Investar Holding Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
Investar Holding Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. The Company reported net income of $1.8 million, or $0.26 per diluted share for the fourth quarter of 2016, compared to $2.0 million, or $0.29 per diluted share for the quarter ended September 30, 2016, and $1.5 million, or $0.20 per diluted share, for the quarter ended December 31, 2015. Total interest income increased $1.2 million, or 12.0%, for the quarter ended December 31, 2016 compared to the quarter ended December 31, 2015. Net interest income for the fourth quarter of 2016 totaled $8.8 million, remaining consistent with the third quarter of 2016, and increasing $0.6 million, or 6.7%, compared to the fourth quarter of 2015 of $8.227 million. The increase in net interest income was a direct result of continued growth of the Company’s loan portfolio with an increase in net interest income of $1.1 million due to an increase in volume offset by a $0.5 million decrease related to a reduction in yield compared to the fourth quarter of 2015. Return on average assets was 0.65% against 0.59% a year ago. Book value per share was $15.88 against $15.05 a year ago. Return on average equity was 6.51% against 5.29% a year ago. Income before income tax expense was $2.699 million against $2.199 million a year ago.
For the full year, the company reported net interest income of $34.739 million against $31.458 million a year ago. Income before income tax expense was $11.489 million against $10.584 million a year ago. Net income was $7.880 million or $1.10 per diluted share against $7.073 million or $0.97 per diluted share a year ago.