Little Rock, AR: Bear State Financial, Inc. announced earnings of $4.8 million and earnings per diluted common share of $0.14 in the fourth quarter of 2014.
This is versus earnings of $199,000 or $0.01 per diluted common share in the fourth quarter of 2013, a 2,319% increase. For the full year of 2014, net income was $24.3 million and earnings per diluted common share of $0.84, compared to net income of $729,000 or $0.03 per diluted common share for the full year of 2013. Net income for the full year of 2014 includes an income tax benefit of $21.9 million primarily resulting from the reversal of the Company’s valuation allowance against its deferred tax assets.
Net income for the fourth quarter of 2014 includes an income tax benefit of $1.6 million primarily resulting from the reversal of most of the Company’s remaining valuation allowance against its deferred tax assets. On June 13, 2014, Bear State completed its merger of First National Security Company (“First National”), the parent company for First National Bank headquartered in Hot Springs, Arkansas and Heritage Bank headquartered in Jonesboro, Arkansas.
Its results of operations for the twelve months ended December 31, 2014 includes results of operations for First National for the period from June 14, 2014 through December 31, 2014. Bear State’s three banks continue to progress towards more highly efficient and integrated operations. On February 13, 2015 the three banking charters were consolidated into a single charter forming Bear State Bank. The Company’s operational integration project is ongoing and includes the conversion of all bank operations to a single technology platform. The Company expects the bulk of this integration project to be completed during the second quarter of 2015.
