Louisiana
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001-36522
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27-1560715
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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7244 Perkins Road
Baton Rouge, Louisiana 70808
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(Address of principal executive offices) (Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit Number
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Description of Exhibit
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INVESTAR HOLDING CORPORATION
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Date: January 26, 2018
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By:
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/s/ John J. D’Angelo
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John J. D’Angelo
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President and Chief Executive Officer
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•
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Total revenues, or interest and noninterest income, for the quarter ended
December 31, 2017
totaled $16.9 million, an increase of $1.3 million, or 8.5%, compared to
September 30, 2017
, and an increase of $5.0 million, or 41.6%, compared to
December 31, 2016
.
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•
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Total loans increased $148.3 million, or 13.4%, to $1.3 billion at
December 31, 2017
, compared to $1.1 billion at
September 30, 2017
, and increased $365.4 million, or 40.9%, compared to $893.4 million at
December 31, 2016
. Excluding loans acquired in the BOJ acquisition, or $100.0 million, total loans increased $48.2 million, or 4.3%, to $1.2 billion at
December 31, 2017
, compared to $1.1 billion at
September 30, 2017
. Excluding loans acquired in both the BOJ and Citizens acquisitions, or $217.5 million, total loans increased $147.9 million, or 16.6%, to $1.0 billion at
December 31, 2017
, compared to $893.4 million at
December 31, 2016
.
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•
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The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $407.8 million at
December 31, 2017
, an increase of $65.2 million, or 19.0%, compared to the business lending portfolio of $342.6 million at
September 30, 2017
, and an increase of $142.0 million, or 53.4%, compared to the business lending portfolio of $265.8 million at
December 31, 2016
.
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•
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Noninterest-bearing deposits increased
$41.5 million
, or
23.7%
, to
$216.6 million
at
December 31, 2017
, compared to
$175.1 million
at
September 30, 2017
, and increased
$108.2 million
, or
99.8%
, compared to
$108.4 million
at
December 31, 2016
. Excluding noninterest-bearing deposits acquired in the BOJ acquisition, or $34.0 million, noninterest-bearing deposits increased $7.4 million, or 4.2%, to $182.6 million at
December 31, 2017
compared to $175.1 million at
September 30, 2017
. Excluding noninterest-bearing deposits acquired in both the BOJ and Citizens acquisitions, or $77.5 million, noninterest-bearing deposits increased $30.7 million, or 28.3%, to $139.1 million at
December 31, 2017
, compared to $108.4 million at
December 31, 2016
.
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•
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Net interest margin increased fifteen basis points to 3.55% for the quarter ended
December 31, 2017
, compared to 3.40% for the quarter ended
September 30, 2017
, and increased thirty-five basis points from 3.20% for the quarter ended
December 31, 2016
. Exclusive of interest income accretion of $0.2 million in both the quarters ended
December 31, 2017
and
September 30, 2017
, and a $40,000 interest recovery in the quarter ended
December 31, 2017
, net interest margin increased fourteen basis points to 3.48% for the quarter ended
December 31, 2017
compared to 3.34% for the quarter ended
September 30, 2017
, and increased twenty-eight basis points from 3.20% for the quarter ended
December 31, 2016
.
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•
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Cost of deposits increased one basis point to 0.92% for the quarter ended
December 31, 2017
, compared to 0.91% for the quarter ended
September 30, 2017
, but decreased six basis points compared to 0.98% for the quarter ended
December 31, 2016
.
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•
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The Company completed the acquisition of BOJ on December 1, 2017. The conversion of branch and operating systems is expected to be completed during the first quarter of 2018.
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•
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The Company repurchased 10,463 shares of its common stock through its stock repurchase program at an average price of $23.08 during the quarter ended
December 31, 2017
.
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Linked Quarter Change
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Year/Year Change
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Percentage of Total Loans
|
||||||||||||||||||||
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12/31/2017
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9/30/2017
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12/31/2016
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$
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%
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$
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%
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12/31/2017
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12/31/2016
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||||||||||||||
Mortgage loans on real estate
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Construction and development
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$
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157,667
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$
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122,501
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$
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90,737
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$
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35,166
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28.7
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%
|
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$
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66,930
|
|
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73.8
|
%
|
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12.5
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%
|
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10.2
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%
|
1-4 Family
|
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276,922
|
|
|
252,003
|
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177,205
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24,919
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9.9
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99,717
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56.3
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22.0
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19.8
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|||||
Multifamily
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51,283
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50,770
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42,759
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513
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1.0
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8,524
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19.9
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4.1
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4.8
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|||||
Farmland
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23,838
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14,130
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8,207
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9,708
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68.7
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15,631
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190.5
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1.9
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0.9
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|||||
Commercial real estate
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Owner-occupied
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272,433
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217,369
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180,458
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55,064
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25.3
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91,975
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51.0
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21.6
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20.2
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|||||
Nonowner-occupied
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264,931
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245,053
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200,258
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19,878
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8.1
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64,673
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32.3
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|
21.0
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22.4
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|||||
Commercial and industrial
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135,392
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125,230
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85,377
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10,162
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8.1
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50,015
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58.6
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10.8
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9.6
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|||||
Consumer
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76,313
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83,465
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108,425
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(7,152
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)
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(8.6
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)
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(32,112
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)
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(29.6
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)
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6.1
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12.1
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|||||
Total loans
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1,258,779
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1,110,521
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893,426
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148,258
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13.4
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%
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365,353
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40.9
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%
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100
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%
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100
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%
|
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Linked Quarter Change
|
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Year/Year Change
|
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Percentage of
Total Deposits |
||||||||||||||||||||
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12/31/2017
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9/30/2017
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12/31/2016
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$
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%
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$
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%
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12/31/2017
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12/31/2016
|
||||||||||||||
Noninterest-bearing demand deposits
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$
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216,599
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$
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175,130
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$
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108,404
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$
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41,469
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23.7
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%
|
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$
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108,195
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99.8
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%
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17.7
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%
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11.9
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%
|
NOW accounts
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208,683
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192,503
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171,556
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16,180
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8.4
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37,127
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21.6
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|
17.0
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18.9
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|||||
Money market deposit accounts
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146,140
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147,096
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123,079
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(956
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)
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(0.6
|
)
|
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23,061
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18.7
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|
11.9
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|
13.6
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|||||
Savings accounts
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117,372
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103,017
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52,860
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14,355
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13.9
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64,512
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122.0
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9.6
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5.8
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|||||
Time deposits
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536,443
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483,616
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451,888
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52,827
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10.9
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|
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84,555
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18.7
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43.8
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49.8
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|||||
Total deposits
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$
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1,225,237
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$
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1,101,362
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$
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907,787
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$
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123,875
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11.2
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%
|
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$
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317,450
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|
|
35.0
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%
|
|
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;
|
•
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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;
|
•
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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
|
•
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the ability to effectively integrate employees, customers, operations and branches from our recent acquisitions of Citizens and BOJ.
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
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|
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|
||||||
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
19,619
|
|
|
$
|
17,942
|
|
|
$
|
9,773
|
|
Interest-bearing balances due from other banks
|
|
10,802
|
|
|
30,566
|
|
|
19,569
|
|
|||
Federal funds sold
|
|
—
|
|
|
—
|
|
|
106
|
|
|||
Cash and cash equivalents
|
|
30,421
|
|
|
48,508
|
|
|
29,448
|
|
|||
|
|
|
|
|
|
|
||||||
Available for sale securities at fair value (amortized cost of $220,077, $228,980, and $166,258, respectively)
|
|
217,564
|
|
|
227,562
|
|
|
163,051
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $17,947, $19,311, and $19,612, respectively)
|
|
17,997
|
|
|
19,306
|
|
|
20,091
|
|
|||
Loans, net of allowance for loan losses of $7,891, $7,605, and $7,051, respectively
|
|
1,250,888
|
|
|
1,102,916
|
|
|
886,375
|
|
|||
Other equity securities
|
|
9,798
|
|
|
7,744
|
|
|
5,362
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $7,825, $7,362, and $6,751, respectively
|
|
37,540
|
|
|
33,705
|
|
|
31,722
|
|
|||
Other real estate owned, net
|
|
3,837
|
|
|
3,830
|
|
|
4,065
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|
|||
Accrued interest receivable
|
|
4,688
|
|
|
4,147
|
|
|
3,218
|
|
|||
Deferred tax asset
|
|
1,294
|
|
|
2,604
|
|
|
2,868
|
|
|||
Goodwill and other intangible assets, net
|
|
19,926
|
|
|
13,271
|
|
|
3,234
|
|
|||
Bank-owned life insurance
|
|
23,231
|
|
|
8,140
|
|
|
7,201
|
|
|||
Other assets
|
|
5,550
|
|
|
4,690
|
|
|
2,325
|
|
|||
Total assets
|
|
$
|
1,622,734
|
|
|
$
|
1,476,423
|
|
|
$
|
1,158,960
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
216,599
|
|
|
$
|
175,130
|
|
|
$
|
108,404
|
|
Interest-bearing
|
|
1,008,638
|
|
|
926,232
|
|
|
799,383
|
|
|||
Total deposits
|
|
1,225,237
|
|
|
1,101,362
|
|
|
907,787
|
|
|||
Advances from Federal Home Loan Bank
|
|
166,658
|
|
|
162,700
|
|
|
82,803
|
|
|||
Repurchase agreements
|
|
21,935
|
|
|
24,892
|
|
|
39,087
|
|
|||
Subordinated debt
|
|
18,168
|
|
|
18,157
|
|
|
—
|
|
|||
Junior subordinated debt
|
|
5,792
|
|
|
3,609
|
|
|
3,609
|
|
|||
Other borrowings
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|||
Accrued taxes and other liabilities
|
|
12,215
|
|
|
12,827
|
|
|
11,917
|
|
|||
Total liabilities
|
|
1,450,005
|
|
|
1,323,547
|
|
|
1,046,203
|
|
|||
|
|
|
|
|
|
|
||||||
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; 9,514,926, 8,704,562, and 7,101,851 shares outstanding, respectively
|
|
9,515
|
|
|
8,705
|
|
|
7,102
|
|
|||
Surplus
|
|
131,582
|
|
|
113,458
|
|
|
81,499
|
|
|||
Retained earnings
|
|
33,203
|
|
|
31,508
|
|
|
26,227
|
|
|||
Accumulated other comprehensive loss
|
|
(1,571
|
)
|
|
(795
|
)
|
|
(2,071
|
)
|
|||
Total stockholders’ equity
|
|
172,729
|
|
|
152,876
|
|
|
112,757
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
1,622,734
|
|
|
$
|
1,476,423
|
|
|
$
|
1,158,960
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the three months ended
|
|
For the twelve months ended
|
||||||||||||||||
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
|
$
|
14,407
|
|
|
$
|
12,893
|
|
|
$
|
10,103
|
|
|
$
|
47,863
|
|
|
$
|
39,380
|
|
Interest on investment securities
|
|
1,428
|
|
|
1,399
|
|
|
898
|
|
|
5,055
|
|
|
3,565
|
|
|||||
Other interest income
|
|
132
|
|
|
150
|
|
|
61
|
|
|
428
|
|
|
207
|
|
|||||
Total interest income
|
|
15,967
|
|
|
14,442
|
|
|
11,062
|
|
|
53,346
|
|
|
43,152
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
2,233
|
|
|
2,137
|
|
|
1,970
|
|
|
8,050
|
|
|
7,182
|
|
|||||
Interest on borrowings
|
|
917
|
|
|
767
|
|
|
311
|
|
|
2,779
|
|
|
1,231
|
|
|||||
Total interest expense
|
|
3,150
|
|
|
2,904
|
|
|
2,281
|
|
|
10,829
|
|
|
8,413
|
|
|||||
Net interest income
|
|
12,817
|
|
|
11,538
|
|
|
8,781
|
|
|
42,517
|
|
|
34,739
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
395
|
|
|
420
|
|
|
375
|
|
|
1,540
|
|
|
2,079
|
|
|||||
Net interest income after provision for loan losses
|
|
12,422
|
|
|
11,118
|
|
|
8,406
|
|
|
40,977
|
|
|
32,660
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
|
293
|
|
|
281
|
|
|
79
|
|
|
767
|
|
|
343
|
|
|||||
Gain on sale of investment securities, net
|
|
50
|
|
|
27
|
|
|
15
|
|
|
292
|
|
|
443
|
|
|||||
(Loss) gain on sale of fixed assets, net
|
|
(57
|
)
|
|
160
|
|
|
14
|
|
|
127
|
|
|
1,266
|
|
|||||
(Loss) gain on sale of other real estate owned, net
|
|
(5
|
)
|
|
37
|
|
|
2
|
|
|
27
|
|
|
13
|
|
|||||
Gain on sale of loans, net
|
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
405
|
|
|||||
Servicing fees and fee income on serviced loans
|
|
329
|
|
|
352
|
|
|
449
|
|
|
1,482
|
|
|
2,087
|
|
|||||
Other operating income
|
|
352
|
|
|
310
|
|
|
245
|
|
|
1,120
|
|
|
911
|
|
|||||
Total noninterest income
|
|
962
|
|
|
1,167
|
|
|
896
|
|
|
3,815
|
|
|
5,468
|
|
|||||
Income before noninterest expense
|
|
13,384
|
|
|
12,285
|
|
|
9,302
|
|
|
44,792
|
|
|
38,128
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
556
|
|
|
542
|
|
|
383
|
|
|
1,865
|
|
|
1,493
|
|
|||||
Salaries and employee benefits
|
|
5,486
|
|
|
5,136
|
|
|
3,901
|
|
|
18,681
|
|
|
15,609
|
|
|||||
Occupancy
|
|
324
|
|
|
317
|
|
|
252
|
|
|
1,150
|
|
|
995
|
|
|||||
Data processing
|
|
521
|
|
|
446
|
|
|
373
|
|
|
1,690
|
|
|
1,488
|
|
|||||
Marketing
|
|
151
|
|
|
124
|
|
|
70
|
|
|
422
|
|
|
386
|
|
|||||
Professional fees
|
|
224
|
|
|
263
|
|
|
295
|
|
|
950
|
|
|
1,261
|
|
|||||
Customer reimbursements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
584
|
|
|||||
Acquisition expenses
|
|
819
|
|
|
824
|
|
|
—
|
|
|
1,868
|
|
|
—
|
|
|||||
Other operating expenses
|
|
1,527
|
|
|
1,470
|
|
|
1,329
|
|
|
5,716
|
|
|
4,823
|
|
|||||
Total noninterest expense
|
|
9,608
|
|
|
9,122
|
|
|
6,603
|
|
|
32,342
|
|
|
26,639
|
|
|||||
Income before income tax expense
|
|
3,776
|
|
|
3,163
|
|
|
2,699
|
|
|
12,450
|
|
|
11,489
|
|
|||||
Income tax expense
|
|
1,492
|
|
|
1,032
|
|
|
851
|
|
|
4,248
|
|
|
3,609
|
|
|||||
Net income
|
|
$
|
2,284
|
|
|
$
|
2,131
|
|
|
$
|
1,848
|
|
|
$
|
8,202
|
|
|
$
|
7,880
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
|
$
|
0.25
|
|
|
$
|
0.24
|
|
|
$
|
0.26
|
|
|
$
|
0.96
|
|
|
$
|
1.11
|
|
Diluted earnings per share
|
|
$
|
0.25
|
|
|
$
|
0.24
|
|
|
$
|
0.26
|
|
|
$
|
0.96
|
|
|
$
|
1.10
|
|
Cash dividends declared per common share
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.04
|
|
INVESTAR HOLDING CORPORATION
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
|||||||||||||||||||||||||||||||||
(Amounts in thousands)
|
|||||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended
|
|||||||||||||||||||||||||||||||
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||||||||||||||
|
|
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
|
|
$
|
1,169,686
|
|
|
$
|
14,407
|
|
|
4.89
|
%
|
|
$
|
1,073,800
|
|
|
$
|
12,893
|
|
|
4.76
|
%
|
|
$
|
889,814
|
|
|
$
|
10,103
|
|
|
4.50
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
203,011
|
|
|
1,221
|
|
|
2.39
|
|
|
203,407
|
|
|
1,193
|
|
|
2.33
|
|
|
138,985
|
|
|
707
|
|
|
2.02
|
|
||||||
Tax-exempt
|
|
35,060
|
|
|
207
|
|
|
2.34
|
|
|
34,659
|
|
|
206
|
|
|
2.36
|
|
|
30,898
|
|
|
191
|
|
|
2.45
|
|
||||||
Interest-bearing balances with banks
|
|
26,407
|
|
|
132
|
|
|
1.98
|
|
|
34,589
|
|
|
150
|
|
|
1.72
|
|
|
27,948
|
|
|
61
|
|
|
0.87
|
|
||||||
Total interest-earning assets
|
|
1,434,164
|
|
|
15,967
|
|
|
4.42
|
|
|
1,346,455
|
|
|
14,442
|
|
|
4.26
|
|
|
1,087,645
|
|
|
11,062
|
|
|
4.04
|
|
||||||
Cash and due from banks
|
|
22,520
|
|
|
|
|
|
|
22,626
|
|
|
|
|
|
|
7,845
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
15,655
|
|
|
|
|
|
|
13,283
|
|
|
|
|
|
|
3,237
|
|
|
|
|
|
||||||||||||
Other assets
|
|
70,254
|
|
|
|
|
|
|
63,007
|
|
|
|
|
|
|
56,361
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(7,676
|
)
|
|
|
|
|
|
(7,442
|
)
|
|
|
|
|
|
(7,253
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
1,534,917
|
|
|
|
|
|
|
$
|
1,437,929
|
|
|
|
|
|
|
$
|
1,147,835
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
348,573
|
|
|
$
|
608
|
|
|
0.69
|
|
|
$
|
337,846
|
|
|
$
|
604
|
|
|
0.71
|
|
|
$
|
281,500
|
|
|
$
|
485
|
|
|
0.68
|
|
Savings deposits
|
|
105,896
|
|
|
138
|
|
|
0.52
|
|
|
102,331
|
|
|
139
|
|
|
0.54
|
|
|
53,219
|
|
|
87
|
|
|
0.65
|
|
||||||
Time deposits
|
|
503,378
|
|
|
1,487
|
|
|
1.17
|
|
|
486,837
|
|
|
1,394
|
|
|
1.14
|
|
|
463,531
|
|
|
1,398
|
|
|
1.20
|
|
||||||
Total interest-bearing deposits
|
|
957,847
|
|
|
2,233
|
|
|
0.92
|
|
|
927,014
|
|
|
2,137
|
|
|
0.91
|
|
|
798,250
|
|
|
1,970
|
|
|
0.98
|
|
||||||
Short-term borrowings
|
|
135,126
|
|
|
430
|
|
|
1.26
|
|
|
122,456
|
|
|
367
|
|
|
1.19
|
|
|
99,169
|
|
|
246
|
|
|
0.98
|
|
||||||
Long-term debt
|
|
78,911
|
|
|
487
|
|
|
2.45
|
|
|
51,642
|
|
|
400
|
|
|
3.07
|
|
|
19,666
|
|
|
65
|
|
|
1.31
|
|
||||||
Total interest-bearing liabilities
|
|
1,171,884
|
|
|
3,150
|
|
|
1.07
|
|
|
1,101,112
|
|
|
2,904
|
|
|
1.05
|
|
|
917,085
|
|
|
2,281
|
|
|
0.99
|
|
||||||
Noninterest-bearing deposits
|
|
189,935
|
|
|
|
|
|
|
173,212
|
|
|
|
|
|
|
106,060
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
12,613
|
|
|
|
|
|
|
11,419
|
|
|
|
|
|
|
10,773
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
160,485
|
|
|
|
|
|
|
152,186
|
|
|
|
|
|
|
113,917
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
1,534,917
|
|
|
|
|
|
|
$
|
1,437,929
|
|
|
|
|
|
|
$
|
1,147,835
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
12,817
|
|
|
3.55
|
%
|
|
|
|
$
|
11,538
|
|
|
3.40
|
%
|
|
|
|
$
|
8,781
|
|
|
3.20
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
||||||||||||||||||||||
(Amounts in thousands)
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the twelve months ended
|
||||||||||||||||||||
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
$
|
1,013,502
|
|
|
$
|
47,863
|
|
|
4.72
|
%
|
|
$
|
862,340
|
|
|
$
|
39,380
|
|
|
4.55
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
180,769
|
|
|
4,265
|
|
|
2.36
|
|
|
129,251
|
|
|
2,878
|
|
|
2.22
|
|
||||
Tax-exempt
|
|
32,427
|
|
|
790
|
|
|
2.44
|
|
|
27,171
|
|
|
687
|
|
|
2.52
|
|
||||
Interest-bearing balances with banks
|
|
28,524
|
|
|
428
|
|
|
1.50
|
|
|
26,196
|
|
|
207
|
|
|
0.79
|
|
||||
Total interest-earning assets
|
|
1,255,222
|
|
|
53,346
|
|
|
4.25
|
|
|
1,044,958
|
|
|
43,152
|
|
|
4.12
|
|
||||
Cash and due from banks
|
|
15,534
|
|
|
|
|
|
|
7,463
|
|
|
|
|
|
||||||||
Intangible assets
|
|
8,892
|
|
|
|
|
|
|
3,231
|
|
|
|
|
|
||||||||
Other assets
|
|
61,387
|
|
|
|
|
|
|
54,951
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(7,368
|
)
|
|
|
|
|
|
(6,891
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
1,333,667
|
|
|
|
|
|
|
$
|
1,103,712
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
|
$
|
317,755
|
|
|
$
|
2,223
|
|
|
0.70
|
|
|
$
|
257,888
|
|
|
$
|
1,690
|
|
|
0.65
|
|
Savings deposits
|
|
78,444
|
|
|
446
|
|
|
0.57
|
|
|
52,753
|
|
|
353
|
|
|
0.67
|
|
||||
Time deposits
|
|
456,690
|
|
|
5,381
|
|
|
1.18
|
|
|
439,423
|
|
|
5,139
|
|
|
1.17
|
|
||||
Total interest-bearing deposits
|
|
852,889
|
|
|
8,050
|
|
|
0.94
|
|
|
750,064
|
|
|
7,182
|
|
|
0.95
|
|
||||
Short-term borrowings
|
|
129,109
|
|
|
1,430
|
|
|
1.11
|
|
|
108,339
|
|
|
956
|
|
|
0.88
|
|
||||
Long-term debt
|
|
47,922
|
|
|
1,349
|
|
|
2.81
|
|
|
23,092
|
|
|
275
|
|
|
1.19
|
|
||||
Total interest-bearing liabilities
|
|
1,029,920
|
|
|
10,829
|
|
|
1.05
|
|
|
881,495
|
|
|
8,413
|
|
|
0.95
|
|
||||
Noninterest-bearing deposits
|
|
147,856
|
|
|
|
|
|
|
97,948
|
|
|
|
|
|
||||||||
Other liabilities
|
|
10,782
|
|
|
|
|
|
|
11,793
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
145,109
|
|
|
|
|
|
|
112,476
|
|
|
|
|
|
||||||||
Total liability and stockholders’ equity
|
|
$
|
1,333,667
|
|
|
|
|
|
|
$
|
1,103,712
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
|
$
|
42,517
|
|
|
3.39
|
%
|
|
|
|
$
|
34,739
|
|
|
3.32
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
172,729
|
|
|
$
|
152,876
|
|
|
$
|
112,757
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,086
|
|
|
11,357
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
2,740
|
|
|
1,814
|
|
|
450
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
152,803
|
|
|
$
|
139,605
|
|
|
$
|
109,523
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
1,622,734
|
|
|
$
|
1,476,423
|
|
|
$
|
1,158,960
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
17,086
|
|
|
11,357
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
2,740
|
|
|
1,814
|
|
|
450
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
1,602,808
|
|
|
$
|
1,463,152
|
|
|
$
|
1,155,726
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
9,514,926
|
|
|
8,704,562
|
|
|
7,101,851
|
|
|||
Tangible equity to tangible assets
|
|
9.53
|
%
|
|
9.54
|
%
|
|
9.48
|
%
|
|||
Book value per common share
|
|
$
|
18.15
|
|
|
$
|
17.56
|
|
|
$
|
15.88
|
|
Tangible book value per common share
|
|
16.06
|
|
|
16.04
|
|
|
15.42
|
|