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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 Corporation (NASDAQ: ISTR) announced its financial results for Q1 2023, reporting a net income of $3.8 million or $0.38 per diluted share, a decline from $8.9 million or $0.88 per share in Q4 2022, and $10.1 million or $0.97 per share in Q1 2022. Core earnings per diluted share decreased to $0.51 from $0.62 in Q4 2022 and $0.68 in Q1 2022. Nonperforming loans improved to 0.27% of total loans, while total deposits rose to $2.15 billion, a 3.0% increase. The cost of deposits increased to 1.62%. Despite tightening conditions, the company repurchased 45,975 shares and maintained a stable dividend. However, net interest income dropped 10.4% from Q4 2022.
Investar Holding Corporation (Nasdaq: ISTR) has declared a quarterly cash dividend of $0.095 per share, payable on April 28, 2023, to shareholders of record as of March 31, 2023. This marks the 38th quarterly dividend paid by the Company and follows an uninterrupted series of 11 cash dividends from its banking subsidiary, Investar Bank. The Bank operates 29 branches across Louisiana, Texas, and Alabama, with total assets of $2.8 billion as of December 31, 2022. The dividend payment reflects the Company’s commitment to returning value to its shareholders.
Investar Holding Corporation (NASDAQ:ISTR) reported a net income of $8.9 million or $0.88 per diluted share for Q4 2022, an increase from $7.3 million or $0.73 in Q3 2022 and $6.9 million or $0.67 in Q4 2021. Core earnings per diluted share were $0.62, down from $0.71 in Q3 2022. Total loans reached a record $2.1 billion, marking a 4.9% increase from the previous quarter. Credit quality improved, with nonperforming loans at 0.51% of total loans. However, net interest income decreased 4.0% to $22.5 million, and net interest margin fell to 3.50%. Total deposits grew 1.4% to $2.08 billion.
Investar Holding Corporation (NASDAQ:ISTR) has declared a quarterly cash dividend of $0.095 per share, payable on January 31, 2023, to shareholders on record by January 2, 2023. This marks the 37th quarterly dividend issued by the Company, continuing a streak of 11 consecutive quarterly dividends from its banking subsidiary, Investar Bank. As of September 30, 2022, Investar Bank had total assets of $2.7 billion and employed 352 full-time equivalents.
Investar Holding Corporation (NASDAQ:ISTR) reported a net income of $7.3 million ($0.73 per diluted share) for Q3 2022, down from $9.4 million ($0.92 per share) in Q2 2022 and a loss of $10 million in Q3 2021. Core earnings per share improved to $0.71. Total loans grew to $2.01 billion, reflecting a 4.7% increase quarter-over-quarter, while net interest income rose by 6.8% to $23.5 million. Nonperforming loans decreased to 0.65% of total loans. The board authorized an additional 300,000 shares for repurchase, reflecting a focus on long-term shareholder value.
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