Great Southern per-share earnings increase to 58 cents

Earnings were $7.95 million, or 58 cents per share, compared to 51 cents in third-quarter 2005, excluding effects of the company’s accounting for interest rate swaps. Including the effects of the change, earnings were 58 cents per share, or $8.03 million.

Net income for the nine months ended Sept. 30 were $22.8 million, or $1.65 per share, including effects of the change. That’s compared to $1.26 per share, or $17.5 million, last year. Excluding effects of the change, net income was $1.66 per share for the year-to-date, up from $1.48 per share last year.

Net interest income for the quarter was $17.9 million including the effects of the change, up from $15.1 million in third-quarter 2005. Net interest income was $18.3 million excluding the effects of the change, up from $16 million last year.

Great Southern officials expect the changes from the accounting swap to flow back into income in future quarters.

Company shares (Nasdaq: GSBC) closed Wednesday at $30.66 and were trading down at $30.48 as of 10 this morning. The 52-week range is $25.05 to $32.61.