Investar Holding Corporation · NASDAQ:ISTR
Investar — Q4 2025 Earnings Presentation
35 slides from Investar's earnings presentation, 2026
Slide 1: Q4 2025 Investor Presentation
NASDAQ: ISTR Q4 2025 Investor Presentation 1
Slide 2: Cautionary Statements
Cautionary Statements Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America, or GAAP. These measures and ratios include “tangible common equity,” “tangi
Slide 3: Our Company
Our Company Investar Holding Corporation is the Bank Holding Company for Investar Bank ▪ Headquartered in Baton Rouge, LA Mission ▪ Founded in 2006 Investar is a dynamic full service community bank focused on relationships that create value and opportunities for our customers, employees, ▪ Full serv
Slide 4: 2025 Overview
2025 Overview Wichita Falls Transaction Balance Sheet Optimization ▪ On July 1, 2025, Investar entered into a definitive agreement to acquire Wichita ▪ Continued to execute on our strategy of consistent, quality earnings and Falls Bancshares, Inc. headquartered in Wichita Falls, Texas, and its wholl
Slide 5: Execution of Strategic Initiatives – 4th Quarter 2025
Execution of Strategic Initiatives – 4th Quarter 2025 Balance Sheet Optimization and Capital ▪ We continued to execute on our strategy of consistent, quality earnings through the optimization of the balance sheet. ▪ Variable-rate loans as a percentage of total loans was 38% at December 31, 2025. Dur
Slide 6: Financial Overview – 4th Quarter 2025
Financial Overview – 4th Quarter 2025 Highlights 4th Quarter Results Balance Sheet (in millions) ▪ Net interest margin improved four basis points to 3.20% for the 4th quarter of 2025 compared to 3.16% for the 3rd quarter of 2025. Assets $ 2,833 Net Loans $ 2,150 ▪ Book value per common share increas
Slide 7: Leadership Team
Leadership Team John J. D’Angelo, President and Chief Executive Officer Mr. D’Angelo has been the President and Chief Executive Officer of the Company since our organization as a bank holding company in 2013. He has also served as the Bank’s President and Chief Executive Officer since its organizati
Slide 8: Corporate Culture
Corporate Culture VALUES MISSION Integrity INVESTAR IS Neighborly a dynamic full service Visionary community bank focused Empowerment on relationships that create Star Service value and opportunities for Team Focused our customers, employees, Accountable shareholders and the Responsive community ser
Slide 9: Creating Shareholder Value: Tangible Book Value Per Common Share
Creating Shareholder Value Tangible Book Value Per Common Share1 2025 includes the 10.3% TBV / Common Share 1 impact of ($3.65) per GROWTH CAGR2 share of AOCL3 2022 – 2025 $24.00 $23.42 $22.00 $20.31 $20.00 TBV/Common Share 1 ($) $18.92 $18.00 $17.43 $16.00 $14.00 $12.00 2022 2023 2024 2025 TBV/Comm
Slide 10: Dividend History
Dividend History $0.50 $0.45 $0.40 $0.35 G R CA % 28 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $- 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Annualized based on 3rd quarter 2014 dividend of $0.0068 plus 4th quarter 2014 dividend of $0.007 10
Slide 11: Recent GAAP Earnings Performance
Recent GAAP Earnings Performance Net Income Available to Common Shareholders ($000) Earnings Per Common Share (Diluted) $6,107 $6,293 $0.63 $0.61 $5,651 $5,410 $0.54 $0.51 $4,494 $0.46 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 ROAA (%) Net Interest Margin (%) 0.94 0.88 0.
Slide 12: Recent Core Earnings Performance
Recent Core Earnings Performance Core Earnings Available to Common Shareholders ($000)1 Core Earnings Per Common Share (Diluted) 1 $6,463 $6,484 $0.65 $0.65 $6,135 $5,737 $0.58 $0.54 $4,706 $0.47 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Core ROAA (%) 1 Core Efficiency Ra
Slide 13: Returns to Shareholders
Returns to Shareholders Shares Repurchased (%)1 5.89% ▪ In July 2023, the Board of Directors authorized an additional 5.02% 350,000 shares for repurchase under our stock repurchase program. 3.39% ▪ Repurchased 28,470 shares at an average price of $23.94 2.25% during the 4th quarter of 2025 and 114,2
Slide 14: Continued Execution of Acquisition Strategy
Continued Execution of Acquisition Strategy Investar Has Completed 8 Whole Bank Acquisitions and 1 Branch Transaction 2011 2017 South LA BOJ Bancshares (LA) 2019 Total Assets: $2.8 Billion1 Business Bank (LA) Bank of York (AL) 2013 First Community Bank (LA) 2021 Cheaha Financial 2017 2019 Group (AL)
Slide 15: Investment Portfolio – 4th Quarter 2025
Investment Portfolio – 4th Quarter 2025 Available for Sale Commercial Mortgage-backed (Dollars in thousands) Book Value Gain (Loss) Fair Value Securities 17% U.S. Governmental Securities $ 18,910 $ (159) $ 18,751 State and Political Subdivisions 17,736 (1,454) 16,282 Residential Mortgage-backed Corp
Slide 16: Loan Portfolio – 4th Quarter 2025
Loan Portfolio – 4th Quarter 2025 Consumer 0.4% Construction & Development ▪ Total loans increased $25.5 million to $2.18 billion at December 31, 2025 Commercial & 6.8% compared $2.15 billion at September 30, 2025. Industrial 27.4% ▪ Loan yield decreased to 5.99% for the 4th quarter of 2025 compared
Slide 17: CRE Portfolio Overview
CRE Portfolio Overview Farmland Multifamily 1% 12% Portfolio Characteristics December 31, 2025 Owner-occupied 44% % of Total Portfolio 48.1% Owner-Occupied as % of CRE Portfolio 43.9% $1.0B Nonowner- Nonowner-Occupied Office as a % of Total Portfolio 3.8% occupied 43% Average Loan Size $1.0M Owner-O
Slide 18: C&I Portfolio Overview
C&I Portfolio Overview By Collateral Type By Industry Attorney Cases Transportation 8% and Warehousing Other 10% 5% Unsecured Professional, 5% Finance and Scientific and Accounts Insurance Technical Services Receivable 44% 12% 44% Equipment $498M 11% $498M Mining, quarrying, and oil and gas extracti
Slide 19: Construction & Development Portfolio Overview
Construction & Development Portfolio Overview 1-4 Family Development/Builder Lots 6% 1-4 Family Construction - Commercial Land & Builder Construction 26% 52% $148M Lot/Raw Land - Consumer 3% Multifamily 13% Portfolio Characteristics December 31, 2025 % of Total Portfolio 6.8% Average Loan Size $591K
Slide 20: Consumer Portfolio Overview
Consumer Portfolio Overview Unsecured 13% Miscellaneous 1% CD/Savings Secured 49% $9M Auto 27% Recreational 10% Portfolio Characteristics December 31, 2025 % of Total Portfolio 0.4% Average Loan Size $11K Note: Since exiting the indirect auto loan origination business at the end of 2015, the Bank ha
Slide 21: Allowance for Credit Losses
Allowance for Credit Losses Allowance for Credit Losses / Total Loans (%) 1.38 1.26 1.21 1.11 1.16 2021 2022 2023 2024 2025 For the year ended (Dollars in thousands) 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Allowance for Credit Losses Allowance for Credit Losses - Beginning $ 20,363 $
Slide 22: Asset Quality Trends
Asset Quality Trends Nonperforming Assets ($000s) NPAs / Assets (%) $14,043 $13,108 0.52 $12,313 $12,635 0.48 $11,754 0.44 0.45 0.43 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Net Charge-offs / Avg. Loans (%) Reserves / NPLs (%) 0.04 473.3 0.00 0.00 0.00 355.9 344.7 302.8
Slide 23: Deposit Portfolio – 4th Quarter 2025
Deposit Portfolio – 4th Quarter 2025 Brokered Demand 0.0% Money Market ▪ Total deposits decreased $22.4 million, or 0.9%, to $2.35 billion at Interest-bearing 10.9% Demand December 31, 2025, compared to $2.37 billion at September 30, 25.9% Savings 2025. 5.8% ▪ Investar utilizes brokered time deposit
Slide 24: Noninterest Expense
Noninterest Expense $2,753,807 $2,833,048 $2,815,155 $2,722,812 $2,513,203 $2,321,181 $65,741 $64,193 $63,062 $62,192 $60,865 $62,353 $62,630 $61,761 $63,032 $62,820 $57,131 $55,480 2020 2021 2022 2023 2024 2025 Noninterest expense (GAAP) Core Noninterest expense 1 Total Assets 1 Non-GAAP financial
Slide 25: Financial Profile
Financial Profile As of December 31, For the three months ended (Dollars in thousands, except per share data) 2021 2022 2023 2024 2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Balance Sheet Total Assets $ 2,513,203 $ 2,753,807 $ 2,815,155 $ 2,722,812 $ 2,833,048 $ 2,729,902 $ 2,748,065 $ 2,800,628 $
Slide 26: Appendix
APPENDIX
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation As of December 31, As of the three months ended (Dollars in thousands, except per share data) 2021 2022 2023 2024 2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Tangible common equity: Total stockholders' equity $ 242,598 $ 215,782 $ 226,768 $ 241,296 $ 301,073 $ 251,737 $ 255
Slide 28: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) For the three months ended (Dollars in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Net Income $ 4,057 $ 5,381 $ 6,107 $ 6,293 $ 4,494 $ 6,179 $ 5,938 Plus: Provision for Credit Losses (415) (945) (701) (3,596) 141 139 (75) Pl
Slide 29: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) For the three months ended (Dollars in thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Interest on Deposits $ 14,584 $ 14,845 $ 14,865 $ 15,729 $ 16,071 $ 14,640 $ 14,456 $ 14,726 $ 14,046 Average Interest-Be
Slide 30: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) For the three months ended 1 (Dollars in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Net interest income $ 17,483 $ 18,345 $ 19,644 $ 21,153 $ 21,631 Provision for credit losses 2 (701) (3,596) 141 139 (75) Net interest income after provision fo
Slide 31: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) For the three months ended 1 (Dollars in thousands, except per share data) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 25 Core basic earnings per common share $ 0.66 $ 0.66 $ 0.48 $ 0.58 $ 0.63 Diluted earnings per common share (GAAP) 0.61 0.63 0.46 0.54 0
Slide 32: Footnotes to core results
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 Wichita Falls transaction. Those expenses were included in other operating expenses in the first quarter 2025 disclosures. 2 Provision for
Slide 33: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) (Dollars in thousands) 2020 2021 2022 2023 2024 2025 Total noninterest expense $ 57,131 $ 63,062 $ 60,865 $ 62,630 $ 63,032 $ 65,741 Severance (289) (181) (632) (123) (4) (78) Loan purchase expense - - - (95) - - Acquisition expense (1,062) (2,448) - - - (1,036) E
Slide 34: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) For the three months ended December 31, 2025 September 30, 2025 Interest Interest Average Income/ Average Income/ (Dollars in thousands) Balance Expense Yield/ Rate Balance Expense Yield/ Rate Interest-earning assets: Loans $ 2,150,980 $ 32,477 5.99% $ 2,141,280 $
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