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) announced the approval of a stock repurchase program for an additional 300,000 shares, enhancing its ongoing commitment to shareholder value. With 62,000 shares remaining from a prior buyback, this total represents about 3% of outstanding stock. In Q3 2020, the company repurchased 134,861 shares at an average price of $14.09. CEO John D’Angelo stated that share buybacks are a tax-efficient method to boost earnings per share and shareholder value. The program has no expiration date and may be modified or terminated at any time.
Investar Holding Corporation (NASDAQ: ISTR) reported net income of $4.3 million ($0.39 per diluted share) for Q2 2020, a rise from $0.6 million ($0.05) in Q1 2020, but down from $4.9 million ($0.48) in Q2 2019. Core earnings were $0.32, up from $0.15 in Q1 2020. Total revenues increased by 12.2% from Q1 to $27.7 million. Loan portfolio grew by $84.2 million (4.9%) to $1.8 billion. Notably, $109.5 million in PPP loans were originated. However, COVID-19 imposed challenges, with 27% of loans under deferral programs, and nonperforming loans rose to $13.1 million (0.72%).
Investar Holding Corporation (NASDAQ: ISTR) has declared a quarterly cash dividend of $0.06 per share, payable on July 31, 2020 to shareholders of record as of July 6, 2020. This marks the 27th quarterly dividend paid by the company, following an uninterrupted series of 11 quarterly dividends from its subsidiary, Investar Bank. As of March 31, 2020, Investar reported total assets of approximately $2.2 billion and operates 23 branches in Louisiana, 5 branches in Texas, and 2 branches in Alabama.
Investar Holding Corporation has announced a change to its 2020 Annual Meeting of Shareholders, now to be held virtually on May 27, 2020, at 3:00 p.m. CT, due to COVID-19 safety concerns. Shareholders must register by May 22, 2020, to participate online. Voting can be done during the meeting, and those who have already voted can update their votes. Investar Holding operates Investar Bank with approximately $2.2 billion in total assets as of March 31, 2020, serving South Louisiana, Southeast Texas, and West Alabama.