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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10500 Coursey Blvd.
Baton Rouge, Louisiana 70816
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(Address of principal executive offices) (Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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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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¨
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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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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, $1.00 par value per share
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ISTR
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The Nasdaq Global Market
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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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INVESTAR HOLDING CORPORATION
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Date: April 24, 2020
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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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In response to the COVID-19 pandemic, the Bank instituted a 90-day loan deferral program for affected customers. As of March 31, 2020, the Company had placed approximately $55 million, or 3.2% of the total loan portfolio, on the deferral program. As of April 17, 2020, the Company had placed approximately $439 million on the loan deferral program. Eighty-seven percent of the total loans on the deferral program are secured by real estate with loan-to-value ratios averaging 67%.
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•
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The Bank recorded an additional $3.5 million in provision for credit losses primarily as a result of the deterioration of market conditions which have been adversely affected by the COVID-19 pandemic.
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•
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Cost of deposits decreased ten basis points to 1.47% for the quarter ended March 31, 2020 compared to 1.57% for the quarter ended December 31, 2019.
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•
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Net interest margin improved two basis points to 3.46% for the quarter ended March 31, 2020 compared to 3.44% at December 31, 2019.
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•
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On February 21, 2020, the Bank completed its previously announced acquisition and assumption of certain assets, deposits and other liabilities associated with the Alice and Victoria, Texas locations of PlainsCapital Bank, a wholly-owned subsidiary of Hilltop Holdings Inc. In connection with the acquisition, the Bank acquired approximately $45.3 million in loans and approximately $37.0 million in deposits. In addition, the Bank acquired substantially all the fixed assets at the branch locations, and assumed the leases for the branch facilities.
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•
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The Company and Bank remain well capitalized with all capital ratios above the regulatory requirements. The total risk-based capital ratio for the Company and Bank was 14.40% and 12.87%, respectively, at March 31, 2020, compared to 15.02% and 13.03%, respectively, at December 31, 2019.
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•
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The Company repurchased 326,636 shares of its common stock through its stock repurchase program at an average price of $20.34 during the quarter ended March 31, 2020, leaving 299,698 shares authorized for repurchase under the current stock repurchase plan after the board approved, on March 10, 2020, an additional 300,000 shares for repurchase.
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Linked Quarter Change
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Year/Year Change
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Percentage of Total Loans
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||||||||||||||||||||
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3/31/2020
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12/31/2019
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3/31/2019
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$
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%
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$
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%
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3/31/2020
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3/31/2019
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||||||||||||||
Mortgage loans on real estate
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Construction and development
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$
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191,597
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$
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197,797
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$
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171,483
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$
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(6,200
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)
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(3.1
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)%
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$
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20,114
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11.7
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%
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11.1
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%
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11.5
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%
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1-4 Family
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328,730
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321,489
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299,061
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7,241
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2.3
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29,669
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9.9
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19.0
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20.0
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|||||
Multifamily
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61,709
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60,617
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57,487
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1,092
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1.8
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4,222
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7.3
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3.6
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3.9
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|||||
Farmland
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29,373
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27,780
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24,457
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1,593
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5.7
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4,916
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20.1
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1.7
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1.6
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|||||
Commercial real estate
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||||||||||||||
Owner-occupied
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370,209
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352,324
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307,108
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17,885
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5.1
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63,101
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20.5
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21.4
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20.5
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|||||
Nonowner-occupied
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406,145
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378,736
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339,637
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27,409
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7.2
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66,508
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19.6
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23.5
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22.7
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|||||
Commercial and industrial
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313,850
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323,786
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255,476
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(9,936
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)
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(3.1
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)
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58,374
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22.8
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18.1
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17.1
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|||||
Consumer
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28,181
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29,446
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40,210
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(1,265
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)
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(4.3
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)
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(12,029
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)
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(29.9
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)
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1.6
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2.7
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|||||
Total loans
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$
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1,729,794
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$
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1,691,975
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$
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1,494,919
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$
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37,819
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2.2
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%
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$
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234,875
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15.7
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%
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100
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%
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100
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%
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Industry
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Percentage of Loan Portfolio
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Oil and gas
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3.2
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%
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Food services
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1.8
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Hospitality
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0.4
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Entertainment
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0.6
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Total
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6.0
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%
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Linked Quarter Change
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Year/Year Change
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Percentage of
Total Deposits |
||||||||||||||||||||
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3/31/2020
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12/31/2019
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3/31/2019
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$
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%
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$
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%
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3/31/2020
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3/31/2019
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||||||||||||||
Noninterest-bearing demand deposits
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$
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339,379
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$
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351,905
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$
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285,811
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$
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(12,526
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)
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(3.6
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)%
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$
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53,568
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18.7
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%
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19.6
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%
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18.6
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%
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Interest-bearing demand deposits
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378,787
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335,478
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333,434
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43,309
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12.9
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45,353
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13.6
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21.9
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21.8
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Money market deposit accounts
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197,703
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198,999
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188,373
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(1,296
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)
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(0.7
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)
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9,330
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5.0
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11.4
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12.3
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|||||
Savings accounts
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118,193
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115,324
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114,631
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2,869
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2.5
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3,562
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3.1
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6.9
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7.5
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|||||
Time deposits
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694,764
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706,000
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610,544
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(11,236
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)
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(1.6
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)
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84,220
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13.8
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40.2
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39.8
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|||||
Total deposits
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$
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1,728,826
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$
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1,707,706
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$
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1,532,793
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|
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$
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21,120
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1.2
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%
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$
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196,033
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12.8
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%
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100.0
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%
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100.0
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%
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|
|
For the quarter ended
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||||||||||||||||||
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3/31/2020
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12/31/2019
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3/31/2019
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Linked Quarter
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Year/Year
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||||||||||
Net interest income after provision for loan losses
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$
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13,575
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$
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16,229
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$
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14,891
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$
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(2,654
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)
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$
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(1,316
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)
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Add: Provision for loan losses
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3,760
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736
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|
265
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|||||||
Noninterest income
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1,089
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1,575
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1,281
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(486
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)
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(192
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)
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|||||
Less: Change in fair value of equity securities
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(826
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)
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121
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|
180
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|||||
Adjusted noninterest income*
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1,915
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1,454
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1,101
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|
461
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|
|
814
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|||||
Total noninterest expense
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13,907
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13,629
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|
11,303
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278
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2,604
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|||||
Income before provision for loan losses, change in the fair value of equity securities and income tax expense*
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$
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5,343
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$
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4,790
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|
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$
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4,954
|
|
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$
|
553
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|
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$
|
389
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•
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borrowers may default on loans and economic conditions could deteriorate requiring further increases to the allowance for loan losses;
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•
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demand for our loans and other banking services, and related income and fees, may be reduced;
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•
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the value of collateral securing our loans may deteriorate; and
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•
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lower market interest rates will have an adverse impact on our variable rate loans and reduce our income.
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•
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the ongoing impacts of the COVID-19 pandemic on economic conditions in general and on the Bank’s markets in particular, and on the Bank’s operations and financial results;
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•
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ongoing disruptions in the oil and gas industry due to the significant decrease in the price of oil;
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•
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business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate;
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•
|
our ability to achieve organic loan and deposit growth, and the composition of that growth;
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•
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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;
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•
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changes (or the lack of changes) in interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;
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•
|
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;
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•
|
the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally;
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•
|
our dependence on our management team, and our ability to attract and retain qualified personnel;
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•
|
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;
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•
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inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates;
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•
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the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama;
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•
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concentration of credit exposure; and
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•
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the satisfaction of the conditions to closing the pending acquisition of Cheaha Bank and the ability to subsequently integrate it effectively.
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INVESTAR HOLDING CORPORATION
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||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
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|
||||||
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|
March 31, 2020
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|
December 31, 2019
|
|
March 31, 2019
|
||||||
ASSETS
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|
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||||||
Cash and due from banks
|
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$
|
26,641
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$
|
23,769
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|
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$
|
22,535
|
|
Interest-bearing balances due from other banks
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|
11,854
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|
|
20,539
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|
|
47,506
|
|
|||
Federal funds sold
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|
47
|
|
|
387
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|
|
2,362
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|
|||
Cash and cash equivalents
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|
38,542
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|
|
44,695
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|
|
72,403
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|||
|
|
|
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|
||||||
Available for sale securities at fair value (amortized cost of $274,041, $258,104, and $265,981, respectively)
|
|
276,281
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|
|
259,805
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|
|
264,257
|
|
|||
Held to maturity securities at amortized cost (estimated fair value of $14,181, $14,480, and $15,816, respectively)
|
|
14,253
|
|
|
14,409
|
|
|
15,816
|
|
|||
Loans, net of allowance for loan losses of $14,233, $10,700, and $9,642, respectively
|
|
1,715,561
|
|
|
1,681,275
|
|
|
1,485,277
|
|
|||
Other equity securities
|
|
17,653
|
|
|
19,315
|
|
|
14,392
|
|
|||
Bank premises and equipment, net of accumulated depreciation of $13,130, $12,432, and $10,513, respectively
|
|
54,573
|
|
|
50,916
|
|
|
45,717
|
|
|||
Other real estate owned, net
|
|
76
|
|
|
133
|
|
|
1,748
|
|
|||
Accrued interest receivable
|
|
8,765
|
|
|
7,913
|
|
|
6,377
|
|
|||
Deferred tax asset
|
|
1,142
|
|
|
—
|
|
|
38
|
|
|||
Goodwill and other intangible assets, net
|
|
32,211
|
|
|
31,035
|
|
|
27,143
|
|
|||
Bank-owned life insurance
|
|
32,204
|
|
|
32,014
|
|
|
24,011
|
|
|||
Other assets
|
|
8,108
|
|
|
7,406
|
|
|
4,715
|
|
|||
Total assets
|
|
$
|
2,199,369
|
|
|
$
|
2,148,916
|
|
|
$
|
1,961,894
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
||||||
Deposits
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
339,379
|
|
|
$
|
351,905
|
|
|
$
|
285,811
|
|
Interest-bearing
|
|
1,389,447
|
|
|
1,355,801
|
|
|
1,246,982
|
|
|||
Total deposits
|
|
1,728,826
|
|
|
1,707,706
|
|
|
1,532,793
|
|
|||
Advances from Federal Home Loan Bank
|
|
167,722
|
|
|
131,600
|
|
|
185,093
|
|
|||
Repurchase agreements
|
|
3,732
|
|
|
2,995
|
|
|
2,218
|
|
|||
Subordinated debt
|
|
42,831
|
|
|
42,826
|
|
|
18,227
|
|
|||
Junior subordinated debt
|
|
5,910
|
|
|
5,897
|
|
|
5,858
|
|
|||
Accrued taxes and other liabilities
|
|
17,076
|
|
|
15,916
|
|
|
14,691
|
|
|||
Total liabilities
|
|
1,966,097
|
|
|
1,906,940
|
|
|
1,758,880
|
|
|||
|
|
|
|
|
|
|
||||||
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; 10,940,021, 11,228,775, and 10,129,993 shares outstanding, respectively
|
|
10,940
|
|
|
11,229
|
|
|
10,130
|
|
|||
Surplus
|
|
162,380
|
|
|
168,658
|
|
|
144,813
|
|
|||
Retained earnings
|
|
60,146
|
|
|
60,198
|
|
|
49,104
|
|
|||
Accumulated other comprehensive (loss) income
|
|
(194
|
)
|
|
1,891
|
|
|
(1,033
|
)
|
|||
Total stockholders’ equity
|
|
233,272
|
|
|
241,976
|
|
|
203,014
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
2,199,369
|
|
|
$
|
2,148,916
|
|
|
$
|
1,961,894
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
For the three months ended
|
||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
INTEREST INCOME
|
|
|
|
|
|
|
||||||
Interest and fees on loans
|
|
$
|
21,669
|
|
|
$
|
21,333
|
|
|
$
|
18,544
|
|
Interest on investment securities
|
|
1,695
|
|
|
1,743
|
|
|
1,926
|
|
|||
Other interest income
|
|
257
|
|
|
439
|
|
|
216
|
|
|||
Total interest income
|
|
23,621
|
|
|
23,515
|
|
|
20,686
|
|
|||
|
|
|
|
|
|
|
||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Interest on deposits
|
|
5,032
|
|
|
5,319
|
|
|
4,106
|
|
|||
Interest on borrowings
|
|
1,254
|
|
|
1,231
|
|
|
1,424
|
|
|||
Total interest expense
|
|
6,286
|
|
|
6,550
|
|
|
5,530
|
|
|||
Net interest income
|
|
17,335
|
|
|
16,965
|
|
|
15,156
|
|
|||
|
|
|
|
|
|
|
||||||
Provision for loan losses
|
|
3,760
|
|
|
736
|
|
|
265
|
|
|||
Net interest income after provision for loan losses
|
|
13,575
|
|
|
16,229
|
|
|
14,891
|
|
|||
|
|
|
|
|
|
|
||||||
NONINTEREST INCOME
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
|
571
|
|
|
544
|
|
|
400
|
|
|||
Gain on sale of investment securities, net
|
|
172
|
|
|
33
|
|
|
2
|
|
|||
Gain (loss) on sale of other real estate owned, net
|
|
26
|
|
|
(17
|
)
|
|
5
|
|
|||
Servicing fees and fee income on serviced loans
|
|
120
|
|
|
121
|
|
|
180
|
|
|||
Interchange fees
|
|
295
|
|
|
289
|
|
|
240
|
|
|||
Income from bank owned life insurance
|
|
190
|
|
|
195
|
|
|
152
|
|
|||
Change in the fair value of equity securities
|
|
(826
|
)
|
|
121
|
|
|
172
|
|
|||
Other operating income
|
|
541
|
|
|
289
|
|
|
130
|
|
|||
Total noninterest income
|
|
1,089
|
|
|
1,575
|
|
|
1,281
|
|
|||
Income before noninterest expense
|
|
14,664
|
|
|
17,804
|
|
|
16,172
|
|
|||
|
|
|
|
|
|
|
||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
1,033
|
|
|
943
|
|
|
764
|
|
|||
Salaries and employee benefits
|
|
7,953
|
|
|
7,826
|
|
|
6,415
|
|
|||
Occupancy
|
|
531
|
|
|
524
|
|
|
414
|
|
|||
Data processing
|
|
693
|
|
|
505
|
|
|
536
|
|
|||
Marketing
|
|
32
|
|
|
55
|
|
|
51
|
|
|||
Professional fees
|
|
394
|
|
|
249
|
|
|
305
|
|
|||
Acquisition expenses
|
|
751
|
|
|
1,008
|
|
|
905
|
|
|||
Other operating expenses
|
|
2,520
|
|
|
2,519
|
|
|
1,913
|
|
|||
Total noninterest expense
|
|
13,907
|
|
|
13,629
|
|
|
11,303
|
|
|||
Income before income tax expense
|
|
757
|
|
|
4,175
|
|
|
4,869
|
|
|||
Income tax expense
|
|
149
|
|
|
844
|
|
|
952
|
|
|||
Net income
|
|
$
|
608
|
|
|
$
|
3,331
|
|
|
$
|
3,917
|
|
|
|
|
|
|
|
|
||||||
EARNINGS PER SHARE
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
0.05
|
|
|
$
|
0.33
|
|
|
$
|
0.40
|
|
Diluted earnings per common share
|
|
$
|
0.05
|
|
|
$
|
0.32
|
|
|
$
|
0.40
|
|
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
|
|||||||||||||||||||||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|||||||||||||||||||||||||||
|
|
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
|
|
$
|
1,700,006
|
|
|
$
|
21,669
|
|
|
5.11
|
%
|
|
$
|
1,636,477
|
|
|
$
|
21,333
|
|
|
5.17
|
%
|
|
$
|
1,436,798
|
|
|
$
|
18,544
|
|
|
5.23
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
249,581
|
|
|
1,510
|
|
|
2.43
|
|
|
241,471
|
|
|
1,546
|
|
|
2.54
|
|
|
243,065
|
|
|
1,729
|
|
|
2.88
|
|
||||||
Tax-exempt
|
|
28,258
|
|
|
185
|
|
|
2.62
|
|
|
31,561
|
|
|
197
|
|
|
2.48
|
|
|
32,325
|
|
|
197
|
|
|
2.47
|
|
||||||
Interest-bearing balances with banks
|
|
32,366
|
|
|
257
|
|
|
3.18
|
|
|
46,406
|
|
|
439
|
|
|
3.75
|
|
|
31,250
|
|
|
216
|
|
|
2.80
|
|
||||||
Total interest-earning assets
|
|
2,010,211
|
|
|
23,621
|
|
|
4.71
|
|
|
1,955,915
|
|
|
23,515
|
|
|
4.77
|
|
|
1,743,438
|
|
|
20,686
|
|
|
4.81
|
|
||||||
Cash and due from banks
|
|
26,560
|
|
|
|
|
|
|
25,118
|
|
|
|
|
|
|
20,150
|
|
|
|
|
|
||||||||||||
Intangible assets
|
|
31,299
|
|
|
|
|
|
|
29,313
|
|
|
|
|
|
|
22,301
|
|
|
|
|
|
||||||||||||
Other assets
|
|
107,190
|
|
|
|
|
|
|
101,694
|
|
|
|
|
|
|
77,867
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(10,744
|
)
|
|
|
|
|
|
(10,478
|
)
|
|
|
|
|
|
(9,565
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
2,164,516
|
|
|
|
|
|
|
$
|
2,101,562
|
|
|
|
|
|
|
$
|
1,854,191
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits
|
|
$
|
556,541
|
|
|
$
|
1,203
|
|
|
0.87
|
|
|
$
|
524,444
|
|
|
$
|
1,264
|
|
|
0.96
|
|
|
$
|
504,123
|
|
|
$
|
1,353
|
|
|
1.09
|
|
Savings deposits
|
|
117,153
|
|
|
129
|
|
|
0.44
|
|
|
114,668
|
|
|
128
|
|
|
0.44
|
|
|
104,503
|
|
|
119
|
|
|
0.46
|
|
||||||
Time deposits
|
|
697,939
|
|
|
3,700
|
|
|
2.13
|
|
|
705,200
|
|
|
3,927
|
|
|
2.21
|
|
|
574,942
|
|
|
2,634
|
|
|
1.86
|
|
||||||
Total interest-bearing deposits
|
|
1,371,633
|
|
|
5,032
|
|
|
1.47
|
|
|
1,344,312
|
|
|
5,319
|
|
|
1.57
|
|
|
1,183,568
|
|
|
4,106
|
|
|
1.41
|
|
||||||
Short-term borrowings
|
|
57,563
|
|
|
191
|
|
|
1.33
|
|
|
74,355
|
|
|
306
|
|
|
1.63
|
|
|
135,894
|
|
|
733
|
|
|
2.19
|
|
||||||
Long-term debt
|
|
130,247
|
|
|
1,063
|
|
|
3.28
|
|
|
118,872
|
|
|
925
|
|
|
3.09
|
|
|
94,161
|
|
|
691
|
|
|
2.98
|
|
||||||
Total interest-bearing liabilities
|
|
1,559,443
|
|
|
6,286
|
|
|
1.62
|
|
|
1,537,539
|
|
|
6,550
|
|
|
1.69
|
|
|
1,413,623
|
|
|
5,530
|
|
|
1.59
|
|
||||||
Noninterest-bearing deposits
|
|
343,884
|
|
|
|
|
|
|
329,548
|
|
|
|
|
|
|
239,064
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
17,575
|
|
|
|
|
|
|
17,042
|
|
|
|
|
|
|
11,682
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
243,614
|
|
|
|
|
|
|
217,433
|
|
|
|
|
|
|
189,822
|
|
|
|
|
|
||||||||||||
Total liability and stockholders’ equity
|
|
$
|
2,164,516
|
|
|
|
|
|
|
$
|
2,101,562
|
|
|
|
|
|
|
$
|
1,854,191
|
|
|
|
|
|
|||||||||
Net interest income/net interest margin
|
|
|
|
$
|
17,335
|
|
|
3.46
|
%
|
|
|
|
$
|
16,965
|
|
|
3.44
|
%
|
|
|
|
$
|
15,156
|
|
|
3.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTAR HOLDING CORPORATION
|
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||
(Amounts in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
Tangible common equity
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
233,272
|
|
|
$
|
241,976
|
|
|
$
|
203,014
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
27,391
|
|
|
26,132
|
|
|
22,489
|
|
|||
Core deposit intangible
|
|
4,720
|
|
|
4,803
|
|
|
4,554
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible common equity
|
|
$
|
201,061
|
|
|
$
|
210,941
|
|
|
$
|
175,871
|
|
Tangible assets
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
2,199,369
|
|
|
$
|
2,148,916
|
|
|
$
|
1,961,894
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
27,391
|
|
|
26,132
|
|
|
22,489
|
|
|||
Core deposit intangible
|
|
4,720
|
|
|
4,803
|
|
|
4,554
|
|
|||
Trademark intangible
|
|
100
|
|
|
100
|
|
|
100
|
|
|||
Tangible assets
|
|
$
|
2,167,158
|
|
|
$
|
2,117,881
|
|
|
$
|
1,934,751
|
|
|
|
|
|
|
|
|
||||||
Common shares outstanding
|
|
10,940,021
|
|
|
11,228,775
|
|
|
10,129,993
|
|
|||
Tangible equity to tangible assets
|
|
9.28
|
%
|
|
9.96
|
%
|
|
9.09
|
%
|
|||
Book value per common share
|
|
$
|
21.32
|
|
|
$
|
21.55
|
|
|
$
|
20.04
|
|
Tangible book value per common share
|
|
18.38
|
|
|
18.79
|
|
|
17.36
|
|