Great Southern 1Q net income rises 3.5%

Preliminary earnings were 57 cents per diluted share, or net income of $7.6 million, compared to 53 cents per share, or net income of $7.3 million, in first-quarter 2007.

Net interest income was $17.8 million, up from $17.2 million a year ago. Noninterest income was $10.2 million, compared to $6.97 million in first-quarter 2007.

Net loans increased $50 million, or 2.8 percent, since Dec. 31. Total deposits grew $105 million, or 10.1 percent, from the end of 2007, while assets climbed nearly $1 million to $2.5 billion since Dec. 31.

Highlights of the quarter include the opening of Great Southern’s 39th branch, its third in the Branson market. The company also received regulatory approval to build a branch in the St. Louis metropolitan market; construction will begin soon on a center in Creve Coeur and be complete at the end of the year or early 2009.

Shares (Nasdaq: GSBC) closed Wednesday at $15.46 and were trading at $15.20 as of 10:30 this morning. The 52-week range is $14.60 to $29.33.