Exhibit 99.1

Bear State Financial, Inc. Announces First Quarter 2017 Earnings

FINANCIAL HIGHLIGHTS:

Little Rock, AR – April 20, 2017 – Bear State Financial, Inc. (the “Company,” NASDAQ: BSF), today reported earnings of $4.9 million and earnings per diluted common share of $0.13 in the first quarter of 2017, compared to earnings of $3.3 million or $0.09 per diluted common share in the first quarter of 2016. Core earnings for the first quarter of 2017 were $5.9 million or $0.15 per diluted common share compared to core earnings of $3.7 million or $0.10 per diluted common share in the first quarter of 2016.

The company experienced record revenue of $23 million in the first quarter of 2017 which is an increase of 12% compared to the first quarter of 2016. Net interest income increased 11% for the first quarter of 2017 compared to the first quarter of 2016 primarily due to loan portfolio growth. Noninterest income increased 14% for the first quarter of 2017 compared to the first quarter of 2016 primarily due to increases in gain on sale of loans and deposit fee income.

Along with revenue growth, the Company continued to focus on operational efficiency as evidenced by the decrease in noninterest expense of 6% for the first quarter of 2017 compared to the first quarter of 2016, resulting in an improvement in the Company’s efficiency ratio to 63% in the first quarter of 2017 compared to 74% in the first quarter of 2016. Further, the Company’s core efficiency ratio improved to 56% in the first quarter of 2017 compared to 72% in the first quarter of 2016. During the first quarter of 2017, the Company consolidated three of its retail branch locations and transitioned one limited service branch location to operate using personalized technology with Interactive ATMs (“ITMs”) only. Two additional retail branch locations will transition to operate solely with ITMs in the second quarter of 2017.

FINANCIAL CONDITION

Total assets were $2.17 billion at March 31, 2017, a 13% increase compared to $1.92 billion at March 31, 2016. The increase in total assets was primarily due to increases in investment securities and loans. Total loans were $1.64 billion at March 31, 2017, an increase of $180.2 million, or 12% compared to March 31, 2016 and investment securities were $250.5 million at March 31, 2017, an increase of $65.4 million, or 35% compared to March 31, 2016. Total deposits were $1.67 billion at March 31, 2017, a 4% increase compared to $1.61 billion at March 31, 2016.

Total stockholders’ equity was $238 million at March 31, 2017, a 6% increase from $224 million at March 31, 2016. Tangible common stockholders’ equity was $188 million at December 31, 2016, a 9% increase from $172 million at March 31, 2016. Book value per common share was $6.31 at March 31, 2017, a 6% increase from $5.96 at March 31, 2016. Tangible book value per common share was $4.98 at March 31, 2017, an 8% increase from $4.59 at March 31, 2016. The Company’s ratio of total stockholders’ equity to total assets decreased to 10.94% at March 31, 2017, compared to 11.64% at March 31, 2016. The calculation of the Company’s tangible book value per common share, tangible common stockholders’ equity and the reconciliation of such non-GAAP financial measures to the most comparable GAAP measures are included in the schedules accompanying this release.

RESULTS OF OPERATIONS

The Company recognized first quarter 2017 net income of $4.9 million or $0.13 per diluted common share compared to net income of $3.3 million or $0.09 per diluted common share in the first quarter of 2016, resulting in a return on average assets of 0.95% in the first quarter of 2017, compared to 0.71% in the first quarter of 2016. Calculation of net income in accordance with GAAP includes what the Company considers “non-core items,” which are items that we do not consider indicative of our core operating performance and which are not necessarily comparable from year to year. The Company reports core earnings, which is a non-GAAP financial measure that the Company defines as GAAP net income less non-core items. The reconciliation of GAAP net income to core earnings together with related financial measures and ratios is included in the schedules accompanying this release.

First quarter 2017 core earnings totaled $5.9 million or $0.15 per diluted common share, compared to core earnings of $3.7 million or $0.10 per diluted common share in the first quarter of 2016. The core return on average assets measured 1.14% and 0.77%, core return on average equity measured 10.06% and 6.61% and core return on average tangible equity measured 12.80% and 8.58%, each for the first quarters of 2017 and 2016, respectively. Non-core items during the first quarter of 2017 included gain on sales of investments of $11,000 and branch restructure expenses of $1.6 million, including $1.1 million of severance expense, primarily due to severance of $0.8 million accrued upon the departure of our former CEO in January 2017. The effect of non-core items, net of taxes, decreased GAAP net income by approximately $946,000 for the first quarter of 2017.

Net interest income for the first quarter of 2017 was $18.8 million compared to $16.9 million for the same period in 2016. Interest income for the first quarter of 2017 was $21.0 million compared to $18.8 million for the same period in 2016. The increase in interest income for the quarter ended March 31, 2017, compared to 2016 was primarily related to an increase in the average balances of loans receivable and investment securities and an increase in the yield earned on investment securities. Interest expense for the first quarter of 2017 was $2.2 million compared to $1.9 million for the same period in 2016. The increase in interest expense for the first quarter of 2017 compared to the same period in 2016 was primarily due to an increase in the average balance of borrowings and an increase in the average rate paid on deposits, partially offset by a decrease in the average rate paid on borrowings.

Net interest margin measured 4.05% for the first quarter of 2017, compared to 4.03% for the same period in 2016. The average yield on interest-earning assets for the first quarter of 2017 was 4.52% compared to 4.47% for the same period in 2016. The average cost of interest-bearing liabilities increased to 0.55% for the first quarter 2017, compared to 0.51% for the same period in 2016.

Noninterest income is generated primarily through deposit account fee income, profit on sale of mortgage loans, and earnings on life insurance policies. Total noninterest income for the three months ended March 31, 2017 increased to $4.2 million from $3.7 million for the same period in 2016, a 14% increase. The increases in the three month comparison period was primarily due to increases in deposit fee income and gain on sales of mortgage loans.

Total noninterest expense decreased $0.9 million or 6% for the first quarter of 2017 compared to the first quarter of 2016. The decrease in total noninterest expense for the three month comparative period was primarily related to the Company’s efforts to improve its operational efficiency as well as transaction costs incurred in connection with the integration of MNB in the first quarter of 2016.

Income tax provision increased by $0.9 million or 60% for the first quarter of 2017 compared to the first quarter of 2016. The increase in income tax provision was primarily due to an increase in taxable income. The Company’s effective tax rate for the quarter ended March 31, 2017 was 31.9% compared to 30.1% for the quarter ended March 31, 2016.

The ratio of nonperforming assets to total assets decreased to 0.87% at March 31, 2017, compared to 1.23% at March 31, 2016. The allowance for loan losses represented 1.03% of total loans at March 31, 2017 compared to 1.02% at March 31, 2016. The ratio of allowance for loan losses plus discount on acquired loans to total loans was 1.58% at March 31, 2017, compared to 1.99% at March 31, 2016. The ratio of the allowance for loan losses to nonperforming loans was 94% at March 31, 2017, compared to 73% at March 31, 2016. Annualized net charge-offs as a percentage of average loans for the quarter ended March 31, 2017 was 0.03% compared to 0.05% for the quarter ended March 31, 2016. Provision for loan losses increased from $489,000 for the first quarter of 2016 to $1.3 million for the first quarter of 2017. The increase in the provision was primarily attributable to loan originations and migration of acquired loans from the purchased loan portfolio to the originated loan portfolio.

About Bear State Financial, Inc.

Bear State Financial, Inc. is the parent company for Bear State Bank. Bear State Financial, Inc. common stock is traded on the NASDAQ Global Market under the symbol BSF.  For more information on Bear State Financial, please visit www.bearstatefinancial.com. Its principal subsidiary, Bear State Bank, is a community oriented financial institution providing a broad line of financial products to individuals and business customers.  Bear State Bank operates 44 branches and three loan production offices throughout Arkansas, Southwest Missouri and Southeast Oklahoma.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures and they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. The Company utilizes the non-GAAP measure of core earnings, which management believes is useful in evaluating operating trends from period to period, including components of core revenue and core expense. Core earnings and its components exclude amounts that the Company views as unrelated to its normalized operations. Management and the Board of Directors also utilize core earnings or components of core earnings and related ratios in the preparation of the Company’s operating budgets, monthly financial performance reporting and investor presentations of Company performance and in the calculation of annual performance-based incentives for certain members of management. In 2016, the Company modified its definition of core earnings to clarify that a material amount of net gains, losses or impairments to the Company’s real estate owned (“REO”) portfolio during an applicable reporting period will be considered a non-core item and will thus be excluded from core earnings. Immaterial net gains, losses and impairments to the REO portfolio, however, will not be considered a non-core item and will not be excluded from core earnings. The Company believes that while activity within the REO portfolio is a recurring aspect of its core business, material changes to the portfolio are not indicative of the Company’s normalized banking operations.

The Company also reports certain non-GAAP equity measures (including tangible stockholders’ equity, tangible book value per common share and related ratios) that exclude intangible assets from their calculation. Management believes that these non-GAAP tangible measures provide additional useful information about the capital strength of the Company to the investment community, as these measures are widely used by industry analysts for banks and bank holding companies with prior merger and acquisition activity. A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.

Forward-Looking Statements

This press release contains statements about future events that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “plan,” “intend,” “anticipate,” “expect,” or similar terms or variations of those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company’s filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of Bear State Bank’s pricing, products and services, and with respect to the loans extended by Bear State Bank and real estate owned, market prices of the property securing loans and the costs of collection and sales. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

BEAR STATE FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL DATA – UNAUDITED

(In thousands)

BEAR STATE FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL DATA – UNAUDITED

BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except share data)

(Unaudited)

BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except earnings per share)

(Unaudited)

BEAR STATE FINANCIAL, INC.

AVERAGE CONSOLIDATED BALANCE SHEETS and NET INTEREST ANALYSIS - UNAUDITED

(Dollars in thousands)

(1) Includes nonaccrual loans.

(2) Includes FHLB and FRB stock. 

BEAR STATE FINANCIAL, INC.

ASSET QUALITY ANALYSIS - UNAUDITED

(Dollars in thousands) 

BEAR STATE FINANCIAL, INC.

CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS' EQUITY – UNAUDITED 

(Dollars in thousands)

BEAR STATE FINANCIAL, INC.

CALCULATION OF TANGIBLE BOOK VALUE PER COMMON SHARE - UNAUDITED

(In thousands, except per share data)

BEAR STATE FINANCIAL, INC.

RECONCILIATION OF NON-GAAP SELECTED CONSOLIDATED FINANCIAL DATA - UNAUDITED

(In thousands, except share data)

(1)This adjustment primarily consists of costs associated with properties disposed or held for sale as a result of branch restructuring, including net (gains) losses on sales, impairment charges, and other expenses such as accelerated depreciation. For the quarter ended March 31,2017, this adjustment also included severance expense totaling $1.1 million resulting from branch and other organizational restructure, primarily due to severance of $0.8 million accrued upon the departure of the former CEO in January 2017.

(2) The tax effect is calculated at the Company’s blended statutory rate of 39.14% for adjustments that impact taxable income for periods in 2017 and 38.29% for periods ending in 2016.

(3) Core Efficiency ratio is a non-GAAP ratio that is calculated by dividing core noninterest expense by total core revenue (the sum of net interest income and core noninterest income). Other companies may define and calculate this data differently.

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