8-K
WILSON BANK HOLDING CO (WBHC)
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): April 12, 2023
WILSON BANK HOLDING COMPANY
(Exact name of registrant as specified in its charter)
| Tennessee | 000-20402 | 62-1497076 |
|---|---|---|
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation) | File Number) | Identification No.) |
| 623 West Main Street | ||
| Lebanon , Tennessee | 37087 | |
| (Address of principal executive offices) | (Zip Code) |
(615) 444-2265
(Registrant’s telephone number, including area code)
Not Applicable
(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 (see General Instruction A.2. below):
| ☐ | 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: None.
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 12, 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 fiscal quarter ended March 31, 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.
(d) Exhibits
99.1 Letter to shareholders mailed April 12, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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 | ||
|---|---|---|
| By: | /s/ John C. McDearman III | |
| John C. McDearman III | ||
| President/Chief Executive Officer | ||
| Date: April 12, 2023 |
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Letter to shareholders mailed April 12, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
ex_500032.htm
Exhibit 99.1
April 12, 2023
Dear Shareholder:
The Board of Directors of Wilson Bank Holding Company is pleased to share with you the results of the Company’s first quarter of 2023. Without a doubt, the economic environment continued to change throughout the first quarter of this year with the movement in short-term interest rates, as directed by the Federal Open Market Committee of the Federal Reserve. Despite the uncertainty in the broader economy and the banking sector in particular, our balance sheet has remained strong throughout the rising interest rate environment and we believe we are well positioned should additional short-term rate hikes materialize over the remainder of 2023. In light of recent developments in the financial services industry, we remain focused on monitoring our liquidity position and are continuing to seek to manage our balance sheet in a way that provides you, as a shareholder, and our customers with stability, consistency and confidence that your deposits are safe.
Overall demand for both loans and deposits remained steady and profitability remained solid in the first quarter of 2023 due to the increased income on loans we recorded in the quarter compared to the first quarter of 2022 though rising deposit costs continued to put pressure on our net interest margin. And, even with all of the uncertainty in the economy, we had an outstanding first quarter of 2023 as evidenced by the following results:
| ● | Assets as of March 31, 2023 were $4.477 billion, representing an increase of $369.2 million, or 8.2% from March 31, 2022. |
|---|---|
| ● | Net Income for the quarter ended March 31, 2023 was $13.8 million, up $2.5 million, or 21.7%, from the first quarter of 2022. |
| ● | Earnings Per Diluted Share for the first quarter of 2023 and 2022 were $1.20 and $1.01, respectively. |
| ● | Return on Equity for the quarter ended March 31, 2023 was 14.65%, compared to 11.70% for the quarter ended March 31, 2022. |
| ● | Deposit growth for the quarter ended March 31, 2023 was $156.6 million, or 4.0%, compared to $135.4 million, or 3.8%, for the quarter ended March 31, 2022. |
We are proud to say Wilson Bank & Trust has once again been awarded a five star rating by Bauer Financial. This is Bauer’s highest rating and is compiled and analyzed from 2022 year-end financial data publicly reported to the FDIC. In addition to this honor, we were recently recognized as one of the Top 50 best-performing community banks in the U.S. with assets between $3 billion and $10 billion by S&P Global Market Intelligence. While awards like these further solidify the bank’s reputation in our market areas, we are more proud of the fact that you, our shareholders, as well as our employees and customers continue to refer your friends and family members to the bank. Consistent organic growth coupled with a commitment to our markets and communities is what we believe will allow us to continue to thrive as an organization.
In light of the recent news of disruption in the financial services industry, it’s important for us to reiterate to our shareholders and customers that we believe your bank continues to be both a safe place for your deposits as well as an institution that can meet all of your banking needs. Consistent financial performance over the years is what we believe creates a strong foundation on which we can seek to better manage the bank through difficult economic times. Strong capital, a loan portfolio managed by experienced bankers with strong ties to our communities and a stable deposit and customer base are all qualities that we believe create a bank that is built to last. For those that are interested, we have been educating our customers on how to insure deposits to maximize FDIC insurance protection which in some cases can be much greater than $250,000. Please know there are multiple options to consider when looking to protect your deposits. We are here to help you and all of our customers navigate those options, if needed. Please visit any of our offices for more information or for a personal evaluation.
As we look to move forward in the current economic environment, one thing is for certain, we would not be the bank we are today without our employees’ steadfast commitment to providing outstanding customer service every day. As a result, the leadership of the bank has put even greater focus in 2023 on maintaining and continuously developing an outstanding employee experience for each individual. We know when our employees are fulfilled by their work, they will do their best to serve our customers well in each interaction. Through the recruitment of great talent, competitive compensation, and more opportunities for increased engagement, it’s our goal to create space for each person to build a meaningful career here at the bank.
We truly appreciate the ongoing support and encouragement that we receive from you, the shareholders and we work diligently to maximize the value you receive in your investment. The latest price at which the company’s common stock sold of which we are aware is $69.00 per share.
As our banking practices continue to evolve, it is our mission to ensure customers have access to innovative products and technology while continuing to enrich the communities in which we live and work. Williamson County continues to show steady customer growth and we are thrilled to open our 30th location in Maryland Farms this spring. This location will be a full service office and allow our banking team the opportunity to continue to develop the relationships within our communities.
Our annual Shareholder Meeting will be held on
April 25th, 2023 at 6:00pm in the
Clemons-Richerson Operations Building
105 North Castle Heights Avenue, Lebanon, TN 37087
Our annual Shareholder’s Picnic will be held on
May 9 ^th^ , 2023 from 4:30pm – 7:30pm in
Fiddler’s Grove at the Wilson County Fairgrounds
1033 Sparta Pike, Lebanon, TN 37087
Over the years, Wilson Bank & Trust has consistently proven to be dependable, accessible and responsive and we truly believe these qualities are what set us apart. We often say we want to be known for so much more than banking. We are a business driven by purpose and it’s our mission to improve the lives of our customers and our communities by sharing our talents, resources, and most importantly, showing love and care to all those we come in contact with each day. Thank you for your continued support and we look forward to serving you in the future.
| John C. McDearman, III | Elmer Richerson |
|---|---|
| President/CEO | Chairman |
| Wilson Bank Holding Company | Wilson Bank Holding Company |