any future declines in real estate market conditions, general
economic conditions or changes in regulatory policies will not require us to
increase our allowance for loan and lease losses, which would adversely affect
our results of operations.

WE ARE SUBJECT TO EXTENSIVE REGULATION WHICH COULD ADVERSELY AFFECT OUR BUSINESS
AND OPERATIONS.

We and our subsidiary are subject to extensive federal and state governmental
supervision and regulation, which are intended primarily for the protection of
depositors. In addition, we and our subsidiary are subject to changes in federal
and state laws, as well as changes in regulations, governmental policies and
accounting principles. The effects of any such potential changes cannot be
predicted but could adversely affect the business and our operations in the
future.


                                       6
<PAGE>

WE FACE STRONG COMPETITION WHICH MAY ADVERSELY AFFECT OUR PROFITABILITY.

We are subject to vigorous competition in all aspects and areas of our business
from banks and other financial institutions, including savings and loan
associations, savings banks, finance companies, credit unions and other
providers of financial services, such as money market mutual funds, brokerage
firms, consumer finance companies and insurance companies. We also compete with
non-financial institutions, including retail stores that maintain their own
credit programs and governmental agencies that make available low cost or
guaranteed loans to certain borrowers. Certain of our competitors are larger
financial institutions with substantially greater resources, lending limits,
larger branch systems and a wider array of commercial banking services.
Competition from both bank and non-bank organizations will continue.

OUR ABILITY TO SUCCESSFULLY COMPETE MAY BE REDUCED IF WE ARE UNABLE TO MAKE
TECHNOLOGICAL ADVANCES.

The banking industry is experiencing rapid changes in technology. In addition to
improving customer services, effective use of technology increases efficiency
and enables financial institutions to reduce costs. As a result, our future
success will depend in part on our ability to address our customers' needs by
using technology. We cannot assure you that we will be able to effectively
develop new technology-driven products and services or be successful in
marketing these products to our customers. Many of our competitors have far
greater resources than we have to invest in technology.

ITEM 1B.  UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2:   PROPERTIES

The Company owns one building in Metairie, Louisiana. A portion of this building
is leased to Guaranty Savings and Homestead Association and serves as a branch
location. The Company's executive offices are also located in Metairie,
Louisiana in the main office facility owned by the Association. In addition to
these properties, the Association also owns two branch facilities, one in New
Orleans, Louisiana and another in Mandeville, Louisiana. The branch in New
Orleans suffered extensive damage caused by Hurricane Katrina and remains
closed. The Company plans to repair or rebuild the branch and re-open in 2006.
The remaining location, a loan production office in Ponchatoula, Louisiana is
subject to a lease which management considers to be reasonable and appropriate
to its location. The Company and the Association make portions of their property
available for lease to third parties, although such leasing activity is not
material to the Company's overall operations. Management ensures sure that all
locations, whether owned or leased, are maintained in suitable condition.
Management also evaluates its banking facilities on an ongoing basis to identify
possible under-utilization and to determine the need for functional
improvements, relocations or possible sales.

The Association, from time to time, may acquire property interests in settlement
of loans. Reference is made in Note E to the consolidated financial statements
included in Item 8 for further information regarding such property interests. As
of December 31, 2005 the Association did not hold any assets acquired in the
settlement of loans.

ITEM 3:   LEGAL PROCEEDINGS

There are no pending legal proceedings, other than routine litigation incidental
to the business, to which the Company or its subsidiary is a party or to which
any of their property is subject.

ITEM 4:   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no matters brought to a vote of security holders during the fourth
quarter of 2005.


                                       7
<PAGE>

                                     PART II

ITEM 5:   MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
          MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

          a)   The Company's stock is traded on The Nasdaq Stock Market under
               the symbol GSLA. Shareholders of record, quarterly high and low
               sales prices of, and cash dividends declared on, GS Financial
               common stock are set forth in the Common Stock and Market Prices
               and Dividend sections of the Annual Report to Shareholders for
               the year ended December 31, 2005, included in Exhibit 13.0 hereto
               ("2005 Annual Report to Shareholders") and which is incorporated
               herein by reference. Equity Compensation Plans information is
               incorporated herein by reference to Item 12 hereof.

          b)   Not applicable.

          c)   The following table sets forth information with respect to
               purchases made by or on behalf of the Company of shares of common
               stock of the Company during the indicated periods.

<TABLE>
<CAPTION>
               ISSUER PURCHASES OF EQUITY SECURITIES
               --------------------------------------------------------------------------------------------------------------------
                                                                                                                          Maximum
                                                                                               Total Number of   Number of Shares
                                                                                           Shares Purchased as    that May Yet Be
                                                                Total Number      Average     Part of Publicly    Purchased Under
                                                                   of Shares   Price Paid      Announced Plans       the Plans or
               Period                                          Purchased (1)    Per Share          or Programs           Programs
               --------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>         <C>                   <C>              <C>
               Month 1 (October 1, 2005 - October 31, 2005)               -             -                    -             38,585
               Month 2 (November 1, 2005 - November 30, 2005)             -             -                    -             38,585
               Month 3 (December 1, 2005 - December 31, 2005)             -             -                    -             38,585
               --------------------------------------------------------------------------------------------------------------------

                     Total                                                -             -                    -             38,585
               --------------------------------------------------------------------------------------------------------------------
</TABLE>

ITEM 6:   SELECTED FINANCIAL DATA

The information required by this section is included in the section titled
"Selected Consolidated Financial Data" of GS Financial's 2005 Annual Report to
Shareholders and is hereby incorporated herein by reference.

ITEM 7:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

The section entitled "Management's Discussion and Analysis of Financial
Condition and Results of Operations" of GS Financial's 2005 Annual Report to
Shareholders is hereby incorporated herein by reference.

ITEM 7A:  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The information required by this item is included in "Management's Discussion
and Analysis of Financial Condition and Results of Operations" of GS Financial's
2005 Annual Report to Shareholders, and is incorporated herein by reference.

ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Consolidated Financial Statements of GS Financial Corp and Subsidiary, the
accompanying Notes to the Consolidated Financial Statements and the Report of
Independent Registered Public Accounting Firm contained in GS Financial's 2005
Annual Report to Shareholders are hereby incorporated herein by reference.

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE

None.


                                       8
<PAGE>

ITEM 9A.  CONTROLS AND PROCEDURES

Our management evaluated, with the participation of our Chief Executive Officer
and Chief Financial Officer, the effectiveness of our disclosure controls and
procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of
1934) as of the end of the period covered by this report. Based on such
evaluation, our Chief Executive Officer and Chief Financial Officer have
concluded that our disclosure controls and procedures are designed to ensure
that information required to be disclosed by us in the reports that we file or
submit under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
regulations and are operating in an effective manner.

ITEM 9B.  OTHER INFORMATION

None.

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

INFORMATION ABOUT DIRECTORS AND EXECUTIVE OFFICERS

Information on the directors, director nominees and executive officers of GS
Financial is included in "Information with Respect to Nominees for Directors,
Continuing Directors and Execu of GS Financial's Proxy Statement for the Annual
Meeting of Shareholders to be held on April 25, 2006 (the "Proxy Statement") and
the information incorporated by reference pursuant to Item 13 below is hereby
incorporated herein by reference.

CODE OF ETHICS. We have adopted a code of conduct and ethics applicable to our
directors and all employees. The text of this code of conduct and ethics may be
found on our web site at www.gsfinancialcorp.com. We intend to post notice of
any waiver from, or amendment to, any provision of our code of ethics on our web
site.

ITEM 11.  EXECUTIVE COMPENSATION

Information regarding compensation of directors and executive officers included
at pages 7, 8, and 14 of the Proxy Statement is hereby incorporated herein by
reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
          RELATED STOCKHOLDER MATTERS

The information required herein by Item 403 of Regulation S-K is incorporated by
reference from pages 10 and 11 of the Registrant's Proxy Statement.

EQUITY COMPENSATION PLAN INFORMATION. The following table sets forth certain
information for all equity compensation plans and individual compensation
arrangements (whether with employees or non-employees, such as directors), in
effect as of December 31, 2005.

<TABLE>
<CAPTION>
                                                                                                 Number of Shares
                                        Number of Shares to be                                Remaining Available for
                                     issued upon the Exercise of     Weighted Average        Future Issuance (Excluding
                                          Outstanding Options,       Exercise Price of     Shares Reflected in the First
           Plan Category                  Warrants and Rights       Outstanding Options               Column)
-------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>                      <C>                         <C>
Equity Compensation Plans
  Approved by Security Holders (1)               216,132                  $ 17.18                     98,246
Equity Compensation Plans Not
  Approved by Security Holders                         -                        -                          -
-------------------------------------------------------------------------------------------------------------------------
    Total                                        216,132                  $ 17.18                     98,246
=========================================================================================================================
</TABLE>
(1) DOES NOT INCLUDE 23,180 SHARES WHICH ARE SUBJECT TO RESTRICTED STOCK GRANTS
WHICH HAD NOT YET VESTED AS OF DECEMBER 31, 2005. ALL SUCH RESTRICTED STOCK
GRANTS WERE MADE UNDER THE COMPANY'S 1997 RECOGNITION AND RETENTION PLAN WHICH
WAS APPROVED BY STOCKHOLDERS.

                                       9
<PAGE>

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required herein is incorporated by reference from page 14 of the
Registrant's Proxy Statement.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required herein is incorporated by reference from page 8 and
page 9 of the Registrant's Proxy Statement.

                                    PART IV.

ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)(1)    The following consolidated financial statements of the Company and its
          subsidiary are included in Part II of this Form 10-K.

          Report of Independent Registered Public Accounting Firm
          Consolidated Balance Sheets - December 31, 2005 and 2004
          Consolidated Statements of Income - Years Ended December 31, 2005,
            2004 and 2003
          Consolidated Statements of Changes in Stockholders' Equity - Years
            Ended December 31, 2005, 2004 and 2003
          Consolidated Statements of Cash Flows - Years Ended December 31, 2005,
            2004 and 2003
          Notes to Consolidated Financial Statements

(a)(2)    All schedules for which provision is made in the applicable accounting
          regulation of the SEC are omitted because of the absence of conditions
          under which they are required or because the required information is
          included in the consolidated financial statements and related notes
          thereto.

(a)(3)    Exhibits

          3.1*     Articles of Incorporation of GS Financial Corp.
          3.2*     Bylaws of GS Financial Corp.
          4.1*     Stock Certificate of GS Financial Corp.
          10.1**   GS Financial Corp. Stock Option Plan
          10.2**   GS Financial Corp. Recognition and Retention Plan and Trust
                   Agreement for Employees and Non-Employee Directors
          10.3***  Early Retirement and Consulting Agreement by and among GS
                   Financial Corp., Guaranty Savings and Homestead Association
                   and Donald C. Scott Dated January 7, 2005
          13.0     2005 Annual Report to Stockholders
          21.0     Subsidiaries of the Registrant  - Information reported in
                   Item 1
          23.0     Consent of LaPorte, Sehrt, Romig & Hand
          31.1     Rule 13a-14(a) Certification of Chief Executive Officer
          31.2     Rule 13a-14(a) Certification of Chief Financial Officer
          32.0     Certification pursuant to 18 U.S.C. Section 1350

*       Incorporated herein by reference from the Registration Statement on Form
        SB-2 (Registration number 333-18841) filed by the Registrant with the
        SEC on December 26, 1996, as subsequently amended.

**      Incorporated herein by reference from the definitive proxy statement,
        dated September 16, 1997, filed by the Registrant with the SEC
        (Commission File No. 000-22269).

***     Incorporated herin by reference from the current report on Form 8-K,
        dated January 7, 2005 filed by the registrant with the SEC (Commission
        File No. 000-22269).

(b)     The exhibits listed under (a)(3) of this Item 15 are filed herewith.

(c)     Reference is made to (a)(2) of this Item 15.


                                       10
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                               GS FINANCIAL CORP.


                        By: /s/ Stephen E. Wessel
                           --------------------------------
                           Stephen E. Wessel
                           Chief Executive Officer


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
<S>                                                                             <C>
Name and Signature                            Title                                              Date
-----------------------------------------     -----------------------------------------------    ------------------------


/s/ Albert J. Zahn, Jr.                       Chairman of the Board and Director                      March 30, 2006
-----------------------------------------                                                        ------------------------
Albert J. Zahn, Jr.


/s/ Stephen E. Wessel                         President and Chief Executive Officer                   March 30, 2006
-----------------------------------------                                                        ------------------------
Stephen E. Wessel


/s/ Bruce A. Scott                            Executive Vice President and Director                   March 30, 2006
-----------------------------------------                                                        ------------------------
Bruce A. Scott


/s/ J. Andrew Bower                           Chief Financial Officer                                 March 30, 2006
-----------------------------------------                                                        ------------------------
J. Andrew Bower


/s/ Edward J. Bourgeois                       Director                                                March 30, 2006
-----------------------------------------                                                        ------------------------
Edward J. Bourgeois


/s/ Stephen L. Cory                           Director                                                March 30, 2006
-----------------------------------------                                                        ------------------------
Stephen L. Cory


/s/ Bradford A. Glazer                        Director                                                March 30, 2006
-----------------------------------------                                                        ------------------------
Bradford A. Glazer


/s/ Donald C. Scott                           Director                                                March 30, 2006
-----------------------------------------                                                        ------------------------
Donald C. Scott


/s/ Hayden W. Wren, III                       Director                                                March 30, 2006
-----------------------------------------                                                        ------------------------
Hayden W. Wren, III
</TABLE>


                                       11