Investar Bank reported first-quarter earnings of $5.4 million, or 51 cents per share, up from the $600,000, or 5 cents per share, it earned during the first quarter of 2020.
John D’Angelo, president and chief executive officer of the Baton Rouge-based bank, called the performance “a solid quarter." Net interest income went up from $17.3 million in the first quarter of 2020 to $19.6 million. The bank had revenue of $25.3 million for the quarter, up from $24.7 million for the first quarter of 2020. Expenses dropped from $20.2 million to $18.1 million.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
Investar Bank has completed the previously announced acquisition of Alabama-based Cheaha Bank, nearly a year after the transaction was first s…
Total loans topped $1.8 billion for the quarter, up from $1.7 billion in the first quarter of 2020. Total deposits were $2 billion, up from $1.7 billion in the first quarter of 2020.
Investar shares have risen 27% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21, a rise of 99% in the last 12 months.