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Investar Holding Corporation (ISTR-1.03%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $5.4 million for the three months ended September 30, 2024, compared to $2.8 million for the same period in 2023. This increase is attributed to higher interest income and a legal settlement.
Interest income for the quarter was $36.8 million, up from $33.2 million in the previous year, driven by increased loan yields and balances.
Interest expense rose to $19.0 million from $15.7 million due to higher rates on deposits and borrowings.
Net interest income for the quarter was $17.9 million, compared to $17.5 million in the previous year.
Noninterest income increased to $3.5 million from $1.6 million, largely due to a $1.1 million legal settlement and gains on fixed asset sales.
Noninterest expense was $16.2 million, up from $15.8 million, primarily due to increased salaries and benefits.
Total loans decreased to $2.16 billion from $2.21 billion at the end of 2023, reflecting lower demand and loan amortization.
Total deposits increased to $2.29 billion, with a shift from noninterest-bearing to interest-bearing deposits.
Investar's capital ratios remained strong, with a Tier 1 leverage ratio of 8.95% and a total capital ratio of 13.48% at the holding company level.
The company repurchased $8.0 million in subordinated debt and $0.3 million in common stock during the quarter.
Investar's liquidity position was supported by $86.3 million in cash and cash equivalents and $739.1 million in available funding from FHLB advances and credit lines.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Investar Holding Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.