GSBC Q2 earnings fall 20% to $1.43/share on $2.1M in branch consolidation charges

Filed July 16, 2026 · Period ending July 15, 2026 · ~2 min read

Key Changes

• high

  Q2 2026 net income fell to $15.8M ($1.43/share) from $19.8M ($1.72/share) in Q2 2025, driven by $2.1M in one-time charges for consolidating nine branches and eliminating 66 positions; adjusted EPS would have been $1.57.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• high

  Branch consolidations and workforce reductions incurred $1.4M in property valuation allowances, $561K in severance, and $163K in lease termination costs; management expects $4.4M–$4.8M in annual expense savings and over $2M in pre-tax income improvement starting Q4 2026.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• high

  Net interest margin improved to 3.76% from 3.68% in Q2 2025 despite a $1.5M decline in net interest income to $49.5M, largely due to the October 2025 end of $2M quarterly income from a terminated interest rate swap.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →