Investar Holding Corporation (ISTR) reported a solid first quarter for 2024, with quarterly revenue of $38.178 million and net income of $4.707 million, translating to basic EPS of $0.48. Excluding the impact of non-operating items, the quarter features a meaningful improvement in operating income to $5.972 million and a net margin of 12.3%. The company benefited from a sizable contribution from non-operating income of $5.439 million, which helped offset interest expense of $18.506 million and supported EBITDA-like profitability in the period. Year-over-year, revenue grew by 72.7% and net income rose ~23.5%, while QoQ results show a modest revenue decline of 0.7% but a strong acceleration in operating profitability, with operating income up 124.0% QoQ. The balance sheet remains liquidity-rich, underpinned by substantial investments in securities (short-term and long-term) and an ending cash balance of $41.8 million. Total assets stood at $2.788 billion, with total liabilities of $2.561 billion and total stockholders’ equity of $227 million, yielding a leverage profile that shows meaningful debt versus capitalization at 0.58 and a debt-to-equity ratio around 1.39. Valuation metrics imply a discount to book value relative to regional peers (P/B ~0.70) and an attractive P/E of ~8.5, suggesting an equity story grounded in liquidity, reserve strength, and a potential uplift in net interest income as rates normalize. Management did not issue formal forward guidance in the quarter; thus, the outlook relies on qualitative industry trends and the company’s existing liquidity and capital position to support selective loan growth and deployment of securities. Investors should monitor deposit trends, credit quality, interest income sensitivity to rate movements, and the pace of loan growth in South Louisiana. Overall, Investar presents a cautious to constructive upside thesis driven by liquidity, a diversified non-interest income base, and evolving NII dynamics in a rising-rate environment.