Business
Investar Holding Corporation Announces 2019 Third Quarter Results
BATON ROUGE, La., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank,
About this update from Investar Holding Corporation
[{"type":"text","content":"BATON ROUGE, La., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Investar Holding Corporation (NASDAQ: ISTR) (the “Company”), the holding company for Investar Bank, National Association (the “Bank”), today announced financial results for the quarter ended September 30, 2019. The Company reported net income of $4.7 million, or $0.46 per diluted common share, for the third quarter of 2019, compared to $4.9 million, or $0.48 per diluted common share, for the quarter ended June 30, 2019, and $4.0 million, or $0.41 per diluted common share, for the quarter ended September 30, 2018.\n On a non-GAAP basis, core earnings per diluted common share for the third quarter were $0.48 compared to $0.47 for the second quarter of 2019 and $0.41 for the quarter ended September 30, 2018. Core earnings exclude certain non-operating items including, but not limited to, acquisition expense and changes in the fair value of equity securities (refer to the Reconciliation of Non-GAAP Financial Measures table for a reconciliation of GAAP to non-GAAP metrics). The Company’s balance sheet and statement of income as of and for the three months ended September 30, 2019 and June 30, 2019 include the impact of the Company’s acquisition of Mainland Bank (“Mainland”), which was completed on March 1, 2019. As of the acquisition date, Mainland had approximately $127.1 million in total assets, including $82.4 million in loans, and approximately $107.6 million in deposits. The assets acquired and liabilities assumed have been recorded at fair value in the Company’s consolidated balance sheet and are subject to change pending finalization of all valuations. Investar Holding Corporation President and Chief Executive Officer John D’Angelo said: “We are pleased to announce strong third quarter performance. We experienced solid organic loan growth of 2.8% during the quarter, or 11.2% annualized, and remain confident that we will achieve our target organic loan growth of 8% to 10% for the year. We are focused on improving profitability while creating shareholder value by continuing to grow both EPS and the franchise organically and through M&A. During the third quarter, we announced a definitive agreement to acquire Bank of York which will expand our footprint into the west Alabama market. We are excited to expand into new markets and have the opportunity to serve more customers in mor...