Overview

• U.S. regional bank's Q1 adjusted EPS beat analyst expectations, aided by recent acquisition

• Loans and deposits rose sharply, driven by Wichita Falls Bancshares acquisition

• Company repurchased 53,420 shares during Q1 under its stock buyback program

Outlook

• Company did not provide specific financial guidance for the current qtr or full yr in its press release

Result Drivers

• ACQUISITION IMPACT - Results were driven by the acquisition of Wichita Falls Bancshares, which led to substantial growth in loans and deposits

• NET INTEREST MARGIN - Net interest margin improved due to higher yields on interest-earning assets and lower funding costs, including a shift from brokered time deposits to lower-cost, non-maturing deposits

• NONINTEREST INCOME - Noninterest income increased, mainly from higher interchange fees, service charges, and other operating income

Company press release: ID:nACSPYDj6a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS	Beat	$0.87	$0.68 (3 Analysts)
Q1 EPS		$0.77
Q1 Net Income		$12.02 mln
Q1 Net Interest Income		$32.66 mln
Q1 Net Interest Margin (%)		3.59%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Investar Holding Corp is $33.00, about 15% above its April 17 closing price of $28.70

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

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