Investar Holding Corp

For the period ended Apr 21, 2025. Filed Apr 21, 2025.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Apr 21, 2025 · Filed Apr 21, 2025

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EX-99.1 · Forward-Looking and Cautionary Statements

Forward-Looking and Cautionary Statements

This press release 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. 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 press release 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:

•

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;

•	changes in inflation, interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;

•	our ability to successfully execute our near-term strategy to pivot from primarily a growth strategy to a strategy primarily focused on consistent, quality earnings through the optimization of our balance sheet, and our ability to successfully execute a long-term growth strategy;

•	our ability to achieve organic loan and deposit growth, and the composition of that growth;

•

a reduction in liquidity, including as a result of a reduction in the amount of deposits we hold or other sources of liquidity, which may be caused by, among other things, disruptions in the banking industry similar to those that occurred in early 2023 that caused bank depositors to move uninsured deposits to other banks or alternative investments outside the banking industry;

•	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;

•	changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;

•	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;

•	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;

•	our dependence on our management team, and our ability to attract and retain qualified personnel;

•	the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama;

•	increasing costs of complying with new and potential future regulations;

•	new or increasing geopolitical tensions, including resulting from wars in Ukraine and Israel and surrounding areas;

•	the emergence or worsening of widespread public health challenges or pandemics;

•	concentration of credit exposure;

•	any deterioration in asset quality and higher loan charge-offs, and the time and effort necessary to resolve problem assets;

•	fluctuations in the price of oil and natural gas;

•	data processing system failures and errors;

•	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;

•	risks of losses resulting from increased fraud attacks against us and others in the financial services industry;

•	potential impairment of our goodwill and other intangible assets;

•	our potential growth, including our entrance or expansion into new markets, and the need for sufficient capital to support that growth;

•	the impact of litigation and other legal proceedings to which we become subject;

•	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;

•	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;

•	changes in the scope and costs of FDIC insurance and other coverages;

•	governmental monetary and fiscal policies; and

•

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.

These factors should not be construed as exhaustive. Additional information on these and other risk factors can be found in Part I Item 1A. “Risk Factors” and in the “Cautionary Note Regarding Forward-Looking Statements” in Part II Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Investar’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission.

For further information contact:

Investar Holding Corporation

John Campbell

Executive Vice President and Chief Financial Officer

(225) 227-2215

John.Campbell@investarbank.com

INVESTAR HOLDING CORPORATION

SUMMARY FINANCIAL INFORMATION

(Amounts in thousands, except share data)

(Unaudited)

	As of and for the three months ended
	3/31/2025	12/31/2024	3/31/2024	Linked Quarter	Year/Year
EARNINGS DATA
Total interest income	$34,434	$35,505	$35,722	(3.0)%	(3.6)%
Total interest expense	16,089	18,022	18,506	(10.7)	(13.1)
Net interest income	18,345	17,483	17,216	4.9	6.6
Provision for credit losses	(3,596)	(701)	(1,419)	(413.0)	(153.4)
Total noninterest income	2,011	5,163	2,748	(61.0)	(26.8)
Total noninterest expense	16,238	16,079	15,296	1.0	6.2
Income before income tax expense	7,714	7,268	6,087	6.1	26.7
Income tax expense	1,421	1,161	1,380	22.4	3.0
Net income	$6,293	$6,107	$4,707	3.0	33.7
AVERAGE BALANCE SHEET DATA
Total assets	$2,725,800	$2,763,734	$2,802,192	(1.4)%	(2.7)%
Total interest-earning assets	2,590,740	2,626,533	2,669,553	(1.4)	(3.0)
Total loans	2,108,904	2,129,388	2,195,496	(1.0)	(3.9)
Total interest-bearing deposits	1,887,715	1,881,297	1,805,569	0.3	4.5
Total interest-bearing liabilities	2,023,808	2,054,561	2,118,746	(1.5)	(4.5)
Total deposits	2,317,795	2,315,730	2,233,704	0.1	3.8
Total stockholders’ equity	247,565	247,230	228,690	0.1	8.3
PER SHARE DATA
Earnings:
Basic earnings per common share	$0.64	$0.62	$0.48	3.2%	33.3%
Diluted earnings per common share	0.63	0.61	0.48	3.3	31.3
Core Earnings(1):
Core basic earnings per common share(1)	0.65	0.66	0.44	(1.5)	47.7
Core diluted earnings per common share(1)	0.64	0.65	0.43	(1.5)	48.8
Book value per common share	25.63	24.55	23.21	4.4	10.4
Tangible book value per common share(1)	21.40	20.31	18.90	5.4	13.2
Common shares outstanding	9,821,446	9,828,413	9,781,946	(0.1)	0.4
Weighted average common shares outstanding - basic	9,832,625	9,828,146	9,769,626	0.0	0.6
Weighted average common shares outstanding - diluted	9,960,940	9,993,790	9,866,973	(0.3)	1.0
PERFORMANCE RATIOS
Return on average assets	0.94%	0.88%	0.68%	6.8%	38.2%
Core return on average assets(1)	0.95	0.93	0.61	2.2	55.7
Return on average equity	10.31	9.83	8.28	4.9	24.5
Core return on average equity(1)	10.41	10.40	7.52	0.1	38.4
Net interest margin	2.87	2.65	2.59	8.3	10.8
Net interest income to average assets	2.73	2.52	2.47	8.3	10.5
Noninterest expense to average assets	2.42	2.31	2.20	4.8	10.0
Efficiency ratio(2)	79.77	71.00	76.62	12.3	4.1
Core efficiency ratio(1)	79.49	69.41	78.81	14.5	0.9
Dividend payout ratio	16.41	16.94	20.83	(3.1)	(21.2)
Net (recoveries) charge-offs to average loans	(0.16)	0.04	—	(500.0)	—

(1) Non-GAAP financial measure. See reconciliation.

(2) Efficiency ratio represents noninterest expense divided by the sum of net interest income (before provision for credit losses) and noninterest income.

INVESTAR HOLDING CORPORATION

SUMMARY FINANCIAL INFORMATION

(Unaudited)

	As of and for the three months ended
	3/31/2025	12/31/2024	3/31/2024	Linked Quarter	Year/Year
ASSET QUALITY RATIOS
Nonperforming assets to total assets	0.43%	0.52%	0.36%	(17.3)%	19.4%
Nonperforming loans to total loans	0.27	0.42	0.26	(35.7)	3.8
Allowance for credit losses to total loans	1.25	1.26	1.34	(0.8)	(6.7)
Allowance for credit losses to nonperforming loans	473.31	302.77	515.36	56.3	(8.2)
CAPITAL RATIOS
Investar Holding Corporation:
Total equity to total assets	9.22%	8.86%	8.14%	4.1%	13.3%
Tangible equity to tangible assets(1)	7.82	7.44	6.73	5.0	16.1
Tier 1 leverage capital	9.56	9.27	8.62	3.1	10.9
Common equity tier 1 capital(2)	11.16	10.84	9.79	3.0	14.0
Tier 1 capital(2)	11.57	11.25	10.18	2.8	13.7
Total capital(2)	13.46	13.13	13.21	2.5	1.9
Investar Bank:
Tier 1 leverage capital	10.03	9.70	10.01	3.4	0.2
Common equity tier 1 capital(2)	12.14	11.77	11.83	3.1	2.6
Tier 1 capital(2)	12.14	11.77	11.83	3.1	2.6
Total capital(2)	13.29	12.92	13.04	2.9	1.9

(1) Non-GAAP financial measure. See reconciliation.

(2) Estimated for March 31, 2025.

INVESTAR HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited)

	March 31, 2025	December 31, 2024	March 31, 2024
ASSETS
Cash and due from banks	$26,279	$26,623	$18,083
Interest-bearing balances due from other banks	17,243	1,299	23,762
Cash and cash equivalents	43,522	27,922	41,845
Available for sale securities at fair value (amortized cost of $400,211, $392,564, and $415,546, respectively)	345,728	331,121	353,340
Held to maturity securities at amortized cost (estimated fair value of $42,720, $42,144, and $18,148, respectively)	42,268	42,687	17,755
Loans	2,106,631	2,125,084	2,180,578
Less: allowance for credit losses	(26,435)	(26,721)	(29,114)
Loans, net	2,080,196	2,098,363	2,151,464
Equity securities at fair value	2,517	2,593	2,260
Nonmarketable equity securities	14,297	16,502	12,723
Bank premises and equipment, net of accumulated depreciation of $22,259, $21,853, and $20,038, respectively	40,350	40,705	42,659
Other real estate owned, net	6,169	5,218	4,247
Accrued interest receivable	15,264	14,423	15,047
Deferred tax asset	15,646	17,120	17,779
Goodwill and other intangible assets, net	41,558	41,696	42,154
Bank owned life insurance	60,151	59,703	60,745
Other assets	22,236	24,759	25,688
Total assets	$2,729,902	$2,722,812	$2,787,706
LIABILITIES
Deposits
Noninterest-bearing	$436,735	$432,143	$435,397
Interest-bearing	1,910,622	1,913,801	1,772,431
Total deposits	2,347,357	2,345,944	2,207,828
Advances from Federal Home Loan Bank	60,000	67,215	23,500
Borrowings under Bank Term Funding Program	—	—	229,000
Repurchase agreements	11,302	8,376	7,850
Subordinated debt, net of unamortized issuance costs	16,707	16,697	43,363
Junior subordinated debt	8,758	8,733	8,657
Accrued taxes and other liabilities	34,041	34,551	40,503
Total liabilities	2,478,165	2,481,516	2,560,701
STOCKHOLDERS’ EQUITY
Preferred stock, no par value per share; 5,000,000 shares authorized; none issued or outstanding	—	—	—
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,821,446, 9,828,413, and 9,781,946 shares issued and outstanding, respectively	9,821	9,828	9,782
Surplus	146,598	146,890	145,739
Retained earnings	138,197	132,935	120,441
Accumulated other comprehensive loss	(42,879)	(48,357)	(48,957)
Total stockholders’ equity	251,737	241,296	227,005
Total liabilities and stockholders’ equity	$2,729,902	$2,722,812	$2,787,706

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except share data)

(Unaudited)

	For the three months ended
	March 31, 2025	December 31, 2024	March 31, 2024
INTEREST INCOME
Interest and fees on loans	$30,552	$31,438	$32,135
Interest on investment securities
Taxable	2,679	2,709	2,817
Tax-exempt	671	569	238
Other interest income	532	789	532
Total interest income	34,434	35,505	35,722
INTEREST EXPENSE
Interest on deposits	14,640	16,071	14,845
Interest on borrowings	1,449	1,951	3,661
Total interest expense	16,089	18,022	18,506
Net interest income	18,345	17,483	17,216
Provision for credit losses	(3,596)	(701)	(1,419)
Net interest income after provision for credit losses	21,941	18,184	18,635
NONINTEREST INCOME
Service charges on deposit accounts	795	804	810
Loss on call or sale of investment securities, net	—	(371)	—
(Loss) gain on sale or disposition of fixed assets, net	(3)	—	427
Loss on sale of other real estate owned, net	—	(25)	—
Interchange fees	390	407	395
Income from bank owned life insurance	448	3,576	388
Change in the fair value of equity securities	(76)	159	80
Other operating income	457	613	648
Total noninterest income	2,011	5,163	2,748
Income before noninterest expense	23,952	23,347	21,383
NONINTEREST EXPENSE
Depreciation and amortization	721	736	812
Salaries and employee benefits	9,603	9,792	9,248
Occupancy	641	647	581
Data processing	897	901	937
Marketing	111	136	41
Professional fees	591	434	419
Loss (gain) on early extinguishment of subordinated debt	—	210	(215)
Other operating expenses	3,674	3,223	3,473
Total noninterest expense	16,238	16,079	15,296
Income before income tax expense	7,714	7,268	6,087
Income tax expense	1,421	1,161	1,380
Net income	$6,293	$6,107	$4,707
EARNINGS PER SHARE
Basic earnings per share	$0.64	$0.62	$0.48
Diluted earnings per share	0.63	0.61	0.48
Cash dividends declared per common share	0.105	0.105	0.10

INVESTAR HOLDING CORPORATION

CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS

(Amounts in thousands)

(Unaudited)

	For the three months ended
March 31, 2025 · December 31, 2024 · March 31, 2024
Interest · Interest · Interest
Average · Income/ · Average · Income/ · Average · Income/
	Balance	Expense	Yield/ Rate	Balance	Expense	Yield/ Rate	Balance	Expense	Yield/ Rate
Assets
Interest-earning assets:
Loans	$2,108,904	$30,552	5.88%	$2,129,388	$31,438	5.87%	$2,195,496	$32,135	5.89%
Securities:
Taxable	387,538	2,679	2.80	389,170	2,709	2.77	410,761	2,817	2.76
Tax-exempt	50,761	671	5.36	44,544	569	5.08	26,963	238	3.55
Interest-bearing balances with banks	43,537	532	4.95	63,431	789	4.95	36,333	532	5.89
Total interest-earning assets	2,590,740	34,434	5.39	2,626,533	35,505	5.38	2,669,553	35,722	5.38
Cash and due from banks	26,126			25,222			26,246
Intangible assets	41,630			41,775			42,243
Other assets	93,989			98,057			94,311
Allowance for credit losses	(26,685)			(27,853)			(30,161)
Total assets	$2,725,800			$2,763,734			$2,802,192
Liabilities and stockholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand deposits	$771,623	$4,079	2.14%	$753,477	$4,342	2.29%	$680,548	$3,166	1.87%
Brokered demand deposits	8,512	94	4.46	1,312	15	4.43	—	—	—
Savings deposits	134,142	351	1.06	130,896	371	1.13	134,853	339	1.01
Brokered time deposits	252,276	3,033	4.88	246,104	3,103	5.02	255,694	3,314	5.21
Time deposits	721,162	7,083	3.98	749,508	8,240	4.37	734,474	8,026	4.39
Total interest-bearing deposits	1,887,715	14,640	3.15	1,881,297	16,071	3.40	1,805,569	14,845	3.31
Short-term borrowings	50,641	445	3.56	68,237	671	3.91	236,826	2,745	4.66
Long-term debt	85,452	1,004	4.77	105,027	1,280	4.85	76,351	916	4.83
Total interest-bearing liabilities	2,023,808	16,089	3.22	2,054,561	18,022	3.49	2,118,746	18,506	3.51
Noninterest-bearing deposits	430,080			434,433			428,135
Other liabilities	24,347			27,510			26,621
Stockholders’ equity	247,565			247,230			228,690
Total liability and stockholders’ equity	$2,725,800			$2,763,734			$2,802,192
Net interest income/net interest margin		$18,345	2.87%		$17,483	2.65%		$17,216	2.59%

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

INTEREST EARNED AND YIELD ANALYSIS ADJUSTED FOR INTEREST RECOVERIES AND ACCRETION

(Amounts in thousands)

(Unaudited)

	For the three months ended
March 31, 2025 · December 31, 2024 · March 31, 2024
Interest · Interest · Interest
Average · Income/ · Average · Income/ · Average · Income/
	Balance	Expense	Yield/ Rate	Balance	Expense	Yield/ Rate	Balance	Expense	Yield/ Rate
Interest-earning assets:
Loans	$2,108,904	$30,552	5.88%	$2,129,388	$31,438	5.87%	$2,195,496	$32,135	5.89%
Adjustments:
Interest recoveries		50			11			21
Accretion		9			11			19
Adjusted loans	2,108,904	30,493	5.86	2,129,388	31,416	5.87	2,195,496	32,095	5.88
Securities:
Taxable	387,538	2,679	2.80	389,170	2,709	2.77	410,761	2,817	2.76
Tax-exempt	50,761	671	5.36	44,544	569	5.08	26,963	238	3.55
Interest-bearing balances with banks	43,537	532	4.95	63,431	789	4.95	36,333	532	5.89
Adjusted interest-earning assets	2,590,740	34,375	5.38	2,626,533	35,483	5.37	2,669,553	35,682	5.38
Total interest-bearing liabilities	2,023,808	16,089	3.22	2,054,561	18,022	3.49	2,118,746	18,506	3.51
Adjusted net interest income/adjusted net interest margin		$18,286	2.86%		$17,461	2.64%		$17,176	2.59%

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

	March 31, 2025	December 31, 2024	March 31, 2024
Tangible common equity
Total stockholders’ equity	$251,737	$241,296	$227,005
Adjustments:
Goodwill	40,088	40,088	40,088
Core deposit intangible	1,370	1,508	1,966
Trademark intangible	100	100	100
Tangible common equity	$210,179	$199,600	$184,851
Tangible assets
Total assets	$2,729,902	$2,722,812	$2,787,706
Adjustments:
Goodwill	40,088	40,088	40,088
Core deposit intangible	1,370	1,508	1,966
Trademark intangible	100	100	100
Tangible assets	$2,688,344	$2,681,116	$2,745,552
Common shares outstanding	9,821,446	9,828,413	9,781,946
Tangible equity to tangible assets	7.82%	7.44%	6.73%
Book value per common share	$25.63	$24.55	$23.21
Tangible book value per common share	21.40	20.31	18.90

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

	For the three months ended
3/31/2025 · 12/31/2024 · 3/31/2024
Net interest income	(a)	$18,345	$17,483	$17,216
Provision for credit losses(1)		(3,596)	(701)	(1,419)
Net interest income after provision for credit losses(1)		21,941	18,184	18,635
Noninterest income	(b)	2,011	5,163	2,748
Loss on call or sale of investment securities, net		—	371	—
Loss (gain) on sale or disposition of fixed assets, net		3	—	(427)
Loss on sale of other real estate owned, net		—	25	—
Change in the fair value of equity securities		76	(159)	(80)
Change in the net asset value of other investments(2)		(6)	(25)	(70)
Core noninterest income(3)	(d)	2,084	5,375	2,171
Core earnings before noninterest expense(1)(3)		24,025	23,559	20,806
Total noninterest expense	(c)	16,238	16,079	15,296
Write down of other real estate owned(4)		—	—	(233)
(Loss) gain on early extinguishment of subordinated debt		—	(210)	215
Severance(5)		—	(4)	—
Core noninterest expense(1)	(f)	16,238	15,865	15,278
Core earnings before income tax expense		7,787	7,694	5,528
Core income tax expense(6)		1,433	1,231	1,255
Core earnings(1)(3)		$6,354	$6,463	$4,273
Core basic earnings per common share(1)(3)		0.65	0.66	0.44
Diluted earnings per common share (GAAP)		$0.63	$0.61	$0.48
Loss on call or sale of investment securities, net		—	0.03	—
Loss (gain) on sale or disposition of fixed assets, net		—	—	(0.03)
Loss on sale of other real estate owned, net		—	—	—
Change in the fair value of equity securities		0.01	(0.01)	(0.01)
Change in the net asset value of other investments(2)		—	—	(0.01)
Write down of other real estate owned(4)		—	—	0.02
Loss (gain) on early extinguishment of subordinated debt		—	0.02	(0.02)
Severance(5)		—	—	—
Core diluted earnings per common share(1)(3)		$0.64	$0.65	$0.43
Efficiency ratio	(c) / (a+b)	79.77%	71.00%	76.62%
Core efficiency ratio(1)(3)	(f) / (a+d)	79.49	69.41	78.81
Core return on average assets(1)(3)(7)		0.95	0.93	0.61
Core return on average equity(1)(3)(7)		10.41	10.40	7.52
Total average assets		$2,725,800	$2,763,734	$2,802,192
Total average stockholders’ equity		247,565	247,230	228,690

(1)	Provision for credit losses, net interest income after provision for credit losses, core earnings before noninterest expense, core noninterest expense, core earnings before income tax expense and core earnings include a $3.3 million recovery of loans previously charged off due to a property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida and $0.2 million in related noninterest expense recorded during the quarter ended March 31, 2025. Excluding the $3.1 million favorable impact on pre-tax net income, core basic earnings per share, core diluted earnings per share, core efficiency ratio, core return on average assets, and core return on average equity are $0.39, $0.38, 78.53%, 0.57%, and 6.25%, respectively, for the quarter ended March 31, 2025.
(2)	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.
(3)	Core noninterest income, core earnings before noninterest expense, core earnings before income tax expense and core earnings include $3.1 million in nontaxable noninterest income from BOLI death benefit proceeds recorded during the quarter ended December 31, 2024. Excluding this income, core basic earnings per share, core diluted earnings per share, core efficiency ratio, core return on average assets, and core return on average equity are $0.39, $0.39, 80.35%, 0.55%, and 6.19%, respectively, for the quarter ended December 31, 2024.
(4)	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 expense in the accompanying consolidated statements of income.
(5)	Severance is included in salaries and employee benefits in the accompanying consolidated statements of income.
(6)	Core income tax expense is calculated using the effective tax rates of 18.4%, 16.0% and 22.7% for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(7)	Core earnings used in calculation. No adjustments were made to average assets or average equity.

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