Table of Contents












(Mark One)




For the fiscal year ended December 31, 2021






For the transition period from ____ to ____


Commission file number 001-36522




Full title of the plan and the address of the plan, if different from that of the issuer named below:


Investar Holding Corporation 401(k) Plan




Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:


Investar Holding Corporation

10500 Coursey Boulevard

Baton Rouge, Louisiana 70816






Investar Holding Corporation 401(k) Plan


Financial Statements and Supplemental Schedule


For the Year Ended December 31, 2021




Report of Independent Registered Public Accounting Firm


Financial Statements


Statements of Net Assets Available for Benefits at December 31, 2021 and 2020


Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021


Notes to Financial Statements


Supplemental Schedule


Schedule H, Line 4i – Schedule of Assets (Held at End of Year)




Exhibit Index



All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.




Report of Independent Registered Public Accounting Firm


To the Participants and Plan Administrators

Investar Holding Corporation 401(k) Plan


Opinion on the Financial Statements


We have audited the accompanying statements of net assets available for benefits of the Investar Holding Corporation 401(k) Plan (the Plan) as of December 31, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.


Basis for Opinion


These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.


We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.


Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.


Supplemental Information 


The Schedule of Assets (Held at End of Year) as of December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


We have served as the Plan’s auditor since 2015.


/s/Postlethwaite & Netterville, APAC


Baton Rouge, Louisiana

June 24, 2022







December 31, 2021


December 31, 2020



Investments, at fair value


Common stock of Investar Holding Corporation

  $ 2,234,404     $ 1,943,362

Mutual funds

    2,268,209       1,905,759

Pooled separate accounts

    15,190,228       12,648,157

Investments, at contract value


Guaranteed investment contract

    452,943       254,749

Total investments

    20,145,784       16,752,027



Employer contribution receivable


Employee contribution receivable


Notes receivable from participants

    563,844       397,561

Net assets available for benefits

  $ 20,709,628     $ 17,225,641


See accompanying notes.








Additions to net assets attributed to:




Interest and dividends

  $ 95,609

Net appreciation in fair value of investments


Net change in investments










Total contributions


Deductions from net assets attributed to:


Benefits paid to participants


Administrative expenses


Total deductions


Net increase in net assets


Net assets available for benefits:


Beginning of year


End of year

  $ 20,709,628


See accompanying notes.




Investar Holding Corporation 401(k) Plan

Notes to Financial Statements



Note 1 Description of Plan


The following brief description of the Investar Holding Corporation 401(k) Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.


General and Eligibility


The Plan is a defined contribution plan covering all full-time employees of Investar Bank, National Association (the “Bank”), a wholly owned subsidiary of Investar Holding Corporation (the “Company”), who have 90 days of credited service and are age 21 or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).




The Plan is funded by employee and employer contributions. Participating employees may contribute a percentage of their wages up to the maximum percentage allowable not to exceed the limits of Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). Beginning on January 1, 2018, employees are automatically enrolled in the Plan at a 5% pre-tax contribution rate and increased 1% annually on the first day of the Plan year, up to a maximum of 10% of compensation, if no action is taken by the employee. Annual employee contributions were limited to $19,500 in 2021, as indexed by the Internal Revenue Service (“IRS”), except for those employees eligible for catch-up contributions. The Plan also permits rollover contributions, which may include rollovers from other plans qualified under Section 401(a) or 403(a) of the Code.


Participants direct the investment of their contributions and any employer contributions into various investment options offered by the Plan. Participants may currently direct contributions into pooled separate accounts, a guaranteed investment contract account, and various mutual fund accounts. Additionally, participants may use a portion of their account balance to contribute to common stock of the Company.


During the year ended December 31, 2021, the Plan allowed participants to contribute to an after-tax Roth 401(k) account. Total contributions to the after-tax Roth 401(k) account were $111,335 for the year ended December 31, 2021. The Plan collects and distributes funds in the after-tax Roth 401(k) accounts in the same manner as for all other contributions to the Plan.


The Company matches 100% of each eligible participant’s voluntary deferrals, up to 4% of compensation. Also, the Company may, in its sole discretion, make discretionary contributions to the Plan each year, although no discretionary contributions were made in 2021.


Participant Accounts


Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contribution, if any, and (b) investment fund earnings (losses), and charged with an allocation of administrative expenses. Investment income and administrative expenses are allocated based on participant account value and composition. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Participants are allowed to direct the investment of all contributions among the investment options offered by the Plan. Participants may change investment options at any time.


Voting Rights


Each participant is entitled to exercise voting rights attributable to the shares of Company stock allocated to his or her account and is notified by the Company on behalf of the trustees of the Plan (“Trustees”) prior to the time that such rights are to be exercised. Voting with respect to shares of Company stock for which no timely direction is made by the participant will be voted by the Trustee in the same proportion as those shares for which timely directions have been made.




Participants are immediately vested in their voluntary contributions and in the Company’s matching and discretionary contributions, plus actual earnings thereon.



Payment of Benefits


Upon termination of service, including termination due to retirement, death, or disability, a participant may elect to receive either a lump-sum cash payment equal to the value of the participant’s account or monthly, quarterly, semiannual, or annual installment payments. In all instances, if the vested value of a participant’s account is less than $1,000, a lump-sum cash payment will be made.


Notes Receivable from Participants


In general, participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less, following the guidelines in the Plan. Loan terms range from one to five years or up to a maximum of ten years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan’s administrator. Principal and interest are paid ratably through payroll deductions.


Note 2 Summary of Significant Accounting Policies


Basis of Presentation


The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).


Use of Estimates


The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.


Investment Valuation and Income Recognition


Investments are reported at estimated fair value, except for fully benefit-responsive investment contracts, which are reported at contract value. Shares of mutual funds are reported at fair value based on the quoted market price of the fund, which represents the net asset value (“NAV”) of the shares held by the fund at year‑end. The pooled separate accounts are stated at the NAV per unit held by the Plan as a practical expedient, which approximates fair value, and these accounts have no unfunded commitments. The investment in the common stock of the Company is reported at fair value based on quoted market price.


Purchases and sales of securities are recorded on a trade-date basis. Interest is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.


Payment of Benefits


Benefit payments to participants are recorded upon distribution. As of December 31, 2021, there were no amounts allocated to accounts of participants who had elected to withdraw from the Plan but had not yet been paid.


Notes Receivable from Participants


Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes are reclassified as benefits paid to participants based upon applicable law and are included in the Statement of Changes in Net Assets Available for Benefits as a deduction.


Note 3 Administrative Expenses


Certain administrative functions are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan. Certain other administrative expenses are paid directly by the Plan.



Note 4 Investments


During the year ended December 31, 2021, the Plan’s investments in mutual funds, pooled separate accounts, and Company common stock (including investments bought, sold, and held during the year) appreciated in value by $2,350,141.


The Plan owned 121,369 and 117,495 shares of Company common stock at December 31, 2021 and 2020, respectively. The Plan did not sell or distribute any shares during the same periods. The Plan received $37,944 in dividend income on the Company common stock during the year ended December 31, 2021.


Note 5 Fixed Income Guaranteed Option


The Plan has a fully benefit-responsive guaranteed investment contract (“GIC”) issued by Principal Life Insurance Company (“Principal Life”). Principal Life maintains the contributions in a general account. The GIC does not have specific underlying assets assigned. The GIC issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.


The GIC is included in the financial statements at contract value. Contract value, as reported to the Plan by Principal Life, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The GIC does have a surrender charge of 5% that may be charged if the Plan terminates its interest in the contract.


Certain events limit the ability of the Plan to transact at contract value with the issuer. Such value events include the following: (1) amendments to the plan document (including complete or partial plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the plan sponsor or other plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, or (5) premature termination of the contract. The Plan administrator does not believe that the occurrence of any such value event, which would limit the Plan’s ability to transact at contract value with participants, is probable.


There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be greater than 3% or less than 1%. Such interest rates are reviewed on a semi-annual basis for resetting.


Note 6 Fair Value Measurements


Accounting Standards Codification (ASC) 820, Fair Value Measurement, defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement. It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts.


ASC Topic 820 requires that assets and liabilities carried at fair value also be classified and disclosed according to the process for determining fair value. There are three levels of determining fair value. These levels are:



Level 1:

Valuation is based upon quoted prices for identical instruments traded in active markets that the Plan has the ability to access at measurement date.



Level 2:

Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market.



Level 3:

Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available. These unobservable assumptions reflect the Plan’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.


In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial statements.



The following is a description of the valuation methods used for assets measured at fair value:


Mutual Funds: These investments are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and transact at that price. The mutual funds held by the Plan are deemed to be actively traded.


Common Stock: The Company’s common stock is traded on the NASDAQ Global Market and is valued at the quoted market price on the last day of the Plan year.


Pooled Separate Accounts: Each pooled separate account invests its assets solely in the shares or units of an underlying mutual fund, and the investment objective of each sub-account corresponds to the investment objective of the underlying fund. The value of each pooled separate account is determined using various inputs, such as the NAV of the shares of the underlying mutual fund held at year end, adjusted for administrative expenses and other charges.


The fair value of the Plan’s assets at December 31, 2021 and 2020, by level within the fair value hierarchy, is presented below.



Assets at Fair Value at December 31, 2021


Level 1


Level 2


Level 3



Employer security

  $ 2,234,404     $     $     $ 2,234,404

Mutual funds

    2,268,209                   2,268,209
    $ 4,502,613     $     $     $ 4,502,613

Pooled separate accounts(1)


Total investments, at fair value

                          $ 19,692,841



Assets at Fair Value at December 31, 2020


Level 1


Level 2


Level 3



Employer security

  $ 1,943,362     $     $     $ 1,943,362

Mutual funds

    1,905,759                   1,905,759
    $ 3,849,121     $     $     $ 3,849,121

Pooled separate accounts(1)


Total investments, at fair value

                          $ 16,497,278


(1) The pooled separate accounts are measured using NAV and, in accordance with the guidance in ASU 2018-13, have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.



Note 7 Plan Termination


Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.


Note 8 Tax Status


The Plan received a determination letter from the IRS dated June 29, 2017, stating that the Plan and related trust are qualified under Section 401(a) of the Code and, therefore, is exempt from taxation. Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in conformity with the Code to maintain its qualified status.


GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.


Note 9 Risks and Uncertainties


The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Market risks include global events, which could impact the value of investments, such as pandemics or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.


The Plan’s exposure to a concentration of credit risk is limited by the diversification of investments across the participant-directed fund elections. Additionally, the investments within each participant‑directed fund election are further diversified into varied financial instruments. Investment decisions are made, and the resulting risks are borne, exclusively by the Plan participant who made such decisions.


The U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 27, 2020. The CARES Act, among other things, provides immediate and temporary relief provisions available to tax qualified retirement plan sponsors and their participants related to employer contributions, distributions and participant loans. Plan management elected not to adopt the temporary relief provisions of the CARES Act.


Note 10 Related-Party Transactions and Party-in-Interest Transactions


Transactions resulting in Plan assets being transferred to or used by a related party are prohibited under ERISA unless a specific exemption is applied. Principal Trust Company (“Principal Trust”) is a party-in-interest and qualified institution as defined by ERISA. The Plan incurred administrative expenses of $165,263 to Principal Trust in 2021. The Company is a party-in-interest as defined by ERISA as a result of being the Plan sponsor. The Plan engages in transactions involving the acquisition or disposition of common stock of the Company, which it holds in the Plan. See Note 4 for additional information related to the Company’s stock. All of the above transactions are exempt from the “prohibited transactions” provisions of ERISA and the Code.


Note 11 Subsequent Events


The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2021 but prior to the issuance of these financial statements that would have a material impact on its financial statements.




EIN: 27-1560715, PN: 001


DECEMBER 31, 2021





Identity of issuer, borrower,

lessor, or similar party



Description of investment including

maturity date, rate of interest,

collateral, par, or maturity value










Principal LargeCap S&P 500 Index SA-I5


Pooled separate accounts

    2,482       **     $ 636,725  



Principal SmallCap S&P 600 Index SA-I5


Pooled separate accounts

    2,860        **        285,302  



Principal MidCap S&P 400 IDX SA-I5


Pooled separate accounts

    9,740        **        923,995  
*   Principal Lifetime 2010 SEP Acct-I5   Pooled separate accounts     377        **        12,078  
*   Principal Lifetime 2015 SEP Acct-I5   Pooled separate accounts     15,228        **        342,762  



Principal Lifetime 2020 SEP Acct-I5


Pooled separate accounts

    15,422        **        598,298  
*   Principal Lifetime 2025 SEP Acct-I5   Pooled separate accounts     71,602        **        1,829,961  



Principal Lifetime 2030 SEP Acct-I5


Pooled separate accounts

    32,979        **        1,436,467  
*   Principal Lifetime 2035 SEP Acct-I5   Pooled separate accounts     68,111        **        1,930,389  



Principal Lifetime 2040 SEP Acct-I5


Pooled separate accounts

    37,427        **        1,793,898  
*   Principal Lifetime 2045 SEP Acct-I5   Pooled separate accounts     75,920        **        2,289,584  



Principal Lifetime 2050 SEP Acct-I5


Pooled separate accounts

    37,062        **        1,794,948  
*   Principal Lifetime 2055 SEP Acct-I5   Pooled separate accounts     22,607        **        698,400  
*   Principal Lifetime 2060 SEP Acct-I5   Pooled separate accounts     5.124       **       134,827  
*   Principal Lifetime 2065 SEP Acct-I5   Pooled separate accounts     1,439       **       22,850  
*   Principal MidCap Growth Separate Account-Z  

Pooled separate accounts

    1,219        **        144,014  
*   Principal LargeCap Growth I Separate Account-Z  

Pooled separate accounts

    4,592        **        315,730  



Principal Life Insurance Company


Guaranteed investment contract

           **        452,943  
    Fidelity Advisor High Income Advantage I Fund  

Mutual funds

    13,197        **        156,380  
    Vanguard Total Bond Market Index Admiral Fund  

Mutual funds

    13,307        **        148,901  

Dodge & Cox Stock Fund


Mutual funds

    885        **        217,064  
    American Beacon International Equity R5 Fund  

Mutual funds

    4,707        **        85,194  
    DFA US Large Cap Value I Fund  

Mutual funds

    3,060        **        140,924  

DFA US Targeted Value I Fund


Mutual funds

    742        **        22,402  
    DFA International Small Company I Fund  

Mutual funds

    1,278        **        27,830  
    American Funds Growth Fund of America R6 Fund  

Mutual funds

    6,334        **        470,976  
    American Funds Euro Pacific Growth R6 Fund  

Mutual funds

    1,478        **        95,644  
    American Funds New Perspective R6 Fund  

Mutual funds

    3,608        **        239,764  
    Allspring Spec M Cap Val Institutional Fund  

Mutual funds

    2,974        **        150,289  
    DFA Inflation Protected Securities I Fund  

Mutual funds

    2,764        **        36,795  
    Virtus Seix Total Return Bond I Fund  

Mutual funds

    8,173        **        91,946  
    American Funds American Balanced R6 Fund  

Mutual funds

    8,423        **        281,989  
    ClearBridge Small Cap Growth IS Fund  

Mutual funds

    1,955        **        102,111  


  Investar Holding Corporation Stock Fund  

Employer security

    121,369        **        2,234,404  

Total investments




Notes receivable from participants


Notes receivable bearing interest rates of 4.25% - 6.50% and maturing 6/2021 - 10/2026


Total net assets

                  $ 20,709,628  





Cost information is not required for participant-directed investments, and, therefore is not included.






The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.





Date: June 24, 2022



/s/ John J. D’Angelo


John J. D’Angelo


President and Chief Executive Officer








Description of Exhibit




Consent of Independent Registered Public Accounting Firm, filed herewith





Exhibit 23.1


Consent of Independent Registered Public Accounting Firm


We consent to the incorporation by reference in the Registration Statement No. 333-201880 on Form S-8 of our report dated June 24, 2022, appearing in this Annual Report on Form 11-K of the Investar Holding Corporation 401(k) Plan for the year ended December 31, 2021.


/s/Postlethwaite & Netterville, APAC


Baton Rouge, Louisiana

June 24, 2022