Note 23 - Wilson Bank Holding Company - Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

(23) Wilson Bank Holding Company -

Parent Company Financial Information

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Balance Sheets

December 31, 2021 and 2020

	Dollars In Thousands
	2021				2020
ASSETS
Cash	$	5,113		*		4,381	*
Investment in wholly-owned commercial bank subsidiary		410,034				376,947
Deferred income taxes		1,028				854
Refundable income taxes		362				242
Total assets	$	416,537				382,424
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	2,820				2,303
Total liabilities		2,820				2,303
Stockholders’ equity:
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 11,201,504 and 10,993,404 shares issued and outstanding, respectively		22,403				21,987
Additional paid-in capital		105,177				93,034
Retained earnings		292,452				257,935
Net unrealized gains on available-for-sale securities, net of income taxes of $2,235 and $2,536, respectively		(6,315	)			7,165
Total stockholders’ equity		413,717				380,121
Total liabilities and stockholders’ equity	$	416,537				382,424

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Earnings

Three Years Ended  December 31, 2021

	Dollars In Thousands
	2021			2020			2019
Income:
Dividends from commercial bank subsidiary	$	4,300			5,000			2,800
Other income		—			61			—
		4,300			5,061			2,800
Expenses:
Directors’ fees		341			335			283
Other		1,575			1,264			885
		1,916			1,599			1,168
Income before Federal income tax benefits and equity in undistributed earnings of commercial bank subsidiary		2,384			3,462			1,632
Federal income tax benefits		475			471			287
		2,859			3,933			1,919
Equity in undistributed earnings of commercial bank subsidiary		46,567	*		34,559	*		34,125	*
Net earnings	$	49,426			38,492			36,044

* Eliminated in consolidation.

WILSON BANK HOLDING COMPANY

(Parent Company Only)

Statements of Cash Flows

Three Years Ended  December 31, 2021

Increase (Decrease) in Cash and Cash Equivalents

	Dollars In Thousands
	2021			2020			2019
Cash flows from operating activities:
Net earnings	$	49,426			38,492			36,044
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings of commercial bank subsidiary		(50,867	)		(39,559	)		(36,925	)
Decrease (increase) in refundable income taxes		(120	)		(110	)		45
Increase in deferred taxes		(174	)		(229	)		(156	)
Share based compensation expense		1,428			1,180			786
Increase in other liabilities		113			—			—
Total adjustments		(49,620	)		(38,718	)		(36,250	)
Net cash used in operating activities		(194	)		(226	)		(206	)
Cash flows from investing activities:
Dividends received from commercial bank subsidiary		4,300			5,000			2,800
Net cash provided by investing activities		4,300			5,000			2,800
Cash flows from financing activities:
Payments made to stock appreciation rights holders		(515	)		(53	)		(9	)
Dividends paid		(14,909	)		(13,013	)		(11,725	)
Proceeds from sale of stock pursuant to dividend reinvestment plan		11,188			10,056			9,134
Proceeds from exercise of stock options		862			718			775
Repurchase of stock options		—			—			(1,629	)
Net cash used in financing activities		(3,374	)		(2,292	)		(3,454	)
Net increase (decrease) in cash and cash equivalents		732			2,482			(860	)
Cash and cash equivalents at beginning of year		4,381			1,899			2,759
Cash and cash equivalents at end of year	$	5,113			4,381			1,899