Investar Holding Corp

Previous wording

The Bank commenced operations in 2006, and we completed our initial public offering in July 2014. On July 1, 2019, the Bank changed from a Louisiana state bank charter to a national bank charter, and its name changed to Investar Bank, National Association. Through the Bank, we provide full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses. Our primary areas of operation are south Louisiana, including Baton Rouge, New Orleans, Lafayette, Lake Charles, and their surrounding areas; Texas, including Houston and its surrounding area, and, as of January 1, 2026, north Dallas and Wichita Falls and their surrounding areas; and Alabama, including York and Oxford and their surrounding areas. At June 30, 2026, we operated 36 full service branches comprised of 20 full service branches in Louisiana, ten full service branches in Texas, and six full service branches in Alabama.

Current wording

The Bank commenced operations in 2006, and we completed our initial public offering in July 2014. On July 1, 2019, the Bank changed from a Louisiana state bank charter to a national bank charter, and its name changed to Investar Bank, National Association. Through the Bank, we provide full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses. Our primary areas of operation are south Louisiana, including Baton Rouge, New Orleans, Lafayette, Lake Charles, and their surrounding areas; Texas, including Houston and its surrounding area, and, as of January 1, 2026, north Dallas and Wichita Falls and their surrounding areas; and Alabama, including York and Oxford and their surrounding areas. At September 30, 2026, we operated 36 full service branches consisting of 20 full service branches in Louisiana, ten full service branches in Texas, and six full service branches in Alabama.

Previous wording

Our strategy focuses on consistent, quality earnings through the optimization of our balance sheet. Our strategy includes originating and renewing high quality, primarily variable-rate, loans and allowing higher risk credit relationships to run off. We have kept duration short on our liabilities to provide flexibility to secure lower cost funding that was accretive to our net interest margin. Our strategy also includes growth through acquisitions, including whole-bank acquisitions, strategic branch acquisitions and asset acquisitions. We have completed eight whole-bank acquisitions since 2011 and regularly review acquisition opportunities. Our most recent whole bank acquisition was completed in January 2026. For additional information, see “Acquisition of WFB” below.

Current wording

Our strategy focuses on consistent, quality earnings through the optimization of our balance sheet, which includes originating and renewing high quality, primarily variable-rate, loans and allowing higher risk credit relationships to run off. Our strategy also includes growth through acquisitions, including whole-bank acquisitions, strategic branch acquisitions and asset acquisitions. We have completed eight whole-bank acquisitions since 2011 and regularly review acquisition opportunities. Our most recent whole bank acquisition was completed in January 2026. For additional information, see “Acquisition of WFB” below.

Previous wording

On July 1, 2025, we announced that we had entered into the Agreement and Plan of Merger by and between the Company and WFB, headquartered in Wichita Falls, Texas, which provided for the merger of WFB with and into the Company, with the Company as the surviving corporation, followed by the merger of FNB, WFB’s wholly-owned subsidiary, with and into the Bank, with the Bank as the surviving bank. We completed the acquisition of WFB and FNB on January 1, 2026. All of the issued and outstanding shares of WFB common stock were converted into aggregate merger consideration consisting of $7.2 million in cash and 3,955,272 shares of our common stock for an aggregate transaction value of $112.9 million. This value is based on the Company’s closing stock price on December 31, 2025 of $26.72 per common share. On January 1, 2026, we acquired $1.15 billion in total assets, $950.2 million in net loans and $1.02 billion in total deposits. For additional information, see Note 2. Business Combinations.

Current wording

On July 1, 2025, we announced that we had entered into the Agreement and Plan of Merger by and between the Company and WFB, headquartered in Wichita Falls, Texas, which provided for the merger of WFB with and into the Company, with the Company as the surviving corporation, followed by the merger of FNB, WFB’s wholly-owned subsidiary, with and into the Bank, with the Bank as the surviving bank. We completed the acquisition of WFB and FNB on January 1, 2026. All of the issued and outstanding shares of WFB common stock were converted into aggregate merger consideration consisting of $7.2 million in cash and 3,955,272 shares of our common stock for an aggregate transaction value of $112.9 million. This value is based on the Company’s closing stock price on December 31, 2025 of $26.72 per common share. On January 1, 2026, we acquired $1.14 billion in total assets, $950.2 million in net loans and $1.02 billion in total deposits. For additional information, see Note 2. Business Combinations.

Previous wording

Changing Inflation andInterest*** Rates***. During 2025, beginning in September 2025, the Federal Reserve reduced the federal funds target rate three times by 75 basis points on a cumulative basis to 3.50% to 3.75%. Accordingly, the prevailing federal funds target rate for the three and six months ended June 30, 2026 was lower than for the three and six months ended June 30, 2025.

Current wording

Changing Inflation andInterest***** Rates*****. During 2025, beginning in September 2025, the Federal Reserve reduced the federal funds target rate three times by 75 basis points on a cumulative basis to 3.50% to 3.75% where it remained until September 2026. In September 2026, the Federal Reserve raised the federal funds target rate by 25 basis points to 3.75% to 4.00%. Accordingly, the prevailing federal funds target rate for the three and nine months ended September 30, 2026 was lower than for the three and nine months ended September 30, 2025.

Previous wording

Total assets increased $1.03 billion, or 36.3%, to $3.86 billion at June 30, 2026, compared to $2.83 billion at December 31, 2025. The acquisition of WFB increased total assets by $1.15 billion on January 1, 2026. For the three months ended June 30, 2026, net income available to common shareholders was $8.9 million, or $0.61 per diluted common share, compared to net income available to common shareholders of $4.5 million, or $0.46 per diluted common share, for thethree months ended June 30, 2025. For thesix months ended June 30, 2026, net income available to common shareholders was $20.4 million, or $1.38 per diluted common share, compared to net income available to common shareholders of $10.8 million, or $1.09 per diluted common share, for thesix months ended June 30, 2025. At June 30, 2026, the Company and Bank each were in compliance with all regulatory capital requirements, and the Bank was considered “well-capitalized” under the FDIC’s prompt corrective action regulations.

Current wording

For the three months ended September 30, 2026, net income available to common shareholders was$11.1 million, or$0.74 per diluted common share, compared to net income available to common shareholders of$5.7 million, or$0.54 per diluted common share, for the three months ended September 30, 2025.

Previous wording

Key components of our performance for the three and six months ended June 30, 2026 are summarized below.

Current wording

Key components of our performance for the three and nine months ended September 30, 2026 are summarized below.

Previous wording

General. Loans constitute our most significant asset, comprising 79.2% and 76.8% of our total assets at June 30, 2026 and December 31, 2025, respectively. Total loans increased $883.9 million, or 40.6%, to $3.06 billion at June 30, 2026, compared to $2.18 billion at December 31, 2025. The increase in loans was primarily the result of the acquisition of WFB, which increased total loans $961.9 million on January 1, 2026. We are emphasizing the origination of high margin loans that promote long-term profitability and proactively exiting credit relationships that do not fit this strategy. Our variable-rate loans as a percentage of total loans increased to 50% at June 30, 2026 compared to 38% at December 31, 2025. Included in variable-rate loans as of June 30, 2026 are adjustable-rate mortgage loans we acquired in connection with our acquisition of WFB.

Current wording

General. Loans constitute our most significant asset, comprising 79.3% and 76.8% of our total assets at September 30, 2026 and December 31, 2025, respectively. Total loans increased $890.8 million, or 40.9%, to $3.07 billion at September 30, 2026, compared to $2.18 billion at December 31, 2025. The increase in loans was primarily the result of the acquisition of WFB, which increased total loans by $961.9 million on January 1, 2026. We are emphasizing the origination of high margin loans that promote long-term profitability and proactively exiting credit relationships that do not fit this strategy. Our variable-rate loans as a percentage of total loans increased to 51% at September 30, 2026 compared to 38% at December 31, 2025. Included in variable-rate loans as of September 30, 2026 are adjustable-rate mortgage loans we acquired in connection with our acquisition of WFB.

Previous wording

At June 30, 2026, the Company’s business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $1.21 billion, an increase of $156.1 million, or 14.8%, compared to $1.06 billion at December 31, 2025. The increase in the business lending portfolio was primarily driven by the acquisition of WFB and increased commercial and industrial loan production, partially offset by loan amortization.

Current wording

At September 30, 2026, the Company’s business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $1.25 billion, an increase of $194.1 million, or 18.4%, compared to $1.06 billion at December 31, 2025. The increase in the business lending portfolio was primarily driven by the acquisition of WFB and increased commercial and industrial loan production, partially offset by loan amortization.

Previous wording

Construction and development loans totaled $261.8 million at June 30, 2026, an increase of $113.8 million, or 76.9%, compared to $148.0 million at December 31, 2025. The increase in construction and development loans was primarily due to the acquisition of WFB, partially offset by planned run off of loans acquired from WFB, consisting of consumer mortgage and nonowner-occupied construction loans, and conversions to permanent loans upon completion of construction.

Current wording

Construction and development loans totaled $228.5 million at September 30, 2026, an increase of $80.5 million, or 54.4%, compared to $148.0 million at December 31, 2025. The increase in construction and development loans was primarily due to the acquisition of WFB, partially offset by planned run off of loans acquired from WFB, consisting primarily of consumer mortgage and nonowner-occupied construction loans, and conversions to permanent loans upon completion of construction.

Previous wording

1-4 Family loans totaled $907.4 million at June 30, 2026, an increase of $531.1 million, or 141.2%, compared to $376.2 million at December 31, 2025. The increase in 1-4 family loans was primarily due to the acquisition of WFB. Substantially all of the 1-4 family loans acquired from WFB were consumer mortgage loans with an adjustable rate.

Current wording

1-4 Family loans totaled $924.4 million at September 30, 2026, an increase of $548.1 million, or 145.7%, compared to $376.2 million at December 31, 2025. The increase in 1-4 family loans was primarily due to the acquisition of WFB. Substantially all of the 1-4 family loans acquired from WFB were consumer mortgage loans with an adjustable rate.

Previous wording

The consumer mortgage portfolio was approximately $849.0 million and $224.5 million at June 30, 2026 and December 31, 2025, respectively. The increase was due to the acquisition of WFB. Our consumer mortgage portfolio is included in the 1-4 family and construction and development categories. At June 30, 2026, the remaining loans in the construction and development category consisted primarily of commercial properties, and the remaining loans in the 1-4 family category consisted primarily of second mortgages, home equity loans, home equity lines of credit, and business purpose loans secured by 1-4 family residential real estate.

Current wording

The consumer mortgage portfolio was approximately$814.0 million and $224.5 million at September 30, 2026 and December 31, 2025, respectively. The increase was due to the acquisition of WFB. Our consumer mortgage portfolio is included in the 1-4 family and construction and development categories. At September 30, 2026, the remaining loans in the construction and development category consisted primarily of commercial properties, and the remaining loans in the 1-4 family category consisted primarily of second mortgages, home equity loans, home equity lines of credit, and business purpose loans secured by 1-4 family residential real estate.

Previous wording

Nonowner-occupied loans totaled $512.5 million at June 30, 2026, an increase of $60.3 million, or 13.3%, compared to $452.1 million at December 31, 2025. The increase in nonowner-occupied loans was primarily due to the acquisition of WFB, organic growth and conversions of construction and development loans to nonowner-occupied loans upon completion of construction, partially offset by loan amortization.

Current wording

Nonowner-occupied loans totaled $497.1 million at September 30, 2026, an increase of $45.0 million, or 9.9%, compared to $452.1 million at December 31, 2025. The increase in nonowner-occupied loans was primarily due to the acquisition of WFB, organic growth and conversions of construction and development loans to nonowner-occupied loans upon completion of construction, partially offset by loan amortization.

Previous wording

We purchase investment securities primarily to provide a source for meeting liquidity needs, with return on investment a secondary consideration. We also use investment securities as collateral for certain deposits and other types of borrowings. Investment securities represented 11.9% of our total assets and totaled $458.5 million at June 30, 2026, an increase of $39.7 million, or 9.5%, from$418.8 million at December 31, 2025. Theincrease in investment securities at June 30, 2026 compared to December 31, 2025 was driven primarily by a $16.7 million increase inobligations of the U.S. Treasury and U.S. government agencies and corporations, a $14.4 million increase in residential mortgage-backed securities and a $9.0 million increase incommercial mortgage-backed securities. Due in large part to higher interest rates and market volatility, net unrealized losses in our AFS investment securities portfolio totaled $48.0 million at June 30, 2026, compared to $45.4 million at December 31, 2025. For additional information, see Note 4. Investment Securities.

Current wording

We purchase investment securities primarily to provide a source for meeting liquidity needs, with return on investment a secondary consideration. We also use investment securities as collateral for certain deposits and other types of borrowings. Investment securities represented 11.9% of our total assets and totaled $459.7 million at September 30, 2026, an increase of $40.9 million, or 9.8%, from$418.8 million at December 31, 2025. Theincrease in investment securities at September 30, 2026 compared to December 31, 2025 was driven primarily by an$18.8 million increase incommercial mortgage-backed securities, an$18.6 million increase inobligations of the U.S. Treasury and U.S. government agencies and corporations anda$6.3 million increase in residential mortgage-backed securities. Due in large part to higher interest rates and market volatility, net unrealized losses in our AFS investment securities portfolio totaled $67.4 million at September 30, 2026, compared to $45.4 million at December 31, 2025. For additional information, see Note 4. Investment Securities.

Previous wording

The investment portfolio consists of AFS and HTM securities. We do not hold any investments classified as trading. We classify debt securities as HTM if management has the positive intent and ability to hold the securities to maturity. HTM debt securities are stated at amortized cost. Securities not classified as HTM are classified as AFS and are stated at fair value. The carrying values of our AFS securities are adjusted for unrealized gains or losses not attributable to credit losses as valuation allowances, and any gains or losses are reported on an after-tax basis as a component of other comprehensive (loss) income. As of June 30, 2026, AFS securities comprised 90% of our total investment securities.

Current wording

The investment portfolio consists of AFS and HTM securities. We do not hold any investments classified as trading. We classify debt securities as HTM if management has the positive intent and ability to hold the securities to maturity. HTM debt securities are stated at amortized cost. Securities not classified as HTM are classified as AFS and are stated at fair value. The carrying values of our AFS securities are adjusted for unrealized gains or losses not attributable to credit losses as valuation allowances, and any gains or losses are reported on an after-tax basis as a component of other comprehensive (loss) income. As of September 30, 2026, AFS securities comprised 90% of our total investment securities compared to 88% at December 31, 2025.

Previous wording

Total deposits were $3.21 billion at June 30, 2026, an increase of $863.6 million, or 36.7%, compared to $2.35 billion at December 31, 2025. The increase in deposits was primarily the result of the acquisition of WFB, which increased total deposits$1.02 billion on January 1, 2026, consisting of $187.9 million and $835.5 million ofnoninterest-bearing deposits and interest-bearing deposits, respectively.

Current wording

Total deposits were$3.18 billion at September 30, 2026, an increase of$830.5 million, or 35.3%, compared to$2.35 billion at December 31, 2025. Theincrease in deposits was primarily the result of the acquisition of WFB, which increased total deposits by$1.02 billion on January 1, 2026, consisting of $187.9 million and $835.5 million ofnoninterest-bearing deposits and interest-bearing deposits, respectively.

Previous wording

The increase in noninterest-bearing demand deposits, interest-bearing demand deposits, and money market deposits at June 30, 2026 compared to December 31, 2025 was primarily the result of the acquisition of WFB and organic growth. The increase in time deposits at June 30, 2026 compared to December 31, 2025 was primarily the result of the acquisition of WFB, partially offset by the run-off of higher yielding time deposits. Brokered time deposits decreased to $62.9 million at June 30, 2026 from $204.1 million at December 31, 2025. We utilize brokered time deposits, entirely in denomi nations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At June 30, 2026, the balance of brokered time deposits remained below 10% of total assets, and the remaining weighted average duration was approximately four months with a weighted average rate of 3.78%.

Current wording

The increase in noninterest-bearing demand deposits, interest-bearing demand deposits, and money market deposits at September 30, 2026 compared to December 31, 2025 was primarily the result of the acquisition of WFB and organic growth. The increase in time deposits at September 30, 2026 compared to December 31, 2025 was primarily the result of the acquisition of WFB, partially offset by the run-off of higher yielding time deposits. Brokered time deposits decreased to $64.0 million at September 30, 2026 from $204.1 million at December 31, 2025. We utilize brokered time deposits, entirely in denomi nations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At September 30, 2026, the balance of brokered time deposits remained below 10% of total assets, and the remaining weighted average duration was approximately five months with a weighted average rate of 3.93%. At December 31, 2025, the balance of brokered time deposits was below 10% of total assets, and the remaining weighted average duration was approximately five months with a weighted average rate of 4.03%.

Previous wording

At June 30, 2026, our estimated uninsured deposits were$1.10 billion, or approximately 34% of total deposits, compared to $793.2 million, or approximately 34% of our total deposits at December 31, 2025. The estimates are based on the same methodologies and assumptions used for our regulatory reporting requirements. The insured deposit data does not reflect an evaluation of all of the account ownership category distinctions that would determine the availability of deposit insurance to individual accounts based on FDIC regulations.

Current wording

At September 30, 2026, our estimated uninsured deposits were $1.13 billion, or approximately 36% of total deposits, compared to $793.2 million, or approximately 34% of our total deposits at December 31, 2025. The estimates are based on the same methodologies and assumptions used for our regulatory reporting requirements. The insured deposit data does not reflect an evaluation of all of the account ownership category distinctions that would determine the availability of deposit insurance to individual accounts based on FDIC regulations.

Previous wording

We had $18.6 million of securities sold under agreements to repurchase at June 30, 2026 and $11.2 million at December 31, 2025.

Current wording

We had $10.4 million of securities sold under agreements to repurchase at September 30, 2026 and $11.2 million at December 31, 2025.

Previous wording

Our advances from the FHLB were $136.0 million at June 30, 2026, an increase of $20.0 million compared to FHLB advances of $116.0 million at December 31, 2025. Based on original maturities, at June 30, 2026,$36.0 million were short-term and $100.0 million were long-term FHLB advances, compared to $36.0 million short-term and $80.0 million long-term FHLB advances at December 31, 2025. FHLB advances are used to fund new loan and investment activity that is not funded by deposits or other borrowings.

Current wording

Our advances from the FHLB were $184.5 million at September 30, 2026, an increase of $68.5 million compared to FHLB advances of $116.0 million at December 31, 2025. Based on original maturities, at September 30, 2026,$84.5 million were short-term and $100.0 million were long-term FHLB advances, compared to $36.0 million short-term and $80.0 million long-term FHLB advances at December 31, 2025. FHLB advances are used to fund new loan and investment activity that is not funded by deposits or other borrowings.

Previous wording

The main source of our short-term borrowings are advances from the FHLB. The rate charged for advances from the FHLB is directly tied to the Federal Reserve’s federal funds target rate. As of June 30, 2026, the federal funds target rate was 3.50% to 3.75%.

Current wording

The main source of our short-term borrowings are advances from the FHLB. The rate charged for advances from the FHLB is directly tied to the Federal Reserve’s federal funds target rate. As of September 30, 2026, the federal funds target rate was 3.75% to 4.00%.

Previous wording

The average balances and cost of short-term borrowings for the three and six months ended June 30, 2026 and 2025 are summarized in the table below (dollars in thousands).

Current wording

The average balances and cost of short-term borrowings for the three and nine months ended September 30, 2026 and 2025 are summarized in the table below (dollars in thousands).

Previous wording

The following table sets forth certain information regarding securities sold under agreements to repurchase for the three and six months ended June 30, 2026 and 2025 (dollars in thousands).

Current wording

The following table sets forth certain information regarding securities sold under agreements to repurchase for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands).

Previous wording

Stockholders’ equity was $420.1 million at June 30, 2026, an increase of $119.1 million compared to December 31, 2025. The increase was primarily attributable to the acquisition of WFB, $21.5 million of net income for the six months ended June 30, 2026, partially offset by $3.2 million in dividends declared on common stock, $2.3 million for share repurchases, a $2.1 million increase in accumulated other comprehensive loss due to a decrease in the fair value of the Bank’s AFS securities portfolio, and $1.1 million in dividends declared on the Series A Preferred Stock.

Current wording

Stockholders’ equity was $414.0 million at September 30, 2026, an increase of $112.9 million compared to December 31, 2025. The increase was primarily attributable to the acquisition of WFB and $33.2 million of net income for the nine months ended September 30, 2026, partially offset by a $17.5 million increase in accumulated other comprehensive loss due to a decrease in the fair value of the Bank’s AFS securities portfolio, $4.8 million in dividends declared on common stock, $3.1 million for share repurchases, and $1.6 million in dividends declared on the Series A Preferred Stock.

Previous wording

The primary factors affecting net interest margin are changes in interest rates, competition, and the shape of the interest rate yield curve. The Federal Reserve Board sets various benchmark rates, including the federal funds target rate, and thereby influences the general market rates of interest, including the deposit and loan rates offered by financial institutions. During 2025, beginning in September, the Federal Reserve reduced the federal funds target rate three times by 75 basis points on a cumulative basis to 3.50% to 3.75%, where it remained as of August 6, 2026. Accordingly, the prevailing federal funds target rate during the three and six months ended June 30, 2026 was lower than during the three and six months ended June 30, 2025. For additional discussion, see Certain Events That Affect Period-over-Period Comparability –Changing Inflation and Interest Rates.

Current wording

The primary factors affecting net interest margin are changes in interest rates, competition, and the shape of the interest rate yield curve. The Federal Reserve Board sets various benchmark rates, including the federal funds target rate, and thereby influences the general market rates of interest, including the deposit and loan rates offered by financial institutions. During 2025, beginning in September, the Federal Reserve reduced the federal funds target rate three times by 75 basis points on a cumulative basis to a range of 3.50% to 3.75%. In September 2026, the Federal reserve raised the federal funds target rate by 25 basis points to a range of 3.75% to 4.00%, where it remained asof November 5, 2026. Accordingly, the prevailing federal funds target rate during the three and nine months ended September 30, 2026 was lower than during the three and nine months ended September 30, 2025. For additional discussion, see Certain Events That Affect Period-over-Period Comparability –Changing Inflation and Interest Rates.

Previous wording

Three months ended June 30, 2026 vs. three months ended June 30, 2025. Net interest income increased 70.3% to $33.4 million for the three months ended June 30, 2026 compared to $19.6 million for the same period in 2025. The increase was primarily due to a higher average balance of, and an increase in the yield on, the loan portfolio, partially offset by an increase in the average balance of interest-bearing demand deposits and time deposits. Average loans increased by $945.4 million for the three months ended June 30, 2026 primarily due to the acquisition of WFB, which, in addition to higher loan yields, resulted in a $16.6 million increase in interest income on loans compared to the same period in 2025. Average brokered time deposits were $73.5 million for the three months ended June 30, 2026 compared to $255.4 million during the three months ended June 30, 2025, which along with lower rates paid, resulted in a $2.3 million decrease in interest expense for the three months ended June 30, 2026 compared to the same period in 2025. Average interest-bearing demand deposits increased by $526.2 million, which, combined with an increase in rates, resulted in a $3.3 million increase in interest expense in the second quarter of 2026 compared to the same period in 2025. A higher average balance of time deposits partially offset by a decrease in rates paid on time deposits resulted in a $2.0 million increase in interest expense compared to the same period in 2025. Average noninterest-bearing deposits increased by $178.7 million. Our yield on interest-earning assets increased primarily due to an increase in the average balance of, and the yield on, the loan portfolio. Rates paid on interest-bearing liabilities decreased primarily as a result of the overall decrease in prevailing interest rates.

Current wording

Three months ended September 30, 2026 vs. three months ended September 30, 2025. Net interest income increased 59.6% to $33.8 million for the three months ended September 30, 2026 compared to $21.2 million for the same period in 2025. The increase was primarily due to a higher average balance of, and an increase in the yield on, the loan portfolio, and a decrease in the average balance of brokered time deposits, partially offset by an increase in the average balance of interest-bearing demand deposits and time deposits. Average loans increased by $897.1 million for the three months ended September 30, 2026 primarily due to the acquisition of WFB, which, in addition to higher loan yields, resulted in a $15.7 million increase in interest income on loans compared to the same period in 2025. Average brokered time deposits were $47.2 million for the three months ended September 30, 2026 compared to $242.2 million during the three months ended September 30, 2025, which along with lower rates paid, resulted in a $2.4 million decrease in interest expense for the three months ended September 30, 2026 compared to the same period in 2025. Average interest-bearing demand deposits increased by $507.5 million, which, combined with an increase in rates, resulted in a $3.2 million increase in interest expense in the third quarter of 2026 compared to the same period in 2025. A higher average balance of time deposits partially offset by a decrease in rates paid on time deposits resulted in a $2.1 million increase in interest expense compared to the same period in 2025. Average noninterest-bearing deposits increased by $172.9 million. Our yield on interest-earning assets increased primarily due to an increase in the average balance of, and the yield on, the loan portfolio. Rates paid on interest-bearing liabilities decreased primarily as a result of the overall decrease in prevailing interest rates.

Previous wording

Interest income was $53.2 million for the three months ended June 30, 2026, compared to $35.4 million for the same period in 2025. Loan interest income made up substantially all of our interest income for the three months ended June 30, 2026 and 2025, although interest on investment securities contributed 8.5% of interest income during the second quarter of 2026 compared to 10.3% during the second quarter of 2025. The overall yield on interest-earning assets was 5.83% and 5.45% for the three months ended June 30, 2026 and 2025, respectively. The loan portfolio yielded 6.28% and 5.94% for the three months ended June 30, 2026 and 2025, respectively, while the yield on the investment portfolio was 3.52% for the three months ended June 30, 2026 compared to 3.22% for the three months ended June 30, 2025. The overall yield on interest-earning assets increased 38 basis points for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 and was primarily driven by a 34 basis point increase in the yield on the loan portfolio and a 30 basis point increase in the yield on the investment securities portfolio.

Current wording

Interest income was $53.3 million for the three months ended September 30, 2026, compared to $37.1 million for the same period in 2025. Loan interest income made up substantially all of our interest income for the three months ended September 30, 2026 and 2025, although interest on investment securities contributed 8.6% of interest income during the third quarter of 2026 compared to 10.2% during the third quarter of 2025. The overall yield on interest-earning assets was 5.88% and 5.53% for the three months ended September 30, 2026 and 2025, respectively. The loan portfolio yielded 6.30% and 6.03% for the three months ended September 30, 2026 and 2025, respectively, while the yield on the investment portfolio was 3.52% for the three months ended September 30, 2026 compared to 3.28% for the three months ended September 30, 2025. The overall yield on interest-earning assets increased 35 basis points for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025 and was primarily driven by a 27 basis point increase in the yield on the loan portfolio and a 24 basis point increase in the yield on the investment securities portfolio.

Previous wording

Interest expense was $19.8 million for the three months ended June 30, 2026, an increase of $4.0 million compared to interest expense of $15.7 million for the three months ended June 30, 2025. An increase in interest expense of $4.9 million resulted from an increase in the volume of interest-bearing liabilities, primarily interest-bearing demand deposits and time deposits. A decrease of $0.8 million resulted from thedecreasein the cost of interest-bearing liabilities, primarily time deposits and brokered time deposits. Average interest-bearing liabilities increased by $789.9 million for the three months ended June 30, 2026 compared to the same period in 2025, while average interest-bearing deposits increased by $682.3 million, primarily due to an increase in average interest-bearing demand deposits and average time deposits. We increased rates on our interest-bearing demand deposits during the second quarter of 2026 compared to the second quarter of 2025 to attract and retain lower cost deposits relative to higher cost short-term borrowings and brokered time deposits, and the interest-bearing demand deposits acquired from WFB had a higher rate than legacy interest-bearing demand deposits. Average time deposits increased due to the acquisition of WFB; however, we reduced rates on our time deposits during the second quarter of 2026 compared to the second quarter of 2025 due to lower prevailing market interest rates. The cost ofinterest-bearing deposits decreased 34 basis points to 2.72% for the three months ended June 30, 2026 compared to 3.06% for the three months ended June 30, 2025 primarily as a result of a lower average balance of, and a decrease in rates paid on, brokered time deposits and a decrease in rates paid on time deposits, partially offset by a higher average balance of time deposits and a higher average balance of, and an increase in the rates paid on, interest-bearing demand deposits. The cost of interest-bearing liabilities decreased 31 basis points to 2.82% for the three months ended June 30, 2026 compared to 3.13% for the same period in 2025.

Current wording

Interest expense was $19.6 million for the three months ended September 30, 2026, an increase of $3.6 million compared to interest expense of $15.9 million for the three months ended September 30, 2025. An increase in interest expense of $4.3 million resulted from an increase in the volume of interest-bearing liabilities, primarily interest-bearing demand deposits and time deposits, partially offset by a decrease in the volume of brokered time deposits. A decrease of $0.7 million resulted from thedecreasein the cost of interest-bearing liabilities, primarily time deposits and brokered time deposits. Average interest-bearing liabilities increased by $705.2 million for the three months ended September 30, 2026 compared to the same period in 2025, while average interest-bearing deposits increased by $634.0 million, primarily due to an increase in average interest-bearing demand deposits and average time deposits, partially offset by a decrease in average brokered time deposits. We increased rates on our interest-bearing demand deposits during the third quarter of 2026 compared to the third quarter of 2025 to attract and retain lower cost deposits relative to higher cost short-term borrowings and brokered time deposits, and the interest-bearing demand deposits acquired from WFB had a higher rate than legacy interest-bearing demand deposits. Average time deposits increased due to the acquisition of WFB; however, we reduced rates on our time deposits during the third quarter of 2026 compared to the third quarter of 2025 due to lower prevailing market interest rates. The cost ofinterest-bearing deposits decreased 31 basis points to 2.73% for the three months ended September 30, 2026 compared to 3.04% for the three months ended September 30, 2025 primarily as a result of a lower average balance of, and a decrease in rates paid on, brokered time deposits and a decrease in rates paid on time deposits, partially offset by a higher average balance of time deposits and a higher average balance of, and an increase in rates paid on, interest-bearing demand deposits. The cost of interest-bearing liabilities decreased 28 basis points to 2.83% for the three months ended September 30, 2026 compared to 3.11% for the same period in 2025.

Previous wording

Net interest margin was 3.67% for the three months ended June 30, 2026, an increase of 64 basis points from 3.03% for the three months ended June 30, 2025. The increase in net interest margin was primarily driven by a 38 basis point increase in the yield on interest-earning assets and a 31 basis point decrease in the cost of interest-bearing liabilities.

Current wording

Net interest margin was 3.73% for the three months ended September 30, 2026, an increase of 57 basis points from 3.16% for the three months ended September 30, 2025. The increase in net interest margin was primarily driven by a 35 basis point increase in the yield on interest-earning assets and a 28 basis point decrease in the cost of interest-bearing liabilities.

Previous wording

Six months ended June 30, 2026 vs. six months ended June 30, 2025. Net interest income increased 74.0% to $66.1 million for the six months ended June 30, 2026 compared to $38.0 million for the same period in 2025. The increase was primarily due to a higher average balance of, and an increase in the yield on, the loan portfolio, partially offset by an increase in the average balance of interest-bearing demand deposits and time deposits. Average loans increased by $966.1 million for the six months ended June 30, 2026 primarily due to the acquisition of WFB, which, in addition to higher loan yields, resulted in a $34.0 million increase in interest income on loans compared to the same period in 2025. Average brokered time deposits were $112.7 million for the six months ended June 30, 2026 compared to $253.8 million during the six months ended June 30, 2025, which along with lower rates paid, resulted in a $3.8 million decrease in interest expense for the six months ended June 30, 2026 compared to the same period in 2025. Average interest-bearing demand deposits increased by $522.1 million, which, combined with an increase in rates, resulted in a $6.9 million increase in interest expense in the six months ended June 30, 2026 compared to the same period in 2025. A higher average balance of time deposits partially offset by a decrease in rates paid on time deposits resulted in a $4.1 million increase in interest expense compared to the same period in 2025. Average noninterest-bearing deposits increased by $191.1 million. Our yield on interest-earning assets increased primarily due to an increase in the average balance of, and the yield on, the loan portfolio. Rates paid on interest-bearing liabilities decreased primarily as a result of the overall decrease in prevailing interest rates.

Current wording

Nine months ended September 30, 2026 vs. nine months ended September 30, 2025. Net interest income increased 68.9% to $99.9 million for the nine months ended September 30, 2026 compared to $59.1 million for the same period in 2025. The increase was primarily due to a higher average balance of, and an increase in the yield on, the loan portfolio, and a decrease in the average balance of brokered time deposits, partially offset by an increase in the average balance of interest-bearing demand deposits and time deposits. Average loans increased by $942.9 million for the nine months ended September 30, 2026 primarily due to the acquisition of WFB, which, in addition to higher loan yields, resulted in a $49.7 million increase in interest income on loans compared to the same period in 2025. Average brokered time deposits were $90.6 million for the nine months ended September 30, 2026 compared to $249.9 million during the nine months ended September 30, 2025, which along with lower rates paid, resulted in a $6.2 million decrease in interest expense for the nine months ended September 30, 2026 compared to the same period in 2025. Average interest-bearing demand deposits increased by $517.2 million, which, combined with an increase in rates, resulted in a $10.1 million increase in interest expense in the nine months ended September 30, 2026 compared to the same period in 2025. A higher average balance of time deposits partially offset by a decrease in rates paid on time deposits resulted in a $6.1 million increase in interest expense compared to the same period in 2025. Average noninterest-bearing deposits increased by $185.0 million. Our yield on interest-earning assets increased primarily due to an increase in the average balance of, and the yield on, the loan portfolio. Rates paid on interest-bearing liabilities decreased primarily as a result of the overall decrease in prevailing interest rates.

Previous wording

Interest income was $106.4 million for the six months ended June 30, 2026, compared to $69.8 million for the same period in 2025. Loan interest income made up substantially all of our interest income for the six months ended June 30, 2026 and 2025, although interest on investment securities contributed 8.1% of interest income during the six months ended June 30, 2026 compared to 10.0% during the six months ended June 30, 2025. The overall yield on interest-earning assets was 5.85% and 5.42% for the six months ended June 30, 2026 and 2025, respectively. The loan portfolio yielded 6.28% and 5.91% for the six months ended June 30, 2026 and 2025, respectively, while the yield on the investment portfolio was 3.48% for the six months ended June 30, 2026 compared to 3.16% for the six months ended June 30, 2025. The overall yield on interest-earning assets increased 43 basis points for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 and was primarily driven by a 37 basis point increase in the yield on the loan portfolio and a 32 basis point increase in the yield on the investment securities portfolio.

Current wording

Interest income was $159.7 million for the nine months ended September 30, 2026, compared to $106.9 million for the same period in 2025. Loan interest income made up substantially all of our interest income for the nine months ended September 30, 2026 and 2025, although interest on investment securities contributed 8.3% of interest income during the nine months ended September 30, 2026 compared to 10.1% during the nine months ended September 30, 2025. The overall yield on interest-earning assets was 5.86% and 5.46% for the nine months ended September 30, 2026 and 2025, respectively. The loan portfolio yielded 6.29% and 5.95% for the nine months ended September 30, 2026 and 2025, respectively, while the yield on the investment portfolio was 3.49% for the nine months ended September 30, 2026 compared to 3.20% for the nine months ended September 30, 2025. The overall yield on interest-earning assets increased 40 basis points for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 and was primarily driven by a 34 basis point increase in the yield on the loan portfolio and a 29 basis point increase in the yield on the investment securities portfolio.

Previous wording

Interest expense was $40.3 million for the six months ended June 30, 2026, an increase of $8.5 million compared to interest expense of $31.8 million for the six months ended June 30, 2025. An increase in interest expense of $10.1 million resulted from an increase in the volume of interest-bearing liabilities, primarily interest-bearing deposits and time deposits. A decrease of $1.6 million resulted from thedecreasein the cost of interest-bearing liabilities, primarily time deposits and brokered time deposits. Average interest-bearing liabilities increased by $801.3 million for the six months ended June 30, 2026 compared to the same period in 2025, while average interest-bearing deposits increased by $728.4 million, primarily due to an increase in average interest-bearing demand deposits and average time deposits. We increased rates on our interest-bearing demand deposits during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 to attract and retain lower cost deposits relative to higher cost short-term borrowings and brokered time deposits, and the interest-bearing demand deposits acquired from WFB had a higher rate than legacy interest-bearing demand deposits. Average time deposits increased due to the acquisition of WFB; however, we reduced rates on our time deposits during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 due to lower prevailing market interest rates. The cost ofinterest-bearing deposits decreased 31 basis points to 2.79% for the six months ended June 30, 2026 compared to 3.10% for the six months ended June 30, 2025 primarily as a result of a lower average balance of, and a decrease in rates paid on, brokered time deposits and a decrease in rates paid on time deposits, partially offset by a higher average balance of time deposits and a higher average balance of, and an increase in the rates paid on, interest-bearing demand deposits. The cost of interest-bearing liabilities decreased 30 basis points to 2.88% for the six months ended June 30, 2026 compared to 3.18% for the same period in 2025.

Current wording

Interest expense was $59.9 million for the nine months ended September 30, 2026, an increase of $12.1 million compared to interest expense of $47.7 million for the nine months ended September 30, 2025. An increase in interest expense of $14.4 million resulted from an increase in the volume of interest-bearing liabilities, primarily interest-bearing deposits and time deposits, partially offset by a decrease in the volume of brokered time deposits. A decrease of $2.3 million resulted from thedecreasein the cost of interest-bearing liabilities, primarily time deposits and brokered time deposits, partially offset by an increase in the cost of interest-bearing demand deposits. Average interest-bearing liabilities increased by $768.9 million for the nine months ended September 30, 2026 compared to the same period in 2025, while average interest-bearing deposits increased by $696.5 million, primarily due to an increase in average interest-bearing demand deposits and average time deposits, partially offset by a decrease in average brokered time deposits. We increased rates on our interest-bearing demand deposits during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 to attract and retain lower cost deposits relative to higher cost short-term borrowings and brokered time deposits, and the interest-bearing demand deposits acquired from WFB had a higher rate than legacy interest-bearing demand deposits. Average time deposits increased due to the acquisition of WFB; however, we reduced rates on our time deposits during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 due to lower prevailing market interest rates. The cost ofinterest-bearing deposits decreased 31 basis points to 2.77% for the nine months ended September 30, 2026 compared to 3.08% for the nine months ended September 30, 2025 primarily as a result of a lower average balance of, and a decrease in rates paid on, brokered time deposits and a decrease in rates paid on time deposits, partially offset by a higher average balance of time deposits and a higher average balance of, and an increase in rates paid on, interest-bearing demand deposits. The cost of interest-bearing liabilities decreased 28 basis points to 2.87% for the nine months ended September 30, 2026 compared to 3.15% for the same period in 2025.

Previous wording

Net interest margin was 3.63% for the six months ended June 30, 2026, an increase of 68 basis points from 2.95% for the six months ended June 30, 2025. The increase in net interest margin was primarily driven by a 43 basis point increase in the yield on interest-earning assets and a 30 basis point decrease in the cost of interest-bearing liabilities.

Current wording

Net interest margin was 3.66% for the nine months ended September 30, 2026, an increase of 64 basis points from 3.02% for the nine months ended September 30, 2025. The increase in net interest margin was primarily driven by a 40 basis point increase in the yield on interest-earning assets and a 28 basis point decrease in the cost of interest-bearing liabilities.

Previous wording

Average Balances and Yields. The following table sets forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or paid and the average yield or rate paid on each such category for the six months ended June 30, 2026 and 2025. Averages presented in the table below are daily averages (dollars in thousands).

Current wording

Average Balances and Yields. The following table sets forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or paid and the average yield or rate paid on each such category for the nine months ended September 30, 2026 and 2025. Averages presented in the table below are daily averages (dollars in thousands).

Previous wording

The following table illustrates the primary components of noninterest income for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025 (dollars in thousands).

Current wording

The following table illustrates the primary components of noninterest income for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025 (dollars in thousands).

Previous wording

Six months ended June 30, 2026 vs. six months ended June 30, 2025. Total noninterest income increased $1.4 million, or 31.1%, to $6.1 million for the six months ended June 30, 2026 compared to $4.6 million for the six months ended June 30, 2025. The increase in noninterest income was primarily attributable to a $0.4 million increase in income from BOLI, a $0.3 million increase in interchange fees, a $0.3 million increase in service charges on deposit accounts, a $0.3 million increase in change in fair value of equity securities and a $0.1 million increase in other operating income. The increases were primarily related to the acquisition of WFB on January 1, 2026. The increase in other operating income was primarily attributable to a $0.2 million increase in distributions from other investments and a $0.2 million increase in wealth management income, partially offset by $0.3 million of income from insurance proceeds received for damages to a property recorded in other real estate owned in the second quarter of 2025.

Current wording

Three months ended September 30, 2026 vs. three months ended September 30, 2025. Total noninterest income increased $0.1 million, or 2.1%, to $3.0 million for the three months ended September 30, 2026 compared to $3.0 million for the three months ended September 30, 2025. The increase in noninterest income was primarily attributable to a $0.4 million increase in income from BOLI, a $0.2 million increase in interchange fees and a $0.2 million increase in service charges on deposit accounts, partially offset by a $0.2 million increase in loss on sale of other real estate owned and a $0.5 million decrease in other operating income. The increase in income from BOLI was primarily due to BOLI purchasesand proceeds received under BOLI policies during the third quarter of 2026. The decrease in other operating income was primarily due to a $0.4 million decrease in distributions from other investments and a $0.1 million decrease in change in net asset value of other investments, partially offset by a $0.1 million increase in wealth management income.

Previous wording

Three months ended June 30, 2026 vs. three months ended June 30, 2025. Total noninterest income increased $0.5 million, or 18.0%, to $3.1 million for the three months ended June 30, 2026 compared to $2.6 million for the three months ended June 30, 2025. The increase in noninterest income was primarily attributable to a $0.2 million increase in income from BOLI, a $0.1 million increase in interchange fees, a $0.1 million increase in service charges on deposit accounts, a $0.1 million increase in change in fair value of equity securities, partially offset by a $0.1 million decrease in other operating income. The increases were primarily related to the acquisition of WFB on January 1, 2026. The decrease in other operating income was primarily attributable to $0.3 million of income from insurance proceeds received for damages to a property recorded in other real estate owned in the second quarter of 2025, partially offset by a $0.1 million increase in distributions from other investments and a $0.1 million increase in wealth management income.

Current wording

Nine months ended September 30, 2026 vs. nine months ended September 30, 2025. Total noninterest income increased $1.5 million, or 19.7%, to $9.1 million for the nine months ended September 30, 2026 compared to $7.6 million for the nine months ended September 30, 2025. The increase in noninterest income was primarily attributable to a $0.9 million increase in income from BOLI, a $0.5 million increase in interchange fees, a $0.5 million increase in service charges on deposit accounts and a $0.2 million increase in change in fair value of equity securities, partially offset by a $0.3 million decrease in other operating income. The increases were primarily related to the acquisition of WFB on January 1, 2026. The decrease in other operating income was primarily attributable to $0.3 million of income from insurance proceeds received for damages to a property recorded in other real estate owned in the second quarter of 2025, a $0.3 million decrease in distributions from other investments and a $0.2 million decrease in derivative fee income, partially offset by a $0.3 million increase in wealth management income, a $0.1 million increase in underwriting fees and a $0.1 million increase in credit card fees.

Previous wording

The following table illustrates the primary components of noninterest expense for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025 (dollars in thousands).

Current wording

The following table illustrates the primary components of noninterest expense for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025 (dollars in thousands).

Previous wording

Three months ended June 30, 2026 vs. three months ended June 30, 2025. Total noninterest expense was $24.7 million for the three months ended June 30, 2026, an increase of $8.0 million, or 47.7%, compared to the same period in 2025. The increase was primarily driven by a $3.2 million increase in salaries and employee benefits, a $2.4 million increase in acquisition expense, a $0.6 million increase in depreciation and amortization, a $0.5 million increase in professional fees, a $0.3 million increase in occupancy, a $0.3 million increase in data processing and a $0.7 million increase in other operating expense. The increases were primarily related to the acquisition of WFB on January 1, 2026. The increase in other operating expense was primarily attributable to a $0.4 million increase in branch services, a $0.2 million increase in FDIC assessments, a $0.2 million increase in software expense and a $0.1 million increase in telecommunications expense, partially offset by a $0.2 million decrease in other real estate expense and a $0.1 million decrease in bank shares taxes.

Current wording

Three months ended September 30, 2026 vs. three months ended September 30, 2025. Total noninterest expense was $22.7 million for the three months ended September 30, 2026, an increase of $6.2 million, or 37.6%, compared to the same period in 2025. The increase was primarily driven by a $3.5 million increase in salaries and employee benefits, a $0.6 million increase in depreciation and amortization, a $0.6 million increase in professional fees, a $0.2 million increase in occupancy, a $0.2 million increase in data processing and a $1.1 million increase in other operating expense. The increases were primarily related to the acquisition of WFB on January 1, 2026. The increase in other operating expense was primarily attributable to a $0.4 million increase in branch services, a $0.2 million increase in software expense, a $0.1 million increase in FDIC assessments, a $0.1 million increase in maintenance expense and a $0.1 million increase in telecommunications expense, partially offset by a $0.1 million decrease in other real estate expense.

Previous wording

Six months ended June 30, 2026 vs. six months ended June 30, 2025. Total noninterest expense was $47.5 million for the six months ended June 30, 2026, an increase of $14.6 million, or 44.2%, compared to the same period in 2025. The increase was primarily driven by a $6.5 million increase in salaries and employee benefits, a $4.0 million increase in acquisition expense, a $1.2 million increase in depreciation and amortization, a $0.6 million increase in occupancy, a $0.6 million increase in data processing and a $0.9 million increase in other operating expense. The increases were primarily related to the acquisition of WFB on January 1, 2026. The increase in other operating expense was primarily attributable to a $0.4 million increase in FDIC assessments, a $0.3 million increase in software expense, a $0.2 million increase in telecommunications expense and $0.2 million increase in office supplies and postage, partially offset by a $0.2 million decrease in bank shares taxes.

Current wording

Nine months ended September 30, 2026 vs. nine months ended September 30, 2025. Total noninterest expense was $70.2 million for the nine months ended September 30, 2026, an increase of $20.8 million, or 42.0%, compared to the same period in 2025. The increase was primarily driven by a $10.0 million increase in salaries and employee benefits, a $4.0 million increase in acquisition expense, a $1.9 million increase in depreciation and amortization, a $0.9 million increase in occupancy, a $0.8 million increase in data processing and a $2.0 million increase in other operating expense. The increases were primarily related to the acquisition of WFB on January 1, 2026. The increase in other operating expense was primarily attributable to a $0.5 million increase in software expense, a $0.4 million increase in FDIC assessments, a $0.4 million increase in branch services, a $0.4 million increase in telecommunications expense, a $0.2 million increase in rental expense and a $0.2 million increase in office supplies and postage, partially offset by a $0.4 million decrease in other real estate expense.

Previous wording

For the three months and six months ended June 30, 2026 and 2025, the effective tax rate differed from the statutory tax rate of 21% primarily due to tax-exempt interest income earned on certain loans and investment securities and income from BOLI.

Current wording

For the three months and nine months ended September 30, 2026 and 2025, the effective tax rate differed from the statutory tax rate of 21% primarily due to tax-exempt interest income earned on certain loans and investment securities and income from BOLI.