Declared Dividend • Jun 21
First quarter dividend increased to US$0.12 Dividend of US$0.12 is 9.1% higher than last year. Ex-date: 30th June 2026 Payment date: 31st July 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 30% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 18
Investar Holding Corporation Declares Quarterly Common Stock Dividend, Payable on July 31, 2026 Investar Holding Corporation declared a quarterly cash dividend of $0.12 per share to holders of the Company's common stock. The dividend is payable on July 31, 2026 to shareholders of record as of June 30, 2026. This represents a 9% increase in the dividend per share compared to the prior quarter and is the 51 quarterly dividend paid by the Company, which follows an uninterrupted 11 quarterly cash dividends paid by the Bank. Duyuru • Apr 09
Investar Holding Corporation, Annual General Meeting, May 20, 2026 Investar Holding Corporation, Annual General Meeting, May 20, 2026. Location: investar tower, 10500 coursey boulevard, third floor, baton rouge, louisiana 70816, United States Duyuru • Jan 07
Investar Holding Corporation and Investar Bank, National Association Announces Board and Committee Changes Effective January 1, 2026, David Flack and James Dunkerley were appointed to fill two newly created vacancies on the board of directors of Investar, with the initial term of each to expire upon the election of directors at Investar’s 2026 annual meeting. Each of Messrs. Flack and Dunkerley was also appointed as a director of Investar Bank. Each of Messrs. Flack and Dunkerley was appointed to serve on the board of directors of Investar and Investar Bank under the terms of the Merger Agreement, which provide for the initial appointment of each director with an obligation to renominate each such director at the first annual meeting of the shareholders of Investar following the completion of the Merger. The board of directors of Investar determined that Messrs. Flack and Dunkerley are independent pursuant to the director independence standards established under the NASDAQ Stock Market listing rules. Upon recommendation of the Nominating and Governance Committee of the board of directors of Investar, the board of directors of Investar appointed Mr. Flack as a member of the Mergers and Acquisitions Committee of Investar and the Asset/Liability Committee of Investar Bank and Mr. Dunkerley as a member of the Enterprise Risk Committee of Investar and the Compliance Committee of Investar Bank. Duyuru • Jan 03
Investar Holding Corporation (NasdaqGM:ISTR) completed the acquisition of Wichita Falls Bancshares, Inc. Investar Holding Corporation (NasdaqGM:ISTR) agreed to acquire Wichita Falls Bancshares, Inc. for $112.9 million on July 1, 2025. The consideration consists of 3.96 million common equity of Investar Holding Corporation at a ratio of 6.3702 per common equity of Wichita Falls Bancshares, Inc. A cash consideration of $7.2 million will be paid by Investar Holding Corporation. As part of consideration, $7.2 million is paid towards common equity of Wichita Falls Bancshares, Inc. In case of termination of transaction, Wichita will pay a termination fee of $3.30 million. Ratios on completion are based on Wichita Falls Bancshares Inc.'s December 31, 2024 small parent equity and LTM net income of $97,235,000 and $5,879,000 respectively.
The transaction is subject to approvals or waivers by the FRB, the OCC, and the TDB, the Secretary of State of the State of Louisiana and Texas, approval of offer by Investar shareholders and approval of offer by Wichita shareholders. The deal has been unanimously approved by the board of Investar and Wichita. Shareholder approvals and regulatory approvals has been received. The expected completion of the transaction in fourth quarter of 2025. As of October 17, 2025, Investar anticipates it will close the Wichita Falls acquisition on or about January 1, 2026.
Stephanie E. Kalahurka of Fenimore Kay Harrison LLP acted as legal advisor for Investar Holding Corporation. Robert N. Flowers of Bradley Arant Boult Cummings LLP acted as legal advisor for Wichita Falls Bancshares, Inc. Janney Montgomery Scott LLC acted as financial advisor for Investar Holding Corporation. Olsen Palmer LLC acted as financial advisor for Wichita Falls Bancshares, Inc. Olsen Palmer LLC acted as fairness opinion provider for Wichita Falls Bancshares, Inc.
Investar Holding Corporation (NasdaqGM:ISTR) completed the acquisition of Wichita Falls Bancshares, Inc. on January 1, 2026. Duyuru • Sep 20
Investar Holding Corporation announces Quarterly dividend, payable on October 01, 2025 Investar Holding Corporation announced Quarterly dividend of USD 0.1100 per share payable on October 01, 2025, ex-date on September 30, 2025 and record date on September 30, 2025. Duyuru • Jul 02
Investar Holding Corporation (NasdaqGM:ISTR) agreed to acquire Wichita Falls Bancshares, Inc for $83.6 million. Investar Holding Corporation (NasdaqGM:ISTR) agreed to acquire Wichita Falls Bancshares, Inc. for $83.6 million on July 1, 2025. The consideration consists of 3.96 million common equity of Investar Holding Corporation at a ratio of 6.3702 per common equity of Wichita Falls Bancshares, Inc. A cash consideration of $7.2 million will be paid by Investar Holding Corporation. As part of consideration, $7.2 million is paid towards common equity of Wichita Falls Bancshares, Inc. In case of termination of transaction, Wichita will pay a termination fee of $3.30 million.
The transaction is subject to approval by regulatory board / committee, approval of offer by Investar shareholders and approval of offer by Wichita shareholders. The deal has been unanimously approved by the board of Investar and Wichita. The expected completion of the transaction in fourth quarter of 2025.
Stephanie E. Kalahurka of Fenimore Kay Harrison LLP acted as legal advisor for Investar Holding Corporation. Robert N. Flowers of Bradley Arant Boult Cummings LLP acted as legal advisor for Wichita Falls Bancshares, Inc. Janney Montgomery Scott LLC acted as financial advisor for Investar Holding Corporation. Olsen Palmer LLC acted as financial advisor for Wichita Falls Bancshares, Inc. Olsen Palmer LLC acted as fairness opinion provider for Wichita Falls Bancshares, Inc. Duyuru • Apr 09
Investar Holding Corporation, Annual General Meeting, May 21, 2025 Investar Holding Corporation, Annual General Meeting, May 21, 2025. Location: investor tower 10500 coursey boulevard, third floor baton rough, louisiana 70816, United States Duyuru • Jan 23
Investar Holding Corporation Announces Board and Committee Changes On January 15, 2025, Anita M. Fontenot notified Investar Holding Corporation of her resignation from the Board of Directors of the Company (the “Board”), effective on January 20, 2025. On January 15, 2025, upon recommendation of the Nominating and Governance Committee of the Board (the “Nominating Committee”), the Board appointed Julio A. Melara chairman of the Board’s Audit Committee effective January 20, 2025. Mr. Melara previously served as vice-chairman of the Board’s Audit Committee. On January 15, 2025, upon recommendation of the Nominating Committee, the Board appointed Scott G. Ginn vice-chairman of the Board’s Audit Committee effective January 20, 2025. Duyuru • Dec 19
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on January 31, 2025 Investar Holding Corporation declared a quarterly cash dividend of $0.105 per share to holders of the Company's common stock. The dividend is payable on January 31, 2025 to shareholders of record as of December 31, 2024. Duyuru • Sep 19
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on October 31, 2024 Investar Holding Corporation declared a quarterly cash dividend of $0.105 per share to holders of the Company's common stock. The dividend is payable on October 31, 2024 to shareholders of record as of September 30, 2024. This represents a 5% increase in the dividend per share compared to the prior quarter and is the 44th quarterly dividend paid by the Company, which follows an uninterrupted 11 quarterly cash dividends paid by the Bank. Duyuru • Jun 20
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on July 31, 2024 Investar Holding Corporation declared a quarterly cash dividend of $0.10 per share to holders of the Company's common stock. The dividend is payable on July 31, 2024 to shareholders of record as of July 1, 2024. Major Estimate Revision • Apr 29
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$1.24 to US$1.41. Revenue forecast steady at US$78.7m. Net income forecast to shrink 14% next year vs 1.5% growth forecast for Banks industry in the US . Consensus price target broadly unchanged at US$20.00. Share price was steady at US$16.29 over the past week. Reported Earnings • Apr 24
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.48 (up from US$0.39 in 1Q 2023). Revenue: US$21.4m (up 2.5% from 1Q 2023). Net income: US$4.71m (up 24% from 1Q 2023). Profit margin: 22% (up from 18% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 104%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Apr 24
An undisclosed buyer acquired One branch location in Alabama of Investar Holding Corporation (NasdaqGM:ISTR). An undisclosed buyer acquired One branch location in Alabama of Investar Holding Corporation (NasdaqGM:ISTR) during the first quarter of 2024.
An undisclosed buyer completed the acquisition of One branch location in Alabama of Investar Holding Corporation (NasdaqGM:ISTR) during the first quarter of 2024. Duyuru • Apr 03
Investar Holding Corporation, Annual General Meeting, May 15, 2024 Investar Holding Corporation, Annual General Meeting, May 15, 2024, at 15:00 Central Standard Time. Location: Investar Bank 10500 Coursey Boulevard, Third Floor Baton Rouge, Louisiana 70816 Louisiana United States Agenda: To elect 11 directors, each to serve a one-year term; to ratify the appointment of Horne LLP as Investar Holding Corporation's independent registered public accounting firm for the 2024 fiscal year; to approve, on an advisory basis, the compensation of our named executive officers; and to transact such other business as may properly come before the 2024 Annual Meeting of Shareholders or any adjournments or postponements thereof (the 2024 Annual Meeting"). Declared Dividend • Mar 25
Fourth quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 28th March 2024 Payment date: 30th April 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (23% payout ratio) and is expected to be well covered in 3 years' time (21% forecast payout ratio). The dividend has increased by an average of 35% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 21
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on April 30, 2024 Investar Holding Corporation declared a quarterly cash dividend of $0.10 per share to holders of the Company's common stock. The dividend is payable on April 30, 2024 to shareholders of record as of April 1, 2024. This is the 42nd quarterly dividend paid by the Company, which follows anuninterrupted 11 quarterly cash dividends paid by the Bank. Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$82.5m to US$78.8m. EPS estimate also fell from US$1.44 per share to US$1.25 per share. Net income forecast to shrink 27% next year vs 3.5% decline forecast for Banks industry in the US. Consensus price target up from US$16.17 to US$20.33. Share price rose 5.2% to US$17.90 over the past week. Reported Earnings • Jan 27
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$1.69 (down from US$3.54 in FY 2022). Revenue: US$83.1m (down 20% from FY 2022). Net income: US$16.7m (down 53% from FY 2022). Profit margin: 20% (down from 34% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 11
Price target increased by 10% to US$16.19 Up from US$14.69, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$16.45. Stock is down 24% over the past year. The company is forecast to post earnings per share of US$1.61 for next year compared to US$3.54 last year. Duyuru • Dec 21
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on January 31, 2024 Investar Holding Corporation declared a quarterly cash dividend of $0.10 per share to holders of the Company's common stock. The dividend is payable on January 31, 2024 to shareholders of record as of January 2, 2024. Reported Earnings • Oct 22
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.28 (down from US$0.73 in 3Q 2022). Revenue: US$19.1m (down 23% from 3Q 2022). Net income: US$2.78m (down 62% from 3Q 2022). Profit margin: 14% (down from 29% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 40% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (US$98.6m market cap). Price Target Changed • Oct 05
Price target decreased by 7.1% to US$14.69 Down from US$15.81, the current price target is an average from 4 analysts. New target price is 42% above last closing price of US$10.36. Stock is down 48% over the past year. The company is forecast to post earnings per share of US$1.68 for next year compared to US$3.54 last year. Duyuru • Sep 21
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on October 31, 2023 Investar Holding Corporation declared a quarterly cash dividend of $0.10 per share to holders of the company's common stock. The dividend is payable on October 31, 2023 to shareholders of record as of October 2, 2023. This is the 40th quarterly dividend paid by the company, which follows an uninterrupted 11 quarterly cash dividends paid by the Bank. Buying Opportunity • Aug 10
Now 20% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be US$18.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to decline by 9.7% in a year. Earnings is forecast to decline by 44% in the next year. Major Estimate Revision • Jul 28
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$84.9m to US$82.8m. EPS estimate rose from US$1.45 to US$1.68. Net income forecast to shrink 44% next year vs 9.6% decline forecast for Banks industry in the US. Consensus price target up from US$14.81 to US$15.81. Share price rose 11% to US$14.74 over the past week. Price Target Changed • Jul 24
Price target increased by 7.2% to US$15.88 Up from US$14.81, the current price target is an average from 4 analysts. New target price is 10% above last closing price of US$14.38. Stock is down 39% over the past year. The company is forecast to post earnings per share of US$1.66 for next year compared to US$3.54 last year. Reported Earnings • Jul 23
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.66 (down from US$0.93 in 2Q 2022). Revenue: US$23.3m (down 15% from 2Q 2022). Net income: US$6.55m (down 30% from 2Q 2022). Profit margin: 28% (down from 34% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 75%. Revenue is expected to decline by 3.7% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 28
Price target decreased by 7.1% to US$14.81 Down from US$15.94, the current price target is an average from 4 analysts. New target price is 25% above last closing price of US$11.83. Stock is down 46% over the past year. The company is forecast to post earnings per share of US$1.47 for next year compared to US$3.54 last year. Duyuru • Jun 22
Investar Holding Corporation Declares Quarterly Cash Dividend, Payable on July 31, 2023 Investar Holding Corporation declared a quarterly cash dividend of $0.10 per share to holders of the Company's common stock. The dividend is payable on July 31, 2023 to shareholders of record as of July 3, 2023. This represents a 5% increase in the dividend per share compared to the prior quarter and is the 39th quarterly dividend paid by the Company, which follows an uninterrupted 11 quarterly cash dividends paid by the Bank. Recent Insider Transactions • Jun 10
Chairman of the Board recently bought US$114k worth of stock On the 2nd of June, William Hidalgo bought around 10k shares on-market at roughly US$11.42 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was William's only on-market trade for the last 12 months. Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 43%. The fair value is estimated to be US$14.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to decline by 9.8% in a year. Earnings is forecast to decline by 48% in the next year. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be US$14.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to decline by 9.8% in a year. Earnings is forecast to decline by 48% in the next year. Reported Earnings • Apr 23
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.39 (down from US$0.98 in 1Q 2022). Revenue: US$20.9m (down 26% from 1Q 2022). Net income: US$3.81m (down 62% from 1Q 2022). Profit margin: 18% (down from 36% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 11
Price target decreased by 11% to US$21.00 Down from US$23.50, the current price target is an average from 4 analysts. New target price is 54% above last closing price of US$13.66. Stock is down 28% over the past year. The company is forecast to post earnings per share of US$2.24 for next year compared to US$3.54 last year. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.095 per share at 2.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$16.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$24.67 per share. Duyuru • Feb 12
Investar Holding Corporation Announces Resignation of Robert M. Boyce, Sr. to Board of Directors On February 8, 2023, Robert M. Boyce, Sr. notified Investar Holding Corporation of his resignation from the Board of Directors of the Company (the “Board”), effective immediately. Mr. Boyce's decision to resign from the Board did not arise or result from any disagreement with the Company on any matters relating to the Company’s operations, policies or practices. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$104.8m to US$96.8m. EPS estimate also fell from US$2.77 per share to US$2.39 per share. Net income forecast to shrink 35% next year vs 9.5% growth forecast for Banks industry in the US . Consensus price target down from US$25.06 to US$24.06. Share price was steady at US$20.78 over the past week. Reported Earnings • Jan 27
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$3.54 (up from US$0.77 in FY 2021). Revenue: US$105.2m (up 44% from FY 2021). Net income: US$35.7m (up 348% from FY 2021). Profit margin: 34% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Revenue is forecast to stay flat during the next 2 years compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Jan 07
Investar Holding Corporation Announces Executive Changes Investar Holding Corporation announced that Effective December 29, 2022, Candace J. LeBlanc, Executive Vice President and Chief Accounting Officer of Investar Holding Corporation and its wholly-owned subsidiary Investar Bank, at the conclusion of her maternity leave, resigned from her position to spend more time with her family. Also effective the same date, Corey E. Moore, was appointed as the Chief Accounting Officer of the Company and Bank.Mr. Moore, age 35, currently serves as the Senior Vice President and Senior Financial Officer of the Company and the Bank, a position he has held since joining the Company in June 2022. Immediately prior to joining the Company, Mr. Moore served as a Senior SEC Reporting Accountant with Diamondback Energy from October 2019 to May 2022. From 2018 to 2019, Mr. Moore served as an Assistant Controller at Mammoth Energy Services. Prior to that, he served as an auditor with Grant Thornton LLP. Mr. Moore has a Master of Science in Accountancy from Arizona State University and is a licensed Certified Public Accountant. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 10 highly experienced directors. Independent Director Robert Jordan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 03
Independent Director recently sold US$78k worth of stock On the 28th of October, James Baker sold around 4k shares on-market at roughly US$20.79 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$49k more than they bought in the last 12 months. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.73 (vs US$0.96 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.73 (up from US$0.96 loss in 3Q 2021). Revenue: US$25.0m (up US$23.1m from 3Q 2021). Net income: US$7.30m (up US$17.3m from 3Q 2021). Profit margin: 29% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.92 (vs US$0.55 in 2Q 2021) Second quarter 2022 results: EPS: US$0.92 (up from US$0.55 in 2Q 2021). Revenue: US$27.4m (up 9.1% from 2Q 2021). Net income: US$9.40m (up 66% from 2Q 2021). Profit margin: 34% (up from 23% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 23%, compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (3.2%). Major Estimate Revision • Apr 29
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$93.8m to US$97.4m. EPS estimate increased from US$2.26 to US$2.85 per share. Net income forecast to grow 124% next year vs 0.003% decline forecast for Banks industry in the US. Consensus price target of US$22.88 unchanged from last update. Share price rose 4.2% to US$19.70 over the past week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 10 highly experienced directors. Independent Director Robert Jordan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.085 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (3.7%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 11
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: US$0.77 (down from US$1.27 in FY 2020). Revenue: US$73.0m (down 2.0% from FY 2020). Net income: US$7.98m (down 42% from FY 2020). Profit margin: 11% (down from 19% in FY 2020). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.53% (up from 3.49% in FY 2020). Cost-to-income ratio: 65.8% (down from 66.7% in FY 2020). Non-performing loans: 1.58% (up from 0.74% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 27%, compared to a 6.5% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 30
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: US$0.77 (down from US$1.27 in FY 2020). Revenue: US$73.0m (down 2.0% from FY 2020). Net income: US$8.00m (down 42% from FY 2020). Profit margin: 11% (down from 19% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 30%, compared to a 4.1% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 23
Upcoming dividend of US$0.08 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 31 January 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (2.4%). Reported Earnings • Oct 23
Third quarter 2021 earnings released: US$0.95 loss per share (vs US$0.41 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$3.75m (down 81% from 3Q 2020). Net loss: US$9.98m (down 325% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$18.27, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 23% over the past three years. Price Target Changed • Oct 16
Price target decreased to US$23.63 Down from US$26.44, the current price target is an average from 4 analysts. New target price is 29% above last closing price of US$18.27. Stock is up 31% over the past year. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$18.27, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 23% over the past three years. Price Target Changed • Oct 16
Price target decreased to US$23.63 Down from US$26.44, the current price target is an average from 4 analysts. New target price is 29% above last closing price of US$18.27. Stock is up 31% over the past year. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.08 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 29 October 2021. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (3.7%). Lower than average of industry peers (2.4%). Recent Insider Transactions • Jul 30
Independent Director recently bought US$50k worth of stock On the 27th of July, Robert Jordan bought around 2k shares on-market at roughly US$21.50 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$43k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 24
Second quarter 2021 earnings released: EPS US$0.54 (vs US$0.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$25.1m (up 27% from 2Q 2020). Net income: US$5.69m (up 34% from 2Q 2020). Profit margin: 23% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Executive Departure • Jul 15
Executive VP, Chief Credit Officer & Chief Risk Management Officer Travis Lavergne has left the company On the 9th of July, Travis Lavergne's tenure as Executive VP, Chief Credit Officer & Chief Risk Management Officer ended after 8.4 years in the role. As of March 2021, Travis still personally held 9.28k shares (US$191k worth at the time). Travis is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.75 years. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.08 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 31 July 2021. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (3.5%). Lower than average of industry peers (2.3%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS US$0.51 (vs US$0.054 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$21.6m (up 47% from 1Q 2020). Net income: US$5.34m (up US$4.74m from 1Q 2020). Profit margin: 25% (up from 4.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$95.3m to US$94.3m. EPS estimate rose from US$2.02 to US$2.24. Net income forecast to grow 27% next year vs 7.5% growth forecast for Banks industry in the US. Consensus price target up from US$24.88 to US$25.75. Share price rose 5.2% to US$22.10 over the past week.