Date: March 9, 2017 By: /s/ John J. D’Angelo John J. D’Angelo President and Chief Executive Officer Date: March 9, 2017 By: /s/ Christopher L. Hufft Christopher L. Hufft Executive Vice President and Chief Financial Officer REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and Board of Directors Investar Holding Corporation Baton Rouge, Louisiana We have audited the accompanying consolidated balance sheets of Investar Holding Corporation (the Company) as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2016.