/s/ Ernst & Young LLP New Orleans, Louisiana March 16, 2018 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders Investar Holding Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Investar Holding Corporation (the Company) as of December 31, 2017, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for the year ended December 31, 2017, and the related notes (collectively referred to as the “consolidated financial statements”).