Louisiana
|
001-36522
|
27-1560715
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
|
10500 Coursey Blvd.
Baton Rouge, Louisiana 70816
|
|
|
(Address of principal executive offices) (Zip Code)
|
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common stock, $1.00 par value per share
|
ISTR
|
The Nasdaq Global Market
|
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: October 24, 2019
|
|
|
|
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, 2019 totaled $24.5 million, an increase of $0.3 million, or 1.4%, compared to the quarter ended June 30, 2019, and an increase of $4.5 million, or 22.4%, compared to the quarter ended September 30, 2018.
|
•
|
Total loans increased $43.0 million, or 2.8%, to $1.59 billion at September 30, 2019, compared to $1.54 billion at June 30, 2019, and increased $227.9 million, or 16.8% compared to $1.36 billion at September 30, 2018. Excluding the loans acquired in the Mainland acquisition, or $73.2 million at September 30, 2019, total loans increased $47.4 million, or 3.2%, compared to June 30, 2019, and increased $154.7 million, or 11.4%, compared to September 30, 2018.
|
•
|
The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $632.4 million at September 30, 2019, an increase of $16.4 million, or 2.7%, compared to the business lending portfolio of $616.0 million at June 30, 2019, and an increase of $147.7 million, or 30.5%, compared to the business lending portfolio of $484.7 million at September 30, 2018.
|
•
|
Credit quality remains strong with nonperforming loans of 0.36% of total loans at September 30, 2019 compared to 0.37% and 0.47% at June 30, 2019 and September 30, 2018, respectively.
|
•
|
Total deposits increased $33.1 million, or 2.1%, to $1.59 billion at September 30, 2019, compared to $1.55 billion at June 30, 2019, and increased $289.7 million, or 22.4%, compared to $1.30 billion at September 30, 2018. The Company acquired approximately $107.6 million in deposits from Mainland at the time of acquisition on March 1, 2019, and the remaining increase is due to organic growth.
|
•
|
The Company repurchased 18,707 shares of its common stock through its stock repurchase program at an average price of $22.83 during the quarter ended September 30, 2019, leaving 326,334 shares authorized for repurchase under the current stock repurchase plan.
|
•
|
On July 30, 2019, the Company announced that it has entered into a definitive agreement (the “Merger Agreement”) to acquire Bank of York in York, Alabama. Under the terms of the Merger Agreement, the Company will pay a total amount of cash merger consideration to shareholders of Bank of York equal to $15.0 million. Bank of York will also be permitted under the Merger Agreement to make regular and special pre-closing cash distributions to its shareholders in an aggregate amount of approximately $1.0 million. The transaction has received required regulatory and Bank of York shareholder approval, and the Company anticipates it will close the Bank of York acquisition on or about November 1, 2019, subject to customary closing conditions. Branch and operating system conversions are currently scheduled to be completed in the second quarter of 2020. At June 30, 2019, Bank of York had approximately $99.5 million in assets, $46.0 million in net loans, and $82.3 million in deposits.
|
•
|
On August 20, 2019, the Company announced that it is has entered into a Purchase and Assumption Agreement (the “Agreement”) whereby the Bank has agreed to acquire certain assets, deposits and other liabilities relating to two existing branch locations of PlainsCapital Bank in Dallas, Texas, a wholly-owned subsidiary of Hilltop Holdings Inc. The branches are located in the Texas cities of Victoria and Alice. Under the terms of the Agreement, the Bank expects to acquire approximately $42 million in deposits and approximately $52 million in loans. In addition, the Bank will acquire substantially all the fixed assets at the branch locations, and will assume the leases for the branch facilities. The transaction is expected to close in the first quarter of 2020, subject to regulatory approvals and other customary closing conditions.
|
•
|
The Company announced that it will be opening two new branch locations in the fourth quarter of 2019. One branch is located in Lafayette, Louisiana and will expand the Bank’s presence to five branches in the Acadiana market. Another branch will be opened in Westlake, Louisiana, which will be the Bank’s first branch in the Lake Charles market.
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of Total Loans
|
||||||||||||||||||||
|
|
9/30/2019
|
|
6/30/2019
|
|
9/30/2018
|
|
$
|
|
%
|
|
$
|
|
%
|
|
9/30/2019
|
|
9/30/2018
|
||||||||||||||
Mortgage loans on real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and development
|
|
$
|
176,674
|
|
|
$
|
167,232
|
|
|
$
|
160,921
|
|
|
$
|
9,442
|
|
|
5.6
|
%
|
|
$
|
15,753
|
|
|
9.8
|
%
|
|
11.1
|
%
|
|
11.9
|
%
|
1-4 Family
|
|
310,298
|
|
|
305,512
|
|
|
286,976
|
|
|
4,786
|
|
|
1.6
|
|
|
23,322
|
|
|
8.1
|
|
|
19.6
|
|
|
21.1
|
|
|||||
Multifamily
|
|
58,243
|
|
|
56,081
|
|
|
50,770
|
|
|
2,162
|
|
|
3.9
|
|
|
7,473
|
|
|
14.7
|
|
|
3.7
|
|
|
3.7
|
|
|||||
Farmland
|
|
24,629
|
|
|
25,203
|
|
|
20,902
|
|
|
(574
|
)
|
|
(2.3
|
)
|
|
3,727
|
|
|
17.8
|
|
|
1.5
|
|
|
1.5
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Owner-occupied
|
|
339,240
|
|
|
339,130
|
|
|
291,168
|
|
|
110
|
|
|
—
|
|
|
48,072
|
|
|
16.5
|
|
|
21.4
|
|
|
21.4
|
|
|||||
Nonowner-occupied
|
|
353,910
|
|
|
338,426
|
|
|
301,828
|
|
|
15,484
|
|
|
4.6
|
|
|
52,082
|
|
|
17.3
|
|
|
22.3
|
|
|
22.2
|
|
|||||
Commercial and industrial
|
|
293,152
|
|
|
276,902
|
|
|
193,563
|
|
|
16,250
|
|
|
5.9
|
|
|
99,589
|
|
|
51.5
|
|
|
18.5
|
|
|
14.3
|
|
|||||
Consumer
|
|
30,196
|
|
|
34,822
|
|
|
52,284
|
|
|
(4,626
|
)
|
|
(13.3
|
)
|
|
(22,088
|
)
|
|
(42.2
|
)
|
|
1.9
|
|
|
3.9
|
|
|||||
Total loans
|
|
$
|
1,586,342
|
|
|
$
|
1,543,308
|
|
|
$
|
1,358,412
|
|
|
$
|
43,034
|
|
|
2.8
|
%
|
|
$
|
227,930
|
|
|
16.8
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Linked Quarter Change
|
|
Year/Year Change
|
|
Percentage of
Total Deposits |
||||||||||||||||||||
|
|
9/30/2019
|
|
6/30/2019
|
|
9/30/2018
|
|
$
|
|
%
|
|
$
|
|
%
|
|
9/30/2019
|
|
9/30/2018
|
||||||||||||||
Noninterest-bearing demand deposits
|
|
$
|
291,039
|
|
|
$
|
289,481
|
|
|
$
|
214,190
|
|
|
$
|
1,558
|
|
|
0.5
|
%
|
|
$
|
76,849
|
|
|
35.9
|
%
|
|
18.3
|
%
|
|
16.5
|
%
|
Interest-bearing demand deposits
|
|
305,361
|
|
|
332,754
|
|
|
245,569
|
|
|
(27,393
|
)
|
|
(8.2
|
)
|
|
59,792
|
|
|
24.3
|
|
|
19.3
|
|
|
19.0
|
|
|||||
Money market deposit accounts
|
|
194,757
|
|
|
177,209
|
|
|
179,071
|
|
|
17,548
|
|
|
9.9
|
|
|
15,686
|
|
|
8.8
|
|
|
12.3
|
|
|
13.8
|
|
|||||
Savings accounts
|
|
110,636
|
|
|
111,222
|
|
|
112,078
|
|
|
(586
|
)
|
|
(0.5
|
)
|
|
(1,442
|
)
|
|
(1.3
|
)
|
|
7.0
|
|
|
8.7
|
|
|||||
Time deposits
|
|
683,564
|
|
|
641,551
|
|
|
544,713
|
|
|
42,013
|
|
|
6.5
|
|
|
138,851
|
|
|
25.5
|
|
|
43.1
|
|
|
42.0
|
|
|||||
Total deposits
|
|
$
|
1,585,357
|
|
|
$
|
1,552,217
|
|
|
$
|
1,295,621
|
|
|
$
|
33,140
|
|
|
2.1
|
%
|
|
$
|
289,736
|
|
|
22.4
|
%
|
|
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;
|
•
|
our ability to identify and enter into agreements to combine with attractive acquisition candidates, finance acquisitions, complete acquisitions after definitive agreements are entered into, and successfully integrate acquired operations;
|
•
|
changes (or the lack of changes) in interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;
|
•
|
possible cessation or market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, hedging products, debt obligations, investments and loans;
|
•
|
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 Texas, and, upon completion of our acquisition of Bank of York, Alabama;
|
•
|
concentration of credit exposure; and
|
•
|
the satisfaction of the conditions to closing the pending acquisition of Bank of York and the ability to subsequently integrate it effectively.
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
26,442
|
|
|
$
|
30,400
|
|
|
$
|
21,151
|
|
Interest-bearing balances due from other banks
|
|
2,559
|
|
|
33,519
|
|
|
3,352
|
|
|||
Federal funds sold
|
|
—
|
|
|
—
|
|
|
285
|
|
|||
Cash and cash equivalents
|
|
29,001
|
|
|
63,919
|
|
|
24,788
|
|
|||
|
|
|
|
|
|
|
||||||
Available for sale securities at fair value (amortized cost of $258,811, $252,554, and $238,443, respectively)
|
|
261,179
|
|
|
253,985
|
|
|
230,747
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $15,386, $15,480 and $16,691, respectively)
|
|
15,318
|
|
|
15,473
|
|
|
17,030
|
|
|||
Loans, net of allowance for loan losses of $10,339, $9,924, and $9,021, respectively
|
|
1,576,003
|
|
|
1,533,384
|
|
|
1,349,391
|
|
|||
Other equity securities
|
|
18,767
|
|
|
14,537
|
|
|
12,671
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $11,741, $11,078, and $9,332, respectively
|
|
49,088
|
|
|
46,097
|
|
|
39,831
|
|
|||
Other real estate owned, net
|
|
126
|
|
|
1,529
|
|
|
4,227
|
|
|||
Accrued interest receivable
|
|
7,130
|
|
|
6,880
|
|
|
5,073
|
|
|||
Deferred tax asset
|
|
—
|
|
|
—
|
|
|
1,768
|
|
|||
Goodwill and other intangible assets, net
|
|
26,117
|
|
|
26,409
|
|
|
19,902
|
|
|||
Bank-owned life insurance
|
|
29,390
|
|
|
29,204
|
|
|
23,702
|
|
|||
Other assets
|
|
5,895
|
|
|
5,224
|
|
|
6,185
|
|
|||
Total assets
|
|
$
|
2,018,014
|
|
|
$
|
1,996,641
|
|
|
$
|
1,735,315
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
291,039
|
|
|
$
|
289,481
|
|
|
$
|
214,190
|
|
Interest-bearing
|
|
1,294,318
|
|
|
1,262,736
|
|
|
1,081,431
|
|
|||
Total deposits
|
|
1,585,357
|
|
|
1,552,217
|
|
|
1,295,621
|
|
|||
Advances from Federal Home Loan Bank
|
|
181,725
|
|
|
196,600
|
|
|
208,083
|
|
|||
Repurchase agreements
|
|
2,143
|
|
|
1,876
|
|
|
17,931
|
|
|||
Subordinated debt
|
|
18,250
|
|
|
18,238
|
|
|
18,203
|
|
|||
Junior subordinated debt
|
|
5,884
|
|
|
5,871
|
|
|
5,832
|
|
|||
Accrued taxes and other liabilities
|
|
14,198
|
|
|
16,340
|
|
|
11,238
|
|
|||
Total liabilities
|
|
1,807,557
|
|
|
1,791,142
|
|
|
1,556,908
|
|
|||
|
|
|
|
|
|
|
||||||
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; 9,929,860, 9,937,752 and 9,545,701 shares outstanding, respectively
|
|
9,930
|
|
|
9,938
|
|
|
9,546
|
|
|||
Surplus
|
|
140,944
|
|
|
140,856
|
|
|
131,333
|
|
|||
Retained earnings
|
|
57,547
|
|
|
53,492
|
|
|
42,868
|
|
|||
Accumulated other comprehensive loss
|
|
2,036
|
|
|
1,213
|
|
|
(5,340
|
)
|
|||
Total stockholders’ equity
|
|
210,457
|
|
|
205,499
|
|
|
178,407
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
2,018,014
|
|
|
$
|
1,996,641
|
|
|
$
|
1,735,315
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
For the three months ended
|
||||||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||
INTEREST INCOME
|
|
|
|
|
|
|
||||||
Interest and fees on loans
|
|
$
|
20,844
|
|
|
$
|
20,233
|
|
|
$
|
16,905
|
|
Interest on investment securities
|
|
1,848
|
|
|
1,923
|
|
|
1,710
|
|
|||
Other interest income
|
|
162
|
|
|
232
|
|
|
162
|
|
|||
Total interest income
|
|
22,854
|
|
|
22,388
|
|
|
18,777
|
|
|||
|
|
|
|
|
|
|
||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Interest on deposits
|
|
5,198
|
|
|
4,684
|
|
|
2,994
|
|
|||
Interest on borrowings
|
|
1,290
|
|
|
1,373
|
|
|
1,398
|
|
|||
Total interest expense
|
|
6,488
|
|
|
6,057
|
|
|
4,392
|
|
|||
Net interest income
|
|
16,366
|
|
|
16,331
|
|
|
14,385
|
|
|||
|
|
|
|
|
|
|
||||||
Provision for loan losses
|
|
538
|
|
|
369
|
|
|
785
|
|
|||
Net interest income after provision for loan losses
|
|
15,828
|
|
|
15,962
|
|
|
13,600
|
|
|||
|
|
|
|
|
|
|
||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
|
462
|
|
|
434
|
|
|
368
|
|
|||
Gain on sale of investment securities, net
|
|
—
|
|
|
227
|
|
|
15
|
|
|||
(Loss) gain on sale of fixed assets, net
|
|
—
|
|
|
(11
|
)
|
|
9
|
|
|||
Gain on sale of other real estate owned, net
|
|
1
|
|
|
13
|
|
|
—
|
|
|||
Servicing fees and fee income on serviced loans
|
|
142
|
|
|
150
|
|
|
232
|
|
|||
Interchange fees
|
|
294
|
|
|
291
|
|
|
240
|
|
|||
Income from bank owned life insurance
|
|
186
|
|
|
170
|
|
|
159
|
|
|||
Change in the fair value of equity securities
|
|
(9
|
)
|
|
57
|
|
|
36
|
|
|||
Other operating income
|
|
542
|
|
|
411
|
|
|
158
|
|
|||
Total noninterest income
|
|
1,618
|
|
|
1,742
|
|
|
1,217
|
|
|||
Income before noninterest expense
|
|
17,446
|
|
|
17,704
|
|
|
14,817
|
|
|||
|
|
|
|
|
|
|
||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
882
|
|
|
873
|
|
|
644
|
|
|||
Salaries and employee benefits
|
|
7,325
|
|
|
7,077
|
|
|
6,646
|
|
|||
Occupancy
|
|
445
|
|
|
454
|
|
|
337
|
|
|||
Data processing
|
|
675
|
|
|
644
|
|
|
493
|
|
|||
Marketing
|
|
86
|
|
|
68
|
|
|
71
|
|
|||
Professional fees
|
|
326
|
|
|
309
|
|
|
281
|
|
|||
Acquisition expenses
|
|
177
|
|
|
—
|
|
|
—
|
|
|||
Other operating expenses
|
|
1,766
|
|
|
2,129
|
|
|
1,782
|
|
|||
Total noninterest expense
|
|
11,682
|
|
|
11,554
|
|
|
10,254
|
|
|||
Income before income tax expense
|
|
5,764
|
|
|
6,150
|
|
|
4,563
|
|
|||
Income tax expense
|
|
1,107
|
|
|
1,216
|
|
|
516
|
|
|||
Net income
|
|
$
|
4,657
|
|
|
$
|
4,934
|
|
|
$
|
4,047
|
|
|
|
|
|
|
|
|
||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
0.46
|
|
|
$
|
0.49
|
|
|
$
|
0.42
|
|
Diluted earnings per common share
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
$
|
0.41
|
|
Cash dividends declared per common share
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
INVESTAR HOLDING CORPORATION
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
|
|||||||||||||||||||||||||||||||||
(Amounts in thousands)
|
|||||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended
|
|||||||||||||||||||||||||||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
|||||||||||||||||||||||||||
|
|
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
|
|
$
|
1,560,841
|
|
|
$
|
20,844
|
|
|
5.30
|
%
|
|
$
|
1,523,004
|
|
|
$
|
20,233
|
|
|
5.33
|
%
|
|
$
|
1,311,158
|
|
|
$
|
16,905
|
|
|
5.12
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
240,339
|
|
|
1,649
|
|
|
2.72
|
|
|
238,150
|
|
|
1,726
|
|
|
2.94
|
|
|
230,299
|
|
|
1,506
|
|
|
2.60
|
|
||||||
Tax-exempt
|
|
31,688
|
|
|
199
|
|
|
2.49
|
|
|
31,554
|
|
|
197
|
|
|
2.51
|
|
|
34,108
|
|
|
204
|
|
|
2.37
|
|
||||||
Interest-bearing balances with banks
|
|
31,350
|
|
|
162
|
|
|
2.05
|
|
|
30,488
|
|
|
232
|
|
|
3.05
|
|
|
28,146
|
|
|
162
|
|
|
2.29
|
|
||||||
Total interest-earning assets
|
|
1,864,218
|
|
|
22,854
|
|
|
4.86
|
|
|
1,823,196
|
|
|
22,388
|
|
|
4.93
|
|
|
1,603,711
|
|
|
18,777
|
|
|
4.65
|
|
||||||
Cash and due from banks
|
|
23,395
|
|
|
|
|
|
|
23,154
|
|
|
|
|
|
|
16,938
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
26,233
|
|
|
|
|
|
|
26,501
|
|
|
|
|
|
|
19,926
|
|
|
|
|
|
||||||||||||
Other assets
|
|
95,436
|
|
|
|
|
|
|
88,486
|
|
|
|
|
|
|
73,722
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(10,042
|
)
|
|
|
|
|
|
(9,778
|
)
|
|
|
|
|
|
(8,564
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
1,999,240
|
|
|
|
|
|
|
$
|
1,951,559
|
|
|
|
|
|
|
$
|
1,705,733
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
507,293
|
|
|
$
|
1,358
|
|
|
1.06
|
|
|
$
|
504,541
|
|
|
$
|
1,333
|
|
|
1.06
|
|
|
$
|
394,545
|
|
|
$
|
823
|
|
|
0.83
|
|
Savings deposits
|
|
111,279
|
|
|
127
|
|
|
0.45
|
|
|
113,179
|
|
|
126
|
|
|
0.45
|
|
|
117,795
|
|
|
140
|
|
|
0.47
|
|
||||||
Time deposits
|
|
666,074
|
|
|
3,713
|
|
|
2.21
|
|
|
618,604
|
|
|
3,225
|
|
|
2.09
|
|
|
532,986
|
|
|
2,031
|
|
|
1.51
|
|
||||||
Total interest-bearing deposits
|
|
1,284,646
|
|
|
5,198
|
|
|
1.61
|
|
|
1,236,324
|
|
|
4,684
|
|
|
1.52
|
|
|
1,045,326
|
|
|
2,994
|
|
|
1.14
|
|
||||||
Short-term borrowings
|
|
117,345
|
|
|
624
|
|
|
2.11
|
|
|
127,196
|
|
|
685
|
|
|
2.16
|
|
|
157,595
|
|
|
727
|
|
|
1.83
|
|
||||||
Long-term debt
|
|
86,785
|
|
|
666
|
|
|
3.04
|
|
|
92,103
|
|
|
688
|
|
|
2.99
|
|
|
98,327
|
|
|
671
|
|
|
2.71
|
|
||||||
Total interest-bearing liabilities
|
|
1,488,776
|
|
|
6,488
|
|
|
1.73
|
|
|
1,455,623
|
|
|
6,057
|
|
|
1.67
|
|
|
1,301,248
|
|
|
4,392
|
|
|
1.34
|
|
||||||
Noninterest-bearing deposits
|
|
285,643
|
|
|
|
|
|
|
277,822
|
|
|
|
|
|
|
215,587
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
15,864
|
|
|
|
|
|
|
14,203
|
|
|
|
|
|
|
10,163
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
208,957
|
|
|
|
|
|
|
203,911
|
|
|
|
|
|
|
178,735
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
1,999,240
|
|
|
|
|
|
|
$
|
1,951,559
|
|
|
|
|
|
|
$
|
1,705,733
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
16,366
|
|
|
3.48
|
%
|
|
|
|
$
|
16,331
|
|
|
3.59
|
%
|
|
|
|
$
|
14,385
|
|
|
3.56
|
%
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
210,457
|
|
|
$
|
205,499
|
|
|
$
|
178,407
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
21,902
|
|
|
21,978
|
|
|
17,424
|
|
|||
Core deposit intangible
|
|
4,115
|
|
|
4,331
|
|
|
2,378
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
184,340
|
|
|
$
|
179,090
|
|
|
$
|
158,505
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
2,018,014
|
|
|
$
|
1,996,641
|
|
|
$
|
1,735,315
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
21,902
|
|
|
21,978
|
|
|
17,424
|
|
|||
Core deposit intangible
|
|
4,115
|
|
|
4,331
|
|
|
2,378
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
1,991,897
|
|
|
$
|
1,970,232
|
|
|
$
|
1,715,413
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
9,929,860
|
|
|
9,937,752
|
|
|
9,545,701
|
|
|||
Tangible equity to tangible assets
|
|
9.25
|
%
|
|
9.09
|
%
|
|
9.24
|
%
|
|||
Book value per common share
|
|
$
|
21.19
|
|
|
$
|
20.68
|
|
|
$
|
18.69
|
|
Tangible book value per common share
|
|
18.56
|
|
|
18.02
|
|
|
16.60
|
|