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Bear State Reports 4Q, Full-Year Earnings Ahead of Arvest Deal

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Bear State Financial Inc. of Little Rock on Thursday reported fourth-quarter earnings of $3.7 million or 10 cents per diluted share, down from $4.8 million or 13 cents per diluted in the same quarter last year.

The company (Nasdaq: BSF), which is being purchased by Arvest Bank in an all-cash deal worth nearly $400 million, said “core earnings” for the quarter were $6.6 million or 17 cents per diluted share compared to $4.9 million or 13 cents per diluted share in the same quarter last year.

During the quarter, the company was required to revalue its deferred tax assets and deferred tax liabilities as a result of the GOP tax law. The company said the impact was a one-time, non-cash charge to income tax provision on the income statement of about $2.5 million.

For the year, Bear State reported net income of $20.4 million or 54 cents diluted earnings per share, up from $17.5 million or 46 cents diluted earnings per share. Core earnings for the full year were $24.6 million or 65 cents diluted earnings per share, up from $16.9 million 45 cents diluted earnings per share in 2016.

As of Dec. 31, total assets were $2.16 billion, up 5 percent from the same time last year. Bear State attributed the increase to investment securities and loans. Total deposits were $1.5 billion, down 9 percent from $1.6 billion at the same time last year.

The Arvest purchase is scheduled to be complete sometime in the first quarter.

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