Investar Holding Corporation Announces 2025 First Quarter Results

About this update from Investar Holding Corporation

[{"type":"text","content":" BATON ROUGE, LA / ACCESS Newswire / April 21, 2025 / 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, 2025. Investar reported net income of $6.3 million, or $0.63 per diluted common share, for the first quarter of 2025, compared to net income of $6.1 million, or $0.61 per diluted common share, for the quarter ended December 31, 2024, and net income of $4.7 million, or $0.48 per diluted common share, for the quarter ended March 31, 2024.","length":608,"tagName":"p"},{"type":"text","content":"On a non-GAAP basis, core earnings per diluted common share for the first quarter of 2025 were $0.64 compared to $0.65 for the fourth quarter of 2024, and $0.43 for the first quarter of 2024. Core earnings exclude certain items including, but not limited to, loss on call or sale of investment securities, net, loss (gain) on sale or disposition of fixed assets, net, loss on sale of other real estate owned, net, change in the fair value of equity securities, write down of other real estate owned, and (loss) gain on early extinguishment of subordinated debt (refer to the Reconciliation of Non-GAAP Financial Measures tables for a reconciliation of GAAP to non-GAAP metrics).","length":678,"tagName":"p"},{"type":"text","content":"Investar's President and Chief Executive Officer John D'Angelo commented:","length":81,"tagName":"p"},{"type":"text","content":""I am very pleased with our first quarter results as we continued to execute our strategy of consistent, quality earnings through the optimization of our balance sheet. As a result, our net interest margin improved substantially to 2.87%, a 22 basis point increase from previous quarter. We were able to significantly reduce our funding costs while growing the yield on interest-earning assets.","length":399,"tagName":"p"},{"type":"text","content":"On the cost of funds side, we redeemed $20 million in principal amount of our subordinated debt near the end of the fourth quarter of 2024, which contributed to lower borrowing costs in the first quarter of 2025, and further optimized our deposit and short-term borrowings mix. Our decision over the past year to keep duration short on our liabilities provided us the flexibility to secure lower cost funding that was accretive to our net interest margin. We allowed higher cost time deposits to run off and replaced them with lower cost non-maturing deposits while fighting hard to maintain our noninterest bearing deposits, particularly through our treasury management offerings. Furthermore, we replaced a portion of our higher cost borrowings under the Bank Term Funding Program, which were paid off in the fourth quarter, with lower cost wholesale funding. On the interest-earning assets side, we were able to grow the yield on loans and investment securities even after the Federal Reserve cut interest rates, while progressing towards our goal of an interest rate neutral balance sheet.","length":1093,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Credit quality remained very solid as nonperforming loans represented only 0.27% of total loans. Additionally, we have made tremendous progress towards final resolution of the loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida. During the first quarter of 2025, we recorded a $3.3 million recovery of loans previously charged off as a result of a property insurance settlement. We have just two foreclosed properties with a total cost basis of $1.7 million remaining, which we are actively marketing for sale. We look forward to closing the book on this credit.","length":607,"tagName":"p"},{"type":"text","content":"Finally, I am optimistic about the future of Investar. Our liability sensitive balance sheet is well-positioned even if there are no further rate cuts in the near term, and even better positioned in the event of future rate cuts. Recent market volatility resulting from changes in tariff policies have added additional uncertainties, including with respect to inflation and economic forecasts. We have prepared for volatile operating environments by underwriting high quality credits that are less susceptible to effects from a potential economic downturn and de-risked the portfolio by proactively exiting credit relationships that do not fit this strategy. We are monitoring the situation closely and believe our focus on consistent, quality earnings through the optimization of our balance sheet will continue to produce positive results for Investar over time.","length":864,"tagName":"p"},{"type":"text","content":"As always, we remain focused on shareholder value and returning capital to shareholders. We repurchased 34,992 shares of our common stock during the first quarter."","length":169,"tagName":"p"},{"type":"text","content":" First Quarter Highlights ","length":24,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Net interest margin improved 22 basis points to 2.87% for the quarter ended March 31, 2025 compared to 2.65% for the quarter ended December 31, 2024. ","length":149,"tagName":"p","attribs":{}}]}]}],"length":150},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" The overall cost of funds for the quarter ended March 31, 2025 decreased 27 basis points to 3.22% compared to 3.49% for the quarter ended December 31, 2024. The cost of deposits decreased 25 basis points to 3.15% for the quarter ended March 31, 2025 compared to 3.40% for the quarter ended December 31, 2024. ","length":308,"tagName":"p","attribs":{}}]}]}],"length":309},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Return on average assets increased to 0.94% for the quarter ended March 31, 2025 compared to 0.88% for the quarter ended December 31, 2024. Core return on average assets improved to 0.95% for the quarter ended March 31, 2025 compared to 0.93% for the quarter ended December 31, 2024. ","length":283,"tagName":"p","attribs":{}}]}]}],"length":284},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Investar recorded a $3.3 million recovery of loans previously charged off as a result of a property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida and recorded related noninterest expense of $0.2 million d uring the quarter ended March 31, 2025 . ","length":328,"tagName":"p","attribs":{}}]}]}],"length":329},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Basic and diluted earnings per common share were $0.64 and $0.63, respectively, for the quarter ended March 31, 2025. Core basic and core diluted earnings per common share, excluding the impact of the property insurance settlement and related expenses, were $0.39 and $0.38, respectively for the quarter ended March 31, 2025. ","length":325,"tagName":"p","attribs":{}}]}]}],"length":326},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Consistent with our strategy of optimizing the balance sheet, to tal loans decreased $18.5 million, or 0.9%, to $2.11 billion at March 31, 2025 , compared to $2.13 billion at December 31, 2024 . As a result of our strategy and net recoveries of $3.4 million, we recognized the benefit of a $3.6 million negative provision for credit losses. ","length":337,"tagName":"p","attribs":{}}]}]}],"length":338},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Credit quality strengthened with nonperforming loans improving to 0.27% of total loans at March 31, 2025 compared to 0.42% at December 31, 2024. ","length":144,"tagName":"p","attribs":{}}]}]}],"length":145},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Variable-rate loans represented 32% of total loans at March 31, 2025 and December 31, 2024 . During the first quarter, we originated and renewed loans, 69% of which were variable-rate loans, at a 7.6% blended interest rate. ","length":222,"tagName":"p","attribs":{}}]}]}],"length":223},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Book value per common share increased to $25.63 at March 31, 2025, or 4.4%, compared to $24.55 at December 31, 2024. Tangible book value per common share increased to $21.40 at March 31, 2025 , or 5.4% (21.6% annualized), compared to $20.31 at December 31, 2024 . ","length":261,"tagName":"p","attribs":{}}]}]}],"length":262},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Total deposits increased $1.4 million, or 0.1%, to $2.35 billion at March 31, 2025, compared to $2.35 billion at December 31, 2024. Total deposits, excluding $47.3 million of brokered demand deposits at December 31, 2024, increased $48.7 million, or 2.1%, to $2.35 billion at March 31, 2025, compared to $2.30 billion at December 31, 2024. ","length":339,"tagName":"p","attribs":{}}]}]}],"length":340},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Investar's regulatory common equity tier 1 capital ratio increased to 11.16%, or 3.0%, at March 31, 2025 compared to 10.84% at December 31, 2024 . ","length":149,"tagName":"p","attribs":{}}]}]}],"length":150},{"type":"table","headerItems":[],"items":[{"val":[{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[]},{"style":"padding:.25pt;vertical-align:top;width:.25in;","val":[{"type":"text","content":" • ","length":1,"tagName":"p","attribs":{}}]},{"style":"padding:.25pt;vertical-align:top;","val":[{"type":"text","content":" Inv estar repurchased 34,992 shares of its common stock through its stock repurchase program during the quarter ended March 31, 2025, leaving 460,653 shares authorized for repurchase under the program at March 31, 2025. ","length":218,"tagName":"p","attribs":{}}]}]}],"length":219},{"type":"text","content":" Loans ","length":5,"tagName":"p"},{"type":"text","content":"Total loans were $2.11 billion at March 31, 2025, a decrease of $18.5 million, or 0.9%, compared to December 31, 2024, and a decrease of $73.9 million, or 3.4%, compared to March 31, 2024.","length":188,"tagName":"p"},{"type":"text","content":"The following table sets forth the composition of the total loan portfolio as of the dates indicated (dollars in thousands).","length":124,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"rowspan":"1","style":"padding:.25pt;vertical-align:bottom;width:19%;","val":[]},{"style":"vertical-align:bottom;width:1%;","val":[]},{"colspan":"2","style":"border-bottom:1.0pt solid black;text-align:center;vertical-align:bottom;width:7%;","val":[]},{"style":"vertical-align:bottom;width:1%;","val":[]},{"style":"vertical-align:bottom;width:1%;","val":[]},{"colspan":"2","style":"border-bottom:1.0pt 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consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $960.7 million, a decrease of $15.5 million, or 1.6%, compared to $976.2 million at December 31, 2024, and a decrease of $11.7 million, or 1.2%, compared to $972.4 million at March 31, 2024. The decrease in the business lending portfolio compared to December 31, 2024 and March 31, 2024 is primarily driven by reduced utilization of credit lines, particularly on commercial and industrial relationships.","length":596,"tagName":"p"},{"type":"text","content":"Nonowner-occupied loans totaled $481.9 million at March 31, 2025, a decrease of $13.4 million, or 2.7%, compared to $495.3 million at December 31, 2024, and a decrease of $13.9 million, or 2.8%, compared to $495.8 million at March 31, 2024. The decrease in nonowner-occupied loans compared to December 31, 2024is primarily due to loan amortization and payoffs that aligned with our continued strategy to optimize and de-risk the mix of the portfolio. The decrease in nonowner-occupied loans compared to March 31, 2024 is primarily due to loan amortization and payoffs, partially offset by the reclassification of a $15.9 million multifamily loan to a nonowner-occupied loan and conversions of construction and development loans to nonowner-occupied loans upon completion of construction.","length":787,"tagName":"p"},{"type":"text","content":"Construction and development loans totaled $149.3 million at March 31, 2025, a decrease of $5.3 million, or 3.4%, compared to $154.6 million at December 31, 2024, and a decrease of $24.2 million, or 14.0%, compared to $173.5 million at March 31, 2024. The decrease in construction and development loans compared to December 31, 2024 and March 31, 2024 is primarily due to conversions to permanent loans upon completion of construction.","length":435,"tagName":"p"},{"type":"text","content":" Credit Quality ","length":14,"tagName":"p"},{"type":"text","content":"Nonperforming loans were $5.6 million, or 0.27% of total loans, at March 31, 2025, a decrease of $3.2 million compared to $8.8 million, or 0.42% of total loans, at December 31, 2024, and a decrease of $64,000 compared to $5.6 million, or 0.26% of total loans, at March 31, 2024. 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The negative provision for credit losses in the quarter ended March 31, 2025 was primarily due to net recoveries of $3.4 million, primarily due to a $3.3 million property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida. The negative provision for credit losses in the quarter ended December 31, 2024 was primarily due to a decrease in total loans, aging of existing loans, and an improvement in the economic forecast.The negative provision for credit losses for the quarter ended March 31, 2024was primarily due to a decrease in total loans, aging of existing loans, and, to a lesser extent, the completion of our annual current expected credit loss allowance model recalibration.","length":1031,"tagName":"p"},{"type":"text","content":" Deposits ","length":8,"tagName":"p"},{"type":"text","content":"Total deposits at March 31, 2025 were $2.35 billion, an increase of $1.4 million, or 0.1%, compared to $2.35 billion at December 31, 2024, and an increase of $139.5 million, or 6.3%, compared to $2.21 billion at March 31, 2024. 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Time deposits decreased at March 31, 2025 compared to December 31, 2024 primarily due to maturities of higher cost time deposits as a result of our strategy to keep duration short. Brokered time deposits were $244.9 million at March 31, 2025 compared to $245.5 million at December 31, 2024 and $237.9 million at March 31, 2024. Investar utilizes brokered time deposits, entirely in denominations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At March 31, 2025, the balance of brokered time deposits remained below 10% of total assets, and the remaining weighted average duration was approximately six months with a weighted average rate of 4.78%. There were no brokered demand deposits at March 31, 2025, compared to $47.3 million at December 31, 2024 and none at March 31, 2024. 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Included in net interest income for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024 is $9,000, $11,000, and $19,000, respectively, of interest income accretion from the acquisition of loans. Also included in net interest income for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024 are interest recoveries of $50,000, $11,000 and $21,000, respectively.","length":899,"tagName":"p"},{"type":"text","content":"Investar's net interest margin was 2.87% for the quarter ended March 31, 2025, compared to 2.65% for the quarter ended December 31, 2024 and 2.59% for the quarter ended March 31, 2024. The increase in net interest margin for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was driven by a 27 basis point decrease in the overall cost of funds and a one basis point increase in the yield on interest-earning assets. 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The increase in the yield on interest-earning assets compared to the quarter ended March 31, 2024 was primarily driven by a 29 basis point increase in the yield on the investment securities portfolio, partially offset by a one basis point decrease in the yield on the loan portfolio.","length":641,"tagName":"p"},{"type":"text","content":"Exclusive of the interest income accretion from the acquisition of loans and interest recoveries, adjusted net interest margin was 2.86% for the quarter ended March 31, 2025, compared to 2.64% for the quarter ended December 31, 2024 and 2.59% for the quarter ended March 31, 2024. The adjusted yield on interest-earning assets was 5.38% for the quarter ended March 31, 2025 compared to 5.37% and 5.38% for the quarters ended December 31, 2024 and March 31, 2024, respectively. 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The decrease in the cost of deposits compared to the quarter ended March 31, 2024 resulted from both a lower average balance of, and a decrease in rates paid on, brokered time deposits and time deposits, partially offset by a higher average balance of, and an increase in rates paid on interest-bearing demand deposits.","length":838,"tagName":"p"},{"type":"text","content":"The cost of short-term borrowings decreased 35 basis points to 3.56% for the quarter ended March 31, 2025 compared to 3.91% for the quarter ended December 31, 2024 and decreased 110 basis points compared to 4.66% for the quarter ended March 31, 2024. Beginning in the second quarter of 2023, the Bank began utilizing the Bank Term Funding Program ("BTFP") to secure fixed rate funding for up to a one-year term and reduce short-term Federal Home Loan Bank ("FHLB") advances, which are priced daily. The Bank previously utilized this source of funding due to its lower rate as compared to FHLB advances, the ability to prepay the obligations without penalty, and as a means to lock in funding. During the fourth quarter of 2024, the Bank repaid all of the remaining $109.0 million in borrowings under the BTFP, which had a weighted average rate of 4.76%. The decrease in the cost of short-term borrowings compared to the quarters ended December 31, 2024 and March 31, 2024 resulted primarily from a lower current rate on short-term FHLB advances compared to borrowings under the BTFP.","length":1103,"tagName":"p"},{"type":"text","content":"The overall cost of funds for the quarter ended March 31, 2025 decreased 27 basis points to 3.22% compared to 3.49% for the quarter ended December 31, 2024 and decreased 29 basis points compared to 3.51% for the quarter ended March 31, 2024. The decrease in the cost of funds for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a decrease in the cost of deposits, both a decrease in the average balance of, and a decrease in the cost of short-term borrowings, and a decrease in the average balance of long-term debt. During the fourth quarter of 2024, Investar redeemed $20.0 million in principal amount of 5.125% Fixed-to-Floating Rate Subordinated Notes due 2029 (the "2029 Notes"). The decrease in the cost of funds for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 resulted from a decrease in the cost of deposits and both a decrease in the average balance of, and a decrease in the cost of short-term borrowings, partially offset by a higher average balance of deposits.","length":1074,"tagName":"p"},{"type":"text","content":" Noninterest Income ","length":18,"tagName":"p"},{"type":"text","content":"Noninterest income for the first quarter of 2025 totaled $2.0 million, a decrease of $3.2 million, or 61.0%, compared to the fourth quarter of 2024 and a decrease of $0.7 million, or 26.8%, compared to the first quarter of 2024.","length":228,"tagName":"p"},{"type":"text","content":"The decrease in noninterest income compared to the quarter ended December 31, 2024 is driven by $3.6 million in income from bank owned life insurance ("BOLI") recorded in the fourth quarter of 2024 compared to $0.4 million recorded in the first quarter of 2025, a $0.2 million decrease in the change in fair value of equity securities, and a $0.2 million decrease in other operating income, partially offset by a $0.4 million decrease in loss on call or sale of investment securities. During the fourth quarter of 2024, the Bank received BOLI death benefit proceeds totaling $5.5 million and recorded $3.1 million in income from BOLI. The decrease in other operating income is primarily attributable to a $0.2 million decrease in distributions from other investments.","length":777,"tagName":"p"},{"type":"text","content":"The decrease in noninterest income compared to the quarter ended March 31, 2024 is primarily attributable to a $0.4 million decrease in gain on sale or disposition of fixed assets, a $0.2 million decrease in the change in fair value of equity securities, and a $0.2 million decrease in other operating income. During the first quarter of 2024, Investar recorded a $0.4 million gain on sale or disposition of fixed assets as a result of the closure of one branch in the Alabama market. The decrease in other operating income is primarily attributable to a $0.1 million decrease in distributions from other investments and a $0.1 million decrease in the change in net asset value of other investments.","length":699,"tagName":"p"},{"type":"text","content":" Noninterest Expense ","length":19,"tagName":"p"},{"type":"text","content":"Noninterest expense for the first quarter of 2025 totaled $16.2 million, an increase of $0.2 million, or 1.0%, compared to the fourth quarter of 2024, and an increase of $0.9 million, or 6.2%, compared to the first quarter of 2024.","length":231,"tagName":"p"},{"type":"text","content":"The increase in noninterest expense for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by a $0.4 million increase in other operating expense and a $0.2 million increase in professional fees, partially offset by a $0.2 million decrease in loss on early extinguishment of subordinated debt, and a $0.2 million decrease in salaries and employee benefits. The increase in other operating expense resulted from a $0.2 million increase in collection and repossession expenses, a $0.2 million increase in branch services expense, a $0.1 million increase in Federal Deposit Insurance Corporation ("FDIC") assessments, and a $0.1 million increase in other real estate owned expense, partially offset by a $0.2 million decrease in charitable contributions. The increase in collection and repossession expenses was primarily due to the property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida. The decrease in salaries and employee benefits is primarily due to decreases in incentive-based compensation and health insurance claims. During the fourth quarter of 2024, Investar redeemed $20.0 million in principal amount of our 2029 Notes and recognized a loss on early extinguishment of subordinated debt of $0.2 million primarily consisting of unamortized deferred financing costs.","length":1418,"tagName":"p"},{"type":"text","content":"The increase in noninterest expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was primarily driven by a $0.4 million increase in salaries and employee benefits, a $0.2 million decrease in gain on early extinguishment of subordinated debt, a $0.2 million increase in professional fees, and a $0.2 mi...

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