Investar Holding (ISTR) has reported 9.75 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.04 million, or $0.29 a share in the quarter, compared with $1.86 million, or $0.26 a share for the same period last year. Revenue during the quarter dropped 3.98 percent to $9.33 million from $9.72 million in the previous year period. Non-interest income for the quarter fell 52.51 percent over the last year period to $1.03 million.
Investar Holding has made provision of $0.45 million for loan losses during the quarter, up 12.50 percent from $0.40 million in the same period last year.
Net interest margin contracted 29 basis points to 3.23 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter improved to 66.94 percent from 69.31 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Investar Holding Corporation president and chief executive officer John D Angelo said: "We are pleased to have had another great quarter. Our focus on relationship banking continues to positively impact noninterest-bearing demand deposit growth, with 24.3% year-to-date growth. Also during the quarter, we repurchased over 80,000 shares of our common stock, delivering on our commitment to increase shareholder value.
Liabilities outpace assets growthTotal assets stood at $1,154.20 million as on Sep. 30, 2016, up 23.08 percent compared with $937.75 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,040.63 million as on Sep. 30, 2016, up 25.43 percent from $829.62 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $839.44 million as on Sep. 30, 2016, up 19.13 percent compared with $704.65 million on Sep. 30, 2015. Deposits stood at $907.05 million as on Sep. 30, 2016, up 24.18 percent compared with $730.43 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $112.41 million or 12.39 percent of total deposits on Sep. 30, 2016, compared with $94.53 million or 12.94 percent of total deposits on Sep. 30, 2015.
Investments stood at $170.44 million as on Sep. 30, 2016, up 52.05 percent or $58.34 million from year-ago. Shareholders equity stood at $113.58 million as on Sep. 30, 2016, up 5.04 percent or $5.45 million from year-ago.
Return on average assets moved down 7 basis points to 0.71 percent in the quarter from 0.78 percent in the last year period. At the same time, return on average equity increased 32 basis points to 7.15 percent in the quarter from 6.83 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.80 percent in the quarter, up from 0.40 percent in the last year period.
Tier-1 leverage ratio stood at 10.10 percent for the quarter, down from 11.61 percent for the previous year quarter. Book value per share was $15.93 for the quarter, up 7.06 percent or $1.05 compared to $14.88 for the same period last year.
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