Bear State Financial, Inc. (BSF) has reported a 47.08 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.92 million, or $0.13 a share in the quarter, compared with $3.34 million, or $0.09 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.86 million, or $0.15 a share compared with $3.66 million or $0.10 a share, a year ago.
Revenue during the quarter grew 7.71 percent to $21.66 million from $20.11 million in the previous year period. Net interest income for the quarter rose 11.27 percent over the prior year period to $18.83 million. Non-interest income for the quarter rose 13.69 percent over the last year period to $4.18 million.
Bear State Financial, Inc. has made provision of $1.35 million for loan losses during the quarter, up 175.87 percent from $0.49 million in the same period last year.
Net interest margin improved 2 basis points to 4.05 percent in the quarter from 4.03 percent in the last year period. Efficiency ratio for the quarter improved to 62.77 percent from 74.43 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growth
Total assets stood at $2,174.04 million as on Mar. 31, 2017, up 13.10 percent compared with $1,922.30 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,936.13 million as on Mar. 31, 2017, up 13.99 percent from $1,698.50 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,620.98 million as on Mar. 31, 2017, up 12.36 percent compared with $1,442.72 million on Mar. 31, 2016. Deposits stood at $1,669.07 million as on Mar. 31, 2017, up 3.62 percent compared with $1,610.72 million on Mar. 31, 2016. Loans to deposits ratio was 98.79 percent for the quarter, up from 91.80 percent for the previous year quarter.
Investments stood at $268.98 million as on Mar. 31, 2017, up 37.49 percent or $73.35 million from year-ago. Shareholders equity stood at $237.91 million as on Mar. 31, 2017, up 6.31 percent or $14.11 million from year-ago.
Return on average assets moved up 24 basis points to 0.95 percent in the quarter from 0.71 percent in the last year period. At the same time, return on average equity increased 240 basis points to 8.44 percent in the quarter from 6.04 percent in the last year period.
Nonperforming assets stood at $19.04 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.87 percent in the quarter, down from 1.23 percent in the last year period.
Tier-1 leverage ratio stood at 9.27 percent for the quarter, up from 9.16 percent for the previous year quarter. Equity to assets ratio was 10.94 percent for the quarter, down from 11.64 percent for the previous year quarter. Book value per share was $6.31 for the quarter, up 5.87 percent or $0.35 compared to $5.96 for the same period last year.
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