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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_____________________________________
 
FORM 10-Q
_____________________________________
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 001-36522

istr-20200630_g1.jpg 
Investar Holding Corporation
(Exact name of registrant as specified in its charter) 
Louisiana27-1560715
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
10500 Coursey Boulevard, Baton Rouge, Louisiana 70816
(Address of principal executive offices, including zip code)
(225) 227-2222
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareISTRThe Nasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer☐ Smaller reporting company
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
The number of shares outstanding of the issuer’s class of common stock, as of the latest practicable date, is as follows: Common stock, $1.00 par value, 10,840,619 shares outstanding as of August 3, 2020.



TABLE OF CONTENTS
 
   
 
  
  
  
  
  
  
Note 13. Transactions with Related Parties
 
 
 
    
    
 
 
 

3


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INVESTAR HOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
 June 30, 2020December 31, 2019
 (Unaudited) 
ASSETS  
Cash and due from banks$31,725  $23,769  
Interest-bearing balances due from other banks99,239  20,539  
Federal funds sold  387  
Cash and cash equivalents130,964  44,695  
Available for sale securities at fair value (amortized cost of $242,175 and $258,104, respectively)
246,886  259,805  
Held to maturity securities at amortized cost (estimated fair value of $14,265 and $14,480, respectively)
14,053  14,409  
Loans, net of allowance for loan losses of $16,657 and $10,700, respectively
1,797,314  1,681,275  
Equity securities19,398  19,315  
Bank premises and equipment, net of accumulated depreciation of $14,022 and $12,432, respectively
56,767  50,916  
Other real estate owned, net69  133  
Accrued interest receivable13,701  7,913  
Deferred tax asset1,515    
Goodwill and other intangible assets, net32,715  31,035  
Bank owned life insurance38,437  32,014  
Other assets7,544  7,406  
Total assets$2,359,363  $2,148,916  
LIABILITIES  
Deposits:  
Noninterest-bearing$469,095  $351,905  
Interest-bearing1,420,493  1,355,801  
Total deposits1,889,588  1,707,706  
Advances from Federal Home Loan Bank158,500  131,600  
Repurchase agreements4,908  2,995  
Subordinated debt, net of unamortized issuance costs42,854  42,826  
Junior subordinated debt5,923  5,897  
Accrued taxes and other liabilities20,884  15,916  
Total liabilities2,122,657  1,906,940  
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; 10,839,977 and 11,228,775 shares issued and outstanding, respectively
10,840  11,229  
Surplus161,729  168,658  
Retained earnings63,767  60,198  
Accumulated other comprehensive income370  1,891  
Total stockholders’ equity236,706  241,976  
Total liabilities and stockholders’ equity$2,359,363  $2,148,916  
See accompanying notes to the consolidated financial statements.
4


INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share data)
(Unaudited)
Three months ended June 30,Six months ended June 30,
 2020201920202019
INTEREST INCOME    
Interest and fees on loans$22,118  $20,233  $43,787  $38,777  
Interest on investment securities1,455  1,923  3,150  3,849  
Other interest income229  232  486  448  
Total interest income23,802  22,388  47,423  43,074  
INTEREST EXPENSE    
Interest on deposits4,190  4,684  9,222  8,790  
Interest on borrowings1,273  1,373  2,527  2,797  
Total interest expense5,463  6,057  11,749  11,587  
Net interest income18,339  16,331  35,674  31,487  
Provision for loan losses2,500  369  6,260  634  
Net interest income after provision for loan losses15,839  15,962  29,414  30,853  
NONINTEREST INCOME    
Service charges on deposit accounts405  434  976  834  
Gain on sale of investment securities, net1,178  227  1,350  229  
Loss on sale of fixed assets, net  (11)   (11) 
Gain on sale of other real estate owned, net  13  26  18  
Servicing fees and fee income on serviced loans96  150  216  330  
Interchange fees347  291  642  531  
Income from bank owned life insurance233  170  423  322  
Change in the fair value of equity securities248  57  (578) 229  
Other operating income1,424  411  1,965  541  
Total noninterest income3,931  1,742  5,020  3,023  
Income before noninterest expense19,770  17,704  34,434  33,876  
NONINTEREST EXPENSE    
Depreciation and amortization1,149  873  2,182  1,637  
Salaries and employee benefits8,572  7,077  16,525  13,492  
Occupancy536  454  1,067  868  
Data processing786  644  1,479  1,180  
Marketing78  68  110  119  
Professional fees429  309  823  614  
Acquisition expense255    1,006  905  
Other operating expenses2,675  2,129  5,195  4,042  
Total noninterest expense14,480  11,554  28,387  22,857  
Income before income tax expense5,290  6,150  6,047  11,019  
Income tax expense1,016  1,216  1,165  2,168  
Net income$4,274  $4,934  $4,882  $8,851  
EARNINGS PER SHARE    
Basic earnings per share$0.39  $0.49  $0.44  $0.89  
Diluted earnings per share0.39  0.48  0.44  0.88  
Cash dividends declared per common share0.06  0.06  0.12  0.11  
See accompanying notes to the consolidated financial statements.
5


INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
(Unaudited)
 
Three months ended June 30,Six months ended June 30,
 2020201920202019
Net income$4,274  $4,934  $4,882  $8,851  
Other comprehensive income (loss):    
Unrealized gain (loss) on investment securities:    
Unrealized gain, available for sale, net of tax expense of $766, $710, $916 and $1,298, respectively
2,883  2,672  3,445  4,884  
Reclassification of realized gain, net of tax expense of $247, $48, $283 and $48, respectively
(931) (179) (1,067) (181) 
Unrealized loss, transfer from available for sale to held to maturity, net of tax benefit of $0 for all respective periods
(1)   (1)   
Fair value of derivative financial instruments:    
Change in fair value of interest rate swaps designated as a cash flow hedge, net of tax benefit of $369, $66, $1,036 and $110, respectively
(1,387) (247) (3,898) (414) 
Total other comprehensive income (loss) 564  2,246  (1,521) 4,289  
Total comprehensive income$4,838  $7,180  $3,361  $13,140  
See accompanying notes to the consolidated financial statements.

6


INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share data)
(Unaudited)
 
Common
Stock
SurplusRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Three months ended:
June 30, 2019
Balance at beginning of period$10,130  $144,813  $49,104  $(1,033) $203,014  
Surrendered shares(2) (39) —  —  (41) 
Options exercised2  26  —  —  28  
Dividends declared, $0.0551 per share
—  —  (546) —  (546) 
Stock-based compensation5  388  —  —  393  
Shares repurchased(197) (4,332) —  —  (4,529) 
Net income—  —  4,934  —  4,934  
Other comprehensive income, net—  —  —  2,246  2,246  
Balance at end of period$9,938  $140,856  $53,492  $1,213  $205,499  
June 30, 2020
Balance at beginning of period$10,940  $162,380  $60,146  $(194) $233,272  
Surrendered shares(2) (14) —  —  (16) 
Dividends declared, $0.06 per share
—  —  (653) —  (653) 
Stock-based compensation4  445  —  —  449  
Shares repurchased(102) (1,082) —  —  (1,184) 
Net income—  —  4,274  —  4,274  
Other comprehensive income, net—  —  —  564  564  
Balance at end of period$10,840  $161,729  $63,767  $370  $236,706  
























7


INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY, CONTINUED
(Amounts in thousands, except share data)
(Unaudited)
Common
Stock
SurplusRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Six months ended:
June 30, 2019
Balance at beginning of period$9,484  $130,133  $45,721  $(3,076) $182,262  
Common stock issued in acquisition764  17,873  —  —  18,637  
Surrendered shares(11) (262) —  —  (273) 
Options exercised2  26  —  —  28  
Dividends declared, $0.1076 per share
—  —  (1,080) —  (1,080) 
Stock-based compensation40  642  —  —  682  
Shares repurchased(341) (7,556) —  —  (7,897) 
Net income—  —  8,851  —  8,851  
Other comprehensive income, net—  —  —  4,289  4,289  
Balance at end of period$9,938  $140,856  $53,492  $1,213  $205,499  
June 30, 2020
Balance at beginning of period$11,229  $168,658  $60,198  $1,891  $241,976  
Stock issuance costs—  (45) —  —  (45) 
Surrendered shares(15) (293) —  —  (308) 
Options exercised3  43  —  —  46  
Dividends declared, $0.12 per share
—  —  (1,313) —  (1,313) 
Stock-based compensation52  780  —  —  832  
Shares repurchased(429) (7,414) —  —  (7,843) 
Net income—  —  4,882  —  4,882  
Other comprehensive loss, net—  —  —  (1,521) (1,521) 
Balance at end of period$10,840  $161,729  $63,767  $370  $236,706  

See accompanying notes to the consolidated financial statements.
8


INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited) 
Six months ended June 30,
 20202019
Net income$4,882  $8,851  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,182  1,637  
Provision for loan losses6,260