Baton Rouge-based Investar Holding Corp, the holding company for Investar Bank, reported its fourth-quarter profit soared to a record $2 million, or 27 cents per share, compared to $200,000, or 4 cents per share, a year ago.
For the year, Investar also generated a record profit of $5.4 million, or 93 cents per share, compared to $3.2 million, or 81 cents per share, in 2013.
The results for both the quarter and the year easily outstripped Wall Street’s expectations. Analysts surveyed by Zeck’s Investment Research had forecast fourth-quarter earnings of 20 cents per share and 2014 earnings of 80 cents per share.
Investar’s fourth-quarter earnings received a $500,000 boost thanks to a tax credit involving a Federal Historic Rehabilitation project.
Without the credit, Investar’s fourth-quarter profit would have been $1.5 million, or 20 cents per share.
Investar closed 2014 with $879.4 million in assets, an increase of 38.4 percent, and total loans of $622.8 million, an increase of 23.5 percent.