0001437749-24-020970 11-K 3 20231231 20240621 20240621 Investar Holding Corp 0001602658 6022 02 Finance 271560715 LA 1231 11-K 34 001-36522 241060425 10500 COURSEY BLVD THIRD FLOOR BATON ROUGE LA 70816 225-227-2222 10500 COURSEY BLVD THIRD FLOOR BATON ROUGE LA 70816 11-K 1 istr20231231_11k.htm FORM 11-K Table of Contents -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________ FORM 11-K _________________________________________ (Mark One) ? ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ? TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-36522 A. 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 B. 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 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Table of Contents Investar Holding Corporation 401(k) Plan Financial Statements and Supplemental Schedules For the Year Ended December 31, 2023 TABLE OF CONTENTS Reports of Independent Registered Public Accounting Firms 3 Financial Statements Statements of Net Assets Available for Benefits at December 31, 2023 and 2022 5 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2023 6 Notes to Financial Statements 7 Supplemental Schedules Schedule H, Line 4i – Schedule of Assets (Held at End of Year) 12 Schedule H, Line 4a – Schedule of Delinquent Participant Contributions 13 Signatures 14 Exhibit Index 15 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. 2 -------------------------------------------------------------------------------- Table of Contents Report of Independent Registered Public Accounting Firm To the Plan Administrator, Participants and Beneficiaries of the Investar Holding Corporation 401(k) Plan Opinion on the Financial Statements We have audited the accompanying statement of net assets available for benefits of Investar Holding Corporation 401(k) Plan (the “Plan”) as of December 31, 2023, and the related statement of changes in net assets available for benefits for the year then ended, 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, 2023, and the changes in net assets available for benefits for the year then ended, 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 audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 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 audit, 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 audit 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 audit 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 audit provides a reasonable basis for our opinion. Supplemental Information The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2023 and schedule of delinquent participant contributions for the year ended December 31, 2023, have 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. /s/EisnerAmper LLP Partners of Postlethwaite & Netterville joined EisnerAmper LLP in 2023. Postlethwaite & Netterville had served as the Plan’s auditor since 2015. EISNERAMPER LLP Baton Rouge, Louisiana June 21, 2024 3 -------------------------------------------------------------------------------- Table of Contents 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, 2022, 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, 2022, 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 audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 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 audit, 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 audit 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 audit 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 audit provide a reasonable basis for our opinion. We have served as the Plan’s auditor since 2015. /s/Postlethwaite & Netterville, APAC Baton Rouge, Louisiana June 23, 2023 4 -------------------------------------------------------------------------------- Table of Contents INVESTAR HOLDING CORPORATION 401(K) PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31, December 31, 2023 2022 ASSETS Investments, at fair value Common stock of Investar Holding Corporation $ 2,137,870 $ 2,699,104 Mutual funds 2,395,660 1,917,623 Pooled separate accounts 16,626,719 12,885,101 Investments, at contract value Guaranteed investment contract 405,879 494,203 Total investments 21,566,128 17,996,031 Receivables Notes receivable from participants 460,987 338,351 Net assets available for benefits $ 22,027,115 $ 18,334,382 See accompanying notes. 5 -------------------------------------------------------------------------------- Table of Contents INVESTAR HOLDING CORPORATION 401(K) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2023 Additions to net assets attributed to: Investments Interest and dividends $ 134,535 Net appreciation in fair value of investments 1,860,928 Other 580 Net change in investments 1,996,043 Contributions Participants 2,006,412 Employer 1,001,998 Rollovers 825,566 Total contributions 3,833,976 Deductions from net assets attributed to: Benefits paid to participants 1,990,855 Administrative expenses 146,431 Total deductions 2,137,286 Net increase in net assets 3,692,733 Net assets available for benefits: Beginning of year 18,334,382 End of year $ 22,027,115 See accompanying notes. 6 -------------------------------------------------------------------------------- Table of Contents 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 three months 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”). Contributions 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”). 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 $22,500 in 2023 and $20,500 in 2022, as indexed by the Internal Revenue Service (“IRS”), except for those employees eligible for catch-up contributions. Employees 50 years of age and older during the Plan year were also permitted to make catch-up contributions limited to $7,500 in 2023 and $6,500 in 2022. 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, 2023, the Plan allowed participants to contribute to an after-tax Roth 401(k) account. 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 participant’s voluntary deferrals, up to 4% of eligible compensation. Also, the Company may, in its sole discretion, make discretionary contributions to the Plan each year, although no discretionary contributions were made in 2023. 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. Vesting Participants are immediately vested in their voluntary contributions and in the Company’s matching contributions plus actual earnings thereon. The Company’s discretionary contributions vest in increments of 20% annually over a period of five years based on the employees’ years of service, beginning upon completion of two years of service (such that an employee with six years of service will be 100% vested), as further described in the Plan document. 7 -------------------------------------------------------------------------------- Table of Contents Payment of Benefits Upon termination of service, including termination due to retirement, death, or disability, a participant may elect to receive a lump-sum cash payment equal to the value of the participant’s account. 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. Forfeited Accounts In the case of a participant’s termination of employment, the unvested portion of participants’ account is forfeited and used either to reduce the Company’s contributions or to pay plan expenses. During the year ended December 31, 2023, forfeitures of $1,220 were used to reduce the Company’s contributions, and $913 were applied to the payment of administrative expenses. As of December 31, 2023 and 2022, forfeited non-vested account balances totaled $6,840 and $6,536, respectively. 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 guaranteed investment contracts (“GIC”), 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 year­end. The pooled separate accounts are stated at the NAV per unit held by the Plan as a practical expedient, which approximates fair value, may be redeemed daily, and 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, 2023, 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. No allowance for credit losses has been recorded as of December 31, 2023 or December 31, 2022. 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. 8 -------------------------------------------------------------------------------- Table of Contents Note 4 – Fixed Income Guaranteed Option The Plan has a 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 has a surrender charge of 5% that may be charged if the Plan terminates its interest in the contract without giving a 12-month advance notice. Certain events limit the ability of the Plan to transact at contract value with the issuer. Such 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 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 5 – 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. 9 -------------------------------------------------------------------------------- Table of Contents 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 and are valued at the daily closing price as reported by the fund on the last day of the Plan year. Common Stock: The Company’s common stock is traded on the NASDAQ Global Market and is valued at the closing 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, 2023 and 2022, by level within the fair value hierarchy, is presented below. Assets at Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Total Common stock of Investar Holding Corporation $ 2,137,870 $ — $ — $ 2,137,870 Mutual funds 2,395,660 — — 2,395,660 $ 4,533,530 $ — $ — $ 4,533,530 Pooled separate accounts(1) 16,626,719 Total investments, at fair value $ 21,160,249 Assets at Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Common stock of Investar Holding Corporation $ 2,699,104 $ — $ — $ 2,699,104 Mutual funds 1,917,623 — — 1,917,623 $ 4,616,727 $ — $ — $ 4,616,727 Pooled separate accounts(1) 12,885,101 Total investments, at fair value $ 17,501,828 (1) The pooled separate accounts are measured using NAV and, in accordance with the guidance in ASC 820-10, 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. 10 -------------------------------------------------------------------------------- Table of Contents Note 6 – 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. In the event of plan termination, participants would become 100% vested in the Company's discretionary contributions. Note 7 – 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, 2023, 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 8 – 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 participant­directed 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. Note 9 – 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 $146,431 to Principal Trust in 2023. 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. The Plan owned 143,385 and 125,365 shares of Company common stock at December 31, 2023 and 2022, respectively. The Plan did not sell or distribute any shares during the same periods. The Plan received $52,311 in dividend income on the Company common stock during the year ended December 31, 2023. All of the above transactions are exempt from the “prohibited transactions” provisions of ERISA and the Code. Note 10 – Subsequent Events The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through June 21, 2024, the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2023, but prior to the issuance of these financial statements that would have a material impact on its financial statements. 11 -------------------------------------------------------------------------------- Table of Contents INVESTAR HOLDING CORPORATION 401(K) PLAN EIN: 27-1560715, PN: 001 FORM 5500, SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2023 (c) Description of investment including (b) maturity date, rate Identity of issuer, of interest, (f) borrower, collateral, par, or (d) (e) Current (a) lessor, or similar party maturity value Shares Cost value Principal LargeCap S&P Pooled separate * 500 Index SA-Z accounts 3,903 ** $ 1,035,398 Principal SmallCap S&P Pooled separate * 600 Index SA-Z accounts 2,062 ** 200,095 Principal MidCap S&P 400 Pooled separate * Index SA-Z accounts 9,849 ** 946,876 * Principal Lifetime 2015 Pooled separate 11,818 ** 261,695 Sep Acct-Z accounts Principal Lifetime 2020 Pooled separate * Sep Acct-Z accounts 9,704 ** 374,848 * Principal Lifetime 2025 Pooled separate 70,971 ** 1,785,263 Sep Acct-Z accounts Principal Lifetime 2030 Pooled separate * Sep Acct-Z accounts 41,624 ** 1,798,010 * Principal Lifetime 2035 Pooled separate 80,585 ** 2,250,846 Sep Acct-Z accounts Principal Lifetime 2040 Pooled separate * Sep Acct-Z accounts 42,969 ** 2,067,075 * Principal Lifetime 2045 Pooled separate 84,281 ** 2,536,572 Sep Acct-Z accounts Principal Lifetime 2050 Pooled separate * Sep Acct-Z accounts 38,643 ** 1,896,905 * Principal Lifetime 2055 Pooled separate 21,221 ** 656,696 Sep Acct-Z accounts * Principal Lifetime 2060 Pooled separate 9,548 ** 249,951 Sep Acct-Z accounts * Principal Lifetime 2065 Pooled separate 3,736 ** 58,594 Sep Acct-Z accounts * Principal Lifetime Pooled separate 902 ** 25,025 Strategic Income SA-Z accounts Principal MidCap Growth Pooled separate * Sep Acct-Z accounts 1,039 ** 94,176 Principal LargeCap Pooled separate * Growth I SA-Z accounts 6,067 ** 388,694 Principal Life Insurance Guaranteed * Company investment contract — ** 405,879 Fidelity Advisor High Income Advantage I Fund Mutual funds 20,764 ** 218,023 Vanguard Total Bond Market Index Admiral Fund Mutual funds 9,920 ** 96,326 Dodge & Cox Stock I Fund Mutual funds 1,187 ** 289,190 American Beacon International Equity R5 Fund Mutual funds 4,966 ** 90,576 DFA US Large Cap Value I Fund Mutual funds 2,850 ** 126,926 DFA US Targeted Value I Fund Mutual funds 800 ** 25,498 DFA International Small Company I Fund Mutual funds 889 ** 17,162 American Funds Growth Fund of America R6 Fund Mutual funds 7,516 ** 475,064 American Funds Euro Pacific Growth R6 Fund Mutual funds 2,048 ** 112,014 American Funds New Perspective R6 Fund Mutual funds 4,576 ** 255,960 Allspring Spec M Cap Val Institutional Fund Mutual funds 2,821 ** 129,812 DFA Inflation Protected Securities I Fund Mutual funds 10,169 ** 110,132 Virtus Seix Total Return Bond I Fund Mutual funds 8,004 ** 76,202 American Funds American Balanced R6 Fund Mutual funds 9,418 ** 301,383 ClearBridge Small Cap Growth IS Fund Mutual funds 1,760 ** 71,392 Investar Holding * Corporation Stock Fund Employer security 143,385 ** 2,137,870 Total investments 21,566,128 Notes receivable bearing interest rates of 4.25% - Notes receivable from 9.50% and maturing * participants 01/2024 - 10/2028 — — 460,987 Total net assets $ 22,027,115 * Party-in-interest Cost information is not required for participant-directed investments, and, therefore is ** not included. 12 -------------------------------------------------------------------------------- Table of Contents INVESTAR HOLDING CORPORATION 401(K) PLAN EIN: 27-1560715, PN: 001 FORM 5500, SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2023 Participant Contributions Transferred Late to Plan Total that Constitute Nonexempt Prohibited Transactions Check here if Late Participant Loan Total Fully Corrected Repayments are Contributions Not Contributions Contributions Pending Under VFCP and PTE included: Corrected Corrected Outside VFCP Correction in VFCP 2002-51 X $ 96 $ — $ — $ — 13 -------------------------------------------------------------------------------- Table of Contents SIGNATURES 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. INVESTAR HOLDING CORPORATION 401(K) PLAN Date: June 21, 2024 By: /s/ John J. D’Angelo John J. D’Angelo President and Chief Executive Officer 14 -------------------------------------------------------------------------------- Table of Contents EXHIBIT INDEX Exhibit Number Description of Exhibit 23.1 Consent of Independent Registered Public Accounting Firm - EisnerAmper LLP, filed herewith 23.2 Consent of Independent Public Accounting Firm - Postlethwaite & Netterville, APAC, filed herewith 15 EX-23.1 2 ex_668028.htm EXHIBIT 23.1 Exhibit 23.1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement of Investar Holding Corporation on Form S-8 No. 333-201880 of our report dated June 21, 2024 on our audit of the financial statements of Investar Holding Corporation 401(k) Plan as of and for the year ended December 31, 2023 and supplemental schedules as of December 31, 2023, which report is included in this Annual Report on Form 11-K to be filed on or about June 21, 2024. /s/EisnerAmper LLP EISNERAMPER LLP Baton Rouge, Louisiana June 21, 2024 EX-23.2 3 ex_686969.htm EXHIBIT 23.2 Exhibit 23.2 Consent of Independent 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 23, 2023, appearing in this Annual Report on Form 11-K of the Investar Holding Corporation 401(k) Plan for the year ended December 31, 2023. /s/Postlethwaite & Netterville, APAC Baton Rouge, Louisiana June 21, 2024