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1 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 NASDAQ: ISTR Q4 2025 Investor Presentation
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2 Cautionary Statements Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America, or GAAP. These measures and ratios include “tangible common equity,” “tangible assets,” “tangible common equity to tangible assets,” “tangible book value per common share,” “core noninterest income,” “core earnings before noninterest expense,” “core noninterest expense,” “core earnings before income tax expense,” “core income tax expense,” “core earnings,” “core earnings available to common shareholders,” “core efficiency ratio,” “core return on average assets,” “core return on average common equity,” “core basic earnings per common share” and “core diluted earnings per common share.” We also present certain average loan, yield, net interest income and net interest margin data adjusted to show the effects of excluding interest recoveries and interest income accretion from the acquisition of loans. Management believes these non-GAAP financial measures provide information useful to investors in understanding Investar’s financial results, and Investar believes that its presentation, together with the accompanying reconciliations, provides a more complete understanding of factors and trends affecting Investar’s business and allows investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Investar strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. A reconciliation of the non-GAAP financial measures disclosed in this presentation to the comparable GAAP financial measures is included at the end of the financial statement tables. Forward-Looking and Cautionary Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Investar’s current views with respect to, among other things, future events and financial performance, including the potential impacts of its strategies and the anticipated closing and impacts of the Wichita Falls transaction. Investar generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this presentation are based on the historical performance of Investar and its subsidiaries or on Investar’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by Investar that the future plans, estimates or expectations by Investar will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to Investar’s operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if Investar’s underlying assumptions prove to be incorrect, Investar’s actual results may vary materially from those indicated in these statements. Investar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors include, but are not limited to, the following, any one or more of which could materially affect the outcome of future events: (1) the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements caused by business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate including heightened uncertainties resulting from recent changing trade and tariff policies that could have an adverse impact on inflation and economic growth at least in the near term; (2) changes in inflation, interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing; (3) our ability to successfully execute our strategy focused on consistent, quality earnings through the optimization of our balance sheet, and our ability to successfully execute a long-term growth strategy; (4) our ability to achieve organic loan and deposit growth, and the composition of that growth; (5) our ability to identify and enter into agreements to combine with attractive acquisition candidates, finance acquisitions, complete acquisitions after definitive agreements are entered into, and successfully integrate and grow acquired operations; (6) our potential growth, including our entrance or expansion into new markets, and the need for sufficient capital to support that growth; (7) a reduction in liquidity, including as a result of a reduction in the amount of deposits we hold or other sources of liquidity, which may be caused by, among other things, disruptions in the banking industry similar to those that occurred in early 2023 that caused bank depositors to move uninsured deposits to other banks or alternative investments outside the banking industry; (8) inaccuracy of the assumptions and estimates we make in establishing reserves for credit losses and other estimates; (9) changes in the quality or composition of our loan portfolio, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (10) changes in the quality and composition of, and changes in unrealized losses in, our investment portfolio, including whether we may have to sell securities before their recovery of amortized cost basis and realize losses; (11) the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally; (12) our dependence on our management team, and our ability to attract and retain qualified personnel; (13) the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama; (14) risks to holders of our common stock relating to our 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock, including, but not limited to dividend preferences to holders of the preferred stock, other conditions with respect to the payment of dividends on our common stock, potential dilution upon conversion of the preferred stock, and liquidation preferences to holders of the preferred stock; (15) increasing costs of complying with new and potential future regulations; (16) new or increasing geopolitical tensions, including resulting from wars in Ukraine and Israel and surrounding areas; (17) the emergence or worsening of widespread public health challenges or pandemics; (18) concentration of credit exposure; (19) any deterioration in asset quality and higher loan charge-offs, and the time and effort necessary to resolve problem assets; (20) fluctuations in the price of oil and natural gas; (21) data processing system failures and errors; (22) risks associated with our digital transformation process, including increased risks of cyberattacks and other security breaches and challenges associated with addressing the increased prevalence of artificial intelligence; (23) risks of losses resulting from increased fraud attacks against us and others in the financial services industry; (24) potential impairment of our goodwill and other intangible assets; (25) the impact of litigation and other legal proceedings to which we become subject; (26) competitive pressures in the commercial finance, retail banking, mortgage lending and consumer finance industries, as well as the financial resources of, and products offered by, competitors; (27) the impact of changes in laws and regulations applicable to us, including banking, securities and tax laws and regulations and accounting standards, as well as changes in the interpretation of such laws and regulations by our regulators; (28) changes in the scope and costs of FDIC insurance and other coverages; (29) governmental monetary and fiscal policies; and (30) hurricanes, tropical storms, tropical depressions, floods, winter storms, droughts and other adverse weather events, all of which have affected Investar’s market areas from time to time; other natural disasters; oil spills and other man-made disasters; acts of terrorism; other international or domestic calamities; acts of God; and other matters beyond our control. NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155
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3 Our Company ▪ Headquartered in Baton Rouge, LA ▪ Founded in 2006 ▪ Full service, commercially-oriented community bank ▪ 36 branches1 across Alabama, Louisiana and Texas ▪ Initial public offering and Nasdaq listing in 2014 ▪ Completed 8 whole bank acquisitions1 and 1 branch transaction ▪ 49 consecutive quarters of dividends paid; 11 consecutive years of dividend growth Investar Holding Corporation is the Bank Holding Company for Investar Bank Mission Investar is a dynamic full service community bank focused on relationships that create value and opportunities for our customers, employees, shareholders and the community served 1 Includes Wichita Falls Bancshares, Inc. acquisition that was completed on January 1, 2026.
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4 2025 Overview Wichita Falls Transaction Balance Sheet Optimization Controlling Noninterest Expense Credit Quality ▪ On July 1, 2025, Investar entered into a definitive agreement to acquire Wichita Falls Bancshares, Inc. headquartered in Wichita Falls, Texas, and its wholly- owned subsidiary, First National Bank. Investar completed the acquisition on January 1, 2026. At December 31, 2025, First National Bank had $1.2 billion in total assets. ▪ In connection with the transaction, on July 1, 2025, we completed a private placement of 32,500 shares of our newly designated 6.5% Series A Non- Cumulative Perpetual Convertible Preferred Stock with certain institutional and other accredited investors at a price of $1,000 per share, for aggregate gross proceeds of $32.5 million. The net proceeds were $30.4 million, after deducting placement agent fees and other offering related expenses. ▪ Continued to execute on our strategy of consistent, quality earnings and disciplined capital allocation. We have continued to optimize our mix of interest earning assets, deposits, and other funding sources. ▪ Our liability sensitive balance sheet is well-positioned in the event of further rate cuts to benefit from the repricing of deposits and short-term borrowings. Our strategy has been to keep our time deposit duration short to allow for rapid repricing in a downward rate environment. ▪ Variable-rate loans as a percentage of total loans was 38% at December 31, 2025 compared to 32% at December 31, 2024. During 2025, we originated and renewed loans, 73% of which were variable-rate loans, at a 7.1% blended interest rate. ▪ Continued to control expenses and made progress towards strategic priorities including optimization of the branch network and digital initiatives. ▪ GAAP noninterest expense increased $2.7 million, or 4.3%, to $65.7 million for 2025 compared to $63.0 million for 2024. Core noninterest expense1 increased by $1.4 million, or 2.2%, to $64.2 million for 2025 compared to $62.8 million for 2024. The increase was primarily due to investment in people with an emphasis on our Texas markets to remix and strengthen our balance sheet. ▪ Increased focus on underwriting high quality loans that are less susceptible to effects from a potential economic downturn and continued to de-risk the portfolio by proactively exiting credit relationships, primarily commercial real estate relationships, that do not fit this strategy. ▪ Net recoveries for 2025 were $3.4 million. We recorded a $3.3 million recovery of loans previously charged off as a result of a property insurance settlement related to a loan relationship that became impaired due to Hurricane Ida. Capital Shareholder Return ▪ We repurchased 114,249 shares of our common stock during 2025 at an average price of $19.84 per share, which is a 15% discount to tangible book value per share1 as of December 31, 2025. At December 31, 2025, we had 381,396 shares remaining authorized for repurchase under our stock repurchase program. ▪ Increased common stock dividends declared by 6% to $0.435 per common share for 2025 from $0.41 per common share for 2024. ▪ Investar’s regulatory total capital ratio increased to 14.66%, or 11.7%, at December 31, 2025 compared to 13.13% at December 31, 2024, and we remained well-capitalized. ▪ Book value per common share increased to $27.63, or 12.5%, at December 31, 2025 compared to $24.55 at December 31, 2024. Tangible book value per common share1 increased to $23.42, or 15.3%, at December 31, 2025 compared to $20.31 at December 31, 2024. 1 Non-GAAP financial measure; please see appendix for additional details
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5 Execution of Strategic Initiatives – 4th Quarter 2025 ▪ We continued to execute on our strategy of consistent, quality earnings through the optimization of the balance sheet. ▪ Variable-rate loans as a percentage of total loans was 38% at December 31, 2025. During the 4th quarter of 2025 we originated and renewed loans, 63% of which were variable-rate loans, at a 6.9% blended interest rate. ▪ We kept duration short on our liabilities to provide flexibility to secure lower cost funding that was accretive to our net interest margin. As a result, our net interest margin improved four basis points to 3.20% during the 4th quarter of 2025. Over the next two quarters, approximately 76% of our legacy retail CD portfolio will reprice, and approximately 91% will reprice over the next three quarters. ▪ We have closely managed our interest-earning assets to optimize yields in a declining rate environment. The yield on the loan portfolio decreased to 5.99% for the 4th quarter of 2025 compared to 6.03% for the 3rd quarter of 2025 despite the Federal Reserve cutting rates twice during the 4th quarter of 2025. ▪ We exited the consumer mortgage loan origination business during the 3rd quarter of 2023. The consumer mortgage portfolio decreased $18.0 million, or 7.4%, to $224.5 million at December 31, 2025 compared to $242.5 million at December 31, 2024. ▪ We remain focused on building capital levels through organic earnings coupled with strategic management of the balance sheet, including a disciplined pace of share repurchases. We repurchased 28,470 shares of our common stock during the 4th quarter of 2025 at an average price of $23.94 per share. Balance Sheet Optimization and Capital Expense Control and Efficiency Credit Quality ▪ Nonperforming assets to total assets was 0.45% at December 31, 2025 compared to 0.44% at September 30, 2025. The allowance for credit losses to nonperforming loans was 284.5% at December 31, 2025 compared to 344.7% at September 30, 2025. ▪ Net recoveries during the 4th quarter of 2025 were $44,000. ▪ We continued our strategy to originate high quality loans that we believe are less susceptible to the effects of a potential economic downturn. ▪ Despite inflationary pressures, our expenses are closely monitored and remain well-controlled. ▪ Noninterest expense decreased $0.2 million to $16.3 million for the 4th quarter of 2025 compared to $16.5 million for the 3rd quarter of 2025. Core noninterest expense1 decreased $0.3 million to $15.8 million for the 4th quarter of 2025 compared to $16.1 million for the 3rd quarter of 2025. ▪ We are continuing to execute on our digital transformation and evaluating opportunities to optimize our physical branch and ATM footprint. 1 Non-GAAP financial measure; please see appendix for additional details
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6 Financial Overview – 4th Quarter 2025 Highlights ▪ Net interest margin improved four basis points to 3.20% for the 4th quarter of 2025 compared to 3.16% for the 3rd quarter of 2025. ▪ Book value per common share increased to $27.63 at December 31, 2025, or 2.5% (10.0% annualized), compared to $26.96 at September 30, 2025. Tangible book value per common share1 increased to $23.42 at December 31, 2025, or 2.9% (11.6% annualized), compared to $22.76 at September 30, 2025. ▪ The overall cost of funds for the 4th quarter of 2025 decreased 13 basis points to 2.98% compared to 3.11% for the 3rd quarter of 2025. The cost of deposits decreased 13 basis points to 2.91% for the 4th quarter of 2025 compared to 3.04% for the 3rd quarter of 2025. ▪ Noninterest expense decreased $0.2 million to $16.3 million for the 4th quarter of 2025 compared to $16.5 million for the 3rd quarter of 2025. Core noninterest expense1 decreased $0.3 million to $15.8 million for the 4th quarter of 2025 compared to $16.1 million for the 3rd quarter of 2025. ▪ Total loans increased $25.5 million, or 1.2% (4.8% annualized), to $2.18 billion at December 31, 2025 compared $2.15 billion at September 30, 2025. ▪ The business lending portfolio increased $31.8 million, or 3.1%, to $1.06 billion at December 31, 2025 compared $1.02 billion at September 30, 2025. ▪ Diluted earnings per common share decreased to $0.51 for the 4th quarter of 2025 compared to $0.54 for the 3rd quarter of 2025. Core diluted earnings per common share1 increased to $0.58 for the 4th quarter of 2025 compared to $0.54 for the 3rd quarter of 2025. ▪ Return on average assets decreased to 0.83% for the 4th quarter of 2025 compared to 0.88% for the 3rd quarter of 2025. Core return on average assets1 increased to 0.93% for the 4th quarter of 2025 compared 0.89% for the 3rd quarter of 2025. ▪ Efficiency ratio was 69.34% for the 4th quarter of 2025 compared to 68.47% for the 3rd quarter of 2025. Core efficiency ratio1 improved to 66.13% for the 4th quarter of 2025 compared to 67.66% for the 3rd quarter of 2025. 1 Non-GAAP financial measure; please see appendix for additional details Balance Sheet (in millions) Assets 2,833$ Net Loans 2,150$ Deposits 2,350$ Common Equity 271$ Holding Company Capital TCA/TA1 8.22% Tier 1 Leverage Capital 10.73% Common Equity Tier 1 Capital 11.17% Tier 1 Capital 12.85% Total Capital 14.66% Profitability (dollars in thousands) Net Interest Margin 3.20% ROAA 0.83% ROACE 7.91% Net Income 5,938$ Net Income Available to Common Shareholders 5,410$ Pre-Tax, Pre-Provision Income1 7,196$ Per Common Share Information Tangible Book Value1 23.42$ Earnings (Diluted) 0.51$ Dividends 0.11$ 4th Quarter Results
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7 Leadership Team John J. D’Angelo, President and Chief Executive Officer Mr. D’Angelo has been the President and Chief Executive Officer of the Company since our organization as a bank holding company in 2013. He has also served as the Bank’s President and Chief Executive Officer since its organization in 2006. Prior to Investar Bank’s organization, Mr. D’Angelo was manager of the private banking, small business banking, construction lending, brokerage and trust areas of Hibernia National Bank (the predecessor to Capital One Bank, N.A.) for more than six years in the East Baton Rouge Parish, Louisiana, market. From 1996 to 2005, Mr. D’Angelo was president and director of Aegis Lending Corporation, a company with lending operations in 46 states and the District of Columbia. John R. Campbell, Executive VP and Chief Financial Officer Mr. Campbell joined the Bank in January 2023 as the Chief Financial Officer. Prior to joining the Bank, he served as the Director of Accounting and Corporate Controller for Laitram LLC, a global manufacturing company. Prior to joining Laitram LLC in 2005, Mr. Campbell served in corporate treasury, accounting and financial reporting, portfolio management, and lending roles for Hibernia National Bank for over ten years. Mr. Campbell also spent four years as an auditor with Ernst & Young LLP serving both public and privately-held clients in a variety of industries, including financial services. He has a Bachelor of Science in Finance from Louisiana State University and is a licensed Certified Public Accountant. Jeffrey W. Martin, Executive VP and Chief Risk Officer and Chief Credit Officer Mr. Martin joined the Bank in April 2020 as the Business Banking Director. In October 2025, he assumed the role of Chief Risk Officer. In October 2021, he assumed the role of Chief Credit Officer, a position he still holds. Prior to joining the Bank, he served as a Commercial Banking Executive for Regions Bank. He has over 30 years of banking experience, including senior roles in credit risk management, special assets, business development strategy and commercial banking. Linda M. Crochet, Executive VP and Chief Operating Officer Ms. Crochet joined the Bank in January 2019 as the Greater Baton Rouge Loan Portfolio President. In October 2021, she assumed the role of Chief Operations Officer of the Company and the Bank. Prior to joining the Bank, Ms. Crochet served as Senior Director of Credit Process and Technology within the Credit Risk Management department of Capital One Bank from 2005 to 2018. Ms. Crochet also spent 21 years at Hibernia National Bank, which was acquired by Capital One Bank in 2005, in various roles that include credit underwriting, credit policy, lending, and investor relations.
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8 Corporate Culture Integrity Neighborly Visionary Empowerment Star Service Team Focused Accountable Responsive MISSION VALUES INVESTAR IS a dynamic full service community bank focused on relationships that create value and opportunities for our customers, employees, shareholders and the community served
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9 Creating Shareholder Value 1 Non-GAAP financial measure; please see appendix for additional details 2 Abbreviation for Compound Annual Growth Rate – for the period beginning December 31, 2022 and ending December 31, 2025 3 Abbreviation for Accumulated Other Comprehensive Loss Tangible Book Value Per Common Share1 $17.43 $18.92 $20.31 $23.42 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 2022 2023 2024 2025 TBV/Common Share 1 ($) TBV/Common Share GROWTH CAGR2 2022 – 2025 TBV / Common Share110.3% 2025 includes the impact of ($3.65) per share of AOCL3
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10 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Dividend History 1 Annualized based on 3rd quarter 2014 dividend of $0.0068 plus 4th quarter 2014 dividend of $0.007 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 28% CAGR 1
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11 Recent GAAP Earnings Performance Net Income Available to Common Shareholders ($000) ROAA (%) Earnings Per Common Share (Diluted) Net Interest Margin (%) $6,107 $6,293 $4,494 $5,651 $5,410 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 $0.61 $0.63 $0.46 $0.54 $0.51 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 0.88 0.94 0.66 0.88 0.83 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2.65 2.87 3.03 3.16 3.20 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4
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12 Recent Core Earnings Performance Core Earnings Available to Common Shareholders ($000)1 Core Earnings Per Common Share (Diluted) 1 Core ROAA (%) 1 1 Non-GAAP financial measure; please see the appendix for additional details Core Efficiency Ratio (%) 1 $6,463 $6,484 $4,706 $5,737 $6,135 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 $0.65 $0.65 $0.47 $0.54 $0.58 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 0.93 0.96 0.69 0.89 0.93 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 69.41 78.71 73.55 67.66 66.13 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4
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13 Returns to Shareholders Shares Repurchased (%)1 Dollars Returned to Shareholders ($000) 1 Represents shares repurchased in period stated divided by common shares outstanding at prior period end. ▪ In July 2023, the Board of Directors authorized an additional 350,000 shares for repurchase under our stock repurchase program. ▪ Repurchased 28,470 shares at an average price of $23.94 during the 4th quarter of 2025 and 114,249 shares YTD at an average price of $19.84. ▪ QTD shares were purchased at a premium to tangible book value of 2% and YTD shares were purchased at a discount to tangible book value of 15% as of December 31, 2025. ▪ Since the inception of the stock repurchase program in 2015, the Company has paid $50.3 million to repurchase 2,668,604 shares at an average price of $18.84. ▪ The repurchase program is complemented by our ongoing quarterly shareholder dividend, which has increased at 28% per annum since our initial public offering to $0.11 per common share for the 4th quarter of 2025. 5.89% 3.39% 5.02% 2.25% 0.19% 1.16% 2020 2021 2022 2023 2024 2025 $11,112 $6,925 $10,540 $3,026 $300 $2,294 $2,686 $3,090 $3,552 $3,844 $3,972 $4,226 $13,798 $10,015 $14,092 $6,870 $4,272 $6,520 2020 2021 2022 2023 2024 2025 Cash Paid to Repurchase Shares Dividends Paid on Common Stock
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14 Continued Execution of Acquisition Strategy NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 2019 Bank of York (AL) 2020 PlainsCapital Bank Branches (TX) 2019 Mainland Bank (TX) 2017 BOJ Bancshares (LA) 2017 Citizens Bancshares (LA) 2013 First Community Bank (LA) 2011 South LA Business Bank (LA) Investar Has Completed 8 Whole Bank Acquisitions and 1 Branch Transaction 2021 Cheaha Financial Group (AL) Total Assets: $2.8 Billion1 2026 Wichita Falls Bancshares (TX) 1 Investar had $2.8 billion in total assets at December 31, 2025. Excludes $1.2 billion in total assets related to the Wichita Falls Bancshares, Inc. acquisition that was completed on January 1, 2026.
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15 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Investment Portfolio – 4th Quarter 2025 Available for Sale (Dollars in thousands) Book Value Gain (Loss) Fair Value U.S. Governmental Securities 18,910$ (159)$ 18,751$ State and Political Subdivisions 17,736 (1,454) 16,282 Corporate Bonds 25,922 (1,240) 24,682 Residential Mortgage-backed Securities 282,849 (35,470) 247,379 Commercial Mortgage-backed Securities 70,585 (7,065) 63,520 Total 416,002$ (45,388)$ 370,614$ Weighted average modified duration 5.2 years Current tax-equivalent yield Held to Maturity (Dollars in thousands) Book Value Gain (Loss) Fair Value State and Political Subdivisions 46,331$ 2,515$ 48,846$ Residential Mortgage-backed Securities 1,868 (174) 1,694 Total 48,199$ 2,341$ 50,540$ Weighted average modified duration 8.9 years Current tax-equivalent yield Total Effective Duration: 5.5 years Available for Sale Portfolio Characteristics Held to Maturity Portfolio Characteristics 3.03% 6.53% U.S. Governmental Securities 5% State and Political Subdivisions 4% Corporate Bonds 7% Residential Mortgage-backed Securities 67% Commercial Mortgage-backed Securities 17% State and Political Subdivisions 97% Residential Mortgage- backed Securities 3%
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16 Loan Portfolio – 4th Quarter 2025 ▪ Total loans increased $25.5 million to $2.18 billion at December 31, 2025 compared $2.15 billion at September 30, 2025. ▪ Loan yield decreased to 5.99% for the 4th quarter of 2025 compared to 6.03% for the 3rd quarter of 2025. Exclusive of interest income accretion from the acquisition of loans and interest recoveries, adjusted loan yield1 decreased to 5.99% for the 4th quarter of 2025 compared to 6.02% for the 3rd quarter of 2025. ▪ Variable-rate loans represented 38% of total loans at December 31, 2025 compared to 36% at September 30, 2025. Variable-rate loans as a percentage of loan originations and renewals was 63% for the 4th quarter of 2025. 1 Non-GAAP financial measure; please see appendix for additional details Construction & Development 6.8% 1-4 Family 17.3% Multifamily 6.0% Farmland 0.2% Owner-Occupied Commercial Real Estate 21.1% Nonowner-Occupied Commercial Real Estate 20.8% Commercial & Industrial 27.4% Consumer 0.4% (Dollars in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Construction & Development 173,511$ 177,840$ 166,954$ 154,553$ 149,275$ 141,654$ 140,561$ 147,980$ 1-4 Family 414,480 414,756 403,097 396,815 394,735 387,796 382,445 376,238 Multifamily 105,124 104,269 85,283 84,576 103,248 102,569 130,232 130,005 Farmland 7,539 7,542 7,173 6,977 6,718 4,519 3,996 4,788 Owner-Occupied Commercial Real Estate 453,414 453,456 467,467 449,259 449,963 462,182 462,830 460,126 Nonowner-Occupied Commercial Real Estate 495,844 489,984 499,274 495,289 481,905 466,009 459,711 452,142 Commercial & Industrial 518,969 507,822 515,273 526,928 510,765 531,460 560,763 595,263 Consumer 11,697 11,090 11,325 10,687 10,022 10,166 9,985 9,431 Total Loans 2,180,578$ 2,166,759$ 2,155,846$ 2,125,084$ 2,106,631$ 2,106,355$ 2,150,523$ 2,175,973$ Loan Portfolio Detail - Quarterly Lookback
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17 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 CRE Portfolio Overview % of Total Portfolio 48.1% Owner-Occupied as % of CRE Portfolio 43.9% Nonowner-Occupied Office as a % of Total Portfolio 3.8% Average Loan Size $1.0M Portfolio Characteristics December 31, 2025 Owner-Occupied Nonowner-Occupied Owner-occupied 44% Nonowner- occupied 43% Multifamily 12% Farmland 1% Retail trade 28% Mining, quarrying, and oil and gas extraction 7% Real estate 9% Manufacturing 5% Healthcare and social assistance 9% Other services (except public administration) 7% Accommodation and food services 7% Wholesale trade 13% Construction 4% All other owner- occupied 11% Retail 35% Office 18% Healthcare 19% All other nonowner- occupied 10% Hotel/motel 7% Warehouse 11% $1.0B $460M $452M
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18 Note: C&I portfolio excludes public finance loans By Collateral Type By Industry NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 C&I Portfolio Overview % of Total Portfolio 22.9% Average Loan Size $139K Portfolio Characteristics December 31, 2025 Attorney Cases 8% Other 5% Unsecured 5% Equipment 11% Cash/Brokerage Secured 12% Marine 15% Accounts Receivable 44% $498M Professional, Scientific and Technical Services 12% Mining, quarrying, and oil and gas extraction 12% Construction 7%Other 15% Finance and Insurance 44% Transportation and Warehousing 10% $498M
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19 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Construction & Development Portfolio Overview % of Total Portfolio 6.8% Average Loan Size $591K Portfolio Characteristics December 31, 2025 Commercial Land & Construction 52% 1-4 Family Development/Builder Lots 6% 1-4 Family Construction - Builder 26% Lot/Raw Land - Consumer 3% Multifamily 13% $148M
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20 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Consumer Portfolio Overview Note: Since exiting the indirect auto loan origination business at the end of 2015, the Bank has experienced decreased loan sales and has ceased originations of consumer loans held for sale. % of Total Portfolio 0.4% Average Loan Size $11K Portfolio Characteristics December 31, 2025 CD/Savings Secured 49% Unsecured 13% Miscellaneous 1% Auto 27% Recreational 10% $9M
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21 Allowance for Credit Losses Allowance for Credit Losses / Total Loans (%) 1 Investar adopted the Current Expected Credit Loss accounting standard on January 1, 2023. Upon adoption, Investar recorded a one-time, cumulative effect adjustment to increase the allowance for credit losses by $5.9 million and reduce retained earnings, net of tax, by $4.3 million. 1.11 1.16 1.38 1.26 1.21 2021 2022 2023 2024 2025 (Dollars in thousands) 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Allowance for Credit Losses Allowance for Credit Losses - Beginning 20,363$ 20,859$ 24,364$ 30,540$ 26,721$ ASC Topic 326 adoption impact 1 - - 5,865 - - Provision for credit losses on loans 22,885 2,922 (1,964) (3,192) (3,774) Charge-offs (22,636) (633) (742) (1,300) (459) Recoveries 247 1,216 3,017 673 3,861 Allowance for Credit Losses - Ending 20,859$ 24,364$ 30,540$ 26,721$ 26,349$ For the year ended
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22 Asset Quality Trends Nonperforming Assets ($000s) NPAs / Assets (%) Reserves / NPLs (%)Net Charge-offs / Avg. Loans (%) $14,043 $11,754 $13,108 $12,313 $12,635 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 0.52 0.43 0.48 0.44 0.45 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 0.04 (0.16) 0.00 0.00 0.00 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 302.8 473.3 355.9 344.7 284.5 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4
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23 Deposit Portfolio – 4th Quarter 2025 1 Non-GAAP financial measure; please see appendix for additional details ▪ Total deposits decreased $22.4 million, or 0.9%, to $2.35 billion at December 31, 2025, compared to $2.37 billion at September 30, 2025. ▪ Investar utilizes brokered time deposits, entirely in denominations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At December 31, 2025, the remaining weighted average duration of brokered time deposits was approximately five months with a weighted average rate of 4.03%. ▪ Investar utilizes brokered demand deposits when pricing is more favorable than other short-term borrowings. Interest -bearing Demand 25.9% Money Market 10.9% Brokered Demand 0.0% Savings 5.8% Brokered Time 8.7% Time 29.7% Noninterest -bearing Demand 19.0% (Dollars in thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Noninterest-bearing Demand 448,752$ 435,397$ 436,571$ 437,734$ 432,143$ 436,735$ 448,459$ 446,361$ 445,986$ Interest-bearing Demand 489,604 502,818 467,184 500,345 554,777 569,903 576,473 633,766 608,807 Money Market 179,366 171,113 177,191 196,710 191,548 240,300 220,961 237,339 255,500 Brokered Demand - - - - 47,320 - - - 2 Savings 137,606 132,449 128,583 128,241 134,879 136,098 134,729 137,514 136,124 Brokered Time 269,102 237,850 249,354 271,684 245,520 244,935 256,100 210,822 204,069 Time 731,297 728,201 751,319 752,694 739,757 719,386 701,463 706,876 699,761 Total Deposits 2,255,727$ 2,207,828$ 2,210,202$ 2,287,408$ 2,345,944$ 2,347,357$ 2,338,185$ 2,372,678$ 2,350,249$ Total Deposit Interest Rate1 2.54% 2.67% 2.72% 2.78% 2.76% 2.56% 2.47% 2.46% 2.35% Deposit Composition - Quarterly Lookback
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24 Noninterest Expense 1 Non-GAAP financial measure; please see appendix for additional details $57,131 $63,062 $60,865 $62,630 $63,032 $65,741 $55,480 $62,192 $62,353 $61,761 $62,820 $64,193 $2,321,181 $2,513,203 $2,753,807 $2,815,155 $2,722,812 $2,833,048 2020 2021 2022 2023 2024 2025 Noninterest expense (GAAP) Core Noninterest expense Total Assets 1
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25 Financial Profile 1 Non-GAAP financial measure; please see appendix for additional details (Dollars in thousands, except per share data) 2021 2022 2023 2024 2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Balance Sheet Total Assets 2,513,203$ 2,753,807$ 2,815,155$ 2,722,812$ 2,833,048$ 2,729,902$ 2,748,065$ 2,800,628$ 2,833,048$ Total Loans 1,872,012$ 2,104,767$ 2,210,619$ 2,125,084$ 2,175,973$ 2,106,631$ 2,106,355$ 2,150,523$ 2,175,973$ Total Deposits 2,120,266$ 2,082,365$ 2,255,727$ 2,345,944$ 2,350,249$ 2,347,357$ 2,338,185$ 2,372,678$ 2,350,249$ Loans/Deposits 88.29% 101.08% 98.00% 90.59% 92.58% 89.74% 90.09% 90.64% 92.58% Capital TCA / TA1 8.04% 6.37% 6.65% 7.44% 8.22% 7.82% 7.93% 8.10% 8.22% Total Capital 12.99% 13.25% 12.99% 13.13% 14.66% 13.46% 13.59% 14.65% 14.66% Tier 1 Capital 9.90% 10.21% 9.90% 11.25% 12.85% 11.57% 11.70% 12.82% 12.85% Tier 1 Leverage Capital 8.12% 8.53% 8.35% 9.27% 10.73% 9.56% 9.64% 10.70% 10.73% Profitability Measures Net Interest Margin 3.53% 3.67% 2.83% 2.63% 3.07% 2.87% 3.03% 3.16% 3.20% Noninterest Income / Average Assets 0.47% 0.70% 0.24% 0.51% 0.34% 0.30% 0.38% 0.42% 0.26% Noninterest Expense / Average Assets 2.45% 2.34% 2.27% 2.26% 2.37% 2.42% 2.44% 2.34% 2.28% Efficiency Ratio 65.79% 56.29% 77.26% 75.08% 72.85% 79.77% 74.99% 68.47% 69.34% ROAA 0.31% 1.37% 0.60% 0.73% 0.83% 0.94% 0.66% 0.88% 0.83% ROACE 3.22% 15.63% 7.63% 8.60% 8.45% 10.31% 7.07% 8.60% 7.91% Diluted Earnings Per Common Share 0.76$ 3.50$ 1.69$ 2.04$ 2.13$ 0.63$ 0.46$ 0.54$ 0.51$ Net Income 8,000$ 35,709$ 16,678$ 20,252$ 22,904$ 6,293$ 4,494$ 6,179$ 5,938$ Net Income Available to Common Shareholders 8,000$ 35,709$ 16,678$ 20,252$ 21,848$ 6,293$ 4,494$ 5,651$ 5,410$ Asset Quality NPAs / Assets 1.28% 0.44% 0.36% 0.52% 0.45% 0.43% 0.48% 0.44% 0.45% NCOs / Average Loans 1.18% -0.03% -0.11% 0.03% -0.16% -0.16% 0.00% 0.00% 0.00% As of December 31, For the three months ended
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APPENDIX
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27 Non-GAAP Reconciliation (Dollars in thousands, except per share data) 2021 2022 2023 2024 2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Tangible common equity: Total stockholders' equity 242,598$ 215,782$ 226,768$ 241,296$ 301,073$ 251,737$ 255,929$ 295,295$ 301,073$ Less: preferred stock - - - - 30,353 - - 30,353 30,353 Total common stockholders' equity 242,598 215,782 226,768 241,296 270,720 251,737 255,929 264,942 270,720 Adjustments: Goodwill (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) Other intangibles (3,948) (3,059) (2,232) (1,608) (1,096) (1,470) (1,339) (1,215) (1,096) Tangible common equity 198,562$ 172,635$ 184,448$ 199,600$ 229,536$ 210,179$ 214,502$ 223,639$ 229,536$ Common shares outstanding 10,343,494 9,901,847 9,748,067 9,828,413 9,798,948 9,821,446 9,839,848 9,825,883 9,798,948 Book value per common share 23.45$ 21.79$ 23.26$ 24.55$ 27.63$ 25.63$ 26.01$ 26.96$ 27.63$ Tangible book value per common share 19.20$ 17.43$ 18.92$ 20.31$ 23.42$ 21.40$ 21.80$ 22.76$ 23.42$ Tangible assets: Total assets 2,513,203$ 2,753,807$ 2,815,155$ 2,722,812$ 2,833,048$ 2,729,902$ 2,748,065$ 2,800,628$ 2,833,048$ Adjustments: Goodwill (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) Other intangibles (3,948) (3,059) (2,232) (1,608) (1,096) (1,470) (1,339) (1,215) (1,096) Tangible assets 2,469,167$ 2,710,660$ 2,772,835$ 2,681,116$ 2,791,864$ 2,688,344$ 2,706,638$ 2,759,325$ 2,791,864$ Total common equity to total assets ratio 9.65% 7.84% 8.06% 8.86% 9.56% 9.22% 9.31% 9.46% 9.56% Tangible common equity to tangible assets ratio 8.04% 6.37% 6.65% 7.44% 8.22% 7.82% 7.93% 8.10% 8.22% As of December 31, As of the three months ended
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28 Non-GAAP Reconciliation (continued) (Dollars in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Net Income 4,057$ 5,381$ 6,107$ 6,293$ 4,494$ 6,179$ 5,938$ Plus: Provision for Credit Losses (415) (945) (701) (3,596) 141 139 (75) Plus: Income Tax Expense 829 784 1,161 1,421 935 1,293 1,333 Pre-Tax, Pre-Provision Net Income 4,471$ 5,220$ 6,567$ 4,118$ 5,570$ 7,611$ 7,196$ For the three months ended
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29 Non-GAAP Reconciliation (continued) (Dollars in thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Interest on Deposits 14,584$ 14,845$ 14,865$ 15,729$ 16,071$ 14,640$ 14,456$ 14,726$ 14,046$ Average Interest-Bearing Deposits 1,824,318 1,805,569 1,770,985 1,813,775 1,881,297 1,887,715 1,896,474 1,919,377 1,917,020 Average Noninterest-Bearing Deposits 454,893 428,135 425,964 433,126 434,433 430,080 448,835 451,029 453,460 Average Total Deposits 2,279,211 2,233,704 2,196,949 2,246,901 2,315,730 2,317,795 2,345,309 2,370,406 2,370,480 Total Deposit Interest Rate 2.54% 2.67% 2.72% 2.78% 2.76% 2.56% 2.47% 2.46% 2.35% For the three months ended
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30 Non-GAAP Reconciliation (continued) (Dollars in thousands) 12/31/2024 3/31/2025 1 6/30/2025 9/30/2025 12/31/2025 Net interest income 17,483$ 18,345$ 19,644$ 21,153$ 21,631$ Provision for credit losses 2 (701) (3,596) 141 139 (75) Net interest income after provision for credit losses 2 18,184 21,941 19,503 21,014 21,706 Noninterest income 5,163 2,011 2,626 2,984 1,842 Loss (gain) on call or sale of investment securities, net 371 - - (2) (16) Loss on sale or disposition of fixed assets, net - 3 - 5 - Loss (gain) on sale of other real estate owned, net 25 - (29) (94) 94 Change in the fair value of equity securities (159) 76 (53) (200) (84) Income from insurance proceeds 3 - - (304) - - Change in the net asset value of other investments 4 (25) (6) 136 11 389 Core noninterest income 5 5,375 2,084 2,376 2,704 2,225 Core earnings before noninterest expense 2 5 23,559 24,025 21,879 23,718 23,931 Total noninterest expense 16,079 16,238 16,700 16,526 16,277 Write down of other real estate owned 6 - - (296) (138) - Loss on early extinguishment of subordinated debt (210) - - - - Severance 7 (4) - (26) - (52) Acquisition expense 1 - (159) (182) (246) (449) Core noninterest expense 2 15,865 16,079 16,196 16,142 15,776 Core earnings before income tax expense 2 5 7,694 7,946 5,683 7,576 8,155 Core income tax expense 8 1,231 1,462 977 1,311 1,492 Core earnings 2 5 6,463$ 6,484$ 4,706$ 6,265$ 6,663$ Preferred stock dividends declared - - - 528 528 Core earnings available to common shareholders 2 5 6,463$ 6,484$ 4,706$ 5,737$ 6,135$ For the three months ended
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31 Non-GAAP Reconciliation (continued) (Dollars in thousands, except per share data) 12/31/2024 3/31/2025 1 6/30/2025 9/30/2025 12/31/2025 Core basic earnings per common share 2 5 0.66$ 0.66$ 0.48$ 0.58$ 0.63$ Diluted earnings per common share (GAAP) 0.61 0.63 0.46 0.54 0.51 Loss (gain) on call or sale of investment securities, net 0.03 - - - - Loss on sale or disposition of fixed assets, net - - - - - Loss (gain) on sale of other real estate owned, net - - - (0.01) 0.01 Change in the fair value of equity securities (0.01) 0.01 - (0.02) (0.01) Income from insurance proceeds 3 - - (0.03) - - Change in the net asset value of other investments 4 - - 0.01 - 0.03 Write down of other real estate owned 6 - - 0.02 0.01 - Loss on early extinguishment of subordinated debt 0.02 - - - - Severance 7 - - - - 0.01 Acquisition expense 1 - 0.01 0.01 0.02 0.03 Core diluted earnings per common share 2 5 0.65$ 0.65$ 0.47$ 0.54$ 0.58$ Efficiency ratio 71.00% 79.77% 74.99% 68.47% 69.34% Core efficiency ratio 2 5 69.41% 78.71% 73.55% 67.66% 66.13% Core return on average assets 2 5 9 0.93% 0.96% 0.69% 0.89% 0.93% Total average assets 2,763,734$ 2,725,800$ 2,740,388$ 2,797,338$ 2,836,916$ For the three months ended
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32 1 All core results and core metrics for the quarter ended March 31, 2025 exclude $0.2 million of acquisition expense incurred during that quarter related to the Wichita Falls transaction. Those expenses were included in other operating expenses in the first quarter 2025 disclosures. 2 Provision for credit losses, net interest income after provision for credit losses, core earnings before noninterest expense, core noninterest expense, core earnings before income tax expense, core earnings and core earnings available to common shareholders include a $3.3 million recovery of loans previously charged off due to a property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida and $0.2 million in related noninterest expense recorded during the quarter ended March 31, 2025. Excluding the $3.1 million favorable impact on pre-tax net income, core basic earnings per share, core diluted earnings per share, core efficiency ratio, and core return on average assets are $0.40, $0.40, 77.75%, and 0.59%, respectively, for the quarter ended March 31, 2025. 3 Adjustment to noninterest income for insurance proceeds received for damages to a property recorded in other real estate owned, which is included in other operating income the accompany consolidated statements of income. 4 Change in net asset value of other investments represents unrealized gains or losses on Investar’s investments in Small Business Investment Companies and other investment funds included in other operating income in the accompanying consolidated statements of income. 5 Core noninterest income, core earnings before noninterest expense, core earnings before income tax expense, core earnings and core earnings available to common shareholders include $3.1 million in nontaxable noninterest income from BOLI death benefit proceeds recorded during the quarter ended December 31, 2024. Excluding this income, core basic earnings per share, core diluted earnings per share, core efficiency ratio, and core return on average assets are $0.39, $0.39, 80.35%, and 0.55%, respectively, for the quarter ended December 31, 2024. 6 Reflects an adjustment to noninterest expense for provision for estimated losses on other real estate owned when fair value is determined to be less than carrying values, which is included in other operating expenses in the accompanying consolidated statements of income. 7 Severance is included in salaries and employee benefits in the accompanying consolidated statements of income. 8 Core income tax expense is calculated using the effective tax rates of 18.3%, 17.3%, 17.2%, 18.4% and 16.0%, for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. 9 Core earnings used in calculation. No adjustments were made to average assets.
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33 Non-GAAP Reconciliation (continued) (Dollars in thousands) 2020 2021 2022 2023 2024 2025 Total noninterest expense 57,131$ 63,062$ 60,865$ 62,630$ 63,032$ 65,741$ Severance (289) (181) (632) (123) (4) (78) Loan purchase expense - - - (95) - - Acquisition expense (1,062) (2,448) - - - (1,036) Employee retention credit, net of consulting fees - 1,759 2,342 - - - (Loss) gain on early extinguishment of subordinated debt - - (222) - 292 - Divestiture expense - - - (651) - - PPP incentive (200) - - - - - Community grant (100) - - - - - Write down of other real estate owned - - - - (233) (434) Loan settlement expense - - - - (267) - Core noninterest expense 55,480$ 62,192$ 62,353$ 61,761$ 62,820$ 64,193$
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34 Non-GAAP Reconciliation (continued) Interest Interest Average Income/ Average Income/ (Dollars in thousands) Balance Expense Yield/ Rate Balance Expense Yield/ Rate Interest-earning assets: Loans 2,150,980$ 32,477$ 5.99% 2,141,280$ 32,563$ 6.03% Adjustments: Interest recoveries 1 64 Accretion 6 6 Adjusted loans 2,150,980 32,470 5.99 2,141,280 32,493 6.02 Securities: Taxable 412,959 3,204 3.08 406,153 3,096 3.02 Tax-exempt 54,667 718 5.21 51,442 689 5.31 Interest-bearing balances with banks 65,052 729 4.44 60,431 747 4.90 Adjusted interest-earning assets 2,683,658 37,121 5.49 2,659,306 37,025 5.52 Total interest-bearing liabilities 2,060,430 15,497 2.98 2,033,350 15,942 3.11 Net interest income/net interest margin 21,631$ 3.20% 21,153$ 3.16% Adjusted net interest income/adjusted net interest margin 21,624$ 3.20% 21,083$ 3.15% For the three months ended December 31, 2025 September 30, 2025