Investar Holding Corporation (ISTR) reported QQ1 2025 with revenue of $36.524 million and operating income of $7.717 million, yielding an operating margin of approximately 21.1% and a net income of $6.293 million (net income margin ~17.2%). EPS stood at $0.64 (diluted $0.63) on a weighted-average share count of ~9.83 million to 9.96 million, underscoring solid quarterly profitability. Revenue declined 4.33% year-over-year but rose meaningfully on a sequential basis (roughly +61.3% QoQ versus Q4 2024), indicating a favorable quarter-to-quarter trajectory as the company cycles into a more productive revenue mix. The balance sheet remains asset-heavy, anchored by a large investment portfolio, with total assets of ~$2.73 billion and total investments of ~$2.48 billion, which supports earnings but introduces market and liquidity sensitivity. Liquidity indicators are compressed (current ratio ~0.17), reflecting a liability mix dominated by current obligations and a substantial non-cash asset base, a typical profile for a regional bank with a large investment portfolio. Cash flow was positive from operations ($4.48 million) and free cash flow was ~$4.26 million, with a modest cash balance of ~$43.5 million at period end. The stock trades at a discount relative to many peers on earnings and book value (P/E ~6.9x; P/B ~0.69x), suggesting a potential value opportunity if balance sheet risk and liquidity are managed prudently. Absent a formal earnings call transcript in the data, management commentary cannot be quoted directly here.