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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 Q3 2026 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; (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 conflicts and wars in the Middle East, Ukraine and Israel and surrounding areas or new 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, our customers 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 branches across Alabama, Louisiana and Texas ▪ Initial public offering and Nasdaq listing in 2014 ▪ Completed 8 whole bank acquisitions and 1 branch transaction ▪ 52 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
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4 Execution of Strategic Initiatives – 3rd Quarter 2026 ▪ Our strategy is to allow the consumer mortgage loans acquired from Wichita Falls Bancshares, Inc. (“WFB”) to run off and replace them with production in our business lending portfolio, primarily through the origination of higher yielding commercial and industrial loans. ▪ During 2026, Investar hired thirteen commercial bankers, primarily from larger banks, seven in our Texas markets and six in our Louisiana markets, to grow our community banking relationships including loans, deposits and treasury management services. ▪ Total loans increased by $6.9 million, or 0.2%, to $3.07 billion at September 30, 2026 compared to $3.06 billion at June 30, 2026. Excluding loans acquired from WFB, total loans increased by $50.4 million, or 2.3%, to $2.26 billion at September 30, 2026 compared to $2.21 billion at June 30, 2026. ▪ The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, increased by $37.9 million, or 3.1%, to $1.25 billion at September 30, 2026 compared $1.21 billion at June 30, 2026. ▪ On October 1, 2026, we completed the purchase of commercial and industrial revolving lines of credit with an unpaid principal balance of approximately $65.0 million and total commitments of $81.9 million. The revolving lines of credit are variable-rate with varying renewal terms. The addition of these variable-rate products, combined with new loan production coming on at higher rates, supports our efforts to remix the loan portfolio and optimize the balance sheet. ▪ 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 25,113 shares of our common stock during the 3rd quarter of 2026 at an average price of $29.44 per share, leaving 275,628 shares authorized for repurchase under the program at September 30, 2026. Balance Sheet Optimization and Capital Expense Control and Efficiency Credit Quality ▪ Nonperforming assets to total assets was 0.66% at September 30, 2026 compared to 0.62% at June 30, 2026. The allowance for credit losses to nonperforming loans was 169.0% at September 30, 2026 compared to 187.3% at June 30, 2026. ▪ Net charge-offs during the 3rd quarter of 2026 were less than 0.01% of the average loan balance for the quarter. ▪ 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. ▪ We are continuing to execute on our digital transformation and evaluating opportunities to optimize our physical branch and ATM footprint.
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5 Financial Overview – 3rd Quarter 2026 Highlights ▪ Diluted earnings per common share were $0.74 for the 3rd quarter of 2026 compared to $0.61 for the 2nd quarter of 2026. Core diluted earnings per common share1 were $0.77 for the 3rd quarter of 2026 compared to $0.75 for the 2nd quarter of 2026. ▪ Net interest margin improved six basis points to 3.73% for the 3rd quarter of 2026 compared to 3.67% for the 2nd quarter of 2026. ▪ Exclusive of the interest income accretion from the acquisition of loans and interest recoveries, adjusted net interest margin improved one basis point to 3.40% for the 3rd quarter of 2026 compared to 3.39% for the 2nd quarter of 2026. ▪ Return on average assets was 1.21% for the 3rd quarter of 2026 compared to 0.98% for the 2nd quarter of 2026. Core return on average assets1 was 1.25% for the 3rd quarter of 2026 compared 1.21% for the 2nd quarter of 2026. ▪ Efficiency ratio was 61.77% for the 3rd quarter of 2026 compared to 67.49% for the 2nd quarter of 2026. Core efficiency ratio1 was 60.64% for the 3rd quarter of 2026 compared 60.07% for the 2nd quarter of 2026. ▪ Total loans increased by $6.9 million, or 0.2%, to $3.07 billion at September 30, 2026 compared to $3.06 billion at June 30, 2026. Excluding loans acquired from WFB, total loans increased by $50.4 million, or 2.3%, to $2.26 billion at September 30, 2026 compared to $2.21 billion at June 30, 2026. ▪ The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, increased by $37.9 million, or 3.1%, to $1.25 billion at September 30, 2026 compared $1.21 billion at June 30, 2026. ▪ Variable-rate loans as a percentage of total loans was 51% at September 30, 2026 compared to 50% at June 30, 2026. Included in variable-rate loans are adjustable-rate mortgage loans we acquired in connection with our acquisition of WFB, which generally have fixed interest rates for an initial period depending on the loan term. ▪ Investar’s regulatory tier 1 leverage capital ratio increased to 10.92%, or 3.4%, at September 30, 2026 compared to 10.56% at June 30, 2026, and we remain well capitalized. 1 Non-GAAP financial measure; please see appendix for additional details Balance Sheet (in millions) Assets 3,867$ Net Loans 3,031$ Deposits 3,181$ Common Equity 384$ Holding Company Capital TCE/TA1 8.18% Tier 1 Leverage Capital 10.92% Common Equity Tier 1 Capital 11.79% Tier 1 Capital 13.36% Total Capital 15.05% Profitability (dollars in thousands) Net Interest Margin 3.73% ROAA 1.21% ROACE 11.16% Net Income 11,655$ Net Income Available to Common Shareholders 11,127$ Pre-Tax, Pre-Provision Income1 14,074$ Per Common Share Information Tangible Book Value1 22.55$ Earnings (Diluted) 0.74$ Dividends 0.12$ 3rd Quarter Results
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6 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 Mr. Martin joined the Bank in April 2020 as the Business Banking Director. In October 2025, he assumed the role of Chief Risk Officer. From October 2021 to April 2026, he served as Chief Credit Officer. 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 Operations 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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7 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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8 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, 2023 and ending September 30, 2026 3 Abbreviation for Accumulated Other Comprehensive Loss Tangible Book Value Per Common Share1 $18.92 $20.31 $23.42 $22.55 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 2023 2024 2025 2026Q3 TBV/Common Share 1 ($) TBV/Common Share GROWTH CAGR2 2022 – 2026Q3 TBV / Common Share16.0% 2026Q3 includes the impact of ($3.87) per share of AOCL3
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9 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 2 Annualized based on actual dividends of $0.35 through the 3rd quarter of 2026 $- $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 2026 27% CAGR 1 2
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10 Recent GAAP Earnings Performance Net Income Available to Common Shareholders ($000) ROAA (%) Earnings Per Common Share (Diluted) Net Interest Margin (%) $5,651 $5,410 $11,496 $8,944 $11,127 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 $0.54 $0.51 $0.77 $0.61 $0.74 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 0.88 0.83 1.25 0.98 1.21 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 3.16 3.20 3.59 3.67 3.73 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3
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11 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 $5,737 $6,135 $13,073 $11,129 $11,518 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 $0.54 $0.58 $0.87 $0.75 $0.77 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 0.89 0.93 1.41 1.21 1.25 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 67.66 66.13 58.46 60.07 60.64 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3
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12 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. ▪ At September 30, 2026, 275,628 common shares were authorized for repurchase under our stock repurchase program. ▪ Repurchased 25,113 shares at an average price of $29.44 during the 3rd quarter of 2026 and 105,768 shares YTD at an average price of $28.58. ▪ Since the inception of the stock repurchase program in 2015, the Company has paid $53.3 million to repurchase 2,774,372 shares at an average price of $19.21. ▪ The repurchase program is complemented by our ongoing quarterly shareholder dividend, which has increased at 27% per annum since our initial public offering to $0.12 per common share for the 3rd quarter of 2026. 3.39% 5.02% 2.25% 0.19% 1.16% 1.08% 2021 2022 2023 2024 2025 YTD2026 $6,925 $10,540 $3,026 $300 $2,294 $3,057 $3,090 $3,552 $3,844 $3,972 $4,226 $4,243 $10,015 $14,092 $6,870 $4,272 $6,520 $7,300 2021 2022 2023 2024 2025 YTD2026 Cash Paid to Repurchase Shares Dividends Paid on Common Stock
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13 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: $3.9 Billion 2026 Wichita Falls Bancshares (TX)
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14 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Investment Portfolio – 3rd Quarter 2026 Available for Sale (Dollars in thousands) Book Value Gain (Loss) Fair Value U.S. Governmental Securities 39,290$ (1,927)$ 37,363$ State and Political Subdivisions 18,843 (2,600) 16,243 Corporate Bonds 24,574 (1,518) 23,056 Residential Mortgage-backed Securities 305,137 (51,440) 253,697 Commercial Mortgage-backed Securities 92,198 (9,914) 82,284 Total 480,042$ (67,399)$ 412,643$ 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 45,236$ 1,100$ 46,336$ Residential Mortgage-backed Securities 1,803 (298) 1,505 Total 47,039$ 802$ 47,841$ Weighted average modified duration 8.4 years Current tax-equivalent yield Total Effective Duration: 5.6 years Available for Sale Portfolio Characteristics Held to Maturity Portfolio Characteristics 3.34% 6.63% U.S. Governmental Securities 9% State and Political Subdivisions 4% Corporate Bonds 6% Residential Mortgage-backed Securities 61% Commercial Mortgage-backed Securities 20% State and Political Subdivisions 97% Residential Mortgage- backed Securities 3%
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15 NA VY BLUE 31/52/105 Gray 217/217/217 Light Blue 189/215/238 Royal 49/87/155 Loan Portfolio - 3rd Quarter 2026 Total Portfolio Fixed vs. Variable Rate Construction & Development 7.5% 1-4 Family 30.1% Multifamily 4.7% Farmland 0.4% Owner-Occupied Commercial Real Estate 16.8% Nonowner -Occupied Commercial Real Estate 16.2% Commercial & Industrial 23.9% Consumer 0.4% Fixed Rate 48.7% Long -Term Variable 21.4% Short -Term Variable 29.9% (Dollars in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Construction & Development 140,561$ 147,980$ 318,868$ 261,799$ 228,516$ 1-4 Family 382,445 376,238 920,480 907,385 924,357 Multifamily 130,232 130,005 135,081 144,234 143,421 Farmland 3,996 4,788 7,803 9,850 11,956 Owner-Occupied Commercial Real Estate 462,830 460,126 505,882 508,245 515,704 Nonowner-Occupied Commercial Real Estate 459,711 452,142 504,784 512,483 497,121 Commercial & Industrial 560,763 595,263 661,803 703,279 733,741 Consumer 9,985 9,431 13,115 12,612 11,992 Total Loans 2,150,523$ 2,175,973$ 3,067,816$ 3,059,887$ 3,066,808$ Loan Portfolio Detail - Quarterly Lookback $917.1M Repricing within 3 months $657.2M Repricing in greater than 3 months $1.49B
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16 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 38.2% Owner-Occupied as % of CRE Portfolio 44.1% Nonowner-Occupied Office as a % of Total Portfolio 3.2% Average Loan Size $1.0M Portfolio Characteristics September 30, 2026 Owner-Occupied Nonowner-Occupied Owner-occupied 44% Nonowner- occupied 43% Multifamily 12% Farmland 1% Retail trade 25% Mining, quarrying, and oil and gas extraction 6% Real estate 12% Manufacturing 5%Healthcare and social assistance 9% Other services (except public administration) 7% Accommodation and food services 8% Wholesale trade 11% Construction 4% All other owner- occupied 13% Retail 31% Office 20% Healthcare 16% All other nonowner- occupied 13% Hotel/motel 6% Warehouse 14% $1.2B $516M $497M
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17 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 19.7% Average Loan Size $164K Portfolio Characteristics September 30, 2026 Attorney Cases 7% Other 11% Unsecured 3% Equipment 11% Cash/Brokerage Secured 12% Marine 13% Accounts Receivable 43% $604M Professional, Scientific and Technical Services 10% Mining, quarrying, and oil and gas extraction 17% Healthcare and social assistance 7% Other 20% Finance and Insurance 37% Transportation and Warehousing 9% $604M
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18 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 7.5% Average Loan Size $0.7M Portfolio Characteristics September 30, 2026 Commercial Land & Construction 37% 1-4 Family Development/Builder Lots 6% Lot/Raw Land - Consumer 5% 1-4 Family Construction - Builder 17% 1-4 Family Mortgage - Construction 25% Multifamily 10% $229M
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19 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 $10K Portfolio Characteristics September 30, 2026 CD/Savings Secured 40% Unsecured 14% Miscellaneous 2% Auto 32% Recreational 12% $12M
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20 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 $4.3 million. 1.16 1.38 1.26 1.21 1.18 2022 2023 2024 2025 2026Q3 For the nine months ended (Dollars in thousands) 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2026 Allowance for Credit Losses: Beginning balance 20,859$ 24,364$ 30,540$ 26,721$ 26,349$ Allowance on WFB loans at acquisition - - - - 11,702 ASC Topic 326 adoption impact 1 - 5,865 - - - Provision for (reversal of) credit losses on loans 2,922 (1,964) (3,192) (3,774) (1,541) Charge-offs (633) (742) (1,300) (459) (669) Recoveries 1,216 3,017 673 3,861 269 Ending balance 24,364$ 30,540$ 26,721$ 26,349$ 36,110$ For the year ended
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21 Asset Quality Trends Nonperforming Assets ($000s) NPAs / Assets (%) Reserves / NPLs (%)Net Charge-offs / Avg. Loans (%) $12,313 $12,635 $23,744 $24,098 $25,396 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 0.44 0.45 0.61 0.62 0.66 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 0.00 0.00 0.01 0.00 0.00 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 344.7 284.5 176.8 187.3 169.0 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3
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22 Deposit Portfolio – 3rd Quarter 2026 1 Non-GAAP financial measure; please see appendix for additional details ▪ Total deposits decreased $33.1 million, or 1.0%, to $3.18 billion at September 30, 2026, compared to $3.21 billion at June 30, 2026. ▪ Investar utilizes brokered time deposits, entirely in denominations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At September 30, 2026, the remaining weighted average duration of brokered time deposits was approximately five months with a weighted average rate of 3.93%. ▪ Investar utilizes brokered demand deposits when pricing is more favorable than other short-term borrowings. Interest-bearing Demand 31.1% Money Market 10.9% Brokered Demand 0.0% Savings 5.0% Brokered Time 2.0% Time 30.9% Noninterest-bearing Demand 20.1% (Dollars in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Noninterest-bearing Demand 446,361$ 445,986$ 640,129$ 621,870$ 639,188$ Interest-bearing Demand 633,766 608,807 938,758 989,520 987,710 Money Market 237,339 255,500 374,842 362,317 346,569 Brokered Demand - 2 - - 257 Savings 137,514 136,124 164,815 165,192 159,995 Brokered Time 210,822 204,069 101,217 62,900 63,981 Time 706,876 699,761 1,013,052 1,012,087 983,071 Total Deposits 2,372,678$ 2,350,249$ 3,232,813$ 3,213,886$ 3,180,771$ Total Deposit Interest Rate1 2.46% 2.35% 2.30% 2.19% 2.20% Deposit Composition - Quarterly Lookback
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23 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 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Balance Sheet Total Assets 2,513,203$ 2,753,807$ 2,815,155$ 2,722,812$ 2,833,048$ 2,833,048$ 3,875,115$ 3,861,673$ 3,866,819$ Total Loans 1,872,012$ 2,104,767$ 2,210,619$ 2,125,084$ 2,175,973$ 2,175,973$ 3,067,816$ 3,059,887$ 3,066,808$ Total Deposits 2,120,266$ 2,082,365$ 2,255,727$ 2,345,944$ 2,350,249$ 2,350,249$ 3,232,813$ 3,213,886$ 3,180,771$ Loans / Deposits 88.29% 101.08% 98.00% 90.59% 92.58% 92.58% 94.90% 95.21% 96.42% Capital TCE / TA1 8.04% 6.37% 6.65% 7.44% 8.22% 8.22% 8.21% 8.39% 8.18% Total Capital 12.99% 13.25% 12.99% 13.13% 14.66% 14.66% 14.62% 14.99% 15.05% Tier 1 Capital 9.90% 10.21% 9.90% 11.25% 12.85% 12.85% 12.93% 13.27% 13.36% Tier 1 Leverage Capital 8.12% 8.53% 8.35% 9.27% 10.73% 10.73% 10.31% 10.56% 10.92% Profitability Measures Net Interest Margin 3.53% 3.67% 2.83% 2.63% 3.07% 3.20% 3.59% 3.67% 3.73% Noninterest Income / Average Assets 0.47% 0.70% 0.24% 0.51% 0.34% 0.26% 0.31% 0.32% 0.32% Noninterest Expense / Average Assets 2.45% 2.34% 2.27% 2.26% 2.37% 2.28% 2.37% 2.55% 2.37% Efficiency Ratio 65.79% 56.29% 77.26% 75.08% 72.85% 69.34% 64.08% 67.49% 61.77% ROAA 0.31% 1.37% 0.60% 0.73% 0.83% 0.83% 1.25% 0.98% 1.21% ROACE 3.22% 15.63% 7.63% 8.60% 8.45% 7.91% 12.12% 9.19% 11.16% Diluted Earnings Per Common Share 0.76$ 3.50$ 1.69$ 2.04$ 2.13$ 0.51$ 0.77$ 0.61$ 0.74$ Net Income 8,000$ 35,709$ 16,678$ 20,252$ 22,904$ 5,938$ 12,024$ 9,472$ 11,655$ Net Income Available to Common Shareholders 8,000$ 35,709$ 16,678$ 20,252$ 21,848$ 5,410$ 11,496$ 8,944$ 11,127$ Asset Quality NPAs / Assets 1.28% 0.44% 0.36% 0.52% 0.45% 0.45% 0.61% 0.62% 0.66% NCOs / Average Loans 1.18% -0.03% -0.11% 0.03% -0.16% 0.00% 0.01% 0.00% 0.00% As of December 31, For the three months ended
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APPENDIX
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25 Non-GAAP Reconciliation (Dollars in thousands, except per share data) 2021 2022 2023 2024 2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Tangible common equity: Total stockholders' equity 242,598$ 215,782$ 226,768$ 241,296$ 301,073$ 301,073$ 414,634$ 420,132$ 413,970$ Less: preferred stock - - - - 30,353 30,353 30,353 30,353 30,353 Total common stockholders' equity 242,598 215,782 226,768 241,296 270,720 270,720 384,281 389,779 383,617 Adjustments: Goodwill (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (58,090) (58,267) (60,634) Other intangibles (3,948) (3,059) (2,232) (1,608) (1,096) (1,096) (14,048) (13,437) (12,834) Tangible common equity 198,562$ 172,635$ 184,448$ 199,600$ 229,536$ 229,536$ 312,143$ 318,075$ 310,149$ Common shares outstanding 10,343,494 9,901,847 9,748,067 9,828,413 9,798,948 9,798,948 13,741,225 13,777,385 13,753,007 Book value per common share 23.45$ 21.79$ 23.26$ 24.55$ 27.63$ 27.63$ 27.97$ 28.29$ 27.89$ Tangible book value per common share 19.20$ 17.43$ 18.92$ 20.31$ 23.42$ 23.42$ 22.72$ 23.09$ 22.55$ Tangible assets: Total assets 2,513,203$ 2,753,807$ 2,815,155$ 2,722,812$ 2,833,048$ 2,833,048$ 3,875,115$ 3,861,673$ 3,866,819$ Adjustments: Goodwill (40,088) (40,088) (40,088) (40,088) (40,088) (40,088) (58,090) (58,267) (60,634) Other intangibles (3,948) (3,059) (2,232) (1,608) (1,096) (1,096) (14,048) (13,437) (12,834) Tangible assets 2,469,167$ 2,710,660$ 2,772,835$ 2,681,116$ 2,791,864$ 2,791,864$ 3,802,977$ 3,789,969$ 3,793,351$ Total common equity to total assets 9.65% 7.84% 8.06% 8.86% 9.56% 9.56% 9.92% 10.09% 9.92% Tangible common equity to tangible assets 8.04% 6.37% 6.65% 7.44% 8.22% 8.22% 8.21% 8.39% 8.18% As of December 31, As of the three months ended
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26 Non-GAAP Reconciliation (continued) (Dollars in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Net Income 6,179$ 5,938$ 12,024$ 9,472$ 11,655$ Plus: Provision for (Reversal of) Credit Losses 139 (75) (2,108) 275 (136) Plus: Income Tax Expense 1,293 1,333 2,885 2,136 2,555 Pre-Tax, Pre-Provision Net Income 7,611$ 7,196$ 12,801$ 11,883$ 14,074$ For the three months ended
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27 Non-GAAP Reconciliation (continued) (Dollars in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Interest on Deposits 14,726$ 14,046$ 18,710$ 17,496$ 17,598$ Average Interest-Bearing Deposits 1,919,377 1,917,020 2,662,652 2,578,750 2,553,344 Average Noninterest-Bearing Deposits 451,029 453,460 633,636 627,583 623,939 Average Total Deposits 2,370,406 2,370,480 3,296,288 3,206,333 3,177,283 Total Deposit Interest Rate 2.46% 2.35% 2.30% 2.19% 2.20% For the three months ended
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28 Non-GAAP Reconciliation (continued) (Dollars in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Net interest income 21,153$ 21,631$ 32,660$ 33,449$ 33,765$ Provision for (reversal of) credit losses 139 (75) (2,108) 275 (136) Net interest income after provision for (reversal of) credit losses 21,014 21,706 34,768 33,174 33,901 Noninterest income 2,984 1,842 2,980 3,098 3,046 Gain on call or sale of investment securities, net (2) (16) - (12) - Loss on sale or disposition of fixed assets, net 5 - - - - (Gain) loss on sale of other real estate owned, net (94) 94 84 (4) 122 Gain on sale of loans - - (26) - - Change in the fair value of equity securities (200) (84) (130) (177) (98) Change in the net asset value of other investments 1 11 389 (17) 109 144 Core noninterest income 2,704 2,225 2,891 3,014 3,214 Core earnings before noninterest expense 23,718 23,931 37,659 36,188 37,115 Total noninterest expense 16,526 16,277 22,839 24,664 22,737 Write down of other real estate owned 2 (138) - - (75) (11) Severance 3 - (52) (327) (105) (43) Acquisition expense (246) (449) (1,728) (2,582) (258) Core noninterest expense 16,142 15,776 20,784 21,902 22,425 Core earnings before income tax expense 7,576 8,155 16,875 14,286 14,690 Core income tax expense 4 1,311 1,492 3,274 2,629 2,644 Core earnings 6,265$ 6,663$ 13,601$ 11,657$ 12,046$ Preferred stock dividends declared 528 528 528 528 528 Core earnings available to common shareholders 5,737$ 6,135$ 13,073$ 11,129$ 11,518$ For the three months ended
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29 Non-GAAP Reconciliation (continued) (Dollars in thousands, except per share data) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Core basic earnings per common share 0.58$ 0.63$ 0.95$ 0.81$ 0.84$ Diluted earnings per common share (GAAP) 0.54 0.51 0.77 0.61 0.74 Gain on call or sale of investment securities, net - - - - - Loss on sale or disposition of fixed assets, net - - - - - (Gain) loss on sale of other real estate owned, net (0.01) 0.01 - - 0.01 Gain on sale of loans - - - - - Change in the fair value of equity securities (0.02) (0.01) (0.01) (0.01) (0.01) Change in the net asset value of other investments 1 - 0.03 - 0.01 0.01 Write down of other real estate owned 2 0.01 - - - - Severance 3 - 0.01 0.02 0.01 - Acquisition expense 0.02 0.03 0.09 0.13 0.02 Core diluted earnings per common share 0.54$ 0.58$ 0.87$ 0.75$ 0.77$ Efficiency ratio 68.47% 69.34% 64.08% 67.49% 61.77% Core efficiency ratio 67.66% 66.13% 58.46% 60.07% 60.64% Core return on average assets 5 0.89% 0.93% 1.41% 1.21% 1.25% Total average assets 2,797,338$ 2,836,916$ 3,910,392$ 3,879,711$ 3,814,172$ For the three months ended
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30 1 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. 2 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. 3 Severance is included in salaries and employee benefits in the accompanying consolidated statements of income. 4 Core income tax expense is calculated using the effective tax rates of 18.0%, 18.4%, 19.4%, 18.3% and 17.3% for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. 5 Core earnings used in calculation. No adjustments were made to average assets.
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31 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 3,038,414$ 48,257$ 6.30% 3,049,671$ 47,715$ 6.28% Adjustments: Interest recoveries 6 21 Accretion 2,965 2,543 Adjusted loans 3,038,414 45,286 5.91 3,049,671 45,151 5.94 Securities: Taxable 459,120 3,824 3.30 460,171 3,790 3.30 Tax-exempt 55,937 740 5.25 56,218 743 5.30 Interest-bearing balances with banks 41,298 501 4.81 90,896 951 4.20 Adjusted interest-earning assets 3,594,769 50,351 5.56 3,656,956 50,635 5.55 Total interest-bearing liabilities 2,738,519 19,557 2.83 2,804,480 19,750 2.82 Net interest income/net interest margin 33,765$ 3.73% 33,449$ 3.67% Adjusted net interest income/adjusted net interest margin 30,794$ 3.40% 30,885$ 3.39% For the three months ended September 30, 2026 June 30, 2026