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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 22, 2021
 

 
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.)
 
10500 Coursey Blvd.
Baton Rouge, Louisiana 70816
(Address of principal executive offices) (Zip Code)
 
Registrants 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 (see General Instruction A.2. below):
 
 
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))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $1.00 par value per share
ISTR
The Nasdaq Global Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 
 
 
Item 2.02
Results of Operations and Financial Condition
 
On April 22, 2021, Investar Holding Corporation (the “Company”) issued a press release reporting first quarter 2021 results. A copy of the press release is furnished as exhibits 99.1 to this Current Report on Form 8-K.
 
The information contained in Item 2.02, including Exhibit 99.1 of 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
 
104
 
The cover page of Investar Holding Corporation’s Form 8-K is formatted in Inline XBRL.
 
 

 
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 23, 2021
By:
/s/ John J. D’Angelo
   
John J. D’Angelo
   
President and Chief Executive Officer
 
 
EX-99.1 2 ex_236802.htm EXHIBIT 99.1 ex_236802.htm

 

Exhibit 99.1

 

For Immediate Release

 

Investar Holding Corporation Announces 2021 First Quarter Results

 

 

BATON ROUGE, LA (April 22, 2021) – Investar Holding Corporation (“Investar”) (NASDAQ:ISTR), the holding company for Investar Bank, National Association (the “Bank”), today announced financial results for the quarter ended March 31, 2021. Investar reported record net income of $5.4 million, or $0.51 per diluted common share, for the first quarter of 2021, compared to $4.5 million, or $0.42 per diluted common share, for the quarter ended December 31, 2020, and $0.6 million, or $0.05 per diluted common share, for the quarter ended March 31, 2020.

 

On a non-GAAP basis, core earnings per diluted common share for the first quarter of 2021 were $0.49 compared to $0.39 for the fourth quarter of 2020 and $0.15 for the first quarter of 2020. Core earnings exclude certain non-operating items including, but not limited to, gain on sale of investment securities, change in the fair value of equity securities, and acquisition expense (refer to the Reconciliation of Non-GAAP Financial Measures table for a reconciliation of GAAP to non-GAAP metrics).

 

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

 

“This was a solid quarter of positive performance for Investar. Net income has grown 18% to a record $5.4 million compared to the prior quarter. As intended, we continued to reduce our cost of funds through an improved deposit mix and a disciplined approach to repricing all categories of deposits, positioning us to maintain a stable margin throughout 2021. Noninterest-bearing deposits increased by 15% and our time deposits decreased by 7.5% during the first quarter of 2021. Our net interest margin increased to 3.64% in the first quarter of 2021 compared to 3.55% in the fourth quarter of 2020. As a result of the positive performance and the Company’s share repurchase activity, earnings per share and tangible book value per common share also hit record highs of $0.51 and $20.72, respectively, representing growth of 21% and 4%, respectively, compared to the fourth quarter of 2020.

 

Also, we were excited to complete the acquisition of Cheaha Bank on April 1, 2021 as announced and discussed last quarter. We believe that this acquisition fits well with our strategy of expanding Investar’s footprint in Alabama. We also believe that the acquisition further positions us to grow the franchise and increase long-term shareholder value.”

 

 

First Quarter Highlights

 

 

Net interest margin increased to 3.64% for the quarter ended March 31, 2021 compared to 3.55% for the quarter ended December 31, 2020 and 3.46% for quarter ended March 31, 2020.

 

 

Cost of deposits decreased 13 basis points to 0.63% for the quarter ended March 31, 2021, compared to 0.76% for the quarter ended December 31, 2020, and decreased 84 basis points compared to 1.47% for the quarter ended March 31, 2020. Our overall cost of funds decreased 12 and 79 basis points to 0.83% compared to 0.95% and 1.62% for the quarters ended December 31, 2020 and March 31, 2020, respectively.

 

 

Book value per common share increased to $23.79 at March 31, 2021 compared to $22.93 and $21.32 at December 31, 2020 and March 31, 2020, respectively. Tangible book value per common share increased to $20.72 at March 31, 2021, or 4.2% (16.7% annualized), compared to $19.89 at December 31, 2020, and increased 12.7% compared to $18.38 at March 31, 2020.

 

 

The allowance for loan losses to total loans increased to 1.11% at March 31, 2021, compared to 1.09% at December 31, 2020 and 0.82% at March 31, 2020, representing a 35% increase in the allowance for loan losses to total loans compared to March 31, 2020.

 

 

 

 

Noninterest-bearing deposits increased $67.3 million, or 15.0%, to $515.5 million at March 31, 2021, compared to $448.2 million at December 31, 2020 and increased $176.1 million, or 51.9%, compared to $339.4 million at March 31, 2020. Time deposits as a percentage of total deposits decreased to 24.6% at March 31, 2021, compared to 28.4% at December 31, 2020 and 40.2% at March 31, 2020.

 

 

On January 25, 2021, Investar announced that it had entered into a definitive agreement to acquire Cheaha Financial Group, Inc., headquartered in Oxford, Alabama, and its wholly-owned subsidiary, Cheaha Bank. The transaction closed on April 1, 2021 and was Investar’s seventh whole-bank acquisition since 2011. As of March 31, 2021, Cheaha Bank had approximately $238 million in assets, $120 million in net loans, and $206 million in total deposits. In the aggregate, Cheaha’s shareholders received approximately $41.1 million in cash consideration.

 

 

Investar repurchased 225,950 shares of its common stock through its stock repurchase program at an average price of $17.64 per share during the quarter ended March 31, 2021, leaving 338,880 shares authorized for repurchase under the current stock repurchase plan after the board approved, on March 17, 2021, an additional 300,000 shares for repurchase. 

 

 

Loans

 

Total loans were $1.85 billion at March 31, 2021, a decrease of $14.3 million, or 0.8%, compared to December 31, 2020, and an increase of $116.2 million, or 6.7%, compared to March 31, 2020.

 

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

 

                           

Linked Quarter Change

 

Year/Year Change

 

Percentage of Total Loans

   

3/31/2021

 

12/31/2020

 

3/31/2020

  $    

%

    $    

%

   

3/31/2021

 

3/31/2020

Mortgage loans on real estate

                                                                       

Construction and development

  $ 190,816   $ 206,011   $ 191,597   $ (15,195 )   (7.4 )%   $ (781 )   (0.4 )%   10.3 %   11.1 %

1-4 Family

  341,266   339,525   328,730   1,741   0.5   12,536   3.8   18.5   19.0

Multifamily

  60,844   60,724   61,709   120   0.2   (865 )   (1.4 )   3.3   3.6

Farmland

  24,145   26,547   29,373   (2,402 )   (9.0 )   (5,228 )   (17.8 )   1.3   1.7

Commercial real estate

                                                                       

Owner-occupied

  399,393   375,421   370,209   23,972   6.4   29,184   7.9   21.7   21.4

Nonowner-occupied

  430,487   436,974   406,145   (6,487 )   (1.5 )   24,342   6.0   23.3   23.5

Commercial and industrial

  380,534   394,497   313,850   (13,963 )   (3.5 )   66,684   21.2   20.6   18.1

Consumer

  18,485   20,619   28,181   (2,134 )   (10.3 )   (9,696 )   (34.4 )   1.0   1.6

Total loans

  $ 1,845,970   $ 1,860,318   $ 1,729,794   $ (14,348 )   (0.8 )%   $ 116,176   6.7 %   100 %   100 %

 

In response to the COVID-19 pandemic, in the first quarter of 2020, the Bank instituted a 90-day loan deferral program for customers impacted by the pandemic. As of March 31, 2021, the balance of loans participating in the 90-day deferral program was approximately $11.2 million, or 0.6% of the total loan portfolio, compared to $5.9 million, or 0.3% of the total loan portfolio, at December 31, 2020. As 90-day loan deferrals have expired, most customers have returned to their regular payment schedules. The Bank continues to support borrowers experiencing financial hardships related to the pandemic and expects to process additional deferrals requested by qualified borrowers. Therefore, we may experience fluctuations in the balance of loans participating in the deferral program.

 

 

 

In addition, in the second quarter of 2020, the Bank began participating as a lender in the Paycheck Protection Program (“PPP”) as established by the CARES Act. The PPP loans are generally 100% guaranteed by the SBA, have an interest rate of 1%, and are eligible to be forgiven based on certain criteria, with the SBA remitting any applicable forgiveness amount to the lender. At March 31, 2021, the balance of the Bank’s PPP loans was $106.6 million, compared to $94.5 million at December 31, 2020. Eighty-five percent of the total number of PPP loans we have originated have principal balances of $150,000 or less. Excluding PPP loans, total loans decreased $26.5 million, or 1.5%, compared to December 31, 2020 and increased $9.5 million, or 0.6%, compared to March 31, 2020. At March 31, 2021, approximately 31% of the total balance of PPP loans originated have been forgiven by the SBA or paid off by the customer.

 

We experienced the greatest loan growth in the owner-occupied commercial real estate portfolio for the quarter ended March 31, 2021 as we remain focused on relationship banking and growing our commercial loan portfolios.

 

At March 31, 2021, Investar’s total business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $779.9 million, an increase of $10.0 million, or 1.3%, compared to the business lending portfolio of $769.9 million at December 31, 2020, and an increase of $95.8 million, or 14.0%, compared to the business lending portfolio of $684.1 million at March 31, 2020. The increase in the business lending portfolio compared to December 31, 2020 and March 31, 2020 is due to the growth in the owner-occupied commercial real estate portfolio and the origination of PPP loans, which are included in commercial and industrial loans.

 

Consumer loans totaled $18.5 million at March 31, 2021, a decrease of $2.1 million, or 10.3%, compared to $20.6 million at December 31, 2020, and a decrease of $9.7 million, or 34.4%, compared to $28.2 million at March 31, 2020. The decrease in consumer loans is mainly attributable to the scheduled paydowns of the indirect auto lending portfolio and is consistent with our business strategy.

 

Our loan portfolio includes loans to businesses in certain industries that may be more significantly affected by the pandemic than others. These loans, including loans related to oil and gas, food services, hospitality, and entertainment, represent approximately 6.8% of our total portfolio, or 5.7% excluding PPP loans, at March 31, 2021, compared to 6.6% of our total portfolio, or 5.7% excluding PPP loans, at December 31, 2020, as shown in the table below.

 

           

Percentage of Loan Portfolio

         

Percentage of Loan Portfolio

   

Percentage of Loan Portfolio

 

March 31, 2021

 

Percentage of Loan Portfolio

 

December 31, 2020

Industry

 

March 31, 2021

 

(excluding PPP loans)

 

December 31, 2020

 

(excluding PPP loans)

Oil and gas

  3.2 %   2.4 %   3.3 %   2.6 %

Food services

  2.8   2.5   2.5   2.3

Hospitality

  0.4   0.4   0.4   0.4

Entertainment

  0.4   0.4   0.4   0.4

Total

  6.8 %   5.7 %   6.6 %   5.7 %

 

Credit Quality

 

Nonperforming loans were $14.9 million, or 0.81% of total loans, at March 31, 2021, an increase of $1.1 million compared to $13.8 million, or 0.74% of total loans, at December 31, 2020, and an increase of $7.3 million compared to $7.6 million, or 0.44% of total loans, at March 31, 2020. The increase in nonperforming loans compared to March 31, 2020 is mainly attributable to one commercial and industrial oil and gas loan relationship totaling $4.8 million and one nonowner-occupied commercial real estate loan relationship totaling $1.4 million at March 31, 2021. Included in nonperforming loans are acquired loans with a balance of $5.3 million at March 31, 2021, or 35% of nonperforming loans.

 

The allowance for loan losses was $20.4 million, or 137.3% and 1.11% of nonperforming and total loans, respectively, at March 31, 2021, compared to $20.4 million, or 147.3% and 1.09%, respectively, at December 31, 2020, and $14.2 million, or 188.4% and 0.82%, respectively, at March 31, 2020.

 

The provision for loan losses was $0.4 million for the quarter ended March 31, 2021 compared to $2.4 million and $3.8 million for the quarters ended December 31, 2020 and March 31, 2020, respectively. Additional provision for loan losses was recorded in 2020 primarily as a result of the deterioration of market conditions which have been adversely affected by the COVID-19 pandemic. The Bank continues to assess the impact the pandemic may have on its loan portfolio to determine the need for additional reserves.

 

 

 

Deposits

 

Total deposits at March 31, 2021 were $2.01 billion, an increase of $122.1 million, or 6.5%, compared to $1.89 billion at December 31, 2020, and an increase of $281.1 million, or 16.3%, compared to $1.73 billion at March 31, 2020

 

The COVID-19 pandemic has created a significant amount of excess liquidity in the market, and, as a result, we experienced large increases in both noninterest and interest-bearing demand deposits, and savings accounts compared to March 31, 2020. The Bank utilized $80.0 million in brokered deposits in the first quarter of 2021 and the fourth quarter of 2020, which are used to satisfy the required borrowings under its interest rate swap agreements, due to more favorable pricing. The remaining increase of approximately $400.4 million, excluding the $199.4 million decrease in time deposits, compared to March 31, 2020 is due to organic growth. Our deposit mix has improved and reflects our consistent focus on relationship banking and growing our commercial relationships, as well as the effects of the pandemic on consumer and business spending.

 

The following table sets forth the composition of deposits as of the dates indicated (dollars in thousands).

 

                                                           

Percentage of

                           

Linked Quarter Change

 

Year/Year Change

 

Total Deposits

   

3/31/2021

 

12/31/2020

 

3/31/2020

  $    

%

    $    

%

   

3/31/2021

 

3/31/2020

Noninterest-bearing demand deposits

  $ 515,487   $ 448,230   $ 339,379   $ 67,257   15.0 %   $ 176,108   51.9 %   25.6 %   19.6 %

Interest-bearing demand deposits

  564,128   496,745   378,787   67,383   13.6   185,341   48.9   28.1   21.9

Brokered deposits

  80,015   80,017     (2 )   (0.0 )   80,015     4.0  

Money market deposit accounts

  200,744   186,307   197,703   14,437   7.7   3,041   1.5   10.0   11.4

Savings accounts

  154,131   141,134   118,193   12,997   9.2   35,938   30.4   7.7   6.9

Time deposits

  495,375   535,391   694,764   (40,016 )   (7.5 )   (199,389 )   (28.7 )   24.6   40.2

Total deposits

  $ 2,009,880   $ 1,887,824   $ 1,728,826   $ 122,056   6.5 %   $ 281,054   16.3 %   100.0 %   100.0 %

 

Noninterest-bearing and interest-bearing demand deposits experienced the largest increases compared to December 31, 2020 and March 31, 2020. These increases were primarily driven by government stimulus payments, reduced spending by consumer and business customers related to the COVID-19 pandemic, and increases in PPP borrowers’ deposit accounts. We believe these factors may be temporary depending on the future economic effects of the COVID-19 pandemic.

 

Management made a strategic decision to either reprice or run-off higher yielding time deposits and other interest-bearing deposit products during 2020 and the first quarter of 2021, which contributed to our decreasing cost of deposits compared to the quarter ended March 31, 2020.

 

Net Interest Income

 

Net interest income for the first quarter of 2021 totaled $19.6 million, an increase of $0.5 million, or 2.5%, compared to the fourth quarter of 2020, and an increase of $2.3 million, or 13.3%, compared to the first quarter of 2020. Included in net interest income for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020 is $0.1 million, $0.2 million, and $0.3 million of interest income accretion from the acquisition of loans. Also included in net interest income for the quarters ended March 31, 2021, December 31, 2020, and March 31, 2020 are interest recoveries of $17,000, $10,000, and $5,000, respectively, on acquired loans.

 

 

 

Investar’s net interest margin was 3.64% for the quarter ended March 31, 2021, compared to 3.55% for the quarter ended December 31, 2020 and 3.46% for the quarter ended March 31, 2020. The increase in net interest margin for the quarter ended March 31, 2021 compared to the quarter ended December 31, 2020 was driven by a 12 basis point decrease in cost of funds. The increase in net interest margin for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020 was driven by a 79 basis point decrease in the cost of funds partially offset by a 45 basis point decrease in the yield on interest-earning assets.

 

The yield on interest-earning assets was 4.26% for the quarters ended March 31, 2021 and December 31, 2020 compared to 4.71% for the quarter ended March 31, 2020. The decrease in the yield on interest-earning assets compared to the quarter ended March 31, 2020 was driven by a large decrease in the yield earned on investment securities as well as lower loan yields. In response to the pandemic, during March 2020, the Federal Reserve reduced the federal funds rate 150 basis points to 0 to 0.25 percent, which has affected the yields that we earn on our interest-earning assets. In addition, the PPP loans originated have a contractual interest rate of 1% and origination fees based on the loan amount, which impacts the yield on our loan portfolio.

 

Exclusive of PPP loans, which had an average balance of $97.3 million and related interest and fee income of $1.4 million for the quarter ended March 31, 2021 and an average balance of $106.6 million and related interest and fee income of $1.1 million for the quarter ended December 31, 2020, adjusted net interest margin was 3.54% for the quarter ended March 31, 2021, compared to an adjusted net interest margin of 3.53% for the quarter ended December 31, 2020. Included in PPP interest and fee income for the quarters ended March 31, 2021 and December 31, 2020 is $0.7 million and $0.4 million, respectively, of accelerated fee income recognized due to the forgiveness or pay-off of PPP loans. Refer to the Reconciliation of Non-GAAP Financial Measures table for a reconciliation of GAAP to non-GAAP metrics.

 

Exclusive of the interest income accretion from the acquisition of loans, interest recoveries, and accelerated fee income recognized due to the forgiveness or pay-off of PPP loans, all discussed above, adjusted net interest margin increased to 3.49% for the quarter ended March 31, 2021, compared to 3.45% for the quarter ended December 31, 2020, and 3.41% for the quarter ended March 31, 2020. The adjusted yield on interest-earning assets was 4.10% for the quarter ended March 31, 2021 compared to 4.16% and 4.66% for the quarters ended December 31, 2020 and March 31, 2020, respectively. Refer to the Reconciliation of Non-GAAP Financial Measures table for a reconciliation of GAAP to non-GAAP metrics.

 

The cost of deposits decreased 13 basis points to 0.63% for the quarter ended March 31, 2021 compared to 0.76% for the quarter ended December 31, 2020 and decreased 84 basis points compared to 1.47% for the quarter ended March 31, 2020. The decrease in the cost of deposits compared to the quarters ended December 31, 2020 and March 31, 2020 reflects the decrease in rates paid for all categories of interest-bearing deposits.

 

The overall costs of funds for the quarter ended March 31, 2021 decreased 12 basis points to 0.83% compared to 0.95% for the quarter ended December 31, 2020 and decreased 79 basis points compared to 1.62% for the quarter ended March 31, 2020. The decrease in the cost of funds for the quarter ended March 31, 2021 compared to the quarters ended December 31, 2020 and March 31, 2020 resulted from both lower cost of deposits and lower amount and cost of short-term borrowings, the costs of which are driven by the Federal Reserve’s federal funds rates.

 

Noninterest Income

 

Noninterest income for the first quarter of 2021 totaled $2.4 million, a decrease of $1.3 million, or 35.7%, compared to the fourth quarter of 2020 and an increase of $1.3 million, or 117.2%, compared to the first quarter of 2020. The decrease in noninterest income compared to the quarter ended December 31, 2020 was mainly driven by a $0.9 million decrease in derivative fee income, included in other operating income. The increase in noninterest income compared to the quarter ended March 31, 2020 is mainly attributable to a $0.1 million increase in the fair value of equity securities during the quarter ended March 31, 2021 compared to a loss in the fair value of equity securities of $0.8 million during the quarter ended March 31, 2020. There was also a $0.4 million increase in the gain on sale of investment securities compared to the quarter ended March 31, 2020.

 

Noninterest Expense

 

Noninterest expense for the first quarter of 2021 totaled $14.8 million, an increase of $0.1 million, or 0.8%, compared to the fourth quarter of 2020, and an increase of $0.9 million, or 6.5%, compared to the first quarter of 2020. The increase in noninterest expense for the quarter ended March 31, 2021 compared to the quarter ended December 31, 2020 was driven by a $0.4 million increase in acquisition expense and partially offset by a $0.3 million decrease in other operating expenses. 

 

 

 

The increase in noninterest expense for the first quarter of 2021 compared to the first quarter of 2020 is primarily attributable to the $0.7 million and $0.2 million increases in salaries and employee benefits and other operating expenses, respectively. The increase in salaries and employee benefits is driven by an increase in unfavorable health insurance claims, annual employee salary increases, effective June 1, 2020 and deferred compensation costs. The increase in other operating expenses is driven by the addition of two de novo branches opened in the second and third quarters of 2020. Other operating expenses include, among other things, software expense, FDIC assessments, bank security, repairs and maintenance, and telephone expense.

 

Taxes

 

Investar recorded income tax expense of $1.4 million for the quarter ended March 31, 2021, which equates to an effective tax rate of 21.1%, an increase from the effective tax rates of 20.9% and 19.7% for the quarters ended December 31, 2020 and March 31, 2020, respectively.

 

Basic and Diluted Earnings Per Common Share

 

Investar reported basic and diluted earnings per common share of $0.51 for the quarter ended March 31, 2021, an increase of $0.09 compared to basic and diluted earnings per common share of $0.42 for the quarter ended December 31, 2020, and an increase of $0.46 compared to basic and diluted earnings per common share of $0.05 for the quarter ended March 31, 2020.

 

About Investar Holding Corporation

 

Investar, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 35 branch locations serving Louisiana, Texas, and Alabama. At March 31, 2021, the Bank had 319 full-time equivalent employees and total assets of $2.4 billion.

 

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,” “tangible book value per common share,” “core noninterest income,” “core earnings before noninterest expense,” “core noninterest expense,” “core earnings before income tax expense,” “core income tax expense,” “core earnings,” “core efficiency ratio,” “core return on average assets,” “core return on average equity,” “core basic earnings per share,” and “core diluted earnings per share.” Management believes these non-GAAP financial measures provide information useful to investors in understanding Investar’s financial results, and Investar believes that its presentation, together with the accompanying reconciliations, provide a more complete understanding of factors and trends affecting Investar’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 Investar 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 and Cautionary Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Investar’s current views with respect to, among other things, future events and financial performance. Investar generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. In addition, any of the following matters related to the pandemic may impact our financial results in future periods, and such impacts may be material depending on the length and severity of the pandemic and government and societal responses to it:

 

 

borrowers may default on loans and economic conditions could deteriorate requiring further increases to the allowance for loan losses;

 

 

demand for our loans and other banking services, and related income and fees, may be reduced;

 

 

the value of collateral securing our loans may deteriorate; and

 

 

lower market interest rates will have an adverse impact on our variable rate loans and reduce our income.

 

Any forward-looking statements contained in this press release are based on the historical performance of Investar and its subsidiaries or on Investar’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by Investar that the future plans, estimates or expectations by Investar will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to Investar’s operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if Investar’s underlying assumptions prove to be incorrect, Investar’s actual results may vary materially from those indicated in these statements. Investar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors include, but are not limited to, the following, any one or more of which could materially affect the outcome of future events:

 

 

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;

 

 

ongoing disruptions in the oil and gas industry due to fluctuations in the price of oil;

 

 

business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate;

 

 

increased cyber and payment fraud risk, as cybercriminals attempt to profit from the disruption, given increased online and remote activity;

 

 

our ability to achieve organic loan and deposit growth, and the composition of that growth;

 

 

our ability to identify and enter into agreements to combine with attractive acquisition candidates, finance acquisitions, complete acquisitions after definitive agreements are entered into, and successfully integrate acquired operations;

 

 

changes (or the lack of changes) in interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;

 

 

possible cessation or market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, hedging products, debt obligations, investments and loans;

 

 

the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally;

 

 

our dependence on our management team, and our ability to attract and retain qualified personnel;

 

 

changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;

 

 

inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates;

 

 

the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama; and

 

 

concentration of credit exposure.

 

 

 

These factors should not be construed as exhaustive. Additional information on these and other risk factors can be found in Item 1A. “Risk Factors” and in the “Special Note Regarding Forward-Looking Statements” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Investar’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”).

 

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

   

3/31/2021

 

12/31/2020

 

3/31/2020

 

Linked Quarter

 

Year/Year

EARNINGS DATA

                                       

Total interest income

  $ 22,969   $ 22,977   $ 23,621   (0.0 )%   (2.8 )%

Total interest expense

  3,335   3,823   6,286   (12.8 )   (46.9 )

Net interest income

  19,634   19,154   17,335   2.5   13.3

Provision for loan losses

  400   2,400   3,760   (83.3 )   (89.4 )

Total noninterest income

  2,365   3,675   1,089   (35.6 )   117.2

Total noninterest expense

  14,809   14,693   13,907   0.8   6.5

Income before income taxes

  6,790   5,736   757   18.4   797.0

Income tax expense

  1,430   1,196   149   19.6   859.7

Net income

  $ 5,360   $ 4,540   $ 608   18.1   781.6
                                         

AVERAGE BALANCE SHEET DATA

                                       

Total assets

  $ 2,354,504   $ 2,314,997   $ 2,164,516   1.7 %   8.8 %

Total interest-earning assets

  2,185,853   2,147,086   2,010,211   1.8   8.7

Total loans

  1,857,272   1,838,426   1,700,006   1.0   9.3

Total interest-bearing deposits

  1,484,515   1,442,711   1,371,633   2.9   8.2

Total interest-bearing liabilities

  1,623,286   1,594,127   1,559,443   1.8   4.1

Total deposits

  1,951,046   1,900,974   1,715,517   2.6   13.7

Total stockholders’ equity

  247,236   242,562   243,614   1.9   1.5
                                         

PER SHARE DATA

                                       

Earnings:

                                       

Basic earnings per common share

  $ 0.51   $ 0.42   $ 0.05   21.4 %   920.0 %

Diluted earnings per common share

  0.51   0.42   0.05   21.4   920.0

Core Earnings(1):

                                       

Core basic earnings per common share(1)

  0.49   0.39   0.15   25.6   226.7

Core diluted earnings per common share(1)

  0.49   0.39   0.15   26.2   228.0

Book value per common share

  23.79   22.93   21.32   3.8   11.6

Tangible book value per common share(1)

  20.72   19.89   18.38   4.2   12.7

Common shares outstanding

  10,436,493   10,608,869   10,940,021   (1.6 )   (4.6 )

Weighted average common shares outstanding - basic

  10,509,468   10,621,763   11,143,078   (1.1 )   (5.7 )

Weighted average common shares outstanding - diluted

  10,567,173   10,642,908   11,211,343   (0.7 )   (5.7 )
                                         

PERFORMANCE RATIOS

                                       

Return on average assets

  0.92 %   0.78 %   0.11 %   17.9 %   736.4 %

Core return on average assets(1)

  0.89   0.71   0.32   25.4   178.1

Return on average equity

  8.79   7.45   1.00   18.0   779.0

Core return on average equity(1)

  8.50   6.80   2.82   25.0   201.4

Net interest margin

  3.64   3.55   3.46   2.5   5.2

Net interest income to average assets

  3.38   3.29   3.21   2.7   5.3

Noninterest expense to average assets

  2.55   2.52   2.58   1.2   (1.2 )

Efficiency ratio(2)

  67.32   64.36   75.48   4.6   (10.8 )

Core efficiency ratio(1)

  67.35   65.29   69.05   3.2   (2.5 )

Dividend payout ratio

  13.73   15.48   120.00   (11.3 )   (88.6 )

Net charge-offs to average loans

  0.02   0.06   0.01   (66.7 )   100.0

 

(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

   

3/31/2021

 

12/31/2020

 

3/31/2020

 

Linked Quarter

 

Year/Year

ASSET QUALITY RATIOS

                                       

Nonperforming assets to total assets

  0.68 %   0.62 %   0.35 %   9.7 %   94.3 %

Nonperforming loans to total loans

  0.81   0.74   0.44   9.5   84.1

Allowance for loan losses to total loans

  1.11   1.09   0.82   1.8   35.4

Allowance for loan losses to nonperforming loans

  137.33   147.27   188.35   (6.7 )   (27.1 )
                                         

CAPITAL RATIOS

                                       

Investar Holding Corporation:

                                       

Total equity to total assets

  10.31 %   10.48 %   10.61 %   (1.6 )%   (2.8 )%

Tangible equity to tangible assets(1)

  9.10   9.22   9.28   (1.3 )   (1.9 )

Tier 1 leverage ratio

  9.37   9.49   9.82   (1.3 )   (4.6 )

Common equity tier 1 capital ratio(2)

  11.08   11.02   10.95   0.5   1.2

Tier 1 capital ratio(2)

  11.42   11.36   11.30   0.5   1.1

Total capital ratio(2)

  14.77   14.71   14.40   0.4   2.6

Investar Bank:

                                       

Tier 1 leverage ratio

  10.56   10.47   10.52   0.9   0.4

Common equity tier 1 capital ratio(2)

  12.86   12.53   12.09   2.6   6.4

Tier 1 capital ratio(2)

  12.86   12.53   12.09   2.6   6.4

Total capital ratio(2)

  13.95   13.62   12.87   2.4   8.4

 

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

(2) Estimated for March 31, 2021.

 

 

 

INVESTAR HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited)

 

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

ASSETS

                       

Cash and due from banks

  $ 29,970   $ 25,672   $ 26,641

Interest-bearing balances due from other banks

  69,400   9,696   11,854

Federal funds sold

  97     47

Cash and cash equivalents

  99,467   35,368   38,542
                         

Available for sale securities at fair value (amortized cost of $299,310, $263,913, and $274,041, respectively)

  301,433   268,410   276,281

Held to maturity securities at amortized cost (estimated fair value of $12,341, $12,649, and $14,181, respectively)

  11,966   12,434   14,253

Loans, net of allowance for loan losses of $20,423, $20,363, and $14,233, respectively

  1,825,547   1,839,955   1,715,561

Other equity securities

  16,763   16,599   17,653

Bank premises and equipment, net of accumulated depreciation of $16,803, $15,830, and $13,130, respectively

  56,631   56,303   54,573

Other real estate owned, net

  1,518   663   76

Accrued interest receivable

  12,868   12,969   8,765

Deferred tax asset

    1,360   1,142

Goodwill and other intangible assets, net

  32,001   32,232   32,211

Bank-owned life insurance

  39,131   38,908   32,204

Other assets

  10,631   5,980   8,108

Total assets

  $ 2,407,956   $ 2,321,181   $ 2,199,369
                         

LIABILITIES

                       

Deposits

                       

Noninterest-bearing

  $ 515,487   $ 448,230   $ 339,379

Interest-bearing

  1,494,393   1,439,594   1,389,447

Total deposits

  2,009,880   1,887,824   1,728,826

Advances from Federal Home Loan Bank

  82,500   120,500   167,722

Repurchase agreements

  4,274   5,653   3,732

Subordinated debt

  42,920   42,897   42,831

Junior subordinated debt

  5,962   5,949   5,910

Accrued taxes and other liabilities

  14,169   15,074   17,076

Total liabilities

  2,159,705   2,077,897   1,966,097
                         

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; 10,436,493, 10,608,869, and 10,940,021 shares issued and outstanding, respectively

  10,436   10,609   10,940

Surplus

  155,822   159,485   162,380

Retained earnings

  75,998   71,385   60,146

Accumulated other comprehensive income (loss)

  5,995   1,805   (194 )

Total stockholders’ equity

  248,251   243,284   233,272

Total liabilities and stockholders’ equity

  $ 2,407,956   $ 2,321,181   $ 2,199,369

 

 

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except share data)

(Unaudited)

 

 

   

For the three months ended

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

INTEREST INCOME

                       

Interest and fees on loans

  $ 21,627   $ 21,712   $ 21,669

Interest on investment securities

  1,179   1,107   1,695

Other interest income

  163   158   257

Total interest income

  22,969   22,977   23,621
                         

INTEREST EXPENSE

                       

Interest on deposits

  2,302   2,750   5,032

Interest on borrowings

  1,033   1,073   1,254

Total interest expense

  3,335   3,823   6,286

Net interest income

  19,634   19,154   17,335
                         

Provision for loan losses

  400   2,400   3,760

Net interest income after provision for loan losses

  19,234   16,754   13,575
                         

NONINTEREST INCOME

                       

Service charges on deposit accounts

  491   500   571

Gain on sale of investment securities, net

  600     172

Loss on sale of fixed assets, net

  (2 )   (33 )  

(Loss) gain on sale of other real estate owned, net

    (14 )   26

Servicing fees and fee income on serviced loans

  64   78   120

Interchange fees

  388   385   295

Income from bank owned life insurance

  223   237   190

Change in the fair value of equity securities

  65   877   (826 )

Other operating income

  536   1,645   541

Total noninterest income

  2,365   3,675   1,089

Income before noninterest expense

  21,599   20,429   14,664
                         

NONINTEREST EXPENSE

                       

Depreciation and amortization

  1,206   1,185   1,033

Salaries and employee benefits

  8,695   8,625   7,953

Occupancy

  637   565   531

Data processing

  746   774   693

Marketing

  41   135   32

Professional fees

  358   353   394

Acquisition expenses

  361   4   751

Other operating expenses

  2,765   3,052   2,520

Total noninterest expense

  14,809   14,693   13,907

Income before income tax expense

  6,790   5,736   757

Income tax expense

  1,430   1,196   149

Net income

  $ 5,360   $ 4,540   $ 608
                         

EARNINGS PER SHARE

                       

Basic earnings per common share

  $ 0.51   $ 0.42   $ 0.05

Diluted earnings per common share

  $ 0.51   $ 0.42   $ 0.05

Cash dividends declared per common share

  $ 0.07   $ 0.07   $ 0.06

 

 

 

INVESTAR HOLDING CORPORATION

CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS

(Amounts in thousands)

(Unaudited)

 

   

For the three months ended

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

           

Interest

                 

Interest

                 

Interest

       
   

Average

 

Income/

         

Average

 

Income/

         

Average

 

Income/

       
   

Balance

 

Expense

 

Yield/ Rate

 

Balance

 

Expense

 

Yield/ Rate

 

Balance

 

Expense

 

Yield/ Rate

Assets

                                                                       

Interest-earning assets:

                                                                       

Loans

  $ 1,857,272   $ 21,627   4.72 %   $ 1,838,426   $ 21,712   4.70 %   $ 1,700,006   $ 21,669   5.11 %

Securities:

                                                                       

Taxable

  270,040   1,039   1.56   265,068   965   1.45   249,581   1,510   2.43

Tax-exempt

  20,228   140   2.81   20,265   142   2.78   28,258   185   2.62

Interest-bearing balances with banks

  38,313   163   1.72   23,327   158   2.68   32,366   257   3.18

Total interest-earning assets

  2,185,853   22,969   4.26   2,147,086   22,977   4.26   2,010,211   23,621   4.71

Cash and due from banks

  30,335                   30,353                   26,560                

Intangible assets

  32,112                   32,329                   31,299                

Other assets

  126,750                   124,377                   107,190                

Allowance for loan losses

  (20,546 )                   (19,148 )                   (10,744 )                

Total assets

  $ 2,354,504                   $ 2,314,997                   $ 2,164,516                
                                                                         

Liabilities and stockholders’ equity

                                                                       

Interest-bearing liabilities:

                                                                       

Deposits:

                                                                       

Interest-bearing demand deposits

  $ 736,502   $ 685   0.38 %   $ 667,793   $ 750   0.45 %   $ 556,541   $ 1,203   0.87 %

Brokered deposits

  83,832   209   1.01   77,897   179   0.92      

Savings deposits

  146,078   67   0.19   140,141   87   0.25   117,153   129   0.44

Time deposits

  518,103   1,342   1.05   556,880   1,734   1.24   697,939   3,700   2.13

Total interest-bearing deposits

  1,484,515   2,303   0.63   1,442,711   2,750   0.76   1,371,633   5,032   1.47

Short-term borrowings

  11,407   5   0.18   24,090   39   0.63   57,563   191   1.33

Long-term debt

  127,364   1,027   3.27   127,326   1,034   3.23   130,247   1,063   3.28

Total interest-bearing liabilities

  1,623,286   3,335   0.83   1,594,127   3,823   0.95   1,559,443   6,286   1.62

Noninterest-bearing deposits

  466,531                   458,263                   343,884                

Other liabilities

  17,451                   20,045                   17,575                

Stockholders’ equity

  247,236                   242,562                   243,614                

Total liability and stockholders’ equity

  $ 2,354,504                   $ 2,314,997                   $ 2,164,516                

Net interest income/net interest margin

          $ 19,634   3.64 %           $ 19,154   3.55 %           $ 17,335   3.46 %

 

 

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

INTEREST EARNED AND YIELD ANALYSIS ADJUSTED FOR PPP LOANS
(Amounts in thousands)
(Unaudited)

 

 

   

For the three months ended

   

March 31, 2021

 

December 31, 2020

           

Interest

                 

Interest

       
   

Average

 

Income/

         

Average

 

Income/

       
   

Balance

 

Expense

 

Yield/ Rate

 

Balance

 

Expense

 

Yield/ Rate

Interest-earning assets:

                                               

Loans

  $ 1,857,272   $ 21,627   4.72 %   $ 1,838,426   $ 21,712   4.70 %

Adjustments:

                                               

PPP loans

  97,288   1,405   5.86 %   106,646   1,064   3.97 %

Adjusted loans

  1,759,984   20,222   4.66 %   1,731,780   20,648   4.74 %

Securities:

                                               

Taxable

  270,040   1,039   1.56   265,068   965   1.45

Tax-exempt

  20,228   140   2.81   20,265   142   2.78

Interest-bearing balances with banks

  38,313   163   1.72   23,327   158   2.68

Adjusted interest-earning assets

  2,088,565   21,564   4.19   2,040,440   21,913   4.27
                                                 

Total interest-bearing liabilities

  1,623,286   3,335   0.83   1,594,127   3,823   0.95
                                                 

Adjusted net interest income/adjusted net interest margin

          $ 18,229   3.54 %           $ 18,090   3.53 %
 

INVESTAR HOLDING CORPORATION                                        

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

INTEREST EARNED AND YIELD ANALYSIS ADJUSTED FOR INTEREST ACCRETION, RECOVERIES AND ACCELERATED PPP INCOME
(Amounts in thousands)                                        
(Unaudited)                                        

 

                                       

 

   

For the three months ended

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

           

Interest

                 

Interest

                 

Interest

       
   

Average

 

Income/

         

Average

 

Income/

         

Average

 

Income/

       
   

Balance

 

Expense

 

Yield/ Rate

 

Balance

 

Expense

 

Yield/ Rate

 

Balance

 

Expense

 

Yield/ Rate

Interest-earning assets:

                                                                       

Loans

  $ 1,857,272   $ 21,627   4.72 %   $ 1,838,426   $ 21,712   4.70 %   $ 1,700,006   $ 21,669   5.11 %

Adjustments:

                                                                       

Accelerated fee income for forgiven or paid off PPP loans

          692                   361                          

Interest recoveries

          17                   10                   5        

Accretion

          135                   163                   262        

Adjusted Loans

  1,857,272   20,783   4.54   1,838,426   21,178   4.58   1,700,006   21,402   5.05

Securities:

                                                                       

Taxable

  270,040   1,039   1.56   265,068   965   1.45   249,581   1,510   2.43

Tax-exempt

  20,228   140   2.81   20,265   142   2.78   28,258   185   2.62

Interest-bearing balances with banks

  38,313   163   1.72   23,327   158   2.68   32,366   257   3.18

Adjusted interest-earning assets

  2,185,853   22,125   4.10   2,147,086   22,443   4.16   2,010,211   23,354   4.66
                                                                         

Total interest-bearing liabilities

  1,623,286   3,335   0.83   1,594,127   3,823   0.95   1,559,443   6,286   1.62
                                                                         

Adjusted net interest income/adjusted net interest margin

          $ 18,790   3.49 %           $ 18,620   3.45 %           $ 17,068   3.41 %
                                                                         

 

 

 

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

 

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

Tangible common equity

                       

Total stockholders’ equity

  $ 248,251   $ 243,284   $ 233,272

Adjustments:

                       

Goodwill

  28,144   28,144   27,391

Core deposit intangible

  3,757   3,988   4,720

Trademark intangible

  100   100   100

Tangible common equity

  $ 216,250   $ 211,052   $ 201,061

Tangible assets

                       

Total assets

  $ 2,407,956   $ 2,321,181   $ 2,199,369

Adjustments:

                       

Goodwill

  28,144   28,144   27,391

Core deposit intangible

  3,757   3,988   4,720

Trademark intangible

  100   100   100

Tangible assets

  $ 2,375,955   $ 2,288,949   $ 2,167,158
                         

Common shares outstanding

  10,436,493   10,608,869   10,940,021

Tangible equity to tangible assets

  9.10 %   9.22 %   9.28 %

Book value per common share

  $ 23.79   $ 22.93   $ 21.32

Tangible book value per common share

  20.72   19.89   18.38

 

 

 

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

 

     

Three months ended

     

3/31/2021

 

12/31/2020

 

3/31/2020

Net interest income

(a)

  $ 19,634   $ 19,154   $ 17,335

Provision for loan losses

    400   2,400   3,760

Net interest income after provision for loan losses

    19,234   16,754   13,575
                           

Noninterest income

(b)

  2,365   3,675   1,089

Gain on sale of investment securities, net

    (600 )     (172 )

Loss (gain) on sale of other real estate owned, net

      14   (26 )

Loss on sale of fixed assets, net

    2   33  

Change in the fair value of equity securities

    (65 )   (877 )   826

Core noninterest income

(d)

  1,702   2,845   1,717
                           

Core earnings before noninterest expense

    20,936   19,599   15,292
                           

Total noninterest expense

(c)

  14,809   14,693   13,907

Acquisition expense

    (361 )   (4 )   (751 )

Severance

    (78 )   (26 )  

PPP incentive

      (200 )  

Community grant

      (100 )  

Core noninterest expense

(f)

  14,370   14,363   13,156
                           

Core earnings before income tax expense

    6,566   5,236   2,136

Core income tax expense(1)

    1,385   1,092   421

Core earnings

    $ 5,181   $ 4,144   $ 1,715
                           

Core basic earnings per common share

    0.49   0.39   0.15
                           

Diluted earnings per common share (GAAP)

    $ 0.51   $ 0.42   $ 0.05

Gain on sale of investment securities, net

    (0.05 )     (0.01 )

Loss (gain) on sale of other real estate owned, net

       

Loss on sale of fixed assets, net

       

Change in the fair value of equity securities

    (0.01 )   (0.06 )   0.06

Acquisition expense

    0.03     0.05

Severance

    0.01    

PPP incentive

      0.02  

Community grant

      0.01  

Core diluted earnings per common share

    $ 0.49   $ 0.39   $ 0.15
                           

Efficiency ratio

(c) / (a+b)

  67.32 %   64.36 %   75.48 %

Core efficiency ratio

(f) / (a+d)

  67.35 %   65.29 %   69.05 %

Core return on average assets(2)

    0.89 %   0.71 %   0.32 %

Core return on average equity(2)

    8.50 %   6.80 %   2.82 %

Total average assets

    $ 2,354,504   $ 2,314,997   $ 2,164,516

Total average stockholders’ equity

    247,236   242,562   243,614

 

(1) Core income tax expense is calculated using the effective tax rates of 21.1%, 20.9% and 19.7% for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(2) Core earnings used in calculation. No adjustments were made to average assets or average equity.

 

 
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