WBHC Wilson Bank Holding Company (PK)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 10, 2023

 

 

WILSON BANK HOLDING COMPANY

(Exact name of Registrant as Specified in Its Charter)

 

 

Tennessee			0-20402	62-1497076
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
623 West Main Street
Lebanon, Tennessee				37087
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 615 444-2265

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On October 10, 2023, Wilson Bank Holding Company (the “Company”) mailed a letter to its shareholders (the “Shareholder Letter”) describing, among other things, the Company’s earnings for the first nine months of 2023. The letter is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

The information set out in Item 2.02 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1		EX-99.1 Letter to shareholders mailed October 10, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			WILSON BANK HOLDING COMPANY
Date:	October 10, 2023	By:	/s/ John C. McDearman III
			John C. McDearman III President/Chief Executive Officer

 

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Exhibit 99.1

 

 

October 10, 2023

 

 

Dear Shareholder:

 

The Board of Directors of Wilson Bank Holding Company is pleased to share with you the results of our third quarter 2023. The economic environment has continued to be challenging as the cost of deposits has risen significantly in response to the continued elevated level of short-term interest rates, as directed by the Federal Open Market Committee of the Federal Reserve, and competitive forces in our markets causing pressure on margins. Despite the uncertainty in the broader economy and the banking sector in particular, the performance of your bank has remained solid and our balance sheet remains strong. Overall demand for loans has remained solid which is an indicator of the health of our local market. This year, we have been fortunate to experience respectable deposit growth at a time when many financial institutions saw declining deposit balances, which is a testament to the strong relationships we have with our customers and the outstanding service that we strive to provide. We will continue to seek deposit growth that supports the Bank’s solid liquidity position and provides you, as a shareholder, and our customers with stability, consistency, and confidence in your financial institution.

 

The following are the results of the nine months ended September 30, 2023:

 

The latest price at which the Company’s common stock has been traded of which we are aware was $70.75 per share.

 

As we move into the final stretch of 2023, I wanted to take a moment to share some exciting updates about Wilson Bank & Trust, particularly focusing on a few achievements we celebrated during the third quarter. This year has brought about unprecedented economic challenges for our industry, but I am proud to say that, thanks to our loyal customer base and the dedication of our talented staff, we have secured several noteworthy recognitions among our peers. These accomplishments are a testament to our steadfast commitment to excellence and our unwavering dedication to serving our communities.

 

One of the most significant achievements we are very proud to share is our remarkable increase in deposit market share as of June 30, 2023 in nine of the ten counties we serve with the tenth remaining steady. In an environment where many of our peers have struggled to see any increase in activity, let alone deposits, this accomplishment is nothing short of remarkable.

 

Furthermore, I am pleased to inform you that Bank Director recently recognized Wilson Bank & Trust’s outstanding performance by ranking us 15th among the top 25 banks in the country and 5th in the $1-5 billion

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asset category. Bank Director utilizes a rigorous set of metrics to assess the best banks, focusing on key indicators such as return on average equity, return on average assets, tangible common equity ratio, nonperforming assets, and total shareholder return. S&P Global Market Intelligence provides the data for this assessment. The aggregation of these metrics resulted in our impressive rankings, highlighting our profitability, asset quality, and shareholder returns.

 

We hope to see you all at our annual Oktoberfest event, scheduled for October 21-22. This event holds a special place in our hearts, as it brings together nearly 200 local food, craft, and retail vendors, as well as more than 3,000 attendees on the grounds of our Main Office in Lebanon. More importantly, it is a unique opportunity to recognize many local nonprofit organizations and celebrate the incredible impact they have on our communities. We encourage you to bring your friends and family as this weekend is a wonderful occasion to personally connect with one another, strengthening the bonds that make our community so vibrant.

 

As valued shareholders, your trust and support have been instrumental in our journey, and your involvement will continue to play a vital role in our future success. Thank you for your unwavering support and confidence in Wilson Bank & Trust and for being a part of our journey. We remain committed to delivering exceptional value to our shareholders, customers, employees and communities.

 

Sincerely,

 

 

John C. McDearman, III

President/CEO

Wilson Bank Holding Company

 

 

 

Randall Clemons

Chairman

Wilson Bank Holding Company

 

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v3.23.3

Document And Entity Information	Oct. 10, 2023
Document Information [Line Items]
Entity Registrant Name	WILSON BANK HOLDING COMPANY
Document Type	8-K
Document Period End Date	Oct. 10, 2023
Entity Incorporation, State or Country Code	TN
Entity File Number	0-20402
Entity Tax Identification Number	62-1497076
Entity Address, Address Line One	623 West Main Street
Entity Address, City or Town	Lebanon
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37087
City Area Code	615
Local Phone Number	444-2265
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	None
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000885275

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