Business
Investar Holding Corporation Announces 2023 Second Quarter Results
BATON ROUGE, LA / ACCESSWIRE / July 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 / July 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 June 30, 2023. Investar reported net income of $6.5 million, or $0.67 per diluted common share, for the second quarter of 2023, compared to net income of $3.8 million, or $0.38 per diluted common share, for the quarter ended March 31, 2023, and net income of $9.4 million, or $0.92 per diluted common share, for the quarter ended June 30, 2022.On a non-GAAP basis, core earnings per diluted common share for the second quarter of 2023 were $0.67 compared to $0.51 for the first quarter of 2023 and $0.62 for the second quarter of 2022. Core earnings exclude certain items including, but not limited to, loss on sale or disposition of fixed assets, net, (gain) loss on sale of other real estate owned, net, change in the fair value of equity securities, divestiture expense and swap termination fee income (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 commented:\"I am pleased with our second quarter results. We remain inwardly focused and are controlling the things that we can control. Credit quality remained exceptional as nonperforming loans represent only 0.34% of total loans. Loan yields increased as we originated new loans and completed renewals at higher rates. We continue to realize the benefits of the variable rate portion of our loan portfolio. We continued to experience margin compression as rising market interest rates increased our costs of funding; however, noninterest expense decreased as a result of our ongoing digital initiatives and close monitoring of expenses. We are implementing additional technology solutions and evaluating lower margin product offerings to improve overall profitability. We are also continually evaluating opportunities to reduce our physical branch and ATM footprint to deliver products and services to our customers more efficiently.As always, we remain focused on shareholder value and returning capital to shareholders. We repurchased 92,300 shares of our common stock during the second quarter at an average price of $11.77 per share and inc...