Business
Investar Holding Corporation Announces 2019 Fourth Quarter Results
BATON ROUGE, La., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank (the
About this update from Investar Holding Corporation
[{"type":"text","content":"BATON ROUGE, La., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank (the “Bank”), today announced financial results for the quarter ended December 31, 2019. The Company reported net income of $3.3 million, or $0.32 per diluted common share, for the fourth quarter of 2019, compared to $4.7 million, or $0.46 per diluted common share, for the quarter ended September 30, 2019, and $3.3 million, or $0.34 per diluted common share, for the quarter ended December 31, 2018.\n On a non-GAAP basis, core earnings per diluted common share for the fourth quarter of 2019 were $0.39 compared to $0.48 for the third quarter of 2019 and $0.45 for the quarter ended December 31, 2018. Core earnings exclude certain non-operating items including, but not limited to, acquisition expense and gain or loss on the sale of investment securities, net (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: “We were pleased with all of our accomplishments during the fourth quarter. We experienced strong organic loan and deposit growth while maintaining excellent credit quality. This growth was on top of the acquired loan and deposit balances obtained from the Bank of York acquisition which closed during the quarter, the opening of new branches in both the Lafayette and Lake Charles markets, and the strengthening of our capital position by completing a $25.0 million subordinated debt offering and raising $30.0 million through the sale of our common stock. Although we achieved a great deal during the quarter, our earnings were negatively impacted by additional provision expense of $0.2 million resulting from our strong loan growth which occurred late in the quarter, additional interest expense of $0.2 million on our $25.0 million subordinated debt, $0.2 million of legal expenses related to an acquired asset, $0.2 million of noninterest expense for our two new branches, and $0.3 million of additional expense for Louisiana Bank Shares Tax related to our growth. The quarter was full of positive activity, and we feel that we have positioned the Company for a successful 2020. We exceeded both our loan and deposit growth goals for the year, ...