Business
Investar Holding Corporation Announces 2022 Second Quarter Results
BATON ROUGE, LA / ACCESSWIRE / July 26, 2022 / Investar Holding Corporation ("Investar") (NASDAQ:ISTR), the holding company for Investar Bank, National
About this update from Investar Holding Corporation
[{"type":"text","content":"BATON ROUGE, LA / ACCESSWIRE / July 26, 2022 / Investar Holding Corporation (\"Investar\") (NASDAQ:ISTR), the holding company for Investar Bank, National Association (the \"Bank\"), today announced financial results for the quarter ended June 30, 2022. Investar reported net income of $9.4 million, or $0.92 per diluted common share, for the second quarter of 2022, compared to net income of $10.1 million, or $0.97 per diluted common share, for the quarter ended March 31, 2022, and net income of $5.7 million, or $0.53 per diluted common share, for the quarter ended June 30, 2021.On a non-GAAP basis, core earnings per diluted common share for the second quarter of 2022 were $0.62 compared to $0.68 for the first quarter of 2022 and $0.53 for the second quarter of 2021. Core earnings exclude certain non-operating items including, but not limited to, gain on call or sale of investment securities, change in the fair value of equity securities, swap termination fee income, and acquisition expense (refer to the Reconciliation of Non-GAAP Financial Measures tables for a reconciliation of GAAP to non-GAAP metrics).Investar's President and Chief Executive Officer John D'Angelo said:\"I am extremely pleased with our second quarter results. We experienced strong organic loan growth of 2.6%, or 10.4% annualized. Our credit quality metrics improved as our nonperforming loans decreased by $8.7 million and now represent 0.89% of total loans compared to 1.37% in the first quarter. Our core efficiency ratio also improved in the second quarter as we continue to see the results of our digital transformation and closely monitor operating expenses. In April 2022, we completed the private placement of $20.0 million of subordinated debt, the proceeds of which we used to redeem $18.6 million of our 2017 subordinated notes. Some of the additional proceeds were used to repurchase Investar stock. As always, we remain focused on long-term shareholder value. We repurchased 304,671 shares of our common stock at an average price of $19.85 during the second quarter and increased our quarterly dividend by 6% compared to the first quarter dividend.Our efficiency efforts continued as we completed the consolidation of two additional branches during the second quarter. We also sold two former branch locations, as well as a tract of land that we held for a potential fut...