Louisiana
|
001-36522
|
27-1560715
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
|
7244 Perkins Road
Baton Rouge, Louisiana 70808
|
|
|
(Address of principal executive offices) (Zip Code)
|
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit Number
|
|
Description of Exhibit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTAR HOLDING CORPORATION
|
||
|
|
|
|
|||
Date: July 26, 2018
|
|
|
|
By:
|
|
/s/ John J. D’Angelo
|
|
|
|
|
|
|
John J. D’Angelo
|
|
|
|
|
|
|
President and Chief Executive Officer
|
•
|
Total revenues, or interest and noninterest income, for the quarter ended
June 30, 2018
totaled $19.2 million, an increase of $1.0 million, or 5.2%, compared to the quarter ended
March 31, 2018
, and an increase of $6.6 million, or 51.9%, compared to the quarter ended
June 30, 2017
.
|
•
|
Total loans increased $27.4 million, or 2.1% (8.4% annualized), to $1.30 billion at
June 30, 2018
, compared to $1.27 billion at
March 31, 2018
.
|
•
|
The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was
$432.9 million
at
June 30, 2018
, an increase of
$22.7 million
, or
5.5%
, compared to the business lending portfolio of
$410.2 million
at
March 31, 2018
, and an increase of
$148.8 million
, or
52.4%
, compared to the business lending portfolio of
$284.1 million
at
June 30, 2017
.
|
•
|
Nonperforming loans to total loans decreased to 0.33%, compared to 0.44% at
March 31, 2018
.
|
•
|
Deposit mix has improved with noninterest-bearing deposits now representing
18.1%
of total deposits compared to
14.6%
at
June 30, 2017
.
|
•
|
Net interest margin remained stable at
3.70%
for both quarters ended
June 30, 2018
and
March 31, 2018
, compared to
3.28%
for the quarter ended
June 30, 2017
.
|
•
|
Return on assets improved to 0.93% for the quarter ended
June 30, 2018
compared to 0.60% for the quarter ended
March 31, 2018
and 0.64% for the quarter ended
June 30, 2017
.
|
•
|
Efficiency ratio improved to 65.49% for the quarter ended
June 30, 2018
, compared to 70.74% for the quarter ended
March 31, 2018
and 68.57% for the quarter ended
June 30, 2017
.
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of Total Loans
|
||||||||||||||||||||
|
|
6/30/2018
|
|
3/31/2018
|
|
6/30/2017
|
|
$
|
|
%
|
|
$
|
|
%
|
|
6/30/2018
|
|
6/30/2017
|
||||||||||||||
Mortgage loans on real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and development
|
|
$
|
165,395
|
|
|
$
|
162,337
|
|
|
$
|
109,627
|
|
|
$
|
3,058
|
|
|
1.9
|
%
|
|
$
|
55,768
|
|
|
50.9
|
%
|
|
12.7
|
%
|
|
11.8
|
%
|
1-4 Family
|
|
280,335
|
|
|
277,978
|
|
|
177,979
|
|
|
2,357
|
|
|
0.8
|
|
|
102,356
|
|
|
57.5
|
|
|
21.6
|
|
|
19.1
|
|
|||||
Multifamily
|
|
48,838
|
|
|
54,504
|
|
|
46,109
|
|
|
(5,666
|
)
|
|
(10.4
|
)
|
|
2,729
|
|
|
5.9
|
|
|
3.8
|
|
|
4.9
|
|
|||||
Farmland
|
|
20,144
|
|
|
20,725
|
|
|
8,006
|
|
|
(581
|
)
|
|
(2.8
|
)
|
|
12,138
|
|
|
151.6
|
|
|
1.5
|
|
|
0.9
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Owner-occupied
|
|
287,320
|
|
|
274,216
|
|
|
185,226
|
|
|
13,104
|
|
|
4.8
|
|
|
102,094
|
|
|
55.1
|
|
|
22.1
|
|
|
19.8
|
|
|||||
Nonowner-occupied
|
|
292,946
|
|
|
279,939
|
|
|
223,297
|
|
|
13,007
|
|
|
4.6
|
|
|
69,649
|
|
|
31.2
|
|
|
22.5
|
|
|
23.9
|
|
|||||
Commercial and industrial
|
|
145,554
|
|
|
135,965
|
|
|
98,837
|
|
|
9,589
|
|
|
7.1
|
|
|
46,717
|
|
|
47.3
|
|
|
11.2
|
|
|
10.6
|
|
|||||
Consumer
|
|
59,779
|
|
|
67,286
|
|
|
83,879
|
|
|
(7,507
|
)
|
|
(11.2
|
)
|
|
(24,100
|
)
|
|
(28.7
|
)
|
|
4.6
|
|
|
9.0
|
|
|||||
Total loans
|
|
$
|
1,300,311
|
|
|
$
|
1,272,950
|
|
|
$
|
932,960
|
|
|
$
|
27,361
|
|
|
2.1
|
%
|
|
$
|
367,351
|
|
|
39.4
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of
Total Deposits |
||||||||||||||||||||
|
|
6/30/2018
|
|
3/31/2018
|
|
6/30/2017
|
|
$
|
|
%
|
|
$
|
|
%
|
|
6/30/2018
|
|
6/30/2017
|
||||||||||||||
Noninterest-bearing demand deposits
|
|
$
|
222,570
|
|
|
$
|
221,855
|
|
|
$
|
130,625
|
|
|
$
|
715
|
|
|
0.3
|
%
|
|
$
|
91,945
|
|
|
70.4
|
%
|
|
18.1
|
%
|
|
14.6
|
%
|
NOW accounts
|
|
231,987
|
|
|
228,269
|
|
|
171,244
|
|
|
3,718
|
|
|
1.6
|
|
|
60,743
|
|
|
35.5
|
|
|
18.8
|
|
|
19.1
|
|
|||||
Money market deposit accounts
|
|
151,510
|
|
|
145,627
|
|
|
143,957
|
|
|
5,883
|
|
|
4.0
|
|
|
7,553
|
|
|
5.2
|
|
|
12.3
|
|
|
16.1
|
|
|||||
Savings accounts
|
|
117,649
|
|
|
124,589
|
|
|
50,945
|
|
|
(6,940
|
)
|
|
(5.6
|
)
|
|
66,704
|
|
|
130.9
|
|
|
9.6
|
|
|
5.7
|
|
|||||
Time deposits
|
|
507,214
|
|
|
506,332
|
|
|
398,054
|
|
|
882
|
|
|
0.2
|
|
|
109,160
|
|
|
27.4
|
|
|
41.2
|
|
|
44.5
|
|
|||||
Total deposits
|
|
$
|
1,230,930
|
|
|
$
|
1,226,672
|
|
|
$
|
894,825
|
|
|
$
|
4,258
|
|
|
0.3
|
%
|
|
$
|
336,105
|
|
|
37.6
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
•
|
business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate;
|
•
|
our ability to achieve organic loan and deposit growth, and the composition of that growth;
|
•
|
changes (or the lack of changes) in interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;
|
•
|
the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally;
|
•
|
our dependence on our management team, and our ability to attract and retain qualified personnel;
|
•
|
changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;
|
•
|
inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates;
|
•
|
the concentration of our business within our geographic areas of operation in Louisiana; and
|
•
|
concentration of credit exposure.
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
21,338
|
|
|
$
|
13,409
|
|
|
$
|
11,720
|
|
Interest-bearing balances due from other banks
|
|
13,483
|
|
|
7,623
|
|
|
23,238
|
|
|||
Federal funds sold
|
|
10
|
|
|
70
|
|
|
3
|
|
|||
Cash and cash equivalents
|
|
34,831
|
|
|
21,102
|
|
|
34,961
|
|
|||
|
|
|
|
|
|
|
||||||
Available for sale securities at fair value (amortized cost of $247,317, $236,225, and $185,121, respectively)
|
|
241,587
|
|
|
231,448
|
|
|
183,584
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $17,064, $17,479, and $19,418, respectively)
|
|
17,299
|
|
|
17,727
|
|
|
19,460
|
|
|||
Loans, net of allowance for loan losses of $8,451, $8,130, and $7,320, respectively
|
|
1,291,860
|
|
|
1,264,820
|
|
|
925,640
|
|
|||
Other equity securities
|
|
13,095
|
|
|
11,573
|
|
|
7,025
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $8,805, $8,300, and $7,497, respectively
|
|
39,253
|
|
|
38,091
|
|
|
31,510
|
|
|||
Other real estate owned, net
|
|
4,225
|
|
|
4,266
|
|
|
3,830
|
|
|||
Accrued interest receivable
|
|
4,842
|
|
|
4,707
|
|
|
3,197
|
|
|||
Deferred tax asset
|
|
1,429
|
|
|
1,496
|
|
|
2,343
|
|
|||
Goodwill and other intangible assets, net
|
|
19,952
|
|
|
20,141
|
|
|
3,213
|
|
|||
Bank-owned life insurance
|
|
23,543
|
|
|
23,382
|
|
|
7,297
|
|
|||
Other assets
|
|
5,555
|
|
|
5,435
|
|
|
3,466
|
|
|||
Total assets
|
|
$
|
1,697,471
|
|
|
$
|
1,644,188
|
|
|
$
|
1,225,526
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
222,570
|
|
|
$
|
221,855
|
|
|
$
|
130,625
|
|
Interest-bearing
|
|
1,008,360
|
|
|
1,004,817
|
|
|
764,200
|
|
|||
Total deposits
|
|
1,230,930
|
|
|
1,226,672
|
|
|
894,825
|
|
|||
Advances from Federal Home Loan Bank
|
|
237,075
|
|
|
187,066
|
|
|
109,285
|
|
|||
Repurchase agreements
|
|
16,752
|
|
|
21,053
|
|
|
36,745
|
|
|||
Subordinated debt
|
|
18,191
|
|
|
18,180
|
|
|
18,145
|
|
|||
Junior subordinated debt
|
|
5,819
|
|
|
5,806
|
|
|
3,609
|
|
|||
Accrued taxes and other liabilities
|
|
11,474
|
|
|
11,981
|
|
|
12,121
|
|
|||
Total liabilities
|
|
1,520,241
|
|
|
1,470,758
|
|
|
1,074,730
|
|
|||
|
|
|
|
|
|
|
||||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
||||||
Preferred stock, no par value per share; 5,000,000 shares authorized
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,581,034, 9,517,328, and 8,815,119 shares outstanding, respectively
|
|
9,581
|
|
|
9,517
|
|
|
8,815
|
|
|||
Surplus
|
|
132,166
|
|
|
131,179
|
|
|
113,246
|
|
|||
Retained earnings
|
|
39,258
|
|
|
35,829
|
|
|
29,644
|
|
|||
Accumulated other comprehensive loss
|
|
(3,775
|
)
|
|
(3,095
|
)
|
|
(909
|
)
|
|||
Total stockholders’ equity
|
|
177,230
|
|
|
173,430
|
|
|
150,796
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
1,697,471
|
|
|
$
|
1,644,188
|
|
|
$
|
1,225,526
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the three months ended
|
|
For the six months ended
|
||||||||||||||||
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
|
$
|
16,223
|
|
|
$
|
15,626
|
|
|
$
|
10,559
|
|
|
$
|
31,849
|
|
|
$
|
20,563
|
|
Interest on investment securities
|
|
1,644
|
|
|
1,459
|
|
|
1,199
|
|
|
3,103
|
|
|
2,228
|
|
|||||
Other interest income
|
|
142
|
|
|
93
|
|
|
86
|
|
|
235
|
|
|
146
|
|
|||||
Total interest income
|
|
18,009
|
|
|
17,178
|
|
|
11,844
|
|
|
35,187
|
|
|
22,937
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
2,426
|
|
|
2,253
|
|
|
1,827
|
|
|
4,679
|
|
|
3,680
|
|
|||||
Interest on borrowings
|
|
1,263
|
|
|
1,067
|
|
|
715
|
|
|
2,330
|
|
|
1,095
|
|
|||||
Total interest expense
|
|
3,689
|
|
|
3,320
|
|
|
2,542
|
|
|
7,009
|
|
|
4,775
|
|
|||||
Net interest income
|
|
14,320
|
|
|
13,858
|
|
|
9,302
|
|
|
28,178
|
|
|
18,162
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
567
|
|
|
625
|
|
|
375
|
|
|
1,192
|
|
|
725
|
|
|||||
Net interest income after provision for loan losses
|
|
13,753
|
|
|
13,233
|
|
|
8,927
|
|
|
26,986
|
|
|
17,437
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
|
327
|
|
|
359
|
|
|
96
|
|
|
686
|
|
|
193
|
|
|||||
Gain on sale of investment securities, net
|
|
22
|
|
|
—
|
|
|
109
|
|
|
22
|
|
|
215
|
|
|||||
(Loss) gain on sale of fixed assets, net
|
|
(1
|
)
|
|
90
|
|
|
1
|
|
|
89
|
|
|
24
|
|
|||||
Loss on sale of other real estate owned, net
|
|
(4
|
)
|
|
—
|
|
|
(10
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|||||
Servicing fees and fee income on serviced loans
|
|
253
|
|
|
288
|
|
|
378
|
|
|
541
|
|
|
801
|
|
|||||
Other operating income
|
|
596
|
|
|
335
|
|
|
227
|
|
|
931
|
|
|
458
|
|
|||||
Total noninterest income
|
|
1,193
|
|
|
1,072
|
|
|
801
|
|
|
2,265
|
|
|
1,686
|
|
|||||
Income before noninterest expense
|
|
14,946
|
|
|
14,305
|
|
|
9,728
|
|
|
29,251
|
|
|
19,123
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
629
|
|
|
598
|
|
|
391
|
|
|
1,227
|
|
|
767
|
|
|||||
Salaries and employee benefits
|
|
6,495
|
|
|
6,048
|
|
|
4,109
|
|
|
12,543
|
|
|
8,059
|
|
|||||
Occupancy
|
|
335
|
|
|
380
|
|
|
245
|
|
|
715
|
|
|
509
|
|
|||||
Data processing
|
|
565
|
|
|
542
|
|
|
355
|
|
|
1,107
|
|
|
723
|
|
|||||
Marketing
|
|
44
|
|
|
38
|
|
|
119
|
|
|
82
|
|
|
147
|
|
|||||
Professional fees
|
|
228
|
|
|
255
|
|
|
231
|
|
|
483
|
|
|
463
|
|
|||||
Acquisition expenses
|
|
—
|
|
|
1,104
|
|
|
80
|
|
|
1,104
|
|
|
225
|
|
|||||
Other operating expenses
|
|
1,864
|
|
|
1,597
|
|
|
1,398
|
|
|
3,461
|
|
|
2,719
|
|
|||||
Total noninterest expense
|
|
10,160
|
|
|
10,562
|
|
|
6,928
|
|
|
20,722
|
|
|
13,612
|
|
|||||
Income before income tax expense
|
|
4,786
|
|
|
3,743
|
|
|
2,800
|
|
|
8,529
|
|
|
5,511
|
|
|||||
Income tax expense
|
|
966
|
|
|
1,341
|
|
|
877
|
|
|
2,307
|
|
|
1,724
|
|
|||||
Net income
|
|
$
|
3,820
|
|
|
$
|
2,402
|
|
|
$
|
1,923
|
|
|
$
|
6,222
|
|
|
$
|
3,787
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
|
$
|
0.39
|
|
|
$
|
0.25
|
|
|
$
|
0.22
|
|
|
$
|
0.64
|
|
|
$
|
0.48
|
|
Diluted earnings per share
|
|
$
|
0.39
|
|
|
$
|
0.25
|
|
|
$
|
0.22
|
|
|
$
|
0.64
|
|
|
$
|
0.47
|
|
Cash dividends declared per common share
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
$
|
0.08
|
|
|
$
|
0.04
|
|
INVESTAR HOLDING CORPORATION
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
|||||||||||||||||||||||||||||||||
(Amounts in thousands)
|
|||||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended
|
|||||||||||||||||||||||||||||||
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
|||||||||||||||||||||||||||
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans
|
|
$
|
1,269,894
|
|
|
$
|
16,223
|
|
|
5.12
|
%
|
|
$
|
1,261,047
|
|
|
$
|
15,626
|
|
|
5.03
|
%
|
|
$
|
914,265
|
|
|
$
|
10,559
|
|
|
4.63
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
224,263
|
|
|
1,441
|
|
|
2.58
|
|
|
206,722
|
|
|
1,253
|
|
|
2.46
|
|
|
165,689
|
|
|
1,013
|
|
|
2.45
|
|
||||||
Tax-exempt
|
|
33,936
|
|
|
203
|
|
|
2.40
|
|
|
34,688
|
|
|
206
|
|
|
2.41
|
|
|
29,375
|
|
|
186
|
|
|
2.54
|
|
||||||
Interest-bearing balances with banks
|
|
25,720
|
|
|
142
|
|
|
2.20
|
|
|
15,968
|
|
|
93
|
|
|
2.37
|
|
|
28,423
|
|
|
86
|
|
|
1.21
|
|
||||||
Total interest-earning assets
|
|
1,553,813
|
|
|
18,009
|
|
|
4.65
|
|
|
1,518,425
|
|
|
17,178
|
|
|
4.59
|
|
|
1,137,752
|
|
|
11,844
|
|
|
4.18
|
|
||||||
Cash and due from banks
|
|
16,690
|
|
|
|
|
|
|
25,526
|
|
|
|
|
|
|
8,213
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
20,064
|
|
|
|
|
|
|
19,881
|
|
|
|
|
|
|
3,217
|
|
|
|
|
|
||||||||||||
Other assets
|
|
73,312
|
|
|
|
|
|
|
73,438
|
|
|
|
|
|
|
56,919
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(8,170
|
)
|
|
|
|
|
|
(7,993
|
)
|
|
|
|
|
|
(7,223
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
1,655,709
|
|
|
|
|
|
|
$
|
1,629,277
|
|
|
|
|
|
|
$
|
1,198,878
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
372,824
|
|
|
$
|
641
|
|
|
0.69
|
|
|
$
|
360,903
|
|
|
$
|
580
|
|
|
0.65
|
|
|
$
|
291,902
|
|
|
$
|
524
|
|
|
0.72
|
|
Savings deposits
|
|
121,174
|
|
|
138
|
|
|
0.46
|
|
|
120,861
|
|
|
137
|
|
|
0.46
|
|
|
51,474
|
|
|
83
|
|
|
0.65
|
|
||||||
Time deposits
|
|
507,039
|
|
|
1,647
|
|
|
1.30
|
|
|
520,891
|
|
|
1,536
|
|
|
1.20
|
|
|
402,271
|
|
|
1,220
|
|
|
1.22
|
|
||||||
Total interest-bearing deposits
|
|
1,001,037
|
|
|
2,426
|
|
|
0.97
|
|
|
1,002,655
|
|
|
2,253
|
|
|
0.91
|
|
|
745,647
|
|
|
1,827
|
|
|
0.98
|
|
||||||
Short-term borrowings
|
|
140,595
|
|
|
579
|
|
|
1.65
|
|
|
143,646
|
|
|
507
|
|
|
1.43
|
|
|
137,848
|
|
|
350
|
|
|
1.02
|
|
||||||
Long-term debt
|
|
106,063
|
|
|
684
|
|
|
2.59
|
|
|
82,641
|
|
|
560
|
|
|
2.75
|
|
|
39,285
|
|
|
365
|
|
|
3.73
|
|
||||||
Total interest-bearing liabilities
|
|
1,247,695
|
|
|
3,689
|
|
|
1.19
|
|
|
1,228,942
|
|
|
3,320
|
|
|
1.10
|
|
|
922,780
|
|
|
2,542
|
|
|
1.10
|
|
||||||
Noninterest-bearing deposits
|
|
222,404
|
|
|
|
|
|
|
216,827
|
|
|
|
|
|
|
116,714
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
9,809
|
|
|
|
|
|
|
10,041
|
|
|
|
|
|
|
9,671
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
175,801
|
|
|
|
|
|
|
173,467
|
|
|
|
|
|
|
149,713
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
1,655,709
|
|
|
|
|
|
|
$
|
1,629,277
|
|
|
|
|
|
|
$
|
1,198,878
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
14,320
|
|
|
3.70
|
%
|
|
|
|
$
|
13,858
|
|
|
3.70
|
%
|
|
|
|
$
|
9,302
|
|
|
3.28
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
||||||||||||||||||||||
(Amounts in thousands)
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the six months ended
|
||||||||||||||||||||
|
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||||||||
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
$
|
1,265,495
|
|
|
$
|
31,849
|
|
|
5.08
|
%
|
|
$
|
903,466
|
|
|
$
|
20,563
|
|
|
4.59
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
215,541
|
|
|
2,694
|
|
|
2.52
|
|
|
157,957
|
|
|
1,852
|
|
|
2.36
|
|
||||
Tax-exempt
|
|
34,310
|
|
|
409
|
|
|
2.41
|
|
|
29,955
|
|
|
376
|
|
|
2.53
|
|
||||
Interest-bearing balances with banks
|
|
25,118
|
|
|
235
|
|
|
1.88
|
|
|
26,517
|
|
|
146
|
|
|
1.12
|
|
||||
Total interest-earning assets
|
|
1,540,464
|
|
|
35,187
|
|
|
4.61
|
|
|
1,117,895
|
|
|
22,937
|
|
|
4.14
|
|
||||
Cash and due from banks
|
|
16,837
|
|
|
|
|
|
|
8,379
|
|
|
|
|
|
||||||||
Intangible assets
|
|
19,973
|
|
|
|
|
|
|
3,222
|
|
|
|
|
|
||||||||
Other assets
|
|
73,374
|
|
|
|
|
|
|
56,058
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(8,082
|
)
|
|
|
|
|
|
(7,174
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
1,642,566
|
|
|
|
|
|
|
$
|
1,178,380
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
|
$
|
366,896
|
|
|
$
|
1,220
|
|
|
0.67
|
|
|
$
|
291,878
|
|
|
$
|
1,011
|
|
|
0.70
|
|
Savings deposits
|
|
121,018
|
|
|
276
|
|
|
0.46
|
|
|
52,350
|
|
|
169
|
|
|
0.65
|
|
||||
Time deposits
|
|
513,927
|
|
|
3,183
|
|
|
1.25
|
|
|
417,635
|
|
|
2,500
|
|
|
1.21
|
|
||||
Total interest-bearing deposits
|
|
1,001,841
|
|
|
4,679
|
|
|
0.94
|
|
|
761,863
|
|
|
3,680
|
|
|
0.97
|
|
||||
Short-term borrowings
|
|
142,112
|
|
|
1,086
|
|
|
1.54
|
|
|
129,432
|
|
|
633
|
|
|
0.99
|
|
||||
Long-term debt
|
|
94,417
|
|
|
1,244
|
|
|
2.66
|
|
|
30,280
|
|
|
462
|
|
|
3.08
|
|
||||
Total interest-bearing liabilities
|
|
1,238,370
|
|
|
7,009
|
|
|
1.14
|
|
|
921,575
|
|
|
4,775
|
|
|
1.04
|
|
||||
Noninterest-bearing deposits
|
|
219,631
|
|
|
|
|
|
|
113,579
|
|
|
|
|
|
||||||||
Other liabilities
|
|
9,924
|
|
|
|
|
|
|
9,532
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
174,641
|
|
|
|
|
|
|
133,694
|
|
|
|
|
|
||||||||
Total liability and stockholders’ equity
|
|
$
|
1,642,566
|
|
|
|
|
|
|
$
|
1,178,380
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
|
$
|
28,178
|
|
|
3.69
|
%
|
|
|
|
$
|
18,162
|
|
|
3.28
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
177,230
|
|
|
$
|
173,430
|
|
|
$
|
150,796
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,358
|
|
|
17,424
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
2,494
|
|
|
2,617
|
|
|
429
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
157,278
|
|
|
$
|
153,289
|
|
|
$
|
147,583
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
1,697,471
|
|
|
$
|
1,644,188
|
|
|
$
|
1,225,526
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,358
|
|
|
17,424
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
2,494
|
|
|
2,617
|
|
|
429
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
1,677,519
|
|
|
$
|
1,624,047
|
|
|
$
|
1,222,313
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
9,581,034
|
|
|
9,517,328
|
|
|
8,815,119
|
|
|||
Tangible equity to tangible assets
|
|
9.38
|
%
|
|
9.44
|
%
|
|
12.07
|
%
|
|||
Book value per common share
|
|
$
|
18.50
|
|
|
$
|
18.22
|
|
|
$
|
17.11
|
|
Tangible book value per common share
|
|
16.42
|
|
|
16.11
|
|
|
16.74
|
|