Note 24 - Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

24. PARENT COMPANY ONLY FINANCIAL INFORMATION

The following condensed statements of financial condition, as of

December

 

31,

2016

and

2015,

and condensed statements of income and comprehensive income and of cash flows for each of the

three

years in the period ended

December

 

31,

2016,

for Bear State Financial, Inc. should be read in conjunction with the consolidated financial statements and the notes herein.

BEAR STATE FINANCIAL, INC.

(Parent Company Only)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

DECEMBER

31,

2016

AND

2015

(In thousands)

	2016		2015
ASSETS
Cash and cash equivalents (deposits in subsidiary Banks)	$	175	$	118
Office properties and equipment, net		581		668
Deferred tax asset, net		1,552		2,907
Investment in Banks		250,211		237,418
Due from Bank		3,169		1,143
Other assets		289		258
TOTAL	$	255,977	$	242,512
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other borrowings	$	22,012	$	18,862
Accrued expenses and other liabilities		538		493
Stockholders’ equity		233,427		223,157
TOTAL	$	255,977	$	242,512

BEAR STATE FINANCIAL, INC.

(Parent Company Only)

CONDENSED STATEMENTS OF INCOME AND

COMPREHENSIVE INCOME

YEARS ENDED

DECEMBER

31,

2016,

2015

AND

2014

(In thousands)

	2016			2015			2014
INCOME:
Dividend from the Bank	$	5,000		$	12,100		$	26,500
Other income		73			--			--
Management fees		2,965			3,451			2,277
Total income		8,038			15,551			28,777
EXPENSES:
Interest expense		649			407			210
Salaries and employee benefits		3,320			2,383			4,250
Net occupancy expense		226			198			97
Data processing		9			1,291			3,166
Professional fees		785			627			512
Advertising		47			359			531
Other operating expenses		941			1,585			1,273
Total expenses		5,977			6,850			10,039
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES		2,061			8,701			18,738
INCOME TAX BENEFIT		(1,133	)		(1,174	)		(3,938	)
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES		3,194			9,875			22,676
EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES		14,265			699			1,630
NET INCOME	$	17,459		$	10,574		$	24,306
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized holding gains (losses) arising during the period		(2,933	)		(290	)		1,434
Less: reclassification adjustments for realized gain included in net income		(19	)		(20	)		(31	)
Other comprehensive income (loss), before tax effect		(2,952	)		(310	)		1,403
Tax effect		1,130			119			(359	)
Other comprehensive income (loss)		(1,822	)		(191	)		1,044
COMPREHENSIVE INCOME	$	15,637		$	10,383		$	25,350

BEAR STATE FINANCIAL, INC.

(Parent Company Only)

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED

DECEMBER

31,

2016,

2015

AND

2014

(In thousands)

	2016			2015			2014
OPERATING ACTIVITIES:
Net income	$	17,459		$	10,574		$	24,306
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of Bank		(14,265	)		(699	)		(1,630	)
Deferred tax benefit		(164	)		(1,174	)		(1,414	)
Deferred tax valuation allowance		--			--			(913	)
Depreciation		95			118			71
Stock compensation expense		639			539			126
Changes in operating assets and liabilities:
Other assets		(543	)		247			(2,872	)
Accrued expenses and other liabilities		45			87			2,005
Net cash provided by operating activities		3,266			9,692			19,679
INVESTING ACTIVITIES:
Purchases of office properties and equipment		(8	)		(48	)		(942	)
Merger consideration paid		--			(10,100	)		(50,000	)
Investment in Bank		--			--			(11,001	)
Net cash used in investing activities		(8	)		(10,148	)		(61,943	)
FINANCING ACTIVITIES:
Proceeds from other borrowings		4,800			1,850			18,163
Repayments of other borrowings		(1,650	)		(1,151	)		--
Proceeds from private placement		--			--			20,000
Proceeds from exercise of warrants		--			--			3,590
Proceeds from exercise of stock options		141			37			24
Repurchase of common stock		(3,672	)		(256	)		(5	)
Dividends distributed		(2,820	)		--			--
Payment for fractional shares, stock dividend		--			--			(7	)
Net cash provided by (used in) financing activities		(3,201	)		480			41,765
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		57			24			(499	)
CASH AND CASH EQUIVALENTS:
Beginning of period		118			94			593
End of period	$	175		$	118		$	94