Bear State Financial Inc. of Little Rock on Thursday reported second-quarter earnings of $6.7 million, up about 49 percent from the same quarter last year.
The publicly traded parent company of Bear State Bank (Nasdaq: BSF) reported earnings per diluted common share of 18 cents, up from 12 cents in the second quarter last year.
“Core earnings” were $6.3 million, 17 cents per diluted common share, up from $4.1 million, or 11 cents per diluted common share, last year.
The company cited record revenue during the quarter: 23.4 million, up 12 percent from the same quarter last year.
Loan portfolio growth push net interest income up 13 percent from last year to $18.7 million, the company said. Noninterest income rose 9 percent to $4.7 million due to increases in earnings on life insurance and deposit fee income.
The company said it “continued to focus on operational efficiency” during the quarter, with a 15 percent drop in noninterest expense and an improvement in the company’s efficiency ratio to 55 percent, up from 73 percent in the same quarter last year.
As of June 30, total assets were $2.24 billion, up 12 percent from the same time last year. Total loans were $1.66 billion, also up 12 percent. Total deposits were $1.7 billion, up 4 percent.
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