BATON ROUGE, LA /ACCESSWIRE/September 21, 2022/ Investar Holding Corporation (the “Company”) (Nasdaq: ISTR), the holding company of Investar Bank, National Association (the “Bank”), has declared a quarterly cash dividend of $0.095 per share to common stockholders of the society. The dividend is payable on October 31, 2022 to shareholders of record on September 30, 2022. This represents a 6% increase in the dividend per share compared to the previous quarter and is the 36e quarterly dividend paid by the Company, which follows 11 uninterrupted quarterly cash dividends paid by the Bank.
Share buyback program
The Company also announced that the Board of Directors has approved the repurchase of 300,000 common shares of the Company under a share buyback program, in addition to the remaining 119,918 shares under the share buyback program current. The additional shares authorized for redemption represent approximately 3% of the outstanding common shares of the Company. Recent share buyback activity includes 485,774 shares that were repurchased by the Company in 2022 at an average price of $20.28. Since the launch of the share repurchase program in 2015, the Company has paid $44.1 million to repurchase 2,280,082 shares at an average price of $19.32.
The Company expects to repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the discretion of the Company. The buyback program, which has no expiry date, may be suspended or terminated at any time.
The timing and amount of any share repurchase will depend on a variety of factors, including the trading price of the Company’s common stock, securities laws and other regulatory restrictions, other potential uses of capital, and market and economic conditions. . Repurchased shares will become treasury shares and may be reissued under the Company’s stock incentive plans, other compensation programs, other transactions or for other corporate purposes. The repurchase program does not obligate the Company to repurchase shares and will remain in effect until it is fully used or until it is modified, suspended or terminated.
About Investar Holding Corporation
Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 31 branches serving Louisiana, Texas and Alabama. As of June 30, 2022, the Bank had 335 full-time equivalent employees and total assets of $2.6 billion.
This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions about our business which are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those described in this press release. You should not rely on forward-looking statements to predict future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in the forward-looking statements is described in the reports and registration statements we file with the SEC, including our Annual Report on Form 10-K. and subsequent Quarterly Reports on Form 10.-Q and Current Reports on Form 8-K, copies of which are available on Investor’s website at http://www.InvestarBank.com.
We disclaim any obligation to update any forward-looking statement or any change in events, conditions or circumstances on which any forward-looking statement may be based, except as required by law.
Investar Holding Company
THE SOURCE: Investar Holding Company