Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS OF WICHITA FALLS BANCSHARES, INC.
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 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 year ended December 31, 2025, net income available to common shareholders was $4.27 million, or $6.87 per basic common share and $6.87 per diluted common share, compared to net income available to common shareholders of $5.88 million, or $10.04 per basic common share and $7.48 per diluted common share, for the same period in 2024. Holding company return to common shareholders on average assets decreased to 0.32% for the year ended December 31, 2025 from 0.42% for the year ended December 31, 2024. Return to common shareholders on average common equity decreased to 4.22% for the year ended December 31, 2025, as compared to 6.48% for the year ended December 31, 2024.

Net Interest Income

For the year ended December 31, 2025, net interest income totaled $32.20 million, and net interest margin and net interest spread were 2.51% and 1.82%, respectively. For the year ended December 31, 2024, net interest income totaled $32.05 million and net interest margin and net interest spread were 2.37% and 1.62%, respectively. The average yield on the loan portfolio was 5.99%, for the year ended December 31, 2025, compared to 6.06% for the year ended December 31, 2024, and the average yield on total interest-earning assets was 5.86% for the year ended December 31, 2025, compared to 5.94% for the same period in 2024. For the year ended December 31, 2025, overall cost of funds (which includes noninterest-bearing deposits) decreased 37 basis points compared to the year ended December 31, 2024, primarily due to the decline in market interest rates since the last half of 2024, paying off FHLB advances and the repricing of money market and certificate of deposit 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.

(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.

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 negative provision for credit losses was $1.4 million for the year ended December 31, 2025, compared with a provision for credit losses of $1.7 million for the year ended December 31, 2024.

Noninterest Income

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

Noninterest Expense

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

Income Tax Expense

For the year ended December 31, 2025, income tax expense totaled $1.01 million, an increase of $3.55 million, compared to an income tax benefit of $2.54 million for the year ended December 31, 2024. For the year ended December 31, 2025, WFB’s effective tax rate was 19.2%.  

Financial Condition

Assets

At December 31, 2025, total assets were $1.16 billion, a decrease of $387 million, or 25.1%, from $1.54 billion at December 31, 2024. The decrease in total assets was primarily due to the sale of $174.8 million of 1-4 family residential real estate loans.

Loan Portfolio

At December 31, 2025, total loans, excluding mortgage loans held for sale, were $981.6 million, a decrease of $290 million, or 22.8%, compared to $1.27 billion at December 31, 2024. The decrease was primarily due to the sale of $174.8 million in 1-4 family residential real estate loans. Additionally, at December 31, 2025 and December 31, 2024, WFB had mortgage loans classified as loans held for sale of $2.62 million and $2.00 million, respectively. Total loans held for investment as a percentage of deposits were 96.0% and 110.1% at December 31, 2025 and December 31, 2024, respectively. Total loans held for investment as a percentage of assets were 84.9% and 82.4% at December 31, 2025 and December 31, 2024, respectively.

The following table summarizes WFB’s held for investment loan portfolio by type of loan at December 31, 2025:

Commercial real estate loans decreased $163 million, or 18.2%, to $730 million at December 31, 2025 from $892 million at December 31, 2024 due to limited production and normal amortization. Residential real estate loans decreased $122 million, or 42.7%, to $163 million at December 31, 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 $4 million, or 4.3%, to $83 million at December 31, 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 December 31, 2025 are summarized in the following table:

Nonperforming Assets

At December 31, 2025 and December 31, 2024, WFB had $2.8 million and $8.1 million in nonperforming assets, respectively, and $2.8 million and $8.0 million in nonperforming loans, respectively. The decrease in nonperforming assets and non-performing loans for the year ended December 31, 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:

Potential Problem Loans

The following tables summarize WFB’s internal ratings of loans held for investment at December 31, 2025.

Allowance for Credit Losses

At December 31, 2025, the allowance for credit losses totaled $10.6 million, or 1.08%, of total loans held for investment, as compared to an allowance for credit losses of $10.8 million, or 0.85%, 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:

 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.

Securities

At December 31, 2025, the carrying amount of investment securities totaled $51.1 million, a decrease of $4.6 million, or 8.27%, compared to $55.7 million at December 31, 2024. Securities represented 4.42% and 3.61% of total assets at December 31, 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:

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 December 31, 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 December 31, 2025. The contractual maturity of a mortgage-backed security is the date at which the last underlying mortgage matures.

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 6.22 years with an estimated effective duration of 3.89 years at December 31, 2025.

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

Deposits

Total deposits at December 31, 2025 were $1.02 billion, a decrease of $132 million, or 11.5%, compared to $1.15 billion at December 31, 2024. The decrease in deposits for the year ended December 31, 2025 was attributable primarily to a strategic reduction in higher cost wholesale money market and CD deposits following WFB’s sale of $174.8 million in 1-4 family residential real estate loans. Total uninsured deposits were $312 million, or 30.50% of deposits at December 31, 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 December 31, 2025 were $187.9 million, a decrease of $29.5 million, or 13.6%, 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:

The ratio of average noninterest-bearing deposits to average total deposits for the nine months ended December 31, 2025 was 15.93%, and for the year ended December 31, 2024 was 17.20%.

The following table sets forth the contractual maturities of certificates of deposit at December 31, 2025:

FHLB Advances

The FHLB allows WFB to borrow on a blanket floating lien status collateralized by certain securities and loans. At December 31, 2025 and December 31, 2024, WFB’s total borrowing capacity from the FHLB was $460.3 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 December 31, 2025.

Liquidity and Capital Resources

Liquidity

For the year ended December 31, 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 December 31, 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 December 31, 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 $1.35 billion and $1.42 billion for the years ended December 31, 2025 and December 31, 2024, respectively.

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 December 31, 2025, WFB had outstanding $77.1 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 $102.8 million at December 31, 2025, compared to $97.2 million at December 31, 2024, an increase of $5.5 million, or 5.69%. The increase in total stockholders’ equity for the year ended December 31, 2025 was primarily due to a decrease in the amount of WFB’s accumulated other comprehensive loss of $1.7 million, resulting from the after-tax effect of unrealized gains in its investment securities portfolio during the period.

At December 31, 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 December 31, 2025.

Contractual Obligations

The following table summarizes WFB’s contractual obligations and other commitments to make future payments at December 31, 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.

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:

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