Note 23 - Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

23. SUBSEQUENT EVENTS

At its special meeting of shareholders on March 21, 2014, the shareholders of the Company approved proposals regarding:

● adoption of the previously announced Agreement and Plan of Merger, dated July 1, 2013, by and among the Company and First National Security Company,

● increase in the number of authorized shares of common stock of the Company from 30,000,000 to 100,000,000,

● amendment to the articles of incorporation of the Company to change the name of First Federal Bancshares of Arkansas, Inc. to Bear State Financial, Inc., and

● a private placement of 2,531,645 shares of Company common stock at a per share price of $7.90 to Bear State, the Company’s largest shareholder, and to certain members of Bear State individually.

On February 19, 2014, the Board of Directors of the Company approved a share repurchase program permitting the Company to repurchase up to $1,000,000 of its common stock over the next 12 months.

On February 19, 2014, Bear State Financial Holdings, LLC (“Bear State”), the Company’s principal shareholder owning approximately 79% of the Company’s common stock (assuming full exercise of the outstanding warrants held by it), notified the Company that its members agreed to extend the duration of Bear State for two (2) additional years by extending the automatic termination under Bear State’s Operating Agreement until June 27, 2016. The Bear State Operating Agreement was scheduled to terminate on June 27, 2014.