Bear State Financial Inc. of Little Rock on Thursday reported third-quarter earnings of $4.7 million, up 47 percent from the same time last year.
The company, which passed the $2 billion asset mark during the quarter, also reported diluted earnings per common share of 13 cents, up from 10 cents in the same quarter last year.
"Core earnings" were $4.3 million, or 11 cents per share, compared to $3.1 million, or 9 cents per share, in the same quarter last year.
"The bank's third quarter performance was highlighted by growth of over $30 million in total loans and $12 million in deposits along with record results in the mortgage banking business," Mark McFatridge, president and CEO of Bear State Financial, said in a news release.
"We remain focused on carrying out our core initiatives, which includes diversifying the make-up of our commercial loan portfolio. Thanks to this effort, commercial and industrial (C&I) loans now represent over 20 percent of our total loans outstanding," he said.
Assets, loans and deposits all increased during the quarter, mainly because of the firm's acquisition last year of Metropolitan National Bank of Springfield, Missouri. Total assets were $2.01 billion at Sept. 30, up 37 percent from the same point last year. Total loans were $1.52 billion, up 41 percent, and deposits were $1.65 billion, up 37 percent.
Quarterly net interest income was $16.8 million, up from $12.2 million in the same quarter last year. Non-interest income was $4.3 million, up from $3.3 million last year.