Investar Holding Corporation · NASDAQ:ISTR
Investar — Merger or Acquisition (July 2025)
36 slides from Investar's merger presentation, Jul 1, 2025
Slide 1: Transformational Strategic Merger
INVESTAR First National Bank Transformational Strategic Merger Investor Presentation July 1, 2025
Slide 2: Important Information and Disclaimers
Important Information and Disclaimers ‘These disclaimers apply to this document and the verbal or written comments of any person presenting it. This document, taken together with any suchverbal or written comments, is referredto herein asthe “Presentation.” When usedherein, thephrases “Investar” or
Slide 3: Important Information and Disclaimers
Important Information and Disclaimers Participants in the Solicitation Investar and WFB andtheir respective directors and officers may be deemed to be participants in the solicitation of proxies fromtheir respective shareholders inconnectionwiththe proposed merger Information about investar’s direct
Slide 4: Creating a Premier Gulf South Franchise
Creating a Premier Gulf South Franchise Strategic Rationale Key Highlights Ww Accelerates Scale and Profitabi mismo a. Attractive Pro Forma Footprint ~ ~ <7 with Expansion into North Texas Markets > $4.08 $3.3B $3.5B Pro Forma Pro Forma Pro Forma v Strong Credit Profile Assets Loans Deposits E}4 Com
Slide 5: Illustrative Impact of the Transaction
Illustrative Impact of the Transaction Pro Forma Metrics Contribution Analysis contribution (3/31/2025) polis in rublions IsTR FNB Adjustments Pro Forma Total Assets $2,730 $1,594 $278 $4,047 Total Loans $2,107 $1,301 ~$243 $3,165 Total Deposits $2,347 $1,216 -$200 $3,364 Total Tangible Common Equit
Slide 6: Further Diversification & Improved Demographics
Further Diversification & Improved Demographics Investar First National Pro Forma $1.3B $3.3B Total Total Louisiana 3.0% 2 > 3 3 a a a "25—'30 Projected Population Growth (%) 1.52% 0.78% L => Pro Forma L = Pro Forma SN ry) Company SN Fy) Company INVESTAR Note: Bank level regulatory data shown for De
Slide 7: Complementary Loan & Deposit Mix
Complementary Loan & Deposit Mix Loan Composition MRQ Yield: 5.79% (©) Fist National Bank Pro Forma moc coer Bother oa sas an = io $1.18 Total MQ Yield: 5.84% “= Sy INVESTAR Time Deposits > $100 Baw $2.3B Total 12.0% E MRQ Cost: 2.49% Time Deposits > sae Bi Non nt. Bearing 2a = $1.0B =) Total snk en
Slide 8: Illustrative Capital Impact
Illustrative Capital Impact Investar Holding Corporation — Pro Forma Capital Ratios 13.5% 13.1% 12.3% 11.2% 11.6% 11.4% frees 10.5% oem 10.0% 8.9% 8.2% Leverage Ratio CET1 Ratio Tier 1 RBC Ratio Total RBC Ratio 3/31/2025» 12/31/2025 12/31/2025 Actual ProFormaatClose Pro Forma at Close + Offering INV
Slide 9: Due Diligence Overview
Due Diligence Overview Comprehensive Diligence Process Diligence Focus Areas . completed a. coordinated Somiprehionsive due pokey eeqases| a diligence review of each company with saad executives from Investar Holding Corporation & Wichita Falls Bancshares, Inc., along with o @ @ advisors & consultan
Slide 10: Transaction Summary
Transaction Summary Merger Structure & Consideration” * Entities: Investar Holding Corporation (ISTR) & Wi + ISTRto issue shares to FNB shareholders * Fixed Exchange Ratio: 6.3702x * Fixed Cash Amount of $7.2 million to FNB Shareholders * Approximately 91% stock consideration a Falls Bancshares, Inc
Slide 11: Key M&A Assumptions
Key M&A Assumptions Earnings + ISTR earnings based upon analyst research reports, recent performance and discussions with management + FNB earnings based upon recent performance and discussions with management Estimated Cost Savings * Equal to approximately 36% of FNB’s noninterest expense + $9.5 mi
Slide 12: Compelling Financial Impact
Compelling Financial Impact Earnings Impact $0.79 ~ 35.0% 2026E EPS Accretion 2026E EPS Accretion >30 bps ROAA'!) Improvement TBV Impact 11.8% 2.9 years TBV Dilution'®) TaV'! Earnback (crossover) Attractive Use of Capital 40% >500 bps IRR ROATCE*) Improvement 2026E Projected Return on Average Assets
Slide 13: Public Peers — Pro Forma Valuation
Public Peers — Pro Forma Valuation Je Book Value" at Close (%) ima 1539 1648 Average: 123.7% ie dia 122.8 124.7 129.0 137.1 92.0 97.1 50.6 118 ar: _ 10.6 10.6 Average: 9.8x 39 03 os 10.0 — ts” see eee le lee ee ee ee 6.2 (2) Non-GAAP financial massure Pleazesee “Annes Non-GAAP Reconciliation” and “I
Slide 14: First National Bank Company Overview
2) First National Bank Company Overview
Slide 15: Wichita Falls Bancshares, Inc.
Wichita Falls Bancshares, Inc. Overview of Wichita Falls Bancshares, Inc. = Subsidiary: First National Bank ‘ima dynes coe = Founded in 1986 and headquartered in Wichita Falls, TX condils ag) vein 4 Ting = Operates 7 branches across North Texas da wien Ardmore Burkbuthett 4 Madi = Compound average g
Slide 16: Market Dynamics
Market Dynamics Market Highlights Dallas-Fort Worth-Arlington, TX MSA + 4th largest Metro Areain the U.S. + Ranked Sth largest economy inthe country = 21 Fortune500 companies headquartered in MSA = Diverse range of industries, including finance, healthcare, and technology + DFW International Airport
Slide 17: Demographic Information
Demographic Information Market Demographics ”30 Projected Median HHI ($000s) lili Le See, ce Paes National county, Tk county, Werth Average Arlington MSA Major Employers we TEXAS INSTRUMENTS S arar BaylorScott&White HEALTH UTSouthwestern Medical Center oN American @& ”25—’30 Projected Population Gro
Slide 18: Investar Overview
oi INVESTAR HOLDING CORPORATION Investar Overview
Slide 19: Investar Holding Corporation
Investar Holding Corporation Overview of Investar Holding Corporat TOUTE Subsidiary: Investar Bank, National Association MISSOURI Fransyleg to “ KENTUCK’ Founded in 2006 and headquartered in Baton Rouge, LA sprisaiela Operates 29 branches across the Gulf South Nashville TENNESSEE Compound average gr
Slide 20: Leadership Team
Leadership Team John. D’Angelo, President, Chief Executive Officer & Director Mr. D’Angelo has beenthePresident and ChiefExecutive Officer of the Company since our organization as.a bank holding company in2013. He hasalso ‘served as the Bank’sPresident and Chief Executive Officer since its organizat
Slide 21: Largest Operating Markets
Largest Operating Markets = 9 branches with $1.03 billion in deposits + Population: 876,751 74200 aaa + Capitol of Louisiana; over 74,000 government employeesin the 2,000 pas 50200 52,500 = Hometo Louisiana State University which enrolled over 36,000 on- campus students in Fall 2024 38500 = The Port
Slide 22: Additional Core Markets
Additional Core Markets Lafayette, LA MSA 2 branches with $268 milli = Population: 417,826 = Economy expected to grow by 3,300 jobs in 2025 = Major employers include Ochsner, Stuller Inc., LHC Group, Walmart, CGI and Amazon = Lafayette Regional Airport expanded its terminal to 120,000 sq ft in 2022,
Slide 23: Opportunity to Invest at Margin Inflection Point
Opportunity to Invest at Margin Inflection Point Commentary = Strategy implemented in the 3 quarter of 2023 to reposition the balance sheet is producing expected results in 2025 = Securities portfolio is expected to produce approximately $12 run-off per quarter in 2025; additional runoff expected in
Slide 24: TBV Growth To Be Supplemented By AOCI Tailwinds
TBV Growth To Be Supplemented By AOCI Tailwinds Quarterly TBV™ Per Share Excl. AOCI 2287 $2318 $2355 $2390 $24.44 $28.65 2 $4.92 $4.37 = gi915 $20.73 2031 $24.40 92237 $22.21 $1841 $1754 gag.aq «$17.43 «$17.74 «$1787 g17.00 © $1892 $18.90 202201 202202 202203 202204 202301 202302 «202303202304 © 202
Slide 25: Returning Capital to Shareholders
Returning Capital to Shareholders Total lends ($000) & Payout Ratio (%) $3,873 $4028 $3663 ey $3,225 $037 $2,702 $3? $0.25 2020Y 2021Y 2022Y 2023Y + 2024Y +=: 2025YTD $11,112 2020Y $6,925 2021Y $10,540 2022Y Total Buybacks ($000) $32.8 million in buybacks since 2020 $3,026 2023Y $305 2024Y $649 2025
Slide 26: Balance Sheet Positioning
Balance Sheet Positioning Total Assets ($M) Total Loans (SM) aais cia 2,723 2,730 2211 2,105 2ars 2107 2513 1an ony 202 2022 romy 20751 ony 2ony ona aomy 20501 Total Deposits ($M) Total Equity (SM) 2346 2347 oo 2286 oss ont 22 2: 2082 a6 227 ron 2ony 2ony zoey 202501 ony 2ony ona aomy 20501 7 XB INV
Slide 27: Profitability Ratios
Profitability Ratios ROAA" (%) aay 15.63 92 1017 260 073 763 0.60 oat 222 2o2y 202v 2023" 2028v 2o2sa1 2o21y zon 2023 2028v 202501 ROBICERUE) Po) 1967 3.53 387, 283 237 2.63 1243 se 1072 439 2o21v oz 202 2028v 202501 2o2y 2022¥ 20237 2o2y 2o2sa1 INVESTAR (2) Non-GAAP financial messure Plessesee “Ann
Slide 28: Profitability Fundamentals
Profitability Fundamentals Net Income ($000} 35709 o 25,172 20,252 16,678 3,000 2o21v 202 roy 2o2v 2orsar 3.50 1.69 076 2ony 20nv 2023 204 2omy Pre-Provision Net Revenue”) ($000) 20,913 o 16.310 16,788 2oray 202501 36,655, 2519 ony 2onv 2023 a oy (a) Annualizedtigurestown Source: S&P Capita IQ Pro [
Slide 29: Yield / Cost Trends
Yield / Cost Trends Id on Loans (%) Sag 20 55 _ a8 286 ama an 2 152 roy 202 20r3v roy 202501 pony 2onv 2023 2028v 2o2sat Cosson oposite (2s) Po) 274 253 387 383 193 ay 287 263 03s 030 roy 202 20r3v roy 202501 pony 2onv 2023 2028v 2o2sat Source: S&P Capital IO Pro 29
Slide 30: Clean Credit Quality
Clean Credit Quality NCO/Avg. Loans (%) 150 18 0.03 os2 (003) (02) tt 036 se (0.65) aoaiy anv 202v aomy 202508 aay ao 20237 aoosy 202s NPA Excl. Restructured/Assets (%) Loan Loss Reserve/Gross Loans (%) 2023 increase related to CECL adoption 128 138 1236 125 ‘a 136 0s2 0.39 036 fein aon 2omv 2o23v a
Slide 31: Annex — Non-GAAP Reconciliation
INVESTAR HOLDING CORPORATION Annex — Non-GAAP Reconciliation
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation As of or for the year ending December 31, As of or for quarter, Dollars in thousands, except per share data 2021 2022 2023 3/31/2025 Total common stockholder's equity (GAAP) $242,598 $215,782 $226,768 $241,296 $251,737 Less goodwill and other intangible assets $44,036 $43,147
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation Asof or for the year ending December 31, ‘As of or for quarter, olars in house 2021 2022 72023 2028 3/31/2025 ‘Average Common Equity $248,778 $228,516 $218,502 $235,600 $247,565 LESS: Average Intangibles 3950s 43;5eq 42.693 42,001, 41,627 ‘Average Tangible Common Equity $209,
Slide 34: Transaction Reconciliation
INVESTAR HOLDING CORPORATION Transaction Reconciliation
Slide 35: Illustrative Impact of the Transactions
Illustrative Impact of the Transactions 2026E 20276 Estimated Income Impact ISTR Income $228 $24.9 WFBI Income S17 $8.1 Total Adjustments Excluding Preferred Dividend $192 $19.7 Total Pro Forma Net income to Common $49.7 $52.6 Preferred Dividend $24 $24 Total Pro Forma Net Income $476 $50.5 Pro Form
Slide 36: tl SN
i tl SN INVESTAR HOLDING CORPORATION