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)
|
|
þ
|
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 8.01
|
Other Events
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit Number
|
|
Description of Exhibit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTAR HOLDING CORPORATION
|
||
|
|
|
|
|||
Date: October 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
September 30, 2018
totaled $20.0 million, an increase of $0.8 million, or 4.1%, compared to the quarter ended
June 30, 2018
, and an increase of $4.4 million, or 28.1%, compared to the quarter ended
September 30, 2017
.
|
•
|
Total loans increased $
58.1 million
, or
4.5%
(18% annualized), to
$1.36 billion
at
September 30, 2018
, compared to
$1.30 billion
at
June 30, 2018
, while total deposits increased
$64.7 million
, or
5.3%
(21% annualized) to
$1.30 billion
at
September 30, 2018
, compared to
$1.23 billion
at
June 30, 2018
.
|
•
|
The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was
$484.7 million
at
September 30, 2018
, an increase of $51.8 million, or
12.0%
, compared to the business lending portfolio of
$432.9 million
at
June 30, 2018
, and an increase of
$142.1 million
, or
41.5%
, compared to the business lending portfolio of
$342.6 million
at
September 30, 2017
.
|
•
|
Return on assets improved to
0.94%
for the quarter ended
September 30, 2018
compared to
0.93%
for the quarter ended
June 30, 2018
and
0.59%
for the quarter ended
September 30, 2017
.
|
•
|
Efficiency ratio improved to 65.72% for the quarter ended
September 30, 2018
, compared to 71.80% for the quarter ended
September 30, 2017
.
|
•
|
The Company repurchased 42,767 shares of its common stock through its stock repurchase program at an average price of $27.09 during the quarter ended
September 30, 2018
.
|
•
|
On October 10, 2018, the Company announced that it has entered into a definitive agreement to acquire Mainland Bank, Texas City, Texas. Pursuant to the agreement, the shareholders of Mainland Bank will be entitled to receive an aggregate of approximately 764,000 shares of Company common stock, subject to certain adjustments. It is expected that shareholders of Mainland Bank will own approximately 7.4% of the combined company following the acquisition. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions, including approval of Mainland Bank’s shareholders and bank regulatory authorities.
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of Total Loans
|
||||||||||||||||||||
|
|
9/30/2018
|
|
6/30/2018
|
|
9/30/2017
|
|
$
|
|
%
|
|
$
|
|
%
|
|
9/30/2018
|
|
9/30/2017
|
||||||||||||||
Mortgage loans on real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and development
|
|
$
|
160,921
|
|
|
$
|
165,395
|
|
|
$
|
122,501
|
|
|
$
|
(4,474
|
)
|
|
(2.7
|
)%
|
|
$
|
38,420
|
|
|
31.4
|
%
|
|
11.9
|
%
|
|
11.0
|
%
|
1-4 Family
|
|
286,976
|
|
|
280,335
|
|
|
252,003
|
|
|
6,641
|
|
|
2.4
|
|
|
34,973
|
|
|
13.9
|
|
|
21.1
|
|
|
22.7
|
|
|||||
Multifamily
|
|
50,770
|
|
|
48,838
|
|
|
50,770
|
|
|
1,932
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
|
4.6
|
|
|||||
Farmland
|
|
20,902
|
|
|
20,144
|
|
|
14,130
|
|
|
758
|
|
|
3.8
|
|
|
6,772
|
|
|
47.9
|
|
|
1.5
|
|
|
1.3
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Owner-occupied
|
|
291,168
|
|
|
287,320
|
|
|
217,369
|
|
|
3,848
|
|
|
1.3
|
|
|
73,799
|
|
|
34.0
|
|
|
21.4
|
|
|
19.6
|
|
|||||
Nonowner-occupied
|
|
301,828
|
|
|
292,946
|
|
|
245,053
|
|
|
8,882
|
|
|
3.0
|
|
|
56,775
|
|
|
23.2
|
|
|
22.2
|
|
|
22.0
|
|
|||||
Commercial and industrial
|
|
193,563
|
|
|
145,554
|
|
|
125,230
|
|
|
48,009
|
|
|
33.0
|
|
|
68,333
|
|
|
54.6
|
|
|
14.3
|
|
|
11.3
|
|
|||||
Consumer
|
|
52,284
|
|
|
59,779
|
|
|
83,465
|
|
|
(7,495
|
)
|
|
(12.5
|
)
|
|
(31,181
|
)
|
|
(37.4
|
)
|
|
3.9
|
|
|
7.5
|
|
|||||
Total loans
|
|
$
|
1,358,412
|
|
|
$
|
1,300,311
|
|
|
$
|
1,110,521
|
|
|
$
|
58,101
|
|
|
4.5
|
%
|
|
$
|
247,891
|
|
|
22.3
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of
Total Deposits |
||||||||||||||||||||
|
|
9/30/2018
|
|
6/30/2018
|
|
9/30/2017
|
|
$
|
|
%
|
|
$
|
|
%
|
|
9/30/2018
|
|
9/30/2017
|
||||||||||||||
Noninterest-bearing demand deposits
|
|
$
|
214,190
|
|
|
$
|
222,570
|
|
|
$
|
175,130
|
|
|
$
|
(8,380
|
)
|
|
(3.8
|
)%
|
|
$
|
39,060
|
|
|
22.3
|
%
|
|
16.5
|
%
|
|
15.9
|
%
|
NOW accounts
|
|
245,569
|
|
|
231,987
|
|
|
192,503
|
|
|
13,582
|
|
|
5.9
|
|
|
53,066
|
|
|
27.6
|
|
|
19.0
|
|
|
17.5
|
|
|||||
Money market deposit accounts
|
|
179,071
|
|
|
151,510
|
|
|
147,096
|
|
|
27,561
|
|
|
18.2
|
|
|
31,975
|
|
|
21.7
|
|
|
13.8
|
|
|
13.3
|
|
|||||
Savings accounts
|
|
112,078
|
|
|
117,649
|
|
|
103,017
|
|
|
(5,571
|
)
|
|
(4.7
|
)
|
|
9,061
|
|
|
8.8
|
|
|
8.7
|
|
|
9.4
|
|
|||||
Time deposits
|
|
544,713
|
|
|
507,214
|
|
|
483,616
|
|
|
37,499
|
|
|
7.4
|
|
|
61,097
|
|
|
12.6
|
|
|
42.0
|
|
|
43.9
|
|
|||||
Total deposits
|
|
$
|
1,295,621
|
|
|
$
|
1,230,930
|
|
|
$
|
1,101,362
|
|
|
$
|
64,691
|
|
|
5.3
|
%
|
|
$
|
194,259
|
|
|
17.6
|
%
|
|
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;
|
•
|
concentration of credit exposure; and
|
•
|
the satisfaction of the conditions to closing the pending acquisition of Mainland Bank and the ability to subsequently integrate it effectively.
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2018
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
21,151
|
|
|
$
|
21,338
|
|
|
$
|
17,942
|
|
Interest-bearing balances due from other banks
|
|
3,352
|
|
|
13,483
|
|
|
30,566
|
|
|||
Federal funds sold
|
|
285
|
|
|
10
|
|
|
—
|
|
|||
Cash and cash equivalents
|
|
24,788
|
|
|
34,831
|
|
|
48,508
|
|
|||
|
|
|
|
|
|
|
||||||
Available for sale securities at fair value (amortized cost of $238,443, $247,317, and $228,980, respectively)
|
|
230,747
|
|
|
241,587
|
|
|
227,562
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $16,691, $17,064, and $19,311, respectively)
|
|
17,030
|
|
|
17,299
|
|
|
19,306
|
|
|||
Loans, net of allowance for loan losses of $9,021, $8,451, and $7,605, respectively
|
|
1,349,391
|
|
|
1,291,860
|
|
|
1,102,916
|
|
|||
Other equity securities
|
|
12,671
|
|
|
13,095
|
|
|
7,744
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $9,332, $8,805, and $7,362, respectively
|
|
39,831
|
|
|
39,253
|
|
|
33,705
|
|
|||
Other real estate owned, net
|
|
4,227
|
|
|
4,225
|
|
|
3,830
|
|
|||
Accrued interest receivable
|
|
5,073
|
|
|
4,842
|
|
|
4,147
|
|
|||
Deferred tax asset
|
|
1,768
|
|
|
1,429
|
|
|
2,604
|
|
|||
Goodwill and other intangible assets, net
|
|
19,902
|
|
|
19,952
|
|
|
13,271
|
|
|||
Bank-owned life insurance
|
|
23,702
|
|
|
23,543
|
|
|
8,140
|
|
|||
Other assets
|
|
6,185
|
|
|
5,555
|
|
|
4,690
|
|
|||
Total assets
|
|
$
|
1,735,315
|
|
|
$
|
1,697,471
|
|
|
$
|
1,476,423
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
214,190
|
|
|
$
|
222,570
|
|
|
$
|
175,130
|
|
Interest-bearing
|
|
1,081,431
|
|
|
1,008,360
|
|
|
926,232
|
|
|||
Total deposits
|
|
1,295,621
|
|
|
1,230,930
|
|
|
1,101,362
|
|
|||
Advances from Federal Home Loan Bank
|
|
208,083
|
|
|
237,075
|
|
|
162,700
|
|
|||
Repurchase agreements
|
|
17,931
|
|
|
16,752
|
|
|
24,892
|
|
|||
Subordinated debt
|
|
18,203
|
|
|
18,191
|
|
|
18,157
|
|
|||
Junior subordinated debt
|
|
5,832
|
|
|
5,819
|
|
|
3,609
|
|
|||
Accrued taxes and other liabilities
|
|
11,238
|
|
|
11,474
|
|
|
12,827
|
|
|||
Total liabilities
|
|
1,556,908
|
|
|
1,520,241
|
|
|
1,323,547
|
|
|||
|
|
|
|
|
|
|
||||||
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; 9,545,701, 9,581,034, and 8,704,562 shares outstanding, respectively
|
|
9,546
|
|
|
9,581
|
|
|
8,705
|
|
|||
Surplus
|
|
131,333
|
|
|
132,166
|
|
|
113,458
|
|
|||
Retained earnings
|
|
42,868
|
|
|
39,258
|
|
|
31,508
|
|
|||
Accumulated other comprehensive loss
|
|
(5,340
|
)
|
|
(3,775
|
)
|
|
(795
|
)
|
|||
Total stockholders’ equity
|
|
178,407
|
|
|
177,230
|
|
|
152,876
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
1,735,315
|
|
|
$
|
1,697,471
|
|
|
$
|
1,476,423
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||||||
|
|
September 30, 2018
|
|
June 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
|
$
|
16,905
|
|
|
$
|
16,223
|
|
|
$
|
12,893
|
|
|
$
|
48,754
|
|
|
$
|
33,456
|
|
Interest on investment securities
|
|
1,710
|
|
|
1,644
|
|
|
1,399
|
|
|
4,813
|
|
|
3,627
|
|
|||||
Other interest income
|
|
162
|
|
|
142
|
|
|
150
|
|
|
397
|
|
|
296
|
|
|||||
Total interest income
|
|
18,777
|
|
|
18,009
|
|
|
14,442
|
|
|
53,964
|
|
|
37,379
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
2,994
|
|
|
2,426
|
|
|
2,137
|
|
|
7,673
|
|
|
5,817
|
|
|||||
Interest on borrowings
|
|
1,398
|
|
|
1,263
|
|
|
767
|
|
|
3,728
|
|
|
1,862
|
|
|||||
Total interest expense
|
|
4,392
|
|
|
3,689
|
|
|
2,904
|
|
|
11,401
|
|
|
7,679
|
|
|||||
Net interest income
|
|
14,385
|
|
|
14,320
|
|
|
11,538
|
|
|
42,563
|
|
|
29,700
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
785
|
|
|
567
|
|
|
420
|
|
|
1,977
|
|
|
1,145
|
|
|||||
Net interest income after provision for loan losses
|
|
13,600
|
|
|
13,753
|
|
|
11,118
|
|
|
40,586
|
|
|
28,555
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
|
368
|
|
|
327
|
|
|
281
|
|
|
1,054
|
|
|
474
|
|
|||||
Gain on sale of investment securities, net
|
|
15
|
|
|
22
|
|
|
27
|
|
|
37
|
|
|
242
|
|
|||||
Gain (loss) on sale of fixed assets, net
|
|
9
|
|
|
(1
|
)
|
|
160
|
|
|
98
|
|
|
184
|
|
|||||
(Loss) gain on sale of other real estate owned, net
|
|
—
|
|
|
(4
|
)
|
|
37
|
|
|
(4
|
)
|
|
32
|
|
|||||
Servicing fees and fee income on serviced loans
|
|
232
|
|
|
253
|
|
|
352
|
|
|
773
|
|
|
1,153
|
|
|||||
Other operating income
|
|
593
|
|
|
596
|
|
|
310
|
|
|
1,524
|
|
|
768
|
|
|||||
Total noninterest income
|
|
1,217
|
|
|
1,193
|
|
|
1,167
|
|
|
3,482
|
|
|
2,853
|
|
|||||
Income before noninterest expense
|
|
14,817
|
|
|
14,946
|
|
|
12,285
|
|
|
44,068
|
|
|
31,408
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
644
|
|
|
629
|
|
|
542
|
|
|
1,871
|
|
|
1,309
|
|
|||||
Salaries and employee benefits
|
|
6,646
|
|
|
6,495
|
|
|
5,136
|
|
|
19,189
|
|
|
13,195
|
|
|||||
Occupancy
|
|
337
|
|
|
335
|
|
|
317
|
|
|
1,052
|
|
|
826
|
|
|||||
Data processing
|
|
493
|
|
|
565
|
|
|
446
|
|
|
1,600
|
|
|
1,169
|
|
|||||
Marketing
|
|
71
|
|
|
44
|
|
|
124
|
|
|
153
|
|
|
271
|
|
|||||
Professional fees
|
|
281
|
|
|
228
|
|
|
263
|
|
|
764
|
|
|
726
|
|
|||||
Acquisition expenses
|
|
—
|
|
|
—
|
|
|
824
|
|
|
1,104
|
|
|
1,049
|
|
|||||
Other operating expenses
|
|
1,782
|
|
|
1,864
|
|
|
1,470
|
|
|
5,243
|
|
|
4,189
|
|
|||||
Total noninterest expense
|
|
10,254
|
|
|
10,160
|
|
|
9,122
|
|
|
30,976
|
|
|
22,734
|
|
|||||
Income before income tax expense
|
|
4,563
|
|
|
4,786
|
|
|
3,163
|
|
|
13,092
|
|
|
8,674
|
|
|||||
Income tax expense
|
|
516
|
|
|
966
|
|
|
1,032
|
|
|
2,823
|
|
|
2,756
|
|
|||||
Net income
|
|
$
|
4,047
|
|
|
$
|
3,820
|
|
|
$
|
2,131
|
|
|
$
|
10,269
|
|
|
$
|
5,918
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.24
|
|
|
$
|
1.06
|
|
|
$
|
0.72
|
|
Diluted earnings per share
|
|
$
|
0.41
|
|
|
$
|
0.39
|
|
|
$
|
0.24
|
|
|
$
|
1.05
|
|
|
$
|
0.71
|
|
Cash dividends declared per common share
|
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
INVESTAR HOLDING CORPORATION
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
|||||||||||||||||||||||||||||||||
(Amounts in thousands)
|
|||||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended
|
|||||||||||||||||||||||||||||||
|
|
September 30, 2018
|
|
June 30, 2018
|
|
September 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
|
|
$
|
1,311,158
|
|
|
$
|
16,905
|
|
|
5.12
|
%
|
|
$
|
1,269,894
|
|
|
$
|
16,223
|
|
|
5.12
|
%
|
|
$
|
1,073,800
|
|
|
$
|
12,893
|
|
|
4.76
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
230,299
|
|
|
1,506
|
|
|
2.60
|
|
|
224,263
|
|
|
1,441
|
|
|
2.58
|
|
|
203,407
|
|
|
1,193
|
|
|
2.33
|
|
||||||
Tax-exempt
|
|
34,108
|
|
|
204
|
|
|
2.37
|
|
|
33,936
|
|
|
203
|
|
|
2.40
|
|
|
34,659
|
|
|
206
|
|
|
2.36
|
|
||||||
Interest-bearing balances with banks
|
|
28,146
|
|
|
162
|
|
|
2.29
|
|
|
25,720
|
|
|
142
|
|
|
2.20
|
|
|
34,589
|
|
|
150
|
|
|
1.72
|
|
||||||
Total interest-earning assets
|
|
1,603,711
|
|
|
18,777
|
|
|
4.65
|
|
|
1,553,813
|
|
|
18,009
|
|
|
4.65
|
|
|
1,346,455
|
|
|
14,442
|
|
|
4.26
|
|
||||||
Cash and due from banks
|
|
16,938
|
|
|
|
|
|
|
16,690
|
|
|
|
|
|
|
22,626
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
19,926
|
|
|
|
|
|
|
20,064
|
|
|
|
|
|
|
13,283
|
|
|
|
|
|
||||||||||||
Other assets
|
|
73,722
|
|
|
|
|
|
|
73,312
|
|
|
|
|
|
|
63,007
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(8,564
|
)
|
|
|
|
|
|
(8,170
|
)
|
|
|
|
|
|
(7,442
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
1,705,733
|
|
|
|
|
|
|
$
|
1,655,709
|
|
|
|
|
|
|
$
|
1,437,929
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
394,545
|
|
|
$
|
823
|
|
|
0.83
|
|
|
$
|
372,824
|
|
|
$
|
641
|
|
|
0.69
|
|
|
$
|
337,846
|
|
|
$
|
604
|
|
|
0.71
|
|
Savings deposits
|
|
117,795
|
|
|
140
|
|
|
0.47
|
|
|
121,174
|
|
|
138
|
|
|
0.46
|
|
|
102,331
|
|
|
139
|
|
|
0.54
|
|
||||||
Time deposits
|
|
532,986
|
|
|
2,031
|
|
|
1.51
|
|
|
507,039
|
|
|
1,647
|
|
|
1.30
|
|
|
486,837
|
|
|
1,394
|
|
|
1.14
|
|
||||||
Total interest-bearing deposits
|
|
1,045,326
|
|
|
2,994
|
|
|
1.14
|
|
|
1,001,037
|
|
|
2,426
|
|
|
0.97
|
|
|
927,014
|
|
|
2,137
|
|
|
0.91
|
|
||||||
Short-term borrowings
|
|
157,595
|
|
|
727
|
|
|
1.83
|
|
|
140,595
|
|
|
579
|
|
|
1.65
|
|
|
122,456
|
|
|
367
|
|
|
1.19
|
|
||||||
Long-term debt
|
|
98,327
|
|
|
671
|
|
|
2.71
|
|
|
106,063
|
|
|
684
|
|
|
2.59
|
|
|
51,642
|
|
|
400
|
|
|
3.07
|
|
||||||
Total interest-bearing liabilities
|
|
1,301,248
|
|
|
4,392
|
|
|
1.34
|
|
|
1,247,695
|
|
|
3,689
|
|
|
1.19
|
|
|
1,101,112
|
|
|
2,904
|
|
|
1.05
|
|
||||||
Noninterest-bearing deposits
|
|
215,587
|
|
|
|
|
|
|
222,404
|
|
|
|
|
|
|
173,212
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
10,163
|
|
|
|
|
|
|
9,809
|
|
|
|
|
|
|
11,419
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
178,735
|
|
|
|
|
|
|
175,801
|
|
|
|
|
|
|
152,186
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
1,705,733
|
|
|
|
|
|
|
$
|
1,655,709
|
|
|
|
|
|
|
$
|
1,437,929
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
14,385
|
|
|
3.56
|
%
|
|
|
|
$
|
14,320
|
|
|
3.70
|
%
|
|
|
|
$
|
11,538
|
|
|
3.40
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
||||||||||||||||||||||
(Amounts in thousands)
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the nine months ended
|
||||||||||||||||||||
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||||||||
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
$
|
1,280,883
|
|
|
$
|
48,754
|
|
|
5.09
|
%
|
|
$
|
960,868
|
|
|
$
|
33,456
|
|
|
4.66
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
220,514
|
|
|
4,200
|
|
|
2.55
|
|
|
173,273
|
|
|
3,044
|
|
|
2.35
|
|
||||
Tax-exempt
|
|
34,243
|
|
|
613
|
|
|
2.39
|
|
|
31,540
|
|
|
583
|
|
|
2.47
|
|
||||
Interest-bearing balances with banks
|
|
26,138
|
|
|
397
|
|
|
2.03
|
|
|
29,238
|
|
|
296
|
|
|
1.35
|
|
||||
Total interest-earning assets
|
|
1,561,778
|
|
|
53,964
|
|
|
4.62
|
|
|
1,194,919
|
|
|
37,379
|
|
|
4.18
|
|
||||
Cash and due from banks
|
|
16,871
|
|
|
|
|
|
|
13,180
|
|
|
|
|
|
||||||||
Intangible assets
|
|
19,958
|
|
|
|
|
|
|
6,612
|
|
|
|
|
|
||||||||
Other assets
|
|
73,491
|
|
|
|
|
|
|
58,401
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(8,245
|
)
|
|
|
|
|
|
(7,265
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
1,663,853
|
|
|
|
|
|
|
$
|
1,265,847
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
|
$
|
376,214
|
|
|
$
|
2,044
|
|
|
0.73
|
|
|
$
|
307,369
|
|
|
$
|
1,616
|
|
|
0.70
|
|
Savings deposits
|
|
119,932
|
|
|
416
|
|
|
0.46
|
|
|
69,194
|
|
|
308
|
|
|
0.60
|
|
||||
Time deposits
|
|
520,349
|
|
|
5,213
|
|
|
1.34
|
|
|
440,956
|
|
|
3,893
|
|
|
1.18
|
|
||||
Total interest-bearing deposits
|
|
1,016,495
|
|
|
7,673
|
|
|
1.01
|
|
|
817,519
|
|
|
5,817
|
|
|
0.95
|
|
||||
Short-term borrowings
|
|
147,330
|
|
|
1,813
|
|
|
1.64
|
|
|
127,081
|
|
|
1,000
|
|
|
1.05
|
|
||||
Long-term debt
|
|
95,735
|
|
|
1,915
|
|
|
2.68
|
|
|
37,479
|
|
|
862
|
|
|
3.08
|
|
||||
Total interest-bearing liabilities
|
|
1,259,560
|
|
|
11,401
|
|
|
1.21
|
|
|
982,079
|
|
|
7,679
|
|
|
1.05
|
|
||||
Noninterest-bearing deposits
|
|
218,268
|
|
|
|
|
|
|
133,675
|
|
|
|
|
|
||||||||
Other liabilities
|
|
10,005
|
|
|
|
|
|
|
10,166
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
176,020
|
|
|
|
|
|
|
139,927
|
|
|
|
|
|
||||||||
Total liability and stockholders’ equity
|
|
$
|
1,663,853
|
|
|
|
|
|
|
$
|
1,265,847
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
|
$
|
42,563
|
|
|
3.64
|
%
|
|
|
|
$
|
29,700
|
|
|
3.32
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2018
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
178,407
|
|
|
$
|
177,230
|
|
|
$
|
152,876
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,424
|
|
|
17,358
|
|
|
11,357
|
|
|||
Core deposit intangible
|
|
2,378
|
|
|
2,494
|
|
|
1,814
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
158,505
|
|
|
$
|
157,278
|
|
|
$
|
139,605
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
1,735,315
|
|
|
$
|
1,697,471
|
|
|
$
|
1,476,423
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,424
|
|
|
17,358
|
|
|
11,357
|
|
|||
Core deposit intangible
|
|
2,378
|
|
|
2,494
|
|
|
1,814
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
1,715,413
|
|
|
$
|
1,677,519
|
|
|
$
|
1,463,152
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
9,545,701
|
|
|
9,581,034
|
|
|
8,704,562
|
|
|||
Tangible equity to tangible assets
|
|
9.24
|
%
|
|
9.38
|
%
|
|
9.54
|
%
|
|||
Book value per common share
|
|
$
|
18.69
|
|
|
$
|
18.50
|
|
|
$
|
17.56
|
|
Tangible book value per common share
|
|
16.60
|
|
|
16.42
|
|
|
16.04
|
|