Investar Holding Corporation Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate Guidance for the Year 2018
July 26, 2018 at 03:54 am IST
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Investar Holding Corporation reported consolidated unaudited earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest income of $18,009,000 as compared to $11,844,000 for the same period last year. Income before income tax expense was $4,786,000 as compared to $2,800,000 for the same period last year. Net income was $3,820,000 as compared to $1,923,000 for the same period last year. Basic and diluted earnings per share was $0.39 as compared to $0.22 for the same period last year.
For the six months, the company reported total interest income of $35,187,000 as compared to $22,937,000 for the same period last year. Income before income tax expense was $8,529,000 as compared to $5,511,000 for the same period last year. Net income was $6,222,000 as compared to $3,787,000 for the same period last year. Diluted earnings per share was $0.64 as compared to $0.47 for the same period last year.
Management expects the Company's effective tax rate to approximate 20% for the remainder of 2018, mainly as a result of the Tax Cuts and Jobs Act.
Investar Holding Corporation is a financial holding company that conducts its operations primarily through its subsidiary, Investar Bank, National Association (the Bank). The Company offers a range of commercial and retail lending products throughout its market areas, including business loans to small to medium-sized businesses as well as loans to individuals. Its business lending products include owner-occupied commercial real estate loans, construction loans and commercial and industrial loans, such as term loans, equipment financing and lines of credit, while its loans to individuals include first and second mortgage loans, installment loans, and lines of credit. It offers a base of deposit products and services to individual and business clients, including savings, checking, and money market accounts, as well as a variety of certificates of deposit and individual retirement accounts. It also offers debit cards, Internet banking, direct deposit of payroll and social security checks.
Investar Holding Corporation Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate Guidance for the Year 2018