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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þ
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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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||
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Date: October 26, 2017
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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
September 30, 2017
totaled $15.6 million, an increase of $3.0 million, or 23.4%, compared to
June 30, 2017
, and an increase of $3.6 million, or 29.8%, compared to
September 30, 2016
.
|
•
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Total assets increased to $1.5 billion at
September 30, 2017
, compared to $1.2 billion at both
June 30, 2017
and
September 30, 2016
.
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•
|
Total loans increased $177.6 million, or 19%, to $1.1 billion at
September 30, 2017
, compared to $933.0 million at
June 30, 2017
. Excluding the loans acquired in the Citizens acquisition, or $124.4 million, total loans increased $53.2 million, or 5.7%, to $986.1 million at
September 30, 2017
, compared to $933.0 million at
June 30, 2017
.
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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 $342.6 million at
September 30, 2017
, an increase of $58.5 million, or 20.6%, compared to the business lending portfolio of $284.1 million at
June 30, 2017
, and an increase of $92.3 million, or 36.9%, compared to the business lending portfolio of $250.3 million at
September 30, 2016
.
|
•
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Nonperforming loans decreased to 0.20% at
September 30, 2017
, compared to 1.06% at
September 30, 2016
.
|
•
|
Total interest income increased $2.6 million, or 21.9%, for the quarter ended
September 30, 2017
, compared to the quarter ended
June 30, 2017
, and increased $3.5 million, or 31.4%, compared to the quarter ended
September 30, 2016
.
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•
|
Net interest margin increased twelve basis points to 3.40% for the three months ended
September 30, 2017
, compared to 3.28% for the three months ended
June 30, 2017
, and increased seventeen basis points from 3.23% for the three months ended
September 30, 2016
.
|
•
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Cost of deposits decreased seven basis points to 0.91% for the three months ended
September 30, 2017
, compared to 0.98% for both of the three month periods ended
June 30, 2017
and
September 30, 2016
.
|
•
|
The Company successfully completed the conversion of branch and operating systems associated with the Citizens acquisition during the quarter.
|
•
|
The dividend payout ratio increased to 12.26% for the quarter ended
September 30, 2017
, compared to 9.94% for the quarter ended
June 30, 2017
and 3.81% compared to the quarter ended
September 30, 2016
.
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•
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The Company repurchased 12,056 shares of its common stock through its stock repurchase program at an average price of $21.89 during the quarter ended
September 30, 2017
.
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•
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The Company announced it has entered into a definitive agreement (the
“Agreement”)
to acquire BOJ Bancshares, Inc. (
“BOJ”
) and its wholly owned subsidiary, The Highlands Bank, in Jackson, Louisiana. The agreement provides for consideration to be paid to the shareholders of BOJ in the form of cash and shares of the Company
’
s common stock. BOJ shareholders will be entitled to receive an aggregate amount of cash consideration equal to $3.95 million and an aggregate of 799,559 shares of the Company
’
s common stock, subject to certain adjustments.
Assuming no adjustments to the merger consideration under the terms of the Agreement, the transaction is valued at approximately $22.78 million based upon the closing price of Investar’s common stock of $23.55 on October 17, 2017. It is expected that shareholders of BOJ will own approximately 8% of the combined company following the acquisition.
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Linked Quarter Change
|
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Year/Year Change
|
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Percentage of Total Loans
|
||||||||||||||||||||
|
|
9/30/2017
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6/30/2017
|
|
9/30/2016
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$
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%
|
|
$
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%
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|
9/30/2017
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|
9/30/2016
|
||||||||||||||
Mortgage loans on real estate
|
|
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||||||||||||||
Construction and development
|
|
$
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122,501
|
|
|
$
|
109,627
|
|
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$
|
92,355
|
|
|
$
|
12,874
|
|
|
11.7
|
%
|
|
$
|
30,146
|
|
|
32.6
|
%
|
|
11.0
|
%
|
|
10.9
|
%
|
1-4 Family
|
|
252,003
|
|
|
177,979
|
|
|
175,392
|
|
|
74,024
|
|
|
41.6
|
|
|
76,611
|
|
|
43.7
|
|
|
22.7
|
|
|
20.7
|
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|||||
Multifamily
|
|
50,770
|
|
|
46,109
|
|
|
42,560
|
|
|
4,661
|
|
|
10.1
|
|
|
8,210
|
|
|
19.3
|
|
|
4.6
|
|
|
5.0
|
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|||||
Farmland
|
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14,130
|
|
|
8,006
|
|
|
8,281
|
|
|
6,124
|
|
|
76.5
|
|
|
5,849
|
|
|
70.6
|
|
|
1.3
|
|
|
1.0
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|
|||||
Commercial real estate
|
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||||||||||||||
Owner-occupied
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217,369
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185,226
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172,952
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32,143
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|
17.4
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|
|
44,417
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|
|
25.7
|
|
|
19.6
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|
|
20.5
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|||||
Nonowner-occupied
|
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245,053
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|
|
223,297
|
|
|
192,270
|
|
|
21,756
|
|
|
9.7
|
|
|
52,783
|
|
|
27.5
|
|
|
22.0
|
|
|
22.7
|
|
|||||
Commercial and industrial
|
|
125,230
|
|
|
98,837
|
|
|
77,312
|
|
|
26,393
|
|
|
26.7
|
|
|
47,918
|
|
|
62.0
|
|
|
11.3
|
|
|
9.1
|
|
|||||
Consumer
|
|
83,465
|
|
|
83,879
|
|
|
85,706
|
|
|
(414
|
)
|
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(0.5
|
)
|
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(2,241
|
)
|
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(2.6
|
)
|
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7.5
|
|
|
10.1
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|||||
Total loans
|
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1,110,521
|
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932,960
|
|
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846,828
|
|
|
177,561
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|
|
19.0
|
%
|
|
263,693
|
|
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31.1
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%
|
|
100
|
%
|
|
100
|
%
|
|||||
Loans held for sale
|
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—
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—
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40,553
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|
—
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—
|
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|
(40,553
|
)
|
|
(100.0
|
)
|
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|
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|||||||
Total gross loans
|
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$
|
1,110,521
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$
|
932,960
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$
|
887,381
|
|
|
$
|
177,561
|
|
|
19.0
|
%
|
|
$
|
223,140
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of
Total Deposits |
||||||||||||||||||||
|
|
9/30/2017
|
|
6/30/2017
|
|
9/30/2016
|
|
$
|
|
%
|
|
$
|
|
%
|
|
9/30/2017
|
|
9/30/2016
|
||||||||||||||
Noninterest-bearing demand deposits
|
|
$
|
175,130
|
|
|
$
|
130,625
|
|
|
$
|
112,414
|
|
|
$
|
44,505
|
|
|
34.1
|
%
|
|
$
|
62,716
|
|
|
55.8
|
%
|
|
15.9
|
%
|
|
12.4
|
%
|
NOW accounts
|
|
192,503
|
|
|
171,244
|
|
|
150,551
|
|
|
21,259
|
|
|
12.4
|
|
|
41,952
|
|
|
27.9
|
|
|
17.5
|
|
|
16.6
|
|
|||||
Money market deposit accounts
|
|
147,096
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|
|
143,957
|
|
|
123,487
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|
|
3,139
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|
|
2.2
|
|
|
23,609
|
|
|
19.1
|
|
|
13.3
|
|
|
13.6
|
|
|||||
Savings accounts
|
|
103,017
|
|
|
50,945
|
|
|
51,332
|
|
|
52,072
|
|
|
102.2
|
|
|
51,685
|
|
|
100.7
|
|
|
9.4
|
|
|
5.7
|
|
|||||
Time deposits
|
|
483,616
|
|
|
398,054
|
|
|
469,267
|
|
|
85,562
|
|
|
21.5
|
|
|
14,349
|
|
|
3.1
|
|
|
43.9
|
|
|
51.7
|
|
|||||
Total deposits
|
|
$
|
1,101,362
|
|
|
$
|
894,825
|
|
|
$
|
907,051
|
|
|
$
|
206,537
|
|
|
23.1
|
%
|
|
$
|
194,311
|
|
|
21.4
|
%
|
|
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;
|
•
|
the ability to effectively integrate employees, customers, operations and branches from our recent acquisition of Citizens; and
|
•
|
the satisfaction of the conditions to closing the pending acquisition of BOJ Bancshares, Inc. and the ability to subsequently integrate it effectively.
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
17,942
|
|
|
$
|
11,720
|
|
|
$
|
10,172
|
|
Interest-bearing balances due from other banks
|
|
30,566
|
|
|
23,238
|
|
|
35,811
|
|
|||
Federal funds sold
|
|
—
|
|
|
3
|
|
|
172
|
|
|||
Cash and cash equivalents
|
|
48,508
|
|
|
34,961
|
|
|
46,155
|
|
|||
|
|
|
|
|
|
|
||||||
Available for sale securities at fair value (amortized cost of $228,980, $185,121, and $147,609, respectively)
|
|
227,562
|
|
|
183,584
|
|
|
148,981
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $19,311, $19,418, and $21,625, respectively)
|
|
19,306
|
|
|
19,460
|
|
|
21,454
|
|
|||
Loans held for sale
|
|
—
|
|
|
—
|
|
|
40,553
|
|
|||
Loans, net of allowance for loan losses of $7,605, $7,320, and $7,383, respectively
|
|
1,102,916
|
|
|
925,640
|
|
|
839,445
|
|
|||
Other equity securities
|
|
7,744
|
|
|
7,025
|
|
|
7,388
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $7,362, $7,497, and $6,380, respectively
|
|
33,705
|
|
|
31,510
|
|
|
31,835
|
|
|||
Other real estate owned, net
|
|
3,830
|
|
|
3,830
|
|
|
279
|
|
|||
Accrued interest receivable
|
|
4,147
|
|
|
3,197
|
|
|
3,081
|
|
|||
Deferred tax asset
|
|
2,604
|
|
|
2,343
|
|
|
1,384
|
|
|||
Goodwill and other intangible assets, net
|
|
13,271
|
|
|
3,213
|
|
|
3,244
|
|
|||
Bank-owned life insurance
|
|
8,140
|
|
|
7,297
|
|
|
7,150
|
|
|||
Other assets
|
|
4,690
|
|
|
3,466
|
|
|
3,256
|
|
|||
Total assets
|
|
$
|
1,476,423
|
|
|
$
|
1,225,526
|
|
|
$
|
1,154,205
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
175,130
|
|
|
$
|
130,625
|
|
|
$
|
112,414
|
|
Interest-bearing
|
|
926,232
|
|
|
764,200
|
|
|
794,637
|
|
|||
Total deposits
|
|
1,101,362
|
|
|
894,825
|
|
|
907,051
|
|
|||
Advances from Federal Home Loan Bank
|
|
162,700
|
|
|
109,285
|
|
|
88,943
|
|
|||
Repurchase agreements
|
|
24,892
|
|
|
36,745
|
|
|
23,554
|
|
|||
Subordinated debt
|
|
18,157
|
|
|
18,145
|
|
|
—
|
|
|||
Junior subordinated debt
|
|
3,609
|
|
|
3,609
|
|
|
3,609
|
|
|||
Accrued taxes and other liabilities
|
|
12,827
|
|
|
12,121
|
|
|
17,472
|
|
|||
Total liabilities
|
|
1,323,547
|
|
|
1,074,730
|
|
|
1,040,629
|
|
|||
|
|
|
|
|
|
|
||||||
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; 8,704,562, 8,815,119, and 7,131,186 shares outstanding, respectively
|
|
8,705
|
|
|
8,815
|
|
|
7,131
|
|
|||
Surplus
|
|
113,458
|
|
|
113,246
|
|
|
81,827
|
|
|||
Retained earnings
|
|
31,508
|
|
|
29,644
|
|
|
24,465
|
|
|||
Accumulated other comprehensive loss
|
|
(795
|
)
|
|
(909
|
)
|
|
153
|
|
|||
Total stockholders’ equity
|
|
152,876
|
|
|
150,796
|
|
|
113,576
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
1,476,423
|
|
|
$
|
1,225,526
|
|
|
$
|
1,154,205
|
|
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, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
|
$
|
12,893
|
|
|
$
|
10,559
|
|
|
$
|
10,011
|
|
|
$
|
33,456
|
|
|
$
|
29,277
|
|
Interest on investment securities
|
|
1,399
|
|
|
1,199
|
|
|
920
|
|
|
3,627
|
|
|
2,667
|
|
|||||
Other interest income
|
|
150
|
|
|
86
|
|
|
62
|
|
|
296
|
|
|
146
|
|
|||||
Total interest income
|
|
14,442
|
|
|
11,844
|
|
|
10,993
|
|
|
37,379
|
|
|
32,090
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
2,137
|
|
|
1,827
|
|
|
1,934
|
|
|
5,817
|
|
|
5,212
|
|
|||||
Interest on borrowings
|
|
767
|
|
|
715
|
|
|
306
|
|
|
1,862
|
|
|
920
|
|
|||||
Total interest expense
|
|
2,904
|
|
|
2,542
|
|
|
2,240
|
|
|
7,679
|
|
|
6,132
|
|
|||||
Net interest income
|
|
11,538
|
|
|
9,302
|
|
|
8,753
|
|
|
29,700
|
|
|
25,958
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
420
|
|
|
375
|
|
|
450
|
|
|
1,145
|
|
|
1,704
|
|
|||||
Net interest income after provision for loan losses
|
|
11,118
|
|
|
8,927
|
|
|
8,303
|
|
|
28,555
|
|
|
24,254
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
|
281
|
|
|
96
|
|
|
79
|
|
|
474
|
|
|
264
|
|
|||||
Gain on sale of investment securities, net
|
|
27
|
|
|
109
|
|
|
204
|
|
|
242
|
|
|
428
|
|
|||||
Gain on sale of fixed assets, net
|
|
160
|
|
|
1
|
|
|
—
|
|
|
184
|
|
|
1,252
|
|
|||||
Gain (loss) on sale of other real estate owned, net
|
|
37
|
|
|
(10
|
)
|
|
—
|
|
|
32
|
|
|
11
|
|
|||||
Gain on sale of loans, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
313
|
|
|||||
Servicing fees and fee income on serviced loans
|
|
352
|
|
|
378
|
|
|
510
|
|
|
1,153
|
|
|
1,638
|
|
|||||
Other operating income
|
|
310
|
|
|
227
|
|
|
236
|
|
|
768
|
|
|
666
|
|
|||||
Total noninterest income
|
|
1,167
|
|
|
801
|
|
|
1,029
|
|
|
2,853
|
|
|
4,572
|
|
|||||
Income before noninterest expense
|
|
12,285
|
|
|
9,728
|
|
|
9,332
|
|
|
31,408
|
|
|
28,826
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
542
|
|
|
391
|
|
|
371
|
|
|
1,309
|
|
|
1,110
|
|
|||||
Salaries and employee benefits
|
|
5,136
|
|
|
4,109
|
|
|
3,945
|
|
|
13,195
|
|
|
11,708
|
|
|||||
Occupancy
|
|
317
|
|
|
245
|
|
|
265
|
|
|
826
|
|
|
743
|
|
|||||
Data processing
|
|
446
|
|
|
355
|
|
|
374
|
|
|
1,169
|
|
|
1,115
|
|
|||||
Marketing
|
|
124
|
|
|
119
|
|
|
102
|
|
|
271
|
|
|
316
|
|
|||||
Professional fees
|
|
263
|
|
|
231
|
|
|
312
|
|
|
726
|
|
|
966
|
|
|||||
Customer reimbursements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
584
|
|
|||||
Acquisition expenses
|
|
824
|
|
|
80
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|||||
Other operating expenses
|
|
1,470
|
|
|
1,398
|
|
|
1,179
|
|
|
4,189
|
|
|
3,494
|
|
|||||
Total noninterest expense
|
|
9,122
|
|
|
6,928
|
|
|
6,548
|
|
|
22,734
|
|
|
20,036
|
|
|||||
Income before income tax expense
|
|
3,163
|
|
|
2,800
|
|
|
2,784
|
|
|
8,674
|
|
|
8,790
|
|
|||||
Income tax expense
|
|
1,032
|
|
|
877
|
|
|
747
|
|
|
2,756
|
|
|
2,758
|
|
|||||
Net income
|
|
$
|
2,131
|
|
|
$
|
1,923
|
|
|
$
|
2,037
|
|
|
$
|
5,918
|
|
|
$
|
6,032
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.29
|
|
|
$
|
0.72
|
|
|
$
|
0.85
|
|
Diluted earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.29
|
|
|
$
|
0.71
|
|
|
$
|
0.84
|
|
Cash dividends declared per common share
|
|
$
|
0.03
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
0.03
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||
EARNINGS PER SHARE
|
||||||||||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||||||
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||
Net income
|
|
$
|
2,131
|
|
|
$
|
1,923
|
|
|
$
|
2,037
|
|
|
$
|
5,918
|
|
|
$
|
6,032
|
|
Weighted average number of common shares outstanding used in computation of basic earnings per share
|
|
8,702,559
|
|
|
8,685,980
|
|
|
7,059,953
|
|
|
8,203,645
|
|
|
7,137,398
|
|
|||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restricted stock
|
|
27,741
|
|
|
27,045
|
|
|
15,546
|
|
|
18,756
|
|
|
8,991
|
|
|||||
Stock options
|
|
46,632
|
|
|
43,640
|
|
|
15,369
|
|
|
10,572
|
|
|
14,920
|
|
|||||
Stock warrants
|
|
20,585
|
|
|
23,963
|
|
|
11,575
|
|
|
47,022
|
|
|
11,360
|
|
|||||
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per share
|
|
8,797,517
|
|
|
8,780,628
|
|
|
7,102,443
|
|
|
8,279,995
|
|
|
7,172,669
|
|
|||||
Basic earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.29
|
|
|
$
|
0.72
|
|
|
$
|
0.85
|
|
Diluted earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.29
|
|
|
$
|
0.71
|
|
|
$
|
0.84
|
|
INVESTAR HOLDING CORPORATION
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
|||||||||||||||||||||||||||||||||
(Amounts in thousands)
|
|||||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended
|
|||||||||||||||||||||||||||||||
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 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
|
|
$
|
1,073,800
|
|
|
$
|
12,893
|
|
|
4.76
|
%
|
|
$
|
914,265
|
|
|
$
|
10,559
|
|
|
4.63
|
%
|
|
$
|
874,272
|
|
|
$
|
10,011
|
|
|
4.54
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
203,407
|
|
|
1,193
|
|
|
2.33
|
|
|
165,689
|
|
|
1,013
|
|
|
2.45
|
|
|
136,047
|
|
|
728
|
|
|
2.12
|
|
||||||
Tax-exempt
|
|
34,659
|
|
|
206
|
|
|
2.36
|
|
|
29,375
|
|
|
186
|
|
|
2.54
|
|
|
30,733
|
|
|
192
|
|
|
2.48
|
|
||||||
Interest-bearing balances with banks
|
|
34,589
|
|
|
150
|
|
|
1.72
|
|
|
28,423
|
|
|
86
|
|
|
1.21
|
|
|
34,093
|
|
|
62
|
|
|
0.72
|
|
||||||
Total interest-earning assets
|
|
1,346,455
|
|
|
14,442
|
|
|
4.26
|
|
|
1,137,752
|
|
|
11,844
|
|
|
4.18
|
|
|
1,075,145
|
|
|
10,993
|
|
|
4.06
|
|
||||||
Cash and due from banks
|
|
22,626
|
|
|
|
|
|
|
8,213
|
|
|
|
|
|
|
7,138
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
13,283
|
|
|
|
|
|
|
3,217
|
|
|
|
|
|
|
3,248
|
|
|
|
|
|
||||||||||||
Other assets
|
|
63,007
|
|
|
|
|
|
|
56,919
|
|
|
|
|
|
|
56,273
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(7,442
|
)
|
|
|
|
|
|
(7,223
|
)
|
|
|
|
|
|
(7,213
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
1,437,929
|
|
|
|
|
|
|
$
|
1,198,878
|
|
|
|
|
|
|
$
|
1,134,591
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
337,846
|
|
|
$
|
604
|
|
|
0.71
|
|
|
$
|
291,902
|
|
|
$
|
524
|
|
|
0.72
|
|
|
$
|
262,841
|
|
|
$
|
433
|
|
|
0.65
|
|
Savings deposits
|
|
102,331
|
|
|
139
|
|
|
0.54
|
|
|
51,474
|
|
|
83
|
|
|
0.65
|
|
|
51,924
|
|
|
88
|
|
|
0.67
|
|
||||||
Time deposits
|
|
486,837
|
|
|
1,394
|
|
|
1.14
|
|
|
402,271
|
|
|
1,220
|
|
|
1.22
|
|
|
469,826
|
|
|
1,413
|
|
|
1.19
|
|
||||||
Total interest-bearing deposits
|
|
927,014
|
|
|
2,137
|
|
|
0.91
|
|
|
745,647
|
|
|
1,827
|
|
|
0.98
|
|
|
784,591
|
|
|
1,934
|
|
|
0.98
|
|
||||||
Short-term borrowings
|
|
122,456
|
|
|
367
|
|
|
1.19
|
|
|
137,848
|
|
|
350
|
|
|
1.02
|
|
|
98,286
|
|
|
237
|
|
|
0.96
|
|
||||||
Long-term debt
|
|
51,642
|
|
|
400
|
|
|
3.07
|
|
|
39,285
|
|
|
365
|
|
|
3.73
|
|
|
22,644
|
|
|
69
|
|
|
1.21
|
|
||||||
Total interest-bearing liabilities
|
|
1,101,112
|
|
|
2,904
|
|
|
1.05
|
|
|
922,780
|
|
|
2,542
|
|
|
1.10
|
|
|
905,521
|
|
|
2,240
|
|
|
0.98
|
|
||||||
Noninterest-bearing deposits
|
|
173,212
|
|
|
|
|
|
|
116,714
|
|
|
|
|
|
|
102,736
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
11,419
|
|
|
|
|
|
|
9,671
|
|
|
|
|
|
|
13,278
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
152,186
|
|
|
|
|
|
|
149,713
|
|
|
|
|
|
|
113,056
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
1,437,929
|
|
|
|
|
|
|
$
|
1,198,878
|
|
|
|
|
|
|
$
|
1,134,591
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
11,538
|
|
|
3.40
|
%
|
|
|
|
$
|
9,302
|
|
|
3.28
|
%
|
|
|
|
$
|
8,753
|
|
|
3.23
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
||||||||||||||||||||||
(Amounts in thousands)
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the nine months ended
|
||||||||||||||||||||
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/ Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
$
|
960,868
|
|
|
$
|
33,456
|
|
|
4.66
|
%
|
|
$
|
853,116
|
|
|
$
|
29,277
|
|
|
4.57
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
173,273
|
|
|
3,044
|
|
|
2.35
|
|
|
125,982
|
|
|
2,172
|
|
|
2.30
|
|
||||
Tax-exempt
|
|
31,540
|
|
|
583
|
|
|
2.47
|
|
|
25,920
|
|
|
495
|
|
|
2.54
|
|
||||
Interest-bearing balances with banks
|
|
29,238
|
|
|
296
|
|
|
1.35
|
|
|
25,608
|
|
|
146
|
|
|
0.76
|
|
||||
Total interest-earning assets
|
|
1,194,919
|
|
|
37,379
|
|
|
4.18
|
|
|
1,030,626
|
|
|
32,090
|
|
|
4.15
|
|
||||
Cash and due from banks
|
|
13,180
|
|
|
|
|
|
|
7,335
|
|
|
|
|
|
||||||||
Intangible assets
|
|
6,612
|
|
|
|
|
|
|
3,228
|
|
|
|
|
|
||||||||
Other assets
|
|
58,401
|
|
|
|
|
|
|
54,478
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(7,265
|
)
|
|
|
|
|
|
(6,770
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
1,265,847
|
|
|
|
|
|
|
$
|
1,088,897
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
|
$
|
307,369
|
|
|
$
|
1,616
|
|
|
0.70
|
|
|
$
|
249,960
|
|
|
$
|
1,205
|
|
|
0.64
|
|
Savings deposits
|
|
69,194
|
|
|
308
|
|
|
0.60
|
|
|
52,596
|
|
|
265
|
|
|
0.67
|
|
||||
Time deposits
|
|
440,956
|
|
|
3,893
|
|
|
1.18
|
|
|
431,328
|
|
|
3,742
|
|
|
1.16
|
|
||||
Total interest-bearing deposits
|
|
817,519
|
|
|
5,817
|
|
|
0.95
|
|
|
733,884
|
|
|
5,212
|
|
|
0.95
|
|
||||
Short-term borrowings
|
|
127,081
|
|
|
1,000
|
|
|
1.05
|
|
|
111,418
|
|
|
710
|
|
|
0.85
|
|
||||
Long-term debt
|
|
37,479
|
|
|
862
|
|
|
3.08
|
|
|
24,243
|
|
|
210
|
|
|
1.15
|
|
||||
Total interest-bearing liabilities
|
|
982,079
|
|
|
7,679
|
|
|
1.05
|
|
|
869,545
|
|
|
6,132
|
|
|
0.94
|
|
||||
Noninterest-bearing deposits
|
|
133,675
|
|
|
|
|
|
|
95,225
|
|
|
|
|
|
||||||||
Other liabilities
|
|
10,166
|
|
|
|
|
|
|
12,135
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
139,927
|
|
|
|
|
|
|
111,992
|
|
|
|
|
|
||||||||
Total liability and stockholders’ equity
|
|
$
|
1,265,847
|
|
|
|
|
|
|
$
|
1,088,897
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
|
$
|
29,700
|
|
|
3.32
|
%
|
|
|
|
$
|
25,958
|
|
|
3.36
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
152,876
|
|
|
$
|
150,796
|
|
|
$
|
113,576
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
11,357
|
|
|
2,684
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
1,814
|
|
|
429
|
|
|
460
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
139,605
|
|
|
$
|
147,583
|
|
|
$
|
110,332
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
1,476,423
|
|
|
$
|
1,225,526
|
|
|
$
|
1,154,205
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
11,357
|
|
|
2,684
|
|
|
2,684
|
|
|||
Core deposit intangible
|
|
1,814
|
|
|
429
|
|
|
460
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
1,463,152
|
|
|
$
|
1,222,313
|
|
|
$
|
1,150,961
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
8,704,562
|
|
|
8,815,119
|
|
|
7,131,186
|
|
|||
Tangible equity to tangible assets
|
|
9.54
|
%
|
|
12.07
|
%
|
|
9.59
|
%
|
|||
Book value per common share
|
|
$
|
17.56
|
|
|
$
|
17.11
|
|
|
$
|
15.93
|
|
Tangible book value per common share
|
|
16.04
|
|
|
16.74
|
|
|
15.47
|
|