Liquidity management is heavily dependent on the securities portfolio, as evidenced by $56.8 million in purchase activity during 2026Q1, while dividend distributions of $1.6 million continue despite historical earnings volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 23.68M | 18.22M | 15.93M | 26.25M | 42.75M | 33.48M | 17.75M | 18.57M | 16.41M | 9.46M | 37.3M | 37.52M | -87.6M | 15.92M | -1.09M |
| Operating CF Growth % | 1503.44% | 14.37% | -39.32% | -38.6% | 27.68% | 88.64% | -4.41% | 13.13% | 73.54% | -74.65% | -0.57% | 142.83% | -650.17% | 1555.39% | - |
| Net Income | 28.64M | 22.9M | 20.25M | 16.68M | 35.71M | 8M | 13.89M | 16.84M | 13.61M | 8.2M | 7.88M | 7.07M | 5.4M | 3.17M | 2.36M |
| Depreciation & Amortization | 3.42M | 2.79M | 3.1M | 3.78M | 4.43M | 4.99M | 4.57M | 3.46M | 2.55M | 1.86M | 1.49M | 1.45M | 1.33M | 893K | 587K |
| Deferred Taxes | 1.71M | -349K | 659K | -350K | -655K | -547K | -1.39M | 153K | 841K | 245K | -207K | -386K | -134K | 773K | 21K |
| Other Non-Cash Items | -8.46M | -6.09M | -9.4M | -2.55M | 3.58M | 20.98M | 9.41M | -367K | 793K | 1.59M | 29.5M | 25.32M | -97.36M | 11.58M | -3.52M |
| Working Capital Changes | -3.62M | -3.02M | -635K | 6.7M | -2.43M | -1.68M | -10.38M | -2.95M | -2.45M | -3.23M | -1.97M | 3.67M | 2.94M | -640K | -614K |
| Cash from Investing | 55.89M | -83.91M | 90.06M | -73.49M | -350.99M | 53.4M | -148.14M | -103.06M | -182.4M | -98.35M | -151.97M | -173.31M | -155.62M | -151.33M | -93.74M |
| Purchase of Investments | -126.06M | -86.74M | -60.67M | -126.77M | -193.97M | -256.21M | -133.29M | -117.57M | -76.64M | -109.76M | -90.15M | -95.63M | -78.52M | -41.7M | -27.75M |
| Sale/Maturity of Investments | 110.03M | 57.51M | 60.27M | 174.99M | 63.33M | 225.25M | 133.8M | 110.02M | 40.75M | 139.76M | 43.16M | 46.89M | 44.42M | 26.15M | 11.76M |
| Net Investment Activity | -16.04M | -29.24M | -397K | 48.22M | -130.64M | -30.96M | 509K | -7.54M | -35.89M | 30M | -46.99M | -48.75M | -34.1M | -15.54M | -15.99M |
| Acquisitions | 75.58M | 0 | 0 | -596K | 0 | 8.11M | -10.81M | 74.14M | 0 | 21.2M | 0 | 0 | 0 | 9.29M | 0 |
| Other Investing | -1.83M | -53.29M | 90.97M | -120.04M | -219.29M | 79.56M | -130.25M | -161.74M | -141.57M | -147.47M | -101.01M | -120.49M | -116.38M | -135.69M | -72.83M |
| Cash from Financing | -43.48M | 79.27M | -110.08M | 38.99M | 251.46M | -25.21M | 121.07M | 112.05M | 152.71M | 89.86M | 123.14M | 137.25M | 234.53M | 158.97M | 93.59M |
| Dividends Paid | -5.33M | -4.75M | -3.97M | -3.84M | -3.55M | -3.09M | -2.69M | -2.17M | -1.47M | -722K | -278K | -221K | -194K | -169K | -135K |
| Share Repurchases | -3.19M | -2.29M | -305K | -3.03M | -10.54M | -6.92M | -11.11M | -8.33M | -3.37M | -506K | -3.47M | -572K | -6K | 0 | 0 |
| Stock Issued | 374K | 63K | 0 | 0 | 0 | 0 | 0 | 28.52M | 0 | 32.51M | 0 | 0 | 41.73M | 5.34M | 5.76M |
| Net Stock Activity | -2.82M | -2.23M | -305K | -3.03M | -10.54M | -6.92M | -11.11M | 20.2M | -3.37M | 32M | -3.47M | -572K | 41.72M | 5.34M | 5.76M |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -120.31M | 7.12M | 90.37M | 196.86M | -43.9M | 26.81M | 145.97M | 144.36M | 117.74M | -36.45M | 170.59M | 136.33M | 98.03M | 152.78M | 70.75M |
| Net Change in Cash | 36.09M | 13.58M | -4.09M | -8.25M | -56.78M | 61.67M | -9.33M | 27.55M | -13.28M | 973K | 8.48M | 1.45M | -8.69M | 23.56M | -1.24M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 41.51M | 27.92M | 32.01M | 40.26M | 97.04M | 35.37M | 44.7M | 17.14M | 30.42M | 29.45M | 20.97M | 19.51M | 28.2M | 4.64M | 5.88M |
| Cash at End | 79.61M | 41.51M | 27.92M | 32.01M | 40.26M | 97.04M | 35.37M | 44.7M | 17.14M | 30.42M | 29.45M | 20.97M | 19.51M | 28.2M | 4.64M |
| Interest Paid | 0 | 63.12M | 74.46M | 56.77M | 14.41M | 11.82M | 20.7M | 24.4M | 16.14M | 10.2M | 8.29M | 5.83M | 4.67M | 3.3M | 0 |
| Income Taxes Paid | 0 | 5.89M | 3.1M | 2.9M | 8.89M | 4.21M | 4.34M | 4.19M | 2.56M | 4.38M | 2.85M | 4M | 1.34M | 1.73M | 0 |
| Free Cash Flow | 21.86M | 16.83M | 15.42M | 25.18M | 41.69M | 30.16M | 10.16M | 10.65M | 11.48M | 7.38M | 33.24M | 33.44M | -92.74M | 6.53M | -6.01M |
| FCF Growth % | 82.68% | 9.16% | -38.74% | -39.62% | 38.22% | 196.91% | -4.6% | -7.21% | 55.59% | -77.81% | -0.59% | 136.05% | -1519.56% | 208.7% | - |
CRE and Insurance Exposure
According to recent SEC filings, Investar's net income has shown significant quarterly volatility, ranging from $3.5 million to $12.0 million, which complicates the bank's ability to consistently build regulatory capital buffers through organic earnings retention while simultaneously managing its dividend and share repurchase obligations to shareholders.
The inconsistency in net income generation suggests that the bank's internal capital formation is sensitive to non-recurring items and provisioning swings. Investors should monitor whether the recent earnings spike in 2026Q1 represents a sustainable shift in profitability or merely a temporary fluctuation that could pressure capital adequacy ratios if reversed.
As reported in financial statements, Investar has frequently engaged in active securities portfolio management, with quarterly purchase activity reaching as high as $56.8 million in 2026Q1, suggesting a strategy of utilizing the investment book as a primary liquidity lever to offset fluctuations in core loan demand.
The frequent turnover in the investment portfolio indicates that management may be using these assets to manage duration risk or provide short-term liquidity. This reliance on securities sales to manage cash flow may mask underlying volatility in the bank's core deposit-funded lending operations.
Based on reported figures, Investar has maintained a consistent dividend payout of approximately $1.0 million to $1.6 million per quarter, even during periods of negative operating cash flow, which warrants further investigation into the long-term sustainability of these distributions relative to the bank's fluctuating net income.
While the dividend appears stable, the payout ratio has been inconsistent due to the volatility in quarterly earnings. If the bank's net margin remains strained, management may be forced to choose between maintaining these payouts and preserving capital for potential credit losses in the CRE portfolio.
Data from the cash flow statement reveals highly irregular provision expense patterns, including a notable $3.6 million reversal in 2025Q1, which complicates the assessment of the bank's true credit quality and its underlying exposure to the regional commercial real estate market in South Louisiana.
The lack of a consistent relationship between provisions and credit losses suggests that management's accounting for expected losses under CECL may be subject to significant subjective adjustments. This volatility makes it difficult for analysts to determine whether the bank is adequately reserved for potential defaults in its concentrated loan book.
Quick answers to the most common questions about buying ISTR stock.
Investar Holding Corporation (ISTR) generated $18.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Investar Holding Corporation (ISTR) generated $16.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Investar Holding Corporation (ISTR) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Investar Holding Corporation (ISTR) returned $4.8M to shareholders via cash dividends and spent $2.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.