Company Quick10K Filing
Quick10K
Wilson Bank Holding
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-03 Earnings, Officers, Regulation FD, Exhibits
8-K 2019-07-08 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Shareholder Vote
8-K 2019-04-10 Earnings, Regulation FD, Exhibits
8-K 2019-03-06 Officers
8-K 2019-01-11 Earnings, Regulation FD, Exhibits
8-K 2018-10-10 Earnings, Regulation FD, Exhibits
8-K 2018-07-09 Earnings, Regulation FD, Exhibits
8-K 2018-04-26 Shareholder Vote
8-K 2018-04-10 Earnings, Regulation FD, Exhibits
8-K 2018-01-12 Earnings, Regulation FD, Exhibits
8-K 2018-01-05 Officers
SFDL Security Federal 102
WFCF Where Food Comes From 46
MDVX Medovex 38
PNTTE Punto Group 0
PHLD Phillips Edison & Company 0
SGY Talos Petroleum 0
AOIX American Oil & Gas 0
DTRC Dakota Territory Resource 0
ALPC Alpha Investment 0
TSPI Team 360 Sports 0
WBHC 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Loans and Allowance for Loan Losses
Note 3. Debt and Equity Securities
Note 4. Earnings per Share
Note 5. Income Taxes
Note 6. Commitments and Contingent Liabilities
Note 7. Fair Value Measurements
Note 8. Equity Incentive Plans
Note 9. Mortgage Banking Derivatives
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 wbhc06302019ex311.htm
EX-31.2 wbhc06302019ex312.htm
EX-32.1 wbhc06302019ex321.htm
EX-32.2 wbhc06302019ex322.htm

Wilson Bank Holding Earnings 2019-06-30

WBHC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 0-20402
 

WILSON BANK HOLDING COMPANY
(Exact name of registrant as specified in its charter) 
 
 
Tennessee
 
 
62-1497076
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
623 West Main Street
Lebanon
TN
37087
(Address of principal executive offices)
 
 
(Zip Code)
 (615) 444-2265
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
(Do not check if a smaller reporting company)
Emerging growth company




Table of Contents

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock outstanding: 10,782,847 shares at August 9, 2019
 


Table of Contents

Part I:
 
  
 
 
 
 
 
Item 1.
 
  
 
 
 
 
 
The unaudited consolidated financial statements of the Company and its subsidiary are as follows:
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Item 2.
 
  
 
 
 
 
 
Item 3.
 
  
 
 
 
 
 
 
 
Disclosures required by Item 3 are incorporated by reference to Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  
 
 
 
 
 
 
Item 4.
 
  
 
 
 
 
 
Part II:
 
  
 
 
 
 
 
Item 1.
 
  
 
 
 
 
 
Item 1A.
 
  
 
 
 
 
 
Item 2.
 
  
 
 
 
 
 
Item 3.
 
  
 
 
 
 
 
Item 4.
 
  
 
 
 
 
 
Item 5.
 
  
 
 
 
 
 
Item 6.
 
  
 
 
 
 
 
  
EX-31.1 SECTION 302 CERTIFICATION OF THE CEO
  
 
EX-31.2 SECTION 302 CERTIFICATION OF THE CFO
  
 
EX-32.1 SECTION 906 CERTIFICATION OF THE CEO
  
 
EX-32.2 SECTION 906 CERTIFICATION OF THE CFO
  
 
EX-101.INS
  
 
EX-101.SCH
 
 
EX-101.CAL
 
 
EX-101.DEF
 
 
EX-101.LAB
 
 
EX-101.PRE
 
 


Table of Contents

Part I. Financial Information
Item 1. Financial Statements
WILSON BANK HOLDING COMPANY
Consolidated Balance Sheets
June 30, 2019 and December 31, 2018

 
(Unaudited)
 
(Audited)
 
June 30,
2019
 
December 31,
2018
 
(Dollars in Thousands
Except Share Amounts)
Assets
 
 
 
Loans
$
2,021,113

 
$
2,043,179

Less: Allowance for loan losses
(28,270
)
 
(27,174
)
Net loans
1,992,843

 
2,016,005

Securities:
 
 
 
Available-for-sale, at market (amortized cost $424,648 and $295,683, respectively)
423,792

 
285,252

Total securities
423,792

 
285,252

Loans held for sale
10,227

 
7,484

Interest bearing deposits
112,032

 
80,215

Restricted equity securities
4,680

 
3,012

Federal funds sold
20,000

 
9,000

Total earning assets
2,563,574

 
2,400,968

Cash and due from banks
9,344

 
9,976

Bank premises and equipment, net
58,256

 
58,363

Accrued interest receivable
7,274

 
6,724

Deferred income tax asset
7,351

 
8,901

Other real estate
551

 
1,357

Bank owned life insurance
31,356

 
30,952

Other assets
24,542

 
21,636

Goodwill
4,805

 
4,805

Total assets
$
2,707,053

 
$
2,543,682

Liabilities and Stockholders’ Equity
 
 
 
Deposits
$
2,337,696

 
$
2,235,655

Federal home loan bank advances
29,209

 

Accrued interest and other liabilities
21,960

 
12,360

Total liabilities
2,388,865

 
2,248,015

Stockholders’ equity:
 
 
 
Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 10,695,032 and 10,623,810 shares, respectively
21,390

 
21,248

Additional paid-in capital
77,331

 
73,960

Retained earnings
220,100

 
208,164

Net unrealized losses on available-for-sale securities, net of income taxes of $223 and $2,726, respectively
(633
)
 
(7,705
)
Total stockholders’ equity
318,188

 
295,667

Total liabilities and stockholders’ equity
$
2,707,053

 
$
2,543,682


See accompanying notes to consolidated financial statements (unaudited)

4


Table of Contents

WILSON BANK HOLDING COMPANY
Consolidated Statements of Earnings
Three Months and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in Thousands Except Per Share Amounts)
 
(Dollars in Thousands Except Per Share Amounts)
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
26,211

 
$
23,347

 
$
51,985

 
$
45,180

Interest and dividends on securities:
 
 
 
 
 
 
 
Taxable securities
2,503

 
1,602

 
4,110

 
3,268

Exempt from Federal income taxes
151

 
298

 
318

 
601

Interest on loans held for sale
67

 
42

 
145

 
81

Interest on Federal funds sold
50

 
18

 
58

 
30

Interest on balances held at depository institutions
535

 
209

 
1,135

 
418

Interest and dividends on restricted securities
50

 
32

 
100

 
64

Total interest income
29,567

 
25,548

 
57,851

 
49,642

Interest expense:
 
 
 
 
 
 
 
Interest on negotiable order of withdrawal accounts
616

 
430

 
1,188

 
774

Interest on money market and savings accounts
1,791

 
883

 
3,531

 
1,590

Interest on time deposits
3,309

 
1,782

 
6,195

 
3,374

Interest on federal funds purchased

 
2

 

 
2

Interest on federal home loan bank advances
207

 

 
220

 

Interest on securities sold under repurchase agreements

 

 

 
16

Total interest expense
5,923

 
3,097

 
11,134

 
5,756

Net interest income before provision for loan losses
23,644

 
22,451

 
46,717

 
43,886

Provision for loan losses
154

 
1,090

 
1,187

 
2,113

Net interest income after provision for loan losses
23,490

 
21,361

 
45,530

 
41,773

Non-interest income:
 
 
 
 
 
 
 
Service charges on deposit accounts
1,695

 
1,669

 
3,358

 
3,211

Other fees and commissions
3,788

 
3,805

 
6,895

 
6,808

Income on BOLI and annuity contracts
205

 
207

 
404

 
421

Gain on sale of loans
1,615

 
993

 
3,261

 
2,024

Gain (loss) on the sale of fixed assets

 

 
(1
)
 

Gain (loss) on sale of other real estate
32

 

 
(13
)
 

Loss on sale of securities

 
(571
)
 
(309
)
 
(571
)
Loss on sale of other assets

 
(3
)
 

 
(3
)
Total non-interest income
7,335

 
6,100

 
13,595

 
11,890

Non-interest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
10,251

 
10,733

 
20,661

 
20,556

Occupancy expenses, net
1,211

 
1,092

 
2,325

 
2,055

Advertising & public relations expense
621

 
759

 
1,098

 
1,241

Furniture and equipment expense
781

 
659

 
1,553

 
1,244

Data processing expense
997

 
806

 
1,975

 
1,574

ATM & interchange expense
878

 
737

 
1,662

 
1,421

Directors’ fees
128

 
130

 
262

 
279

Audit, legal & consulting expenses
624

 
243

 
724

 
433

Other operating expenses
2,883

 
2,504

 
5,532

 
4,909

Total non-interest expense
18,374

 
17,663

 
35,792

 
33,712

Earnings before income taxes
12,451

 
9,798

 
23,333

 
19,951

Income taxes
2,935

 
2,489

 
5,527

 
5,162

Net earnings
$
9,516

 
$
7,309

 
$
17,806

 
$
14,789

Weighted average number of common shares outstanding-basic
10,718,138

 
10,523,556

 
10,709,916

 
10,515,460

Weighted average number of common shares outstanding-diluted
10,734,598

 
10,530,926

 
10,725,911

 
10,521,739

Basic earnings per common share
$
0.89

 
$
0.69

 
$
1.66

 
$
1.41

Diluted earnings per common share
$
0.89

 
$
0.69

 
$
1.66

 
$
1.41

Dividends per share
$

 
$

 
$
0.55

 
$
0.35

See accompanying notes to consolidated financial statements (unaudited)

5


Table of Contents

WILSON BANK HOLDING COMPANY
Consolidated Statements of Comprehensive Earnings
Three Months and Six Months Ended June 30, 2019 and 2018
(Unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2019
 
2018
2019
 
2018
 
(In Thousands)
Net earnings
$
9,516

 
$
7,309

$
17,806

 
$
14,789

Other comprehensive earnings (loss), net of tax:
 
 
 
 
 
 
Unrealized gains (losses) on available-for-sale securities arising during period, net of taxes of $1,620, $343, $2,422, and $2,030, respectively
4,574

 
(969
)
6,844

 
(5,735
)
Reclassification adjustment for net losses on the sale of securities included in net earnings, net of taxes of $0, $149, $81, and $149, respectively

 
422

228

 
422

Other comprehensive earnings (loss)
4,574

 
(547
)
7,072

 
(5,313
)
Comprehensive earnings
$
14,090

 
$
6,762

$
24,878

 
$
9,476


See accompanying notes to consolidated financial statements (unaudited)


6


Table of Contents

WILSON BANK HOLDING COMPANY
Consolidated Statements of Changes in Stockholders’ Equity
Three Months and Six Months Ended June 30, 2019 and 2018
(Unaudited) 
 
Dollars In Thousands
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Net Unrealized Gain (Loss) On Available-For-Sale Securities
 
Total
Three months ended:
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
21,448

 
78,716

 
210,584

 
(5,207
)
 
305,541

Issuance of 2,746 shares of common stock pursuant to exercise of stock options
6

 
97

 

 

 
103

Share based compensation expense

 
83

 

 

 
83

Net change in fair value of available-for-sale securities during the period, net of taxes of $1,620

 

 

 
4,574

 
4,574

Repurchase of 31,774 common shares
(64
)
 
(1,565
)
 

 

 
(1,629
)
Net earnings for the quarter

 

 
9,516

 

 
9,516

Balance at end of period
$
21,390

 
77,331

 
220,100

 
(633
)
 
318,188

 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
21,045

 
69,140

 
188,840

 
(9,001
)
 
270,024

Issuance of 2,393 shares of common stock pursuant to exercise of stock options
4

 
77

 

 

 
81

Share based compensation expense

 
129

 

 

 
129

Net change in fair value of available-for-sale securities during the period, net of taxes of $194

 

 

 
(547
)
 
(547
)
Net earnings for the quarter

 

 
7,309

 

 
7,309

Balance at end of period
$
21,049

 
69,346

 
196,149

 
(9,548
)
 
276,996























7


Table of Contents

WILSON BANK HOLDING COMPANY
Consolidated Statements of Changes in Stockholders’ Equity, Continued
Three Months and Six Months Ended June 30, 2019 and 2018
(Unaudited) 
 
Dollars In Thousands
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Net Unrealized Gain (Loss) On Available-For-Sale Securities
 
Total
Six months ended:
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
21,248

 
73,960

 
208,164

 
(7,705
)
 
295,667

Cash dividends declared, $.55 per share

 

 
(5,843
)
 

 
(5,843
)
Issuance of 91,487 shares of common stock pursuant to dividend reinvestment plan
183

 
4,368

 

 

 
4,551

Issuance of 11,509 shares of common stock pursuant to exercise of stock options
23

 
386

 

 

 
409

Share based compensation expense

 
182

 

 

 
182

Net change in fair value of available-for-sale securities during the period, net of taxes of $2,503

 

 

 
7,072

 
7,072

Reclassification adjustment for the adoption of lease standard

 

 
(27
)
 

 
(27
)
Repurchase of 31,774 common shares
(64
)
 
(1,565
)
 

 

 
(1,629
)
Net earnings for the year

 

 
17,806

 

 
17,806

Balance at end of period
$
21,390

 
77,331

 
220,100

 
(633
)
 
318,188

 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
20,901

 
66,047

 
185,017

 
(4,235
)
 
267,730

Cash dividends declared, $.35 per share

 

 
(3,657
)
 

 
(3,657
)
Issuance of 64,837 shares of common stock pursuant to dividend reinvestment plan
130

 
2,772

 

 

 
2,902

Issuance of 9,122 shares of common stock pursuant to exercise of stock options
18

 
298

 

 

 
316

Share based compensation expense

 
229

 

 

 
229

Net change in fair value of available-for-sale securities during the period, net of taxes of $1,881

 

 

 
(5,313
)
 
(5,313
)
Net earnings for the year

 

 
14,789

 

 
14,789

Balance at end of period
$
21,049

 
69,346

 
196,149

 
(9,548
)
 
276,996


See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY
Consolidated Statements of Cash Flows
Six Months Ended June 30, 2019 and 2018
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited) 
 
Six Months Ended June 30,
 
2019
 
2018
 
(In Thousands)
Cash flows from operating activities:
 
 
 
Interest received
$
58,194

 
$
50,868

Fees and commissions received
10,253

 
10,019

Proceeds from sale of loans held for sale
70,040

 
57,324

Origination of loans held for sale
(69,522
)
 
(53,215
)
Interest paid
(10,250
)
 
(5,555
)
Cash paid to suppliers and employees
(28,867
)
 
(27,836
)
Income taxes paid
(5,454
)
 
(6,221
)
Net cash provided by operating activities
24,394

 
25,384

Cash flows from investing activities:
 
 
 
Proceeds from maturities, calls, and principal payments of held-to-maturity securities

 
4,146

Proceeds from maturities, calls, and principal payments of available-for-sale securities
19,320

 
19,674

Proceeds from the sale of available-for-sale securities
24,621

 
35,093

Purchase of available-for-sale securities
(174,108
)
 
(9,118
)
Loans made to customers, net of repayments
22,051

 
(155,938
)
Purchase of restricted equity securities
(1,668
)
 

Purchase of premises and equipment
(1,880
)
 
(6,172
)
Proceeds from sale of other real estate
715

 
15

Proceeds from sale of other assets
2

 
4

Net cash used in investing activities
(110,947
)
 
(112,296
)
Cash flows from financing activities:
 
 
 
Net increase in non-interest bearing, savings and NOW deposit accounts
76,694

 
71,232

Net increase in time deposits
25,347

 
18,349

Net decrease in securities sold under repurchase agreements

 
(864
)
Net increase in Federal Home Loan Bank advances
29,209

 

Dividends paid
(5,843
)
 
(3,657
)
Proceeds from sale of common stock pursuant to dividend reinvestment
4,551

 
2,902

Repurchase of common stock
(1,629
)
 

Proceeds from exercise of stock options
409

 
316

Net cash provided by financing activities
128,738

 
88,278

Net increase in cash and cash equivalents
42,185

 
1,366

Cash and cash equivalents at beginning of period
99,191

 
95,518

Cash and cash equivalents at end of period
$
141,376

 
$
96,884

 
See accompanying notes to consolidated financial statements (unaudited)






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WILSON BANK HOLDING COMPANY
Consolidated Statements of Cash Flows, Continued
Six Months Ended June 30, 2019 and 2018
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited) 
 
 
Six Months Ended June 30,
 
 
2019
 
2018
 
 
(In Thousands)
Reconciliation of net earnings to net cash provided by operating activities:
 
 
 
 
Net earnings
 
17,806

 
14,789

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
Depreciation, amortization, and accretion
 
2,879

 
2,874

Provision for loan losses
 
1,187

 
2,113

Loss on sale of other real estate
 
13

 

Loss on sale of securities
 
309

 
571

Stock-based compensation expense
 
182

 
229

Loss on the sale of other assets
 

 
3

Loss on the sale of bank premises and equipment
 
1

 

Decrease (increase) in loans held for sale
 
(2,743
)
 
2,085

Increase in deferred tax asset
 
(953
)
 
(236
)
Increase in other assets, bank owned life insurance and annuity contract earnings, net
 
(710
)
 
(1,865
)
Increase in interest receivable
 
(550
)
 
(13
)
Increase in other liabilities
 
5,063

 
5,455

Increase (decrease) in taxes payable
 
1,026

 
(822
)
Increase in interest payable
 
884

 
201

Total adjustments
 
6,588

 
10,595

                         Net cash provided by operating activities
 
$
24,394


$
25,384

 
 
 
 
 
Supplemental schedule of non-cash activities:
 
 
 
 
Unrealized gain (loss) in value of securities available-for-sale, net of taxes of $2,503 and $1,881 for the six months ended June 30, 2019 and 2018, respectively
 
$
7,072

 
$
(5,313
)
Non-cash transfers from loans to other real estate
 
$
466

 
$
321

Non-cash transfers from other real estate to loans
 
$
544

 
$

Non-cash transfers from loans to other assets
 
$
2

 
$
7

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY
Notes to Consolidated Financial Statements
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Nature of Business — Wilson Bank Holding Company (the “Company”) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Wilson Bank & Trust (the “Bank”). The Bank is a commercial bank headquartered in Lebanon, Tennessee. The Bank provides a full range of banking services in its primary market areas of Wilson, Davidson, Rutherford, Trousdale, Sumner, Dekalb, Putnam, Smith, and Williamson Counties, Tennessee.

Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated audited financial statements and related notes appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.
These consolidated financial statements include the accounts of the Company and the Bank. Significant intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for loan losses, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, other-than-temporary impairment of securities, the valuation of other real estate, and the fair value of financial instruments. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. There have been no significant changes to the Company’s significant accounting policies as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Loans — Loans are reported at their outstanding principal balances less unearned income, the allowance for loan losses and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method.
Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely.
Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which often is determined when the principal or interest on the loan is more than 90 days past due, unless the loan is both well-secured and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status, is reversed against current income. Interest income is subsequently recognized only to the extent cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis. A nonaccrual loan is returned to accruing status once the loan has been brought current and collection is reasonably assured or the loan has been “well-secured” through other techniques. Past due status is determined based on the contractual due date per the underlying loan agreement.

All loans that are placed on nonaccrual are further analyzed to determine if they should be classified as impaired loans. At December 31, 2018 and June 30, 2019, there were no loans classified as nonaccrual that were not also deemed to be impaired except for those loans not individually evaluated for impairment as described below. A loan is considered to be impaired when it is probable the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan. This determination is made using one or more of a variety of techniques, which include a review of the borrower’s financial condition, debt-service coverage ratios, global cash flow analysis, guarantor support, other loan file information, meetings with borrowers, inspection or reappraisal of collateral and/or consultation with legal counsel as well as

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results of reviews of other similar industry credits (e.g. builder loans, development loans, church loans, etc). Loans with an identified weakness and principal balance of $500,000 or more are subject to individual identification for impairment. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a specific valuation allowance is established as a component of the allowance for loan losses or, in the case of collateral dependent loans, the excess may be charged off. Changes to the valuation allowance are recorded as a component of the provision for loan losses. Any subsequent adjustments to present value calculations for impaired loan valuations as a result of the passage of time, such as changes in the anticipated payback period for repayment, are recorded as a component of the provision for loan losses. For loans less than $500,000, the Company assigns a valuation allowance to these loans utilizing an allocation rate equal to the allocation rate calculated for non-impaired loans of a similar type.
Allowance for Loan Losses — The allowance for loan losses is maintained at a level that management believes to be adequate to absorb probable losses in the loan portfolio. Loan losses are charged against the allowance when they are known. Subsequent recoveries are credited to the allowance. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, current economic conditions, volume, growth, composition of the loan portfolio, homogeneous pools of loans, risk ratings of specific loans, historical loan loss factors, loss experience of various loan segments, identified impaired loans and other factors related to the portfolio. This evaluation is performed quarterly and is inherently subjective, as it requires material estimates that are susceptible to significant change including the amounts and timing of future cash flows expected to be received on any impaired loans.
In assessing the adequacy of the allowance, we also consider the results of our ongoing independent loan review process. We undertake this process both to ascertain whether there are loans in the portfolio whose credit quality has weakened over time and to assist in our overall evaluation of the risk characteristics of the entire loan portfolio. Our loan review process includes the judgment of management, independent loan reviewers, and reviews that may have been conducted by third-party reviewers. We incorporate relevant loan review results in the loan impairment determination. In addition, regulatory agencies, as an integral part of their examination process, will periodically review the Company’s allowance for loan losses, and may require the Company to record adjustments to the allowance based on their judgment about information available to them at the time of their examinations.

Recently Issued Accounting Pronouncements    

In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2016-02 was effective for us on January 1, 2019 and initially required transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements,” which, among other things, provides an additional transition method that allows entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB also issued ASU 2018-20, “Leases (Topic 842) - Narrow-Scope Improvements for Lessors,” which provides for certain policy elections and changes lessor accounting for sales and similar taxes and certain lessor costs. Upon adoption of ASU 2016-02, ASU 2018-11 and ASU 2018-20 on January 1, 2019, we recorded a right-of-use asset in the amount of $2,600,000 and an offsetting lease liability in the amount of $2,627,000. Upon adoption, using a modified retrospective transition adoption approach, we recognized a cumulative effect reduction to retained earnings totaling $27,000. We have elected to apply certain practical expedients provided under ASU 2016-02 whereby we will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We have utilized the modified-retrospective transition approach prescribed by ASU 2018-11.

In June 2016, FASB  issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments."  ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on held-to-maturity debt securities and purchased financial assets with credit deterioration. ASU 2016-13

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will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. We are also evaluating the sufficiency of current systems and data needed to comply with this ASU. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date.

In January 2017, FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 will be effective for us on January 1, 2020, with early adoption permitted for interim or annual impairment tests beginning in 2017. ASU 2017-04 is not expected to have a significant impact on our financial statements.

In March 2017, FASB issued ASU 2017-08, “Receivables -  Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 provides guidance on the amortization period for certain purchased callable debt securities held at a premium. This update shortens the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument related to certain cash flow issues. ASU 2017-08 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements.

In August 2018, FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 will be effective for us on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements.

Other than those previously discussed, there were no other recently issued accounting pronouncements that we believe are reasonably likely to materially impact the Company.

Subsequent Events  - Accounting Standards Codification (ASC) Topic 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued.  Wilson Bank Holding Company evaluated all events or transactions that occurred after June 30, 2019 through the date of the issued financial statements.

Note 2. Loans and Allowance for Loan Losses
For financial reporting purposes, the Company classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with that utilized in the Quarterly Report of Condition and Income filed by the Bank with the Federal Deposit Insurance Corporation (“FDIC”).
The following schedule details the loans of the Company at June 30, 2019 and December 31, 2018:

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(In Thousands)
 
June 30,
2019
 
December 31,
2018
Mortgage loans on real estate:
 
 
 
       Residential 1-4 family
$
464,115

 
$
460,692

Multifamily
121,044

 
134,613

Commercial
743,322

 
701,055

Construction and land development
450,199

 
518,245

Farmland
21,843

 
24,071

Second mortgages
11,859

 
11,197

Equity lines of credit
65,529

 
62,013

Total mortgage loans on real estate
1,877,911

 
1,911,886

Commercial loans
83,969

 
78,245

Agricultural loans
1,629

 
1,985

Consumer installment loans
 
 
 
Personal
51,739

 
45,072

Credit cards
3,701

 
3,687

Total consumer installment loans
55,440

 
48,759

Other loans
8,873

 
9,324

                                Total loans before net deferred loan fees
2,027,822

 
2,050,199

Net deferred loan fees
(6,709
)
 
(7,020
)
Total loans