Baton Rouge-based Investar Holding Corp., the holding company for Investar Bank, reported second-quarter earnings dipped to $1.1 million, or 26 cents per share, compared to $1.7 million, or 44 cents per share, a year ago.
However, the 2013 results included a $900,000 “bargain purchase gain” recorded in connection with the acquisition of First Community Bank in May of that year. A bargain purchase gain occurs when one company acquires the assets of another at less than fair market value.
Excluding that one-time gain and acquisition expenses, Investar’s 2013 second-quarter results would have been $1 million, or 25 cents per share.
Investar President and Chief Executive Officer John D’Angelo said the company was pleased with its second quarter and had experienced solid growth in both loans and deposits.
The company remains excited about the recent completion of its initial public offering, completed July 1, D’Angelo said. The IPO positions the company for continued growth.
Investar’s total loans were $564 million as of June 30, up $59.9 million, or 11.9 percent, from Dec. 31. Deposits were $578.7 million as of June 30, up $46.1 million, or 8.7 percent.