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Investar Holding Corporation (ISTR+1.40%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $2.72 billion, a decrease from $2.82 billion the previous year. The company's total stockholders' equity increased to $241.3 million from $226.8 million.
Net income for 2024 was $20.3 million, or $2.04 per diluted share, compared to $16.7 million, or $1.69 per diluted share, in 2023. The increase is attributed to higher noninterest income and a lower provision for credit losses.
Net interest income decreased by $4.8 million to $69.8 million, primarily due to increased interest expenses on deposits and borrowings.
Noninterest income rose significantly to $14.2 million, driven by income from bank-owned life insurance and gains on asset sales.
The provision for credit losses was a negative $3.5 million, reflecting improvements in credit quality and recoveries on previously impaired loans.
Total loans decreased to $2.13 billion from $2.21 billion, with a focus on optimizing the balance sheet and exiting higher-risk credit relationships.
Total deposits increased to $2.35 billion, with a shift towards interest-bearing deposits and a decrease in noninterest-bearing deposits.
The company redeemed $20.0 million in subordinated debt and repurchased $8.0 million, reducing its outstanding subordinated debt.
Investar Holding Corporation remains well-capitalized, with capital ratios exceeding regulatory requirements.
The company continues to focus on consistent, quality earnings and optimizing its balance sheet while exploring strategic growth opportunities.
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 annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.