BATON ROUGE, LA / ACCESSWIRE / July 20, 2023 / 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, 2023. Investar reported net income of $6.5 million, or $0.67 per diluted common share, for the second quarter of 2023, compared to net income of $3.8 million, or $0.38 per diluted common share, for the quarter ended March 31, 2023, and net income of $9.4 million, or $0.92 per diluted common share, for the quarter ended June 30, 2022.

On a non-GAAP basis, core earnings per diluted common share for the second quarter of 2023 were $0.67 compared to $0.51 for the first quarter of 2023 and $0.62 for the second quarter of 2022. Core earnings exclude certain items including, but not limited to, loss on sale or disposition of fixed assets, net, (gain) loss on sale of other real estate owned, net, change in the fair value of equity securities, divestiture expense and swap termination fee income (refer to the Reconciliation of Non-GAAP Financial Measures tables for a reconciliation of GAAP to non-GAAP metrics).

Investar's President and Chief Executive Officer John D'Angelo commented:

"I am pleased with our second quarter results. We remain inwardly focused and are controlling the things that we can control. Credit quality remained exceptional as nonperforming loans represent only 0.34% of total loans. Loan yields increased as we originated new loans and completed renewals at higher rates. We continue to realize the benefits of the variable rate portion of our loan portfolio. We continued to experience margin compression as rising market interest rates increased our costs of funding; however, noninterest expense decreased as a result of our ongoing digital initiatives and close monitoring of expenses. We are implementing additional technology solutions and evaluating lower margin product offerings to improve overall profitability. We are also continually evaluating opportunities to reduce our physical branch and ATM footprint to deliver products and services to our customers more efficiently.

As always, we remain focused on shareholder value and returning capital to shareholders. We repurchased 92,300 shares of our common stock during the second quarter at an average price of $11.77 per share and increased our quarterly dividend by 5% compared to the first quarter dividend. We believe the current share price does not reflect the long-term intrinsic value of the Company, and yesterday, the Board of Directors approved an additional 350,000 shares for repurchase under our stock repurchase program."

Second Quarter Highlights

• Return on average assets improved to 0.96% for the quarter ended June 30, 2023 compared to 0.57% for the quarter ended March 31, 2023. Core return on average assets improved to 0.97% for the quarter ended June 30, 2023 compared to 0.76% for the quarter ended March 31, 2023.
• Noninterest expense decreased $0.9 million to $15.2 million for the quarter ended June 30, 2023 compared to $16.2 million for the quarter ended March 31, 2023. Core noninterest expense decreased $0.3 million to $15.2 million for the quarter ended June 30, 2023 compared to $15.5 million for the quarter ended March 31, 2023.
• Investar recognized net recoveries of $2.4 million in the loan portfolio during the quarter ended June 30, 2023 primarily attributable to recoveries on one loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida.
• Credit quality remained strong as nonperforming loans were 0.34% of total loans at June 30, 2023 compared to 0.27% at March 31, 2023.
• Total revenues, or interest and noninterest income, for the quarter ended June 30, 2023 totaled $34.5 million, an increase of $2.4 million, or 7.5%, compared to the quarter ended March 31, 2023.
• The yield on the loan portfolio increased to 5.44% for the quarter ended June 30, 2023 compared to 5.27% for the quarter ended March 31, 2023.
• Total deposits increased $35.2 million, or 1.6%, to $2.18 billion at June 30, 2023, compared to $2.15 billion at March 31, 2023. Uninsured deposits were 26% of total deposits at June 30, 2023.
• Book value per common share increased to $22.21 at June 30, 2023, or 0.7% (2.8% annualized), compared to $22.06 at March 31, 2023. Tangible book value per common share increased to $17.87 at June 30, 2023, or 0.7% (2.8% annualized), compared to $17.74 at March 31, 2023.
• Investar repurchased 92,300 shares of its common stock through its stock repurchase program at an average price of $11.77 during the quarter ended June 30, 2023, leaving 248,439 shares authorized for repurchase under the stock repurchase program at June 30, 2023. On July 19, 2023, Investar's Board of Directors approved an additional 350,000 shares for repurchase under the program.

Loans

Total loans were $2.08 billion at June 30, 2023, a decrease of $24.2 million, or 1.1%, compared to March 31, 2023, and an increase of $168.5 million, or 8.8%, compared to June 30, 2022.

The following table sets forth the composition of the total loan portfolio as of the dates indicated (dollars in thousands).

At June 30, 2023, the Bank's total business lending portfolio, which consists of loans secured by owner-occupied commercial real estate properties and commercial and industrial loans, was $840.9 million, a decrease of $17.8 million, or 2.1%, compared to the business lending portfolio of $858.7 million at March 31, 2023, and an increase of $56.8 million, or 7.2%, compared to the business lending portfolio of $784.1 million at June 30, 2022. The decrease in the business lending portfolio compared to March 31, 2023 is primarily driven by lower demand due to higher rates. The increase in the business lending portfolio compared to June 30, 2022 is primarily driven by increased loan production by our Commercial and Industrial Division.

Nonowner-occupied loans totaled $530.8 million at June 30, 2023, a decrease of $2.8 million, or 0.5%, compared to $533.6 million at March 31, 2023, and an increase of $79.7 million, or 17.7%, compared to $451.1 million at June 30, 2022. The decrease in nonowner-occupied loans compared to March 31, 2023 is primarily due to loan amortization. The increase in nonowner-occupied loans compared to June 30, 2022 is due to organic growth.

Credit Quality

Nonperforming loans were $7.0 million, or 0.34% of total loans, at June 30, 2023, an increase of $1.3 million compared to $5.7 million, or 0.27% of total loans, at March 31, 2023, and a decrease of $10.0 million compared to $17.0 million, or 0.89% of total loans, at June 30, 2022. The increase in nonperforming loans compared to March 31, 2023 is mainly attributable to one construction and development loan relationship totaling $1.0 million and one nonowner-occupied loan relationship totaling $0.6 million, partially offset by paydowns. Included in nonperforming loans are acquired loans with a balance of $2.5 million at June 30, 2023, or 35% of nonperforming loans.

On January 1, 2023, Investar adopted FASB ASC Topic 326 "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments" Update No. 2016-13. The ASU, referred to as the Current Expected Credit Loss ("CECL") standard, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Upon adoption, Investar recorded a one-time, cumulative effect adjustment to increase the allowance for credit losses by $5.9 million and reduce retained earnings, net of tax, by $4.3 million.

The allowance for credit losses was $30.0 million, or 429.6% and 1.44% of nonperforming and total loans, respectively, at June 30, 2023, compared to $30.5 million, or 535.6% and 1.45% of nonperforming and total loans, respectively, at March 31, 2023, and $22.0 million, or 128.9% and 1.15% of nonperforming and total loans, respectively, at June 30, 2022.

Investar recorded a negative provision for credit losses of $2.8 million for the quarter ended June 30, 2023 compared to provision for credit losses of $0.4 million and $0.9 million for the quarters ended March 31, 2023 and June 30, 2022, respectively. The negative provision for credit losses compared to the provision for credit losses for the quarter ended March 31, 2023 was driven by net recoveries of $2.4 million, primarily attributable to recoveries on one loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida, and a decrease in total loans during the quarter ended June 30, 2023.

Deposits

Total deposits at June 30, 2023 were $2.18 billion, an increase of $35.2 million, or 1.6%, compared to $2.15 billion at March 31, 2023, and an increase of $118.2 million, or 5.7%, compared to $2.06 billion at June 30, 2022. Time deposits and brokered time deposits increased, and other deposit categories decreased over the periods due to shifts into interest-bearing deposit products as a result of rising interest rates. The increase in time deposits at June 30, 2023 compared to March 31, 2023 is primarily due to organic growth and existing customer funds migrating from other deposit categories. 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, 2023, the remaining weighted average duration of brokered time deposits is approximately 13 months with a weighted average rate of 4.91%.

The following table sets forth the composition of deposits as of the dates indicated (dollars in thousands).

Stockholders' Equity

Stockholders' equity was $218.4 million at June 30, 2023, a decrease of $0.1 million compared to March 31, 2023, and a decrease of $1.0 million compared to June 30, 2022. The decrease in stockholders' equity compared to March 31, 2023 is primarily attributable to an increase in accumulated other comprehensive loss due to a decrease in the fair value of the Bank's available for sale securities portfolio, partially offset by net income for the quarter. The decrease in stockholders' equity compared to June 30, 2022 is primarily attributable to an increase in accumulated other comprehensive loss due to a decrease in the fair value of the Bank's available for sale securities portfolio and the cumulative effect adjustment as a result of the adoption of the CECL standard, reflected in retained earnings, partially offset by net income for the last twelve months.

Net Interest Income

Net interest income for the second quarter of 2023 totaled $18.4 million, a decrease of $1.8 million, or 8.9%, compared to the first quarter of 2023, and a decrease of $3.6 million, or 16.3%, compared to the second quarter of 2022. Total interest income was $32.4 million, $31.0 million and $24.3 million for the quarters ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Total interest expense was $14.0 million, $10.8 million and $2.4 million for the corresponding periods. Included in net interest income for the quarters ended June 30, 2023, March 31, 2023 and June 30, 2022 is $47,000, $0.1 million, and $0.2 million, respectively, of interest income accretion from the acquisition of loans. Also included in net interest income for the quarters ended March 31, 2023 and June 30, 2022 are interest recoveries of $0.1 million and $36,000, respectively. There were no interest recoveries for the quarter ended June 30, 2023.

Investar's net interest margin was 2.82% for the quarter ended June 30, 2023, compared to 3.13% for the quarter ended March 31, 2023 and 3.70% for the quarter ended June 30, 2022. The decrease in net interest margin for the quarter ended June 30, 2023 compared to the quarter ended March 31, 2023 was driven by a 56 basis point increase in the overall cost of funds, partially offset by an 18 basis point increase in the yield on interest-earning assets. The decrease in net interest margin for the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022 was driven by a 224 basis point increase in the overall cost of funds, partially offset by an 89 basis point increase in the yield on interest-earning assets.

The yield on interest-earning assets was 4.98% for the quarter ended June 30, 2023, compared to 4.80% for the quarter ended March 31, 2023 and 4.09% for the quarter ended June 30, 2022. The increase in the yield on interest-earning assets compared to the quarter ended March 31, 2023 was primarily attributable to a 17 basis point increase in the yield on the loan portfolio and an 11 basis point increase in the yield on the taxable securities portfolio. The increase in the yield on interest-earning assets compared to the quarter ended June 30, 2022 was primarily driven by an 84 basis point increase in the yield on the loan portfolio and an 81 basis point increase in the yield on the taxable securities portfolio.

Exclusive of the interest income accretion from the acquisition of loans, interest recoveries, and accelerated fee income recognized due to the forgiveness or pay-off of PPP loans, adjusted net interest margin decreased to 2.82% for the quarter ended June 30, 2023, compared to 3.10% for the quarter ended March 31, 2023, and 3.61% for the quarter ended June 30, 2022. The adjusted yield on interest-earning assets was 4.97% for the quarter ended June 30, 2023 compared to 4.77% and 4.01% for the quarters ended March 31, 2023 and June 30, 2022, respectively. Refer to the Reconciliation of Non-GAAP Financial Measures table for a reconciliation of GAAP to non-GAAP metrics.

The cost of deposits increased 69 basis points to 2.31% for the quarter ended June 30, 2023 compared to 1.62% for the quarter ended March 31, 2023 and increased 207 basis points compared to 0.24% for the quarter ended June 30, 2022. The increase in the cost of deposits compared to the quarter ended March 31, 2023 resulted from both higher average balances and increases in rates paid on time deposits and brokered time deposits and an increase in rates paid on interest-bearing demand deposits. The increase in the cost of deposits compared to the quarter ended June 30, 2022 resulted from both a higher average balance and an increase in rates paid on time deposits, a higher average balance of brokered time deposits, and an increase in rates paid on interest-bearing demand deposits.

The cost of short-term borrowings increased 29 basis points to 5.09% for the quarter ended June 30, 2023 compared to 4.80% for the quarter ended March 31, 2023 and increased 394 basis points compared to 1.15% for the quarter ended June 30, 2022. During the second quarter of 2023, the Bank utilized the Federal Reserve's Bank Term Funding Program ("BTFP") to secure fixed rate funding for a one-year term and reduce short-term Federal Home Loan Bank ("FHLB") advances, which are priced daily. The Bank utilized this source of funding due to its lower rate, the ability to prepay the obligations without penalty, and as a means to lock in funding. The increase in the cost of short-term borrowings compared to the quarter ended March 31, 2023 resulted from an increase in rates paid on short-term advances from the FHLB and utilization of short-term borrowings under the BTFP in the second quarter of 2023, the costs of which are driven by the Federal Reserve's federal funds rate. The increase in the cost of short-term borrowings compared to the quarter ended June 30, 2022 resulted from both a higher average balance and an increase in rates paid on short-term advances from the FHLB and utilization of short-term borrowings under the BTFP in the second quarter of 2023.

The overall cost of funds for the quarter ended June 30, 2023 increased 56 basis points to 2.79% compared to 2.23% for the quarter ended March 31, 2023 and increased 224 basis points compared to 0.55% for the quarter ended June 30, 2022. The increase in the cost of funds for the quarter ended June 30, 2023 compared to the quarter ended March 31, 2023 resulted from an increase in the cost of deposits and an increase in the cost of short-term borrowings, partially offset by a lower average balance of short-term borrowings. The increase in the cost of funds for the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022 resulted from both a higher average balance and an increase in the cost of deposits and both a higher average balance and an increase in the cost of short-term borrowings.

Noninterest Income

Noninterest income for the second quarter of 2023 totaled $2.1 million, an increase of $1.0 million, or 92.4%, compared to the first quarter of 2023 and a decrease of $4.3 million, or 67.5%, compared to the second quarter of 2022.

The increase in noninterest income compared to the quarter ended March 31, 2023 is driven by a $0.8 million decrease in loss on sale or disposition of fixed assets primarily resulting from the sale of the Alice and Victoria, Texas branches in the first quarter of 2023, a $0.1 million loss on the sale of other real estate owned recorded in the first quarter of 2023, and a $0.2 million increase in other operating income, partially offset by a $0.1 million decrease in the change in fair value of equity securities. The increase in other operating income is primarily attributable to a $0.1 million increase in the change in the net asset value of other investments and a $0.1 million increase in distributions from investments. The decrease in noninterest income compared to the quarter ended June 30, 2022 is mainly attributable to $4.7 million in swap termination fees recorded in the second quarter of 2022 and a loss on sale or disposition of fixed assets of $0.1 million for the quarter ended June 30, 2023, compared to a loss on sale or disposition of fixed assets of $0.5 million for the quarter ended June 30, 2022 resulting from the consolidation of two branch locations.

Swap termination fees of $4.7 million were recorded for the quarter ended June 30, 2022 when the Bank voluntarily terminated a number of its interest rate swap agreements in response to market conditions. The Bank had no current or forward starting interest rate swap contracts as of June 30, 2023.

Noninterest Expense

Noninterest expense for the second quarter of 2023 totaled $15.2 million, a decrease of $0.9 million, or 5.8%, compared to the first quarter of 2023, and a decrease of $0.3 million, or 2.0%, compared to the second quarter of 2022.

The decrease in noninterest expense for the quarter ended June 30, 2023 compared to the quarter ended March 31, 2023 was primarily driven by $0.7 million in expenses as a result of the sale of the Alice and Victoria, Texas branch locations in the first quarter of 2023. As a result of the sale of the Alice and Victoria, Texas branches, Investar recorded $0.4 million of occupancy expense to terminate the remaining contractually obligated lease payments, $0.1 million of salaries and employee benefits for severance, $0.1 million of professional fees for legal and consulting services, and $0.1 million of depreciation and amortization to accelerate the amortization of the remaining core deposit intangible. The remaining decrease is primarily due to a $0.2 million decrease in professional fees unrelated to the sale of the Alice and Victoria, Texas branch locations.

The decrease in noninterest expense for the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022 is primarily a result of a $0.2 million decrease in depreciation and amortization, a $0.2 million decrease in professional fees, and a $0.2 million decrease in loss on early extinguishment of subordinated debt as a result of the redemption of the 6.00% Fixed-to-Floating Rate Subordinated Notes due in 2027 in the second quarter of 2022, partially offset by a $0.3 million increase in salaries and employee benefits. The decrease in depreciation and amortization is due to the closure of two branch locations in 2022, the sale of the Alice and Victoria, Texas branches in January 2023, and the closure of one branch location in the first quarter of 2023. The increase in salaries and employee benefits compared to the second quarter of 2022 is primarily due to an increase in health insurance claims.

Taxes

Investar recorded an income tax expense of $1.5 million for the quarter ended June 30, 2023, which equates to an effective tax rate of 18.7%, compared to effective tax rates of 18.7% and 20.7% for the quarters ended March 31, 2023 and June 30, 2022, respectively.

Basic and Diluted Earnings Per Common Share

Investar reported basic and diluted earnings per common share of $0.67 for the quarter ended June 30, 2023, compared to basic and diluted earnings per common share of $0.38 for the quarter ended March 31, 2023, and basic and diluted earnings per common share of $0.92 for the quarter ended June 30, 2022.

About Investar Holding Corporation

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 28 branch locations serving Louisiana, Texas, and Alabama. At June 30, 2023, the Bank had 338 full-time equivalent employees and total assets of $2.8 billion.

Non-GAAP Financial Measures

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, accelerated fee income for PPP loans, 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, provide a more complete understanding of factors and trends affecting Investar's business and allow 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.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Investar's current views with respect to, among other things, future events and financial performance. Investar generally identifies forward-looking statements by terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "could," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words.

Any forward-looking statements contained in this press release are based on the historical performance of Investar and its subsidiaries or on Investar's current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by Investar that the future plans, estimates or expectations by Investar will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to Investar's operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if Investar's underlying assumptions prove to be incorrect, Investar's actual results may vary materially from those indicated in these statements. Investar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors include, but are not limited to, the following, any one or more of which could materially affect the outcome of future events:

• the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements caused by business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate, including risks and uncertainties caused by disruptions in the banking industry earlier this year, potential continued higher inflation and interest rates, supply and labor constraints, the war in Ukraine and the ongoing COVID-19 pandemic;
• our ability to achieve organic loan and deposit growth, and the composition of that growth;
• changes (or the lack of changes) in interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing, including potential continued increases in interest rates in 2023;
• our ability to identify and enter into agreements to combine with attractive acquisition candidates, finance acquisitions, complete acquisitions after definitive agreements are entered into, and successfully integrate and grow acquired operations;
• our adoption on January 1, 2023 of ASU 2016-13, and inaccuracy of the assumptions and estimates we make in establishing reserves for credit losses and other estimates;
• changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;
• 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 continue to be adversely impacted by the disruptions in the banking industry earlier this year causing bank depositors to move uninsured deposits to other banks or alternative investments outside the banking industry;
• changes in the quality and composition of, and changes in unrealized losses in, our investment portfolio, including whether we may have to sell securities before their recovery of amortized cost basis and realize losses;
• the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally;
• our dependence on our management team, and our ability to attract and retain qualified personnel;
• the concentration of our business within our geographic areas of operation in Louisiana, Texas and Alabama;
• concentration of credit exposure;
• any deterioration in asset quality and higher loan charge-offs, and the time and effort necessary to resolve problem assets;
• fluctuations in the price of oil and natural gas;
• data processing system failures and errors;
• cyberattacks and other security breaches; and
• hurricanes, tropical storms, tropical depressions, floods, winter storms, 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, an outbreak or intensifying of hostilities including the war in Ukraine or other international or domestic calamities, acts of God and other matters beyond our control.

These factors should not be construed as exhaustive. Additional information on these and other risk factors can be found in Item 1A. "Risk Factors" and in the "Special Note Regarding Forward-Looking Statements" in 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, 2022 filed with the Securities and Exchange Commission (the "SEC") and in Item 1A. "Risk Factors" in Investar's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC.

For further information contact:

Investar Holding Corporation
John Campbell
Executive Vice President and Chief Financial Officer
(225) 227-2215
John.Campbell@investarbank.com

INVESTAR HOLDING CORPORATION
SUMMARY FINANCIAL INFORMATION
(Amounts in thousands, except share data)
(Unaudited)

(1) Non-GAAP financial measure. See reconciliation.
(2) Efficiency ratio represents noninterest expense divided by the sum of net interest income (before provision for credit losses) and noninterest income.

INVESTAR HOLDING CORPORATION
SUMMARY FINANCIAL INFORMATION
(Unaudited)

(1) Non-GAAP financial measure. See reconciliation.
(2) Estimated for June 30, 2023.

INVESTAR HOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
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INVESTAR HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
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INVESTAR HOLDING CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
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INVESTAR HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
INTEREST EARNED AND YIELD ANALYSIS ADJUSTED FOR ACCELERATED PPP INCOME, INTEREST RECOVERIES, AND ACCRETION
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(Unaudited)

INVESTAR HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except share data)
(Unaudited)

INVESTAR HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except share data)
(Unaudited)