Investar Holding Corp., the Baton Rouge-based parent company of Investar Bank with an office in Lafayette, generated $4.9 million during second quarter, which is about 48 cents per common share.
That's up from $3.8 million, or 39 cents per share, for the second quarter of 2018.
Investar Bank's profits were higher in part due to new revenue from Mainland Bank, which was based in Texas City, Texas and had $127 million in total assets. Investar Bank closed on its deal to acquired Mainland in March.
Most of Investar Bank's loans are to businesses, its commercial lending portfolio increased from $432.9 million in June 2018 to $616 million as of June 30.
As of July, Investar Bank changed its charter from a state to a national charter. That positions the bank to expand its market footprint, potentially creating more jobs at its headquarters to support the growing operation.
"We believe the national bank charter fits with our overall multi-state expansion strategy," said John D'Angelo, CEO of Investar Bank in a news release.
The bank had total assets of $1.9 billion as of June 30.
Acadiana Business Today: Acadiana region added 2,400 jobs over the year in June with unemployment dropping to 5.1%; Evangeline Maid bread started 100 years ago with a WWI vet's $50 service bonus
The Baton Rouge metro area lost 500 jobs over the past 12 months through June.
It's long been the go-to sandwich bread for school lunchboxes. It's the perfect base for a breakfast of hot boudin and sticky cane syrup. It's…
It's Thursday afternoon, and Mandy Osgood is putting the finishing touches on her latest masterpiece.
Investar Holding Corp., the Baton Rouge-based parent company of Investar Bank with an office in Lafayette, generated $4.9 million during secon…
Zack McMath is president of the Acadiana Food Hub, which helps local food producers, caterers and budding restaurateurs.