/s/ Ernst & Young LLP New Orleans, Louisiana March 13, 2020 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, 2019 and 2018, the related consolidated statements of income, comprehensive income, changes in stockholders' equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the “consolidated financial statements”).