Note 24 - Wilson Bank Holding Company - Parent Company Financial Information

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

(24) Wilson Bank Holding Company -

Parent Company Financial Information

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Balance Sheets

December 31, 2020 and 2019

	Dollars In Thousands
	2020			2019
ASSETS
Cash	$	4,381	*		1,899	*
Investment in wholly-owned commercial bank subsidiary		376,947			335,915
Deferred income taxes		854			625
Refundable income taxes		242			132
Total assets	$	382,424			338,571
LIABILITIES AND STOCKHOLDERS’ EQUITY
Stock appreciation rights payable	$	2,303			1,587
Total liabilities		2,303			1,587
Stockholders’ equity:
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 10,993,404 and 10,792,999 shares issued and outstanding, respectively		21,987			21,586
Additional paid-in capital		93,034			82,249
Retained earnings		257,935			232,456
Net unrealized gains on available-for-sale securities, net of income taxes of $2,536 and $245, respectively		7,165			693
Total stockholders’ equity		380,121			336,984
Total liabilities and stockholders’ equity	$	382,424			338,571

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Earnings

Three Years Ended  December 31, 2020

	Dollars In Thousands
	2020			2019			2018
Income:
Dividends from commercial bank subsidiary	$	5,000			2,800			3,000
Other income		61			—			—
		5,061			2,800			3,000
Expenses:
Directors’ fees		335			283			254
Other		1,264			885			1,351
		1,599			1,168			1,605
Income before Federal income tax benefits and equity in undistributed earnings of commercial bank subsidiary		3,462			1,632			1,395
Federal income tax benefits		471			287			468
		3,933			1,919			1,863
Equity in undistributed earnings of commercial bank subsidiary		34,559	*		34,125	*		30,731	*
Net earnings	$	38,492			36,044			32,594

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Cash Flows

Three Years Ended  December 31, 2020

Increase (Decrease) in Cash and Cash Equivalents

	Dollars In Thousands
	2020			2019			2018
Cash flows from operating activities:
Other income received	$	61			—			—
Cash paid to suppliers and other		(418	)		(383	)		(367	)
Tax benefits received		131			177			181
Net cash used in operating activities		(226	)		(206	)		(186	)
Cash flows from investing activities:
Dividends received from commercial bank subsidiary		5,000			2,800			3,000
Net cash provided by investing activities		5,000			2,800			3,000
Cash flows from financing activities:
Payments made to stock appreciation rights holders		(53	)		(9	)		(61	)
Dividends paid		(13,013	)		(11,725	)		(9,447	)
Proceeds from sale of stock pursuant to dividend reinvestment plan		10,056			9,134			7,470
Proceeds from exercise of common shares		718			775			394
Repurchase of stock options		—			(1,629	)		—
Net cash used in financing activities		(2,292	)		(3,454	)		(1,644	)
Net increase (decrease) in cash and cash equivalents		2,482			(860	)		1,170
Cash and cash equivalents at beginning of year		1,899			2,759			1,589
Cash and cash equivalents at end of year	$	4,381			1,899			2,759

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Cash Flows, Continued

Three Years Ended  December 31, 2020

Increase (Decrease) in Cash and Cash Equivalents

	Dollars in Thousands
	2020			2019			2018
Reconciliation of net earnings to net cash used in operating activities:
Net earnings	$	38,492			36,044			32,594
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings of commercial bank subsidiary		(39,559	)		(36,925	)		(33,731	)
Decrease (increase) in refundable income taxes		(110	)		45			5
Increase in deferred taxes		(229	)		(156	)		(291	)
Share based compensation expense		1,180			786			1,237
Total adjustments		(38,718	)		(36,250	)		(32,780	)
Net cash used in operating activities	$	(226	)		(206	)		(186	)