Company Quick10K Filing
Wilson Bank Holding
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 11 $-0
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-08 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-09 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-10 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-14 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-13 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-16 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2020-01-13 Earnings, Regulation FD, Exhibits
8-K 2019-12-31
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
WBHC 2019-09-30
Part I. Financial Information
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
Part II. Other Information
EX-31.1 ex_157901.htm
EX-31.2 ex_157902.htm
EX-32.1 ex_157903.htm
EX-32.2 ex_157904.htm

Wilson Bank Holding Earnings 2019-09-30

WBHC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CMDS 1 1 1 1 -0 -0 -0 49% 1.3 -33%
MJTV 0 2 0 0 -1 -1 -0 0.0 -83,776,000%
TCE 3 4 0 0 -0 -0 -0 35% 0.9 -4%
ATIM 5 3 0 -0 -2 -2 -0 -1,145% 0.1 -31%
AVU 5,690 2,199 1,430 0 186 529 1,723 0% 3.3 3%
NPS 9 14 18 4 -2 -2 -1 22% 0.4 -27%
RRI 3,944 3,351 1,839 0 251 416 -856 0% -2.1 6%
CTDT 0 1 0 0 -0 -0 -0 0.0 -282%
GAIF 28 0 0 0 0 0 -0 -0.0 0%
MRCZ 0 0 0 0 -0 -0 -0 0.0 -42,258%

0000885275WILSON BANK HOLDING COfalse--12-31Q3201900002015 2016 2017 20182016 2017 20182Amount is net of a valuation allowance of $1,704,000 at September 30, 2019 and $1,164,000 at December 31, 2018 as required by ASC 310, "Receivables."Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly 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Washington, D.C. 20549






(Mark One)





For the quarterly period ended September 30, 2019







For the transition period from                      to                     


Commission File Number 0-20402




(Exact name of registrant as specified in its charter) 







(State or other jurisdiction of incorporation or organization)



(I.R.S. Employer Identification No.)


623 West Main Street




(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



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: 10,784,936 shares at November 8, 2019




Table of Contents


Part I:








Item 1.


Financial Statements.






The unaudited consolidated financial statements of the Company and its subsidiary are as follows:








Consolidated Balance Sheets — September 30, 2019 and December 31, 2018.








Consolidated Statements of Earnings — For the three months and nine months ended September 30, 2019 and 2018.








Consolidated Statements of Comprehensive Earnings — For the three months and nine months ended September 30, 2019 and 2018.








Consolidated Statements of Changes in Stockholders' Equity — For the three months and nine months ended September 30, 2019 and 2018.








Consolidated Statements of Cash Flows — For the nine months ended September 30, 2019 and 2018.






Item 2.


Management’s Discussion and Analysis of Financial Condition and Results of Operations.






Item 3.


Quantitative and Qualitative Disclosures About Market Risk.








Disclosures required by Item 3 are incorporated by reference to Management’s Discussion and Analysis of Financial Condition and Results of Operations.






Item 4.


Controls and Procedures.






Part II:








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.


































Table of Contents



Part I. Financial Information


Item 1. Financial Statements



Consolidated Balance Sheets

September 30, 2019 and December 31, 2018






    September 30, 2019     December 31, 2018  

(Dollars in Thousands Except Share Amounts)





  $ 1,983,365     $ 2,043,179  

Less: Allowance for loan losses

    (28,385 )     (27,174 )

Net loans

    1,954,980       2,016,005  

Available-for-sale, at market (amortized cost $436,988 and $295,683, respectively)

    436,977       285,252  

Loans held for sale

    10,783       7,484  

Interest bearing deposits

    161,040       80,215  

Restricted equity securities

    4,680       3,012  

Federal funds sold

    41,000       9,000  

Total earning assets

    2,609,460       2,400,968  

Cash and due from banks

    12,719       9,976  

Bank premises and equipment, net

    58,604       58,363  

Accrued interest receivable

    6,704       6,724  

Deferred income tax asset

    7,195       8,901  

Other real estate

    845       1,357  

Bank owned life insurance

    31,560       30,952  

Other assets

    26,992       21,636  


    4,805       4,805  

Total assets

  $ 2,758,884     $ 2,543,682  

Liabilities and Stockholders’ Equity



  $ 2,380,666     $ 2,235,655  

Federal home loan bank advances


Accrued interest and other liabilities

    23,914       12,360  

Total liabilities

    2,430,993       2,248,015  

Stockholders’ equity:


Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 10,783,663 and 10,623,810 shares, respectively

    21,567       21,248  

Additional paid-in capital

    81,848       73,960  

Retained earnings

    224,484       208,164  

Net unrealized losses on available-for-sale securities, net of income taxes of $3 and $2,726, respectively

    (8 )     (7,705 )

Total stockholders’ equity

    327,891       295,667  

Total liabilities and stockholders’ equity

  $ 2,758,884     $ 2,543,682  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents




Consolidated Statements of Earnings

Three Months and Nine Months Ended September 30, 2019 and 2018



    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  









(Dollars in Thousands Except Per Share Amounts)


(Dollars in Thousands Except Per Share Amounts)


Interest income:


Interest and fees on loans

  $ 27,035     $ 24,342     $ 79,020     $ 69,522  

Interest and dividends on securities:


Taxable securities

    2,318       1,362       6,428       4,630  

Exempt from federal income taxes

    217       245       535       846  

Interest on loans held for sale

    85       53       230       134  

Interest on federal funds sold

    113       10       171       40  

Interest on balances held at depository institutions

    517       215       1,652       633  

Interest and dividends on restricted securities

    44       71       144       135  

Total interest income

    30,329       26,298       88,180       75,940  

Interest expense:


Interest on negotiable order of withdrawal accounts

    619       483       1,807       1,257  

Interest on money market and savings accounts

    1,807       1,147       5,338       2,737  

Interest on time deposits

    3,371       2,024       9,566       5,398  

Interest on federal funds purchased

          2             4  

Interest on federal home loan bank advances

    190             410        

Interest on securities sold under repurchase agreements

    4             4       16  

Total interest expense

    5,991       3,656       17,125       9,412  

Net interest income before provision for loan losses

    24,338       22,642       71,055       66,528  

Provision for loan losses

    167       1,088       1,354       3,201  

Net interest income after provision for loan losses

    24,171       21,554       69,701       63,327  

Non-interest income:


Service charges on deposit accounts

    1,756       1,770       5,114       4,981  

Other fees and commissions

    3,765       3,390       10,660       10,198  

Income on BOLI and annuity contracts

    204       206       608       627  

Gain on sale of loans

    1,870       1,287       5,131       3,311  

Loss on the sale of fixed assets

    (1 )     (2 )     (2 )     (2 )

Loss on sale of other real estate

    (35 )     (38 )     (48 )     (38 )

Gain (loss) on sale of securities

    41       (79 )     (268 )     (650 )

Loss on sale of other assets

    (3 )           (3 )     (3 )

Total non-interest income

    7,597       6,534       21,192       18,424  

Non-interest expense:


Salaries and employee benefits

    10,440       10,005       31,101       30,561  

Occupancy expenses, net

    1,242       1,194       3,567       3,249  

Advertising & public relations expense

    540       576       1,638       1,817  

Furniture and equipment expense

    784       778       2,337       2,022  

Data processing expense

    1,161       751       3,136       2,204  

ATM & interchange expense

    867       807       2,529       2,228  

Directors’ fees

    142       117       404       396  

Audit, legal & consulting expenses

    372       228       1,096       662  

Other operating expenses

    2,664       2,914       8,196       7,943  

Total non-interest expense

    18,212       17,370       54,004       51,082  

Earnings before income taxes

    13,556       10,718       36,889       30,669  

Income taxes

    3,290       2,746       8,817       7,908  

Net earnings

  $ 10,266     $ 7,972     $ 28,072     $ 22,761  

Weighted average number of common shares outstanding-basic

    10,766,738       10,601,882       10,729,065       10,544,584  

Weighted average number of common shares outstanding-diluted

    10,786,752       10,611,766       10,746,130       10,551,536  

Basic earnings per common share

  $ 0.95     $ 0.75     $ 2.62     $ 2.16  

Diluted earnings per common share

  $ 0.95     $ 0.75     $ 2.61     $ 2.16  

Dividends per share

  $ 0.55     $ 0.55     $ 1.10     $ 0.90  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents




Consolidated Statements of Comprehensive Earnings

Three Months and Nine Months Ended September 30, 2019 and 2018



    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  









(In Thousands)


Net earnings

  $ 10,266     $ 7,972     $ 28,072     $ 22,761  

Other comprehensive earnings (loss), net of tax:


Unrealized gains (losses) on available-for-sale securities arising during period, net of taxes of $231, $614, $2,653, and $2,645, respectively

    655       (1,737 )     7,499       (7,472 )

Reclassification adjustment for net losses (gains) on the sale of securities included in net earnings, net of taxes of $11, $21, $70, and $170, respectively

    (30 )     58       198       480  

Other comprehensive earnings (loss)

    625       (1,679 )     7,697       (6,992 )

Comprehensive earnings

  $ 10,891     $ 6,293     $ 35,769     $ 15,769  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents




Consolidated Statements of Changes in Stockholders’ Equity

Three Months and Nine Months Ended September 30, 2019 and 2018




Dollars In Thousands

    Common Stock     Additional Paid-In Capital     Retained Earnings     Net Unrealized Gain (Loss) On Available-For-Sale Securities    



Three months ended:


September 30, 2019


Balance at beginning of period

  $ 21,390       77,331       220,100       (633 )     318,188  
Cash dividends declared, $.55 per share                 (5,882 )           (5,882 )
Issuance of 87,712 shares of common stock pursuant to the dividend reinvestment plan     175       4,408                   4,583  

Issuance of 919 shares of common stock pursuant to exercise of stock options

    2       26                   28  

Share based compensation expense

          83                   83  

Net change in fair value of available-for-sale securities during the period, net of taxes of $220

                      625       625  

Net earnings for the quarter

                10,266             10,266  

Balance at end of period

  $ 21,567       81,848       224,484       (8 )     327,891  

September 30, 2018


Balance at beginning of period

  $ 21,049       69,346       196,149       (9,548 )     276,996  
Cash dividends declared, $.55 per share                 (5,789 )           (5,789 )

Issuance of 96,677 shares of common stock pursuant to dividend reinvestment plan

    193       4,375                   4,568  

Issuance of 675 shares of common stock pursuant to exercise of stock options

    2       16                   18  

Share based compensation expense

          81                   81  

Net change in fair value of available-for-sale securities during the period, net of taxes of $594

                      (1,679 )     (1,679 )

Net earnings for the quarter

                7,972             7,972  

Balance at end of period

  $ 21,244       73,818       198,332       (11,227 )     282,167  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents



Consolidated Statements of Changes in Stockholders’ Equity, Continued

Three Months and Nine Months Ended September 30, 2019 and 2018




Dollars In Thousands

    Common Stock     Additional Paid-In Capital     Retained Earnings     Net Unrealized Gain (Loss) On Available-For-Sale Securities    



Nine months ended:


September 30, 2019


Balance at beginning of period

  $ 21,248       73,960       208,164       (7,705 )     295,667  

Cash dividends declared, $1.10 per share

                (11,725 )           (11,725 )

Issuance of 179,199 shares of common stock pursuant to dividend reinvestment plan

    358       8,776                   9,134  

Issuance of 12,428 shares of common stock pursuant to exercise of stock options

    25       412                   437  

Share based compensation expense

          265                   265  

Net change in fair value of available-for-sale securities during the period, net of taxes of $2,723

                      7,697       7,697  

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

                28,072             28,072  

Balance at end of period

  $ 21,567       81,848       224,484       (8 )     327,891  

September 30, 2018


Balance at beginning of period

  $ 20,901       66,047       185,017       (4,235 )     267,730  

Cash dividends declared, $.90 per share

                (9,446 )           (9,446 )

Issuance of 161,514 shares of common stock pursuant to dividend reinvestment plan

    323       7,147                   7,470  

Issuance of 9,797 shares of common stock pursuant to exercise of stock options

    20       314                   334  

Share based compensation expense

          310                   310  

Net change in fair value of available-for-sale securities during the period, net of taxes of $2,475

                      (6,992 )     (6,992 )

Net earnings for the year

                22,761             22,761  

Balance at end of period

  $ 21,244       73,818       198,332       (11,227 )     282,167  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents




Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2019 and 2018

Increase (Decrease) in Cash and Cash Equivalents




Nine Months Ended September 30,






(In Thousands)


Cash flows from operating activities:


Interest received

  $ 89,856     $ 77,403  

Fees and commissions received

    15,774       15,179  

Proceeds from sale of loans held for sale

    114,385       96,428  

Origination of loans held for sale

    (112,553 )     (94,631 )

Interest paid

    (16,104 )     (8,741 )

Cash paid to suppliers and employees

    (46,537 )     (45,786 )

Income taxes paid

    (8,915 )     (8,011 )

Net cash provided by operating activities

    35,906       31,841  

Cash flows from investing activities:


Proceeds from maturities, calls, and principal payments of held-to-maturity securities


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

    53,211       30,334  

Proceeds from the sale of available-for-sale securities

    37,325       35,093  
Proceeds from the sale of held-to-maturity securities           4,764  

Purchase of available-for-sale securities

    (233,765 )     (9,118 )

Loans made to customers, net of repayments

    59,366       (217,539 )

Purchase of restricted equity securities

    (1,668 )      
Purchase of bank owned life insurance and annuity contracts           (637 )

Purchase of premises and equipment

    (3,229 )     (6,958 )

Proceeds from sale of other real estate

    767       33  

Proceeds from sale of other assets

    14       4  

Net cash used in investing activities

    (87,979 )     (159,373 )

Cash flows from financing activities:


Net increase in non-interest bearing, savings and NOW deposit accounts

    118,383       64,729  

Net increase in time deposits

    26,628       57,212  

Net decrease in securities sold under repurchase agreements

          (864 )

Net increase in Federal Home Loan Bank advances


Common stock dividends paid

    (11,725 )     (9,446 )

Proceeds from sale of common stock pursuant to dividend reinvestment plan

    9,134       7,470  

Repurchase of common stock

    (1,629 )      

Proceeds from exercise of stock options

    437       334  

Net cash provided by financing activities

    167,641       119,435  

Net increase (decrease) in cash and cash equivalents

    115,568       (8,097 )

Cash and cash equivalents at beginning of period

    99,191       95,518  

Cash and cash equivalents at end of period

  $ 214,759     $ 87,421  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents



Consolidated Statements of Cash Flows, Continued

Nine Months Ended September 30, 2019 and 2018

Increase (Decrease) in Cash and Cash Equivalents




Nine Months Ended September 30,






(In Thousands)


Reconciliation of net earnings to net cash provided by operating activities:


Net earnings

  $ 28,072     $ 22,761  

Adjustments to reconcile net earnings to net cash provided by operating activities:


Depreciation, amortization, and accretion

    4,642       4,463  

Provision for loan losses

    1,354       3,201  

Loss on sale of other real estate

    48       38  

Loss on sale of securities

    268       650  

Stock-based compensation expense

    265       310  

Loss on the sale of other assets

    3       3  

Loss on the sale of bank premises and equipment

    2       2  

Increase in loans held for sale

    (3,299 )     (1,514 )

Increase in deferred tax asset

    (1,017 )     (306 )

Increase in other assets, bank owned life insurance and annuity contract earnings, net

    (3,379 )     (4,949 )

Decrease (increase) in interest receivable

    20       (368 )

Increase in other liabilities

    6,987       6,676  

Increase in taxes payable

    919       203  

Increase in interest payable

    1,021       671  

Total adjustments

    7,834       9,080  

Net cash provided by operating activities

  $ 35,906     $ 31,841  

Supplemental schedule of non-cash activities:


Unrealized gain (loss) in value of securities available-for-sale, net of taxes of $2,723 and $2,475 for the nine months ended September 30, 2019 and 2018, respectively

  $ 7,697     $ (6,992 )
Non-cash transfers from held-to-maturity securities to available-for-sale securities   $ -     $ 22,800  

Non-cash transfers from loans to other real estate

  $ 847     $ 563  

Non-cash transfers from other real estate to loans

  $ 544     $ 95  

Non-cash transfers from loans to other assets

  $ 2     $ 7  


See accompanying notes to consolidated financial statements (unaudited)



Table of Contents



Notes to Consolidated Financial Statements




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 September 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 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 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, as we did not elect to adopt it early. 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 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. In April 2019, ASU 2019-04 was issued to clarify certain aspects of accounting for hedging activities addressed by ASU 2017-12, among other things.


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. We do not expect to adopt ASU 2018-15 before January 1, 2020. 


In October 2018, FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Rate. ASU 2018-16 became effective for us on January 1, 2019 and did not 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  September 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 September 30, 2019 and December 31, 2018:



(In Thousands)

    September 30, 2019     December 31, 2018  

Mortgage loans on real estate:


Residential 1-4 family

  $ 468,772     $ 460,692  


    106,072       134,613  


    745,080       701,055  

Construction and land development

    410,494       518,245  


    20,425       24,071  

Second mortgages

    11,204       11,197  

Equity lines of credit

    69,666       62,013  

Total mortgage loans on real estate

    1,831,713       1,911,886  

Commercial loans

    90,450       78,245  

Agricultural loans

    1,527       1,985  

Consumer installment loans



    52,943       45,072  

Credit cards

    3,849       3,687  

Total consumer installment loans

    56,792       48,759  

Other loans

    9,283       9,324  

Total loans before net deferred loan fees

    1,989,765       2,050,199  

Net deferred loan fees

    (6,400 )     (7,020 )

Total loans

    1,983,365       2,043,179  

Less: Allowance for loan losses

    (28,385 )     (27,174 )

Net loans

  $ 1,954,980     $ 2,016,005  



Risk characteristics relevant to each portfolio segment are as follows:


Construction and land development: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). With respect to construction loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayments substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing.


1-4 family residential real estate: Residential real estate loans represent loans to consumers or investors to finance a residence. These loans are typically financed on 15 to 30 year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV") , minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment.


1-4 family HELOC: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV ratios, minimum credit scores, and maximum debt to income ratios. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans, as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans.




Multi-family and commercial real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate.


Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or affiliate of the party, who owns the property.


Commercial and Industrial: The commercial and industrial loan portfolio segment includes commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower, if any. The cash flows of borrowers, however, may not be as expected and any collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and usually incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.


Consumer: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV ratios on secured consumer loans, minimum credit scores, and maximum debt to income ratios. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one to five years. These loans are made with either fixed or variable interest rates that are based on specific indices. Installment loans fill a variety of needs, such as financing the purchase of an automobile, a boat, a recreational vehicle or other large personal items, or for consolidating debt. These loans may be unsecured or secured by an assignment of title, as in an automobile loan, or by money in a bank account. In addition to consumer installment loans, this portfolio segment also includes secured and unsecured personal lines of credit as well as overdraft protection lines. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures.


The adequacy of the allowance for loan losses is assessed at the end of each calendar quarter. The level of the allowance is based upon evaluation of the loan portfolio, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, current and anticipated economic conditions, historical loss experience, industry and peer bank loan quality indicators and other pertinent factors, including regulatory recommendations.




Transactions in the allowance for loan losses for the nine months ended September 30, 2019 and  September 30, 2018 and year ended  December 31, 2018 are summarized as follows:



(In Thousands)

    Residential 1-4 Family    


    Commercial Real Estate    




    Second Mortgages     Equity Lines of Credit    


    Agricultural, Installment and Other    



September 30, 2019


Allowance for loan losses:


Beginning balance

  $ 6,297       1,481       9,753       7,084       221       118       731