Investar Holding reports Q3 non-GAAP EPS 33c, consensus 33c

Reports Q3 revenue $34.8M, consensus $20.11M. Rrecorded a negative provision for credit losses of $34K for Q3 vs. a negative provision for credit losses of $2.8M and a provision for credit losses of $1.2M for the quarters ended June 30, 2023 and September 30, 2022, respectively. “During Q3, we made several significant achievements towards our strategic goals…we agreed to acquire assets comprised wholly of variable-rate revolving lines of credit…we have made the decision to exit from the consumer mortgage origination business…Finally, we continue to execute on the evaluation and optimization of our physical branch and ATM footprint. As a result of our ongoing review, we ceased operation of 14 ATMs which will result in future cost savings while maintaining uninterrupted service to our valued customers…We repurchased 52,407 shares of our common stock during the third quarter well below tangible book value at an average price of $12.89 per share. We believe Investar is well-positioned for a higher-for-longer interest rate environment but also poised to benefit from a potential decrease in rates. As we look forward, we are beginning a pivot from a growth strategy to a focus on consistent, quality earnings through the optimization of our balance sheet.”