# EDGAR Filing Document

**Accession Number:** 0001602658
**File Stem:** 0001437749-25-035258
**Filing Date:** 2025-11
**Character Count:** 112226
**Document Hash:** c83c2a3161ccd5b25ac743ddce690787
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035258.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001437749-25-035258

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investar Holding Corp
- **CENTRAL INDEX KEY:** 0001602658
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 271560715
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36522
- **FILM NUMBER:** 251488401

**BUSINESS ADDRESS:**
- **STREET 1:** 10500 COURSEY BLVD
- **STREET 2:** THIRD FLOOR
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70816
- **BUSINESS PHONE:** 225-227-2222

**MAIL ADDRESS:**
- **STREET 1:** 10500 COURSEY BLVD
- **STREET 2:** THIRD FLOOR
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70816
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investar Holding Corp
- **CENTRAL INDEX KEY:** 0001602658
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 271560715
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 10500 COURSEY BLVD
- **STREET 2:** THIRD FLOOR
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70816
- **BUSINESS PHONE:** 225-227-2222

**MAIL ADDRESS:**
- **STREET 1:** 10500 COURSEY BLVD
- **STREET 2:** THIRD FLOOR
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70816

Filed by Investar Holding Corporation

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Wichita Falls Bancshares, Inc.

Commission File Number: 333-290225

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

___________________

**FORM 8-K**

___________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): November 14, 2025**

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## Investar Holding Corporation
**(Exact name of registrant as specified in its charter)**

------

---

| | | |
|:---|:---|:---|
| **Louisiana** | **001-36522** | **27-1560715** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**10500 Coursey Boulevard**

**Baton Rouge, Louisiana 70816**

**(Address of principal executive offices) (Zip Code)**

**Registrant**'**s telephone number, including area code: (225) 227-2222**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $1.00 par value per share | ISTR | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Introductory Note**

On June 30, 2025, Investar Holding Corporation ("Investar") entered into a Securities Purchase Agreement with certain institutional and other accredited investors relating to the sale by Investar in a private placement offering (the "Private Placement") of an aggregate of 32,500 shares of its newly designated 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock ("Series A Preferred Stock"). In connection with the Private Placement, Investar agreed generally to register the resale of the common stock issuable upon conversion of the Series A Preferred (the "Resale"). On September 17, 2025, the registration statement with respect to the Resale was declared effective, and the final prospectus with respect to the Resale was filed with the Securities and Exchange Commission on September 18, 2025 (the "Final Prospectus"). This Current Report on Form 8-K is being filed for the purpose of updating certain financial and other information contained in the Final Prospectus relating to Wichita Falls Bancshares, Inc. ("WFB"), and the merger of WFB with and into Investar, to comport, among other things, with Rules 3-01 and 3-05 and Article 11 of Regulation S-X, which information is incorporated by reference into the Final Prospectus.

**Item 9.01 Financial Statements and Exhibits**

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| | |
|:---|:---|
| ***(a)*** | ***Financial statements of business acquired.*** |
| (i) | The consolidated balance sheets of WFB as of September 30, 2025 (unaudited) and December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the nine months ended September 30, 2025 and 2024, and the related notes, are included as Exhibit 99.1, which is incorporated herein by reference. |
| (ii) | Management's Discussion and Analysis of Financial Condition and Results of Operations as of and for the nine months ended September 30, 2025 and 2024, with respect to WFB, is included as Exhibit 99.2, which is incorporated herein by reference. |
| ***(b)*** | ***Pro forma financial information.*** |
| (i) | The unaudited pro forma combined condensed consolidated balance sheet of Investar as of September 30, 2025, and the unaudited pro forma combined condensed consolidated statement of income of Investar for the nine months ended September 30, 2025, are included as Exhibit 99.3, which is incorporated herein by reference. |
| ***(c)*** | ***Shell company transactions.*** |
| (i) | Not applicable. |
| ***(d)*** | ***Exhibits.*** |
|  | The following are filed as exhibits to this Current Report on Form 8-K: |

---

---

| | |
|:---|:---|
| Exhibit<br> Number | Description of Exhibit |
| 99.1 | [Unaudited Consolidated Financial Statements of Wichita Falls Bancshares, Inc. as of and for the nine months ended September 30, 2025 and 2024.](ex_889177.htm) |
| 99.2 | [Management's Discussion and Analysis of Financial Condition and Results of Operations as of and for the nine months ended September 30, 2025 and 2024, with respect to Wichita Falls Bancshares, Inc.](ex_889178.htm) |
| 99.3 | [Unaudited Pro Forma Combined Condensed Consolidated Financial Statements as of and for the nine months ended September 30, 2025.](ex_889179.htm) |
| 104 | The cover page of Investar Holding Corporation's Form 8-K is formatted in Inline XBRL |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **INVESTAR HOLDING CORPORATION** | **INVESTAR HOLDING CORPORATION** |
| Date: November 14, 2025 | By: | /s/ John J. D'Angelo |
|  |  | John J. D'Angelo |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| **Unaudited Consolidated Financial Statements of Wichita Falls Bancshares, Inc. and Subsidiaries** |  |
| Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 | [1](#Balance_Sheet) |
| Consolidated Statements of Income for the Nine Months ended September 30, 2025 and 2024 | [2](#Income_Statement) |
| Consolidated Statements of Comprehensive Income for the Nine Months ended September 30, 2025 and 2024 | [3](#SOCI) |
| Consolidated Statements of Change in Stockholders' Equity for the Nine Months ended September 30, 2025 and 2024 | [4](#SOSE) |
| Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024 | [5](#SOCF) |
| Notes to Consolidated Financial Statements | [7](#Notes) |

---

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

September 30, 2025 (Unaudited) and December 31, 2024

(in thousands, except per share data)

------

---

| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
| Assets |  |  |
| Cash and cash equivalents |  |  |
| Cash and due from banks | $9113 | $25191 |
| Interest-bearing deposits | 119794 | 138892 |
| Total cash and equivalents | 128907 | 164083 |
| Debt securities available for sale, at fair value (amortized cost $54,806 and $59,429, net of allowance for credit losses of $0 and $0) | 52024 | 55157 |
| Debt securities held to maturity, net of allowance for credit losses of $0 and $0, (fair value 9/30/2025 - $365, 12/31/2024 - $501) | 364 | 501 |
| Restricted stock, at cost | 4676 | 12686 |
| Investment in unconsolidated subsidiary | 278 | 279 |
| Loans held-for-sale | 433 | 1999 |
| Loans, net of allowance for credit losses of $10,640 and $10,815 as of September 30, 2025 and December 31, 2024, respectively | 1082915 | 1260776 |
| Premises and equipment, net | 13903 | 14337 |
| Accrued interest receivable | 5746 | 6634 |
| Bank-owned life insurance | 13636 | 13606 |
| Goodwill | 4379 | 4379 |
| Other intangible assets, net | 813 | 948 |
| Other assets | 6573 | 7266 |
| Total assets | $1314647 | $1542651 |
| Liabilities |  |  |
| Deposits | $1110928 | $1154868 |
| Federal funds purchased and repurchase agreements | 1784 | 2302 |
| Federal Home Loan Bank advances | 30096 | 205189 |
| Other borrowings | 37196 | 37336 |
| Subordinated debt | 20924 | 33128 |
| Allowance for credit losses on off-balance sheet credit exposures | 1746 | 1746 |
| Accrued interest payable | 2105 | 2177 |
| Other liabilities | 7660 | 8671 |
| Total liabilities | 1212439 | 1445417 |
| Stockholders' Equity |  |  |
| Common stock, par value $1 a share |  |  |
| Authorized - 1,000,000 shares; 620,912 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 621 | 621 |
| Capital surplus | 33277 | 33277 |
| Retained earnings | 70507 | 66896 |
| Accumulated other comprehensive loss | (2197) | (3560) |
| Total stockholders' equity | 102208 | 97234 |
|  | $1314647 | $1542651 |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(in thousands, except per share data)

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---

| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2024 |
| Interest Income |  |  |
| Interest and fees on loans | $54685 | $56681 |
| Interest on debt securities |  |  |
| Taxable | 1046 | 940 |
| Tax-exempt | 797 | 866 |
| Interest on federal funds sold and interest-bearing deposits in banks | 1459 | 1360 |
| Total interest income | 57987 | 59847 |
| Interest Expense |  |  |
| Deposits | 26357 | 26883 |
| Federal funds purchased and repurchase agreements | 20 | 26 |
| Borrowed funds | 6720 | 8959 |
| Subordinated debt | 541 | 617 |
| Total interest expense | 33638 | 36485 |
| Net interest income | 24349 | 23362 |
| Provision for credit losses | 164 | 1560 |
| Net interest income after provision for credit losses | 24185 | 21802 |
| Non-Interest Income |  |  |
| Service charges on deposit accounts | 304 | 338 |
| Mortgage loan sales/originations/processing | 467 | 387 |
| Loss on sale of securities |  | (440) |
| Earnings on bank-owned life insurance | 331 | 288 |
| ATM/debit card interchange fees | 559 | 603 |
| Other | 645 | 727 |
| Total non-interest income | 2306 | 1903 |
| Non-Interest Expense |  |  |
| Salaries and employee benefits | 10710 | 12289 |
| Occupancy | 1773 | 2057 |
| Data processing | 864 | 806 |
| Director fees | 402 | 410 |
| Legal and professional fees | 1601 | 949 |
| FDIC assessment | 1088 | 1304 |
| Mortgage expense | 145 | 101 |
| Telephone | 386 | 374 |
| Loss on sale of assets | 1913 |  |
| Loss on sale of foreclosed assets | 99 |  |
| Amortization of intangibles | 135 | 846 |
| Other | 2958 | 3255 |
| Total non-interest expense | 22074 | 22391 |
| Income before income taxes | 4417 | 1314 |
| Income tax expense (benefit) | 806 | (2069) |
| Net Income | $3611 | $3383 |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(in thousands, except per share data)

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| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2024 |
| Net Income | $3611 | $3383 |
| Other Comprehensive Income |  |  |
| Unrealized holding gains arising during period on debt securities available for sale | 1489 | 686 |
| Reclassification adjustment for losses included in net income |  | 440 |
| Tax effect | (126) | 271 |
| Net of tax | 1363 | 1397 |
| Other comprehensive gain, net | 1363 | 1397 |
| Comprehensive Income | $4974 | $4780 |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders' Equity

Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(in thousands, except per share data)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated |  |  |
|  |  |  |  | Other |  |  |
|  | Common | Capital | Retained | Comprehensive | Treasury |  |
|  | Stock | Surplus | Earnings | (Loss) | Stock | Total |
| Balance at December 31, 2023 | $592 | $27994 | $61098 | $(3388) | $(1305) | $84991 |
| Net income |  |  | 3383 |  |  | 3383 |
| Other comprehensive gain |  |  |  | 1397 |  | 1397 |
| Treasury stock sold |  | 50 |  |  | 52 | 102 |
| Cash dividends |  |  | (81) |  |  | (81) |
| Balance at September 30, 2024 | $592 | $28044 | $64400 | $(1991) | $(1253) | $89792 |
| Balance at December 31, 2024 | $621 | $33277 | $66896 | $(3560) | $- | $97234 |
| Net income |  |  | 3611 |  |  | 3611 |
| Other comprehensive gain |  |  |  | 1363 |  | 1363 |
| Balance at September 30, 2025 | $621 | $33277 | $70507 | $(2197) | $- | $102208 |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(in thousands)

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| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2024 |
| Operating Activities |  |  |
| Net income | $3611 | $3383 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| Provision for credit losses | 164 | 1560 |
| Depreciation | 542 | 558 |
| Amortization of core deposit intangibles | 135 | 134 |
| Net loss on sales of debt securities |  | 440 |
| Net loss on sales of foreclosed assets | 99 |  |
| Net loss on sales of premises and equipment | 25 |  |
| Net loss on sales of loans | 1887 |  |
| Deferred tax benefit | (122) | (122) |
| Amortization of discounts and premiums on debt securities | (1229) | (212) |
| Earnings on bank-owned life insurance policies | (412) | (288) |
| Changes in assets and liabilities |  |  |
| Net increase (decrease) in loans held-for-sale | 1566 | (1324) |
| Accrued interest receivable | 888 | (456) |
| Other assets | (17) | (623) |
| Accrued interest payable | (72) | 111 |
| Other liabilities | (584) | (1171) |
| Total adjustments | 2870 | (1393) |
| Net Cash Provided by Operating Activities | 6481 | 1990 |
| Investing Activities |  |  |
| Proceeds from maturities, paydowns, and sales of debt securities available for sale | 5466 | 27608 |
| Proceeds from maturities and paydowns of debt securities held to maturity | 137 | 130 |
| Purchases of debt securities available for sale | (1104) | (27835) |
| Proceeds from redemption of restricted stock | 11560 | 3003 |
| Purchases of restricted stock | (3550) | (6099) |
| Increase (decrease) in loans, net | 177861 | (87427) |
| Purchases of premises and equipment | (134) | (157) |
| Net Cash Provided by (Used in) Investing Activities | 190236 | (90777) |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2025 and 2024 (Unaudited)

(in thousands)

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| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2024 |
| Financing Activities |  |  |
| Increase (decrease) in deposits | (43940) | 36550 |
| Proceeds from FHLB advances | 3020000 | 4560500 |
| Repayments of FHLB advances | (3195093) | (4506590) |
| Proceeds from subordinated debt |  | 8700 |
| Repayments of subordinated debt | (12203) |  |
| Repayments of other borrowings | (139) | (177) |
| Net change in fed funds purchased and repurchase agreements | (518) | (633) |
| Dividends paid |  | (81) |
| Net Cash (Used in) Provided by Financing Activities | (231893) | 98269 |
| Net Change in Cash and Cash Equivalents | (35176) | 9482 |
| Cash and Cash Equivalents, Beginning of Year | 164083 | 157840 |
| Cash and Cash Equivalents, End of Year | $128907 | $167322 |
| Supplemental Schedule of Operating and Investing Activities |  |  |
| Interest paid | $24880 | $36374 |
| Income taxes paid | $2420 | $666 |

---

*See Notes to Consolidated Financial Statements*

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Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

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**Note 1 - Basis for Presentation and Summary of Significant Accounting Policies**

The accompanying unaudited interim consolidated financial statements of Wichita Falls Bancshares, Inc. (Bancshares) and its wholly-owned subsidiaries, First National Bank (Bank) and 114 Dove LLC (which are referred to collectively herein as the Company), have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim consolidated financial statements and notes should be read in conjunction with the Company's consolidated financial statements and notes thereto for the years ended December 31, 2024. In the opinion of management, all adjustments necessary for a fair presentation have been made and consist only of normal recurring adjustments. Interim results of operations are not necessarily indicative of results to be expected for the year.

**Allowance for Credit Losses** – **Held to Maturity Securities**

Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. Accrued interest receivable on held to maturity debt securities totaled approximately $0 at September 30, 2025 and December 31, 2024, and is excluded from the estimate of credit losses.

**Allowance for Credit Losses** – **Available for Sale Securities**

Accrued interest receivable on available for sale debt securities totaled approximately $313,000 and $529,000 at September 30, 2025 and December 31, 2024, respectively and is excluded from the estimate of credit losses.

**Loans**

Accrued interest receivable totaled approximately $5,433,000 and $6,104,000 at September 30, 2025 and December 31, 2024, respectively, and is reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

**Subsequent Events**

The Company has evaluated subsequent events through November 14, 2025, the date which the consolidated financial statements were available to be issued.

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Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

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**Note 2 - Debt Securities**

The following tables summarize the Company's available for sale and held to maturity debt securities at September 30, 2025 and December 31, 2024 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  |  | Gross | Gross | Allowance |  |
|  | Amortized | Unrealized | Unrealized | for | Fair |
|  | Cost | Gains | Losses | Credit Losses | Value |
| Available for sale |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $27546 | $- | $(2809) | $- | $24737 |
| Mortgage-backed securities | 14387 | 208 | (280) |  | 14315 |
| Collateralized mortgage obligations | 11873 | 191 | (89) |  | 11975 |
| Corporate bonds | 1000 |  | (3) |  | 997 |
| Total available for sale | $54806 | $399 | $(3181) | $- | $52024 |
|  |  | Gross | Gross |  | Allowance |
|  | Amortized | Unrecognized | Unrecognized | Fair | for |
|  | Cost | Gains | Losses | Value | Credit Losses |
| Held to maturity |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $364 | $1 | $- | $365 | $- |
| Total held to maturity | $364 | $1 | $- | $365 | $- |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Amortized<br> Cost | Gross<br> Unrealized<br> Gains | Gross<br> Unrealized<br> Losses | Allowance<br> for<br> Credit Losses | Fair<br> Value |
| Available for sale |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $28659 | $- | $(3278) | $- | $25381 |
| Mortgage-backed securities | 16367 |  | (689) |  | 15678 |
| Collateralized mortgage obligations | 13403 | 16 | (293) |  | 13126 |
| Corporate bonds | 1000 |  | (28) |  | 972 |
| Total available for sale | $59429 | $16 | $(4288) | $- | $55157 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Amortized<br> Cost | Gross<br> Unrecognized<br> Gains | Gross<br> Unrecognized<br> Losses | Fair<br> Value | Allowance<br> for<br> Credit Losses |
| Held to maturity |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $501 | $- | $- | $501 | $- |
| Total held to maturity | $501 | $- | $- | $501 | $- |

---

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Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

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The amortized cost and fair value of debt securities at September 30, 2025, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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| | | |
|:---|:---|:---|
|  | Amortized | Fair |
|  | Cost | Value |
| Available-for-sale |  |  |
| One year or less | $265 | $263 |
| After one year through five years | 18907 | 18837 |
| After five years through ten years | 16764 | 16504 |
| After ten years | 18870 | 16420 |
| Total | $54806 | $52024 |
| Held-to-maturity |  |  |
| One year or less | $69 | $69 |
| After five years through ten years | 295 | 296 |
| Total | $364 | $365 |

---

There were no sales of available for sale debt securities during the nine months ended September 30, 2025. There were sales of available for sale debt securities of approximately $20,858,000 during the nine months ended September 30, 2024. There were losses of approximately $440,000 on those sales.

Debt securities available for sale with a fair value of approximately $31,471,000 and $21,017,000 at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, repurchase agreements, and for other purposes required or permitted by law.

Unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 are summarized as follows (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Continuous Unrealized | Continuous Unrealized | Continuous Unrealized | Continuous Unrealized |  |  |
|  | Losses Existing for Less | Losses Existing for Less | Losses Existing for 12 | Losses Existing for 12 |  |  |
|  | Than 12 Months | Than 12 Months | Months or Greater | Months or Greater | Total | Total |
|  |  | Gross |  | Gross |  | Gross |
|  | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized |
|  | Value | Losses | Value | Losses | Value | Losses |
| September 30, 2025 | September 30, 2025 | September 30, 2025 |  |  |  |  |
| Obligations of states and municipal subdivisions | $- | $- | $23731 | $(2809) | $23731 | $(2809) |
| Mortgage-backed securities | 1326 | (15) | 3947 | (265) | 5273 | (280) |
| Collateralized mortgage obligations |  |  | 1091 | (89) | 1091 | (89) |
| Corporate bonds |  |  | 997 | (3) | 997 | (3) |
| Total available for sale | $1326 | $(15) | $29766 | $(3166) | $31092 | $(3181) |

---

There were no unrealized losses on held to maturity securities for the nine months ended September 30, 2025 or 2024.

There was no allowance for credit losses established for held to maturity or available for sale securities at September 30, 2025 or December 31, 2024.

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

**Note 3 - Loans and Allowance for Credit Losses**

A summary of loans by major category at September 30, 2025 and December 31, 2024 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Commercial | $80177 | $86573 |
| Equipment finance leases | 78 | 96 |
| Commercial real estate | 794977 | 892331 |
| Residential real estate | 212348 | 285242 |
| Consumer | 5975 | 7349 |
|  | 1093555 | 1271591 |
| Less allowance for credit losses | (10640) | (10815) |
| Loans, net | $1082915 | $1260776 |

---

The following table presents the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2025 and year ended December 31, 2024 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  |  | Equipment | Commercial | Residential |  |  |
|  | Commercial | Finance Leases | Real Estate | Real Estate | Consumer | Total |
| Allowance for Credit Losses |  |  |  |  |  |  |
| Balance, beginning of period | $(113) | $- | $2411 | $8517 | $- | $10815 |
| Charge-offs | (218) |  |  | (179) | (19) | (416) |
| Recoveries | 53 |  | 1 |  | 24 | 78 |
| Provisions for credit losses | 1746 |  | (1661) | (80) | 158 | 163 |
| Balance, end of period | $1468 | $- | $751 | $8258 | $163 | $10640 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  | Equipment | Commercial | Residential |  |  |
|  | Commercial | Finance Leases | Real Estate | Real Estate | Consumer | Total |
| Allowance for Credit Losses |  |  |  |  |  |  |
| Balance, beginning of period | $878 | $- | $1246 | $8141 | $73 | $10338 |
| Reallocation of ACL for off-balance sheet credit exposures |  |  |  | 100 |  | 100 |
| Charge-offs | (1189) |  |  | (96) | (89) | (1374) |
| Recoveries | 85 |  |  |  | 6 | 91 |
| Provisions for credit losses | 113 |  | 1165 | 372 | 10 | 1660 |
| Balance, end of period | $(113) | $- | $2411 | $8517 | $- | $10815 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

In addition to the allowance for credit losses on loans, the Company has established an allowance for credit losses on off-balance sheet exposures of approximately $1,746,000 at September 30, 2025 and at December 31, 2024. The following table presents the activity in the allowance for credit losses on off-balance sheet exposures for the nine months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | Nine Months ended | Nine Months ended |
|  | September 30, 2025 | September 30, 2024 |
| Balance, beginning of period | $1746 | $1846 |
| Balance, end of year | $1746 | $1846 |

---

**Credit Quality Indicators**

The following tables present the Company's loan portfolio by credit quality classification and original year (in thousands) at September 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year |  |  |
|  |  |  |  |  |  |  | Revolving |  |
|  |  |  |  |  |  |  | Loans Amortized |  |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Total |
| As of September 30, 2025 |  |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |  |
| Pass | $15002 | $9746 | $11733 | $26902 | $5280 | $8170 | $- | $76833 |
| Special Mention | 80 |  | 674 | 1304 |  | 788 |  | 2846 |
| Substandard |  |  | 372 | 101 | 25 |  |  | 498 |
| Doubtful |  |  |  |  |  |  |  |  |
| Total commercial loans | $15082 | $9746 | $12779 | $28307 | $5305 | $8958 | $- | $80177 |
| Current period gross charge-offs | $- | $- | $74 | $55 | $72 | $17 | $- | $218 |
| Equipment finance leases: |  |  |  |  |  |  |  |  |
| Pass | $78 | $- | $- | $- | $- | $- | $- | $78 |
| Special Mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful |  |  |  |  |  |  |  |  |
| Total equipment finance leases | $78 | $- | $- | $- | $- | $- | $- | $78 |
| Current period gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Commercial real estate: |  |  |  |  |  |  |  |  |
| Pass | $6638 | $20541 | $103786 | $324955 | $222887 | $110606 | $- | $789413 |
| Special Mention |  |  |  | 24 | 44 | 1478 |  | 1546 |
| Substandard | 798 |  |  | 3220 |  |  |  | 4018 |
| Doubtful |  |  |  |  |  |  |  |  |
| Total commercial real estate loans | $7436 | $20541 | $103786 | $328199 | $222931 | $112084 | $- | $794977 |
| Current period gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Residential real estate: |  |  |  |  |  |  |  |  |
| Pass | $21688 | $99924 | $45017 | $38034 | $3470 | $- | $- | $208133 |
| Special Mention |  |  |  |  |  |  |  |  |
| Substandard |  |  | 3513 | 702 |  |  |  | 4215 |
| Doubtful |  |  |  |  |  |  |  |  |
| Total residential real estate loans | $21688 | $99924 | $48530 | $38736 | $3470 | $- | $- | $212348 |
| Current period gross charge-offs | $- | $- | $- | $179 | $- | $- | $- | $179 |
| Consumer: |  |  |  |  |  |  |  |  |
| Pass | $1793 | $2112 | $961 | $549 | $180 | $277 | $- | $5872 |
| Special Mention |  |  |  |  |  |  |  |  |
| Substandard |  | 62 | 35 |  | 2 | 4 |  | 103 |
| Doubtful |  |  |  |  |  |  |  |  |
| Total consumer loans | $1793 | $2174 | $996 | $549 | $182 | $281 | $- | $5975 |
| Current period gross charge-offs | $- | $9 | $- | $6 | $- | $4 | $- | $19 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year |  |  |
|  |  |  |  |  |  | Revolving |  |
|  |  |  |  |  |  | Loans Amortized |  |
|  | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Total |
| At December 31, 2024 |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |
| Pass | $24692 | $16642 | $20842 | $5614 | $4255 | $10689 | $82734 |
| Special Mention | 471 | 758 | 1376 |  |  | 100 | 2705 |
| Substandard | 49 | 127 | 203 | 32 |  |  | 411 |
| Doubtful |  | 723 |  |  |  |  | 723 |
| Total commercial loans | $25212 | $18250 | $22421 | $5646 | $4255 | $10789 | $86573 |
| Current period gross charge-offs | $- | $626 | $366 | $128 | $68 | $1 | $1189 |
| Equipment finance leases: |  |  |  |  |  |  |  |
| Pass | $87 | $- | $- | $9 | $- | $- | $96 |
| Special Mention |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |
| Doubtful |  |  |  |  |  |  |  |
| Total equipment finance leases | $87 | $- | $- | $9 | $- | $- | $96 |
| Current period gross charge-offs | $- | $- | $- | $- | $- | $- | $- |
| Commercial real estate: |  |  |  |  |  |  |  |
| Pass | $41234 | $184982 | $424222 | $93132 | $121241 | $5166 | $869977 |
| Special Mention |  |  | 718 | 80 | 15718 |  | 16516 |
| Substandard |  | 835 | 4490 |  | 56 | 457 | 5838 |
| Doubtful |  |  |  |  |  |  |  |
| Total commercial real estate loans | $41234 | $185817 | $429430 | $93212 | $137015 | $5623 | $892331 |
| Current period gross charge-offs | $- | $- | $- | $- | $- | $- | $- |
| Residential real estate: |  |  |  |  |  |  |  |
| Pass | $87359 | $108407 | $78824 | $9531 | $- | $- | $284121 |
| Special Mention |  |  |  | 357 |  |  | 357 |
| Substandard |  |  | 764 |  |  |  | 764 |
| Doubtful |  |  |  |  |  |  |  |
| Total residential real estate loans | $87359 | $108407 | $79588 | $9888 | $- | $- | $285242 |
| Current period gross charge-offs | $- | $- | $55 | $41 | $- | $- | $96 |
| Consumer: |  |  |  |  |  |  |  |
| Pass | $4023 | $1497 | $1043 | $287 | $453 | $- | $7303 |
| Special Mention |  |  |  |  |  |  |  |
| Substandard |  | 19 | 27 |  |  |  | 46 |
| Doubtful |  |  |  |  |  |  |  |
| Total consumer loans | $4023 | $1516 | $1070 | $287 | $453 | $- | $7349 |
| Current period gross charge-offs | $7 | $33 | $5 | $43 | $1 | $- | $89 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing at September 30, 2025 and December 31, 2024 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Nonaccrual |  | Loans Past |
|  | With No |  | Due Over |
|  | Allowance |  | 89 Days |
|  | for Credit Loss | Nonaccrual | Still Accruing |
| Commercial | $86 | $160 | $42 |
| Commercial real estate | 338 | 338 |  |
| Residential real estate | 798 | 5631 | 46 |
| Consumer |  | 104 |  |
| Total | $1222 | $6233 | $88 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Nonaccrual With No<br> Allowance for Credit Loss | Nonaccrual | Loans Past Due Over<br> 89 Days Still Accruing |
| Commercial | $103 | $424 | $87 |
| Equipment finance leases |  | 6 |  |
| Commercial real estate | 1 | 1 |  |
| Residential real estate | 2410 | 6630 | 837 |
| Consumer | 39 | 46 | 4 |
| Total | $2553 | $7107 | $928 |

---

The Company recognized approximately $12,000 and $158,000 of interest income on nonaccrual loans during the nine months ended September 30, 2025 and December 31, 2024, respectively.

The following table presents the amortized cost basis of collateral-dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit loss allocated to these loans at September 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Collateral Type | Collateral Type | Collateral Type | Collateral Type |  |
|  | Real Estate | Equipment | Other | Total | ACL |
| Commercial | $- | $160 | $- | $160 | $35 |
| Equipment finance leases |  |  |  |  |  |
| Commercial real estate | 338 |  |  | 338 |  |
| Residential real estate | 5632 |  |  | 5632 | 639 |
| Consumer |  |  | 103 | 103 | 20 |
| Total | $5970 | $160 | $103 | $6233 | $694 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Collateral Type | Collateral Type | Collateral Type | Collateral Type |  |
|  | Real Estate | Equipment | Other | Total | ACL |
| Commercial | $- | $45 | $379 | $424 | $157 |
| Equipment finance leases |  | 6 |  | 6 |  |
| Commercial real estate | 1 |  |  | 1 |  |
| Residential real estate | 6630 |  |  | 6630 | 455 |
| Consumer |  |  | 46 | 46 | 7 |
| Total | $6631 | $51 | $425 | $7107 | $619 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

The following table presents the aging of the amortized cost basis in past due loans at September 30, 2025 and December 31, 2024 by class of loans (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 30 - 89 Days | Over 89 Days | Total | Loans Not |  |
|  | Past Due | Past Due | Past Due | Past Due | Total |
| September 30, 2025 |  |  |  |  |  |
| Commercial | $864 | $42 | $906 | $79271 | $80177 |
| Consumer | 124 |  | 124 | 5851 | 5975 |
| Equipment finance leases | 126 |  | 126 | (48) | 78 |
| Commercial real estate | 424 |  | 424 | 794553 | 794977 |
| Residential real estate | 2646 | 46 | 2692 | 209656 | 212348 |
|  | $4184 | $88 | $4272 | $1089283 | $1093555 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 30 - 89 Days | Over 89 Days | Total | Loans Not |  |
|  | Past Due | Past Due | Past Due | Past Due | Total |
| December 31, 2024 |  |  |  |  |  |
| Commercial | $434 | $87 | $521 | $86052 | $86573 |
| Consumer | 257 | 4 | 261 | 7088 | 7349 |
| Equipment finance leases | 213 |  | 213 | (117) | 96 |
| Commercial real estate | 740 |  | 740 | 891591 | 892331 |
| Residential real estate | 5259 | 837 | 6096 | 279146 | 285242 |
|  | $6903 | $928 | $7831 | $1263760 | $1271591 |

---

There were no modifications of loans to borrowers experiencing financial difficulty that occurred during the nine months ended September 30, 2025 or 2024, and no previously modified loans defaulted during the nine months ended September 30, 2025 or 2024. The Company has made no commitments to lend additional funds on modified loans to borrowers experiencing financial difficulty.

The Company has not purchased any loans during the nine months ended September 30, 2025 or 2024. The Company sold approximately $136,391,000 and $0 in mortgage loans for the nine months ended September 30, 2025 and 2024, respectively.

**Note 4 - Deposits**

The carrying amount of deposits at September 30, 2025 and December 31, 2024 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Non-interest bearing demand accounts | $208099 | $217335 |
| Interest-bearing checking accounts | 69888 | 71721 |
| Limited access money market accounts | 394781 | 402104 |
| Savings accounts | 27382 | 25511 |
| Brokered CDs |  | 70000 |
| Time deposits, less than $250 | 236529 | 229240 |
| Time deposits, $250 and greater | 174249 | 138957 |
| Total deposits | $1110928 | $1154868 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

At September 30, 2025, maturities of time deposits for the current and each of the next four years are (in thousands):

---

| | | |
|:---|:---|:---|
|  | Certificates of | Brokered |
|  | Deposits | CDs |
| 2025 | $150580 | $- |
| 2026 | 240561 |  |
| 2027 | 14176 |  |
| 2028 | 4475 |  |
| 2029 | 836 |  |
| Thereafter | 150 |  |
|  | $410778 | $- |

---

Deposits from stockholders, officers and directors of the Company amounted to approximately $9,317,000 and $7,335,000 at September 30, 2025 and December 31, 2024, respectively. The amounts are included in various interest-bearing and non-interest-bearing deposit accounts.

**Note 5 - Advances from Federal Home Loan Bank and Other Borrowings**

As part of its management of interest rate risk, the Company periodically borrows from the Federal Home Loan Bank (FHLB). These advances are at fixed interest rates and are used as a source of funds from which the Company makes fixed rate mortgage loans. These advances are collateralized by a blanket lien on qualifying mortgage loans totaling approximately $483,278,000 and $552,791,000 at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the Company had approximately $444,165,000 and $336,584,000 available for additional borrowings under this line of credit, respectively.

The Company also occasionally pledges standby FHLB letters of credit for municipalities in lieu of pledging debt securities. The balances were $9,000,000 and $11,000,000 at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, the Company had varying short-term and long-term advances outstanding with principal due at maturity and interest due monthly. The Bank had short-term advances from FHLB of $30,096,000 and $205,000,000 at September 30, 2025 and December 31, 2024, respectively.

The Bank had no long-term advances from FHLB at September 30, 2025 and $189,000 at December 31, 2024.

FHLB borrowings consisted of various variable rate advances at September 30, 2025 and December 31, 2024 as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| September 30, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Aggregate |  | Weighted | Aggregate |  | Weighted |
| Advance | Interest | Average | Advance | Interest | Average |
| Amounts | Rates | Rate | Amounts | Rates | Rate |
| $30096 | 3.605% - 4.5 | 4.43% | $205189 | 1.395% - 4.65 | 4.31% |

---

In addition to FHLB advances, the Company has 2 term notes from a financial institution. Outstanding borrowings on the notes totaled $32,000,000 at September 30, 2025 and December 31, 2024.

The Company also entered into a construction loan agreement with a financial institution. The fixed interest rate is set at 3.25 percent and the note is secured by a deed of trust for Lot 1, Block 1, La Paloma Addition in Southlake, TX. Principal and interest are due monthly and the note matures on October 30, 2029. At September 30, 2025 and December 31, 2024, outstanding borrowings totaled approximately $5,243,000 and $5,336,000, respectively.

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

The contractual maturities of short-term and long-term debt are as follows (in thousands):

---

| | |
|:---|:---|
| <u>Years ending December 31,</u> |  |
| 2025 | $35645.0 |
| 2026 | 1431.0 |
| 2027 | 1845.0 |
| 2028 | 2406.0 |
| Thereafter | 25965.0 |
|  | $67292.0 |

---

**Note 6 - Securities Sold Under Agreements to Repurchase**

Repurchase agreements are secured borrowings. These repurchase agreements have carrying values of approximately $2,374,000 and $2,302,000 at September 30, 2025 and December 31, 2024, respectively. The Company pledges investment securities to secure those borrowings. Securities sold under agreements to repurchase are secured by securities with a carrying amount of $2,531,000 and $2,545,000 at September 30, 2025 and December 31, 2024, respectively.

**Note 7 - Convertible Subordinated Debt**

At September 30, 2025, the Company had outstanding an aggregate of $12,204,000 in convertible subordinated notes. There were no notes converted into shares of common stock during the nine months ended September 30, 2025.

**Note 8 - Short-Term Borrowings**

In addition to the borrowing capacity at FHLB, the Company has established $30,000,000 in unsecured lines of credit for overnight purchase of federal funds. These lines may be cancelled without any prior notification. At September 30, 2025 and December 31, 2024, there were no outstanding balances.

**Note 9 - Off-Balance-Sheet Activities**

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.

At September 30, 2025 and December 31, 2024, the amounts of these financial instruments were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Financial instruments whose contract amounts represent credit risks |  |  |
| Commitments to extend credit and unfunded commitments | $86461 | $207668 |
| Standby letters of credit | 839 | 727 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

**Note 10 - Employee Benefit Plans**

The Company maintains several individually designed supplemental deferred compensation agreements which provide a deferred compensation benefit payable at retirement or death. The liability under the agreements is recorded based upon the present value of the deferred compensation benefits. At September 30, 2025 and December 31, 2024, the Company's accrued liability under the agreements totaled approximately $3,496,000and $3,562,000, respectively. Deferred compensation expense of approximately $0 and $246,000 was recorded for the nine months ended September 30, 2025 and 2024, respectively. The Company has purchased life insurance policies to fund the benefits payable pursuant to the agreements. The Company is owner and beneficiary of the life insurance policies with aggregate death benefits of approximately $27,848,000 and $27,980,000 at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the life insurance policies have cash surrender values of approximately $13,636,000 and $13,606,000, respectively.

**Note 11 - Regulatory Matters** 

At September 30, 2025 and December 31, 2024, the Bank's actual and required capital amounts and ratios were as follows (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Minimum Required | Minimum Required | Required to be Well | Required to be Well |
|  |  |  |  |  | for Capital | for Capital | Capitalized | Capitalized |
|  |  |  | Minimum Required | Minimum Required | Adequacy Purposes | Adequacy Purposes | under the Prompt | under the Prompt |
|  |  |  | for Capital | for Capital | including Capital | including Capital | Corrective Action | Corrective Action |
|  | Actual | Actual | Adequacy Purposes | Adequacy Purposes | Conservation Buffer | Conservation Buffer | Provisions | Provisions |
|  | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio |
| As of September 30, 2025 |  |  |  |  |  |  |  |  |
| Common Equity Tier 1 (to risk-weighted assets) | $142198 | 17.27% | $37047 | 4.50% | $57629 | 7.00% | $53513 | 6.50% |
| Total capital (to risk- weighted assets) | $152515 | 18.53% | $65862 | 8.00% | $86444 | 10.50% | $82327 | 10.00% |
| Tier 1 capital (to risk-weighted assets) | $142198 | 17.27% | $49396 | 6.00% | $69978 | 8.50% | $65862 | 8.00% |
| Tier 1 capital (to average weighted assets) | $142198 | 11.04% | $32931 | 4.00% | $32931 | 4.00% | $41164 | 5.00% |
| As of December 31, 2024 |  |  |  |  |  |  |  |  |
| Common Equity Tier 1 (to risk-weighted assets) | $146028 | 14.33% | $45844 | 4.50% | $71313 | 7.00% | $66220 | 6.50% |
| Total capital (to risk- weighted assets) | $158589 | 15.57% | $81501 | 8.00% | $106970 | 10.50% | $101876 | 10.00% |
| Tier 1 capital (to risk-weighted assets) | $146028 | 14.33% | $61126 | 6.00% | $86595 | 8.50% | $81501 | 8.00% |
| Tier 1 capital (to average weighted assets) | $146028 | 10.32% | $40751 | 4.00% | $40751 | 4.00% | $50938 | 5.00% |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

**Note 12 - Fair Value of Financial Instruments**

**Fair Value Measurements**

The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total Fair |
|  | Inputs | Inputs | Inputs | Value |
| September 30, 2025 | September 30, 2025 | September 30, 2025 |  |  |
| Available for sale |  |  |  |  |
| Obligations of states and municipal subdivisions | $- | $24737 | $- | $24737 |
| Mortgage-backed securities |  | 14315 |  | 14315 |
| Collateralized mortgage obligations |  | 11975 |  | 11975 |
| Corporate bonds |  | 997 |  | 997 |
| Totals | $- | $52024 | $- | $52024 |
| December 31, 2024 |  |  |  |  |
| Available for sale |  |  |  |  |
| Obligations of states and municipal subdivisions | $- | $25381 | $- | $25381 |
| Mortgage-backed securities |  | 15678 |  | 15678 |
| Collateralized mortgage obligations |  | 13126 |  | 13126 |
| Corporate bonds |  | 972 |  | 972 |
| Loans held-for-sale |  | 1999 |  | 1999 |
| Totals | $- | $57156 | $- | $57156 |

---

The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements in accordance with generally accepted account principles. Fair values of assets measured on a nonrecurring basis at September 30, 2025 and December 31, 2024 were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total Fair |
|  | Inputs | Inputs | Inputs | Value |
| September 30, 2025 |  |  |  |  |
| Collateral dependent loans | $- | $- | $5539 | $5539 |
|  | $- | $- | $5539 | $5539 |
| December 31, 2024 |  |  |  |  |
| Collateral dependent loans | $- | $- | $6488 | $6488 |
|  | $- | $- | $6488 | $6488 |

---

The allowance for credit losses for collateral dependent loans are determined based on the fair value of collateral method. Under the fair value of collateral method, the allowance for credit loss is equal to the difference between the carrying value of the loan and the fair value of the collateral less estimated selling costs. The resulting fair value measurement is disclosed in the nonrecurring hierarchy table. Where estimates of fair value used for other collateral supporting commercial loans are based on assumptions not observable in the marketplace, such valuations have been classified as Level 3.

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Carrying | Total |  |  |  |
|  | Value | Fair Value | Level 1 | Level 2 | Level 3 |
| Financial assets |  |  |  |  |  |
| Cash and due from banks | $9113 | $9113 | $9113 | $- | $- |
| Interest bearing deposits in banks | 119794 | 119794 | 119794 |  |  |
| Debt securities available for sale | 52024 | 52024 |  | 52024 |  |
| Debt securities held to maturity | 364 | 364 |  | 364 |  |
| Loans, net | 1082915 | 1051933 |  |  | 1051933 |
| Interest receivable | 5746 | 5746 |  |  | 5746 |
| Financial liabilities |  |  |  |  |  |
| Deposits | $1110928 | $1036674 | $- | $- | $1036674 |
| Federal funds and repurchase agreements | 1784 | 1784 |  |  | 1784 |
| Federal Home Loan Bank advances | 30096 | 30096 |  |  | 30096 |
| Other borrowings | 37196 | 37196 |  |  | 37196 |
| Subordinated debentures | 20924 | 20924 |  | 20924 |  |
| Interest payable | 2105 | 2105 |  |  | 2105 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying | Total |  |  |  |
|  | Value | Fair Value | Level 1 | Level 2 | Level 3 |
| Financial assets |  |  |  |  |  |
| Cash and due from banks | $25191 | $25191 | $25191 | $- | $- |
| Interest bearing deposits in banks | 138892 | 138892 | 138892 |  |  |
| Debt securities available for sale | 55157 | 55157 |  | 55157 |  |
| Debt securities held to maturity | 501 | 501 |  | 501 |  |
| Loans held-for-sale | 1999 | 1942 |  | 1942 |  |
| Loans, net | 1260776 | 1224705 |  |  | 1224705 |
| Interest receivable | 6634 | 6634 |  |  | 6634 |
| Financial liabilities |  |  |  |  |  |
| Deposits | $1154868 | $1077677 | $- | $- | $1077677 |
| Federal funds and repurchase agreements | 2302 | 2302 |  |  | 2302 |
| Federal Home Loan Bank advances | 205189 | 205189 |  |  | 205189 |
| Other borrowings | 37336 | 37336 |  |  | 37336 |
| Subordinated debentures | 33128 | 33128 |  | 33128 |  |
| Interest payable | 2177 | 2177 |  |  | 2177 |

---

**Note 13 - Income Taxes**

Income tax expense at September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Current expense | $1056 |
| Deferred benefit | (250) |
| Total | $806 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

**Note 14** – **Parent Company Only Condensed Financial Information**

Condensed financial information of Wichita Falls Bancshares, Inc., on a parent company only basis, follows:

---

| | | |
|:---|:---|:---|
| CONDENSED BALANCE SHEETS | CONDENSED BALANCE SHEETS | CONDENSED BALANCE SHEETS |
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Assets |  |  |
| Cash and cash equivalents | $7174 | $11391 |
| Investment in subsidiaries | 147425 | 150011 |
| Other assets | 540 | 1022 |
| Total assets | $155139 | $162424 |
| Liabilities and equity |  |  |
| Debt | $52924 | $65128 |
| Accrued expenses and other liabilities | 7 | 62 |
| Shareholders' equity | 102208 | 97234 |
| Total liabilities and shareholders' equity | $155139 | $162424 |

---

---

| | | |
|:---|:---|:---|
| CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
| Nine Months ended September 30, | Nine Months ended September 30, | Nine Months ended September 30, |
|  | 2025 | 2024 |
| Dividends from subsidiaries | $12546 | $50 |
| Other income | 16 | 19 |
| Interest expense | (4223) | (3611) |
| Other expense | (302) | (5) |
| Loss before income tax and undistributed subsidiary income | 8037 | (3547) |
| Income tax benefit | 489 |  |
| Equity in undistributed subsidiary income | (4915) | 6930 |
| Net income | $3611 | $3383 |
| Comprehensive income | $4974 | $4780 |

---

------

Wichita Falls Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

September 30, 2025 and 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| CONDENSED STATEMENTS OF CASH FLOWS | CONDENSED STATEMENTS OF CASH FLOWS | CONDENSED STATEMENTS OF CASH FLOWS |
| Nine Months ended September 30, | Nine Months ended September 30, | Nine Months ended September 30, |
|  | 2025 | 2024 |
| Operating Activities |  |  |
| Net income | $3611 | $3383 |
| Adjustments: |  |  |
| Equity in undistributed subsidiary income | 4914 | (6930) |
| Change in other assets | 485 | 5 |
| Change in other liabilities | (58) | (115) |
| Net cash from operating activities | 8952 | (3657) |
| Financing Activities |  |  |
| Proceeds from subordinated debt |  | 8700 |
| Repayments of subordinated debt | (12203) |  |
| Paid in capital | (966) | (6500) |
| Dividends paid |  | (81) |
| Net cash from financing activities | (13169) | 2119 |
| Net change in cash and cash equivalents | (4217) | (1538) |
| Beginning cash and cash equivalents | 11391 | 14168 |
| Ending cash and cash equivalents | $7174 | $12630 |

---

**Note 15 - Earnings Per Share**

The factors used in the earnings per share computation follow:

---

| | | |
|:---|:---|:---|
|  | Nine Months ended | Nine Months ended |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| Net Income | $3611 | $3383 |
| Average Shares | 620912 | 575889 |
| Earnings per common share | $5.82 | $5.88 |

---

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION**<br> **AND RESULTS OF OPERATIONS OF WICHITA FALLS BANCSHARES, INC.** <br> **AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

*The following discussion and analysis is to focus on material changes in the financial condition and results of operation of WFB over the indicated periods. This discussion and analysis is intended to highlight and supplement information presented elsewhere in the consolidated financial statements and related notes. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that management believes are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Neither WFB nor Investar assumes any obligation to update any of these forward-looking statements.* 

**Results of Operations** 

*Performance Summary*

For the nine months ended September 30, 2025, net income available to common shareholders was $3.61 million, or $5.82 per basic common share and $5.21 per diluted common share, compared to net income available to common shareholders of $3.38 million, or $5.88 per basic common share and $4.27 per diluted common share, for the same period in 2024. Holding company return to common shareholders on average assets increased to 0.35% for the nine months ended September 30, 2025 from 0.32% for the nine months ended September 30, 2024. Return to common shareholders on average common equity decreased to 4.79% for the nine months ended September 30, 2025, as compared to 5.09% for the same period in 2024.

*Net Interest Income*

For the nine months ended September 30, 2025, net interest income totaled $24.35 million, and net interest margin and net interest spread were 2.45% and 1.72%, respectively. For the nine months ended September 30, 2024, net interest income totaled $23.36 million and net interest margin and net interest spread were 2.31% and 1.56%, respectively. The average yield on the loan portfolio was 5.93%, for the nine months ended September 30, 2025, compared to 6.00% for the nine months ended September 30, 2024, and the average yield on total interest-earning assets was 5.82% for the nine months ended September 30, 2025, compared to 5.91% for the same period in 2024. For the nine months ended September 30, 2025, overall cost of funds (which includes noninterest-bearing deposits) decreased 19 basis points compared to the nine months ended September 30, 2024, primarily due to the decline in market interest rates since the last half of 2024, paying off FHLB advances and the repricing of MM and CD portfolios.

The following table presents, for the periods indicated, an analysis of net interest income by each major category of interest-earning assets and interest-bearing liabilities, the average amounts outstanding and the interest earned or paid on such amounts. The table also sets forth the average rate earned on interest-earning assets, the average rate paid on interest-bearing liabilities, and the net interest margin on average total interest-earning assets for the same periods. Interest earned on loans that are classified as nonaccrual is not recognized in income; however, the balances are reflected in average outstanding balances for the period. For the periods shown, interest income not recognized on nonaccrual loans was not material. Any nonaccrual loans have been included in the table as loans carrying a zero yield. The average total loans reflected below is net of deferred loan fees and discounts. Acquired loans were recorded at fair value at acquisition and accrete interest income over the remaining lives of the respective loans or expected cash flows. Averages presented in the table below, and throughout this report, are month-end averages. All dollars shown in the following table are presented in thousands.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** |  | **Yield/** | **Average** |  | **Yield/** |
|  | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning assets |  |  |  |  |  |  |
| Total loans | $1230574 | $54685 | 5.93% | $1259382 | $56681 | 6.00% |
| Debt securities | 54065 | 1843 | 4.55 | 58282 | 1806 | 4.13 |
| Interest-bearing deposits in banks | 42739 | 1459 | 4.55 | 31942 | 1360 | 5.68 |
| Total interest-earning assets | 1327378 | 57987 | 5.82 | 1349606 | 59847 | 5.91 |
| Noninterest-earning assets | 56628 |  |  | 55229 |  |  |
| Total assets | $1384006 |  |  | $1404835 |  |  |
| **Liabilities & Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities |  |  |  |  |  |  |
| Demand, savings and money market deposits | $507592 | $12224 | 3.21% | $465447 | $12075 | 3.46% |
| Time deposits | 438444 | 14133 | 4.30 | 424025 | 14808 | 4.66 |
| Federal funds purchased and repurchase agreements | 2188 | 20 | 1.22 | 2730 | 26 | 1.27 |
| Federal Home Loan Bank advances | 78797 | 2727 | 4.61 | 147915 | 5819 | 5.25 |
| Other borrowings | 37243 | 3993 | 14.30 | 37442 | 3140 | 11.18 |
| Subordinated debt | 29059 | 541 | 2.48 | 40112 | 617 | 2.05 |
| Total interest-bearing liabilities | 1093323 | 33638 | 4.10 | 1117671 | 36485 | 4.35 |
| Noninterest-bearing liabilities |  |  |  |  |  |  |
| Noninterest-bearing deposits | 175995 |  |  | 189833 |  |  |
| Other liabilities | 14182 |  |  | 8782 |  |  |
| Total noninterest-bearing liabilities | 190177 |  |  | 198615 |  |  |
| Stockholders' equity: | 100506 |  |  | 88549 |  |  |
| Total liabilities and stockholders' equity | $1384006 |  |  | $1404835 |  |  |
| Net interest income |  | $24349 |  |  | $23362 |  |
| Net interest spread |  |  | 1.72% |  |  | 1.56% |
| Net interest margin |  |  | 2.45% |  |  | 2.31% |

---

(1) Average loan balances include nonaccrual loans and loans held for sale.

(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

(3) Net interest margin is equal to net interest income divided by average interest-earning assets.

------

The following table presents information regarding the dollar amount of changes in interest income and interest expense for the periods indicated for each major component of interest-earning assets and interest-bearing liabilities, and distinguishes between the changes attributable to changes in volume and changes attributable to changes in interest rates. Changes attributable to both rate and volume that cannot be segregated have been allocated to rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025 over 2024** | **Nine Months Ended September 30, 2025 over 2024** | **Nine Months Ended September 30, 2025 over 2024** |
|  | **Change Due To:** | **Change Due To:** |  |
|  | **Volume** | **Rate** | **Total** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Interest-Earning Assets: |  |  |  |
| Loans | $(1253) | $393 | $(860) |
| Debt securities | (85) | 119 | 34 |
| Interest-bearing balances | 459 | (359) | 100 |
| Other assets | 13 | (1147) | (1134) |
| Total increase in interest income |  |  | (1860) |
| Liabilities: |  |  |  |
| NOW, Savings, MMA | 1429 | (1281) | 148 |
| Time deposits | 365 | (1041) | (676) |
| FHLB advances | (2724) | (372) | (3096) |
| Notes payable | 197 |  | 197 |
| Subordinated debt | 580 |  | 580 |
| Total increase in interest expense |  |  | (2847) |
| Increase in net interest income |  |  | $987 |

---

*Provision for Credit Losses*

WFB's provision for credit losses is a charge to income in order to bring its allowance for credit losses to a level deemed appropriate by management. The provision expense for credit losses was $164 thousand for the nine months ended September 30, 2025, compared with $1.7 million the year ended December 31, 2024.

*Noninterest Income* 

The following table presents, for the periods indicated, the major categories of noninterest income:

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Increase** |
|  | **2025** | **2024** | **(Decrease)** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Noninterest income: |  |  |  |
| Service charges on deposit accounts | $304 | $338 | $(34) |
| Mortgage loan sales/originations/processing | 467 | 387 | 80 |
| Loss on sale of securities |  | (440) | 440 |
| Earnings on bank-owned life insurance | 331 | 288 | 43 |
| ATM/debit card interchange fees | 559 | 603 | (44) |
| Other | 645 | 727 | (82) |
| Total noninterest income | $2306 | $1903 | $403 |

---

*Noninterest Expense* 

The following table presents, for the periods indicated, the major categories of noninterest expense:

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Increase** |
|  | **2025** | **2024** | **(Decrease)** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Noninterest expense: |  |  |  |
| Salaries and employee benefits | $10710 | $12289 | $(1579) |
| Occupancy | 1773 | 2057 | (284) |
| Data processing | 864 | 806 | 58 |
| Director fees | 402 | 410 | (8) |
| Legal and professional fees | 1601 | 949 | 652 |
| FDIC assessment | 1088 | 1304 | (216) |
| Mortgage expense | 145 | 101 | 44 |
| Loss on sale of assets | 386 | 374 | 12 |
| Loss on sale of foreclosed assets | 1913 |  | 1913 |
| Telephone | 99 |  | 99 |
| Amortization of intangibles | 135 | 846 | (711) |
| Other | 2958 | 3255 | (297) |
| Total noninterest expense | $22074 | $22391 | $(317) |

---

*Income Tax Expense*

For the nine months ended September 30, 2025, income tax expense totaled $806 thousand, an increase of $2.88 million, compared to an income tax benefit of $2.07 million for the year ended December 31, 2024. For the nine months ended September 30, 2025, WFB's effective tax rate was 21.0%.

------

**Financial Condition**

*Assets*

At September 30, 2025, total assets were $1.31 billion, a decrease of $228 million, or 14.8%, from $1.54 billion at December 31, 2024. The decrease in total assets was primarily due to the sale of $136.4 million of 1-4 family residential real estate loans.

*Loan Portfolio*

At September 30, 2025, total loans, excluding mortgage loans held for sale, were $1.09 billion, a decrease of $178 million, or 14%, compared to $1.27 billion at December 31, 2024. The decrease was primarily due to the sale of $136.4 million in 1-4 family residential real estate loans. Additionally, at September 30, 2025 and December 31, 2024, WFB had mortgage loans classified as loans held for sale of $433 thousand and $2.00 million, respectively. Total loans held for investment as a percentage of deposits were 98.4% and 110.1% at September 30, 2025 and December 31, 2024, respectively. Total loans held for investment as a percentage of assets were 83.2% and 82.4% at September 30, 2025 and December 31, 2024, respectively.

The following table summarizes WFB's held for investment loan portfolio by type of loan at September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Percent** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| Commercial real estate | $794977 | 72.7% |
| Residential real estate | 212348 | 19.4 |
| Commercial | 80177 | 7.3 |
| Consumer and other | 6053 | 0.6 |
| Total loans held for investment | $1093555 | 100% |

---

Commercial real estate loans decreased $97 million, or 10.9%, to $795 million at September 30, 2025 from $892 million at December 31, 2024 due to limited production and normal amortization. Residential real estate loans decreased $73 million, or 25.6%, to $212 million at September 30, 2025, from $285 million at December 31, 2024 primarily to normal amortization and limited production as a result of the interest rate environment. Commercial loans decreased $6 million, or 7.4%, to $80 million at September 30, 2025, from $87 million at December 31, 2024 due to the decline in demand for commercial loans as a result of the interest rate environment and normal amortization.

The contractual maturity ranges of loans in WFB's loan portfolio and the amount of such loans with fixed and floating interest rates in each maturity range at September 30, 2025 are summarized in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** |
|  | **One Year** | **One Through** | **Five Through** | **After Fifteen** |  |
|  | **or Less** | **Five Years** | **Fifteen Years** | **Years** | **Total** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial real estate | $113876 | $492621 | $165192 | $23288 | $794977 |
| Residential real estate | 205234 | 2633 | 4481 |  | 212348 |
| Commercial | 25937 | 53609 | 631 |  | 80177 |
| Consumer and other | 1603 | 3745 | 705 |  | 6053 |
| Total loans held for investment | $346650 | $552608 | $171009 | $23288 | $1093555 |
| Fixed rate loans: |  |  |  |  |  |
| Commercial real estate | $53792 | $70267 | $6042 | $22045 | $152146 |
| Residential real estate | 205234 | 2633 |  |  | 207867 |
| Commercial | 21901 | 51208 | 631 |  | 73740 |
| Consumer and other | 1458 | 3656 | 705 |  | 5819 |
| Total fixed rate loans | $282385 | $127764 | $7378 | $22045 | $439572 |
| Floating rate loans: |  |  |  |  |  |
| Commercial real estate | $60084 | $422354 | $159149 | $1244 | $642831 |
| Residential real estate |  |  | 4481 |  | 4481 |
| Commercial | 4036 | 2401 |  |  | 6437 |
| Consumer and other | 145 | 89 |  |  | 234 |
| Total floating rate loans | $64265 | $424844 | $163630 | $1244 | $653983 |

---

------

*Nonperforming Assets*

At September 30, 2025 and December 31, 2024, WFB had $6.4 million and $8.1 million in nonperforming assets, respectively, and $6.3 million and $8.0 million in nonperforming loans, respectively. The decrease in nonperforming assets and non-performing loans for the nine months ended September 30, 2025 was primarily attributable to a decrease in non-performing 1-4 family residential real estate loans.

The following tables present information regarding nonperforming loans at the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of December 31, 2024** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| Nonaccrual loans | $6233 | $7107 |
| Accruing loans 90 or more days past due | 88 | 928 |
| Total nonperforming loans | 6321 | 8035 |
| Other nonperforming assets (repossessions) | 36 | 99 |
| Other real estate owned |  |  |
| Total nonperforming assets | $6357 | $8134 |
| Ratio of nonperforming loans to total loans held for investment | 0.58% | 0.63% |
| Ratio of nonperforming assets to total assets | 0.48% | 0.53% |
| Ratio of nonaccrual loans to total loans held for investment | 0.57% | 0.56% |
| Nonaccrual loans by category: |  |  |
| Commercial real estate | $338 | $1 |
| Residential real estate | 5631 | 6630 |
| Commercial | 160 | 424 |
| Consumer and other | 104 | 52 |
| Total | $6233 | $7107 |

---

*Potential Problem Loans*

The following tables summarize WFB's internal ratings of loans held for investment at September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pass** | **Special Mention** | **Substandard** | **Doubtful** | **Total** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial real estate | $793524 | $1453 | $— | $— | $794977 |
| Residential real estate | 209721 | 25 | 2602 |  | 212348 |
| Commercial | 77327 | 2850 |  |  | 80177 |
| Consumer and other | 6053 |  |  |  | 6053 |
| Total | $1086625 | $4328 | $2602 | $— | $1093555 |

---

------

*Allowance for Credit Losses*

At September 30, 2025, the allowance for credit losses totaled $10.6 million, or 0.98%, of total loans held for investment, as compared to an allowance for credit losses of $10.8 million, or 0.86%, of total loans held for investment at December 31, 2024. The following tables present, as of and for the periods indicated, an analysis of the allowance for credit losses and other related data:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| Average loans outstanding | $1230574 | $1259382 |
| Gross loans held for investment at end of period | $1093555 | $1304394 |
| Allowance for credit losses at beginning of period | 10815 | 10338 |
| Provision for credit losses | 163 | 1560 |
| Charge-offs: |  |  |
| Commercial real estate |  |  |
| Residential real estate | 179 | 96 |
| Commercial | 218 | 358 |
| Consumer and other | 19 | 72 |
| Total charge-offs | 416 | 526 |
| Recoveries: |  |  |
| Commercial real estate | 1 |  |
| Residential real estate |  |  |
| Commercial | 53 | 80 |
| Consumer and other | 24 | 6 |
| Total recoveries | 78 | 86 |
| Net charge-offs | 338 | 440 |
| Allowance for credit losses at end of period | $10640 | $11458 |
| Ratio of allowance for credit losses to end of period loans held for investment | 0.97% | 0.88% |
| Ratio of net charge-offs to average loans | 0.03% | 0.03% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Net Charge-offs** | **% of Average Loans** | **Net Charge-offs** | **% of Average Loans** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial real estate | $(1) | 0.00% | $— | 0.00% |
| Residential real estate | 179 | 0.01% | 96 | 0.01% |
| Commercial | 165 | 0.01% | 278 | 0.02% |
| Consumer and other | (5) | 0.00% | 66 | 0.01% |
| Total net charge-offs | $338 | 0.03% | $440 | 0.03% |

---

The following table shows the allocation of the allowance for credit losses among loan categories and certain other information as of the dates indicated. The allocation of the allowance for credit losses as shown in the table should neither be interpreted as an indication of future charge-offs, nor as an indication that charge-offs in future periods will necessarily occur in these amounts or in the indicated proportions. The total allowance is available to absorb losses from any loan category.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amount** | **% to Total** | **Amount** | **% to Total** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial real estate | $751 | 7.1% | $2411 | 22.3% |
| Residential real estate | 8258 | 77.6% | 8517 | 78.8% |
| Commercial | 1468 | 13.8% | (113) | (1.0%) |
| Consumer and other | 163 | 1.5% |  | 0.0% |
| Total allowance for credit losses | $10640 | 100% | $10815 | 100% |

---

------

*Securities*

At September 30, 2025, the carrying amount of investment securities totaled $52.4 million, a decrease of $3.3 million, or 5.93%, compared to $55.7 million at December 31, 2024. Securities represented 3.98% and 3.61% of total assets at September 30, 2025 and December 31, 2024, respectively. The following tables summarize the amortized cost and estimated fair value of investment securities as of the dates shown:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Gross** | **Gross** | **Allowance** |  |
|  | **Amortized**  | **Unrealized** | **Unrealized** | **for**  | **Fair**  |
|  | **Cost** | **Gains** | **Losses** | **Credit Losses** | **Value** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Available for sale** |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $27546 | $— | $(2809) | $— | $24737 |
| Mortgage-backed securities | 14387 | 208 | (280) |  | 14315 |
| Collateralized mortgage obligations | 11873 | 191 | (89) |  | 11975 |
| Corporate bonds | 1000 |  | (3) |  | 997 |
| Total available for sale | $54806 | $399 | $(3181) | $— | $52024 |
|  |  | **Gross** | **Gross** | **Allowance** |  |
|  | **Amortized**  | **Unrecognized** | **Unrecognized** | **for** | **Fair** |
|  | **Cost** | **Gains** | **Losses** | **Credit Losses** | **Value** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Held to maturity** |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $364 | $1 | $— | $— | $365 |
| Total held to maturity | $364 | $1 | $— | $— | $365 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized** <br> **Cost** | **Gross**<br> **Unrealized**<br> **Gains** | **Gross**<br> **Unrealized**<br> **Losses** | **Allowance**<br> **for** <br> **Credit Losses** | **Fair** <br> **Value** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Available for sale** |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $28659 | $— | $(3278) | $— | $25381 |
| Mortgage-backed securities | 16367 |  | (689) |  | 15678 |
| Collateralized mortgage obligations | 13403 | 16 | (293) |  | 13126 |
| Corporate bonds | 1000 |  | (28) |  | 972 |
| Total available for sale | $59429 | $16 | $(4288) | $— | $55157 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amortized** <br> **Cost** | **Gross**<br> **Unrealized**<br> **Gains** | **Gross**<br> **Unrealized**<br> **Losses** | **Allowance**<br> **for** <br> **Credit Losses** | **Fair** <br> **Value** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Held to maturity** |  |  |  |  |  |
| Obligations of states and municipal subdivisions | $501 | $— | $— | $— | $501 |
| Total held to maturity | $501 | $— | $— | $— | $501 |

---

------

All of WFB's mortgage-backed securities are agency securities. It did not hold any Fannie Mae or Freddie Mac preferred stock, corporate equity, collateralized debt obligations, collateralized loan obligations, private label collateralized mortgage obligations, subprime, Alt-A, or second lien elements in its investment portfolio at September 30, 2025.

The following table sets forth the fair value, maturities and approximated weighted average yield based on estimated annual income divided by the average amortized cost of the securities portfolio at September 30, 2025. The contractual maturity of a mortgage-backed security is the date at which the last underlying mortgage matures.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3 Months or Less** | **3 Months or Less** | **Over 3 Months Through 1 Year** | **Over 3 Months Through 1 Year** | **Over 1 Year Through 5 Years** | **Over 1 Year Through 5 Years** | **Over 5 Years Through 10 Years** | **Over 5 Years Through 10 Years** | **Over 10 Years** | **Over 10 Years** | **Total** | **Total** |
|  | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** |
| **Held to maturity:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Municipal securities | $— | —% | $69 | 5.22% | $296 | 6.17% | $— | —% | $— | —% | $365 | 5.99% |
| **Available for sale:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Municipal securities |  |  | 120 | 2.36% | 2517 | 2.35% | 5680 | 2.10% | 16420 | 1.45% | 24737 | 1.69% |
| Corporate bonds |  |  |  |  | 997 | 5.12% |  |  |  |  | 997 | 5.12% |
| Mortgage-backed securities |  |  | 70 | 2.02% | 4951 | 3.11% | 9294 | 4.74% |  |  | 14315 | 4.14% |
| Collateralized mortgage obligations |  |  | 72 | 1.65% | 10373 | 5.01% | 1530 | 4.05% |  |  | 11975 | 4.87% |
|  | $— | —% | $331 | 2.73% | $19134 | 4.19% | $16504 | 3.75% | $16420 | 1.45% | $52389 | 3.19% |

---

The contractual maturity of mortgage-backed securities, collateralized mortgage obligations and asset-backed securities is not a reliable indicator of their expected life because borrowers have the right to prepay their obligations at any time. Mortgage-backed securities and asset-backed securities are typically issued with stated principal amounts and are backed by pools of mortgage loans and other loans with varying maturities. The term of the underlying mortgages and loans may vary significantly due to the ability of a borrower to prepay. Monthly paydowns on mortgage-backed securities tend to cause the average life of the securities to be much different than the stated contractual maturity. During a period of increasing interest rates, fixed rate mortgage-backed securities do not tend to experience heavy prepayments of principal and, consequently, the average life of this security will be lengthened. If interest rates begin to fall, prepayments may increase, thereby shortening the estimated life of this security. The weighted average life of WFB's investment portfolio was 6.45 years with an estimated effective duration of 4.02 at September 30, 2025.

WFB did not own securities of any one issuer for which aggregate adjusted cost exceeded 10% of the consolidated stockholders' equity at September 30, 2025 or December 31, 2024.

*Deposits*

Total deposits at September 30, 2025 were $1.11 billion, a decrease of $44 million, or 3.8%, compared to $1.15 billion at December 31, 2024. The decrease in deposits for the nine months ended September 30, 2025 was attributable primarily to a strategic reduction in higher cost wholesale money market and CD deposits following WFB's sale of $136.4 million in 1-4 family residential real estate loans. Total uninsured deposits were $376 million, or 33.85% of deposits at September 30, 2025, compared to $322 million, or 28.77% of deposits at December 31, 2024. Amounts of uninsured deposits are estimated and are based on the same methodologies and assumptions used for regulatory reporting purposes. Noninterest-bearing deposits at September 30, 2025 were $208.1 million, a decrease of $9.2 million, or 4.2%, compared to $217.3 million at December 31, 2024.

The following table presents the monthly average balances, in thousands, and weighted average rates paid on deposits for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Average Balance** | **Average Rate** | **Average Balance** | **Average Rate** |
| Interest-bearing demand accounts | $71366 | 0.10% | 75661 | 0.10% |
| Limited access money market accounts and savings | 436226 | 3.72% | 389786 | 4.11% |
| Certificates and other time deposits > $250k | 376566 | 4.32% | 369897 | 4.74% |
| Certificates and other time deposits <u><</u> $250k | 61878 | 4.15% | 54128 | 4.10% |
| Total interest-bearing deposits | 946036 | 3.71% | 889472 | 4.03% |
| Noninterest-bearing demand accounts | 175995 | N/A | 189833 | N/A |
| Total deposits | $1122031 | 3.13% | $1079305 | 3.32% |

---

The ratio of average noninterest-bearing deposits to average total deposits for the nine months ended September 30, 2025 was 15.69%, and for the year ended December 31, 2024 was 17.20%.

The following table sets forth the contractual maturities of certificates of deposit at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **CDs < $250,000** | **CDs > $250,000** | **Brokered CDs** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| 3 months or less | $94323 | $56183 | $— |
| 3 months to 6 months | 71575 | 82651 |  |
| 6 months to 12 months | 50902 | 32265 |  |
| 12 months or more | 19729 | 3150 |  |
|  | $236529 | $174249 | $— |

---

------

*FHLB Advances*

The FHLB allows WFB to borrow on a blanket floating lien status collateralized by certain securities and loans. At September 30, 2025 and December 31, 2024, WFB's total borrowing capacity from the FHLB was $483.3 million and $552.8 million, respectively. WFB utilizes these borrowings to meet liquidity needs and to fund certain fixed rate loans in its portfolio. The following table presents WFB's FHLB borrowings, in thousands, at September 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Amount outstanding | $30096 |
| &nbsp;&nbsp;&nbsp; Weighted average stated interest rate | 4.43% |
| &nbsp;&nbsp;&nbsp; Maximum month-end balance during the year | $203000 |
| &nbsp;&nbsp;&nbsp; Average balance outstanding during the year | $78797 |
| &nbsp;&nbsp;&nbsp; Weighted average interest rate during the year | 4.61% |

---

**Liquidity and Capital Resources**

*Liquidity*

For the nine months ended September 30, 2025, liquidity needs at the subsidiary bank level, where substantially all of WFB's activities and operations are conducted, were primarily met by core deposits, security and loan maturities, and amortizing investment and loan portfolios. In addition, brokered deposits and short-term advances from FHLB were utilized. At September 30, 2025, First National Bank maintained lines of credit with correspondent banks which provided for extensions of credit with an availability to borrow up to an aggregate of $30.0 million. At September 30, 2025, there was no outstanding indebtedness under these lines of credit. At the parent company level, WFB's liquidity needs were primarily supported by cash on hand and dividends from First National Bank.

The following table illustrates, for the periods presented, the mix of WFB's funding sources and the average assets in which those funds were invested as a percentage of average total assets. Average assets totaled $1.38 billion and $1.42 billion for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2025** | **For the Year Ended December 31, 2024** |
| Source of Funds: |  |  |
| Deposits |  |  |
| Noninterest-bearing | 12.72% | 13.20% |
| Interest-bearing | 68.36% | 63.53% |
| Subordinated debt | 2.10% | 2.40% |
| Federal Home Loan Bank advances | 5.69% | 10.30% |
| Other borrowings | 2.85% | 2.64% |
| Other liabilities | 1.02% | 1.52% |
| Stockholders' Equity: | 7.26% | 6.41% |
| Total | 100% | 100% |
| Uses of Funds: |  |  |
| Total loans | 88.91% | 88.46% |
| Debt securities | 3.91% | 4.10% |
| Interest-bearing deposits in banks | 3.09% | 2.87% |
| Other noninterest-earning assets | 4.09% | 4.57% |
| Total | 100% | 100% |
| Average noninterest-bearing deposits to average deposits | 15.69% | 17.20% |
| Average loans to average deposits | 109.67% | 115.29% |

---

WFB's primary source of funds is deposits, and its primary use of funds is loans. It does not expect a change in the primary source or use of funds in the foreseeable future. At September 30, 2025, WFB had outstanding $86.5 million in commitments to extend credit and $839 thousand in commitments associated with outstanding standby and commercial letters of credit. At December 31, 2024, WFB had outstanding $207.7 million in commitments to extend credit and $727 thousand in commitments associated with outstanding standby and commercial letters of credit. Because commitments associated with letters of credit and commitments to extend credit may expire unused, the total outstanding may not necessarily reflect the actual future cash funding requirements.

------

*Capital Resources*

Total stockholders' equity increased to $102.2 million at September 30, 2025, compared to $97.2 million at December 31, 2024, an increase of $5.0 million, or 5.12%. The increase in total stockholders' equity for the nine months ended September 30, 2025 was primarily due to net income available to common shareholders of $3.6 million and a decrease in the amount of WFB's accumulated other comprehensive loss of $1.4 million, resulting from the after-tax effect of unrealized gains in its investment securities portfolio during the period.

At September 30, 2025 and December 31, 2024, First National Bank was in compliance with all applicable regulatory capital requirements, and it was classified as "well-capitalized" for purposes of the OCC's prompt corrective action regulations. "Well capitalized" is the highest capital classification for FDIC-insured financial institutions in the United States. The following table presents the actual capital amounts, in thousands, and regulatory capital ratios for First National Bank at September 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Amount** | **%** |
| Total capital (to risk weighted assets) | $152515 | 18.53% |
| Tier 1 capital (to risk weighted assets) | $142198 | 17.27% |
| Common equity tier 1 capital (to risk weighted assets) | $142198 | 17.27% |
| Tier 1 capital (to average assets) | $142198 | 11.04% |

---

*Contractual Obligations*

The following table summarizes WFB's contractual obligations and other commitments to make future payments at September 30, 2025 (other than non-maturity deposit obligations), which consist of future cash payments associated with contractual obligations under FHLB advances, subordinated debt, revolving line of credit, and non-cancelable future operating leases. Payments related to leases are based on actual payments specified in underlying contracts.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  | **3 years or** |  |  |
|  |  | **more but less** | **5 years or** |  |
|  | **1 year or less** | **than 5 years** | **more** | **Total** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Time deposits | $387899 | $1049 | $— | $410778 |
| Brokered CDs |  |  |  |  |
| Subordinated debt | 12204 |  | 8720 | 20924 |
| Federal Home Loan Bank advances | 30096 |  |  | 30096 |
| Commitments to extend credit and unfunded commitments | 75721 | 191 | 1224 | 86461 |
| Standby letters of credit | 764 |  |  | 839 |
| Total | $506684 | $1240 | $9944 | $549098 |

---

**Interest Rate Sensitivity and Market Risk**

The following table summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At September 30, 2025** | **At September 30, 2025** | **At December 31, 2024** | **At December 31, 2024** |
| **Change in Interest Rates**  | **Percent Change in** | **Percent Change in** | **Percent Change in** | **Percent Change in** |
| **(Basis Points)** | **Net Interest Income** | **Fair Value of Equity** | **Net Interest Income** | **Fair Value of Equity** |
| +300 | 1.5% | (8.7)% | (13.0)% | (18.2)% |
| +200 | 1.0% | (5.9)% | (8.7)% | 12.3% |
| +100 | 0.5% | (3.0)% | (4.3)% | (6.3)% |
| Base | —% | —% | —% | —% |
| -100 | (1.7)% | 2.9% | 3.3% | 6.3% |
| -200 | (1.7)% | 5.9% | 11.1% | 12.9% |

---

The results of the simulations are primarily driven by the contractual characteristics of all balance sheet instruments and customer behavior.

## Exhibit 99.3

**Exhibit 99.3**

**UNAUDITED PRO FORMA COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Introductory Note to Unaudited Pro Forma Condensed Combined Consolidated Financial Information**

The following unaudited pro forma combined consolidated balance sheet as of September 30, 2025, and the unaudited pro forma condensed combined consolidated statements of income for the nine months ended September 30, 2025, have been prepared to show the impact on our historical financial position and results of operations of the following transaction:

• the consummation of the merger, including the expected issuance of 3,955,334 shares of Investar common stock to WFB's shareholders, valued at $23.84 per share, which was the closing price of Investar common stock as of November 12, 2025.

The unaudited pro forma condensed combined balance sheet as of September 30, 2025 is presented as if the merger with WFB had occurred on September 30, 2025. The unaudited pro forma combined consolidated statement of income for the nine months ended September 30, 2025 is presented as if the merger and transactions that occurred therewith had occurred on January 1, 2024. The unaudited pro forma combined condensed consolidated financial statements give effect to the acquisition of WFB as a business combination under GAAP. Accordingly, all assets and liabilities were recorded at estimated fair value. The pro forma adjustments are based on estimates made for the purpose of preparing these pro forma statements and are described in the accompanying notes. Investar management believes that the estimates used in these pro forma financial statements are reasonable under the circumstances.

The pro forma adjustments included herein are subject to change as additional information becomes available and additional analyses are performed. The final allocation of the purchase price will be determined after further valuation analyses under GAAP are performed with respect to the fair values of certain tangible and intangible assets and liabilities as of the date of acquisition. The final adjustments may be materially different from the unaudited pro forma adjustments presented herein. In addition, the pro forma financial statements do not include the effects of any potential cost savings which management believes will result from combining certain operating procedures.

We anticipate that the acquisition of WFB will provide the combined company with the ability to better serve its customers, reach new customers and reduce operating expenses. In addition, certain subjective estimates have been utilized in determining the pro forma adjustments applied to the historical results of operations of WFB. The pro forma information, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected cost savings or opportunities to earn additional revenue and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had WFB and Investar been combined during these periods.

The unaudited pro forma combined condensed consolidated financial information has been derived from, and should be read in conjunction with, Investar historical consolidated financial statements and related notes and those of WFB.

------

**UNAUDITED PRO FORMA COMBINED CONSOLIDATED BALANCE SHEET** 

**AS OF SEPTEMBER 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical Investar** | **Historical WFB** | **Purchase Accounting Adjustments** | **Notes** | **Pro Forma Combined** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **ASSETS** |  |  |  |  |  |
| Cash and due from banks | $32564 | $9113 | $(10370) | (1) | $31307 |
| Interest-bearing balances due from other banks | 2809 | 119794 |  |  | 122603 |
| Cash and cash equivalents | 35373 | 128907 | (10370) |  | 153910 |
| Available for sale securities at fair value | 370251 | 52024 |  |  | 422275 |
| Held to maturity securities at amortized cost | 47834 | 364 |  | (2) | 48198 |
| Loans held for sale |  | 433 |  |  | 433 |
| Loans | 2150523 | 1093555 | (39549) | (3) | 3204529 |
| Less: allowance for credit losses | (26470) | (10640) | (4166) | (4) | (41276) |
| Loans, net | 2124053 | 1082915 | (43715) |  | 3163253 |
| Equity securities at fair value | 3270 |  |  |  | 3270 |
| Nonmarketable equity securities | 15255 | 4676 |  |  | 19931 |
| Bank premises and equipment, net | 39732 | 13903 | 6600 | (5) | 60235 |
| Other real estate owned, net | 4633 |  |  |  | 4633 |
| Accrued interest receivable | 14858 | 5746 |  |  | 20604 |
| Deferred tax asset | 14362 |  | 6725 | (6) | 21087 |
| Goodwill and other intangible assets, net | 41303 | 5192 | 19642 | (7)(8) | 66137 |
| Bank owned life insurance | 68612 | 13636 |  |  | 82248 |
| Other assets | 21092 | 6851 |  |  | 27943 |
| **Total assets** | $2800628 | $1314647 | $(21118) |  | $4094157 |
| **LIABILITIES** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| Noninterest-bearing | $446361 | $193441 | $— |  | $639802 |
| Interest-bearing | 1926317 | 917487 | 1438 | (9) | 2845242 |
| **Total deposits** | 2372678 | 1110928 | 1438 |  | 3485044 |
| Advances from Federal Home Loan Bank | 60000 | 30096 |  | (2) | 90096 |
| Repurchase agreements | 15066 | 1784 |  |  | 16850 |
| Subordinated debt, net of unamortized issuance costs | 16728 | 12204 |  | (2) | 28932 |
| Junior subordinated debt | 8806 | 8720 |  | (2) | 17526 |
| Other borrowings |  | 37196 |  | (2) | 37196 |
| Accrued taxes and other liabilities | 32055 | 11511 | (933) | (10) | 42633 |
| **Total liabilities** | 2505333 | 1212439 | 505 |  | 3718277 |
| Commitments and contingencies |  |  |  |  |  |
| **STOCKHOLDERS**' **EQUITY** |  |  |  |  |  |
| Preferred stock | 30353 |  |  |  | 30353 |
| Common stock | 9826 | 621 | 3334 | (11) | 13781 |
| Surplus | 146304 | 33277 | 57063 | (12) | 236644 |
| Retained earnings | 146178 | 70507 | (84217) | (13) | 132468 |
| Accumulated other comprehensive (loss) income | (37366) | (2197) | 2197 | (14) | (37366) |
| **Total stockholders**' **equity** | 295295 | 102208 | (21623) |  | 375880 |
| **Total liabilities and stockholders**' **equity** | $2800628 | $1314647 | $(21118) |  | $4094157 |

---

*See accompanying notes to the unaudited pro forma condensed combined financial statements.*

------

**UNAUDITED PRO FORMA COMBINED CONSOLIDATED STATEMENT OF INCOME**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical Investar** | **Historical WFB** | **Pro Forma Adjustments** | **Notes** | **Pro Forma Combined** |
|  | In thousands, except per share data) | In thousands, except per share data) | In thousands, except per share data) | In thousands, except per share data) | In thousands, except per share data) |
| **INTEREST INCOME** |  |  |  |  |  |
| Interest and fees on loans | $94255 | $54685 | $8898 | (15) | $157838 |
| Interest on investment securities: | 10761 | 1843 | 330 | (16) | 12934 |
| Other interest income | 1872 | 1459 |  |  | 3331 |
| Total interest income | 106888 | 57987 | 9228 |  | 174103 |
| **INTEREST EXPENSE** |  |  |  |  |  |
| Interest on deposits | 43822 | 26357 | 114 | (17) | 70293 |
| Interest on borrowings | 3924 | 7281 |  | (18) | 11205 |
| Total interest expense | 47746 | 33638 | 114 |  | 81498 |
| Net interest income | 59142 | 24349 | 9114 |  | 92605 |
| Provision for credit losses | (3316) | 164 |  |  | (3152) |
| Net interest income after provision for credit losses | 62458 | 24185 | 9114 |  | 95757 |
| **NONINTEREST INCOME** |  |  |  |  |  |
| Service charges on deposit accounts | 2415 | 304 |  |  | 2719 |
| Mortgage loan sales/origination/processing |  | 467 |  |  | 467 |
| Gain on call or sale of investment securities, net | 2 |  |  |  | 2 |
| Loss on sale or disposition of fixed assets, net | (8) |  |  |  | (8) |
| Gain (loss) on sale of other real estate owned, net | 123 | (99) |  |  | 24 |
| Loss on sale of loans |  | (1913) |  |  | (1913) |
| Interchange fees | 1185 | 559 |  |  | 1744 |
| Income from bank owned life insurance | 1409 | 331 |  |  | 1740 |
| Change in the fair value of equity securities | 177 |  |  |  | 177 |
| Other operating income | 2318 | 645 |  |  | 2963 |
| Total noninterest income | 7621 | 294 |  |  | 7915 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| Depreciation and amortization | 2114 | 677 | 1861 | (19)(20)(21) | 4652 |
| Salaries and employee benefits | 30162 | 10710 |  |  | 40872 |
| Occupancy | 1995 | 1773 |  |  | 3768 |
| Data processing | 2642 | 864 |  |  | 3506 |
| Marketing | 324 | 148 |  |  | 472 |
| Professional fees | 1555 | 1601 |  |  | 3156 |
| Acquisition expense | 587 |  |  |  | 587 |
| Other operating expenses | 10085 | 4289 |  |  | 14374 |
| Total noninterest expense | 49464 | 20062 | 1861 |  | 71387 |
| Income before income tax expense | 20615 | 4417 | 7253 |  | 32285 |
| Income tax expense | 3649 | 806 | 1646 | (22) | 6101 |
| Net income | $16966 | $3611 | $5607 |  | $26184 |
| Earnings per common share: |  |  |  |  |  |
| Basic earnings per common share | 1.67 | 5.82 |  |  | 2.03 |
| Diluted earnings per common share | 1.62 | 5.21 |  |  | 1.95 |
| Basic | 9835780 | 620912 | 3334432 | (23) | 13170212 |
| Diluted | 10494433 | 692804 | 3262540 | (23) | 13756973 |

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*See accompanying notes to the unaudited pro forma condensed combined financial statements.*

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**INVESTAR HOLDING CORPORATION**

**NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

**NOTE 1. BASIS OF PRESENTATION**

On July 1, 2025, Investar entered into the merger agreement with WFB. Under the terms of the merger agreement, all of the issued and outstanding shares of WFB common stock will be converted into and represent the right to receive in the aggregate $7.2 million in cash from Investar and 3,955,334 shares of Investar common stock, subject to certain adjustments. The transaction is valued at approximately $101.5 million. This value is based on Investar's closing stock price on November 12, 2025 of $23.84. Considering the range of Investar stock prices since the announcement of the merger, the value of the transaction at closing may or may not be materially different from the transaction value included in these unaudited pro forma condensed combined consolidated financial statements.

The unaudited pro forma condensed combined consolidated balance sheet and statements of income, including per share data, are presented after giving effect to the merger. The pro forma financial information assumes that the merger with WFB occurred on January 1, 2024 for purposes of the unaudited pro forma condensed combined consolidated statements of income and on September 30, 2025 for purposes of the unaudited pro forma condensed combined consolidated balance sheet and gives effect to the merger, for purposes of the unaudited pro forma condensed combined statements of income, as if it had been effective during the entire period.

The merger will be accounted for using the acquisition method of accounting; accordingly, the difference between the purchase price over the estimated fair value of the assets acquired (including identifiable intangible assets) and liabilities assumed will be recorded as goodwill.

The pro forma financial information includes estimated adjustments to record the assets and liabilities of WFB at their respective fair values and represents management's estimates based on available information. The pro forma adjustments included herein may be revised as additional information becomes available and as additional analysis is performed. The final allocation of the purchase price will be determined after completion of a final analysis to determine the fair values of WFB's tangible and identifiable intangible assets and liabilities as of the closing date and any differences could be material.

**NOTE 2. PRO FORMA ADJUSTMENTS**

The following pro forma adjustments have been reflected in the unaudited pro forma condensed combined consolidated financial information. All adjustments are based on current valuations, estimates and assumptions that are subject to change and such change could be material.

(1) Reflects the payment of $7.2 million in cash consideration to the shareholders of WFB as a result of the merger and $3.2 million in merger-related expenses.

(2) Preliminary fair value marks were not obtained as they were deemed immaterial.

(3) Reflects an estimated interest rate fair value mark of $26.5 million on the WFB loan portfolio and credit fair value mark of $13.0 million related to non-purchased credit-deteriorated loans.

(4) Reflects the elimination of WFB's historical allowance for credit losses totaling $10.6 million, the $1.5 million addition to the ACL attributable to loans identified as PCD and the day 1 recognition of the ACL related to non-PCD loans of $13.3 million.

(5) Reflects the fair value of fixed assets acquired.

(6) Represents the estimated net deferred tax asset resulting from the merger.

(7) Reflects the elimination of WFB's goodwill totaling $4.4 million and to record the estimated goodwill of $10.6 million resulting from the Merger.

(8) Represents the recognition of the fair value of acquired core deposit intangible of $14.3 million, net of the elimination of $0.8 million of WFB's historical core deposit intangible.

(9) Reflects the fair value premium on fixed maturity deposits, which was calculated by discounting future contractual payments at the current market interest rate.

(10) Reflects the reversal of WFB's allowance for credit losses related to unfunded commitments and Investar's accrual of allowance for unfunded commitments.

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(11) Reflects the elimination of WFB's common stock account and the increase in Investar's common stock account as a result of the issuance of 3,955,334 shares of Investar common stock as a result of the merger.

(12) Reflects the elimination of WFB's capital surplus account and the increase in Investar's surplus account as a result of the issuance of 3,955,334 shares of Investar common stock as a result of the merger.

(13) Reflects the elimination of WFB's retained earnings of $70.5 million, to record the estimated after tax merger costs of $3.2 million expected to be incurred by Investar, and to record the allowance for credit losses for non-PCD loans of $10.5 million.

(14) Reflects the elimination of WFB's accumulated other comprehensive loss account.

(15) Interest income on loans was adjusted to reflect the accretion of the loan discount on a level-yield method over the estimated remaining terms to maturity of the loans acquired.

(16) Adjustment to record investment securities discount accretion of the estimated fair value mark, based on the expected average life of the portfolio.

(17) Interest expense on deposits was adjusted to reflect the amortization of the time deposit fair value premium over the remaining life of the deposits. The estimated amount of the amortization is $114,000 for the nine months ended September 30, 2025.

(18) Preliminary fair value marks were not obtained related to subordinated and junior subordinated debt as they were deemed immaterial. Final valuations will be completed at the time of closing.

(19) Reflects the additional depreciation expense related to the fair value of real estate acquired based on an estimated 20 year useful life. The estimated amount of additional depreciation is $247,500 for the nine months ended September 30, 2025.

(20) Reflects the reversal of WFB core deposit intangible amortization recorded of $135,000 for the nine months ended September 30, 2025.

(21) Reflects the amortization of the core deposit intangible over an estimated useful life of ten years using the sum of the years digits method assuming the merger closed on January 1, 2024. The estimated amount of the amortization is $1.7 million for the nine months ended September 30, 2025.

(22) Represents the net federal tax effect of the pro forma adjustments using Investar's statutory tax rate of 21.0%.

(23) Adjustment to eliminate WFB common shares and record Investar common shares reflecting the issuance of 3,955,334 shares at closing.

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**NOTE 3. PRO FORMA ALLOCATION OF PURCHASE PRICE**

The following shows the pro forma allocation of the consideration paid for WFB's common equity to the acquired identifiable assets and liabilities assumed and the pro forma goodwill generated from the transaction.

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| | |
|:---|:---|
| **Preliminary Purchase Price Allocation (in thousands, except share data):** |  |
| Shares of Investar common stock to be issued for shares of WFB common stock | 3955334.0 |
| Price per share, based on Investar prices as of November 12, 2025 | $23.84 |
| Pro forma value of Investar common stock to be issued | $94295.0 |
| Cash consideration | 7200.0 |
|  | $101495.0 |
| **Identifiable assets:** |  |
| Cash and cash equivalents | $128907.0 |
| Investment securities | 52388.0 |
| Net loans | 1052975.0 |
| Nonmarketable equity securities | 4676.0 |
| Bank premises and equipment | 20503.0 |
| Core deposit intangible | 14249.0 |
| Bank owned life insurance | 13636.0 |
| Other assets | 16520.0 |
| Total identifiable assets | 1303853.0 |
| **Identifiable liabilities:** |  |
| Deposits | $1112366.0 |
| Advances from FHLB | 30096.0 |
| Repurchase agreements | 1784.0 |
| Notes payable | 20924.0 |
| Other borrowings | 37196.0 |
| Other liabilities | 10577.0 |
| Total identifiable liabilities | 1212943.0 |
| Net assets acquired | 90910.0 |
| Resulting goodwill | $10585.0 |

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