Investar Holding Corporation,(ISTR) a leading financial institution, h as released its financial statements for the first quarter of 2023, highlighting significant figures in net income and revenue. The company's net income for the quarter amounted to $3.8 million, while its revenue reached $30.98 million.
Investar Holding Corporation's net income for the first quarter of 2023 amounted to $3.8 million. This figure represents the company's profits after deducting all expenses and taxes from its total revenue.
Revenue
During the first quarter of 2023, Investar Holding Corporation recorded total revenue of $30.98 million. This revenue includes interest income from loans and investment securities, service charges on deposit accounts, gain on sale of loans, and other operating income.
The breakdown of the revenue components is as follows:
Interest and fees on loans contributed $27.36 million.
Interest on investment securities, both taxable and tax-exempt, amounted to $3.19 million.
Other interest income, service charges on deposit accounts, interchange fees, and other operating income accounted for $605 thousand.
Introduction
Investar Holding Corporation posted strong financial results for the first quarter of 2023, reporting a net income of $3.8 million and total revenue of $30.98 million. Despite a provision for credit losses of $388 thousand, the company managed to achieve substantial profits driven by interest income from loans and investment securities.
The company's robust financial performance reflects its prudent management of assets and successful investment strategies. Investar Holding Corporation continues to maintain a strong asset base with cash and cash equivalents of $31.29 million and available-for-sale securities at fair value amounting to $406.11 million.
With an unwavering commitment to delivering value to its shareholders, Investar Holding Corporation remains well-positioned for growth and success in the financial market. As the year progresses, investors and stakeholders can look forward to the company's continued dedication to maintaining its strong financial standing and driving sustainable growth.