UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 8-K
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2016
Investar Holding Corporation
(Exact name of registrant as specified in its charter)
Louisiana |
001-36522 |
27-1560715 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(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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Registrant’s telephone number, including area code: (225) 227-2222
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
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)) |
Item 2.02 |
Results of Operations and Financial Condition. |
On October 27, 2016, Investar Holding Corporation issued a press release announcing its financial results for the quarter ended September 30, 2016. A copy of the press release is furnished as exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
Exhibit Number |
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Description of Exhibit |
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99.1 |
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Press release of Investar Holding Corporation dated October 27, 2016 announcing financial results for the quarter ended September 30, 2016. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INVESTAR HOLDING CORPORATION |
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Date: October 27, 2016 |
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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 |
Exhibit Number |
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Description of Exhibit |
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99.1 |
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Press release of Investar Holding Corporation dated October 27, 2016 announcing financial results for the quarter ended September 30, 2016. |
Exhibit 99.1
For Immediate Release
Investar Holding Corporation Announces 2016 Third Quarter Results
BATON ROUGE, LA (October 27, 2016) – Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank (the “Bank”), today announced financial results for the quarter ended September 30, 2016. The Company reported net income of $2.0 million, or $0.29 per diluted share for the third quarter of 2016, compared to $2.0 million, or $0.28 per diluted share for the quarter ended June 30, 2016, and $1.8 million, or $0.26 per diluted share, for the quarter ended September 30, 2015.
Investar Holding Corporation President and Chief Executive Officer John D’Angelo said:
“We are pleased to have had another great quarter. Our focus on relationship banking continues to positively impact noninterest-bearing demand deposit growth, with 24.3% year-to-date growth. Also during the quarter, we repurchased over 80,000 shares of our common stock, delivering on our commitment to increase shareholder value.
Our prayers go out to those families and businesses affected by the record flooding that occurred in the greater Baton Rouge and surrounding areas in August. While none of our branches were significantly affected by the flood waters, some of our employees and their extended families were greatly impacted. As a member of the affected communities, we have set up programs to help employees and customers experiencing financial difficulty as a result of the flood. We will continue to assist the communities in any way that we can as they rebuild.”
Third Quarter Highlights
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Total loans, excluding loans held for sale, increased 13.6% year to date, or 18.1% annualized. Total loans, excluding loans held for sale, increased $29.3 million, or 3.6%, compared to June 30, 2016, and increased $136.3 million, or 19.2%, compared to September 30, 2015, to $846.8 million at September 30, 2016. |
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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 $250.3 million at September 30, 2016, an increase of $23.7 million, or 10.5%, compared to $226.6 million at June 30, 2016, and an increase of $50.2 million, or 25.1%, compared to $200.1 million at September 30, 2015 . |
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Total noninterest-bearing deposits were $112.4 million at September 30, 2016, an increase of $2.6 million, or 2.4%, compared to June 30, 2016, and an increase of $17.9 million, or 20.7%, compared to September 20, 2015. |
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Total interest income increased $0.3 million, or 2.6%, compared to the quarter ended June 30, 2016, and increased $1.5 million, or 16.0%, compared to the quarter ended September 30, 2015, to $11.0 million for the quarter ended September 30, 2016. |
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Net charge-offs remain low, averaging 0.02% of total loans for the past eight quarters. |
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The Company repurchased 80,773 shares of the Company’s common stock through its stock repurchase program at an average price of $15.34 during the quarter ended September 30, 2016, leaving approximately 29,000 shares available for repurchase. In addition, on October 19, 2016, the board approved an additional 250,000 shares for repurchase under its stock repurchase program. |
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The Bank continues to invest in relationship banking through the hiring of an experienced Treasury Management Officer focused on the Baton Rouge market. |
Loans
Total loans were $846.8 million at September 30, 2016, an increase of $29.3 million, or 3.6%, compared to June 30, 2016, and an increase of $136.3 million, or 19.2%, compared to September 30, 2015.
The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated (dollars in thousands).
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Linked Qtr Change |
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Year/Year Change |
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Percentage of Total Loans |
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9/30/2016 |
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6/30/2016 |
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9/30/2015 |
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$ |
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% |
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$ |
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% |
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9/30/2016 |
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9/30/2015 |
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Mortgage loans on real estate |
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Construction and development |
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$ |
92,355 |
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$ |
101,080 |
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$ |
79,796 |
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$ |
(8,725 |
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-8.6 |
% |
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$ |
12,559 |
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15.7 |
% |
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10.9 |
% |
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11.2 |
% |
1-4 Family |
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175,392 |
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166,778 |
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154,277 |
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8,614 |
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5.2 |
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21,115 |
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13.6 |
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20.7 |
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21.7 |
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Multifamily |
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42,560 |
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37,300 |
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24,484 |
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5,260 |
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14.1 |
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18,076 |
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73.8 |
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5.0 |
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3.5 |
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Farmland |
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8,281 |
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8,343 |
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3,009 |
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(62 |
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(0.7 |
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5,272 |
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175.2 |
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1.0 |
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0.4 |
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Commercial real estate |
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Owner-occupied |
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172,952 |
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151,464 |
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132,419 |
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21,488 |
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14.2 |
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40,533 |
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30.6 |
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20.5 |
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18.7 |
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Nonowner-occupied |
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192,270 |
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180,842 |
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126,555 |
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11,428 |
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6.3 |
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65,715 |
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51.9 |
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22.7 |
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17.8 |
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Commercial and industrial |
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77,312 |
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75,103 |
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67,671 |
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2,209 |
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2.9 |
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9,641 |
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14.2 |
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9.1 |
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9.5 |
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Consumer |
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85,706 |
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96,560 |
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122,350 |
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(10,854 |
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(11.2 |
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(36,644 |
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30.0 |
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10.1 |
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17.2 |
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Total loans |
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846,828 |
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817,470 |
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710,561 |
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29,358 |
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3.6 |
% |
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136,267 |
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19.2 |
% |
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100 |
% |
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100 |
% |
Loans held for sale |
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40,553 |
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46,717 |
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55,653 |
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(6,164 |
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(13.2 |
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(15,100 |
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(26.9 |
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Total gross loans |
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$ |
887,381 |
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$ |
864,187 |
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$ |
766,214 |
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$ |
23,194 |
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2.7 |
% |
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$ |
121,167 |
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15.8 |
% |
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Consumer loans, including consumer loans held for sale, totaled $126.3 million at September 30, 2016, a decrease of $17.0 million, or 11.9%, compared to $143.3 million at June 30, 2016, and a decrease of $49.4 million, or 28.1%, compared to $175.7 million at September 30, 2015. The decrease compared to the linked quarter is mainly attributable to principal payments on consumer loan balances. Since the Bank discontinued accepting indirect auto loan applications at the end of 2015, which was the primary source of its consumer loan portfolio and consumer loans held for sale, the consumer loan portfolio is expected to decrease over time. The Bank currently has the intent and ability to sell the balance of the consumer loans classified as held for sale at September 30, 2016, however, if this classification were to change, the loans would be transferred to the consumer loan portfolio.
At September 30, 2016, the Company’s total business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $250.3 million, an increase of $23.7 million, or 10.5%, compared to the business lending portfolio of $226.6 million at June 30, 2016 and an increase of $50.2 million, or 25.1%, compared to the business lending portfolio of $200.1 million at September 30, 2015.
Credit Quality
Nonperforming loans were $9.0 million, or 1.06% of total loans, at September 30, 2016, an increase of $3.5 million, or 63.7%, compared to $5.5 million, or 0.67% of total loans, at June 30, 2016, and an increase of $6.4 million, or 243%, compared to $2.6 million, or 0.37% of total loans, at September 30, 2015. The allowance for loan losses was $7.4 million, or 82.4% and 0.87% of nonperforming loans and total loans, respectively, at September 30, 2016, compared to $7.1 million, or 129.6% and 0.87% of nonperforming loans and total loans, respectively, at June 30, 2016, and $5.9 million, or 226.4% and 0.83% of nonperforming loans and total loans, respectively, at September 30, 2015. The allowance for loan losses plus the fair value marks on acquired loans was 0.95% of total loans at September 30, 2016 compared to 0.95% at June 30, 2016 and 0.93% at September 30, 2015. The increase in nonperforming loans and the decrease in the allowance for loan losses as a percentage of nonperforming loans at September 30, 2016 when compared to both June 30, 2016 and September 30, 2015 are mainly attributable to a $4.7 million owner-occupied commercial real estate relationship. Management has evaluated the loan relationship and has recorded a specific reserve of approximately $0.5 million in the allowance for loan losses. Also included in nonperforming loans is a $2.6 million commercial and industrial loan relationship not related to the oil and gas industry that was placed on nonaccrual status in the second quarter of 2016, as mentioned in a prior release. The Company has determined that a specific reserve is no longer required on the loan as it believes sufficient collateral exists after receiving additional cash collateral from the borrower. Subsequent to the end of the third quarter, the Company received a $0.5 million principal pay-down on this loan relationship. A bankruptcy plan was accepted by the borrower’s creditors and the Company does not expect a loss on this loan at this time. As a result of the loan remaining current throughout the bankruptcy process and the additional cash collateral, the Company anticipates the loan to be placed back on accrual during the fourth quarter.
The Company has instituted a 90-day loan deferral program for customers who were impacted by the flood and has allocated a portion of its general reserves to the potential impact as a result of the flood. The Company placed approximately $23.5 million, or 2.8% of the total loan portfolio on a 90-day deferral plan. The Company continues to assess the impact the flooding may have on the region and its loan portfolio to determine the need for specific or additional general reserves.
The provision for loan loss expense was $0.5 million for the third quarter of 2016, a decrease of $0.4 million and an increase of $0.1 million compared to June 30, 2016 and September 30, 2015, respectively. The decrease in the provision for loan loss expense for the third quarter of 2016 when compared to the second quarter of 2016 is attributable to the specific reserve that was recorded during the second quarter for the comm ercial and industrial loan relationship mentioned above.
Management continues to monitor the Company’s loan portfolio for exposure to potential negative impacts of suppressed oil and gas prices. We consider our exposure to the energy sector not to be significant, at less than one percent of the total loan portfolio at September 30, 2016. However, should the price of oil and gas decline further and/or remain at the current low price for an extended period, the general economic conditions in our south Louisiana markets could be negatively affected and could negatively impact borrowers’ ability to service their debt. Management continually evaluates the allowance for loan losses based on several factors, including economic conditions, and currently believes that any potential negatively affected future cash flows related to these loans would be covered by the current allowance for loan losses.
Deposits
Total deposits at September 30, 2016 were $907.0 million, an increase of $39.8 million, or 4.6%, compared to June 30, 2016 and an increase of $176.6 million, or 25.0%, compared to September 30, 2015. The increase in total deposits was driven by an increase in noninterest-bearing deposits of $17.9 million, or 20.7%, an increase in money market accounts of $27.9 million, or 30.3%, and an increase in time deposits of $115.4 million, or 33.6%, compared to September 30, 2015.
The Company’s focus on relationship banking continues to positively impact noninterest-bearing demand deposit growth.
The following table sets forth the composition of the Company’s deposits as of the dates indicated (dollars in thousands).
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Linked Qtr Change |
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Year/Year Change |
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Percentage of Total Deposits |
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9/30/2016 |
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6/30/2016 |
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9/30/2015 |
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$ |
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% |
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$ |
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% |
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9/30/2016 |
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9/30/2015 |
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Noninterest-bearing demand deposits |
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$ |
112,414 |
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$ |
109,828 |
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$ |
94,533 |
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$ |
2,586 |
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2.4 |
% |
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$ |
17,881 |
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20.7 |
% |
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12.4 |
% |
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12.9 |
% |
NOW accounts |
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150,551 |
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139,893 |
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132,739 |
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10,658 |
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7.6 |
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17,812 |
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13.6 |
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16.6 |
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18.2 |
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Money market deposit accounts |
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123,487 |
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108,552 |
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95,584 |
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14,935 |
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13.8 |
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27,903 |
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30.3 |
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13.6 |
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13.1 |
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Savings accounts |
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51,332 |
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52,899 |
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53,717 |
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(1,567 |
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(3.0 |
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(2,385 |
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(4.5 |
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5.7 |
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7.3 |
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Time deposits |
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469,267 |
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456,033 |
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353,861 |
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13,234 |
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2.9 |
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115,406 |
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33.6 |
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51.7 |
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48.5 |
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Total deposits |
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$ |
907,051 |
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$ |
867,205 |
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$ |
730,434 |
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$ |
39,846 |
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4.6 |
% |
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$ |
176,617 |
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25.0 |
% |
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100 |
% |
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100 |
% |
Net Interest Income
Net interest income for the third quarter of 2016 totaled $8.8 million, an increase of $0.1 million, or 1.1 %, compared to the second quarter of 2016, and an increase of $0.8 million, or 10.1%, compared to the third quarter of 2015. The increase was a direct result of continued growth of the Company’s loan portfolio with an increase in net interest income of $1.2 million due to an increase in volume offset by a $0.4 million decrease related to a reduction in yield compared to the third quarter of 2015.
The Company’s net interest margin was 3.23% for the quarter ended September 30 , 2016 compared to 3.38% for the second quarter of 2016 and 3.52% for the third quarter of 2015. The yield on interest-earning assets was 4.06% for the quarter ended September 30 , 2016 compared to 4.18% for the second quarter of 2016 and 4.20% for the third quarter of 2015. The decrease in net interest margin and yield on interest-earning assets when compared to the second quarter of 2016 is mainly attributable to the increase in nonaccrual loans during the third quarter, as discussed in Credit Quality above, as well as the decline in the yields on investment securities due to an increase in pay-downs of securities with unamortized premiums.
The cost of deposits increased two basis points for the quarter ended September 30, 2016 compared to the second quarter of 2016, and increased thirteen basis points compared to the third quarter of 2015. The increase in the cost of deposits when compared to the third quarter of 2015 is primarily a result of increases in time deposit rates. During the third quarter of 2016, the Company began lowering its rates on time deposits in an effort to begin reducing its cost of funds. Subsequent to the end of the quarter, time deposit rates have been lowered further as we attempt to improve our funding costs.
Noninterest income for the third quarter of 2016 totaled $1.0 million, a decrease of $1.2 million, or 54.4%, compared to the second quarter of 2016, and a decrease of $1.1 million, or 52.5%, compared to the third quarter of 2015. The decrease in noninterest income when compared to the quarter ended June 30, 2016 is mainly attributable to the $1.3 million gain on sale of fixed assets recognized for the sale of the land and building of one of the Bank’s branch locations to a healthcare company in the second quarter. The decrease in noninterest income when compared to the third quarter of 2015 is mainly due to the $1.0 million decrease in the gain on sale of loans. Since exiting the indirect auto loan origination business at the end of 2015 , the Bank has experienced decreased loan sales and has ceased originations of consumer loans held for sale. The Bank does intend to sell the balance of the consumer loans held for sale at September 30, 2016, however, it expects the gain on sale of loans to diminish over time.
Noninterest Expense
Noninterest expense for the third quarter of 2016 totaled $6.5 million, a decrease of $0.6 million, or 7.8%, compared to the second quarter of 2016, and a decrease of $0.5 million, or 6.6%, compared to the third quarter of 2015. The decrease in noninterest expense compared to the second quarter of 2016 is primarily due to $0.6 million in customer reimbursements that we paid to certain borrowers during the second quarter. The decrease in noninterest expense compared to the third quarter of 2015 is mainly due to a $0.2 million decrease in salaries and benefits and a $0.4 million decrease in other operating expenses.
Along with its normal operating expenses, during the third quarter of 2016 the Company recorded additional expense in other operating expenses of approximately $31,000 related to employee and community assistance as a result of the August flooding.
Basic Earnings Per Share and Diluted Earnings Per Share
The Company reported both basic and diluted earnings per share of $0.29 for the three months ended September 30 , 2016, an increase of $0.03, compared to basic and diluted earnings per share of $0.26 for the three months ended September 30, 2015.
Taxes
The Company recorded income tax expense of $0.7 million for the quarter ended September 30 , 2016, which equates to an effective tax rate of 26.8%. The Company recorded a $0.1 million tax benefit during the quarter related to the filing of its 2015 tax return which contributed to the lower effective tax rate during the quarter. Management expects the effective income tax rate to approximate 32.5% for the fourth quarter of 2016.
About Investar Holding Corporation
Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, a state chartered bank. The Company’s primary market is South Louisiana and it currently operates 10 full service banking offices located throughout its market. At September 30 , 2016, the Company had 155 full-time equivalent employees.
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America, or GAAP. These measures and ratios include “tangible common equity,” “tangible assets,” “tangible equity to tangible assets,” and “tangible book value per common share.” Management believes these non-GAAP financial measures provide information useful to investors in understanding the Company’s financial results, and the Company believes that its presentation, together with the accompanying reconciliations, provide a more complete understanding of factors and trends affecting the Company’s business and allow investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and the Company strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. A reconciliation of the non-GAAP financial measures disclosed in this press release to the comparable GAAP financial measures is included at the end of the financial statement tables.
Forward-Looking Statements
This press release c o ntai n s forward- l ooking s t a t eme n ts wit h in t h e mean i ng of t h e Priva t e Securities Lit i gati o n Ref o rm Act of 1 9 95 that reflect the Company’s current views w i t h res p ec t t o , amo n g ot h er th i ngs , fu t u re e v e n t s a n d f i nancia l pe r f o r mance . T h e C o m p any ge n eral l y i d entifies forward-l o ok i ng statemen t s by termi n ol o g y such as “outlook,” “believes,” “expects,” “ potential,” “continue s,” “may,” “will,” “could,” “ s hould,” “seek s ,” “approximately,” “pred i ct s ,” “intends,” “plan s ,” “esti m ates,” “anticipates,” or the ne g ative ve rs io n of th o s e w o rd s o r o t he r compa r abl e wo r ds . A n y f o rwa r d - lo oking s t atem e nts contained in this press relea s e are based on t he h i s t o r ica l pe r f o r ma n c e o f t h e Compa n y a n d i t s subs i dia r ie s o r on the Company’s cur r ent plan s , estimates and expectation s . The i n clusi o n of thi s forward-lo o ki n g i n f o rmati o n s h oul d n ot be re g arded as a repres e ntation by the Company that the future plans, estimates or e x pecta t ions by t h e Compa n y will be ach i eved. S u ch forward-lo o k i n g statemen t s are sub j ect t o vari o u s r i sks a n d uncerta i n t i es and assump t i ons relat i ng to t h e Compan y ’ s operati o ns, fina n cial results, fi n ancial co n d i t io n , business p r ospects, g ro w t h st ra teg y a n d li q ui d it y . If o ne o r mo re of t h es e or o t he r r isk s o r unce r tai n tie s ma t e r i a l ize , or i f th e C o m p any ’s u nde r l y in g as s ump t io n s prove to be incorrect, the Company ’ s actual r es u lts m ay v ary m ate ri ally f r om t h os e indicated in these s t atement s . The Company d oes n ot un d er t a k e an y o b li g ati o n t o p u bl i c l y u p dat e or re v ise an y f o r wa r d- l oo k in g s t ateme n t , w het h er a s a re s u l t o f ne w i n fo rm atio n, f ut u r e deve l opmen t s or ot h e r w ise . A n u m b e r o f impo r tan t f act o rs cou l d cause ac t ual results to d i ffer materially from t h ose in d icated b y th e f or w ar d -l o ok i n g sta t ements. These factors include, but are not limi t ed to, the fol l ow i ng, any one or more of which co u l d mater i ally affect t h e o u t c ome of future events:
|
• |
b us ines s an d econ o m i c con d it i on s ge nera l l y a n d i n t h e fi n a ncia l s erv i ces in d u stry in partic u l ar, whether na t i onall y , regi o n al l y or in the mar k ets i n wh i ch 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 and including the potential impact on our borrowers of the August 2016 flooding in Baton Rouge and surrounding areas; |
|
• |
inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates; |
|
• |
the concentration of our business within our geographic areas of operation in Louisiana; and |
|
• |
concentration of credit exposur e. |
These factors should not be con s tru e d as exha u s tive . Ad d it i ona l i n f o rmati o n on thes e an d ot h er ris k f acto rs ca n b e fo u n d i n I t em 1 A. “Risk Factor s ” and Item 7. “Special Note Rega r di n g Fo r wa r d-L o ok i n g S t atement s ” i n t h e C ompan y ’ s A nn u a l Re p o rt on Fo rm 1 0-K for the year end e d December 31, 2015, f i led wi t h the Secu r ities and Exchange Commission.
For further information contact:
Investar Holding Corporation
Chris Hufft
Chief Financial Officer
(225) 227-2215
Chris.Hufft@investarbank.com
INVESTAR HOLDING CORPORATION |
|
|||||||||||
CONSOLIDATED BALANCE SHEETS |
|
|||||||||||
(Amounts in thousands, except share data) |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2015 |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
10,172 |
|
|
$ |
9,958 |
|
|
$ |
6,595 |
|
Interest-bearing balances due from other banks |
|
|
35,811 |
|
|
|
27,175 |
|
|
|
13,058 |
|
Federal funds sold |
|
|
172 |
|
|
|
1 |
|
|
|
223 |
|
Cash and cash equivalents |
|
|
46,155 |
|
|
|
37,134 |
|
|
|
19,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities at fair value (amortized cost of $147,609, $149,986, and $84,218, respectively) |
|
|
148,981 |
|
|
|
151,841 |
|
|
|
84,566 |
|
Held to maturity securities at amortized cost (estimated fair value of $21,625, $25,810, and $27,486, respectively) |
|
|
21,454 |
|
|
|
25,656 |
|
|
|
27,525 |
|
Loans held for sale |
|
|
40,553 |
|
|
|
46,717 |
|
|
|
55,653 |
|
Loans, net of allowance for loan losses of $7,383, $7,091, and $5,911, respectively |
|
|
839,445 |
|
|
|
810,379 |
|
|
|
704,650 |
|
Other equity securities |
|
|
7,388 |
|
|
|
7,371 |
|
|
|
4,899 |
|
Bank premises and equipment, net of accumulated depreciation of $6,380, $6,017, and $5,796, respectively |
|
|
31,835 |
|
|
|
30,147 |
|
|
|
29,916 |
|
Other real estate owned, net |
|
|
279 |
|
|
|
279 |
|
|
|
1,178 |
|
Accrued interest receivable |
|
|
3,081 |
|
|
|
2,840 |
|
|
|
2,560 |
|
Deferred tax asset |
|
|
1,384 |
|
|
|
1,459 |
|
|
|
1,803 |
|
Goodwill and other intangible assets |
|
|
3,244 |
|
|
|
3,254 |
|
|
|
3,185 |
|
Bank-owned life insurance |
|
|
7,150 |
|
|
|
7,101 |
|
|
|
- |
|
Other assets |
|
|
3,256 |
|
|
|
2,752 |
|
|
|
1,936 |
|
Total assets |
|
$ |
1,154,205 |
|
|
$ |
1,126,930 |
|
|
$ |
937,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
112,414 |
|
|
$ |
109,828 |
|
|
$ |
94,533 |
|
Interest-bearing |
|
|
794,637 |
|
|
|
757,377 |
|
|
|
635,901 |
|
Total deposits |
|
|
907,051 |
|
|
|
867,205 |
|
|
|
730,434 |
|
Advances from Federal Home Loan Bank |
|
|
88,943 |
|
|
|
93,599 |
|
|
|
47,900 |
|
Repurchase agreements |
|
|
23,554 |
|
|
|
28,854 |
|
|
|
34,648 |
|
Junior subordinated debt |
|
|
3,609 |
|
|
|
3,609 |
|
|
|
3,609 |
|
Accrued taxes and other liabilities |
|
|
17,472 |
|
|
|
20,900 |
|
|
|
13,028 |
|
Total liabilities |
|
|
1,040,629 |
|
|
|
1,014,167 |
|
|
|
829,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 7,359,666, 7,359,976, and 7,304,910 shares issued and 7,131,186, 7,214,734, and 7,264,261 shares outstanding, respectively |
|
|
7,360 |
|
|
|
7,360 |
|
|
|
7,305 |
|
Treasury stock |
|
|
(3,526 |
) |
|
|
(2,249 |
) |
|
|
(630 |
) |
Surplus |
|
|
85,124 |
|
|
|
84,958 |
|
|
|
84,588 |
|
Retained earnings |
|
|
24,465 |
|
|
|
22,507 |
|
|
|
17,257 |
|
Accumulated other comprehensive income (loss) |
|
|
153 |
|
|
|
187 |
|
|
|
(392 |
) |
Total stockholders’ equity |
|
|
113,576 |
|
|
|
112,763 |
|
|
|
108,128 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,154,205 |
|
|
$ |
1,126,930 |
|
|
$ |
937,747 |
|
INVESTAR HOLDING CORPORATION |
|
|||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|||||||||||||||||||
(Amounts in thousands, except share data) |
|
|||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||||||
|
|
September 30, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2015 |
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
10,011 |
|
|
$ |
9,781 |
|
|
$ |
8,912 |
|
|
$ |
29,277 |
|
|
$ |
25,856 |
|
Interest on investment securities |
|
|
920 |
|
|
|
891 |
|
|
|
550 |
|
|
|
2,667 |
|
|
|
1,558 |
|
Other interest income |
|
|
62 |
|
|
|
47 |
|
|
|
18 |
|
|
|
146 |
|
|
|
53 |
|
Total interest income |
|
|
10,993 |
|
|
|
10,719 |
|
|
|
9,480 |
|
|
|
32,090 |
|
|
|
27,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1,934 |
|
|
|
1,763 |
|
|
|
1,358 |
|
|
|
5,212 |
|
|
|
3,849 |
|
Interest on borrowings |
|
|
306 |
|
|
|
298 |
|
|
|
170 |
|
|
|
920 |
|
|
|
387 |
|
Total interest expense |
|
|
2,240 |
|
|
|
2,061 |
|
|
|
1,528 |
|
|
|
6,132 |
|
|
|
4,236 |
|
Net interest income |
|
|
8,753 |
|
|
|
8,658 |
|
|
|
7,952 |
|
|
|
25,958 |
|
|
|
23,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
450 |
|
|
|
800 |
|
|
|
400 |
|
|
|
1,704 |
|
|
|
1,500 |
|
Net interest income after provision for loan losses |
|
|
8,303 |
|
|
|
7,858 |
|
|
|
7,552 |
|
|
|
24,254 |
|
|
|
21,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
79 |
|
|
|
88 |
|
|
|
95 |
|
|
|
264 |
|
|
|
286 |
|
Gain on sale of investment securities, net |
|
|
204 |
|
|
|
144 |
|
|
|
334 |
|
|
|
428 |
|
|
|
468 |
|
Gain on sale of fixed assets, net |
|
|
- |
|
|
|
1,252 |
|
|
|
14 |
|
|
|
1,252 |
|
|
|
14 |
|
Gain (loss) on sale of real estate owned, net |
|
|
- |
|
|
|
10 |
|
|
|
(147 |
) |
|
|
11 |
|
|
|
(141 |
) |
Gain on sale of loans, net |
|
|
- |
|
|
|
- |
|
|
|
1,023 |
|
|
|
313 |
|
|
|
3,831 |
|
Fee income on loans held for sale, net |
|
|
118 |
|
|
|
106 |
|
|
|
261 |
|
|
|
347 |
|
|
|
771 |
|
Servicing fees |
|
|
392 |
|
|
|
431 |
|
|
|
429 |
|
|
|
1,291 |
|
|
|
1,082 |
|
Other operating income |
|
|
236 |
|
|
|
225 |
|
|
|
158 |
|
|
|
666 |
|
|
|
462 |
|
Total noninterest income |
|
|
1,029 |
|
|
|
2,256 |
|
|
|
2,167 |
|
|
|
4,572 |
|
|
|
6,773 |
|
Income before noninterest expense |
|
|
9,332 |
|
|
|
10,114 |
|
|
|
9,719 |
|
|
|
28,826 |
|
|
|
28,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
371 |
|
|
|
369 |
|
|
|
362 |
|
|
|
1,110 |
|
|
|
1,081 |
|
Salaries and employee benefits |
|
|
3,945 |
|
|
|
3,890 |
|
|
|
4,161 |
|
|
|
11,708 |
|
|
|
12,040 |
|
Occupancy |
|
|
265 |
|
|
|
242 |
|
|
|
217 |
|
|
|
743 |
|
|
|
655 |
|
Data processing |
|
|
374 |
|
|
|
367 |
|
|
|
389 |
|
|
|
1,115 |
|
|
|
1,099 |
|
Marketing |
|
|
102 |
|
|
|
102 |
|
|
|
35 |
|
|
|
316 |
|
|
|
155 |
|
Professional fees |
|
|
312 |
|
|
|
375 |
|
|
|
271 |
|
|
|
966 |
|
|
|
770 |
|
Customer reimbursements |
|
|
- |
|
|
|
584 |
|
|
|
- |
|
|
|
584 |
|
|
|
- |
|
Other operating expenses |
|
|
1,179 |
|
|
|
1,175 |
|
|
|
1,578 |
|
|
|
3,494 |
|
|
|
4,319 |
|
Total noninterest expense |
|
|
6,548 |
|
|
|
7,104 |
|
|
|
7,013 |
|
|
|
20,036 |
|
|
|
20,119 |
|
Income before income tax expense |
|
|
2,784 |
|
|
|
3,010 |
|
|
|
2,706 |
|
|
|
8,790 |
|
|
|
8,385 |
|
Income tax expense |
|
|
747 |
|
|
|
1,005 |
|
|
|
850 |
|
|
|
2,758 |
|
|
|
2,766 |
|
Net income |
|
$ |
2,037 |
|
|
$ |
2,005 |
|
|
$ |
1,856 |
|
|
$ |
6,032 |
|
|
$ |
5,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.85 |
|
|
$ |
0.78 |
|
Diluted earnings per share |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.84 |
|
|
$ |
0.78 |
|
Cash dividends declared per common share |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.02 |
|
INVESTAR HOLDING CORPORATION |
|
|||||||||||||||||||
EARNINGS PER COMMON SHARE |
|
|||||||||||||||||||
(Amounts in thousands, except share data) |
|
|||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||||||
|
|
September 30, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2015 |
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
2,037 |
|
|
$ |
2,005 |
|
|
$ |
1,856 |
|
|
$ |
6,032 |
|
|
$ |
5,619 |
|
Weighted average number of common shares outstanding used in computation of basic earnings per common share |
|
|
7,059,953 |
|
|
|
7,158,532 |
|
|
|
7,217,006 |
|
|
|
7,137,398 |
|
|
|
7,218,603 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock |
|
|
15,546 |
|
|
|
15,298 |
|
|
|
9,326 |
|
|
|
8,991 |
|
|
|
4,812 |
|
Stock options |
|
|
15,369 |
|
|
|
14,715 |
|
|
|
13,980 |
|
|
|
14,920 |
|
|
|
12,385 |
|
Stock warrants |
|
|
11,575 |
|
|
|
11,231 |
|
|
|
12,269 |
|
|
|
11,360 |
|
|
|
11,284 |
|
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share |
|
|
7,102,443 |
|
|
|
7,199,776 |
|
|
|
7,252,581 |
|
|
|
7,172,669 |
|
|
|
7,247,084 |
|
Basic earnings per share |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.85 |
|
|
$ |
0.78 |
|
Diluted earnings per share |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.84 |
|
|
$ |
0.78 |
|
INVESTAR HOLDING CORPORATION |
|
|||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS |
|
|||||||||||||||||||||||||||||||||||
(Amounts in thousands) |
|
|||||||||||||||||||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|||||||||||||||||||||||||||||||||
|
|
September 30, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2015 |
|
|||||||||||||||||||||||||||
|
|
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 |
|
$ |
874,272 |
|
|
$ |
10,011 |
|
|
|
4.54 |
% |
|
$ |
852,475 |
|
|
$ |
9,781 |
|
|
|
4.60 |
% |
|
$ |
777,080 |
|
|
$ |
8,912 |
|
|
|
4.55 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
136,047 |
|
|
|
728 |
|
|
|
2.12 |
|
|
|
129,126 |
|
|
|
732 |
|
|
|
2.27 |
|
|
|
82,476 |
|
|
|
444 |
|
|
|
2.14 |
|
Tax-exempt |
|
|
30,733 |
|
|
|
192 |
|
|
|
2.48 |
|
|
|
25,105 |
|
|
|
159 |
|
|
|
2.54 |
|
|
|
17,234 |
|
|
|
106 |
|
|
|
2.44 |
|
Interest-bearing balances with banks |
|
|
34,093 |
|
|
|
62 |
|
|
|
0.72 |
|
|
|
21,654 |
|
|
|
47 |
|
|
|
0.87 |
|
|
|
18,418 |
|
|
|
18 |
|
|
|
0.39 |
|
Total interest-earning assets |
|
|
1,075,145 |
|
|
|
10,993 |
|
|
|
4.06 |
|
|
|
1,028,360 |
|
|
|
10,719 |
|
|
|
4.18 |
|
|
|
895,208 |
|
|
|
9,480 |
|
|
|
4.20 |
|
Cash and due from banks |
|
|
7,138 |
|
|
|
|
|
|
|
|
|
|
|
7,647 |
|
|
|
|
|
|
|
|
|
|
|
5,669 |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
3,248 |
|
|
|
|
|
|
|
|
|
|
|
3,258 |
|
|
|
|
|
|
|
|
|
|
|
3,189 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
56,273 |
|
|
|
|
|
|
|
|
|
|
|
54,123 |
|
|
|
|
|
|
|
|
|
|
|
46,061 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
(7,213 |
) |
|
|
|
|
|
|
|
|
|
|
(6,784 |
) |
|
|
|
|
|
|
|
|
|
|
(5,893 |
) |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,134,591 |
|
|
|
|
|
|
|
|
|
|
$ |
1,086,604 |
|
|
|
|
|
|
|
|
|
|
$ |
944,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
262,841 |
|
|
$ |
433 |
|
|
|
0.65 |
% |
|
$ |
247,052 |
|
|
$ |
393 |
|
|
|
0.64 |
% |
|
$ |
229,919 |
|
|
$ |
369 |
|
|
|
0.64 |
% |
Savings deposits |
|
|
51,924 |
|
|
|
88 |
|
|
|
0.67 |
|
|
|
52,728 |
|
|
|
88 |
|
|
|
0.67 |
|
|
|
53,407 |
|
|
|
91 |
|
|
|
0.68 |
|
Time deposits |
|
|
469,826 |
|
|
|
1,413 |
|
|
|
1.19 |
|
|
|
439,898 |
|
|
|
1,282 |
|
|
|
1.17 |
|
|
|
350,906 |
|
|
|
898 |
|
|
|
1.02 |
|
Total interest-bearing deposits |
|
|
784,591 |
|
|
|
1,934 |
|
|
|
0.98 |
|
|
|
739,678 |
|
|
|
1,763 |
|
|
|
0.96 |
|
|
|
634,232 |
|
|
|
1,358 |
|
|
|
0.85 |
|
Short-term borrowings |
|
|
98,286 |
|
|
|
237 |
|
|
|
0.96 |
|
|
|
103,274 |
|
|
|
229 |
|
|
|
0.89 |
|
|
|
68,544 |
|
|
|
32 |
|
|
|
0.19 |
|
Long-term debt |
|
|
22,644 |
|
|
|
69 |
|
|
|
1.21 |
|
|
|
23,434 |
|
|
|
69 |
|
|
|
1.18 |
|
|
|
35,836 |
|
|
|
138 |
|
|
|
1.53 |
|
Total interest-bearing liabilities |
|
|
905,521 |
|
|
|
2,240 |
|
|
|
0.98 |
|
|
|
866,386 |
|
|
|
2,061 |
|
|
|
0.95 |
|
|
|
738,612 |
|
|
|
1,528 |
|
|
|
0.82 |
|
Noninterest-bearing deposits |
|
|
102,736 |
|
|
|
|
|
|
|
|
|
|
|
95,537 |
|
|
|
|
|
|
|
|
|
|
|
87,425 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
13,278 |
|
|
|
|
|
|
|
|
|
|
|
12,646 |
|
|
|
|
|
|
|
|
|
|
|
10,402 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
113,056 |
|
|
|
|
|
|
|
|
|
|
|
112,035 |
|
|
|
|
|
|
|
|
|
|
|
107,795 |
|
|
|
|
|
|
|
|
|
Total liability and stockholders’ equity |
|
$ |
1,134,591 |
|
|
|
|
|
|
|
|
|
|
$ |
1,086,604 |
|
|
|
|
|
|
|
|
|
|
$ |
944,234 |
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin |
|
|
|
|
|
$ |
8,753 |
|
|
|
3.23 |
% |
|
|
|
|
|
$ |
8,658 |
|
|
|
3.38 |
% |
|
|
|
|
|
$ |
7,952 |
|
|
|
3.52 |
% |
INVESTAR HOLDING CORPORATION |
|
|||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS |
|
|||||||||||||||||||||||
(Amounts in thousands) |
|
|||||||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|||||||||||||||||||||
|
|
September 30 2016 |
|
|
September 30, 2015 |
|
||||||||||||||||||
|
|
Average Balance |
|
|
Interest Income/ Expense |
|
|
Yield/ Rate |
|
|
Average Balance |
|
|
Interest Income/ Expense |
|
|
Yield/ Rate |
|
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
853,116 |
|
|
$ |
29,277 |
|
|
|
4.57 |
% |
|
$ |
740,652 |
|
|
$ |
25,856 |
|
|
|
4.67 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
125,982 |
|
|
|
2,172 |
|
|
|
2.30 |
|
|
|
76,069 |
|
|
|
1,214 |
|
|
|
2.13 |
|
Tax-exempt |
|
|
25,920 |
|
|
|
495 |
|
|
|
2.54 |
|
|
|
18,381 |
|
|
|
344 |
|
|
|
2.50 |
|
Interest-bearing balances with banks |
|
|
25,608 |
|
|
|
146 |
|
|
|
0.76 |
|
|
|
17,863 |
|
|
|
53 |
|
|
|
0.40 |
|
Total interest-earning assets |
|
|
1,030,626 |
|
|
|
32,090 |
|
|
|
4.15 |
|
|
|
852,965 |
|
|
|
27,467 |
|
|
|
4.31 |
|
Cash and due from banks |
|
|
7,335 |
|
|
|
|
|
|
|
|
|
|
|
5,597 |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
3,228 |
|
|
|
|
|
|
|
|
|
|
|
3,199 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
54,478 |
|
|
|
|
|
|
|
|
|
|
|
45,619 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
(6,770 |
) |
|
|
|
|
|
|
|
|
|
|
(5,497 |
) |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,088,897 |
|
|
|
|
|
|
|
|
|
|
$ |
901,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
249,960 |
|
|
$ |
1,205 |
|
|
|
0.64 |
% |
|
$ |
219,018 |
|
|
$ |
1,034 |
|
|
|
0.63 |
% |
Savings deposits |
|
|
52,596 |
|
|
|
265 |
|
|
|
0.67 |
|
|
|
54,158 |
|
|
|
274 |
|
|
|
0.68 |
|
Time deposits |
|
|
431,328 |
|
|
|
3,742 |
|
|
|
1.16 |
|
|
|
339,129 |
|
|
|
2,541 |
|
|
|
1.00 |
|
Total interest-bearing deposits |
|
|
733,884 |
|
|
|
5,212 |
|
|
|
0.95 |
|
|
|
612,305 |
|
|
|
3,849 |
|
|
|
0.84 |
|
Short-term borrowings |
|
|
111,418 |
|
|
|
710 |
|
|
|
0.85 |
|
|
|
53,030 |
|
|
|
72 |
|
|
|
0.18 |
|
Long-term debt |
|
|
24,243 |
|
|
|
210 |
|
|
|
1.15 |
|
|
|
39,213 |
|
|
|
315 |
|
|
|
1.07 |
|
Total interest-bearing liabilities |
|
|
869,545 |
|
|
|
6,132 |
|
|
|
0.94 |
|
|
|
704,548 |
|
|
|
4,236 |
|
|
|
0.80 |
|
Noninterest-bearing deposits |
|
|
95,225 |
|
|
|
|
|
|
|
|
|
|
|
82,157 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
12,135 |
|
|
|
|
|
|
|
|
|
|
|
8,736 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
111,992 |
|
|
|
|
|
|
|
|
|
|
|
106,442 |
|
|
|
|
|
|
|
|
|
Total liability and stockholders’ equity |
|
$ |
1,088,897 |
|
|
|
|
|
|
|
|
|
|
$ |
901,883 |
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin |
|
|
|
|
|
$ |
25,958 |
|
|
|
3.36 |
% |
|
|
|
|
|
$ |
23,231 |
|
|
|
3.64 |
% |
INVESTAR HOLDING CORPORATION |
|
|||||||||||
RECONCILIATION OF NON GAAP FINANCIAL MEASURES |
|
|||||||||||
(Amounts in thousands, except share data) |
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(Unaudited) |
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September 30, 2016 |
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June 30, 2016 |
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September 30, 2015 |
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Tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholder's equity |
|
$ |
113,576 |
|
|
$ |
112,763 |
|
|
$ |
108,128 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
2,684 |
|
|
|
2,684 |
|
|
|
2,684 |
|
Core deposit intangible |
|
|
460 |
|
|
|
470 |
|
|
|
501 |
|
Trademark intangible |
|
|
100 |
|
|
|
100 |
|
|
|
- |
|
Tangible common equity |
|
$ |
110,332 |
|
|
$ |
109,509 |
|
|
$ |
104,943 |
|
Tangible assets |
|
|
|
|
|
|
|
|
|
|
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Total assets |
|
$ |
1,154,205 |
|
|
$ |
1,126,930 |
|
|
$ |
937,747 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
2,684 |
|
|
|
2,684 |
|
|
|
2,684 |
|
Core deposit intangible |
|
|
460 |
|
|
|
470 |
|
|
|
501 |
|
Trademark intangible |
|
|
100 |
|
|
|
100 |
|
|
|
- |
|
Tangible assets |
|
$ |
1,150,961 |
|
|
$ |
1,123,676 |
|
|
$ |
934,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
7,131,186 |
|
|
|
7,214,734 |
|
|
|
7,264,261 |
|
Tangible equity to tangible assets |
|
|
9.59 |
% |
|
|
9.75 |
% |
|
|
11.23 |
% |
Book value per common share |
|
$ |
15.93 |
|
|
$ |
15.63 |
|
|
$ |
14.88 |
|
Tangible book value per common share |
|
|
15.47 |
|
|
|
15.18 |
|
|
|
14.45 |
|