Business
Investar Holding Corporation Announces 2022 Third Quarter Results
BATON ROUGE, LA / ACCESSWIRE / October 24, 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 / October 24, 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 September 30, 2022. Investar reported net income of $7.3 million, or $0.73 per diluted common share, for the third quarter of 2022, compared to net income of $9.4 million, or $0.92 per diluted common share, for the quarter ended June 30, 2022, and a net loss of $10.0 million, or $0.95 per diluted common share, for the quarter ended September 30, 2021.On a non-GAAP basis, core earnings (loss) per diluted common share for the third quarter of 2022 were $0.71 compared to $0.62 for the second quarter of 2022 and ($1.06) for the third quarter of 2021. Core earnings (loss) exclude certain non-operating items including, but not limited to, 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:\"Despite a changing economic environment, our third quarter results were impressive. Our loan portfolio grew to an all-time high of over $2.0 billion as we experienced strong loan growth of 4.7%, or 18.8% annualized, compared to the second quarter. Net interest income increased 6.8% and our net interest margin increased quarter-over-quarter. Credit quality metrics also remained strong as our nonperforming loans decreased almost $4.0 million and now represent only 0.65% of total loans compared to 0.89% in the second quarter as we continue to focus on high quality underwriting and disciplined lending. I am proud of the great progress we have made towards our performance goals. Our new leadership, branch consolidation, and digital delivery strategies are working together to improve our key performance metrics and position the Bank to operate more efficiently.As always, we remain focused on long-term shareholder value. In September, the board of directors approved an additional 300,000 shares for repurchase. We repurchased 126,861 shares of our common stock at an average price of $21.48 during the third quarter and increased our quarterly dividend by 6% compared to the second quarter div...