Investar Holding Corp

For the period ended Apr 20, 2026. Filed Apr 20, 2026.

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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 20, 2026 · Filed Apr 20, 2026

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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, including the potential impacts of its strategies and the WFB 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 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 strategy 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;

•	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;

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

•	inaccuracy of the assumptions and estimates we make in establishing reserves for credit losses and other estimates;

•	changes in the quality or composition of our loan portfolio, 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;

•

risks to holders of our common stock relating to our Series A 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;

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

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

•	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 Investar’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission.

For further information contact:

Investar Holding Corporation

Corey Moore

Executive Vice President and Deputy Chief Financial Officer

(225) 227-2348

Corey.Moore@investarbank.com

INVESTAR HOLDING CORPORATION

SUMMARY FINANCIAL INFORMATION

(Amounts in thousands, except share data)

(Unaudited)

	As of and for the three months ended
	3/31/2026	12/31/2025	3/31/2025	Linked Quarter	Year/Year
EARNINGS DATA
Total interest income	$53,204	$37,128	$34,434	43.3%	54.5%
Total interest expense	20,544	15,497	16,089	32.6	27.7
Net interest income	32,660	21,631	18,345	51.0	78.0
Reversal of credit losses	(2,108)	(75)	(3,596)	(2,710.7)	41.4
Total noninterest income	2,980	1,842	2,011	61.8	48.2
Total noninterest expense	22,839	16,277	16,238	40.3	40.7
Income before income tax expense	14,909	7,271	7,714	105.0	93.3
Income tax expense	2,885	1,333	1,421	116.4	103.0
Net income	12,024	5,938	6,293	102.5	91.1
Preferred stock dividends declared	528	528	—	—	—
Net income available to common shareholders	$11,496	$5,410	$6,293	112.5	82.7
AVERAGE BALANCE SHEET DATA
Total assets	$3,910,392	$2,836,916	$2,725,800	37.8%	43.5%
Total interest-earning assets	3,684,527	2,683,658	2,590,740	37.3	42.2
Total loans	3,095,915	2,150,980	2,108,904	43.9	46.8
Total interest-bearing deposits	2,662,652	1,917,020	1,887,715	38.9	41.1
Total interest-bearing liabilities	2,836,647	2,060,430	2,023,808	37.7	40.2
Total deposits	3,296,288	2,370,480	2,317,795	39.1	42.2
Total common stockholders’ equity	384,774	271,241	247,565	41.9	55.4
PER COMMON SHARE DATA
Earnings:
Basic earnings per common share	$0.84	$0.55	$0.64	52.7%	31.3%
Diluted earnings per common share	0.77	0.51	0.63	51.0	22.2
Core earnings(1):
Core basic earnings per common share(1)	0.95	0.63	0.66	50.8	43.9
Core diluted earnings per common share(1)	0.87	0.58	0.65	50.0	33.8
Book value per common share	27.97	27.63	25.63	1.2	9.1
Tangible book value per common share(1)	22.72	23.42	21.40	(3.0)	6.2
Common shares outstanding	13,741,225	9,798,948	9,821,446	40.2	39.9
Weighted average common shares outstanding - basic	13,762,593	9,806,683	9,832,625	40.3	40.0
Weighted average common shares outstanding - diluted	15,553,534	11,554,939	9,960,940	34.6	56.1
PERFORMANCE RATIOS
Return on average assets	1.25%	0.83%	0.94%	50.6%	33.0%
Core return on average assets(1)	1.41	0.93	0.96	51.6	46.9
Return on average common equity	12.12	7.91	10.31	53.2	17.6
Core return on average common equity(1)	13.78	8.97	10.62	53.6	29.8
Net interest margin	3.59	3.20	2.87	12.2	25.1
Net interest income to average assets	3.39	3.03	2.73	11.9	24.2
Noninterest expense to average assets	2.37	2.28	2.42	3.9	(2.1)
Efficiency ratio(2)	64.08	69.34	79.77	(7.6)	(19.7)
Core efficiency ratio(1)	58.46	66.13	78.71	(11.6)	(25.7)
Dividend payout ratio	13.10	20.00	16.41	(34.5)	(20.2)
Net charge-offs (recoveries) to average loans	0.01	—	(0.16)	—	106.3

(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
	3/31/2026	12/31/2025	3/31/2025	Linked Quarter	Year/Year
ASSET QUALITY RATIOS
Nonperforming assets to total assets	0.61%	0.45%	0.43%	35.6%	41.9%
Nonperforming loans to total loans	0.66	0.43	0.27	53.5	144.4
Allowance for credit losses to total loans	1.17	1.21	1.25	(3.3)	(6.4)
Allowance for credit losses to nonperforming loans	177.00	284.50	473.31	(37.8)	(62.6)
CAPITAL RATIOS
Investar Holding Corporation:
Total common equity to total assets	9.92%	9.56%	9.22%	3.8%	7.6%
Tangible common equity to tangible assets(1)	8.21	8.22	7.82	(0.2)	5.0
Tier 1 leverage capital	10.31	10.73	9.56	(3.9)	7.8
Common equity tier 1 capital(2)	11.46	11.18	11.16	2.5	2.7
Tier 1 capital(2)	13.04	12.85	11.57	1.5	12.7
Total capital(2)	14.75	14.66	13.46	0.6	9.6
Investar Bank:
Tier 1 leverage capital	10.47	10.85	10.03	(3.5)	4.4
Common equity tier 1 capital(2)	13.23	13.00	12.14	1.8	9.0
Tier 1 capital(2)	13.23	13.00	12.14	1.8	9.0
Total capital(2)	14.39	14.11	13.29	2.0	8.3

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

(2) Estimated for March 31, 2026.

INVESTAR HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited)

	March 31, 2026	December 31, 2025	March 31, 2025
ASSETS
Cash and due from banks	$38,985	$26,606	$26,279
Interest-bearing balances due from other banks	40,626	14,899	17,243
Cash and cash equivalents	79,611	41,505	43,522
Available for sale securities at fair value (amortized cost of $459,710, $416,002 and $400,211, respectively)	412,557	370,614	345,728
Held to maturity securities at amortized cost (fair value of $50,789, $50,540 and $42,720, respectively)	48,044	48,199	42,268
Loans	3,067,816	2,175,973	2,106,631
Less: allowance for credit losses	(35,985)	(26,349)	(26,435)
Loans, net	3,031,831	2,149,624	2,080,196
Equity securities at fair value	3,484	3,354	2,517
Nonmarketable equity securities	21,373	17,021	14,297
Bank premises and equipment, net of accumulated depreciation of $24,551, $23,836 and $22,259, respectively	60,238	39,534	40,350
Other real estate owned, net	3,390	3,374	6,169
Accrued interest receivable	19,757	14,289	15,264
Deferred tax asset	15,850	14,050	15,646
Goodwill and other intangible assets, net	72,138	41,184	41,558
Bank owned life insurance	83,603	69,188	60,151
Other assets	23,239	21,112	22,236
Total assets	$3,875,115	$2,833,048	$2,729,902
LIABILITIES
Deposits
Noninterest-bearing	$640,129	$445,986	$436,735
Interest-bearing	2,592,684	1,904,263	1,910,622
Total deposits	3,232,813	2,350,249	2,347,357
Advances from Federal Home Loan Bank	136,032	116,000	60,000
Repurchase agreements	18,363	11,183	11,302
Subordinated debt, net of unamortized issuance costs	16,749	16,738	16,707
Junior subordinated debt	23,019	8,830	8,758
Accrued taxes and other liabilities	33,505	28,975	34,041
Total liabilities	3,460,481	2,531,975	2,478,165
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 March 31, 2026 and December 31, 2025 and none issued and outstanding at March 31, 2025	30,353	30,353	—
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 13,741,225, 9,798,948 and 9,821,446 shares issued and outstanding, respectively	13,741	9,799	9,821
Surplus	247,156	146,133	146,598
Retained earnings	160,494	150,510	138,197
Accumulated other comprehensive loss	(37,110)	(35,722)	(42,879)
Total stockholders’ equity	414,634	301,073	251,737
Total liabilities and stockholders’ equity	$3,875,115	$2,833,048	$2,729,902

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except share data)

(Unaudited)

	For the three months ended
	March 31, 2026	December 31, 2025	March 31, 2025
INTEREST INCOME
Interest and fees on loans	$47,954	$32,477	$30,552
Interest on investment securities
Taxable	3,372	3,204	2,679
Tax-exempt	741	718	671
Other interest income	1,137	729	532
Total interest income	53,204	37,128	34,434
INTEREST EXPENSE
Interest on deposits	18,710	14,046	14,640
Interest on borrowings	1,834	1,451	1,449
Total interest expense	20,544	15,497	16,089
Net interest income	32,660	21,631	18,345
Reversal of credit losses	(2,108)	(75)	(3,596)
Net interest income after reversal of credit losses	34,768	21,706	21,941
NONINTEREST INCOME
Service charges on deposit accounts	956	841	795
Gain on call or sale of investment securities, net	—	16	—
Loss on sale or disposition of fixed assets, net	—	—	(3)
Loss on sale of other real estate owned, net	(84)	(94)	—
Gain on sale of loans	26	—	—
Interchange fees	559	389	390
Income from bank owned life insurance	664	576	448
Change in the fair value of equity securities	130	84	(76)
Other operating income	729	30	457
Total noninterest income	2,980	1,842	2,011
Income before noninterest expense	37,748	23,548	23,952
NONINTEREST EXPENSE
Depreciation and amortization	1,344	678	721
Salaries and employee benefits	12,947	10,066	9,603
Occupancy	988	672	641
Data processing	1,214	814	897
Marketing	99	105	111
Professional fees	799	521	591
Acquisition expenses	1,728	449	159
Other operating expenses	3,720	2,972	3,515
Total noninterest expense	22,839	16,277	16,238
Income before income tax expense	14,909	7,271	7,714
Income tax expense	2,885	1,333	1,421
Net income	12,024	5,938	6,293
Preferred stock dividends declared	528	528	—
Net income available to common shareholders	$11,496	$5,410	$6,293
EARNINGS PER COMMON SHARE
Basic earnings per common share	$0.84	$0.55	$0.64
Diluted earnings per common share	0.77	0.51	0.63
Cash dividends declared per common share	0.11	0.11	0.105

INVESTAR HOLDING CORPORATION

CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS

(Amounts in thousands)

(Unaudited)

	For the three months ended
March 31, 2026 · December 31, 2025 · March 31, 2025
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	$3,095,915	$47,954	6.28%	$2,150,980	$32,477	5.99%	$2,108,904	$30,552	5.88%
Securities:
Taxable	428,523	3,372	3.19	412,959	3,204	3.08	387,538	2,679	2.80
Tax-exempt	56,639	741	5.31	54,667	718	5.21	50,761	671	5.36
Interest-bearing balances with banks	103,450	1,137	4.46	65,052	729	4.44	43,537	532	4.95
Total interest-earning assets	3,684,527	53,204	5.86	2,683,658	37,128	5.49	2,590,740	34,434	5.39
Cash and due from banks	32,966			28,990			26,126
Intangible assets	77,480			41,246			41,630
Other assets	153,315			109,445			93,989
Allowance for credit losses	(37,896)			(26,423)			(26,685)
Total assets	$3,910,392			$2,836,916			$2,725,800
Liabilities and stockholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand deposits	$1,289,503	$7,671	2.41%	$873,065	$4,912	2.23%	$771,623	$4,079	2.14%
Brokered demand deposits	—	—	—	369	3	3.68	8,512	94	4.46
Savings deposits	165,576	361	0.88	136,712	366	1.06	134,142	351	1.06
Brokered time deposits	152,288	1,507	4.01	199,823	2,109	4.19	252,276	3,033	4.88
Time deposits	1,055,285	9,171	3.52	707,051	6,656	3.73	721,162	7,083	3.98
Total interest-bearing deposits	2,662,652	18,710	2.85	1,917,020	14,046	2.91	1,887,715	14,640	3.15
Short-term borrowings	49,501	367	3.01	48,941	372	3.01	50,641	445	3.56
Long-term debt	124,494	1,467	4.78	94,469	1,079	4.53	85,452	1,004	4.77
Total interest-bearing liabilities	2,836,647	20,544	2.94	2,060,430	15,497	2.98	2,023,808	16,089	3.22
Noninterest-bearing deposits	633,636			453,460			430,080
Other liabilities	24,982			21,432			24,347
Stockholders’ equity	415,127			301,594			247,565
Total liability and stockholders’ equity	$3,910,392			$2,836,916			$2,725,800
Net interest income/net interest margin		$32,660	3.59%		$21,631	3.20%		$18,345	2.87%

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, 2026 · December 31, 2025 · March 31, 2025
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	$3,095,915	$47,954	6.28%	$2,150,980	$32,477	5.99%	$2,108,904	$30,552	5.88%
Adjustments:
Interest recoveries		7			1			50
Accretion		2,848			6			9
Adjusted loans	3,095,915	45,099	5.91	2,150,980	32,470	5.99	2,108,904	30,493	5.86
Securities:
Taxable	428,523	3,372	3.19	412,959	3,204	3.08	387,538	2,679	2.80
Tax-exempt	56,639	741	5.31	54,667	718	5.21	50,761	671	5.36
Interest-bearing balances with banks	103,450	1,137	4.46	65,052	729	4.44	43,537	532	4.95
Adjusted interest-earning assets	3,684,527	50,349	5.54	2,683,658	37,121	5.49	2,590,740	34,375	5.38
Total interest-bearing liabilities	2,836,647	20,544	2.94	2,060,430	15,497	2.98	2,023,808	16,089	3.22
Adjusted net interest income/adjusted net interest margin		$29,805	3.28%		$21,624	3.20%		$18,286	2.86%

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

	March 31, 2026	December 31, 2025	March 31, 2025
Tangible common equity
Total stockholders’ equity	$414,634	$301,073	$251,737
Less: preferred stock	30,353	30,353	—
Total common equity	384,281	270,720	251,737
Adjustments:
Goodwill	58,090	40,088	40,088
Core deposit intangible	13,948	996	1,370
Trademark intangible	100	100	100
Tangible common equity	$312,143	$229,536	$210,179
Tangible assets
Total assets	$3,875,115	$2,833,048	$2,729,902
Adjustments:
Goodwill	58,090	40,088	40,088
Core deposit intangible	13,948	996	1,370
Trademark intangible	100	100	100
Tangible assets	$3,802,977	$2,791,864	$2,688,344
Common shares outstanding	13,741,225	9,798,948	9,821,446
Tangible common equity to tangible assets	8.21%	8.22%	7.82%
Book value per common share	$27.97	$27.63	$25.63
Tangible book value per common share	22.72	23.42	21.40

INVESTAR HOLDING CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except share data)

(Unaudited)

	For the three months ended
3/31/2026 · 12/31/2025 · 3/31/2025(1)
Net interest income	(a)	$32,660	$21,631	$18,345
Reversal of credit losses(2)		(2,108)	(75)	(3,596)
Net interest income after reversal of credit losses(2)		34,768	21,706	21,941
Total noninterest income	(b)	2,980	1,842	2,011
Gain on call or sale of investment securities, net		—	(16)	—
Loss on sale or disposition of fixed assets, net		—	—	3
Loss on sale of other real estate owned, net		84	94	—
Gain on sale of loans		(26)	—	—
Change in the fair value of equity securities		(130)	(84)	76
Change in the net asset value of other investments(3)		(17)	389	(6)
Core noninterest income	(d)	2,891	2,225	2,084
Core earnings before noninterest expense(2)		37,659	23,931	24,025
Total noninterest expense	(c)	22,839	16,277	16,238
Severance(4)		(327)	(52)	—
Acquisition expense		(1,728)	(449)	(159)
Core noninterest expense(2)	(f)	20,784	15,776	16,079
Core earnings before income tax expense(2)		16,875	8,155	7,946
Core income tax expense(5)		3,274	1,492	1,462
Core earnings(2)		13,601	6,663	6,484
Preferred stock dividends declared		528	528	—
Core earnings available to common shareholders(2)		$13,073	$6,135	$6,484
Core basic earnings per common share(2)		$0.95	$0.63	$0.66
Diluted earnings per common share (GAAP)		$0.77	$0.51	$0.63
Gain on call or sale of investment securities, net		—	—	—
Loss on sale or disposition of fixed assets, net		—	—	—
Loss on sale of other real estate owned, net		—	0.01	—
Gain on sale of loans		—	—	—
Change in the fair value of equity securities		(0.01)	(0.01)	0.01
Change in the net asset value of other investments(3)		—	0.03	—
Severance(4)		0.02	0.01	—
Acquisition expense		0.09	0.03	0.01
Core diluted earnings per common share(2)		$0.87	$0.58	$0.65
Efficiency ratio	(c) / (a+b)	64.08%	69.34%	79.77%
Core efficiency ratio(2)	(f) / (a+d)	58.46	66.13	78.71
Core return on average assets(2)(6)		1.41	0.93	0.96
Core return on average common equity(2)(7)		13.78	8.97	10.62
Total average assets		$3,910,392	$2,836,916	$2,725,800
Total average common stockholders’ equity		384,774	271,241	247,565

(1)	All core results and core metrics for the quarter ended March 31, 2025 exclude $0.2 million of acquisition expense incurred during that quarter related to the WFB transaction. Those expenses were included in other operating expenses in the first quarter 2025 disclosures.
(2)	Reversal of credit losses, net interest income after reversal of credit losses, core earnings before noninterest expense, core noninterest expense, core earnings before income tax expense, core earnings and core earnings available to common shareholders include a $3.3 million recovery of loans previously charged off due to a property insurance settlement related to a loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida and $0.2 million in related noninterest expense recorded during the quarter ended March 31, 2025. Excluding the $3.1 million favorable impact on pre-tax net income, core basic earnings per share, core diluted earnings per share, core efficiency ratio, core return on average assets, and core return on average equity were $0.40, $0.40, 77.75%, 0.59%, and 6.46%, respectively, for the quarter ended March 31, 2025.
(3)	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.
(4)	Severance is included in salaries and employee benefits in the accompanying consolidated statements of income.
(5)	Core income tax expense is calculated using the effective tax rates of 19.4%, 18.3% and 18.4% for the quarters ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(6)	Core earnings used in calculation. No adjustments were made to total average assets.
(7)	Core earnings available to common shareholders used in calculation. No adjustments were made to total average common stockholders’ equity.

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