Great Southern per-share earnings rise to $2.22

For 2006, earnings were $30.7 million, or $2.22 per share, including effects of the company’s accounting for interest rate swaps, compared to $1.63 per share, or $22.7 million, the previous year. Excluding effects of the change, net income was $2.22 per share for the year-to-date, up from $1.99 per share in 2005.

Quarterly earnings were $7.7 million, or 56 cents per share, compared to 52 cents in fourth-quarter 2005, excluding effects of the change. Including the effects of the change, earnings were 58 cents per share, or $8 million.

Net interest income for the fourth quarter was $17.6 million including the effects of the change, up 13 percent from $16 million in fourth-quarter 2005. Quarterly net interest income excluding the effects of the change was $18 million, up from $16.3 million a year before.

“Loans grew 11 percent for the year, with growth primarily in commercial and residential construction lending, from customers in both our primary and loan production markets,” Great Southern President and CEO Joseph Turner said in a news release.

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

Company shares (Nasdaq: GSBC) closed Thursday at $27.60 and were trading down at $27.40 as of 10 this morning. The 52-week range is $25.05 to $32.14.