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Investar Holding Corporation Announces 2023 First Quarter Results
BATON ROUGE, LA / ACCESSWIRE / April 20, 2023 / 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 / April 20, 2023 / Investar Holding Corporation (\"Investar\") (NASDAQ:ISTR), the holding company for Investar Bank, National Association (the \"Bank\"), today announced financial results for the quarter ended March 31, 2023. Investar reported net income of $3.8 million, or $0.38 per diluted common share, for the first quarter of 2023, compared to net income of $8.9 million, or $0.88 per diluted common share, for the quarter ended December 31, 2022, and net income of $10.1 million, or $0.97 per diluted common share, for the quarter ended March 31, 2022.On a non-GAAP basis, core earnings per diluted common share for the first quarter of 2023 were $0.51 compared to $0.62 for the fourth quarter of 2022 and $0.68 for the first quarter of 2022. Core earnings exclude certain non-operating items including, but not limited to, swap termination fee income, income from insurance proceeds, loss (gain) on sale or disposition of fixed assets, net, loss (gain) on sale of other real estate owned, net, the Employee Retention Credit (\"ERC\"), and divestiture 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:\"Investar Bank is strong and well-capitalized. We are uniquely positioned to serve our customers in our local markets through high-touch, relationship banking. Despite the tightening macroeconomic conditions and heightened market volatility, credit quality metrics improved further as nonperforming loans now represent only 0.27% of loans, and we continue to experience minimal charge-offs even as the portfolio grows and the yield improves. We believe strong credit quality is essential given the economic uncertainty in the months ahead.We are continuing to strategically position our balance sheet for long-term profitability. Our cost of deposits and short-term borrowings continued to increase due to interest rate hikes by the Federal Reserve, which further compressed our margin. We proactively added $147 million of brokered time deposits with shorter maturities to lock in funding costs and reduce short-term borrowings. Uninsured deposits now represent only 32% of total deposits. We remain focused on taking the necessary steps to improve our key performance metrics. In the fi...