Baton Rouge-based Investar Holding Corp., the parent company of Investar Bank, says its first quarter 2016 earnings were flat, reporting today a net income of $2 million, or 28 cents per share, compared to $2 million, or 27 cents per diluted share, for the same quarter ending March 31, 2015.
Investar CEO John D’Angelo says the company is pleased with its first quarter results and has been able to maintain consistent loan growth while focusing on credit quality.
“A significant portion of our loan growth during the quarter can be attributed to the new commercial lenders hired at the end of 2015,” D’Angelo says. “These lenders have focused on moving customers with whom they have had long-term relationships, which has not only had an impact on loan growth but has also contributed to our growth in noninterest-bearing deposits.”
Total loans, excluding loans held for sale, increased to $797.6 million, up from the $151.2 million in March 2015. Commercial loans and industrial loans increased $16.2 million, or 27.5%, to $75 million.
D’Angelo says the company will continue to focus on credit quality, monitor the economic environment and the potential impact of low oil and gas prices. He also says less than 1% of Investar’s loan portfolio is directly exposed to the energy sector. Investar says delinquencies across its portfolio are low and improving.
—Alexandria Burris
