/s/ Ernst & Young LLP New Orleans, Louisiana March 15, 2019 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Investar Holding Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Investar Holding Corporation (the Company) as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the years then ended , and the related notes (collectively referred to as the “consolidated financial statements”).