Investar Holding Corporation reports developments for its role as the holding company of Investar Bank, National Association. The company’s news centers on bank operating results, loan portfolio performance, net income, core earnings measures, investment securities activity, other real estate owned, and capital returns through common share repurchases.
Investar also announces quarterly cash dividends on its common stock and on its 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock. Company updates include banking expansion through completed acquisitions, including the acquisition of Wichita Falls Bancshares, Inc., the parent of First National Bank, which added markets in north Dallas and Wichita Falls, Texas.
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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