Wilson Bank Holding Company - Parent Company Financial Information

12 Months Ended

Dec. 31, 2023

(23)

Wilson Bank Holding Company -

Parent Company Financial Information

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Balance Sheets

December 31, 2023 and 2022


	Dollars In Thousands
	2023				2022
ASSETS
Cash	$	3,134		*		4,241		*
Investment in wholly-owned commercial bank subsidiary		427,872		*		357,596		*
Deferred income taxes		1,356				1,223
Refundable income taxes		485				538
Total assets	$	432,847				363,598
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities	$	3,442				3,146
Total liabilities		3,442				3,146

Shareholders’ equity:
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively		23,373				22,944
Additional paid-in capital		136,866				122,298
Retained earnings		357,260				325,625
Noncontrolling interest in consolidated subsidiary		69				15
Accumulated other comprehensive losses, net of taxes of $31,195 and $39,073, respectively		(88,163	)			(110,430	)
Total shareholders’ equity		429,405				360,452
Total liabilities and shareholders’ equity	$	432,847				363,598

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Earnings

Three Years Ended December 31, 2023


	Dollars In Thousands
	2023			2022			2021
Income:
Dividends from Wilson Bank (commercial bank subsidiary)	$	2,500	*		4,200	*		4,300	*
Other income		—			—			—
		2,500			4,200			4,300
Expenses:
Directors’ fees		387			355			341
Other		1,747			2,187			1,575
		2,134			2,542			1,916
Income before Federal income tax benefits and equity in undistributed earnings of Wilson Bank		366			1,658			2,384
Federal income tax benefits		617			733			475
		983			2,391			2,859
Equity in undistributed earnings of Wilson Bank		47,955	*		50,651	*		46,567	*
Net earnings	$	48,938			53,042			49,426

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Cash Flows

Three Years Ended December 31, 2023

Increase (Decrease) in Cash and Cash Equivalents


	Dollars In Thousands
	2023			2022			2021
Cash flows from operating activities:
Net earnings	$	48,938			53,042			49,426
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings of commercial bank subsidiary		(50,455	)		(54,851	)		(50,867	)
Decrease (increase) in refundable income taxes		53			(176	)		(120	)
Increase in deferred taxes		(133	)		(195	)		(174	)
Share based compensation expense		1,528			1,866			1,428
Increase in other liabilities		19			14			113
Total adjustments		(48,988	)		(53,342	)		(49,620	)
Net cash used in operating activities		(50	)		(300	)		(194	)
Cash flows from investing activities:
Dividends received from commercial bank subsidiary		2,500			4,200			4,300
Net cash provided by investing activities		2,500			4,200			4,300
Cash flows from financing activities:
Payments made to stock appreciation rights holders		(277	)		(644	)		(515	)
Dividends paid		(17,303	)		(20,880	)		(14,909	)
Proceeds from sale of stock pursuant to dividend reinvestment plan		12,979			16,117			11,188
Proceeds from exercise of stock options		1,044			635			862
Net cash used in financing activities		(3,557	)		(4,772	)		(3,374	)
Net increase (decrease) in cash and cash equivalents		(1,107	)		(872	)		732
Cash and cash equivalents at beginning of year		4,241			5,113			4,381
Cash and cash equivalents at end of year	$	3,134			4,241			5,113