Exhibit 99.1

FOR IMMEDIATE RELEASE

Bear State Financial, Inc.: Record Third Quarter 2014 Results Show Substantial Earnings and Book Value Accretion From Recent Merger

FINANCIAL HIGHLIGHTS:

Little Rock, AR – November 6, 2014 – Bear State Financial, Inc. (“Bear State,” NASDAQ: BSF), today reported earnings of $22.7 million and earnings per diluted common share of $0.75 in the third quarter of 2014, compared to earnings of $143,000 or $0.01 per diluted common share in the third quarter of 2013, a 15,757% increase. Net income for the third quarter of 2014 includes an income tax benefit of $20.3 million primarily resulting from the reversal of the Company’s valuation allowance against its deferred tax assets.

On June 13, 2014, Bear State completed its previously announced merger of First National Security Company (“First National”), the parent company for First National Bank headquartered in Hot Springs, Arkansas and Heritage Bank headquartered in Jonesboro, Arkansas. The Company’s results of operations for the nine months ended September 30, 2014 includes results of operations for First National for the period from June 14, 2014 through September 30, 2014.

Bear State’s three banks continue to progress towards more highly efficient and integrated operations. The Company’s operational integration project includes conversion of all bank operations to a single technology platform, and, subject to regulatory approval, the consolidation of its three banking charters to a single charter.  The Company expects the bulk of this integration project to be completed by the second quarter of 2015. It also expects further public announcements regarding its management and key operations as the integration project nears completion. 

The Company incurred substantial operating losses in prior periods. Those losses may, to a certain extent, be used to offset taxes on future income. The ability to use past losses to offset future taxes is referred to as a deferred tax asset (“DTA”). In 2009 the Company established a valuation allowance against its DTA due to insufficient and uncertain income at the time. Because of the Company’s increased earnings power along with the significant improvement in asset quality, the Company determined as of September 30, 2014, that it will likely use its DTA in the future. As a result, the DTA valuation allowance was reversed in the amount of $19.5 million. In addition, a valuation allowance of $1.25 million remains that is expected to be reversed during the fourth quarter of 2014.

Core earnings for the Company continued to improve in the third quarter of 2014. The Company reported core earnings of $4.1 million in the third quarter of 2014, compared to $1 million in the second quarter 2014 and $165,000 in the third quarter of 2013, a 2,376% increase. The third quarter of 2014 included two significant non-core items besides the reversal of its DTA valuation allowance described above. First, the Company incurred merger related expenses of approximately $3.5 million including termination fees of approximately $3.0 million associated with the conversion of core technology systems. Second, the Company incurred charges in the third quarter of $653,000 as a result of its decision to more aggressively market certain real estate owned, including reductions in the asking price on certain properties. Collectively, the net effect of all non-core items was an increase in earnings of approximately $18.6 million, or approximately $0.62 of diluted earnings per share.

Book value per common share was $5.51 at September 30, 2014, a 54% increase from $3.57 at September 30, 2013. Tangible book value per common share was $4.40 at September 30, 2014, a 23% increase from $3.57 at September 30, 2013. 

Total loan growth for the twelve months ended September 30, 2014 for each of Bear State’s three banks was as follows: First Federal Bank 18%; First National Bank 3%; Heritage Bank 20%; or 12% on a consolidated basis.

FINANCIAL CONDITION

Total assets were $1.53 billion at September 30, 2014, a 189% increase compared to $530 million at September 30, 2013. Total deposits were $1.28 billion at September 30, 2014, a 181% increase compared to $455 million at September 30, 2013. The increase in both assets and deposits was primarily due to the First National merger. Total loans, including those acquired, were $1.06 billion at September 30, 2014, an increase of $701 million, or 194%, compared to the same period in 2013.

Common stockholders’ equity was $165 million at September 30, 2014, a 131% increase from $71 million at September 30, 2013. Tangible common stockholders’ equity was $132 million at September 30, 2014, an 85% increase from $71 million at September 30, 2013. Book value per common share was $5.51 at September 30, 2014, a 54% increase from $3.57 at September 30, 2013. Tangible book value per common share was $4.40 at September 30, 2014, a 23% increase from $3.57 at September 30, 2013. The Company’s ratio of common stockholders’ equity to total assets decreased to 10.82% at September 30, 2014, compared to 13.49% at September 30, 2013. The calculation of the Company’s tangible book value per common share, tangible common stockholders’ equity and the reconciliation to GAAP are included in the schedules accompanying this release.

RESULTS OF OPERATIONS

Third quarter 2014 core earnings totaled $4.1 million or $0.14 per diluted common share, compared to core earnings of $1 million or $0.05 per diluted common share in the second quarter of 2014 and to $165,000 or $0.01 per diluted common share in the third quarter of 2013. The core return on average assets measured 1.09%, 0.54%, and 0.12%; core return on average equity measured 11.12%, 4.65%, and 0.92%; and core return on tangible equity measured 14.42%, 5.00%, and 0.92% for these periods, respectively.

GAAP earnings include non-core items. The reconciliation of net income and core income, together with related financial measures is included in the schedules accompanying this release. Non-core items totaled $18.6 million or $0.62 per diluted common share in the most recent quarter. Including these net non-core items, third quarter 2014 GAAP results were earnings of $22.7 million or $0.75 per diluted common share. GAAP net loss was -$2.9 million or -$0.13 per diluted common share in the second quarter of 2014 and $143,000 or $0.01 per diluted common share in the third quarter of 2013. The GAAP net income resulted in a GAAP return on average assets of 6.02% in the most recent quarter, compared to -1.56% and 0.11% in the prior periods respectively.

Net interest income for the third quarter 2014 was $14.7 million, compared to $3.8 million for the same period in 2013. Net interest income for the nine months ended September 30, 2014 was $24.0 million, compared to $11.1 million for the same period in 2013. Interest income for the third quarter of 2014 was $16.2 million compared to $4.6 million for the same period in 2013. Interest income for the nine months ended September 30, 2014 was $27.6 million compared to $13.6 million for the same period in 2013. The increase in interest income for the three and nine months ended September 30, 2014, compared to the comparable periods in 2013, was primarily related to increases in the average balances of loans receivable and investment securities as a result of the merger with First National, which contributed approximately $12.6 million of interest income for the nine month period ending September 30, 2014. Interest expense for the third quarter of 2014 was $1.6 million compared to $825,000 for the same period in 2013. Interest expense for the nine months ended September 30, 2014 was $3.5 million compared to $2.5 million for the same period in 2013. The increase in interest expense for the three and nine months ended September 30, 2014 compared to the comparable period in 2013 was primarily due to an increase in the average balance of deposit accounts as a result of the First National merger.

The net interest margin measured 4.44% for the third quarter 2014, compared to 3.15% for the same period in 2013. Net interest margin for the nine months ended September 30, 2014 was 3.84%, compared to 3.08% for the same period in 2013. The Company’s net interest margin increased primarily as a result of an increase in yields on loans receivable resulting from loans acquired in the First National merger. The average cost of total interest-bearing liabilities decreased to 0.53% for the third quarter 2014, compared to 0.76% for the same period in 2013. Average cost of total interest-bearing liabilities for the nine months ended September 30, 2014 was 0.63%, compared to 0.77% for the same period 2013.

Noninterest income is generated primarily through deposit account fee income, profit on sale of loans, and earnings on life insurance policies. Total noninterest income of $3.6 million for the three months ended September 30, 2014 increased from $1.4 million for the same period in 2013, a 157% increase. Total noninterest income of $6.7 million for the nine months ended September 30, 2014 increased from $4 million for the same period in 2013, a 68% increase. The increase in the three and nine month comparison periods was primarily due to an increase in deposit fee income and gain on sale of loans. The increase in gain on sale of loans was due to an increase in the number of mortgage loans sold and the average profit on loans held for sale.

Total noninterest expense increased $10.3 million or 205% during the third quarter of 2014 compared to the third quarter of 2013. Total noninterest expense increased $16.1 million or 111% during the nine months ended September 30, 2014 compared to the same period in 2013. The variances in total noninterest expense were primarily related to First National. Noninterest expense attributable to First National for the three and six months ended September 30, 2014 amounted to $6.4 million and $7.2 million respectively. In addition, noninterest expenses also increased due to the election to retire certain pension liabilities, an increase in loss provision on REO, and expenses related to the First National merger. The Company’s efficiency ratio improved to 61.02% from 83.19% in the second quarter of 2014 and from 96.11% in the third quarter of 2013.

Nonperforming assets declined from $15.4 million at June 30, 2014 to $15.0 million at September 30, 2014, compared to $20.6 million at December 31, 2013. Nonperforming assets were 0.98% of total assets at September 30, 2014, compared to 1.07% at June 30, 2014 and 4.32% at September 30, 2013. The allowance for loan losses represented 1.22% of total loans at September 30, 2014, compared to 1.23% at June 30, 2014 and 3.61% at September 30, 2013. The ratio of the allowance for loan losses to nonperforming loans was 136.79% at September 30, 2014, compared to 134.68% at June 30, 2014 and 100.08% at September 30, 2013. Annualized net charge-offs as a percentage of average loans for the quarter ended September 30, 2014 were 0.01% compared to 0.16% for the quarter ended September 30, 2013. Provision for loan losses increased from $0 for the third quarter of 2013 to $600,000 for the third quarter of 2014. The provision was $230,000 for the second quarter of 2014. The increase in provision is attributable to loan growth at Bear State’s three banks which was a 5% increase on a consolidated basis over the past three months.

About Bear State Financial, Inc.

Bear State Financial is the parent company for First Federal Bank, First National Bank in Hot Springs and Heritage Bank in Jonesboro. Bear State Financial, Inc. 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 subsidiaries, First Federal Bank, First National Bank and Heritage Bank, N.A. (collectively, the “Banks”), are community oriented financial institutions providing a broad line of financial products to individuals and business customers.  Collectively, the Banks operate 45 branch offices throughout Arkansas and Southeast Oklahoma.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; 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 in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community. 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 the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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,” “expect,” or similar terms or variations on 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 Bear State ’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 the Bank’s pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, market prices of the property securing loans and the costs of collection and sales. Bear State wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Bear State 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, except share data)

BEAR STATE FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL DATA - UNAUDITED

(In thousands, except share data)

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

 BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - UNAUDITED

(In thousands, except share data)

BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(In thousands, except earnings per share)

 BEAR STATE FINANCIAL, INC.

AVERAGE CONSOLIDATED BALANCE SHEETS and NET INTEREST ANALYSIS - UNAUDITED

(In thousands)

(1) Includes nonaccrual loans.

(2) Includes FHLB of Dallas and Federal Reserve Bank stock

(1) Includes nonaccrual loans.

(2) Includes FHLB of Dallas and Federal Reserve Bank stock.

BEAR STATE FINANCIAL, INC.

ASSET QUALITY ANALYSIS - UNAUDITED

(In thousands)

BEAR STATE FINANCIAL, INC.

CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS’ EQUITY - UNAUDITED

(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)

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