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): April 28, 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.)

 

 

7244 Perkins Road

Baton Rouge, Louisiana 70808

 

 

(Address of principal executive offices) (Zip Code)

 

 

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:

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o

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 April 28, 2016, Investar Holding Corporation issued a press release announcing its financial results for the quarter ended March 31, 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

 

Description of Exhibit

 

 

 

99.1

 

Press release of Investar Holding Corporation dated April 28, 2016 announcing financial results for the quarter ended March 31, 2016.

 



SIGNATURES

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.

 

 

 

 

 

 

 

 

 

 

 

 

INVESTAR HOLDING CORPORATION

 

 

 

 

Date: April 28, 2016

 

 

 

By:

 

/s/ John J. D’Angelo

 

 

 

 

 

 

John J. D’Angelo

 

 

 

 

 

 

President and Chief Executive Officer

 

 

 



EXHIBIT INDEX

 

Exhibit Number

 

Description of Exhibit

 

 

 

99.1

 

Press release of Investar Holding Corporation dated April 28, 2016 announcing financial results for the quarter ended March 31, 2016.

 

Exhibit 99.1

For Immediate Release

 

Investar Holding Corporation Announces 2016 First Quarter Results

 

BATON ROUGE, LA (April 28, 2016) – Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank (the “Bank”), today announced financial results for the quarter ended March 31, 2016. The Company reported net income of $2.0 million, or $0.28 per diluted share, compared to $1.5 million, or $0.20 per diluted share for the quarter ended December 31, 2015, and $2.0 million, or $0.27 per diluted share, for the quarter ended March 31, 2015.

 

Investar Holding Corporation President and Chief Executive Officer John D’Angelo said:

 

“We are very pleased with our first quarter results. We were able to maintain consistent loan growth while continuing to focus on credit quality. A significant portion of our loan growth during the quarter can be attributed to the new commercial lenders hired at the end of 2015. These lenders have focused on moving customers with whom they have had long-term relationships, which has not only had an impact on loan growth but has also contributed to our growth in noninterest-bearing deposits. While pleased with the loan growth during the quarter, our focus remains on credit quality, as evidenced by our passing on over $40 million of loan opportunities during the quarter.

 

The Bank monitors on an ongoing basis the economic environment in which it operates and continues to focus on the current and potential impacts of low oil and gas prices in our markets. Less than one percent of our loan portfolio is directly exposed to the energy sector and we continue to experience a low and improving delinquency rate across our portfolio.

 

As we look to 2016, we believe our company is solidly positioned to grow the franchise and increase shareholder value as we continue to focus on quality loans and deposits while controlling noninterest expense and maintaining our focus on improving our return on assets and efficiency ratios.”

 

 

First Quarter Highlights

 

·

Total loans, excluding loans held for sale, increased $52.2 million, or 7.0%, compared to December 31, 2015, and increased $151.2 million, or 23.4%, compared to March 31, 2015, to $797.6 million at March 31, 2016.

 

·

Commercial and industrial loans increased $5.0 million, or 7.2%, compared to December 31, 2015 and increased $16.2 million, or 27.5%, compared to March 31, 2015, to $75.0 million at March 31, 2016.

 

·

Nonperforming loans to total loans decreased to 0.29% at March 31, 2016 compared to 0.32% at December 31, 2015 and 0.47% at March 31, 2015.

 

·

Allowance for loan losses to nonperforming loans increased to 279.8% at March 31, 2016 compared to 254.2% at December 31, 2015 and 178.4% at March 31, 2015.

 

·

Total noninterest-bearing deposits were $95.0 million at March 31, 2016, an increase of $5.0 million, or 5.1%, compared to December 31, 2015, and an increase of $10.6 million, or 12.6%, compared to March 31, 2015.

 

·

Total interest income increased $0.5 million, or 5.1%, compared to the quarter ended December 31, 2015, and increased $1.6 million, or 17.9%, compared to the quarter ended March 31, 2015, to $10.4 million for the quarter ended March 31, 2016.

 

·

Repurchased 20,694 shares of the Company’s common stock through our current stock repurchase program at an average price of $15.21.

 

 



Loans

 

Total loans were $797.6 million at March 31, 2016, an increase of $52.2 million, or 7.0 %, compared to December 31, 2015, and an increase of $151.2 million, or 23.4%, compared to March 31, 2015.

 

The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated (dollars in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linked Qtr Change

 

 

Year/Year Change

 

 

Percentage of

Total Loans

 

 

 

3/31/2016

 

 

12/31/2015

 

 

3/31/2015

 

 

$

 

 

%

 

 

$

 

 

%

 

 

3/31/2016

 

12/31/15

 

Mortgage loans on real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and

   development

 

$

95,353

 

 

$

81,863

 

 

$

73,971

 

 

$

13,490

 

 

 

16.5

%

 

$

21,382

 

 

 

28.9

%

 

 

12.0

%

 

11.0

%

1-4 Family

 

 

162,312

 

 

 

156,300

 

 

 

139,787

 

 

 

6,012

 

 

 

3.8

 

 

 

22,525

 

 

 

16.1

 

 

 

20.3

 

 

21.0

 

Multifamily

 

 

33,609

 

 

 

29,694

 

 

 

19,219

 

 

 

3,915

 

 

 

13.2

 

 

 

14,390

 

 

 

74.9

 

 

 

4.2

 

 

4.0

 

Farmland

 

 

6,366

 

 

 

2,955

 

 

 

3,270

 

 

 

3,411

 

 

 

115.4

 

 

 

3,096

 

 

 

94.7

 

 

 

0.8

 

 

0.4

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied

 

 

141,583

 

 

 

137,752

 

 

 

124,208

 

 

 

3,831

 

 

 

2.8

 

 

 

17,375

 

 

 

14.0

 

 

 

17.8

 

 

18.5

 

Nonowner-occupied

 

 

174,176

 

 

 

150,831

 

 

 

113,400

 

 

 

23,345

 

 

 

15.5

 

 

 

60,776

 

 

 

53.6

 

 

 

21.8

 

 

20.2

 

Commercial and industrial

 

 

74,990

 

 

 

69,961

 

 

 

58,803

 

 

 

5,029

 

 

 

7.2

 

 

 

16,187

 

 

 

27.5

 

 

 

9.4

 

 

9.4

 

Consumer

 

 

109,233

 

 

 

116,085

 

 

 

113,781

 

 

 

(6,852

)

 

 

(5.9

)

 

 

(4,548

)

 

 

(4.0

)

 

 

13.7

 

 

15.5

 

Total loans

 

 

797,622

 

 

 

745,441

 

 

 

646,439

 

 

 

52,181

 

 

 

7.0

%

 

 

151,183

 

 

 

23.4

%

 

 

100

%

 

100

%

Loans held for sale

 

 

50,921

 

 

 

80,509

 

 

 

64,313

 

 

 

(29,588

)

 

 

(36.8

)

 

 

(13,392

)

 

 

(20.8

)

 

 

 

 

 

 

 

Total gross loans

 

$

848,543

 

 

$

825,950

 

 

$

710,752

 

 

$

22,593

 

 

 

2.7

%

 

$

137,791

 

 

 

19.4

%

 

 

 

 

 

 

 

 

 

Consumer loans, including consumer loans held for sale, totaled $160.0 million at March 31, 2016, a decrease of $36.0 million, or 18.4% from $196.0 million at December 31, 2015. The decrease is mainly attributable to the sale of approximately $22.0 million of consumer loans held for sale during the first quarter of 2016. During the quarter ended December 31, 2015, the Bank announced that it was exiting the indirect auto loan origination business, the source of its consumer loans held for sale. The Bank discontinued accepting indirect auto loan applications on December 31, 2015, but continued to process and fund applications that were accepted on or before that date. As a result, the consumer loans held for sale balance is expected to decrease as the Bank sells the loans currently held for sale. The Bank currently has the intent and ability to sell the balance of the consumer loans classified as held for sale at March 31, 2016, however, if this classification were to change, the loans would be transferred to the consumer loan portfolio.

 

At March 31, 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 $216.6 million, an increase of $8.9 million, or 4.3%, compared to the business lending portfolio of $207.7 million at December 31, 2015.

 

The provision for loan loss expense was $0.5 million for the first quarter of 2016, a decrease of $0.2 million compared to the first quarter of 2015. The allowance for loan losses was $6.5 million, or 279.8% and 0.81% of nonperforming loans and total loans, respectively, at March 31, 2016, compared to $6.1 million, or 254.2% and 0.82% of nonperforming loans and total loans, respectively, at December 31, 2015. The allowance for loan losses plus the fair value marks on acquired loans was 0.90% of total loans at March 31, 2016 compared to 0.91% at December 31, 2015. Nonperforming loans to total loans improved to 0.29% at March 31, 2016 compared to 0.32% at December 31, 2015.

 

As low oil and gas prices continue to make headlines, management continues to monitor the Company’s loan portfolio for exposure to potential negative impacts. We consider our exposure to the energy sector not to be significant, at less than one percent of the total loan portfolio at March 31, 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 March 31, 2016 were $808.7 million, an increase of $71.3 million, or 9.7%, from December 31, 2015. The increase in total deposits was driven by an increase in noninterest-bearing deposits of $4.6 million, or 5.1%, an increase in money market accounts of $8.8 million, or 9.2%, and an increase in time deposits of $61.2 million, or 17.2%, from December 31, 2015.

 

The Company’s focus on relationship banking, as well as management’s focus on growing the commercial and industrial loan portfolio and bringing in related deposits, 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).

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Linked Qtr Change

 

 

Year/Year Change

 

 

Percentage of

Total Deposits

 

 

 

3/31/2016

 

 

12/31/2015

 

 

3/31/2015

 

 

$

 

 

%

 

 

$

 

 

%

 

 

3/31/2016

 

 

12/31/2015

 

Noninterest-bearing demand deposits

 

$

95,033

 

 

$

90,447

 

 

$

84,402

 

 

$

4,586

 

 

 

5.1

%

 

$

10,631

 

 

 

12.6

%

 

 

11.8

%

 

 

12.3

%

NOW accounts

 

 

138,672

 

 

 

140,503

 

 

 

145,181

 

 

 

(1,831

)

 

 

(1.3

)

 

 

(6,509

)

 

 

(4.5

)

 

 

17.1

 

 

 

19.0

 

Money market deposit accounts

 

 

104,936

 

 

 

96,113

 

 

 

85,024

 

 

 

8,823

 

 

 

9.2

 

 

 

19,912

 

 

 

23.4

 

 

 

13.0

 

 

 

13.0

 

Savings accounts

 

 

52,285

 

 

 

53,735

 

 

 

54,533

 

 

 

(1,450

)

 

 

(2.7

)

 

 

(2,248

)

 

 

(4.1

)

 

6.5

 

 

7.3

 

Time deposits

 

 

417,772

 

 

 

356,608

 

 

 

329,752

 

 

 

61,164

 

 

 

17.2

 

 

 

88,020

 

 

 

26.7

 

 

51.6

 

 

48.4

 

Total deposits

 

$

808,698

 

 

$

737,406

 

 

$

698,892

 

 

$

71,292

 

 

 

9.7

%

 

$

109,806

 

 

 

15.7

%

 

 

100

%

 

 

100

%

Net Interest Income

 

Net interest income for the first quarter of 2016 totaled $8.5 million, an increase of $0.3 million, or 3.9%, compared to the fourth quarter of 2015, and an increase of $1.0 million, or 14.0%, compared to the first 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 $1.4 million due to an increase in volume offset by a $0.4 million decrease related to a reduction in yield compared to the first quarter of 2015.

 

The Company’s net interest margin was 3.47% for the quarter ended March 31 , 2016 compared to 3.53% for the fourth quarter of 2015 and 3.71% for the first quarter of 2015. The yield on interest-earning assets was 4.21% for the quarter ended March 31 , 2016 compared to 4.24% for the fourth quarter of 2015 and 4.35% for the first quarter of 2015.

 

The cost of deposits increased four basis points for the quarter ended March 31, 2016 compared to the fourth quarter of 2015, and increased seven basis points compared to the first quarter of 2015. The increase is primarily a result of increases in time deposit rates.

Noninterest Income

 

Noninterest income for the first quarter of 2016 totaled $1.3 million, a decrease of $0.3 million, or 18.1%, compared to the fourth quarter of 2015, and a decrease of $1.3 million, or 49.3%, compared to the first quarter of 2015. The decrease in noninterest income is mainly attributable to the $0.2 million and $1.4 million decreases in gain on sale of loans when compared to the quarters ended December 31, 2015 and March 31, 2015, respectively. As discussed in Loans above, d uring the quarter ended December 31, 2015, the Bank announced that it was exiting the indirect auto loan origination business, the source of its consumer loans held for sale. As a result, 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 March 31, 2016, however, it expects the gain on sale of loans to diminish over time.

Noninterest Expense

Noninterest expense for the first quarter of 2016 totaled $6.4 million, a decrease of $0.9 million, or 11.8%, compared to the fourth quarter of 2015, and a decrease of $40,000, or 0.6%, compared to the first quarter of 2015. The decrease in noninterest expense from the fourth quarter of 2015 is primarily due to the $0.5 million decrease in salaries and employee benefits and the $0.3 million decrease in other operating expenses. These decreases are mainly attributable to the nonrecurring costs related to the exit from the indirect auto loan origination business recorded in the fourth quarter of 2015 which included severance for the indirect auto lending staff affected and other expenses. In addition, the Company realized unfavorable health care claims experience during the fourth quarter of 2015 resulting in additional benefits expense of $0.3 million.

Basic Earnings Per Share and Diluted Earnings Per Share

 

The Company reported both basic and diluted earnings per share of $0.28 for the three months ended March 31 , 2016, an increase of $0.01, compared to basic and diluted earnings per share of $0.27 for the three months ended March 31, 2015.

Taxes

 

The Company recorded income tax expense of $1.0 million for the quarter ended March 31 , 2016, which equates to an effective tax rate of 33.6%.


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 11 full service banking offices located throughout its market. At March 31 , 2016, the Company had 154 full-time equivalent employees.

Non-GAAP Financial Measures

 

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;

 

o ur ab i li ty to ac hi eve o rg a n ic loan a n d dep o sit g r ow t h , a n d th e comp o s i ti o n o f t ha t g r ow t h ;

 

changes (or the lack of c hang e s) in inter e st rates, yield curves and intere s t rate spread relationships that affect our loan and de p o sit pric i ng ;

 

t h e exte n t o f co n ti n ui n g cl i e n t de ma n d f o r th e h ig h leve l o f pe rs onal i ze d se r vic e t ha t i s a ke y e l emen t o f ou r ba n ki n g

approa c h a s well as our abili t y to execute our strate g y general ly ;

o ur de p e nde n c e on ou r man agement team, and our abili t y to attract and retain q u al i f ied personnel;

 

cha n ge s i n th e qua l it y o r composi t io n o f ou r l o a n or i nvestmen t po r t f ol i os , inc l ud i n g a d ve r s e de vel o pment s i n b o r r o w e r i n dustries or i n the re p ay ment ab i li t y of i n di v id u a l bo r r o wers;

 

inaccuracy of the assumptions and estimat e s we make in establishing reserves for p r obable loan lo s ses and other estimates;

the concentration of ou r b u s i ne s s wi t hi n o u r ge og raphic areas of operat i on in L o uisia n a; and

concentration of credit exposure.

 

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

 

SUMMARY FINANCIAL INFORMATION

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the three months ended

 

 

 

3/31/2016

 

 

12/31/2015

 

 

3/31/2015

 

 

Linked Quarter

 

 

Year/Year

 

EARNINGS DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

$

10,378

 

 

$

9,873

 

 

$

8,800

 

 

 

5.1

%

 

 

17.9

%

Total interest expense

 

 

1,831

 

 

 

1,646

 

 

 

1,301

 

 

 

11.2

%

 

 

40.7

%

Net interest income

 

 

8,547

 

 

 

8,227

 

 

 

7,499

 

 

 

3.9

%

 

 

14.0

%

Provision for loan losses

 

 

454

 

 

 

365

 

 

 

700

 

 

 

24.4

%

 

 

-35.1

%

Total noninterest income

 

 

1,287

 

 

 

1,571

 

 

 

2,540

 

 

 

-18.1

%

 

 

-49.3

%

Total noninterest expense

 

 

6,384

 

 

 

7,234

 

 

 

6,424

 

 

 

-11.8

%

 

 

-0.6

%

Income before income taxes

 

 

2,996

 

 

 

2,199

 

 

 

2,915

 

 

 

36.2

%

 

 

2.8

%

Income tax expense

 

 

1,006

 

 

 

745

 

 

 

965

 

 

 

35.0

%

 

 

4.2

%

Net income

 

$

1,990

 

 

$

1,454

 

 

$

1,950

 

 

 

36.9

%

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,044,993

 

 

$

974,820

 

 

$

869,008

 

 

 

7.2

%

 

 

20.3

%

Total interest-earning assets

 

 

988,779

 

 

 

923,662

 

 

 

819,876

 

 

 

7.0

%

 

 

20.6

%

Total loans

 

 

767,761

 

 

 

739,809

 

 

 

630,211

 

 

 

3.8

%

 

 

21.8

%

Total gross loans

 

 

832,366

 

 

 

793,831

 

 

 

714,338

 

 

 

4.9

%

 

 

16.5

%

Total interest-bearing deposits

 

 

676,826

 

 

 

645,247

 

 

 

584,697

 

 

 

4.9

%

 

 

15.8

%

Total interest-bearing liabilities

 

 

836,332

 

 

 

759,068

 

 

 

679,891

 

 

 

10.2

%

 

 

23.0

%

Total deposits

 

 

764,145

 

 

 

741,201

 

 

 

661,923

 

 

 

3.1

%

 

 

15.4

%

Total shareholders' equity

 

 

110,874

 

 

 

108,998

 

 

 

104,916

 

 

 

1.7

%

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.28

 

 

$

0.20

 

 

$

0.27

 

 

 

40.0

%

 

 

3.7

%

Diluted earnings per share

 

 

0.28

 

 

 

0.20

 

 

 

0.27

 

 

 

40.0

%

 

 

4.1

%

Book value per share

 

 

15.28

 

 

 

15.05

 

 

 

14.50

 

 

 

1.5

%

 

 

5.4

%

Tangible book value per share (1)

 

 

14.83

 

 

 

14.62

 

 

 

14.06

 

 

 

1.4

%

 

 

5.5

%

Common shares outstanding

 

 

7,296,426

 

 

 

7,264,282

 

 

 

7,268,488

 

 

 

0.4

%

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.76

%

 

 

0.59

%

 

 

0.91

%

 

 

28.8

%

 

 

-16.5

%

Return on average equity

 

 

7.20

%

 

 

5.29

%

 

 

7.54

%

 

 

36.1

%

 

 

-4.5

%

Net interest margin

 

 

3.47

%

 

 

3.53

%

 

 

3.71

%

 

 

-1.7

%

 

 

-6.5

%

Net interest income to average assets

 

 

3.28

%

 

 

3.35

%

 

 

3.50

%

 

 

-2.1

%

 

 

-6.3

%

Noninterest expense to average assets

 

 

2.45

%

 

 

2.94

%

 

 

3.00

%

 

 

-16.7

%

 

 

-18.3

%

Efficiency ratio (2)

 

 

64.92

%

 

 

73.83

%

 

 

63.99

%

 

 

-12.1

%

 

 

1.5

%

Dividend payout ratio

 

 

3.25

%

 

 

4.26

%

 

 

2.74

%

 

 

-23.7

%

 

 

18.6

%

Net charge-offs to average loans

 

 

0.02

%

 

 

0.02

%

 

 

-0.01

%

 

 

0.0

%

 

 

300.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP financial measure. See reconciliation.

 

(2) Efficiency ratio represents noninterest expenses divided by the sum of net interest income (before provision for loan losses) and noninterest income.

 

 

 

 



INVESTAR HOLDING CORPORATION

 

SUMMARY FINANCIAL INFORMATION

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the three months ended

 

 

 

3/31/2016

 

 

12/31/2015

 

 

3/31/2015

 

 

Linked Quarter

 

 

Year/Year

 

ASSET QUALITY RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

 

 

0.28

%

 

 

0.30

%

 

 

0.64

%

 

 

-6.7

%

 

 

-56.3

%

Nonperforming loans to total loans

 

 

0.29

%

 

 

0.32

%

 

 

0.47

%

 

 

-9.4

%

 

 

-38.3

%

Allowance for loan losses to total loans

 

 

0.81

%

 

 

0.82

%

 

 

0.83

%

 

 

-1.2

%

 

 

-2.4

%

Allowance for loan losses to nonperforming loans

 

 

279.8

%

 

 

254.2

%

 

 

178.4

%

 

 

10.1

%

 

 

56.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investar Holding Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity to total assets

 

 

10.39

%

 

 

10.60

%

 

 

12.17

%

 

 

-2.0

%

 

 

-14.6

%

Tangible equity to tangible assets

 

 

10.11

%

 

 

10.32

%

 

 

11.81

%

 

 

-2.0

%

 

 

-14.4

%

Tier 1 leverage ratio

 

 

10.78

%

 

 

11.39

%

 

 

12.25

%

 

 

-5.4

%

 

 

-12.0

%

Common equity tier 1 capital ratio

 

 

11.49

%

 

 

11.67

%

 

 

13.48

%

 

 

-1.5

%

 

 

-14.8

%

Tier 1 capital ratio

 

 

11.86

%

 

 

12.05

%

 

 

13.94

%

 

 

-1.6

%

 

 

-14.9

%

Total capital ratio

 

 

12.54

%

 

 

12.72

%

 

 

14.65

%

 

 

-1.4

%

 

 

-14.4

%

Investar Bank:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

 

10.52

%

 

 

11.07

%

 

 

11.80

%

 

 

-5.0

%

 

 

-10.8

%

Common equity tier 1 capital ratio

 

 

11.57

%

 

 

11.71

%

 

 

13.43

%

 

 

-1.2

%

 

 

-13.8

%

Tier 1 capital ratio

 

 

11.57

%

 

 

11.71

%

 

 

13.43

%

 

 

-1.2

%

 

 

-13.8

%

Total capital ratio

 

 

12.25

%

 

 

12.38

%

 

 

14.14

%

 

 

-1.1

%

 

 

-13.4

%

 

 



INVESTAR HOLDING CORPORATION

 

CONSOLIDATED BALANCE SHEETS

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

March 31, 2015

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

8,808

 

 

$

6,313

 

 

$

6,879

 

Interest-bearing balances due from other banks

 

 

12,465

 

 

 

14,472

 

 

 

13,617

 

Federal funds sold

 

 

51

 

 

 

181

 

 

 

170

 

Cash and cash equivalents

 

 

21,324

 

 

 

20,966

 

 

 

20,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities at fair value (amortized cost

   of $127,737, $113,828, and $75,736, respectively)

 

 

128,570

 

 

 

113,371

 

 

 

76,617

 

Held to maturity securities at amortized cost (estimated

   fair value of $26,348, $26,271, and $22,321, respectively)

 

 

26,249

 

 

 

26,408

 

 

 

22,369

 

Loans held for sale

 

 

50,921

 

 

 

80,509

 

 

 

64,313

 

Loans, net of allowance for loan losses of $6,463, $6,128, and

   $5,379, respectively

 

 

791,159

 

 

 

739,313

 

 

 

641,060

 

Other equity securities

 

 

7,183

 

 

 

5,835

 

 

 

1,839

 

Bank premises and equipment, net of accumulated depreciation

   of $5,727, $5,368, and $4,310, respectively

 

 

30,759

 

 

 

30,630

 

 

 

29,136

 

Other real estate owned, net

 

 

695

 

 

 

725

 

 

 

2,568

 

Accrued interest receivable

 

 

2,978

 

 

 

2,831

 

 

 

2,316

 

Deferred tax asset

 

 

1,934

 

 

 

1,915

 

 

 

434

 

Goodwill and other intangible assets

 

 

3,265

 

 

 

3,175

 

 

 

3,206

 

Other assets

 

 

8,492

 

 

 

5,877

 

 

 

1,730

 

Total assets

 

$

1,073,529

 

 

$

1,031,555

 

 

$

866,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

95,033

 

 

$

90,447

 

 

$

84,402

 

Interest-bearing

 

 

713,665

 

 

 

646,959

 

 

 

614,490

 

Total deposits

 

 

808,698

 

 

 

737,406

 

 

 

698,892

 

Advances from Federal Home Loan Bank

 

 

103,960

 

 

 

127,497

 

 

 

34,865

 

Repurchase agreements

 

 

29,678

 

 

 

39,099

 

 

 

12,878

 

Junior subordinated debt

 

 

3,609

 

 

 

3,609

 

 

 

3,609

 

Accrued taxes and other liabilities

 

 

16,097

 

 

 

14,594

 

 

 

10,623

 

Total liabilities

 

 

962,042

 

 

 

922,205

 

 

 

760,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value per share; 5,000,000

   shares authorized

 

 

-

 

 

 

-

 

 

 

-

 

Common stock, $1.00 par value per share; 40,000,000 shares authorized;

   7,358,231, 7,305,213, and 7,270,183 shares issued and 7,296,429,

   7,264,282, and 7,268,488 shares outstanding, respectively

 

 

7,358

 

 

 

7,305

 

 

 

7,271

 

Treasury stock

 

 

(952

)

 

 

(634

)

 

 

(25

)

Surplus

 

 

84,780

 

 

 

84,692

 

 

 

84,283

 

Retained earnings

 

 

20,575

 

 

 

18,650

 

 

 

13,705

 

Accumulated other comprehensive (loss) income

 

 

(274

)

 

 

(663

)

 

 

153

 

Total stockholders’ equity

 

 

111,487

 

 

 

109,350

 

 

 

105,387

 

   Total liabilities and stockholders’ equity

 

$

1,073,529

 

 

$

1,031,555

 

 

$

866,254

 



INVESTAR HOLDING CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

9,485

 

 

$

9,220

 

 

$

8,298

 

Interest on investment securities

 

 

856

 

 

 

631

 

 

 

485

 

Other interest income

 

 

37

 

 

 

22

 

 

 

17

 

Total interest income

 

 

10,378

 

 

 

9,873

 

 

 

8,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,515

 

 

 

1,401

 

 

 

1,192

 

Interest on borrowings

 

 

316

 

 

 

245

 

 

 

109

 

Total interest expense

 

 

1,831

 

 

 

1,646

 

 

 

1,301

 

Net interest income

 

 

8,547

 

 

 

8,227

 

 

 

7,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

454

 

 

 

365

 

 

 

700

 

Net interest income after provision for loan losses

 

 

8,093

 

 

 

7,862

 

 

 

6,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

97

 

 

 

94

 

 

 

94

 

Gain on sale of investment securities, net

 

 

80

 

 

 

21

 

 

 

-

 

Gain (loss) on sale of real estate owned, net

 

 

1

 

 

 

36

 

 

 

(1

)

Gain on sale of loans, net

 

 

313

 

 

 

537

 

 

 

1,731

 

Fee income on loans held for sale, net

 

 

123

 

 

 

208

 

 

 

300

 

Other operating income

 

 

673

 

 

 

675

 

 

 

416

 

Total noninterest income

 

 

1,287

 

 

 

1,571

 

 

 

2,540

 

Income before noninterest expense

 

 

9,380

 

 

 

9,433

 

 

 

9,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

370

 

 

 

365

 

 

 

357

 

Salaries and employee benefits

 

 

3,873

 

 

 

4,358

 

 

 

3,908

 

Occupancy

 

 

236

 

 

 

296

 

 

 

213

 

Data processing

 

 

374

 

 

 

409

 

 

 

340

 

Marketing

 

 

112

 

 

 

93

 

 

 

58

 

Professional fees

 

 

279

 

 

 

305

 

 

 

262

 

Other operating expenses

 

 

1,140

 

 

 

1,408

 

 

 

1,286

 

Total noninterest expense

 

 

6,384

 

 

 

7,234

 

 

 

6,424

 

Income before income tax expense

 

 

2,996

 

 

 

2,199

 

 

 

2,915

 

Income tax expense

 

 

1,006

 

 

 

745

 

 

 

965

 

Net income

 

$

1,990

 

 

$

1,454

 

 

$

1,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.28

 

 

$

0.20

 

 

$

0.27

 

Diluted earnings per share

 

$

0.28

 

 

$

0.20

 

 

$

0.27

 

Cash dividends declared per common share

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 



INVESTAR HOLDING CORPORATION

 

EARNINGS PER COMMON SHARE

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

1,990

 

 

$

1,454

 

 

$

1,950

 

Weighted average number of common shares outstanding used in

   computation of basic earnings per common share

 

 

7,194,558

 

 

 

7,200,526

 

 

 

7,219,235

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

15,353

 

 

 

12,564

 

 

 

12,738

 

Stock options

 

 

14,854

 

 

 

21,150

 

 

 

9,961

 

Stock warrants

 

 

11,267

 

 

 

16,952

 

 

 

8,921

 

Weighted average number of common shares outstanding plus effect of

   dilutive securities used in computation of diluted earnings per

   common share

 

 

7,236,032

 

 

 

7,251,192

 

 

 

7,250,855

 

Basic earnings per share

 

$

0.28

 

 

$

0.20

 

 

$

0.27

 

Diluted earnings per share

 

$

0.28

 

 

$

0.20

 

 

$

0.27

 



 

INVESTAR HOLDING CORPORATION

 

CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS

 

(Amounts in thousands)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

March 31, 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

 

$

832,368

 

 

$

9,485

 

 

 

4.57

%

 

$

793,830

 

 

$

9,220

 

 

 

4.61

%

 

$

714,338

 

 

$

8,298

 

 

 

4.71

%

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

113,446

 

 

 

712

 

 

 

2.52

 

 

 

93,713

 

 

 

527

 

 

 

2.23

 

 

 

68,528

 

 

 

366

 

 

 

2.17

 

Tax-exempt

 

 

22,199

 

 

 

144

 

 

 

2.60

 

 

 

17,174

 

 

 

104

 

 

 

2.40

 

 

 

18,979

 

 

 

119

 

 

 

2.54

 

Interest-bearing balances with banks

 

 

20,766

 

 

 

37

 

 

 

0.71

 

 

 

18,945

 

 

 

22

 

 

 

0.46

 

 

 

18,031

 

 

 

17

 

 

 

0.38

 

Total interest-earning assets

 

 

988,779

 

 

 

10,378

 

 

 

4.21

 

 

 

923,662

 

 

 

9,873

 

 

 

4.24

 

 

 

819,876

 

 

 

8,800

 

 

 

4.35

 

Cash and due from banks

 

 

7,222

 

 

 

 

 

 

 

 

 

 

 

5,656

 

 

 

 

 

 

 

 

 

 

 

5,689

 

 

 

 

 

 

 

 

 

Intangible assets

 

 

3,179

 

 

 

 

 

 

 

 

 

 

 

3,178

 

 

 

 

 

 

 

 

 

 

 

3,209

 

 

 

 

 

 

 

 

 

Other assets

 

 

52,121

 

 

 

 

 

 

 

 

 

 

 

48,374

 

 

 

 

 

 

 

 

 

 

 

45,256

 

 

 

 

 

 

 

 

 

Allowance for loan losses

 

 

(6,308

)

 

 

 

 

 

 

 

 

 

 

(6,050

)

 

 

 

 

 

 

 

 

 

 

(5,022

)

 

 

 

 

 

 

 

 

Total assets

 

$

1,044,993

 

 

 

 

 

 

 

 

 

 

$

974,820

 

 

 

 

 

 

 

 

 

 

$

869,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand

 

$

239,844

 

 

$

380

 

 

 

0.64

%

 

$

233,748

 

 

$

369

 

 

 

0.63

%

 

$

204,728

 

 

$

310

 

 

 

0.61

%

Savings deposits

 

 

53,144

 

 

 

88

 

 

 

0.66

 

 

 

54,482

 

 

 

92

 

 

 

0.67

 

 

 

55,729

 

 

 

94

 

 

 

0.68

 

Time deposits

 

 

383,838

 

 

 

1,047

 

 

 

1.09

 

 

 

357,017

 

 

 

940

 

 

 

1.04

 

 

 

324,240

 

 

 

788

 

 

 

0.99

 

Total interest-bearing deposits

 

 

676,826

 

 

 

1,515

 

 

 

0.90

 

 

 

645,247

 

 

 

1,401

 

 

 

0.86

 

 

 

584,697

 

 

 

1,192

 

 

 

0.83

 

Short-term borrowings

 

 

132,839

 

 

 

243

 

 

 

0.73

 

 

 

84,531

 

 

 

171

 

 

 

0.80

 

 

 

53,404

 

 

 

24

 

 

 

0.18

 

Long-term debt

 

 

26,667

 

 

 

73

 

 

 

1.10

 

 

 

29,290

 

 

 

74

 

 

 

1.00

 

 

 

41,790

 

 

 

85

 

 

 

0.82

 

Total interest-bearing liabilities

 

 

836,332

 

 

 

1,831

 

 

 

0.88

 

 

 

759,068

 

 

 

1,646

 

 

 

0.86

 

 

 

679,891

 

 

 

1,301

 

 

 

0.78

 

Noninterest-bearing deposits

 

 

87,319

 

 

 

 

 

 

 

 

 

 

 

95,954

 

 

 

 

 

 

 

 

 

 

 

77,226

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

10,469

 

 

 

 

 

 

 

 

 

 

 

10,800

 

 

 

 

 

 

 

 

 

 

 

6,975

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

110,873

 

 

 

 

 

 

 

 

 

 

 

108,998

 

 

 

 

 

 

 

 

 

 

 

104,916

 

 

 

 

 

 

 

 

 

Total liability and stockholders’ equity

 

$

1,044,993

 

 

 

 

 

 

 

 

 

 

$

974,820

 

 

 

 

 

 

 

 

 

 

$

869,008

 

 

 

 

 

 

 

 

 

Net interest income/net interest margin

 

 

 

 

 

$

8,547

 

 

 

3.47

%

 

 

 

 

 

$

8,227

 

 

 

3.53

%

 

 

 

 

 

$

7,499

 

 

 

3.71

%

 



INVESTAR HOLDING CORPORATION

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

(Amounts in thousands, except share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

March 31, 2015

 

Tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

$

111,487

 

 

$

109,350

 

 

$

105,387

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

2,684

 

 

 

2,684

 

 

 

2,684

 

Core deposit intangible

 

 

480

 

 

 

491

 

 

 

522

 

Trademark intangible

 

 

100

 

 

 

-

 

 

 

-

 

Tangible common equity

 

$

108,223

 

 

$

106,175

 

 

$

102,181

 

Tangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,073,529

 

 

$

1,031,555

 

 

$

868,080

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

2,684

 

 

 

2,684

 

 

 

2,684

 

Core deposit intangible

 

 

480

 

 

 

491

 

 

 

522

 

Trademark intangible

 

 

100

 

 

 

-

 

 

 

-

 

Tangible assets

 

$

1,070,265

 

 

$

1,028,380

 

 

$

864,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

7,296,429

 

 

 

7,264,282

 

 

 

7,268,488

 

Tangible equity to tangible assets

 

 

10.11

%

 

 

10.32

%

 

 

11.81

%

Book value per common share

 

$

15.28

 

 

$

15.05

 

 

$

14.50

 

Tangible book value per common share

 

 

14.83

 

 

 

14.62

 

 

 

14.06