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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 Corporation (NASDAQ:ISTR) reported record net income of $10.1 million, or $0.97 per diluted share, for Q1 2022, an increase from $6.9 million or $0.67 in Q4 2021 and from $5.4 million or $0.51 in Q1 2021. Core earnings were $0.68 per diluted share, up from $0.56 in Q4 2021. The Board approved an additional 400,000 shares for repurchase, totaling about 4% of outstanding stock. Total deposits rose 3.1% to $2.19 billion, while noninterest income surged 249% to $5.9 million. The efficiency ratio improved significantly to 55.74%.
Investar Holding Corporation (NASDAQ: ISTR) announced the completion of a $20 million private placement of its 5.125% Fixed-to-Floating Subordinated Notes due 2032. The notes will initially yield 5.125% interest for the first five years, transitioning to a floating rate thereafter. Proceeds will be used to refinance existing debt, fund possible share repurchases, and for general corporate purposes. The issuance received an investment grade rating of BBB from Egan Jones Ratings Company.
Investar Holding Corporation (Nasdaq: ISTR) declared a quarterly cash dividend of $0.085 per share, marking a 6% increase from the previous quarter. This dividend is scheduled for payment on April 29, 2022, to shareholders on record as of March 31, 2022. This announcement marks the 34th quarterly dividend and continues a streak of uninterrupted payments from Investar Bank over the past 11 quarters. Investar Holding Corporation operates with total assets of $2.5 billion across 33 branches in Louisiana, Texas, and Alabama.
Investar reported a strong fourth quarter of 2021 with a net income of $6.9 million, or $0.67 per diluted share, compared to a net loss of $10 million in Q3 2021. Core earnings were $0.56 per diluted share, a significant improvement from the prior quarter's loss. The company’s net interest margin increased to 3.57% while deposits decreased by 8% to $2.12 billion. Total loans declined slightly to $1.87 billion, although organic loan growth was noted. CEO John D'Angelo expressed optimism for continued loan demand and strategic efforts to enhance efficiency and reduce costs.
Investar Holding Corporation (Nasdaq:ISTR) has declared a quarterly cash dividend of $0.08 per share, payable on January 31, 2022, to shareholders of record by December 31, 2021. This marks the 33rd quarterly dividend issued by the Company following 11 consecutive quarters of cash dividends by Investar Bank. The Company operates 33 branches across Louisiana, Texas, and Alabama, with total assets of $2.7 billion as of September 30, 2021.
Investar Holding Corporation (NASDAQ:ISTR) reported a net loss of $10.0 million ($0.95 per share) for Q3 2021, a significant decline from a profit of $5.7 million in Q2 2021. This loss was primarily due to a $21.6 million impairment charge linked to Hurricane Ida. Total deposits increased by 1.9% to $2.30 billion, driven by organic growth and the acquisition of Cheaha Bank. While noninterest income fell by 4.1% to $3.9 million, net interest income rose 1.8% to $21.5 million, highlighting a stable core despite external pressures.
Investar Holding Corporation (NASDAQ:ISTR) announced a quarterly cash dividend of $0.08 per share, payable on October 29, 2021, to shareholders of record as of September 30, 2021. This marks the 32nd quarterly dividend by Investar Holding following 11 consecutive quarterly cash dividends from its banking subsidiary, Investar Bank. As of June 30, 2021, Investar Bank had total assets of $2.7 billion and employed 357 full-time equivalent employees across 34 branches in Louisiana, Texas, and Alabama.
Investar Holding Corporation (NASDAQ: ISTR) reported record net income of $5.7 million, or $0.53 per diluted share for Q2 2021, up from $5.4 million in the prior quarter and $4.3 million in Q2 2020. Core earnings rose to $0.53 per share. The acquisition of Cheaha Bank contributed positively, leading to a 5.5% increase in total loans, reaching $1.95 billion. Total deposits grew 12.5% to $2.26 billion. Nonperforming loans increased to 1.07% of the total loan portfolio. Net interest margin decreased to 3.48% due to excess liquidity.
Investar Holding Corporation (Nasdaq: ISTR) has declared a quarterly cash dividend of $0.08 per share, marking a 14% increase from the previous quarter. This dividend will be payable on July 31, 2021 to shareholders of record as of June 30, 2021. This represents the 31st quarterly dividend paid by the company, following an uninterrupted series of 11 quarterly dividends from Investar Bank. At March 31, 2021, Investar Bank had total assets of $2.4 billion.
Investar Holding Corporation (Nasdaq: ISTR) has authorized the repurchase of an additional 200,000 shares of its common stock, complementing the 315,240 shares previously available for repurchase. This initiative represents approximately 2% of the company's outstanding shares and is set to conclude by July 31, 2021. Share repurchases will be executed in open market transactions and may be suspended or terminated at the company's discretion. The repurchase program aims to enhance shareholder value and provide flexibility in capital usage.