Investar Holding Corporation Declares Quarterly Cash Dividend and Announces Additional Authorization under Share Repurchase P...
17 Marzo 2021 - 11:00PM
Investar Holding Corporation (the “Company”) (Nasdaq:ISTR), the
holding company of Investar Bank, National Association (the
“Bank”), declared a quarterly cash dividend of $0.07 per share to
holders of Investar Holding Corporation common stock. The dividend
is payable on April 30, 2021 to shareholders of record as of March
29, 2021. This represents an 8% increase in the dividend per share
compared to the prior quarter and is the 30th quarterly dividend
paid by Investar Holding Corporation, which follows an
uninterrupted 11 quarterly cash dividends paid by Investar Bank.
Share Repurchase Program
The Company also announced that the Board of
Directors has approved another 300,000 shares of the Company’s
common stock for repurchase under a stock repurchase program, in
addition to 51,435 shares remaining under the current repurchase
program. The additional shares authorized for repurchase represent
approximately 3% of the Company’s outstanding common stock. Recent
stock buyback activity includes 661,504 shares that were
repurchased by the Company during the year ended December 31, 2020
at an average price of $16.75 and 213,395 shares that were
repurchased by the Company during the first quarter of 2021 at an
average price of $17.48. The Company plans 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 Company’s discretion. The repurchase program, which has no
expiration date, may be suspended or terminated at any time.
The timing and amount of any share repurchases
will depend on a variety of factors, including the trading price of
the Company’s common stock, securities laws and other regulatory
restrictions, potential alternative uses for capital, and market
and economic conditions. Repurchased shares will become treasury
shares and may be reissued in connection with 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 any shares and will remain in
effect until fully utilized or until 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
branch locations serving south Louisiana, southeast Texas, and
southwest Alabama. At December 31, 2020, the Bank had 323
full-time equivalent employees and total assets of $2.3
billion.
Forward-Looking Statements
This press release may include forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based upon
current expectations and assumptions about our business that are
subject to a variety of risks and uncertainties that could cause
the actual results to differ materially from those described in
this press release. You should not rely on forward-looking
statements as a prediction of future events. Additional information
regarding factors that could cause actual results to differ
materially from those discussed in any forward-looking statements
are described in 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 the Investar internet website
http://www.InvestarBank.com.
We disclaim any obligation to update any
forward-looking statements or any changes in events, conditions or
circumstances upon which any forward-looking statement may be based
except as required by law.
Contact:
Investar Holding CorporationChris HufftChief
Financial Officer(225) 227-2215Chris.Hufft@investarbank.com
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