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Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. At June 30, 2025 the Company had notional amounts of $185.6 million in interest rate swap contracts with customers and $185.6 million in offsetting interest rate swap contracts with other financial institutions. At December 31, 2024 the Company had notional amounts of $186.9 million in interest rate swap contracts with customers and $186.9 million in offsetting interest rate swap contracts with other financial institutions. Other real estate owned that was re-measured during the period had a carrying value of $3.2 million at September 30, 2025. During the nine months ended September 30, 2025, the Company recorded a $0.4 million write-down of other real estate owned which is included as part of “Other operating expenses” in noninterest expense on the accompanying consolidated statement of income. Other real estate owned that was re-measured during the period had a carrying value of $0.9 million at December 31, 2024. During the nine months ended September 30, 2024, the Company recorded a $0.2 million write-down of other real estate owned which is included as part of “Other operating expenses” in noninterest expense on the accompanying consolidated statement of income. Loans individually evaluated for impairment that were re-measured during the period had a carrying value of $3.2 million and $2.4 million at September 30, 2025 and December 31, 2024, respectively, with related ACL of $0.2 million as of such dates. For the three months ended September 30, 2025, the $0.1 million provision for credit losses on the consolidated statement of income includes a $0.1 million negative provision for loan losses and a $0.2 million provision for unfunded loan commitments. For the nine months ended September 30, 2025, the $3.3 million negative provision for credit losses on the consolidated statement of income includes a $3.6 million negative provision for loan losses and a $0.3 million provision for unfunded loan commitments. For the three months ended September 30, 2024, the $0.9 million negative provision for credit losses on the consolidated statement of income includes a $0.9 million negative provision for loan losses and a $40,000 negative provision for unfunded loan commitments. For the nine months ended September 30, 2024, the $2.8 million negative provision for credit losses on the consolidated statement of income includes a $2.6 million negative provision for loan losses and a $0.2 million negative provision for unfunded loan commitments. At September 30, 2025 the Company had notional amounts of $183.1 million in interest rate swap contracts with customers and $183.1 million in offsetting interest rate swap contracts with other financial institutions. At December 31, 2024 the Company had notional amounts of $186.9 million in interest rate swap contracts with customers and $186.9 million in offsetting interest rate swap contracts with other financial institutions. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

_____________________________________

FORM 10-Q

_____________________________________

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36522

Investar Holding Corporation

(Exact name of registrant as specified in its charter)

Louisiana			27-1560715
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

10500 Coursey Boulevard, Baton Rouge, Louisiana 70816

(Address of principal executive offices, including zip code)

(225) 227-2222

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $1.00 par value per share			ISTR			The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer’s class of common stock, as of the latest practicable date, is as follows: Common stock, $1.00 par value, 9,810,435 shares outstanding as of November 3, 2025.

Table of Contents

TABLE OF CONTENTS

Part I. Financial Information

Item 1.	Financial Statements (Unaudited)	4
	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	4
	Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	6
	Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	7
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	8
	Notes to the Consolidated Financial Statements	10
	Note 1. Summary of Significant Accounting Policies	10
	Note 2. Earnings Per Common Share	11
	Note 3. Investment Securities	12
	Note 4. Loans and Allowance for Credit Losses	15
	Note 5. Stockholders’ Equity	24
	Note 6. Stock-Based Compensation	25
	Note 7. Derivative Financial Instruments	27
	Note 8. Fair Values of Financial Instruments	28
	Note 9. Income Taxes	33
	Note 10. Commitments and Contingencies	33
	Note 11. Leases	34
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	59
Item 4.	Controls and Procedures	59

Part II. Other Information

Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 5.	Other Information	61
Item 6.	Exhibits	62
Signatures		63

Table of Contents

GLOSSARY OF DEFINED TERMS

Below is a listing of certain acronyms, abbreviations and defined terms, among others, used throughout this Quarterly Report on Form 10-Q.

Series A Preferred Stock	–	6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock
2029 Notes	–	5.125% Fixed-to-Floating Rate Subordinated Notes due 2029
2032 Notes	–	5.125% Fixed-to-Floating Rate Subordinated Notes due 2032
ACL	–	Allowance for Credit Losses
AFS	–	Available For Sale
ALCO	–	Asset/Liability Committee
Annual Report	–	Investar Holding Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 12, 2025
ASC	–	Accounting Standards Codification
ASU	–	Accounting Standards Update
Bank	–	Investar Bank, National Association
Board	–	Board of Directors of Investar Holding Corporation
BOLI	–	Bank Owned Life Insurance
BTFP	–	Bank Term Funding Program
CECL	–	Current Expected Credit Loss
CODM	–	Chief Operating Decision Maker
Company	–	Investar Holding Corporation and its wholly-owned subsidiary the Bank (also, “we,” “our,” or “us”)
FASB	–	Financial Accounting Standards Board
FDIC	–	Federal Deposit Insurance Corporation
FHLB	–	Federal Home Loan Bank
FRB	–	Federal Reserve Bank of Atlanta
GAAP	–	U.S. Generally Accepted Accounting Principles
HTM	–	Held To Maturity
MD&A	–	Management’s Discussion and Analysis of Financial Condition and Results of Operations
NAICS	–	North American Industry Classification System
OBBBA	–	One Big Beautiful Bill Act
OCC	–	Office of the Comptroller of the Currency
ROU	–	Right-Of-Use
RSU	–	Restricted Stock Unit
SEC	–	U.S. Securities and Exchange Commission
Securities Act	–	Securities Act of 1933, as amended
SBIC	–	Small Business Investment Company
SOFR	–	Secured Overnight Financing Rate
WFB	–	Wichita Falls Bancshares, Inc.
U.S.	–	United States

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INVESTAR HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	*September 30, 2025*			*December 31, 2024*
	(Unaudited)
ASSETS
Cash and due from banks	$	32,564		$	26,623
Interest-bearing balances due from other banks		2,809			1,299
Cash and cash equivalents		35,373			27,922

Available for sale securities at fair value (amortized cost of $417,729 and $392,564, respectively)		370,251			331,121
Held to maturity securities at amortized cost (fair value of $50,576 and $42,144, respectively)		47,834			42,687
Loans		2,150,523			2,125,084
Less: allowance for credit losses		(26,470	)		(26,721	)
Loans, net		2,124,053			2,098,363
Equity securities at fair value		3,270			2,593
Nonmarketable equity securities		15,255			16,502
Bank premises and equipment, net of accumulated depreciation of $23,297 and $21,853, respectively		39,732			40,705
Other real estate owned, net		4,633			5,218
Accrued interest receivable		14,858			14,423
Deferred tax asset		14,362			17,120
Goodwill and other intangible assets, net		41,303			41,696
Bank owned life insurance		68,612			59,703
Other assets		21,092			24,759
Total assets	$	2,800,628		$	2,722,812

LIABILITIES
Deposits:
Noninterest-bearing	$	446,361		$	432,143
Interest-bearing		1,926,317			1,913,801
Total deposits		2,372,678			2,345,944
Advances from Federal Home Loan Bank		60,000			67,215
Repurchase agreements		15,066			8,376
Subordinated debt, net of unamortized issuance costs		16,728			16,697
Junior subordinated debt		8,806			8,733
Accrued taxes and other liabilities		32,055			34,551
Total liabilities		2,505,333			2,481,516

Commitments and contingencies (Note 10)

STOCKHOLDERS’ EQUITY
Preferred stock, no par value per share; 5,000,000 shares authorized; 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock; 32,500 shares ($1,000 liquidation preference) issued and outstanding at September 30, 2025 and none issued and outstanding at December 31, 2024		30,353			—
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,825,883 and 9,828,413 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		9,826			9,828
Surplus		146,304			146,890
Retained earnings		146,178			132,935
Accumulated other comprehensive loss		(37,366	)		(48,357	)
Total stockholders’ equity		295,295			241,296
Total liabilities and stockholders’ equity	$	2,800,628		$	2,722,812

See accompanying notes to the consolidated financial statements.

Table of Contents

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2025*			*2024*			*2025*			*2024*
INTEREST INCOME
Interest and fees on loans	$	32,563		$	32,764		$	94,255		$	97,060
Interest on investment securities:
Taxable		3,096			2,755			8,736			8,338
Tax-exempt		689			228			2,025			680
Other interest income		747			1,101			1,872			2,282
Total interest income		37,095			36,848			106,888			108,360

INTEREST EXPENSE
Interest on deposits		14,726			15,729			43,822			45,439
Interest on borrowings		1,216			3,263			3,924			10,651
Total interest expense		15,942			18,992			47,746			56,090
Net interest income		21,153			17,856			59,142			52,270

Provision for credit losses		139			(945	)		(3,316	)		(2,779	)
Net interest income after provision for credit losses		21,014			18,801			62,458			55,049

NONINTEREST INCOME
Service charges on deposit accounts		832			828			2,415			2,437
Gain (loss) on call or sale of investment securities, net		2			1			2			(382	)
(Loss) gain on sale or disposition of fixed assets, net		(5	)		—			(8	)		427
Gain (loss) on sale of other real estate owned, net		94			(4	)		123			708
Interchange fees		394			403			1,185			1,208
Income from bank owned life insurance		485			459			1,409			1,310
Change in the fair value of equity securities		200			174			177			254
Income from legal settlement		—			1,122			—			1,122
Other operating income		982			561			2,318			1,958
Total noninterest income		2,984			3,544			7,621			9,042
Income before noninterest expense		23,998			22,345			70,079			64,091

NONINTEREST EXPENSE
Depreciation and amortization		683			760			2,114			2,359
Salaries and employee benefits		10,302			9,982			30,162			28,823
Occupancy		679			652			1,995			1,929
Data processing		831			880			2,642			2,710
Marketing		101			121			324			234
Professional fees		496			473			1,555			1,363
Gain on early extinguishment of subordinated debt		—			—			—			(502	)
Acquisition expense		246			—			587			—
Other operating expenses		3,188			3,312			10,085			10,037
Total noninterest expense		16,526			16,180			49,464			46,953
Income before income tax expense		7,472			6,165			20,615			17,138
Income tax expense		1,293			784			3,649			2,993
Net income		6,179			5,381			16,966			14,145
Preferred stock dividends declared		528			—			528			—
Net income available to common shareholders	$	5,651		$	5,381		$	16,438		$	14,145

EARNINGS PER COMMON SHARE
Basic earnings per common share	$	0.57		$	0.55		$	1.67		$	1.44
Diluted earnings per common share		0.54			0.54			1.62			1.43
Cash dividends declared per common share		0.11			0.105			0.325			0.305

See accompanying notes to the consolidated financial statements.

Table of Contents

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2025*			*2024*			*2025*			*2024*
Net income	$	6,179		$	5,381		$	16,966		$	14,145
Other comprehensive income:
Investment securities:
Unrealized gain, available for sale, net of tax expense of $1,153, $2,847, $2,974 and $1,708, respectively		4,262			10,523			10,993			6,306
Reclassification of realized (gain) loss, available for sale, net of tax benefit of $0, $0, $0 and $80, respectively		(2	)		(1	)		(2	)		302
Total other comprehensive income		4,260			10,522			10,991			6,608
Total comprehensive income	$	10,439		$	15,903		$	27,957		$	20,753

See accompanying notes to the consolidated financial statements.

Table of Contents

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Amounts in thousands, except share data)

(Unaudited)

	*Preferred Stock*		*Common Stock*			*Surplus*			*Retained Earnings*			*Accumulated Other Comprehensive (Loss) Income*			*Total Stockholders’ Equity*
Three months ended:
September 30, 2024
Balance at beginning of period	$	—	$	9,829		$	145,918		$	123,510		$	(49,061	)	$	230,196
Surrendered shares		—		—			(7	)		—			—			(7	)
Common stock dividends declared, $0.105 per share		—		—			—			(1,031	)		—			(1,031	)
Stock-based compensation		—		1			518			—			—			519
Shares repurchased		—		(2	)		(36	)		—			—			(38	)
Net income		—		—			—			5,381			—			5,381
Other comprehensive income, net		—		—			—			—			10,522			10,522
Balance at end of period	$	—	$	9,828		$	146,393		$	127,860		$	(38,539	)	$	245,542

September 30, 2025
Balance at beginning of period	$	—	$	9,840		$	146,107		$	141,608		$	(41,626	)	$	255,929
Surrendered shares		—		—			(8	)		—			—			(8	)
Options exercised		—		—			—			—			—			—
Preferred stock dividends declared, $16.25 per share		—		—			—			(528	)		—			(528	)
Common stock dividends declared, $0.11 per share		—		—			—			(1,081	)		—			(1,081	)
Preferred stock issuance, net of issuance costs		30,353		—			—			—			—			30,353
Stock-based compensation		—		1			511			—			—			512
Shares repurchased		—		(15	)		(306	)		—			—			(321	)
Net income		—		—			—			6,179			—			6,179
Other comprehensive income, net		—		—			—			—			4,260			4,260
Balance at end of period	$	30,353	$	9,826		$	146,304		$	146,178		$	(37,366	)	$	295,295

	*Preferred Stock*		*Common Stock*			*Surplus*			*Retained Earnings*			*Accumulated Other Comprehensive (Loss) Income*			*Total Stockholders’ Equity*
Nine months ended:
September 30, 2024
Balance at beginning of period	$	—	$	9,748		$	145,456		$	116,711		$	(45,147	)	$	226,768
Surrendered shares		—		(94	)		(1,385	)		—			—			(1,479	)
Options exercised		—		96			1,263			—			—			1,359
Common stock dividends declared, $0.305 per share		—		—			—			(2,996	)		—			(2,996	)
Stock-based compensation		—		97			1,345			—			—			1,442
Shares repurchased		—		(19	)		(286	)		—			—			(305	)
Net income		—		—			—			14,145			—			14,145
Other comprehensive income, net		—		—			—			—			6,608			6,608
Balance at end of period	$	—	$	9,828		$	146,393		$	127,860		$	(38,539	)	$	245,542

September 30, 2025
Balance at beginning of period	$	—	$	9,828		$	146,890		$	132,935		$	(48,357	)	$	241,296
Surrendered shares		—		(56	)		(939	)		—			—			(995	)
Options exercised		—		34			501			—			—			535
Preferred stock dividends declared, $16.25 per share		—		—			—			(528	)		—			(528	)
Common stock dividends declared, $0.325 per share		—		—			—			(3,195	)		—			(3,195	)
Preferred stock issuance, net of issuance costs		30,353		—			—			—			—			30,353
Stock-based compensation		—		106			1,370			—			—			1,476
Shares repurchased		—		(86	)		(1,518	)		—			—			(1,604	)
Net income		—		—			—			16,966			—			16,966
Other comprehensive income, net		—		—			—			—			10,991			10,991
Balance at end of period	$	30,353	$	9,826		$	146,304		$	146,178		$	(37,366	)	$	295,295

See accompanying notes to the consolidated financial statements.

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INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	*Nine months ended September 30,*
	*2025*			*2024*
Net income	$	16,966		$	14,145
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,114			2,359
Provision for credit losses		(3,316	)		(2,779	)
Net amortization (accretion) of purchase accounting adjustments		42			(40	)
Provision for other real estate owned		434			233
Net accretion of securities		(405	)		(12	)
(Gain) loss on call or sale of investment securities, net		(2	)		382
Loss (gain) on sale or disposition of fixed assets, net		8			(427	)
Gain on sale of other real estate owned, net		(123	)		(708	)
Gain on early extinguishment of subordinated debt		—			(502	)
FHLB stock dividend		(208	)		(139	)
Stock-based compensation		1,476			1,442
Deferred taxes		(216	)		404
Net change in value of BOLI		(1,409	)		(1,310	)
Amortization of subordinated debt issuance costs		31			64
Change in the fair value of equity securities		(177	)		(254	)
Income from legal settlement		—			(1,122	)
Net change in:
Accrued interest receivable		(435	)		42
Other assets		(1,555	)		126
Accrued taxes and other liabilities		1,370			4,314
Net cash provided by operating activities		14,595			16,218

Cash flows from investing activities:
Proceeds from sales of investment securities available for sale		—			7,906
Purchases of securities available for sale		(61,229	)		(15,634	)
Purchases of securities held to maturity		(6,500	)		(1,500	)
Proceeds from maturities, prepayments and calls of investment securities available for sale		36,475			27,031
Proceeds from maturities, prepayments and calls of investment securities held to maturity		1,349			3,664
Proceeds from redemption or sale of nonmarketable equity securities		2,315			1,872
Purchases of nonmarketable equity securities		(859	)		(2,267	)
Purchases of equity securities at fair value		(500	)		(1,000	)
Net (increase) decrease in loans		(24,040	)		53,356
Proceeds from sales of other real estate owned		1,961			1,984
Proceeds from sales of fixed assets		—			1,340
Purchases of fixed assets		(928	)		(388	)
Proceeds from surrender of BOLI		—			8,440
Purchases of BOLI		(7,500	)		(10,000	)
Purchases of other investments		(155	)		(140	)
Distributions from investments		585			112
Net cash (used in) provided by investing activities		(59,026	)		74,776

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INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(Amounts in thousands)

(Unaudited)

Cash flows from financing activities:
Net increase in customer deposits		26,741			31,750
Net increase in repurchase agreements		6,690			4,361
Net decrease in short-term FHLB advances		(7,215	)		—
Net decrease in borrowings under the BTFP		—			(103,500	)
Proceeds from long-term FHLB advances		—			60,000
Repayment of long-term FHLB advances		—			(20,000	)
Cash dividends paid on common stock		(3,146	)		(2,940	)
Proceeds from stock options exercised		63			1,359
Payments to repurchase common stock		(1,604	)		(305	)
Proceeds from preferred stock offering, net of issuance costs		30,353			—
Extinguishment of subordinated debt		—			(7,388	)
Net cash provided by (used in) financing activities		51,882			(36,663	)
Net change in cash and cash equivalents		7,451			54,331
Cash and cash equivalents, beginning of period		27,922			32,009
Cash and cash equivalents, end of period	$	35,373		$	86,340

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfer from loans to other real estate owned	$	1,687		$	1,810

See accompanying notes to the consolidated financial statements.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The Company is a financial holding company, headquartered in Baton Rouge, Louisiana that provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association, a national bank, primarily to meet the needs of individuals, professionals and small to medium-sized businesses. The Company’s primary markets are in south Louisiana, southeast Texas and Alabama. At September 30, 2025 , the Company operated 20 full service branches located in Louisiana, three full service branches located in Texas and six full service branches located in Alabama and had 329 full-time equivalent employees.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include information or footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial statements have been included. The results of operations for the three and nine month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024, including the notes thereto, which were included as part of the Company’s Annual Report.

Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

Segment Reporting

The Company determined that all of its banking operations serve a similar customer base, offer similar products and services, and are managed through similar processes. Therefore, the Company’s banking operations are aggregated into one reportable operating segment, which generates income principally from interest on loans and, to a lesser extent, securities investments, as well as from fees charged in connection with various loan and deposit services. The CODM is the Chief Executive Officer, who for the purposes of assessing performance, making operating decisions, and allocating Company resources, regularly reviews net income as reported in the accompanying consolidated statements of income. The level of disaggregation and amounts of significant segment income and expenses that are regularly provided to the CODM are the same as those presented in the accompanying consolidated statements of income. Likewise, the measure of segment assets is reported on the accompanying consolidated balance sheets as total assets.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material.

Material estimates that are particularly susceptible to significant change relate to the determination of the ACL. While management uses available information to recognize credit losses on loans, future additions to the ACL may be necessary based on changes in economic conditions, changes in conditions of borrowers’ industries or changes in the condition of individual borrowers. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s ACL. Such agencies may require the Company to recognize additions to the ACL based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the ACL may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.

Other estimates that are susceptible to significant change in the near term relate to the allowance for off-balance sheet credit losses, the fair value of stock-based compensation awards, the determination of an ACL for securities, and the fair value of financial instruments and goodwill. A changing interest rate environment, elevated levels of inflation and changing U.S. trade and tariff policies have made certain estimates more challenging, including those discussed above.

Earnings Per Common Share

Basic earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities (i.e. unvested time-vested restricted stock), not subject to performance based measures.

Earnings per common share is computed in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed by using net income available to common shareholders plus dividends declared on dilutive convertible preferred stock, divided by the sum of 1) the weighted average number of shares determined for the basic earnings per common share computation, 2) the dilutive effect of stock-based compensation using the treasury stock method, and 3) the dilutive effect of convertible preferred stock using the if-converted method. A reconciliation of the weighted average common shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 2 – Earnings Per Common Share.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Accounting Standards Adopted in 2025

FASB ASC Topic 740 “Income Taxes - Improvements to Income Tax Disclosures” Update No. 2023-09 (“ASU 2023-09”). In December 2023, the FASB issued ASU 2023-09, which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosure of additional categories of information about federal, state and foreign income taxes in the rate reconciliation table and requires companies to provide more information about the reconciling items in some categories if a quantitative threshold is met. ASU 2023-09 became effective for the Company on January 1, 2025. The Company will provide the required disclosures in its Annual Report on Form 10-K for the year ended December 31, 2025, and the adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

FASB “Disclosure Improvements” Update No. 2023-06 (“ASU 2023-06”). In October 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various topics. The amendment is intended to align GAAP with the SEC’s regulations. ASU 2023-06 is required to be applied prospectively, and early adoption is prohibited. For reporting entities subject to the SEC’s existing disclosure requirements, the effective dates of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed and will not become effective for any entities. ASU 2023-06 is not expected to have a material impact on the Company’s consolidated financial statements.

FASB ASC Topic 220 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses” Update No. 2024-03 (“ASU 2024-03”). In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses in a tabular format in the notes of the financial statements for public business entities. ASU 2024-03 is effective on a prospective basis for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. The Company is currently evaluating the provisions of the amendment and the impact on its future consolidated financial statements.

NOTE 2. EARNINGS PER COMMON SHARE

The following is a summary of the information used in the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share data).

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Net income	$	6,179	$	5,381	$	16,966	$	14,145
Less: preferred stock dividends declared		528		—		528		—
Net income available to common shareholders	$	5,651	$	5,381	$	16,438	$	14,145

Weighted average basic shares outstanding		9,830,387		9,828,776		9,835,780		9,808,841
Dilutive effect of stock-based compensation		149,886		73,672		137,116		83,662
Dilutive effect of Series A Preferred Stock		1,547,603		—		521,537		—
Weighted average diluted shares outstanding		11,527,876		9,902,448		10,494,433		9,892,503

Basic earnings per common share	$	0.57	$	0.55	$	1.67	$	1.44
Diluted earnings per common share	$	0.54	$	0.54	$	1.62	$	1.43

The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computations above are shown below.

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Stock options		—		7,405		3,362		6,367
RSUs		—		401		816		4,420

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INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3. INVESTMENT SECURITIES

Debt Securities

The amortized cost and approximate fair value of investment securities classified as AFS are summarized below as of the dates presented (dollars in thousands).

			*Gross*		*Gross*
			*Unrealized*		*Unrealized*			*Fair*
	*Amortized Cost*		*Gains*		*Losses*			*Value*
September 30, 2025
Obligations of the U.S. Treasury and U.S. government agencies and corporations	$	19,092	$	43	$	(239	)	$	18,896
Obligations of state and political subdivisions		17,753		17		(1,556	)		16,214
Corporate bonds		27,790		70		(1,444	)		26,416
Residential mortgage-backed securities		282,461		718		(37,741	)		245,438
Commercial mortgage-backed securities		70,633		142		(7,488	)		63,287
Total	$	417,729	$	990	$	(48,468	)	$	370,251

			*Gross*		*Gross*
			*Unrealized*		*Unrealized*			*Fair*
	*Amortized Cost*		*Gains*		*Losses*			*Value*
December 31, 2024
Obligations of the U.S. Treasury and U.S. government agencies and corporations	$	15,985	$	47	$	(325	)	$	15,707
Obligations of state and political subdivisions		18,363		—		(2,243	)		16,120
Corporate bonds		29,772		8		(2,513	)		27,267
Residential mortgage-backed securities		256,272		39		(47,543	)		208,768
Commercial mortgage-backed securities		72,172		133		(9,046	)		63,259
Total	$	392,564	$	227	$	(61,670	)	$	331,121

The Company calculates realized gains and losses on sales of debt securities under the specific identification method. Proceeds from sales of investment securities classified as AFS and gross gains and losses are summarized below for the periods presented (dollars in thousands).

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Proceeds from sales	$	—	$	—	$	—	$	7,906
Gross gains	$	—	$	—	$	—	$	—
Gross losses	$	—	$	—	$	—	$	(383	)

The amortized cost and approximate fair value of investment securities classified as HTM are summarized below as of the dates presented (dollars in thousands).

			*Gross*		*Gross*
			*Unrealized*		*Unrealized*			*Fair*
	*Amortized Cost*		*Gains*		*Losses*			*Value*
September 30, 2025
Obligations of state and political subdivisions	$	45,946	$	2,922	$	(2	)	$	48,866
Residential mortgage-backed securities		1,888		—		(178	)		1,710
Total	$	47,834	$	2,922	$	(180	)	$	50,576

			*Gross*		*Gross*
			*Unrealized*		*Unrealized*			*Fair*
	*Amortized Cost*		*Gains*		*Losses*			*Value*
December 31, 2024
Obligations of state and political subdivisions	$	40,618	$	70	$	(365	)	$	40,323
Residential mortgage-backed securities		2,069		—		(248	)		1,821
Total	$	42,687	$	70	$	(613	)	$	42,144

Securities are classified in the consolidated balance sheets according to management’s intent. The Company had no securities classified as trading as of September 30, 2025 or December 31, 2024.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The approximate fair value of AFS securities and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands).

	*Less than 12 Months*					*12 Months or More*					*Total*
			*Unrealized*					*Unrealized*					*Unrealized*
	*Fair Value*		*Losses*			*Fair Value*		*Losses*			*Fair Value*		*Losses*
September 30, 2025
Obligations of the U.S. Treasury and U.S. government agencies and corporations	$	6,050	$	(27	)	$	3,189	$	(212	)	$	9,239	$	(239	)
Obligations of state and political subdivisions		1,523		(23	)		13,497		(1,533	)		15,020		(1,556	)
Corporate bonds		2,736		(36	)		18,025		(1,408	)		20,761		(1,444	)
Residential mortgage-backed securities		8,247		(78	)		194,252		(37,663	)		202,499		(37,741	)
Commercial mortgage-backed securities		12,536		(143	)		39,368		(7,345	)		51,904		(7,488	)
Total	$	31,092	$	(307	)	$	268,331	$	(48,161	)	$	299,423	$	(48,468	)

	*Less than 12 Months*					*12 Months or More*					*Total*
			*Unrealized*					*Unrealized*					*Unrealized*
	*Fair Value*		*Losses*			*Fair Value*		*Losses*			*Fair Value*		*Losses*
December 31, 2024
Obligations of the U.S. Treasury and U.S. government agencies and corporations	$	5,505	$	(20	)	$	4,012	$	(305	)	$	9,517	$	(325	)
Obligations of state and political subdivisions		3,434		(99	)		12,686		(2,144	)		16,120		(2,243	)
Corporate bonds		1,947		(5	)		24,326		(2,508	)		26,273		(2,513	)
Residential mortgage-backed securities		5,432		(103	)		198,803		(47,440	)		204,235		(47,543	)
Commercial mortgage-backed securities		9,226		(134	)		42,293		(8,912	)		51,519		(9,046	)
Total	$	25,544	$	(361	)	$	282,120	$	(61,309	)	$	307,664	$	(61,670	)

At September 30, 2025, 686 of the Company’s AFS debt securities had unrealized losses totaling 13.9% of the individual securities’ amortized cost basis and 11.6% of the Company’s total amortized cost basis of the AFS investment securities portfolio. At such date, 609 of the 686 securities had been in a continuous loss position for over 12 months.

The approximate fair value of HTM securities and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands).

	*Less than 12 Months*				*12 Months or More*					*Total*
			*Unrealized*				*Unrealized*					*Unrealized*
	*Fair Value*		*Losses*		*Fair Value*		*Losses*			*Fair Value*		*Losses*
September 30, 2025
Obligations of state and political subdivisions	$	—	$	—	$	2,201	$	(2	)	$	2,201	$	(2	)
Residential mortgage-backed securities		—		—		1,710		(178	)		1,710		(178	)
Total	$	—	$	—	$	3,911	$	(180	)	$	3,911	$	(180	)

	*Less than 12 Months*					*12 Months or More*					*Total*
			*Unrealized*					*Unrealized*					*Unrealized*
	*Fair Value*		*Losses*			*Fair Value*		*Losses*			*Fair Value*		*Losses*
December 31, 2024
Obligations of state and political subdivisions	$	10,795	$	(209	)	$	2,458	$	(156	)	$	13,253	$	(365	)
Residential mortgage-backed securities		—		—			1,821		(248	)		1,821		(248	)
Total	$	10,795	$	(209	)	$	4,279	$	(404	)	$	15,074	$	(613	)

Unrealized losses are generally due to changes in market interest rates. The Company has the intent to hold these securities either until maturity or a forecasted recovery, and it is more likely than not that the Company will not have to sell the securities before the recovery of their amortized cost basis. Due to the nature of the investments, current market prices, and the current interest rate environment, the Company determined that these declines were not attributable to credit losses at September 30, 2025 or December 31, 2024.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The amortized cost and approximate fair value of investment debt securities, by contractual maturity, are shown below as of September 30, 2025 (dollars in thousands). Actual maturities may differ from contractual maturities due to mortgage-backed securities whereby borrowers may have the right to call or prepay obligations with or without call or prepayment penalties and certain callable bonds whereby the issuer has the option to call the bonds prior to contractual maturity.

	*Available for Sale*				*Held to Maturity*
	*Amortized*		*Fair*		*Amortized*		*Fair*
	*Cost*		*Value*		*Cost*		*Value*
September 30, 2025
Due within one year	$	5,714	$	5,722	$	—	$	—
Due after one year through five years		25,156		24,787		2,203		2,201
Due after five years through ten years		32,036		30,521		5,740		5,853
Due after ten years		354,823		309,221		39,891		42,522
Total debt securities	$	417,729	$	370,251	$	47,834	$	50,576

Accrued interest receivable on the Company’s investment securities was $2.6 million and $1.9 million at September 30, 2025 and December 31, 2024, respectively, and is included in “Accrued interest receivable” on the accompanying consolidated balance sheets.

At September 30, 2025, securities with a carrying value of $65.5 million were pledged to secure certain deposits, borrowings, and other liabilities, compared to $68.1 million in pledged securities at December 31, 2024.

Equity Securities

Equity securities at fair value include marketable securities in corporate stocks and mutual funds and totaled $3.3 million and $2.6 million at September 30, 2025 and December 31, 2024, respectively.

Nonmarketable equity securities primarily consist of FHLB stock and FRB stock. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are carried at cost, restricted as to redemption, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. Nonmarketable equity securities also include investments in other correspondent banks including Independent Bankers Financial Corporation and First National Bankers Bank stock. These investments are carried at cost which approximates fair value. The balance of nonmarketable equity securities at September 30, 2025 and December 31, 2024 was $15.3 million and $16.5 million, respectively.

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INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Company’s loan portfolio consists of the following categories of loans as of the dates presented (dollars in thousands).

	*September 30, 2025*		*December 31, 2024*
Construction and development	$	140,561	$	154,553
1-4 Family		382,445		396,815
Multifamily		130,232		84,576
Farmland		3,996		6,977
Commercial real estate		922,541		944,548
Total mortgage loans on real estate		1,579,775		1,587,469
Commercial and industrial		560,763		526,928
Consumer		9,985		10,687
Total loans	$	2,150,523	$	2,125,084

Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loan origination fees, net of direct loan origination costs and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Unamortized premiums and discounts on loans, included in the total loans balances above, were $0.1 million at both September 30, 2025 and December 31, 2024, and unearned income, or deferred fees, on loans was $1.3 million and $1.0 million at September 30, 2025 and December 31, 2024, respectively, and is also included in the total loans balance in the table above.

The tables below provide an analysis of the aging of loans as of September 30, 2025 and December 31, 2024 (dollars in thousands).

	*September 30, 2025*
	*Current*		*30 - 59 Days Past Due*		*60 - 89 Days Past Due*		*90 Days or More Past Due*		*Total*		*> 90 Days and Accruing*
Construction and development	$	140,480	$	76	$	—	$	5	$	140,561	$	—
1-4 Family		377,719		367		1,432		2,927		382,445		—
Multifamily		130,232		—		—		—		130,232		—
Farmland		3,996		—		—		—		3,996		—
Commercial real estate		920,406		490		—		1,645		922,541		—
Total mortgage loans on real estate		1,572,833		933		1,432		4,577		1,579,775		—
Commercial and industrial		560,440		287		31		5		560,763		—
Consumer		9,949		6		3		27		9,985		—
Total loans	$	2,143,222	$	1,226	$	1,466	$	4,609	$	2,150,523	$	—

	*December 31, 2024*
	*Current*		*30 - 59 Days Past Due*		*60 - 89 Days Past Due*		*90 Days or More Past Due*		*Total*		*> 90 Days and Accruing*
Construction and development	$	154,461	$	86	$	—	$	6	$	154,553	$	—
1-4 Family		387,782		5,200		1,054		2,779		396,815		—
Multifamily		84,576		—		—		—		84,576		—
Farmland		6,977		—		—		—		6,977		—
Commercial real estate		942,493		458		48		1,549		944,548		—
Total mortgage loans on real estate		1,576,289		5,744		1,102		4,334		1,587,469		—
Commercial and industrial		526,329		64		270		265		526,928		—
Consumer		10,377		87		65		158		10,687		2
Total loans	$	2,112,995	$	5,895	$	1,437	$	4,757	$	2,125,084	$	2

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The tables below provide an analysis of nonaccrual loans as of September 30, 2025 and December 31, 2024 (dollars in thousands).

	*September 30, 2025*
	*Nonaccrual with No Allowance for Credit Loss*		*Nonaccrual with an Allowance for Credit Loss*		*Total Nonaccrual Loans*
Construction and development	$	21	$	—	$	21
1-4 Family		2,492		802		3,294
Multifamily		—		—		—
Farmland		—		—		—
Commercial real estate		1,165		2,990		4,155
Total mortgage loans on real estate		3,678		3,792		7,470
Commercial and industrial		135		—		135
Consumer		64		11		75
Total loans	$	3,877	$	3,803	$	7,680

	*December 31, 2024*
	*Nonaccrual with No Allowance for Credit Loss*		*Nonaccrual with an Allowance for Credit Loss*		*Total Nonaccrual Loans*
Construction and development	$	24	$	—	$	24
1-4 Family		1,475		2,336		3,811
Multifamily		—		—		—
Farmland		—		—		—
Commercial real estate		4,168		123		4,291
Total mortgage loans on real estate		5,667		2,459		8,126
Commercial and industrial		252		230		482
Consumer		211		5		216
Total loans	$	6,130	$	2,694	$	8,824

Nonaccrual and Past Due Loans

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, the borrower’s debt service capacity is considered through the analysis of current financial information, if available, and/or current information with regard to the collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and payment of future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. No material interest income was recognized in the consolidated statements of income on nonaccrual loans for the nine months ended September 30, 2025 and 2024.

Collateral Dependent Loans

Collateral dependent loans are loans for which the repayments, on the basis of the Company’s assessment at the reporting date, are expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Loans that do not share risk characteristics are excluded from the loan pools and evaluated on an individual basis, and the Company has determined to evaluate collateral dependent loans individually for impairment. The ACL for collateral dependent loans is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The Company’s collateral dependent loans include all nonaccrual loans shown in the tables above at September 30, 2025 and December 31, 2024. The types of collateral that secure collateral dependent loans are discussed under “Portfolio Segment Risk Factors” below.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Portfolio Segment Risk Factors

The following describes the risk characteristics relevant to each of the Company’s loan portfolio segments.

Construction and Development - Construction and development loans are generally made for the purpose of acquisition and development of land to be improved through the construction of commercial and residential buildings. The successful repayment of these types of loans is generally dependent upon a commitment for permanent financing from the Company, or from the sale of the constructed property. These loans carry more risk than commercial or residential real estate loans due to the dynamics of construction projects, changes in interest rates, the long-term financing market, and state and local government regulations. One such risk is that loan funds are advanced upon the security of the property under construction, which is of uncertain value prior to the completion of construction. Thus, it is more difficult to evaluate accurately the total loan funds required to complete a project and to calculate related loan-to-value ratios. The Company attempts to minimize the risks associated with construction lending by limiting loan-to-value ratios as described above. In addition, as to speculative development loans, the Company generally makes such loans only to borrowers that have a positive pre-existing relationship with us. The Company manages risk by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations in any one business or industry. Construction and development loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment.

1-4 Family - The 1-4 family portfolio mainly consists of residential mortgage loans to consumers to finance a primary residence. The majority of these loans are secured by first liens on residential properties located in the Company’s market areas and carry risks associated with the creditworthiness of the borrower and changes in the value of the collateral and loan-to-value-ratios. The Company manages these risks through policies and procedures such as limiting loan-to-value ratios at origination, employing experienced underwriting personnel, requiring standards for appraisers, and not making subprime loans. In the third quarter of 2023, the Company exited the consumer mortgage origination business.

Multifamily - Multifamily loans are normally made to real estate investors to support permanent financing for multifamily residential income producing properties that rely on the successful operation of the property for repayment. This management mainly involves property maintenance and collection of rents due from tenants. This type of lending carries a lower level of risk compared to other commercial lending. In addition, underwriting requirements for multifamily properties are stricter than for other nonowner-occupied property types. The Company manages this risk by avoiding concentrations with any particular customer. Multifamily loans are primarily secured by first liens on multifamily real estate.

Farmland - Farmland loans are often for land improvements related to agricultural endeavors and may include construction of new specialized facilities. These loans are usually repaid through the conversion to permanent financing, or if scheduled loan amortization begins, for the long-term benefit of the borrower’s ongoing operations. Underwriting generally involves intensive analysis of the financial strength of the borrower and guarantor, liquidation value of the subject collateral, the associated unguaranteed exposure, and any available secondary sources of repayment, with the greatest emphasis given to a borrower’s capacity to meet cash flow coverage requirements as set forth by Company policies. Farmland loans are primarily secured by raw land.

Commercial Real Estate - Commercial real estate loans are extensions of credit secured by owner occupied and nonowner-occupied collateral. Underwriting generally involves intensive analysis of the financial strength of the borrower and guarantor, liquidation value of the subject collateral, the associated unguaranteed exposure, and any available secondary sources of repayment, with the greatest emphasis given to a borrower’s capacity to meet cash flow coverage requirements as set forth by Company policies. Commercial real estate loans typically depend on the successful operation and management of the businesses that occupy these properties or the financial stability of tenants occupying the properties. Nonowner-occupied commercial real estate loans typically are dependent, in large part, on the owner’s ability to rent the property and the ability of the tenants to pay rent, whereas owner-occupied commercial real estate loans typically are dependent, in large part, on the success of the owner’s business. General market conditions and economic activity may impact the performance of these types of loans, including fluctuations in the value of real estate, new job creation trends, and tenant vacancy rates. The Company attempts to limit risk by analyzing a borrower’s cash flow and collateral value on an ongoing basis. The Company also typically requires personal guarantees from the principal owners of the property, supported by a review of their personal financial statements, as an additional means of mitigating risk. The Company manages risk by avoiding concentrations in any one business or industry. Commercial real estate loans are primarily secured by retail shopping facilities, office and industrial buildings, healthcare facilities, warehouses, and various special purpose commercial properties.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Commercial and Industrial - Commercial and industrial loans receive similar underwriting treatment as commercial real estate loans in that the repayment source is analyzed to determine its ability to meet cash flow coverage requirements as set forth by Company policies. Repayment of these loans generally comes from the generation of cash flow as the result of the borrower’s business operations. Commercial lending generally involves different risks from those associated with commercial real estate lending or construction lending. Although commercial loans may be collateralized by equipment or other business assets (including real estate, if available as collateral), the repayment of these types of loans depends primarily on the creditworthiness and projected cash flow of the borrower (and any guarantors). Thus, the general business conditions of the local economy and the borrower’s ability to sell its products and services, thereby generating sufficient operating revenue to repay us under the agreed upon terms and conditions, are the chief considerations when assessing the risk of a commercial loan. The liquidation of collateral, if any, is considered a secondary source of repayment because equipment and other business assets may, among other things, be obsolete or of limited resale value. The Company actively monitors certain financial measures of the borrower, including advance rate, cash flow, collateral value and other appropriate credit factors. Commercial and industrial loans also include public finance loans made to governmental entities, which can be taxable or tax-exempt, and are generally repaid using pledged revenue sources including income tax, property tax, sales tax, and utility revenue, among other sources. Commercial and industrial loans are primarily secured by accounts receivable, inventory and equipment.

Consumer - Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include auto loans, credit cards, and other consumer installment loans. Typically, the Company evaluates the borrower’s repayment ability through a review of credit scores and an evaluation of debt to income ratios. Repayment of consumer loans depends upon key consumer economic measures and upon the borrower’s financial stability and is more likely to be adversely affected by divorce, job loss, illness and personal hardships than repayment of other loans. A shortfall in the value of any collateral also may pose a risk of loss to the Company for these types of loans. Consumer loans include loans primarily secured by vehicles and unsecured loans.

Credit Quality Indicators

Loans are categorized into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The following definitions are utilized for risk ratings, which are consistent with the definitions used in supervisory guidance:

Pass - Loans not meeting the criteria below are considered pass. These loans have higher credit characteristics and financial strength. The borrowers at least generate profits and cash flow that are in line with peer and industry standards and have debt service coverage ratios above loan covenants and policy guidelines. For some of these loans, a guaranty from a financially capable party mitigates characteristics of the borrower that might otherwise result in a lower grade.

Special Mention - Loans classified as special mention possess some credit deficiencies that need to be corrected to avoid a greater risk of default in the future. For example, financial ratios relating to the borrower may have deteriorated. Often, a special mention categorization is temporary while certain factors are analyzed or matters addressed before the loan is re-categorized as either pass or substandard.

Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the borrower or the liquidation value of any collateral. If deficiencies are not addressed, it is likely that this category of loan will result in the Bank incurring a loss. Where a borrower has been unable to adjust to industry or general economic conditions, the borrower’s loan is often categorized as substandard.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as recorded assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off these assets.

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The tables below present the Company’s loan portfolio by year of origination, category, and credit quality indicator as of September 30, 2025 and December 31, 2024 (dollars in thousands). Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at September 30, 2025 and December 31, 2024.

	*September 30, 2025*
	*2025*			*2024*			*2023*			*2022*			*2021*			*Prior*			*Revolving Loans*			*Total*
Construction and development
Pass	$	42,362		$	35,013		$	19,561		$	7,648		$	2,956		$	2,675		$	20,083		$	130,298
Special Mention		—			—			—			—			—			—			—			—
Substandard		—			—			4,682			4,842			718			21			—			10,263
Total construction and development	$	42,362		$	35,013		$	24,243		$	12,490		$	3,674		$	2,696		$	20,083		$	140,561

Current-period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

1-4 Family
Pass	$	11,245		$	10,365		$	34,318		$	90,074		$	68,116		$	108,820		$	54,532		$	377,470
Special Mention		—			—			—			—			—			—			—			—
Substandard		—			214			423			767			843			2,458			270			4,975
Total 1-4 family	$	11,245		$	10,579		$	34,741		$	90,841		$	68,959		$	111,278		$	54,802		$	382,445

Current-period gross charge-offs	$	—		$	—		$	—		$	(59	)	$	—		$	(23	)	$	—		$	(82	)

Multifamily
Pass	$	35,621		$	1,582		$	22,894		$	45,235		$	11,552		$	7,348		$	20		$	124,252
Special Mention		—			—			—			—			—			3,852			—			3,852
Substandard		—			—			—			638			—			1,490			—			2,128
Total multifamily	$	35,621		$	1,582		$	22,894		$	45,873		$	11,552		$	12,690		$	20		$	130,232

Current-period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Farmland
Pass	$	484		$	69		$	473		$	115		$	359		$	2,245		$	251		$	3,996
Special Mention		—			—			—			—			—			—			—			—
Substandard		—			—			—			—			—			—			—			—
Total farmland	$	484		$	69		$	473		$	115		$	359		$	2,245		$	251		$	3,996

Current-period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial real estate
Pass	$	80,672		$	44,585		$	70,729		$	273,484		$	189,082		$	234,206		$	11,002		$	903,760
Special Mention		—			—			—			—			1,577			3,894			—			5,471
Substandard		—			2,565			325			1,343			3,913			5,164			—			13,310
Total commercial real estate	$	80,672		$	47,150		$	71,054		$	274,827		$	194,572		$	243,264		$	11,002		$	922,541

Current-period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial and industrial
Pass	$	78,344		$	18,479		$	23,227		$	112,721		$	18,888		$	16,236		$	291,823		$	559,718
Special Mention		—			—			—			—			—			—			910			910
Substandard		—			—			—			—			—			85			50			135
Total commercial and industrial	$	78,344		$	18,479		$	23,227		$	112,721		$	18,888		$	16,321		$	292,783		$	560,763

Current-period gross charge-offs	$	—		$	(28	)	$	(78	)	$	(7	)	$	(24	)	$	—		$	(51	)	$	(188	)

Consumer
Pass	$	4,018		$	2,230		$	1,404		$	798		$	260		$	694		$	481		$	9,885
Special Mention		—			—			—			—			—			—			—			—
Substandard		—			—			15			6			—			79			—			100
Total consumer	$	4,018		$	2,230		$	1,419		$	804		$	260		$	773		$	481		$	9,985

Current-period gross charge-offs	$	(45	)	$	(5	)	$	(10	)	$	(11	)	$	(7	)	$	(1	)	$	(2	)	$	(81	)

Total loans
Pass	$	252,746		$	112,323		$	172,606		$	530,075		$	291,213		$	372,224		$	378,192		$	2,109,379
Special Mention		—			—			—			—			1,577			7,746			910			10,233
Substandard		—			2,779			5,445			7,596			5,474			9,297			320			30,911
Total loans	$	252,746		$	115,102		$	178,051		$	537,671		$	298,264		$	389,267		$	379,422		$	2,150,523

Current-period gross charge-offs	$	(45	)	$	(33	)	$	(88	)	$	(77	)	$	(31	)	$	(24	)	$	(53	)	$	(351	)

Table of Contents

INVESTAR HOLDING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	*December 31, 2024*
	*2024*			*2023*		*2022*			*2021*			*2020*		*Prior*			*Revolving Loans*		*Total*
Construction and development
Pass	$	53,448		$	36,560	$	26,585		$	3,583		$	2,176	$	1,754		$	19,946	$	144,052
Special Mention		—			374		—			737			—		—			—		1,111
Substandard		—			4,524		4,842			—			18		6			—		9,390
Total construction and development	$	53,448		$	41,458	$	31,427		$	4,320		$	2,194	$	1,760		$	19,946	$	154,553

Current-period gross charge-offs	$	—		$	—	$	(77	)	$	(72	)	$	—	$	—		$	—	$	(149	)

1-4 Family
Pass	$	12,039		$	38,426	$	92,502		$	72,848		$	53,300	$	70,854		$	51,424	$	391,393
Special Mention		61			—		—			—			—		2			—		63
Substandard		170			352		902			931			752		2,079			173		5,359
Total 1-4 family	$	12,270		$	38,778	$	93,404		$	73,779		$	54,052	$	72,935		$	51,597	$	396,815

Current-period gross charge-offs	$	(86	)	$	—	$	(42	)	$	—		$	—	$	(120	)	$	—	$	(248	)

Multifamily
Pass	$	1,639		$	7,538	$	47,070		$	11,994		$	3,400	$	6,796		$	199	$	78,636
Special Mention		—			—		—			—			—		3,940			—		3,940
Substandard		—			—		649			—			1,351		—			—		2,000
Total multifamily	$	1,639		$	7,538	$	47,719		$	11,994		$	4,751	$	10,736		$	199	$	84,576

Current-period gross charge-offs	$	—		$	—	$	—		$	—		$	—	$	—		$	—	$	—

Farmland
Pass	$	72		$	1,605	$	1,290		$	633		$	892	$	1,508		$	977	$	6,977
Special Mention		—			—		—			—			—		—			—		—
Substandard		—			—		—			—			—		—			—		—
Total farmland	$	72		$	1,605	$	1,290		$	633		$	892	$	1,508		$	977	$	6,977

Current-period gross charge-offs	$	—		$	—	$	—		$	—		$	—	$	—		$	—	$	—

Commercial real estate
Pass	$	51,071		$	77,895	$	293,519		$	202,461		$	159,968	$	134,164		$	7,993	$	927,071
Special Mention		—			251		—			1,662			162		157			—		2,232
Substandard		3,178			648		1,321			3,986			2,901		3,094			117		15,245
Total commercial real estate	$	54,249		$	78,794	$	294,840		$	208,109		$	163,031	$	137,415		$	8,110	$	944,548

Current-period gross charge-offs	$	—		$	—	$	—		$	—		$	—	$	—		$	—	$	—

Commercial and industrial
Pass	$	45,894		$	38,599	$	120,877		$	24,351		$	7,612	$	15,842		$	272,853	$	526,028
Special Mention		—			—		—			—			—		—			418		418
Substandard		23			—		6			24			—		235			194		482
Total commercial and industrial	$	45,917		$	38,599	$	120,883		$	24,375		$	7,612	$	16,077		$	273,465	$	526,928

Investar Holding Corp 10-Q