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Investar Holding Corporation (NASDAQ: ISTR), headquartered in Baton Rouge, Louisiana, is a financial holding company providing full-service banking through its subsidiary, Investar Bank, National Association. Specializing in commercial and retail lending, Investar Bank offers a diverse range of products such as business loans, personal loans, specialty accounts, cash management, and electronic transactions. The bank's operations span across Louisiana, Texas, and Alabama, with 28 active branch locations as of March 31, 2024.
Investar Holding Corporation's core business involves serving small to medium-sized businesses, professionals, and individuals with tailored financial solutions. The bank is a prominent player in the local community banking sector and prides itself on its customer-centric approach. Services include bill paying, direct deposit, automated teller machines (ATMs), debit cards, and a variety of loan services aimed at supporting both personal and business financial needs.
In recent developments, Investar has focused on strategic initiatives to optimize its balance sheet and enhance shareholder value. This includes the acquisition of approximately $163 million in commercial and industrial revolving lines of credit, and the exit from the consumer mortgage origination business to streamline operations and focus on more profitable segments. The company has also made substantial progress in digital transformation and operational efficiency by consolidating branch locations and optimizing its ATM footprint.
Investar's financial condition remains robust with total assets of $2.8 billion and 323 full-time equivalent employees as of March 31, 2024. The company continues to report solid earnings, with a net income of $4.7 million for the first quarter of 2024. Despite the fluctuating interest rate environment, Investar has managed to maintain strong credit quality, with nonperforming loans representing only 0.26% of total loans.
The company has an active stock repurchase program through which it continues to buy back shares, demonstrating confidence in its long-term value. Investar also pays quarterly dividends to its shareholders, reinforcing its commitment to returning capital to investors. The bank's leadership under President and CEO John D'Angelo emphasizes a forward-looking strategy to navigate economic uncertainties while capitalizing on growth opportunities.
Forward-looking statements indicate the company's plans to further enhance its financial performance through disciplined growth, strategic acquisitions, and continued focus on customer service excellence.
Investar Holding (Nasdaq: ISTR) has announced a quarterly cash dividend of $0.105 per share for its common stock shareholders. The dividend will be paid on January 31, 2025, to shareholders of record as of December 31, 2024. This marks the company's 45th quarterly dividend payment, continuing a tradition that follows 11 consecutive quarterly cash dividends previously paid by Investar Bank, National Association.
Investar Holding (NASDAQ:ISTR) reported a net income of $5.4 million for Q3 2024, translating to $0.54 per diluted share, up from $4.1 million ($0.41 per share) in Q2 2024 and $2.8 million ($0.28 per share) in Q3 2023. Core earnings per share were $0.45, compared to $0.36 in Q2 2024 and $0.33 in Q3 2023.
Key metrics improved: net interest margin rose to 2.67%, book value per share increased to $24.98, and tangible book value per share reached $20.73. Nonperforming loans decreased to $4.1 million (0.19% of total loans). The company also repurchased 2,000 shares at an average price of $18.50 and raised its quarterly dividend by 5%.
Total loans decreased by $10.9 million to $2.16 billion, with a significant portion being variable-rate loans. Deposits grew by $77.2 million to $2.29 billion. Net interest income was $17.9 million, up 3.8% from Q2 2024. Noninterest income increased by $0.8 million to $3.5 million, driven by a $1.1 million legal settlement.
Investar Holding (Nasdaq:ISTR), the parent company of Investar Bank, National Association, has announced a quarterly cash dividend of $0.105 per share for its common stockholders. This dividend represents a 5% increase compared to the previous quarter. The dividend will be payable on October 31, 2024, to shareholders of record as of September 30, 2024. This marks the 44th consecutive quarterly dividend paid by the Company, following 11 uninterrupted quarterly cash dividends paid by the Bank. The announcement demonstrates Investar's commitment to providing consistent returns to its shareholders and signals confidence in the company's financial stability.
Investar Holding (NASDAQ: ISTR) announced its Q2 2024 results, reporting a net income of $4.1 million or $0.41 per diluted share, down from $4.7 million or $0.48 per diluted share in Q1 2024, and $6.5 million or $0.67 per diluted share in Q2 2023. Core earnings were $0.36 per diluted share, compared to $0.43 in Q1 2024 and $0.67 in Q2 2023.
The net interest margin increased to 2.62% from 2.59% in Q1 2024. The company’s loan portfolio yield rose to 5.96% in Q2 2024 from 5.89% in Q1 2024. Investar repurchased $7 million in subordinated debt, gaining $0.3 million, and 6,096 shares of its own stock at an average price of $15.25 per share.
Total loans declined by $13.8 million or 0.6% sequentially but increased by $81.9 million or 3.9% annually. Deposits grew by $2.4 million sequentially and $29.3 million annually. Nonperforming loans improved to 0.23% of total loans from 0.26% in Q1 2024.
On July 1, 2024, Investar Holding (Nasdaq: ISTR) rejoined the Russell 3000® Index, as announced by the company. This inclusion follows the annual reconstitution of the Russell U.S. Indexes, which ranks the 4,000 largest U.S. stocks by market capitalization as of April 30th. Membership in the Russell 3000® Index also entails automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, as well as the relevant growth and value style indexes.
John D'Angelo, President, and CEO of Investar, noted that rejoining the index will enhance stock liquidity and boost the company's visibility among investment managers and institutional investors. As of December 2023, approximately $10.5 trillion in assets are benchmarked against the Russell U.S. indexes, which are managed by FTSE Russell, a global index provider.
Investar Holding (NASDAQ: ISTR), the parent company of Investar Bank, National Association, has announced a quarterly cash dividend of $0.10 per share. The dividend will be paid on July 31, 2024, to shareholders on record as of July 1, 2024.
This marks the 43rd consecutive quarterly dividend by Investar Holding , following 11 uninterrupted quarterly cash dividends paid by Investar Bank.
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