Investar Holding Corporation Announces 2025 Second Quarter Results

About this update from Investar Holding Corporation

[{"type":"text","content":" BATON ROUGE, LA / ACCESS Newswire / July 21, 2025 / Investar Holding Corporation ("Investar") (NASDAQ:ISTR), the holding company for Investar Bank, National Association (the "Bank"), today announced financial results for the quarter ended June 30, 2025. Investar reported net income of $4.5 million, or $0.46 per diluted common share, for the second quarter of 2025, compared to net income of $6.3 million, or $0.63 per diluted common share, for the quarter ended March 31, 2025, and net income of $4.1 million, or $0.41 per diluted common share, for the quarter ended June 30, 2024.","length":603,"tagName":"p"},{"type":"text","content":"On a non-GAAP basis, core earnings per diluted common share for the second quarter of 2025 were $0.47 compared to $0.65 for the first quarter of 2025, and $0.36 for the second quarter of 2024. Core earnings exclude certain items including, but not limited to, loss on call or sale of investment securities, net, loss on sale or disposition of fixed assets, net, gain on sale of other real estate owned, net, change in the fair value of equity securities, income from insurance proceeds, change in the net asset value of other investments, write down of other real estate owned, gain on early extinguishment of subordinated debt, severance and acquisition expense (refer to the Reconciliation of Non-GAAP Financial Measures tables for a reconciliation of GAAP to non-GAAP metrics).","length":780,"tagName":"p"},{"type":"text","content":"Investar's President and Chief Executive Officer John D'Angelo commented:","length":81,"tagName":"p"},{"type":"text","content":""I am excited about our second quarter results as we continued to execute on our strategy of consistent, quality earnings through the optimization of our balance sheet. As a result of this strategy, our net interest margin improved substantially to 3.03%, a 16 basis point increase from previous quarter. For the second consecutive quarter, we significantly reduced our funding costs while simultaneously growing the yield on interest-earning assets. We grew average noninterest-bearing deposits by 4% from the first quarter and further optimized our deposit mix by allowing higher cost time deposits to run off and replacing them with lower cost interest-bearing deposits. We brought on new business, primarily variable-rate loans, with a blended interest rate of 7.7%, progressing us towards our goal of an interest rate neutral balance sheet.","length":850,"tagName":"p"},{"type":"text","content":"On July 1, 2025, we announced a definitive agreement to acquire Wichita Falls Bancshares, Inc., the holding company for First National Bank, a bank in the north Dallas market that had approximately $1.5 billion in assets at March 31, 2025. This transaction aligns with our long-term strategy of growth through acquisitions and expansion into new markets. We view the transaction as a transformational moment in the history of Investar as, after closing, the combined bank will have over $4 billion in assets. This is more than a strategic move; it's a powerful alignment of values and purpose. The most attractive thing to me about this pending partnership is the combined company focus and commitment to excellent service where employees know their customers by name, and service is personal, not transactional. Together, we look forward to creating an even stronger, customer-focused community bank.","length":905,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"As always, we remain focused on shareholder value and returning capital to shareholders. We repurchased 36,065 shares of our common stock during the second quarter well below tangible book value at an average price of $17.36 and increased our quarterly dividend per share by 5% compared to the first quarter."","length":314,"tagName":"p"},{"type":"text","content":" Second Quarter Highlights ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net interest margin improved 16 basis points to 3.03% for the quarter ended June 30, 2025 compared to 2.87% for the quarter ended March 31, 2025.","length":145,"tagName":"p"}]},{"val":[{"type":"text","content":"The yield on the loan portfolio increased to 5.94% for the quarter ended June 30, 2025 compared to 5.88% for the quarter ended March 31, 2025.","length":142,"tagName":"p"}]},{"val":[{"type":"text","content":"The overall cost of funds for the quarter ended June 30, 2025 decreased nine basis points to 3.13% compared to 3.22% for the quarter ended March 31, 2025. The cost of deposits decreased nine basis points to 3.06% for the quarter ended June 30, 2025 compared to 3.15% for the quarter ended March 31, 2025.","length":304,"tagName":"p"}]},{"val":[{"type":"text","content":"Efficiency ratio improved to 74.99% for the quarter ended June 30, 2025 compared to 79.77% for the quarter ended March 31, 2025. Core efficiency ratio improved to 73.55% for the quarter ended June 30, 2025 compared to 78.71% for the quarter ended March 31, 2025.","length":262,"tagName":"p"}]},{"val":[{"type":"text","content":"Credit quality remained solid with nonperforming loans comprising 0.36% of total loans at June 30, 2025 compared to 0.27% at March 31, 2025.","length":140,"tagName":"p"}]},{"val":[{"type":"text","content":"The business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, increased $32.9 million, or 3.4%, to $993.6 million compared to $960.7 million at March 31, 2025.","length":250,"tagName":"p"}]},{"val":[{"type":"text","content":"Variable-rate loans as a percentage of total loans was 34% at June 30, 2025 compared to 32% at March 31, 2025. During the second quarter, we originated and renewed loans, 73% of which were variable-rate loans, at a 7.7% blended interest rate.","length":242,"tagName":"p"}]},{"val":[{"type":"text","content":"Book value per common share increased to $26.01 at June 30, 2025, or 1.5%, compared to $25.63 at March 31, 2025. Tangible book value per common share increased to $21.80 at June 30, 2025, or 1.9% (7.6% annualized), compared to $21.40 at March 31, 2025.","length":252,"tagName":"p"}]},{"val":[{"type":"text","content":"Noninterest-bearing deposits increased by $11.7 million, or 2.7%, to $448.5 million at June 30, 2025, compared to $436.7 million at March 31, 2025.","length":147,"tagName":"p"}]},{"val":[{"type":"text","content":"Investar's regulatory common equity tier 1 capital ratio increased to 11.28%, or 1.1%, at June 30, 2025 compared to 11.16% at March 31, 2025.","length":145,"tagName":"p"}]},{"val":[{"type":"text","content":"On July 1, 2025, Investar announced that it had entered into a definitive agreement (the "Agreement") to acquire Wichita Falls Bancshares, Inc. ("Wichita Falls"), headquartered in Wichita Falls, Texas, and its wholly-owned subsidiary, First National Bank. The Agreement provides that upon the closing of the transaction, Wichita Falls shareholders will be entitled to receive an aggregate of 3,955,334 shares of Investar common stock, and cash consideration of $7.2 million, in exchange for their shares, subject to adjustment under certain circumstances. Based on the closing price of $19.32 for Investar common stock on June 30, 2025, the transaction would result in aggregate consideration of approximately $83.6 million, or $134.67 per share of Wichita Falls common stock. The Agreement has been unanimously approved by the boards of directors of Investar and Wichita Falls, and the closing of the transaction is subject to customary conditions, including shareholder and regulatory approvals. At March 31, 2025, First National Bank had approximately $1.5 billion in assets.","length":1098,"tagName":"p"}]},{"val":[{"type":"text","content":"In connection with the Wichita Falls transaction, on July 1, 2025, Investar completed a private placement of 32,500 shares of its newly designated 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock with selected institutional and other accredited investors at a price of $1,000 per share, for aggregate gross proceeds of $32.5 million. Investar intends to use the net proceeds from the offering to support the acquisition of Wichita Falls and for general corporate purposes, including organic growth and other potential acquisitions.","length":549,"tagName":"p"}]},{"val":[{"type":"text","content":"Investar repurchased 36,065 shares of its common stock through its stock repurchase program at an average price of $17.36 during the quarter ended June 30, 2025, leaving 424,588 shares authorized for repurchase under the program at June 30, 2025.","length":246,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":3922,"olType":false},{"type":"text","content":" Loans ","length":5,"tagName":"p"},{"type":"text","content":"Total loans were $2.11 billion at June 30, 2025, a decrease of $0.3 million compared to March 31, 2025, and a decrease of $60.4 million, or 2.8%, compared to June 30, 2024.","length":172,"tagName":"p"},{"type":"text","content":"The following table sets forth the composition of the total loan portfolio as 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demand deposits at June 30, 2025 compared to March 31, 2025 is primarily the result of organic growth. The decrease in money market deposits and savings deposits at June 30, 2025 compared to March 31, 2025 is primarily due to customers drawing down on their existing deposit accounts. Time deposits decreased at June 30, 2025 compared to March 31, 2025 primarily due to maturities of higher cost time deposits as a result of our strategy to keep duration short. Brokered time deposits were $256.1 million at June 30, 2025 compared to $244.9 million at March 31, 2025 and $249.4 million at June 30, 2024. Investar utilizes brokered time deposits, entirely in denominations of less than $250,000, to secure fixed cost funding and reduce short-term borrowings. At June 30, 2025, 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 4.68%.","length":1035,"tagName":"p"},{"type":"text","content":" Stockholders' Equity ","length":24,"tagName":"p"},{"type":"text","content":"Stockholders' equity was $255.9 million at June 30, 2025, an increase of $4.2 million compared to March 31, 2025, and an increase of $25.7 million compared to June 30, 2024. The increase in stockholders' equity compared to March 31, 2025 is primarily attributable to net income for the quarter and a decrease in accumulated other comprehensive loss due to an increase in the fair value of the Bank's available for sale securities portfolio. The increase in stockholders' equity compared to June 30, 2024 is primarily attributable to net income for the last twelve months and a decrease in accumulated other comprehensive loss due to an increase in the fair value of the Bank's available for sale securities portfolio.","length":737,"tagName":"p"},{"type":"text","content":" Net Interest Income ","length":19,"tagName":"p"},{"type":"text","content":"Net interest income for the second quarter of 2025 totaled $19.6 million, an increase of $1.3 million, or 7.1%, compared to the first quarter of 2025, and an increase of $2.4 million, or 14.2%, compared to the second quarter of 2024. Total interest income was $35.4 million, $34.4 million and $35.8 million for the quarters ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. Total interest expense was $15.7 million, $16.1 million and $18.6 million for the corresponding periods. Included in net interest income for the quarters ended June 30, 2025, March 31, 2025 and June 30, 2024 is $6,000, $9,000 and $18,000, respectively, of interest income accretion from the acquisition of loans. Also included in net interest income for the quarters ended June 30, 2025, March 31, 2025 and June 30, 2024 are interest recoveries of $19,000, $50,000 and $44,000, respectively.","length":884,"tagName":"p"},{"type":"text","content":"Investar's net interest margin was 3.03% for the quarter ended June 30, 2025, compared to 2.87% for the quarter ended March 31, 2025 and 2.62% for the quarter ended June 30, 2024. The increase in net interest margin for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 was driven by a nine basis point decrease in the overall cost of funds and a six basis point increase in the yield on interest-earning assets. The increase in net interest margin for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 was driven by a 45 basis point decrease in the overall cost of funds, primarily time deposits and short-term borrowings.","length":680,"tagName":"p"},{"type":"text","content":"The yield on interest-earning assets was 5.45% for the quarter ended June 30, 2025, compared to 5.39% for the quarter ended March 31, 2025 and 5.45% for the quarter ended June 30, 2024. The increase in the yield on interest-earning assets compared to the quarter ended March 31, 2025 was primarily attributable to a six basis point increase in the yield on the loan portfolio. The yield on interest-earning assets was flat compared to the quarter ended June 30, 2024, and reflects a 41 basis point increase in the yield on the investment securities portfolio offset by a two basis point decrease in the yield on the loan portfolio.","length":631,"tagName":"p"},{"type":"text","content":"Exclusive of the interest income accretion from the acquisition of loans and interest recoveries, adjusted net interest margin was 3.02% for the quarter ended June 30, 2025, compared to 2.86% for the quarter ended March 31, 2025 and 2.61% for the quarter ended June 30, 2024. The adjusted yield on interest-earning assets was 5.44% for the quarter ended June 30, 2025 compared to 5.38% and 5.44% for the quarters ended March 31, 2025 and June 30, 2024, respectively. Refer to the Reconciliation of Non-GAAP Financial Measures tables for a reconciliation of GAAP to non-GAAP metrics.","length":582,"tagName":"p"},{"type":"text","content":"The cost of deposits decreased nine basis points to 3.06% for the quarter ended June 30, 2025 compared to 3.15% for the quarter ended March 31, 2025 and decreased 32 basis points compared to 3.38% for the quarter ended June 30, 2024. The decrease in the cost of deposits compared to the quarter ended March 31, 2025 resulted primarily from both a lower average balance of, and a decrease in rates paid on, time deposits and a decrease in rates paid on brokered time deposits, partially offset by both a higher average balance of, and an increase in rates paid on, interest-bearing demand deposits. The decrease in the cost of deposits compared to the quarter ended June 30, 2024 resulted from both a lower average balance of, and a decrease in rates paid on, time deposits and a decrease in rates paid on brokered time deposits, partially offset by both a higher average balance of, and an increase in rates paid on, interest-bearing demand deposits and a higher average balance of brokered time deposits.","length":1005,"tagName":"p"},{"type":"text","content":"The cost of short-term borrowings decreased 43 basis points to 3.13% for the quarter ended June 30, 2025 compared to 3.56% for the quarter ended March 31, 2025 and decreased 155 basis points compared to 4.68% for the quarter ended June 30, 2024. The decrease in the cost of short-term borrowings compared to the quarter ended March 31, 2025 resulted primarily from reduced utilization of short-term Federal Home Loan Bank ("FHLB") advances during the second quarter of 2025. Beginning in the second quarter of 2023, the Bank began utilizing the Bank Term Funding Program ("BTFP") to secure fixed rate funding for up to a one-year term and reduce short-term FHLB advances, which are priced daily. The Bank previously utilized this source of funding due to its lower rate as compared to FHLB advances, the ability to prepay the obligations without penalty, and as a means to lock in funding. During the fourth quarter of 2024, the Bank repaid all of the remaining $109.0 million in borrowings under the BTFP, which had a weighted average rate of 4.76%. The decrease in the cost of short-term borrowings for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 resulted primarily from lower average borrowings due primarily to the paydown of borrowings under the BTFP and a lower current rate on short-term FHLB advances compared to borrowings under the BTFP. Average long-term debt increased $14.4 million in the second quarter of 2025 compared to the prior-year quarter primarily due to the utilization of long-term FHLB advances, partially offset by repurchases and redemptions of subordinated debt.","length":1642,"tagName":"p"},{"type":"text","content":"The overall cost of funds for the quarter ended June 30, 2025 decreased nine basis points to 3.13% compared to 3.22% for the quarter ended March 31, 2025 and decreased 45 basis points compared to 3.58% for the quarter ended June 30, 2024. The decrease in the cost of funds for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 resulted primarily from a decrease in the average balance and cost of short-term borrowings and a decrease in the cost of deposits, primarily due to the decrease in the average balance and cost of time deposits. The decrease in the cost of funds for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 resulted primarily from decreases in the average balance and cost of short-term borrowings and a decrease in the cost of deposits, primarily due to decreases in the average balance and cost of time deposits, partially offset by a higher average balance of deposits.","length":945,"tagName":"p"},{"type":"text","content":" Noninterest Income ","length":18,"tagName":"p"},{"type":"text","content":"Noninterest income for the second quarter of 2025 totaled $2.6 million, an increase of $0.6 million, or 30.6%, compared to the first quarter of 2025 and a decrease of $0.1 million, or 4.5%, compared to the second quarter of 2024.","length":229,"tagName":"p"},{"type":"text","content":"The increase in noninterest income compared to the quarter ended March 31, 2025 is primarily driven by a $0.4 million increase in other operating income anda $0.1 million increase in the change in fair value of equity securities. The increase in other operating income is primarily attributable to $0.3 million of income from insurance proceeds received for damages to a property recorded in other real estate owned, a $0.1 million increase in derivative fee income and a $0.1 million increase in distributions from other investments, partially offset by a $0.1 million decrease in the change in net asset value of other investments.","length":633,"tagName":"p"},{"type":"text","content":"The decrease in noninterest income compared to the quarter ended June 30, 2024 is primarily attributable to a $0.7 million decrease in gain on sale of other real estate owned, partially offset by a $0.4 million decrease in loss on call or sale of investment securities, a $0.1 million increase in the change in fair value of equity securities, and a $0.1 million increase in other operating income. The increase in other operating income is primarily attributable to $0.3 million of insurance proceeds, discussed above, and a $0.1 million increase in distributions from other investments, partially offset by a $0.1 million decrease in derivative fee income and a $0.1 million decrease in the change in net asset value of other investments.","length":740,"tagName":"p"},{"type":"text","content":"   ","length":10,"tagName":"p","attribs":{"class":"page-break"},"className":""},{"type":"text","content":" Noninterest Expense ","length":19,"tagName":"p"},{"type":"text","content":"Noninterest expense for the second quarter of 2025 totaled $16.7 million, an increase of $0.5 million, or 2.8%, compared to the first quarter of 2025, and an increase of $1.2 million, or 7.9%, compared to the second quarter of 2024.","length":232,"tagName":"p"},{"type":"text","content":"The increase in noninterest expense for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 was primarily driven by a $0.7 million increase in salaries and employee benefits, partially offset by a $0.1 million decrease in professional fees and a $0.1 million decrease in other operating expenses. The increase in salaries and employee benefits is primarily due to increases in salaries due to investment in our people, incentive-based compensation and health insurance claims. During the second quarter of 2025, Investar recorded in other operating expenses a $0.3 million write down of other real estate owned. The decrease in other operating expenses resulted from a $0.2 million decrease in collection and repossession expenses and a $0.2 million decrease in Federal Deposit Insurance Corporation ("FDIC") assessments, partially offset by the $0.3 million write down of other real estate owned.","length":932,"tagName":"p"},{"type":"text","content":"The increase in noninterest expense for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 was primarily driven by a $0.7 million increase in salaries and employee benefits, a $0.3 million decrease in gain on early extinguishment of subordinated debt, a $0.2 million increase in acquisition expense and a $0.1 million increase in other operating expenses, partially offset by a $0.1 million decrease in depreciation and amortization. The increase in salaries and employee benefits is primarily due to investment in people with an emphasis on our Texas markets to remix and strengthen our balance sheet and an increase in health insurance claims. During the second quarter of 2024, Investar repurchased $5.0 million in principal amount of our 5.125% Fixed-to-Floating Rate Subordinated Notes due 2029 and $2.0 million in principal amount of our 5.125% Fixed-to-Floating Rate Subordinated Notes due 2032 and recognized a gain on early extinguishment of subordinated debt of $0.3 million. The increase in acquisition expense is related to the Wichita Falls transaction, discussed above. The increase in other operating expenses resulted from a $0.3 million write down of other real estate owned, discussed above, partially offset by a $0.1 million decrease in other real estate expense and a $0.1 million decrease in FDIC assessments.","length":1356,"tagName":"p"},{"type":"text","content":" Taxes ","length":5,"tagName":"p"},{"type":"text","content":"Investar recorded income tax expense of $0.9 million for the quarter ended June 30, 2025, which equates to an effective tax rate of 17.2%, compared to effective tax rates of 18.4% and 17.0% for the quarters ended March 31, 2025 and June 30, 2024, respectively.","length":260,"tagName":"p"},{"type":"text","content":" Basic and Diluted Earnings Per Common Share ","length":43,"tagName":"p"},{"type":"text","content":"Investar reported basic and diluted earnings per common share of $0.46 for the quarter ended June 30, 2025, compared to basic and diluted earnings per common share of $0.64 and $0.63, respectively, for the quarter ended March 31, 2025, and basic and diluted earnings per common share of $0.41 for the quarter ended June 30, 2024.","length":329,"tagName":"p"},{"type":"text","content":" About Investar Holding Corporation ","length":34,"tagName":"p"},{"type":"text","content":"Investar, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 29 branch locations serving Louisiana, Texas, and Alabama. At June 30, 2025, the Bank had 337 full-time equivalent employees and total assets of $2.7 billion.","length":377,"tagName":"p"},{"type":"text","content":" Non-GAAP Financial Measures ","length":27,"tagName":"p"},{"type":"text","content":"This press release 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," "tangible assets," "tangible equity to tangible assets," "tangible book value per common share," "core noninterest income," "core earnings before noninterest expense," "core noninterest expense," "core earnings before income tax expense," "core income tax expense," "core earnings," "core efficiency ratio," "core return on average assets," "core return on average equity," "core basic earnings per share" and "core diluted earnings per share." We also present certain average loan, yield, net interest income and net interest margin data adjusted to show the effects of excluding interest recoveries and interest income accretion from the acquisition of loans. Management believes these non-GAAP financial measures provide information useful to investors in understanding Investar's financial results, and Investar believes that its presentation, together with the accompanying reconciliations, provides a more complete understanding of factors and trends affecting Investar's business and allows investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Investar strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. A reconciliation of the non-GAAP financial measures disclosed in this press release to the comparable GAAP financial measures is included at the end of the financial statement tables.","length":2190,"tagName":"p"},{"type":"text","content":"   ","length":10,"tagName":"p","attribs":{"class":"page-break"},"className":""},{"type":"text","content":" Forward-Looking and Cautionary Statements ","length":41,"tagName":"p"},{"type":"text","content":" General Forward-Looking and Cautionary Statements ","length":49,"tagName":"p"},{"type":"text","content":"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 anticipated closing and impacts of the Wichita Falls 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.","length":858,"tagName":"p"},{"type":"text","content":"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:","length":1288,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"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;","length":556,"tagName":"p"}]},{"val":[{"type":"text","content":"changes in inflation, interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;","length":131,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":204,"tagName":"p"}]},{"val":[{"type":"text","content":"our ability to achieve organic loan and deposit growth, and the composition of that growth;","length":91,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":247,"tagName":"p"}]},{"val":[{"type":"text","content":"our potential growth, including our entrance or expansion into new markets, and the need for sufficient capital to support that growth;","length":135,"tagName":"p"}]},{"val":[{"type":"text","content":"a reduction in liquidity, including as a result of a reduction in the amount of deposits we hold or other sources of liquidity, which may be caused by, among other things, disruptions in the banking industry similar to those that occurred in early 2023 that caused bank depositors to move uninsured deposits to other banks or alternative investments outside the banking industry;","length":379,"tagName":"p"}]},{"val":[{"type":"text","content":"changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;","length":182,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":220,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":185,"tagName":"p"}]},{"val":[{"type":"text","content":"our dependence on our management team, and our ability to attract and retain qualified personnel;","length":97,"tagName":"p"}]},{"val":[{"type":"text","content":"the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama;","length":107,"tagName":"p"}]},{"val":[{"type":"text","content":"risks to holders of our common stock relating to our 6.5% Series A Non-Cumulative Perpetual Convertible 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;","length":407,"tagName":"p"}]},{"val":[{"type":"text","content":"increasing costs of complying with new and potential future regulations;","length":72,"tagName":"p"}]},{"val":[{"type":"text","content":"new or increasing geopolitical tensions, including resulting from wars in Ukraine and Israel and surrounding areas;","length":115,"tagName":"p"}]},{"val":[{"type":"text","content":"the emergence or worsening of widespread public health challenges or pandemics;","length":79,"tagName":"p"}]},{"val":[{"type":"text","content":"concentration of credit exposure;","length":33,"tagName":"p"}]},{"val":[{"type":"text","content":"any deterioration in asset quality and higher loan charge-offs, and the time and effort necessary to resolve problem assets;","length":124,"tagName":"p"}]},{"val":[{"type":"text","content":"fluctuations in the price of oil and natural gas;","length":49,"tagName":"p"}]},{"val":[{"type":"text","content":"data processing system failures and errors;","length":43,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":222,"tagName":"p"}]},{"val":[{"type":"text","content":"risks of losses resulting from increased fraud attacks against us and others in the financial services industry;","length":112,"tagName":"p"}]},{"val":[{"type":"text","content":"potential impairment of our goodwill and other intangible assets;","length":65,"tagName":"p"}]},{"val":[{"type":"text","content":"the impact of litigation and other legal proceedings to which we become subject;","length":80,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":191,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":237,"tagName":"p"}]},{"val":[{"type":"text","content":"changes in the scope and costs of FDIC insurance and other coverages;","length":69,"tagName":"p"}]},{"val":[{"type":"text","content":"governmental monetary and fiscal policies; and","length":46,"tagName":"p"}]},{"val":[{"type":"text","content":"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.","length":370,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":4848,"olType":false},{"type":"text","content":" Forward-Looking and Cautionary Statements Relating to the Pending Wichita Falls Transaction ","length":91,"tagName":"p"},{"type":"text","content":"With respect to the pending Wichita Falls transaction, forward-looking statements include, but are not limited to, statements about the potential benefits of the transaction, including future financial and operating results; statements about Investar's plans, objectives, expectations and intentions; statements about the expected timing of completion of the proposed merger; and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: (i) the ability to obtain the requisite shareholder approvals; (ii) the risk that Investar may be unable to obtain governmental and regulatory approvals required to consummate the proposed merger, or required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; (iii) the risk that a condition to closing may not be satisfied; (iv) the timing to consummate the proposed merger; (v) the risk that the businesses will not be integrated successfully; (vi) the risk that the cost savings and any other synergies from the proposed merger may not be fully realized or may take longer to realize than expected; (vii) disruption from the proposed merger making it more difficult to maintain relationships with customers, employees or vendors; and (viii) the diversion of management time on merger-related issues.","length":1508,"tagName":"p"},{"type":"text","content":"These factors should not be construed as exhaustive. Additional information on these and other risk factors can be found in Part I Item 1A. "Risk Factors" and in the "Cautionary Note Regarding Forward-Looking Statements" in Part II Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Investar's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC").","length":512,"tagName":"p"},{"type":"text","content":" Additional Information about the Proposed Merger and Where to Find It ","length":69,"tagName":"p"},{"type":"text","content":"In connection with the proposed merger, Investar intends to file with the SEC a registration statement on Form S-4 (the "Form S-4") that will include a joint proxy statement of Investar and Wichita Falls and a prospectus of Investar with r...

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