UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to ___________

Commission File Number 0-20402

WILSON BANK HOLDING COMPANY

(Exact name of registrant as specified in its charter)

Tennessee	62-1497076
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
623 West Main Street	Lebanon	TN	37087
---	---	---	---
(Address of principal executive offices)			(Zip Code)

(615) 444-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common stock outstanding: 12,135,530 shares at November 7, 2025.

Part I:	FINANCIAL INFORMATION	4
Item 1.	Financial Statements.	4
The consolidated financial statements of the Company and its subsidiary are as follows:
	Consolidated Balance Sheets — September 30, 2025 (unaudited) and December 31, 2024 (audited).	4
	Consolidated Statements of Earnings (unaudited) — For the three and nine months ended September 30, 2025 and 2024.	5
	Consolidated Statements of Comprehensive Earnings (unaudited) — For the three and nine months ended September 30, 2025 and 2024.	6
	Consolidated Statements of Changes in Shareholders' Equity (unaudited) — For the three and nine months ended September 30, 2025 and 2024.	7
	Consolidated Statements of Cash Flows (unaudited) — For the nine months ended September 30, 2025 and 2024.	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	63
	Disclosures required by Item 3 are incorporated by reference to Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 4.	Controls and Procedures.	63
Part II:	OTHER INFORMATION	65
Item 1.	Legal Proceedings.	65
Item 1A.	Risk Factors.	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	65
Item 3.	Defaults Upon Senior Securities.	65
Item 4.	Mine Safety Disclosures.	65
Item 5.	Other Information.	65
Item 6.	Exhibits.	67
Signatures		68
EX-31.1 SECTION 302 CERTIFICATION OF THE CEO
EX-31.2 SECTION 302 CERTIFICATION OF THE CFO
EX-32.1 SECTION 906 CERTIFICATION OF THE CEO
EX-32.2 SECTION 906 CERTIFICATION OF THE CFO
EX-101.INS
EX-101.SCH
EX-104

Part I. Financial Information

Item 1. Financial Statements

WILSON BANK HOLDING COMPANY

Consolidated Balance Sheets

September 30, 2025 and December 31, 2024

			(Audited)
			December 31, 2024

Assets
Loans	4,368,958		$	4,091,889
Less: Allowance for credit losses	(55,012	)		(49,497	)
Net loans	4,313,946			4,042,392
Securities available-for-sale, at market (amortized cost 973,547 and 947,341, respectively)	892,449			827,893
Loans held for sale	4,245			2,529
Interest bearing deposits	342,315			211,271
Restricted equity securities	4,285			3,876
Federal funds sold	9,756			9,791
Total earning assets	5,566,996			5,097,752
Cash and due from banks	26,918			26,527
Bank premises and equipment, net	62,650			61,549
Accrued interest receivable	17,924			16,914
Deferred income tax asset	37,458			46,048
Bank owned life insurance	68,799			61,948
Other assets	50,296			43,116
Goodwill	5,877			4,805
Total assets	5,836,918		$	5,358,659
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing	396,648		$	383,168
Interest bearing	932,477			968,198
Savings and money market accounts	1,995,789			1,669,607
Time	1,896,348			1,809,061
Total deposits	5,221,262			4,830,034
Accrued interest payable and other liabilities	61,930			48,922
Total liabilities	5,283,192			4,878,956
Shareholders’ equity:
Common stock, 2.00 par value; authorized 50,000,000 shares, issued and outstanding 12,133,280 and 11,876,770 shares, respectively	24,267			23,754
Additional paid-in capital	169,670			150,739
Retained earnings	419,692			393,238
Noncontrolling interest in consolidated subsidiary	—			203
Accumulated other comprehensive losses, net of taxes of 21,195 and 31,217 respectively	(59,903	)		(88,231	)
Total shareholders’ equity	553,726			479,703
Total liabilities and shareholders’ equity	5,836,918		$	5,358,659

All values are in US Dollars.

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Earnings

For the three and nine months ended September 30, 2025 and 2024

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(Dollars in Thousands Except Per Share Amounts)						(Dollars in Thousands Except Per Share Amounts)
Interest income:
Interest and fees on loans	$	73,141		$	65,400		$	213,117		$	182,079
Interest and dividends on securities:
Taxable securities		6,362			5,493			18,001			16,215
Exempt from federal income taxes		270			352			826			1,202
Interest on loans held for sale		43			49			124			145
Interest on federal funds sold		107			127			316			399
Interest on balances held at depository institutions		2,964			2,281			7,928			7,390
Interest and dividends on restricted securities		93			112			264			271
Total interest income		82,980			73,814			240,576			207,701
Interest expense:
Interest on negotiable order of withdrawal accounts		1,824			2,100			5,783			5,807
Interest on money market and savings accounts		12,555			10,405			33,429			29,282
Interest on time deposits		19,074			20,277			58,245			57,526
Interest on Federal funds purchased		—			—			1			1
Interest on finance leases		40			17			114			49
Total interest expense		33,493			32,799			97,572			92,665
Net interest income before provision for credit losses		49,487			41,015			143,004			115,036
Provision for credit losses - loans		1,373			3,563			6,113			3,563
Provision for credit losses - off-balance sheet exposures		27			(563	)		(243	)		(563	)
Net interest income after provision for credit losses		48,087			38,015			137,134			112,036
Non-interest income:
Service charges on deposit accounts		2,296			2,116			6,549			6,102
Brokerage income		2,570			2,107			7,438			6,425
Debit and credit card interchange income, net		1,933			2,014			6,291			6,622
Other fees and commissions		429			386			1,225			1,170
Income on BOLI and annuity contracts		595			466			1,792			1,483
Gain on sale of loans		371			637			1,933			2,262
Mortgage servicing income (loss)		233			(2	)		227			1
Loss on sale of fixed assets		(57	)		(11	)		(69	)		(214	)
Loss on sale of securities, net		(2,526	)		(1,414	)		(2,515	)		(1,732	)
Loss on sale of other assets		—			(1	)		(2	)		(4	)
Loss on sale of investment in joint venture		—			—			(4	)		—
Other income		118			84			136			140
Total non-interest income		5,962			6,382			23,001			22,255
Non-interest expense:
Salaries and employee benefits		18,696			17,889			55,079			51,344
Occupancy expenses, net		1,643			1,503			4,644			4,260
Advertising & public relations expense		1,342			872			3,242			2,453
Furniture and equipment expense		703			774			2,215			2,276
Data processing expense		2,953			2,432			8,398			7,154
Directors’ fees		185			183			524			548
FDIC insurance		1,000			721			3,156			2,349
Audit, legal & consulting expenses		401			438			1,875			1,143
Other operating expenses		3,970			3,209			11,340			9,039
Total non-interest expense		30,893			28,021			90,473			80,566
Earnings before income taxes		23,156			16,376			69,662			53,725
Income taxes		5,285			3,665			16,259			12,042
Net earnings		17,871			12,711			53,403			41,683
Net earnings attributable to noncontrolling interest		—			(25	)		(25	)		(92	)
Net earnings attributable to Wilson Bank Holding Company	$	17,871		$	12,686		$	53,378		$	41,591
Weighted average number of common shares outstanding-basic		12,098,160			11,834,944			12,019,556			11,785,618
Weighted average number of common shares outstanding-diluted		12,137,713			11,867,581			12,057,875			11,816,419
Basic earnings per common share	$	1.48		$	1.07		$	4.44		$	3.53
Diluted earnings per common share	$	1.47		$	1.07		$	4.43		$	3.52
Dividends per common share	$	1.25		$	1.00		$	2.25		$	1.75

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Comprehensive Earnings (Losses)

For the three and nine months ended September 30, 2025 and 2024

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(In Thousands)
Net earnings	$	17,871		$	12,711		$	53,403		$	41,683
Other comprehensive earnings:
Unrealized gains on available-for-sale securities		10,458			32,351			35,835			24,633
Reclassification adjustment for net losses included in<br> net earnings		2,526			1,414			2,515			1,732
Tax effect		(3,393	)		(8,824	)		(10,022	)		(6,891	)
Other comprehensive earnings		9,591			24,941			28,328			19,474
Comprehensive earnings		27,462			37,652			81,731			61,157
Comprehensive earnings attributable to noncontrolling interest		—			(25	)		(25	)		(92	)
Comprehensive earnings attributable to Wilson Bank<br> Holding Company	$	27,462		$	37,627		$	81,706		$	61,065

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Shareholders’ Equity

For the three and nine months ended September 30, 2025 and 2024

(Unaudited)


		Additional<br>Paid-In<br>Capital			Retained<br>Earnings			Noncontrolling<br>Interest		Accumulated<br>Other<br>Comprehensive<br>Earnings<br>(Loss)			Total
Three Months Ended:
September 30, 2025
Balance at beginning of period	24,001		159,606			416,843			—		(69,494	)		530,956
Cash dividends declared, 1.25 per share	—		—			(15,027	)		—		—			(15,027	)
Issuance of 130,631 shares of common stock pursuant to dividend reinvestment plan	262		9,875			—			—		—			10,137
Issuance of 2,270 shares of common stock pursuant to exercise of stock options, net	4		(22	)		—			—		—			(18	)
Forfeiture of performance stock units	—		—			2			—		—			2
Forfeiture of restricted stock units	—		—			3			—		—			3
Share based compensation expense	—		211			—			—		—			211
Net change in fair value of available-for-sale securities during the period, net of taxes of 3,393	—		—			—			—		9,591			9,591
Net earnings for the quarter	—		—			17,871			—		—			17,871
Balance at end of period	24,267		169,670			419,692			—		(59,903	)		553,726
September 30, 2024
Balance at beginning of period	23,504		141,657			377,390			136		(93,630	)		449,057
Cash dividends declared, 1.00 per share	—		—			(11,777	)		—		—			(11,777	)
Issuance of 113,909 shares of common stock pursuant to dividend reinvestment plan	227		8,099			—			—		—			8,326
Issuance of 290 shares of common stock pursuant to exercise of stock options, net	1		(29	)		—			—		—			(28	)
Share based compensation expense	—		253			—			—		—			253
Net change in fair value of available-for-sale securities during the period, net of taxes of 8,824	—		—			—			—		24,941			24,941
Net earnings for the quarter	—		—			12,686			25		—			12,711
Balance at end of period	23,732		149,980			378,299			161		(68,689	)		483,483

All values are in US Dollars.

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Shareholders’ Equity, Continued

For the three and nine months ended September 30, 2025 and 2024

(Unaudited)


			Additional<br>Paid-In<br>Capital			Retained<br>Earnings			Noncontrolling<br>Interest			Accumulated<br>Other<br>Comprehensive<br>Earnings<br>(Loss)			Total
Nine Months Ended:
September 30, 2025
Balance at beginning of period	23,754			150,739			393,238			203			(88,231	)		479,703
Cash dividends declared, 2.25 per share	—			—			(26,929	)		—			—			(26,929	)
Issuance of 243,363 shares of common stock pursuant to dividend reinvestment plan	487			18,116			—			—			—			18,603
Issuance of 7,102 shares of common stock pursuant to exercise of stock options, net	14			50			—			—			—			64
Vesting of 369 performance stock units	1			(1	)		—			—			—			—
Vesting of 5,676 restricted stock units	11			(11	)		—			—			—			—
Forfeiture of performance stock units	—			—			2			—			—			2
Forfeiture of restricted stock units	—			—			3			—			—			3
Share based compensation expense	—			777			—			—			—			777
Net change in fair value of available-for-sale securities during the period, net of taxes of 10,022	—			—			—			—			28,328			28,328
Net earnings for the period	—			—			53,378			25			—			53,403
Sale of subsidiary interest	—			—			—			(228	)		—			(228	)
Balance at end of period	24,267			169,670			419,692			—			(59,903	)		553,726
September 30, 2024
Balance at beginning of period	23,373			136,866			357,260			69			(88,163	)		429,405
Cash dividends declared, 1.75 per share	—			—			(20,552	)		—			—			(20,552	)
Issuance of 203,489 shares of common stock pursuant to dividend reinvestment plan	406			14,325			—			—			—			14,731
Issuance of 3,387 shares of common stock pursuant to exercise of stock options, net	7			74			—			—			—			81
Vesting of 369 performance stock units	1			(1	)		—			—			—			—
Vesting of 2,725 restricted stock units	5			(5	)		—			—			—			—
Repurchase of 30,187 common shares	(60	)		(2,121	)		—			—			—			(2,181	)
Share based compensation expense	—			842			—			—			—			842
Net change in fair value of available-for-sale securities during the period, net of taxes of 6,891	—			—			—			—			19,474			19,474
Net earnings for the period	—			—			41,591			92			—			41,683
Balance at end of period	23,732			149,980			378,299			161			(68,689	)		483,483

All values are in US Dollars.

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows

For the nine months ended September 30, 2025 and 2024

Increase (Decrease) in Cash and Cash Equivalents

(Unaudited)

	Nine Months Ended September 30,
	2025			2024
	(In Thousands)
OPERATING ACTIVITIES
Net earnings	$	53,403		$	41,683
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities
Provision for credit losses		5,870			3,000
Deferred income tax benefit		(1,432	)		(928	)
Depreciation and amortization of premises and equipment		3,246			3,077
Loss on sale of fixed assets		69			214
Net amortization of securities		493			1,360
Net realized loss on sale of securities		2,515			1,732
Gains on mortgage loans sold, net		(1,933	)		(2,262	)
Share-based compensation expense		777			842
Loss on sale of other assets		2			4
Loss on sale of investment in joint venture		4			—
Increase in value of life insurance and annuity contracts		(1,792	)		(1,483	)
Mortgage loans originated for resale		(54,510	)		(39,270	)
Proceeds from sale of mortgage loans		54,727			40,873
Gain on lease modification		(52	)		—
Right of use asset amortization		333			302
Amortization of premium on loans		68			—
Amortization of core deposit intangibles		34			—
Accretion of premium on time deposits		(49	)		—
Amortization of mortgage servicing rights		240			230
Change in:
Accrued interest receivable		(979	)		(559	)
Other assets		(499	)		(7,416	)
Accrued interest payable		(29	)		6,660
Other liabilities		10,043			5,884
TOTAL ADJUSTMENTS		17,146			12,260
NET CASH PROVIDED BY OPERATING ACTIVITIES		70,549			53,943
INVESTING ACTIVITIES
Activities in available for sale securities:
Purchases		(156,918	)		(124,927	)
Sales		75,928			87,254
Maturities, prepayments and calls		51,776			47,972
Purchases of restricted equity securities		(409	)		(440	)
Net increase in loans		(262,950	)		(393,366	)
Purchase of buildings, leasehold improvements, and equipment		(2,681	)		(2,619	)
Proceeds from sale of premises and equipment		58			—
Proceeds from sale of other assets		55			48
Purchase of life insurance and annuity contracts		(12,179	)		(712	)
Redemption of annuity contracts		514			513
Cash received from sale of investment in joint venture		40			—
Cash received from acquisition, net		8,132			—
NET CASH USED IN INVESTING ACTIVITIES		(298,634	)		(386,277	)
FINANCING ACTIVITIES
Net change in deposits - non-maturing		286,604			145,481
Net change in deposits - time		79,248			193,994
Change in escrow balances		2,177			(73	)
Repayment of finance lease obligation		(59	)		(26	)
Sale of subsidiary interest		(228	)		—
Issuance of common stock related to exercise of stock options		64			81
Forfeiture of performance stock units		2			—
Forfeiture of restricted stock units		3			—
Repurchase of common stock		—			(2,181	)
Cash dividends paid on common stock		(8,326	)		(5,821	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		359,485			331,455
NET CHANGE IN CASH AND CASH EQUIVALENTS		131,400			(879	)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		247,589			252,635
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	378,989		$	251,756

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows, Continued

For the nine months ended September 30, 2025 and 2024

Increase (Decrease) in Cash and Cash Equivalents

(Unaudited)

	Nine Months Ended September 30,
	2025		2024
	(In Thousands)
Supplemental disclosure of cash flow information:
Cash paid during the period for
Interest	$	97,564	$	86,005
Taxes	$	18,143	$	14,544
Non-cash investing and financing activities:
Change in fair value of securities available-for-sale, net of taxes of $(10,022) and $(6,891) for the nine months ended September 30, 2025 and 2024, respectively	$	28,328	$	19,474
Non-cash transfers from loans to other assets	$	54	$	57
	Nine Months Ended September 30,
---	---	---	---	---
	2025		2024
	(In Thousands)
Cash and cash equivalents summary:
Interest bearing deposits	$	342,315	$	220,601
Federal funds sold		9,756		9,448
Cash and due from banks		26,918		21,707
Cash and cash equivalents - end of period	$	378,989	$	251,756

See accompanying notes to consolidated financial statements (unaudited)

WILSON BANK HOLDING COMPANY

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Summary of Significant Accounting Policies

Nature of Business — Wilson Bank Holding Company (the “Company”) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Wilson Bank & Trust (the “Bank”). The Bank is a commercial bank headquartered in Lebanon, Tennessee. The Bank provides a full range of banking services in its primary market areas of Wilson, Davidson, Rutherford, Trousdale, Sumner, Dekalb, Putnam, Smith, Hamilton, and Williamson Counties, Tennessee. The Bank was previously invested in Encompass Home Lending LLC ("Encompass"), a joint venture of which the Bank owned 51% of the outstanding membership interests. Effective June 1, 2025, the Bank sold its 51% membership interest in Encompass to Encompass Home Lending Investors, LLC, which owned 49% of the outstanding membership interests in Encompass prior to the sale. Encompass offers residential mortgage banking services to customers of certain home builders in the Bank's markets as well as other mortgage customers. Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated audited financial statements and related notes appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025 (the "2024 Form 10-K").

These unaudited consolidated financial statements include the accounts of the Company, the Bank, and through the period of the Company's investment, Encompass. Significant intercompany transactions and accounts are eliminated in consolidation. Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, the valuation of other real estate (if any), and the fair value of financial instruments. These financial statements should be read in conjunction with the 2024 Form 10-K. There have been no significant changes to the Company’s significant accounting policies as disclosed in the 2024 Form 10-K.

Newly Issued Not Yet Effective Accounting Standards

Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 - Accounting Standards Updates in the 2024 Form 10-K for additional information related to previously issued accounting standards updates.

Accounting Standards Update ("ASU") 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), in November 2024, the Financial Accounting Standards Board ("FASB") issued this pronouncement which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. The guidance (as further clarified through ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)) is effective for public business entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing ASU 2024-03 and its impact on its consolidated financial statements and accompanying notes.

Recently Adopted Accounting Standards

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued this pronouncement and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. The Company implemented a transition plan to identify and modify its loans

and other financial instruments, including certain indebtedness, with attributes that are either directly or indirectly influenced by LIBOR. The Company has moved all of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate ("SOFR") based index as of September 30, 2025.

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in November 2023, the FASB issued this pronouncement which requires public entities to provide disclosures of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU requires a public entity to disclose, for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker ("CODM") and included in each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance is applied retrospectively to all periods presented in the financial statements unless it is impracticable. The adoption of ASU 2023-07 did not have a significant impact on the Company's financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, in December 2023, the FASB issued this pronouncement which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company has adopted ASU 2023-09 and does not expect any major impact on reporting.

Other than those previously discussed, there were no other recently issued accounting pronouncements that are expected to materially impact the Company.

Note 2. Loans and Allowance for Credit Losses

Loans — Loans are reported at their outstanding principal balances adjusted for unearned income, deferred fees net of related costs on originated loans, and the allowance for credit losses. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method.

For financial reporting purposes, the Company classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with that utilized in the Quarterly Report of Condition and Income filed by the Bank with the Federal Deposit Insurance Corporation (“FDIC”).

The following schedule details the loans of the Company at September 30, 2025 and December 31, 2024:

	(In Thousands)
	September 30, 2025			December 31, 2024
Residential 1-4 family real estate	$	1,257,363		$	1,133,966
Commercial and multi-family real estate		1,696,762			1,544,340
Construction, land development and farmland		911,655			941,193
Commercial, industrial and agricultural		148,622			144,619
1-4 family equity lines of credit		252,417			235,240
Consumer and other		115,195			106,235
Total loans before net deferred loan fees		4,382,014			4,105,593
Net deferred loan fees		(13,056	)		(13,704	)
Total loans		4,368,958			4,091,889
Less: Allowance for credit losses		(55,012	)		(49,497	)
Net loans	$	4,313,946		$	4,042,392

Risk characteristics relevant to each portfolio segment are as follows:

Construction, land development and farmland: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans generally rely on estimates of project costs and the anticipated value of the completed project, while the Company strives to ensure the accuracy of these estimates, it is possible for these estimates to be inaccurate. Construction loans often involve the disbursement of substantial funds with repayments substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, the value of the completed project, general economic conditions and the availability of long-term financing.

Residential 1-4 family real estate: Residential real estate loans represent loans to consumers or investors to finance a residence. These loans are typically financed on 15 to 30 year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV") ratios, minimum credit scores, and maximum debt to income ratios. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment.

1-4 family equity lines of credit: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV ratios, minimum credit scores, and maximum debt to income ratios. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans, as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans.

Commercial and multi-family real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate.

Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied commercial real estate loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or affiliate of the party, who owns the property.

Commercial, industrial, and agricultural: The commercial, industrial, and agricultural loan portfolio segment includes commercial, industrial, and agricultural loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial, industrial, and agricultural loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower, if any. The cash flows of borrowers, however, may not be as expected and any collateral securing these loans may fluctuate in value. Most commercial, industrial, and agricultural loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, crops, or livestock and usually incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Consumer and other: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV ratios on secured consumer loans, minimum credit scores, and maximum debt to income ratios. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one to five years. These loans are made with either fixed or variable interest rates that are based on specific indices. Installment loans fill a variety of needs, such as financing the purchase of an automobile, a boat, a recreational vehicle or other large personal items, or for consolidating debt. These loans may be unsecured or secured by an assignment of title, as in an automobile loan, or by money in a bank account. In addition to consumer installment loans, this portfolio segment also includes secured and unsecured personal lines of credit as well as overdraft protection lines. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures.

Allowance For Credit Losses ("ACL") - Loans. The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with Accounting Standards Codification ("ASC") Topic 326 ("ASC 326") Financial Instruments-Credit Losses, that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information from internal and external sources relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. Together, the probability of default and loss given default model with the use of reasonable and supportable forecasts generate estimates for cash flows expected and not expected to be collected over the estimated life of a loan. Estimates of future expected cash flows ultimately reflect assumptions made concerning net credit losses over the life of a loan. The use of reasonable and supportable forecasts requires significant judgment. Management leverages economic projections from reputable and independent third parties to inform and provide its reasonable and supportable economic forecasts. The Company’s model reverts to a straight line basis for purposes of estimating cash flows beyond a period deemed reasonable and supportable. The Company forecasts probability of default and loss given default based on economic forecast scenarios over a six quarter time period before reverting to a straight line basis based on absolute historical quarterly changes in the economic variables utilized. The duration of the forecast horizon, the period over which forecasts revert to a straight line basis, the economic forecasts that management utilizes, as well as additional internal and external indicators of economic forecasts that management considers, may change over time depending on the nature and composition of our loan portfolio. Changes in economic forecasts, in conjunction with changes in loan specific attributes, impact a loan’s probability of default and loss given default, which can drive changes in the determination of the ACL. Expectations of future cash flows are discounted at the loan’s effective interest rate. The resulting ACL represents the amount by which a loan’s amortized cost exceeds the net present value of a loan’s discounted cash flows expected to be collected. The ACL is recorded through a charge to provision for credit losses and is reduced by charge-offs, net of recoveries on loans previously charged-off. It is the Company’s policy to charge-off loan balances at the time they have been deemed uncollectible.

For segments where the discounted cash flow methodology is not used, a remaining life methodology is utilized. The remaining life method uses an average annual charge-off rate applied to the contractual term, further adjusted for estimated prepayments to determine the unadjusted historical charge-off rate for the remaining balance of assets.

The estimated credit losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements or management's assessment of portfolio risk. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon the following:

Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses.
Changes in regional and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments.
Changes in the nature and volume of the portfolio and in the terms of loans.
Changes in the experience, ability, and depth of lending management and other relevant staff.

Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans.
Changes in the value of underlying collateral.
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
Additional segment specific risks when aggregated portfolios were required for reliable quantitative assessments.

The qualitative allowance allocation, as determined by the processes noted above, is applied to loan segments based on the assessment of these various qualitative factors.

Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $500,000 which have experienced significant credit deterioration and that are deemed to be collateral dependent. Such loans are evaluated for credit losses based on the fair value of collateral. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral, less selling costs. For loans for which foreclosure is not probable, but for which repayment is expected to be provided substantially through the operation or sale of the collateral, the Company has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of collateral, with selling costs considered in the event sale of the collateral is expected.

In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company's ongoing independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. The Company incorporates relevant loan review results in calculating the allowance for credit losses.

In accordance with Current Expected Credit Losses ("CECL"), losses are estimated over the remaining contractual terms of loans, adjusted for prepayments and curtailment. The contractual term excludes extensions, renewals and modification assumptions.

Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, deferred loan fees and costs, and premiums and discounts when applicable.

While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The ACL process is regularly reviewed and updated as needed based on quarterly reviews, new data, and/or calculation improvements with material impacts disclosed as appropriate.

Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely.

Transactions in the allowance for credit losses for the three months ended September 30, 2025 and 2024 are summarized as follows:

	(In Thousands)
	Residential<br>1-4 Family<br>Real Estate		Commercial<br>and Multi-<br>family Real<br>Estate		Construction,<br>Land<br>Development<br>and Farmland			Commercial,<br>Industrial<br>and<br>Agricultural			1-4 family<br>Equity Lines<br>of Credit		Consumer<br>and Other			Total
September 30, 2025
Allowance for credit losses - loans:
Beginning balance, July 1	$	13,635		16,664		17,066			3,260			1,485		1,744			53,854
Provision for credit losses		777		621		(353	)		78			54		196			1,373
Charge-offs		—		—		—			(31	)		—		(306	)		(337	)
Recoveries		9		—		11			—			—		102			122
Ending balance	$	14,421		17,285		16,724			3,307			1,539		1,736			55,012

	(In Thousands)
	Residential<br>1-4 Family<br>Real Estate		Commercial<br>and Multi-<br>family Real<br>Estate		Construction,<br>Land<br>Development<br>and<br>Farmland		Commercial,<br>Industrial<br>and<br>Agricultural			1-4 family<br>Equity Lines<br>of Credit			Consumer<br>and Other			Total
September 30, 2024
Allowance for credit losses - loans:
Beginning balance, July 1	$	8,837		17,640		13,574		1,432			1,877			1,301			44,661
Provision		377		1,642		1,247		119			(5	)		183			3,563
Charge-offs		—		—		—		(9	)		—			(266	)		(275	)
Recoveries		8		—		11		—			—			74			93
Ending balance	$	9,222		19,282		14,832		1,542			1,872			1,292			48,042

Transactions in the allowance for credit losses for the nine months ended September 30, 2025 and 2024 are summarized as follows:

	(In Thousands)
	Residential<br>1-4 Family<br>Real Estate		Commercial<br>and Multi-family Real Estate			Construction,<br>Land<br>Development<br>and Farmland		Commercial,<br>Industrial<br>and<br>Agricultural			1-4 family<br>Equity Lines<br>of Credit			Consumer<br>and Other			Total
September 30, 2025
Allowance for credit losses - loans:
Beginning balance, January 1	$	9,708		20,203			14,663		1,702			1,890			1,331			49,497
Provision for credit losses		4,687		(2,918	)		2,044		1,744			(351	)		907			6,113
Charge-offs		—		—			—		(180	)		—			(850	)		(1,030	)
Recoveries		26		—			17		41			—			348			432
Ending balance	$	14,421		17,285			16,724		3,307			1,539			1,736			55,012
	(In Thousands)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Residential<br>1-4 Family<br>Real Estate		Commercial<br>and Multi-<br>family Real<br>Estate		Construction,<br>Land<br>Development<br>and<br>Farmland		Commercial,<br>Industrial<br>and<br>Agricultural			1-4 family<br>Equity Lines<br>of Credit		Consumer<br>and Other			Total
September 30, 2024
Allowance for credit losses - loans:
Beginning balance, January 1	$	8,765		17,422		14,027		1,533			1,809		1,292			44,848
Provision		423		1,860		788		19			63		410			3,563
Charge-offs		—		—		—		(23	)		—		(727	)		(750	)
Recoveries		34		—		17		13			—		317			381
Ending balance	$	9,222		19,282		14,832		1,542			1,872		1,292			48,042

The following table presents the amortized cost basis of collateral dependent loans at September 30, 2025 and December 31, 2024 which are individually evaluated to determine expected credit losses:

	In Thousands
	Real Estate		Other		Total
September 30, 2025
Residential 1-4 family real estate	$	3,047		—		3,047
Commercial and multi-family real estate		24,587		—		24,587
Construction, land development and farmland		1,370		—		1,370
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		—		—		—
Consumer and other		—		—		—
	$	29,004		—		29,004

	In Thousands
	Real Estate		Other		Total
December 31, 2024
Residential 1-4 family real estate	$	1,485		—		1,485
Commercial and multi-family real estate		31,273		—		31,273
Construction, land development and farmland		2,521		—		2,521
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		2,009		—		2,009
Consumer and other		—		—		—
	$	37,288		—		37,288

Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which often is determined when the principal or interest on the loan is 90 days or more past due, unless the loan is both well-secured and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status, is reversed against current income. Interest income is subsequently recognized only to the extent cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis. A nonaccrual loan is returned to accruing status once the loan has been brought current and collection is reasonably assured or the loan has been “well-secured” through other techniques. Past due status is determined based on the contractual due date per the underlying loan agreement.

The following tables present the Company’s nonaccrual loans and past due loans as of September 30, 2025 and December 31, 2024.

Loans on Nonaccrual Status

	In Thousands
	September 30,		December 31,
	2025		2024
Residential 1-4 family real estate	$	6,923	$	452
Commercial and multi-family real estate		25,045		3,616
Construction, land development and farmland		661		—
Commercial, industrial and agricultural		215		—
1-4 family equity lines of credit		131		750
Consumer and other		—		—
Total	$	32,975	$	4,818

Past Due Loans

	(In Thousands)
	30-59 Days<br>Past Due		60-89 Days<br>Past Due		Non Accrual<br>or Greater<br>Than 89 Days<br>Past Due		Total Non<br>Accrual and<br>Past Due		Current		Total Loans		Recorded<br>Investment in Loans<br>Greater Than<br>89 Days Past<br>Due and<br>Accruing
September 30, 2025
Residential 1-4 family real estate	$	1,488		1,654		8,010		11,152		1,246,211		1,257,363	$	1,087
Commercial and multi-family real estate		289		—		25,045		25,334		1,671,428		1,696,762		—
Construction, land development and<br> farmland		2,686		555		5,038		8,279		903,376		911,655		4,377
Commercial, industrial and agricultural		715		588		215		1,518		147,104		148,622		—
1-4 family equity lines of credit		882		79		734		1,695		250,722		252,417		603
Consumer and other		381		213		73		667		114,528		115,195		73
Total	$	6,441		3,089		39,115		48,645		4,333,369		4,382,014	$	6,140
December 31, 2024
Residential 1-4 family real estate	$	5,854		1,462		766		8,082		1,125,884		1,133,966	$	314
Commercial and multi-family real estate		—		2		3,616		3,618		1,540,722		1,544,340		—
Construction, land development and<br> farmland		742		—		162		904		940,289		941,193		162
Commercial, industrial and agricultural		184		562		113		859		143,760		144,619		113
1-4 family equity lines of credit		960		581		840		2,381		232,859		235,240		90
Consumer and other		568		137		52		757		105,478		106,235		52
Total	$	8,308		2,744		5,549		16,601		4,088,992		4,105,593	$	731

Loan Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The following tables present the amortized cost basis of loans at September 30, 2025 and September 30, 2024 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2025 or nine months ended September 30, 2024, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to each class of financing receivable is also presented below.

	(In Thousands)
	Principal<br>Forgiveness		Payment<br>Delay		Term<br>Extension		Interest Rate<br>Reduction		Combination Term Extension and Interest Rate Reduction		Combination Payment Delay and Interest Rate<br>Reduction		Total Class of Financing Receivable
Nine Months Ended September 30, 2025
Residential 1-4 family real estate	$	—	$	1,790	$	1,422	$	—	$	681	$	43		0.31	%
Commercial and multi-family real estate		—		2,060		3,271		—		—		—		0.31	%
Construction, land development and<br> farmland		—		—		—		—		—		—		—	%
Commercial, industrial and agricultural		—		—		232		—		—		—		0.16	%
1-4 family equity lines of credit		—		—		—		—		—		—		—	%
Consumer and other		—		—		—		—		—		—		—	%
Total	$	—	$	3,850	$	4,925	$	—	$	681	$	43		0.22	%

As of September 30, 2025, the Company has not committed to lend additional amounts to the borrowers included in the previous table.

	(In Thousands)
	Principal<br>Forgiveness		Payment<br>Delay		Term<br>Extension		Interest Rate<br>Reduction		Combination Term Extension and Interest Rate Reduction		Combination Payment Delay and Interest Rate<br>Reduction		Total Class of Financing Receivable
Nine Months Ended September 30, 2024
Residential 1-4 family real estate	$	—	$	—	$	1,485	$	—	$	—	$	—		0.14	%
Commercial and multi-family real estate		—		—		23,602		—		—		—		1.58	%
Construction, land development and<br> farmland		—		—		—		—		—		—		—	%
Commercial, industrial and agricultural		—		—		—		—		—		—		—	%
1-4 family equity lines of credit		—		—		—		—		—		—		—	%
Consumer and other		—		—		—		—		—		—		—	%
Total	$	—	$	—	$	25,087	$	—	$	—	$	—		0.63	%

As of September 30, 2024, the Company has not committed to lend additional amounts to the borrowers included in the previous table.

The following tables present the amortized cost basis of loans at September 30, 2025 and September 30, 2024 that were both experiencing financial difficulty and modified during the three months ended September 30, 2025 or three months ended September 30, 2024, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to each class of financing receivable is also presented below.

	(In Thousands)
	Principal<br>Forgiveness		Payment<br>Delay		Term<br>Extension		Interest Rate<br>Reduction		Combination Term Extension and Interest Rate Reduction		Combination Payment Delay and Interest Rate<br>Reduction		Total Class of Financing Receivable
Three Months Ended September 30, 2025
Residential 1-4 family real estate	$	—	$	650	$	484	$	—	$	325	$	43		0.12	%
Commercial and multi-family real estate		—		2,060		—		—		—		—		0.12	%
Construction, land development and<br> farmland		—		—		—		—		—		—		—	%
Commercial, industrial and agricultural		—		—		—		—		—		—		—	%
1-4 family equity lines of credit		—		—		—		—		—		—		—	%
Consumer and other		—		—		—		—		—		—		—	%
Total	$	—	$	2,710	$	484	$	—	$	325	$	43		0.08	%

As of September 30, 2025, the Company has not committed to lend additional amounts to the borrowers included in the previous table.

	(In Thousands)
	Principal<br>Forgiveness		Payment<br>Delay		Term<br>Extension		Interest Rate<br>Reduction		Combination Term Extension and Interest Rate Reduction		Combination Payment Delay and Interest Rate<br>Reduction		Total Class of Financing Receivable
Three Months Ended September 30, 2024
Residential 1-4 family real estate	$	—	$	—	$	535	$	—	$	—	$	—		0.05	%
Commercial and multi-family real estate		—		—		23,602		—		—		—		1.58	%
Construction, land development and<br> farmland		—		—		—		—		—		—		—	%
Commercial, industrial and agricultural		—		—		—		—		—		—		—	%
1-4 family equity lines of credit		—		—		—		—		—		—		—	%
Consumer and other		—		—		—		—		—		—		—	%
Total	$	—	$	—	$	24,137	$	—	$	—	$	—		0.60	%

As of September 30, 2024, the Company had not committed to lend additional amounts to the borrowers included in the previous table.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance of such loans that have been modified within the last twelve months as of September 30, 2025:

	In Thousands
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Current		Total Modified Loans
September 30, 2025
Residential 1-4 family real estate	$	384	$	—	$	407	$	3,552	$	4,343
Commercial and multi-family real estate		—		—		22,527		5,331		27,858
Construction, land development and<br> farmland		—		—		—		—		—
Commercial, industrial and agricultural		—		—		138		94		232
1-4 family equity lines of credit		—		—		—		—		—
Consumer and other		—		—		—		—		—
Total	$	384	$	—	$	23,072	$	8,977	$	32,433

As evidenced in the table above, $23,456,000 of loans that were modified within the twelve months prior to September 30, 2025 were thirty (30) days or more past due at September 30, 2025.

The following table presents the performance of such loans that had been modified within the last twelve months as of September 30, 2024:

	In Thousands
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Current		Total Modified Loans
September 30, 2024
Residential 1-4 family real estate	$	—	$	—	$	—	$	1,485	$	1,485
Commercial and multi-family real estate		—		—		—		23,602		23,602
Construction, land development and<br> farmland		—		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—		—
1-4 family equity lines of credit		—		—		—		—		—
Consumer and other		—		—		—		—		—
Total	$	—	$	—	$	—	$	25,087	$	25,087

As evidenced above, no loans that were modified within the twelve months prior to September 30, 2024 were thirty (30) days or more past due at September 30, 2024.

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

	Nine Months Ended September 30, 2025									Nine Months Ended September 30, 2024
	Principal<br>Forgiveness		Weighted-Average<br>Interest Rate Reduction			Weighted-Average Months of Term Extension		Weighted-Average Months of Payment Delay		Principal<br>Forgiveness		Weighted-Average<br>Interest Rate Reduction			Weighted-Average Months of Term Extension		Weighted-Average Months of Payment Delay
Residential 1-4 family real estate	$	—		0.45	%		16		6	$	—		—	%		6		—
Commercial and multi-family real estate		—		—			6		7		—		—			10		—
Construction, land development and farmland		—		—			—		—		—		—			—		—
Commercial, industrial and agricultural		—		—			22		—		—		—			—		—
1-4 family equity lines of credit		—		—			—		—		—		—			—		—
Consumer and other		—		—			—		—		—		—			—		—
Total	$	—		0.45	%		10		6	$	—		—	%		10		—

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended September 30, 2025 and 2024 (dollars in thousands):

	Three Months Ended September 30, 2025									Three Months Ended September 30, 2024
	Principal<br>Forgiveness		Weighted-Average<br>Interest Rate Reduction			Weighted-Average Months of Term Extension		Weighted-Average Months of Payment Delay		Principal<br>Forgiveness		Weighted-Average<br>Interest Rate Reduction			Weighted-Average Months of Term Extension		Weighted-Average Months of Payment Delay
Residential 1-4 family real estate	$	—		0.23	%		20		5	$	—		—	%		6		—
Commercial and multi-family real estate		—		—			—		7		—		—			10		—
Construction, land development and farmland		—		—			—		—		—		—			—		—
Commercial, industrial and agricultural		—		—			—		—		—		—			—		—
1-4 family equity lines of credit		—		—			—		—		—		—			—		—
Consumer and other		—		—			—		—		—		—			—		—
Total	$	—		0.23	%		20		6	$	—		—	%		10		—

The following table presents the amortized cost basis of loans that had a payment default during the three and nine months ended September 30, 2025 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty (dollars in thousands):

	Three Months Ended September 30, 2025								Nine Months Ended September 30, 2025
	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction
Residential 1-4 family real estate	$	—	$	1,932	$	—	$	—	$	—	$	1,932	$	938	$	—
Commercial and multi-family real estate		—		—		22,527		—		—		—		22,527		—
Construction, land development and<br> farmland		—		—		—		—		—		—		—		—
Commercial, industrial and agricultural		—		—		232		—		—		—		232		—
1-4 family equity lines of credit		—		—		—		—		—		—		—		—
Consumer and other		—		—		—		—		—		—		—		—
Total	$	—	$	1,932	$	22,759	$	—	$	—	$	1,932	$	23,697	$	—

The following table presents the amortized cost basis of loans that had a payment default during the three and nine months ended September 30, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty (dollars in thousands):

	Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction
Residential 1-4 family real estate	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and multi-family real estate		—		—		—		—		—		—		—		—
Construction, land development and<br> farmland		—		—		—		—		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—		—		—		—		—
1-4 family equity lines of credit		—		—		—		—		—		—		—		—
Consumer and other		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

There were no payment defaults during the three or nine months ended September 30, 2024 on loans that had been modified in the twelve months prior to September 30, 2024.

Upon the Company's determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized costs basis of the loan is reduced by the amount deemed uncollectible and the allowance for credit losses is adjusted by the same amount.

As of September 30, 2025, the Bank had four loans totaling $23,893,000 in the process of foreclosure which consisted of one large commercial real estate loan, one construction and land development loan, and two residential 1-4 family real estate loans. As of December 31, 2024, the Bank had four loans totaling $1,073,000 in the process of foreclosure.

Potential problem loans, which include nonperforming loans, amounted to approximately $69.9 million at September 30, 2025 and $48.0 million at December 31, 2024. Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have serious doubts about the borrower’s ability to

comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by the FDIC, the Bank’s primary federal regulator, for loans classified as special mention, substandard, or doubtful.

The following summary presents the Bank's loan balances by primary loan classification and the amount classified within each risk rating category. Pass rated loans include all credits other than those included in special mention, substandard and doubtful which are defined as follows:

Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date.
Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
Doubtful loans have all the characteristics of substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Bank considers all doubtful loans to be collateral dependent and places such loans on nonaccrual status.

The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of September 30, 2025:

	In Thousands
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
September 30, 2025
Residential 1-4 family real estate
Pass	$	187,779		282,523		136,545		249,857		199,305		168,880		10,620		1,235,509
Special mention		493		3,540		1,624		2,307		686		4,036		30		12,716
Substandard		—		4,718		1,625		1,633		194		565		403		9,138
Total Residential 1-4 family real estate	$	188,272		290,781		139,794		253,797		200,185		173,481		11,053		1,257,363
Residential 1-4 family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial and multi-family real estate
Pass	$	133,821		291,404		173,368		320,803		360,921		323,858		61,175		1,665,350
Special mention		—		—		—		—		—		4,090		2,276		6,366
Substandard		—		—		2,060		22,528		—		458		—		25,046
Total Commercial and multi-family real estate	$	133,821		291,404		175,428		343,331		360,921		328,406		63,451		1,696,762
Commercial and multi-family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Construction, land development and<br> farmland
Pass	$	217,765		270,746		41,231		87,696		26,733		24,310		232,562		901,043
Special mention		—		863		1,855		3,811		899		128		903		8,459
Substandard		—		683		1,170		—		—		—		300		2,153
Total Construction, land development<br> and farmland	$	217,765		272,292		44,256		91,507		27,632		24,438		233,765		911,655
Construction, land development and<br> farmland:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial, industrial and agricultural
Pass	$	28,480		21,574		9,452		22,422		3,118		26,975		35,562		147,583
Special mention		94		—		599		4		4		—		106		807
Substandard		138		—		1		9		—		8		76		232
Total Commercial, industrial and<br> agricultural	$	28,712		21,574		10,052		22,435		3,122		26,983		35,744		148,622
Commercial, industrial and agricultural:
Current-period gross charge-offs	$	—		86		57		6		—		—		31		180
1-4 family equity lines of credit
Pass	$	—		—		—		—		—		—		247,863		247,863
Special mention		—		—		—		—		—		—		4,423		4,423
Substandard		—		—		—		—		—		—		131		131
Total 1-4 family equity lines of credit	$	—		—		—		—		—		—		252,417		252,417
1-4 family equity lines of credit:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Consumer and other
Pass	$	32,132		18,112		10,823		3,936		1,021		19,653		29,082		114,759
Special mention		63		72		107		79		22		21		—		364
Substandard		11		16		27		13		4		—		1		72
Total Consumer and other	$	32,206		18,200		10,957		4,028		1,047		19,674		29,083		115,195
Consumer and other:
Current-period gross charge-offs	$	16		49		116		94		2		—		573		850

The table below presents loan balances classified within each risk rating category based on year of origination as of September 30, 2025:

	In Thousands
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
September 30, 2025
Pass	$	599,977		884,359		371,419		684,714		591,098		563,676		616,864		4,312,107
Special mention		650		4,475		4,185		6,201		1,611		8,275		7,738		33,135
Substandard		149		5,417		4,883		24,183		198		1,031		911		36,772
Total	$	600,776		894,251		380,487		715,098		592,907		572,982		625,513		4,382,014

The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of December 31, 2024:

	In Thousands
													Revolving
	2024		2023		2022		2021		2020		Prior		Loans		Total
December 31, 2024
Residential 1-4 family real estate:
Pass	$	281,651		136,736		278,556		220,533		76,275		118,960		12,941		1,125,652
Special mention		950		1,817		1,607		196		—		2,528		401		7,499
Substandard		—		—		—		376		—		365		74		815
Total Residential 1-4 family real estate	$	282,601		138,553		280,163		221,105		76,275		121,853		13,416		1,133,966
Residential 1-4 family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		24		—		24
Commercial and multi-family real estate:
Pass	$	285,939		119,202		311,740		347,484		130,226		255,968		61,885		1,512,444
Special mention		—		3,615		23,228		—		705		4,275		—		31,823
Substandard		—		—		—		—		—		73		—		73
Total Commercial and multi-family real estate	$	285,939		122,817		334,968		347,484		130,931		260,316		61,885		1,544,340
Commercial and multi-family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Construction, land development and farmland:
Pass	$	283,747		199,987		153,429		58,913		13,992		12,486		215,394		937,948
Special mention		27		256		135		120		—		45		2,533		3,116
Substandard		—		—		129		—		—		—		—		129
Total Construction, land development and farmland	$	283,774		200,243		153,693		59,033		13,992		12,531		217,927		941,193
Construction, land development and farmland:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial, industrial and agricultural:
Pass	$	26,697		12,781		29,634		4,071		9,610		22,762		38,586		144,141
Special mention		147		131		73		10		—		—		106		467
Substandard		—		—		—		—		11		—		—		11
Total Commercial, industrial and agricultural	$	26,844		12,912		29,707		4,081		9,621		22,762		38,692		144,619
Commercial, industrial and agricultural:
Current-period gross charge-offs	$	—		—		30		4		—		—		8		42
1-4 family equity lines of credit:
Pass	$	—		—		—		—		—		—		231,480		231,480
Special mention		—		—		—		—		—		—		2,754		2,754
Substandard		—		—		—		—		—		—		1,006		1,006
Total 1-4 family equity lines of credit	$	—		—		—		—		—		—		235,240		235,240
1-4 family equity lines of credit:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Consumer and other:
Pass	$	28,133		16,632		7,509		2,525		12,316		9,204		29,604		105,923
Special mention		3		62		104		27		29		14		1		240
Substandard		6		21		37		8		—		—		—		72
Total Consumer and other	$	28,142		16,715		7,650		2,560		12,345		9,218		29,605		106,235
Consumer and other:
Current-period gross charge-offs	$	24		147		141		10		—		—		634		956

The table below presents loan balances classified within each risk rating category based on year of origination as of December 31, 2024:

	In Thousands
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
December 31, 2024
Pass	$	906,167		485,338		780,868		633,526		242,419		419,380		589,890		4,057,588
Special mention		1,127		5,881		25,147		353		734		6,862		5,795		45,899
Substandard		6		21		166		384		11		438		1,080		2,106
Total	$	907,300		491,240		806,181		634,263		243,164		426,680		596,765		4,105,593

Note 3. Debt Securities

Debt securities have been classified in the consolidated balance sheet according to management’s intent. Debt securities at September 30, 2025 and December 31, 2024 are summarized as follows:

	September 30, 2025
	Securities Available-For-Sale
	In Thousands
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Estimated<br>Market<br>Value
U.S. Treasury and other U.S. government<br> agencies	$	—		—		—		—
U.S. Government-sponsored enterprises<br> (GSEs)		144,366		147		11,866		132,647
Mortgage-backed securities		608,613		1,864		48,179		562,298
Asset-backed securities		43,658		48		757		42,949
Corporate notes and other		2,500		—		—		2,500
Obligations of states and political<br> subdivisions		174,410		4		22,359		152,055
	$	973,547		2,063		83,161		892,449
	December 31, 2024
---	---	---	---	---	---	---	---	---
	Securities Available-For-Sale
	In Thousands
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized <br>Losses		Estimated<br>Market<br>Value
U.S. Treasury and other U.S. government<br> agencies	$	4,927		—		389		4,538
U.S. Government-sponsored enterprises<br> (GSEs)		183,912		8		21,947		161,973
Mortgage-backed securities		520,729		55		66,588		454,196
Asset-backed securities		51,110		108		401		50,817
Corporate notes and other		2,500		—		104		2,396
Obligations of states and political<br> subdivisions		184,163		—		30,190		153,973
	$	947,341		171		119,619		827,893

As of September 30, 2025 and December 31, 2024, there was no allowance for credit losses on available-for-sale securities.

Included in mortgage-backed securities are collateralized mortgage obligations totaling $179,779,000 (fair value of $164,912,000) and $146,369,000 (fair value of $126,426,000) at September 30, 2025 and December 31, 2024, respectively.

Securities carried on the balance sheet of approximately $629,962,000 (approximate market value of $570,119,000) and $581,017,000 (approximate market value of $499,585,000) were pledged to secure public deposits and for other purposes as required by law at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025, there were no holdings of securities of any one issuer, other than U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity.

The amortized cost and estimated market value of debt securities at September 30, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-For-Sale
	In Thousands
	Amortized<br>Cost		Estimated<br>Market Value
Due in one year or less	$	841	$	833
Due after one year through five years		85,396		78,952
Due after five years through ten years		263,618		240,566
Due after ten years		623,692		572,098
	$	973,547	$	892,449

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024.

	In Thousands, Except Number of Securities
	Less than 12 Months						12 Months or More						Total
September 30, 2025	Fair<br>Value		Unrealized<br>Losses		Number of<br>Securities<br>Included		Fair<br>Value		Unrealized<br>Losses		Number of<br>Securities<br>Included		Fair<br>Value		Unrealized<br>Losses
Available-for-Sale Securities:
U.S. Treasury and other<br> U.S. government agencies	$	—	$	—		—	$	—	$	—		—	$	—	$	—
U.S. Government-sponsored<br> enterprises (GSEs)		192		1		1		120,854		11,865		51		121,046		11,866
Mortgage-backed securities		75,610		513		12		347,964		47,666		209		423,574		48,179
Asset-backed securities		13,495		85		5		20,686		672		9		34,181		757
Corporate notes and other		—		—		—		—		—		—		—		—
Obligations of states and<br> political subdivisions		4,148		115		2		146,933		22,244		148		151,081		22,359
	$	93,445	$	714		20	$	636,437	$	82,447		417	$	729,882	$	83,161
	In Thousands, Except Number of Securities
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Less than 12 Months						12 Months or More						Total
December 31, 2024	Fair<br>Value		Unrealized<br>Losses		Number of<br>Securities<br>Included		Fair<br>Value		Unrealized<br>Losses		Number of<br>Securities<br>Included		Fair<br>Value		Unrealized<br>Losses
Available-for-Sale Securities:
U.S. Treasury and other<br> U.S. government agencies	$	—	$	—		—	$	4,538	$	389		2	$	4,538	$	389
U.S. Government-sponsored<br> enterprises (GSEs)		12,226		258		3		147,828		21,689		67		160,054		21,947
Mortgage-backed securities		90,776		2,043		24		348,035		64,545		216		438,811		66,588
Asset-backed securities		14,103		75		5		17,170		326		7		31,273		401
Corporate notes and other		—		—		—		2,396		104		1		2,396		104
Obligations of states and<br> political subdivisions		5,108		77		3		148,865		30,113		168		153,973		30,190
	$	122,213	$	2,453		35	$	668,832	$	117,166		461	$	791,045	$	119,619

The applicable date for determining when securities are in an unrealized loss position is September 30, 2025 and December 31, 2024. As such, it is possible that a security had a market value less than its amortized cost on other days during the nine months ended September 30, 2025 and the twelve-month period ended December 31, 2024, but is not in the "Investments with an Unrealized Loss of less than 12 months" category above.

As shown in the tables above, at September 30, 2025 and December 31, 2024, the Company had unrealized losses of $83.2 million and $119.6 million on $729.9 million and $791.0 million, respectively, of securities in an unrealized loss position at those dates. As described in Note 1, Summary of Significant Accounting Policies to the consolidated financial statements of the Company included in the 2024 Form 10-K, for any security classified as available-for-sale that is in an unrealized loss position at the balance sheet date,

the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because the Company currently does not intend to sell those securities that have an unrealized loss at September 30, 2025, and it is not more-likely-than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company has determined that no write-down is necessary. These securities must then be evaluated for credit and non-credit related impairment. Securities with one or more of the following characteristics will be deemed to have only non-credit related impairment and will be excluded from further evaluation from credit impairment: Guaranteed by the U.S. government, insured by the FDIC, a review of market price discount to principal face value does not indicate the market's expectation of imminent principal loss, risk weighting under the FDIC’s Simplified Supervisory Formula Approach, and average credit rating. Securities that are not excluded by the aforementioned characteristics are further evaluated for credit deterioration, which would require the recognition of an allowance for credit losses. The unrealized losses associated with securities at September 30, 2025 are driven by changes in interest rates and not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to available-for-sale securities at September 30, 2025. These securities will continue to be monitored as a part of the Company's ongoing evaluation of credit quality.

Mortgage-Backed Securities

At September 30, 2025, approximately 98% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value of these securities is primarily attributable to interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is not more-likely-than-not that it will be required to sell the securities before their anticipated recovery, the Company has determined no allowance for credit losses is necessary at September 30, 2025.

The Company's mortgage-backed securities portfolio includes non-agency collateralized mortgage obligations with a fair value of $10.7 million which had unrealized losses of approximately $1.1 million at September 30, 2025. These non-agency mortgage-backed securities were rated AAA at September 30, 2025. The Company monitors these securities to ensure it has adequate credit support and does not have the intent to sell these securities and it is not more-likely-than-not that it will be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the securities.

Obligations of States and Political Subdivisions

Unrealized losses on municipal bonds have not been recognized into income because the issuers' bonds are of high credit quality (rated A or higher) or the bonds have been refunded. Management does not intend to sell the securities and it is not more-likely-than-not that management will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

Asset-Backed Securities

The Company's asset-backed securities portfolio includes agency and non-agency asset backed and other amortizing debt securities with a fair value of $42.9 million which had unrealized losses of approximately $0.8 million at September 30, 2025. The Company monitors these securities to ensure it has adequate credit support and does not have the intent to sell these securities and it is not more-likely-than-not that it will be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the securities.

Corporate Notes and Other

Corporate notes and other consists of corporate bonds and subordinated debt obligations. As of September 30, 2025 corporate notes and other consists of a single subordinated debt obligation issued by another bank holding company. The Company performs ongoing monitoring of the issuer's financial condition and credit quality through periodic review of financial statements and other relevant information.

Note 4. Derivatives

Derivatives Designated as Fair Value Hedges

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, the sources and duration of certain balance sheet assets and liabilities. In the normal course of business, the Company also uses derivative financial

instruments to add stability to interest income or expense and to manage its exposure to movements in interest rates. The Company does not use derivatives for trading or speculative purposes and only enters into transactions that have a qualifying hedge relationship. The Company's hedging strategies involving interest rate derivatives that are classified as either cash flow hedges or fair value hedges, depending upon the rate characteristic of the hedged item.

The Company had previously utilized an interest rate swap designated as a fair value hedge to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converted the fixed interest rates to variable interest rates tied to the applicable reference rate.

During the fourth quarter of 2023 the Company voluntarily terminated the interest rate swap with a notional amount of $30.0 million, as the market indicated that rates had peaked, further rate increases were unlikely, and the Company’s balance sheet could support the market’s current demand for fixed rate loans without the interest rate swap. The termination of the fair value hedge resulted in an unrealized gain totaling $3,747,000 which is being reclassified to increase interest income through June 30, 2030, the original term of the swap contract.

The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for the three and nine months ended September 30, 2025 and 2024. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income.

	In Thousands
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Location in the Consolidated Statements of Income
Interest income: Interest and fees on loans	$	214		259	$	674		911
Net increase to income before taxes	$	214		259	$	674		911

The above effects are presented within the change in other assets line in the operating activities section of the Company's consolidated statements of cash flows.

Mortgage Banking Derivatives

Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors under the Bank's mandatory delivery program are considered derivatives. It is the Company's practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in an effort to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. At September 30, 2025 and December 31, 2024, the Company had approximately $3,893,000 and $1,680,000, respectively, of interest rate lock commitments. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $68,000 and $34,000 at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the Company had approximately $5,750,000 and $3,250,000, respectively, of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $10,000 and $27,000 at September 30, 2025 and December 31, 2024, respectively. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sale of loans.

The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below (in thousands):

	In Thousands
	September 30, 2025			September 30, 2024
Interest rate contracts for customers	$	34		$	14
Forward contracts related to mortgage loans held for sale<br> and interest rate contracts	$	(17	)	$	24

The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of September 30, 2025 and December 31, 2024 (in thousands):

	In Thousands
	September 30, 2025				December 31, 2024
	Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value
Included in other assets (liabilities):
Interest rate contracts for customers	$	3,893		68	$	1,680		34
Forward contracts related to mortgage loans<br> held-for-sale	$	5,750		10	$	3,250		27

Note 5. Mortgage Servicing Rights

The Company sells residential mortgage loans in the secondary market and typically retains the rights to service the loans. Mortgage loans serviced for others are not reported as assets. Mortgage servicing rights are recognized on the balance sheet within other assets. The principal balances of these loans as of September 30, 2025 and December 31, 2024 are as follows:

	In Thousands
	September 30, 2025		December 31, 2024
Mortgage loan portfolios serviced for:
FHLMC	$	141,360	$	114,771

For the nine months ended September 30, 2025 and 2024, the change in carrying value of the Company's mortgage servicing rights accounted for under the amortization method was as follows:

	In Thousands
	September 30, 2025			September 30, 2024
Balance at beginning of period	$	1,139		$	1,083
Servicing rights retained from loans sold		433			219
Amortization		(240	)		(230	)
Valuation Allowance Provision		—			—
Balance at end of period	$	1,332		$	1,072
Fair value, end of period	$	1,639		$	1,362

The key data and assumptions used in estimating the fair value of the Company's mortgage servicing rights as of September 30, 2025 and December 31, 2024 were as follows:


Prepayment speed	11.57	%	8.08	%
Weighted-average life (in years)	6.89		8.42
Weighted-average note rate	5.47	%	5.11	%
Weighted-average discount rate	9.50	%	9.00	%

Note 6. Equity Incentive Plans

In April 2009, the Company’s shareholders approved the Wilson Bank Holding Company 2009 Stock Option Plan (the “2009 Stock Option Plan”). The 2009 Stock Option Plan was effective as of April 14, 2009. Under the 2009 Stock Option Plan, awards could be granted in the form of options to acquire common stock of the Company. Subject to adjustment as provided by the terms of the 2009 Stock Option Plan, the maximum number of shares of common stock with respect to which awards could be granted under the 2009 Stock Option Plan was 100,000 shares. The 2009 Stock Option Plan terminated on April 13, 2019, and no additional awards may be granted under the 2009 Stock Option Plan. The awards granted under the 2009 Stock Option Plan prior to the plan's expiration will remain outstanding until exercised or otherwise terminated. As of September 30, 2025, the Company had outstanding 100 options under the 2009 Stock Option Plan with a weighted average exercise price of $37.61.

During the second quarter of 2016, the Company’s shareholders approved the Wilson Bank Holding Company 2016 Equity Incentive Plan, which authorizes awards of up to 750,000 shares of common stock. The 2016 Equity Incentive Plan was approved by the Board of Directors and effective as of January 25, 2016 and approved by the Company’s shareholders on April 12, 2016. On September 26, 2016, the Board of Directors approved an amendment and restatement of the 2016 Equity Incentive Plan (as amended and restated the “2016 Equity Incentive Plan”). Except for certain limitations, awards could be granted in the form of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted shares and restricted share units, performance awards and other stock-based awards. The 2016 Equity Incentive Plan terminated on April 24, 2025, and no additional awards may be granted under the 2016 Equity Incentive Plan. As of September 30, 2025, the Company had outstanding 171,705 options with a weighted average exercise price of $58.18, 126,381 cash-settled stock appreciation rights with a weighted average exercise price of $55.82, 153 restricted share awards, and 18,606 restricted share unit awards under the 2016 Equity Incentive Plan. There were no PSUs outstanding at September 30, 2025.

On April 24, 2025, the Company's shareholders approved the Wilson Bank Holding Company 2025 Equity Incentive Plan (the "2025 Equity Incentive Plan"), which has initially authorized awards of up to 675,000 shares of Common Stock including 508,388 newly reserved shares and 166,612 shares of Common Stock initially reserved for issuance under the Company’s 2016 Equity Incentive Plan that remained available for issuance under the 2016 Equity Incentive Plan as of April 24, 2025. The 2025 Equity Incentive Plan was approved by the Board of Directors on February 28, 2025 and on April 24, 2025 it was approved by the Company’s shareholders and became effective as of such date. In addition to the 675,000 shares reserved for issuance under the 2025 Equity Incentive Plan, if any of the awards under the 2016 Equity Incentive Plan that were outstanding as of February 28, 2025 after that date terminate, expire unexercised, are settled for cash, forfeited or cancelled without delivery of shares of the Company’s Common Stock under the terms of the 2016 Equity Incentive Plan, the Company may issue awards with respect to those awards under the 2025 Equity Incentive Plan. Except for certain limitations, awards can be in the form of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted shares and restricted share units, performance awards and other stock-based awards. As of September 30, 2025, the Company had 654,862 shares remaining available for issuance under the 2025 Equity Incentive Plan. As of September 30, 2025, the Company had outstanding 12,666 options with a weighted average exercise price of $76.92, 7,000 cash-settled stock appreciation rights with a weighted average exercise price of $76.30, and 2,458 restricted share unit awards under the 2025 Equity Incentive Plan.

Stock Options

As of September 30, 2025, the Company had outstanding 184,471 stock options with a weighted average exercise price of $59.46.

The following table summarizes information about stock options activity for the nine months ended September 30, 2025 and 2024:

	September 30, 2025					September 30, 2024
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding at beginning of period		193,395		$	57.66		214,974		$	57.08
Granted		12,666			76.92		850			71.50
Exercised		(20,773	)		53.85		(7,472	)		50.42
Forfeited or expired		(817	)		46.13		(133	)		35.81
Outstanding at end of period		184,471		$	59.46		208,219		$	57.39
Options exercisable at September 30		118,626		$	55.82		119,930		$	53.59

As of September 30, 2025, there was $1,032,000 of total unrecognized cost related to non-vested stock options granted under the Company's equity incentive plans. The cost is expected to be recognized over a weighted-average period of

2.26

years.

Stock Appreciation Rights

As of September 30, 2025, the Company had outstanding 133,381 cash-settled stock appreciation rights with a weighted average exercise price of $56.89.

The following table summarizes information about cash-settled SARS activity for the nine months ended September 30, 2025 and 2024:

	September 30, 2025					September 30, 2024
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
SARs outstanding at beginning of period		142,785		$	55.03		157,020		$	54.88
Granted		7,000			76.30		817			71.50
Exercised		(15,804	)		48.43		(7,085	)		52.84
Forfeited or expired		(600	)		64.40		(2,600	)		61.33
Outstanding at end of period		133,381		$	56.89		148,152		$	54.95
SARS exercisable at September 30		97,395		$	53.63		98,942		$	50.98

As of September 30, 2025, there was $711,000 of total unrecognized cost related to non-vested SARs granted under the Company's equity incentive plans. The cost is expected to be recognized over a weighted-average period of

2.00

years.

Time-based Vesting Restricted Shares and Restricted Share Units

A summary of restricted share awards activity for the nine months ended September 30, 2025 and 2024 is as follows:

	September 30, 2025				September 30, 2024
	Shares		Weighted Average Cost		Shares		Weighted Average Cost
Outstanding at beginning of period		153	$	66.70		301	$	66.70
Granted		—		—		—		—
Vested		—		—		—		—
Forfeited		—		—		—		—
Outstanding at September 30, 2025		153	$	66.70		301	$	66.70

A summary of restricted share unit ("RSU") awards activity for the nine months ended September 30, 2025 and 2024 is as follows:

	September 30, 2025					September 30, 2024
	Shares			Weighted Average Cost		Shares			Weighted Average Cost
Outstanding at beginning of period		24,482		$	70.44		14,458		$	69.00
Granted		2,833			76.76		13,957			71.59
Vested		(5,676	)		70.38		(2,725	)		69.00
Forfeited		(575	)		69.87		(1,208	)		69.78
Outstanding at September 30, 2025		21,064		$	71.32		24,482		$	70.44

The restricted shares and RSUs vest over various time periods. As of September 30, 2025, there was $2,000 of total unrecognized compensation cost related to non-vested restricted share awards. The cost is expected to be expensed over a weighted-average period of

0.13

years. As of September 30, 2025, there was $1,176,000 of total unrecognized compensation cost related to non-vested RSUs. The cost is expected to be expensed over a weighted-average period of

3.16

years.

Performance-Based Vesting Restricted Stock Units ("PSUs")

The Company awards PSUs to officers and employees of the Bank. Under the terms of the awards, the number of units that will be earned and thereafter settled in shares of the Company's Common Stock will be based on the employee's performance against certain performance metrics over a fixed three-year performance period. Compensation expense for PSUs is estimated each period based on the fair value of the Company's Common Stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards.

A summary of the PSUs activity for the nine months ended September 30, 2025 and 2024 is as follows:

	September 30, 2025					September 30, 2024
	Shares			Weighted Average Cost		Shares			Weighted Average Cost
Outstanding at beginning of period		738		$	67.85		1,107		$	67.85
Granted		—			—		—			—
Vested		(369	)		67.85		(369	)		67.85
Forfeited		(369	)		67.85		—			—
Outstanding at September 30, 2025		—		$	—		738		$	67.85
Grant Year	Grant Price		Applicable Performance Period	Period in which units to be settled	PSUs Outstanding
---	---	---	---	---	---	---
2023	$	67.85	2023-2025	2024-2026		—

As of September 30, 2025, there was no unrecognized compensation cost related to non-vested PSUs.

Note 7. Regulatory Capital

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of September 30, 2025, the Bank and the Company meet all capital adequacy requirements to which they are subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If an institution is classified as adequately capitalized or lower, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is growth and expansion, and capital restoration plans are required. As of September 30, 2025 and December 31, 2024, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank's category.

The Company’s and the Bank’s actual capital amounts and ratios as of September 30, 2025 and December 31, 2024 are presented in the following tables. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the tables presented below.

	Actual					Minimum Capital Adequacy					For Classification as Well Capitalized (1) (2)
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(dollars in thousands)
September 30, 2025
Total capital to risk weighted assets:
Consolidated	$	662,832		14.9	%	$	354,894		8.0	%	$	443,618		10.0	%
Wilson Bank		660,352		14.9			354,768		8.0			443,460		10.0
Tier 1 capital to risk weighted assets:
Consolidated		607,357		13.7			266,171		6.0			266,171		6.0
Wilson Bank		604,896		13.6			266,075		6.0			354,767		8.0
Common equity Tier 1 capital to risk weighted assets:
Consolidated		607,357		13.7			199,628		4.5		N/A		N/A
Wilson Bank		604,896		13.6			199,557		4.5			288,248		6.5
Tier 1 capital to average assets:
Consolidated		607,357		10.4			233,386		4.0		N/A		N/A
Wilson Bank		604,896		10.4			233,312		4.0			291,640		5.0
	Actual					Minimum Capital Adequacy					For Classification as Well Capitalized (1) (2)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(dollars in thousands)
December 31, 2024
Total capital to risk weighted assets:
Consolidated	$	615,180		14.5	%	$	338,916		8.0	%	$	423,646		10.0	%
Wilson Bank		609,568		14.4			338,788		8.0			423,485		10.0
Tier 1 capital to risk weighted assets:
Consolidated		563,128		13.3			254,188		6.0			254,188		6.0
Wilson Bank		557,516		13.2			254,090		6.0			338,787		8.0
Common equity Tier 1 capital to risk weighted assets:
Consolidated		562,925		13.3			190,641		4.5		N/A		N/A
Wilson Bank		557,313		13.2			190,568		4.5			275,264	6.5
Tier 1 capital to average assets:
Consolidated		563,128		10.4			216,949		4.0		N/A		N/A
Wilson Bank		557,516		10.3			216,873		4.0			271,092		5.0

Ratios for Wilson Bank are those under applicable FDIC regulations for prompt corrective action.
Well-capitalized minimum Common equity Tier 1 capital to risk weighted assets and Tier 1 capital to average assets are not formally defined under applicable regulations for bank holding companies.

Dividend Restrictions

The Company and the Bank are subject to dividend restrictions set forth by the Tennessee Department of Financial Institutions and federal banking agencies, as applicable. Generally, the Board of Directors may not declare dividends in excess of current year earnings plus the retained net income of the preceding two years without prior approval of the commissioner of the Tennessee Department of Financial Institutions. Additional restrictions may be imposed by the Tennessee Department of Financial Institutions and federal banking agencies under the powers granted to them by law.

Note 8. Fair Value Measurements

FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. The definition of fair value focuses on the exit price,

(i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date), not the entry price (i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date). The statement emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.

Valuation Hierarchy

FASB ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy.

Assets

Securities available-for-sale — Where quoted prices are available for identical securities in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and certain other financial products. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation and more complex pricing models or discounted cash flows are used, securities are classified within Level 3 of the valuation hierarchy.

Collateral dependent loans – Collateral dependent loans are measured at the fair value of the collateral securing the loan less estimated selling costs. The fair value of real estate collateral is determined based on real estate appraisals which are generally based on recent sales of comparable properties which are then adjusted for property specific factors. Non-real estate collateral is valued based on various sources, including third party asset valuations and internally determined values based on cost adjusted for depreciation and other judgmentally determined discount factors. Collateral dependent loans are classified within Level 3 of the valuation hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower's underlying financial condition.

Other real estate owned — Other real estate owned (“OREO”) represents real estate foreclosed upon by the Company through loan defaults by customers or acquired in lieu of foreclosure. Substantially all of these amounts relate to construction and land development loans, other loans secured by land, and commercial real estate loans for which the Company believes it has adequate collateral. Upon foreclosure, the property is recorded at the lower of cost or fair value, based on appraised value, less selling costs estimated as of the date acquired with any loss recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent valuation downward adjustments are determined on a specific property basis and are included as a component of noninterest expense along with holding costs. Any gains or losses realized at the time of disposal are also reflected in noninterest expense, as applicable. OREO is included in Level 3 of the valuation hierarchy due to the lack of observable market inputs into the determination of fair value. Appraisal values are property-specific and sensitive to the changes in the overall economic environment.

Mortgage loans held-for-sale — Mortgage loans held-for-sale are carried at fair value, and are classified within Level 2 of the valuation hierarchy. The fair value of mortgage loans held-for-sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan.

Derivative Instruments — The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2).

Other investments — Included in other investments are investments recorded at fair value primarily in certain nonpublic investments and funds. The valuation of these nonpublic investments requires management judgment due to the absence of observable quoted market prices, inherent lack of liquidity and the long-term nature of such assets. These investments are valued initially based upon transaction price. The carrying values of other investments are adjusted either upwards or downwards from the transaction price to reflect expected exit values as evidenced by financing and sale transactions with third parties. These investments are included in Level 3 of the valuation hierarchy if the entities and funds are not widely traded and the underlying investments are in privately-held and/or start-up companies for which market values are not readily available.

The following tables present the financial instruments carried at fair value as of September 30, 2025 and December 31, 2024, by caption on the consolidated balance sheet and by FASB ASC 820 valuation hierarchy (as described above):

	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	(In Thousands)
	Total Carrying Value in the Consolidated Balance Sheet		Quoted Market Prices in an Active Market (Level 1)		Models with Significant Observable Market Parameters (Level 2)		Models with Significant Unobservable Market Parameters (Level 3)
September 30, 2025
Investment securities available-for-sale:
U.S. Government sponsored enterprises		132,647		—		132,647		—
Mortgage-backed securities		562,298		—		562,298		—
Asset-backed securities		42,949		—		42,949		—
Corporate notes and other		2,500		—		2,500		—
Obligations of states and political subdivisions		152,055		—		152,055		—
Total investment securities available-for-sale		892,449		—		892,449		—
Mortgage loans held for sale		4,245		—		4,245		—
Derivative instruments		78		—		78		—
Other investments		2,327		—		—		2,327
Total assets	$	899,099	$	—	$	896,772	$	2,327
Derivative instruments		—		—		—		—
Total liabilities	$	—	$	—	$	—	$	—
December 31, 2024
Investment securities available-for-sale:
U.S. Treasury and other U.S. government<br> agencies	$	4,538	$	4,538	$	—	$	—
U.S. Government sponsored enterprises		161,973		—		161,973		—
Mortgage-backed securities		454,196		—		454,196		—
Asset-backed securities		50,817		—		50,817		—
Corporate notes and other		2,396		—		2,396		—
Obligations of states and political subdivisions		153,973		—		153,973		—
Total investment securities available-for-sale		827,893		4,538		823,355		—
Mortgage loans held for sale		2,529		—		2,529		—
Derivative instruments		61		—		61		—
Other investments		2,191		—	—			2,191
Total assets	$	832,674	$	4,538	$	825,945	$	2,191
Derivative instruments		—		—		—		—
Total liabilities	$	—	$	—	$	—	$	—

	Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
	(In Thousands)
	Total Carrying Value in the Consolidated Balance Sheet		Quoted Market Prices in an Active Market (Level 1)		Models with Significant Observable Market Parameters (Level 2)		Models with Significant Unobservable Market Parameters (Level 3)
September 30, 2025
Other real estate owned	$	—	$	—	$	—	$	—
Collateral dependent loans (¹)		28,355		—		—		28,355
Total	$	28,355	$	—	$	—	$	28,355
December 31, 2024
Other real estate owned	$	—	$	—	$	—	$	—
Collateral dependent loans (¹)		37,045		—		—		37,045
Total	$	37,045	$	—	$	—	$	37,045

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2025 and December 31, 2024:

	Valuation <br>Techniques (1)	Significant Unobservable Inputs	Weighted Average
Collateral dependent loans	Appraisal	Estimated costs to sell	10%
Other real estate owned	Appraisal	Estimated costs to sell	10%

In the case of its investment securities portfolio, the Company monitors the valuation technique utilized by various pricing agencies to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the nine months ended September 30, 2025, there were no transfers between Levels 1, 2 or 3.The tables below includes a rollforward of the balance sheet amounts for the three and nine months ended September 30, 2025 and 2024 (including the change in fair value) for financial instruments classified by the Company within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands):

	For the Three Months Ended September 30,
	2025				2024
	Other Assets		Other Liabilities		Other Assets		Other Liabilities
Fair value, July 1	$	2,209		—	$	2,101		—
Total realized gains included in income		118		—		84		—
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30		—		—		—		—
Purchases, issuances and settlements, net		—		—		—		—
Transfers out of Level 3		—		—		—		—
Fair value, September 30	$	2,327		—	$	2,185		—
Total realized gains included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30	$	118		—	$	84		—
	For the Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---
	2025				2024
	Other Assets		Other Liabilities		Other Assets		Other Liabilities
Fair value, January 1	$	2,191		—	$	2,045		—
Total realized gains included in income		136		—		140		—
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30		—		—		—		—
Purchases, issuances and settlements, net		—		—		—		—
Transfers out of Level 3		—		—		—		—
Fair value, September 30	$	2,327		—	$	2,185		—
Total realized gains included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30	$	136		—	$	140		—

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments that are not measured at fair value. In cases where quoted market prices or observable components are not available, fair values are based on estimates using discounted cash flow models. Those models are significantly affected by the assumptions used, including the discount rates, estimates of future cash flows and borrower creditworthiness. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2025 and December 31, 2024. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein.

Cash and cash equivalents — The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1.

Loans — The fair value of our loan portfolio includes a credit risk factor in the determination of the fair value of our loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly

transaction. Our loan portfolio is initially fair valued using a segmented approach. We divide our loan portfolio into the following categories: variable rate loans, collateral dependent loans and all other loans. The results are then adjusted to account for credit risk.

For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for collateral dependent loans are estimated using discounted cash flow models or based on the fair value of the underlying collateral. For other loans, fair values are estimated using discounted cash flow models, using current market interest rates offered for loans with similar terms to borrowers of similar credit quality. The values derived from the discounted cash flow approach for each of the above portfolios are then further discounted to incorporate credit risk to determine the exit price.

Mortgage servicing rights — The fair value of servicing rights is based on the present value of estimated future cash flows of mortgages sold, stratified by rate and maturity date. Assumptions that are incorporated in the valuation of servicing rights include assumptions about prepayment speeds on mortgages and the cost to service loans.

Deposits and Federal Home Loan Bank borrowings — Fair values for deposits and Federal Home Loan Bank borrowings are estimated using discounted cash flow models, using current market interest rates offered on deposits with similar remaining maturities.

Off-Balance Sheet Instruments — The fair values of the Company’s off-balance-sheet financial instruments are based on fees charged to enter into similar agreements. However, commitments to extend credit do not represent a significant value to the Company until such commitments are funded.

The following table presents the carrying amounts, estimated fair value and placement in the fair valuation hierarchy of the Company’s financial instruments at September 30, 2025 and December 31, 2024. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.

	Carrying/ Notional		Estimated		Quoted Market Prices in an Active Market		Models with Significant Observable Market Parameters		Models with Significant Unobservable Market Parameters
(in Thousands)	Amount		Fair Value(¹)		(Level 1)		(Level 2)		(Level 3)
September 30, 2025
Financial assets:
Cash and cash equivalents	$	378,989		378,989		378,989		—		—
Loans, net		4,313,946		4,241,408		—		—		4,241,408
Mortgage servicing rights		1,332		1,639		—		1,639		—
Financial liabilities:
Deposits		5,221,262		4,655,808		—		—		4,655,808
December 31, 2024
Financial assets:
Cash and cash equivalents	$	247,589		247,589		247,589		—		—
Loans, net		4,042,392		3,986,187		—		—		3,986,187
Mortgage servicing rights		1,139		1,654		—		1,654		—
Financial liabilities:
Deposits		4,830,034		4,253,072		—		—		4,253,072

Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction.

Note 9. Income Taxes

ASC 740, Income Taxes, defines the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority. This section also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods. As of September 30, 2025, the Company had no unrecognized tax benefits related to Federal or state income tax matters and does not anticipate any material increase or decrease in unrecognized tax benefits relative to any tax positions taken prior to September 30, 2025.

The Company's effective tax rate for the three and nine months ended September 30, 2025 was 22.82% and 23.34%, respectively, compared to 22.38% and 22.41%, respectively, for the same periods in 2024. The difference between the effective tax rate and the federal and state income tax statutory rate of 26.14% at September 30, 2025 and 2024 is primarily due to investments in bank qualified municipal securities, participation in the Tennessee Community Investment Tax Credit program, and tax benefits associated with share-based compensation and bank-owned life insurance, offset in part by the limitation on deductibility of meals and entertainment expense and non-deductible executive compensation.

As of and for the nine months ended September 30, 2025, the Company has not accrued or recognized interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense.

The Company and the Bank file consolidated U.S. Federal and State of Tennessee income tax returns. The Company is currently open to audit under the statute of limitations by the State of Tennessee for the years ended December 31, 2021 through 2024 and the IRS for the years ended December 31, 2022 through 2024.

Note 10. Earnings Per Share

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period, adjusted for stock splits. The computation of diluted earnings per share for the Company begins with the basic earnings per share and includes the effect of common shares contingently issuable from stock options, RSUs and PSUs.

The following is a summary of components comprising basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in Thousands Except<br> Share and Per Share Amounts)				(Dollars in Thousands Except<br> Share and Per Share Amounts)
Basic EPS Computation:
Numerator – Earnings available to common shareholders	$	17,871	$	12,686	$	53,378	$	41,591
Denominator – Weighted average number of common<br> shares outstanding		12,098,160		11,834,944		12,019,556		11,785,618
Basic earnings per common share	$	1.48	$	1.07	$	4.44	$	3.53
Diluted EPS Computation:
Numerator – Earnings available to common shareholders	$	17,871	$	12,686	$	53,378	$	41,591
Denominator – Weighted average number of common<br> shares outstanding		12,098,160		11,834,944		12,019,556		11,785,618
Dilutive effect of stock options, RSUs and PSUs		39,553		32,637		38,319		30,801
Weighted average diluted common shares outstanding		12,137,713		11,867,581		12,057,875		11,816,419
Diluted earnings per common share	$	1.47	$	1.07	$	4.43	$	3.52

Note 11. Commitments and Contingent Liabilities

In the normal course of business, the Bank has entered into off-balance sheet financial instruments which include commitments to extend credit (i.e., including unfunded lines of credit) and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing of their cash flows. Other typical lines of credit are related to home equity loans granted to consumers. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee.

Standby letters of credit are generally issued on behalf of an applicant (the Bank's customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated sooner due to criteria specified in the standby

letter of credit. A typical arrangement involves the applicant routinely being indebted to the beneficiary for such items as inventory purchases, insurance, utilities, lease guarantees or other third party commercial transactions. The standby letter of credit would permit the beneficiary to obtain payment from the Bank under certain prescribed circumstances. Subsequently, the Bank would then seek reimbursement from the applicant pursuant to the terms of the standby letter of credit.

The Bank follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may include cash and cash equivalents, real estate and improvements, marketable securities, accounts receivable, inventory, equipment, and personal property.

The contractual amounts of these commitments are not reflected in the consolidated financial statements and would only be reflected if drawn upon. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, the Company’s maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those instruments.

A summary of the Company’s total contractual amount for all off-balance sheet commitments at September 30, 2025 is as follows:

Commitments to extend credit	$	1,211,996,000
Standby letters of credit	$	149,556,000

Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures. The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. For the period of exposure, the estimate of expected credit losses considers the amount expected to be funded over the estimated remaining life of the commitment or other off-balance-sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment.

Estimating credit losses on amounts expected to be funded uses the same ending rates as described for loans in Note 2 - Loans and Allowance for Credit Losses as if such commitments were funded.

Off-balance-sheet credit exposures are recognized on the balance sheet within accrued interest and other liabilities. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the nine months ended September 30, 2025 and 2024.

	(In Thousands)
	2025			2024
Beginning balance, January 1	$	2,555			3,147
Credit loss expense (benefit)		(243	)		(563	)
Ending balance, September 30	$	2,312			2,584

The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the three months ended September 30, 2025 and 2024.

	(In Thousands)
	2025		2024
Beginning balance, July 1	$	2,285		3,147
Credit loss expense (benefit)		27		(563	)
Ending balance, September 30	$	2,312		2,584

The Bank originates residential mortgage loans, sells them to third-party purchasers, and may or may not retain the servicing rights. These loans are originated internally and are primarily to borrowers in the Bank’s geographic market footprint. These sales are typically to investors that follow guidelines of conventional government sponsored entities ("GSE") and the Department of Housing and Urban Development/U.S. Department of Veterans Affairs ("HUD/VA"). Generally, loans held for sale are underwritten by the Bank, including HUD/VA loans. The Bank participates in a mandatory delivery program that requires the Bank to deliver a particular volume

of mortgage loans by agreed upon dates. A majority of the Bank’s secondary mortgage volume is delivered to the secondary market via mandatory delivery with the remainder done on a best efforts basis. The Bank does not realize any exposure to delivery penalties as the Bank's mortgage department only bids loans post-closing to ensure that 100% of the loans are deliverable to the investors.

Each purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require the Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that the loans sold were in breach of these representations or warranties or the loan had an early payoff or payment default, the Bank has obligations to either repurchase the loan for the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan.

To date, repurchase activity pursuant to the terms of these representations and warranties or due to early payoffs or payment defaults has been insignificant and has resulted in insignificant losses to the Bank.

Based on information currently available, management believes that the Bank does not have significant exposure to contingent losses that may arise relating to the representations and warranties that it has made in connection with its mortgage loan sales or for early payoffs or payment defaults of such mortgage loans.

On May 16, 2025 Moody's Investors Services downgraded the United States credit rating to Aa1 from Aaa primarily over concerns of the increased Federal debt, continuing deficits, the resulting increase in interest costs and the potential inability of the government to respond to future economic events.

The downgrade could potentially lead to higher interest rates which would likely impact financial market stability and volatility. Management will continue to evaluate the impact of the change in the rating and incorporate the information into its current risk management and financial analysis.

Note 12. Branch Acquisition

Effective April 25, 2025, the Bank consummated its acquisition of certain assets and assumption of certain liabilities related to a branch office of another bank in Cookeville, Tennessee. As part of the acquisition, the Bank acquired approximately $14.1 million in loans and assumed approximately $25.3 million in deposits. The credit and interest rate marks related to the loans and deposits were not significant. The Company recorded approximately $1.1 million in goodwill and $429,000 in core deposit intangibles in connection with the transaction. The core deposit intangible will be amortized over 10 years ranging from $35,000 to $49,000 per year and is included in other assets in the Company’s consolidated financial statements. At September 30, 2025, the balance of the core deposit intangible was $395,000. The acquisition did not qualify as significant under the SEC's regulations.

Note 13. Segment Information

The Bank is a full-service bank operating throughout middle Tennessee which conducts business as a single operating segment, banking. The Bank offers a wide range of banking services, including checking, savings and money market deposit accounts, certificates of deposit, loans for consumer, commercial and real estate purposes, and investment advisory services through a third-party registered broker-dealer investment adviser. Management views the product offerings as an integrated banking service which is the basis for identifying the single banking segment. Substantially all revenues are derived from the Company's geographical area identified in Note 1, Summary of Significant Accounting Policies of this Quarterly Report on Form 10-Q. The accounting policies of the banking segment are the same as those described in Note 1 of our 2024 Form 10-K.

The Company’s Chief Operating Decision-Maker ("CODM") is made up of the Chief Executive Officer, Chief Financial Officer, President, Chief Administration Officer, Chief Credit Officer, Chief Risk Officer, Chief Operating Officer, Chief Experience Officer, Chief Human Resources Officer, and Chief Information Officer. The key measure of banking segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net earnings, as reported on the Company's Consolidated Statements of Earnings. The measure of banking segment assets is reported on the Company’s Consolidated Balance Sheets as total assets.

The CODM uses consolidated net earnings to evaluate income generated from banking segment assets (return on assets) in deciding whether to reinvest profits into the operations or into other parts of the entity, such as to pay dividends.

Net income is used to monitor budgeted versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the banking segment.

All expense categories on the Consolidated Statements of Earnings are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance

Sheets with particular emphasis on the Company’s available liquidity, including its cash and due from banks, federal funds sold, and interest-bearing deposits, capital and regulatory capital requirements.

There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Earnings. The CODM manages the business using consolidated expense information, as well as regularly provided budgeted or forecasted expense information for the single operating segment.

The banking segment derives revenues from customers through fees and interest charged on lending, deposits, and investment products. The banking segment also derives revenue from various investments as permitted under sound banking practices. The majority of revenues are derived from fees and interest on loans.

Although the Company has a significant amount of long-term customers, there is no reliance or concentration related to any one customer.

There have been no significant asset investments by the banking segment outside of any items included in the consolidated financial statements.

The following tables reflects consolidated financial data of the Company’s reportable segment for the three and nine months ended September 30, 2025 and 2024:

	Banking Segment
	Dollars In Thousands
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025			2024
Interest income	$	82,980		73,814		$	240,576			207,701
Reconciliation of revenue
Other revenues		5,962		6,382			23,001			22,255
Total consolidated revenues	$	88,942		80,196		$	263,577			229,956
Less:
Interest expense		33,493		32,799			97,572			92,665
Segment net interest income and noninterest income	$	55,449		47,397		$	166,005			137,291
Less:
Provision for credit losses - loans		1,373		3,563			6,113			3,563
Provision for credit losses - off-balance sheet exposures		27		(563	)		(243	)		(563	)
Salaries and employee benefits		18,696		17,889			55,079			51,344
Data processing expense		2,953		2,432			8,398			7,154
Occupancy expenses, net		1,643		1,503			4,644			4,260
Advertising & public relations expense		1,342		872			3,242			2,453
Furniture and equipment expense		703		774			2,215			2,276
FDIC insurance		1,000		721			3,156			2,349
Other segment items (a)		4,556		3,830			13,739			10,730
Income tax expense		5,285		3,665			16,259			12,042
Segment net earnings/consolidated net earnings	$	17,871		12,711		$	53,403			41,683
Net earnings attributable to noncontrolling interest		—		(25	)		(25	)		(92	)
Net earnings attributable to Wilson Bank Holding Company	$	17,871		12,686		$	53,378			41,591

	Banking Segment
	Dollars in Thousands
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Reconciliation of net earnings
Net earnings for reportable segment	$	17,871		12,686	$	53,378		41,591
Other earnings		—		—		—		—
Net earnings attributable to Wilson Bank Holding Company	$	17,871		12,686	$	53,378		41,591
	Banking Segment
---	---	---	---	---
	Dollars in Thousands
	September 30, 2025		December 31, 2024
Reconciliation of assets
Total assets for reportable segment	$	5,836,918		5,358,659
Other assets		—		—
Total consolidated assets	$	5,836,918		5,358,659

(a) Other segment items includes equity-based compensation, accounting, legal & consulting expenses, directors' fees, fees and licenses, telephone expenses, franchise tax, and other overhead expenses.

Note 14. Subsequent Events

ASC 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. The Company evaluated all events or transactions that occurred after September 30, 2025, through the date of the issued financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The purpose of this discussion is to provide insight into the financial condition and results of operations of Wilson Bank Holding Company (the "Company", "our" or "we") and its bank subsidiary, Wilson Bank & Trust (the "Bank"). Encompass Home Lending LLC ("Encompass"), a company offering mortgage banking services, was 51% owned by the Bank. Effective June 1, 2025 the Bank sold its 51% membership interest to Encompass Home Lending Investors, LLC, the other member of Encompass. The results of Encompass through the date of sale are consolidated in the Company's financial statements included elsewhere in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with the Company's consolidated financial statements appearing elsewhere in this report. Reference should also be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025 (the "2024 Form 10-K") for a more complete discussion of factors that impact the Company's liquidity, capital and results of operations.

Forward-Looking Statements

This Form 10-Q contains certain forward-looking statements within the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") regarding, among other things, the anticipated financial and operating results of the Company. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any modifications or revisions to these forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

The Company cautions investors that future financial and operating results may differ materially from those projected in forward-looking statements made by, or on behalf of, the Company. The words “expect,” “intend,” “should,” “may,” “could,” “believe,” “suspect,” “anticipate,” “seek,” “plan,” “estimate” and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical fact may also be considered forward-looking. Such forward-looking statements involve known and unknown risks and uncertainties, including, but not limited to those described in the 2024 Form 10-K, and also include, without

limitation, (i) deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for these losses, (ii) deterioration in the real estate market conditions in the Company’s market areas including demand for residential real estate loans as a result of elevated rates on residential real estate mortgage loans, (iii) the impact of U.S. and global economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability, (iv) the impact of increased competition with other financial institutions, including pricing pressures on loans and deposits, and the resulting impact on the Company's results, including as a result of compression to net interest margin, (v) adverse conditions in local or national economies, including the economy in the Company’s market areas, including as a result of the impact of escalating geopolitical tensions, political uncertainty, inflationary pressures and the elevated rate environment, supply chain disruptions and labor shortages on our customers and on their businesses, (vi) risks associated with a prolonged shutdown of the United States federal government, including adverse effects on the national or local economies and adverse effects from a shutdown of the U.S. Small Business Administration's loan program, (vii) the sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs, (viii) fluctuations or differences in interest rates on earning assets and interest bearing liabilities from those that the Company is modeling or anticipating, including as a result of the Bank's inability to maintain deposit rates or defer increases to those rates in an elevated rate environment or lower rates in a falling rate environment, (ix) the ability to grow and retain low-cost core deposits, (x) the impact of changes in interest rates on the value of the Company's mortgage servicing rights, (xi) significant downturns in the business of one or more large customers, (xii) the inability of the Company to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels, or regulatory requests or directives, (xiii) changes in state or Federal regulations, policies, or legislation applicable to banks and other financial service providers, including regulatory or legislative developments arising out of current unsettled conditions in the economy, (xiv) changes in capital levels and loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments, (xv) an inadequate allowance for credit losses, (xvi) the effectiveness of the Company’s activities in improving, resolving or liquidating lower quality assets, (xvii) results of regulatory examinations, (xviii) the vulnerability of the Company's network and online banking portals, and the systems of parties with whom the Company contracts, to unauthorized access, computer viruses, phishing schemes, social engineering, fraud, spam attacks, ransomware attacks, human error, natural disasters, power loss, and other security breaches, (xix) the possibility of additional increases to compliance costs or other operational expenses as a result of increased regulatory oversight, (xx) loss of key personnel, (xxi) adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, examinations or other legal and/or regulatory actions, and (xxii) the impact of changes in corporate tax rates. These risks and uncertainties may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. The Company’s future operating results depend on a number of factors which were derived utilizing numerous assumptions that could cause actual results to differ materially from those projected in forward-looking statements.

Application of Critical Accounting Policies and Accounting Estimates

We follow accounting and reporting policies that conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we base estimates on historical experience, current information, forecasted economic conditions, and other factors deemed to be relevant, actual results could differ from those estimates.

We consider accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial statements.

Accounting policies related to the allowance for credit losses on financial instruments including loans and off-balance-sheet credit exposures are considered to be critical as these policies involve considerable subjective judgment and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. In the case of off-balance-sheet credit exposures, the allowance for credit losses is a liability account, calculated in accordance with ASC 326, reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. The amount of each allowance account represents management's best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. While management utilizes its best judgment and information available, the ultimate adequacy of our allowance accounts is dependent upon a variety of factors beyond our control, including the performance of our portfolios, the economy, changes in interest rates and the view

of the regulatory authorities toward classification of assets. The ACL process is continually reviewed and updated as needed based on quarterly reviews, new data, and/or calculation improvements with material impacts disclosed as appropriate. For additional information regarding critical accounting policies, refer to Note 1 - Summary of Significant Accounting Policies and Note 2 - Loans and Allowance for Credit Losses in the notes to consolidated financial statements contained elsewhere in this Quarterly Report.

Selected Financial Information

The executive management and Board of Directors of the Company evaluate key performance indicators ("KPIs") on a continuing basis. These KPIs serve as benchmarks of Company performance and are used in making strategic decisions and, in some cases, are utilized for purposes of setting performance targets for our executive officers' incentive-based cash compensation. The following table represents KPIs that management has determined to be important in making decisions for the Bank:

	As of or For the Three Months Ended September 30,									As of or For the Nine Months Ended September 30,
	2025			2024			2025 - 2024 Percent Increase (Decrease)			2025			2024			2025 - 2024 Percent Increase (Decrease)
PER SHARE DATA:
Basic earnings per common share	$	1.48		$	1.07			38.32	%	$	4.44		$	3.53			25.78	%
Diluted earnings per common share	$	1.47		$	1.07			37.38	%	$	4.43		$	3.52			25.85	%
Cash dividends per common share	$	1.25		$	1.00			25.00	%	$	2.25		$	1.75			28.57	%
Dividends declared per common share as a percentage of basic<br> earnings per common share		84.46	%		93.46	%		(9.63	)%		50.68	%		49.58	%		2.22	%
	As of or For the Three Months Ended September 30,			As of or For the Nine Months Ended September 30,
---	---	---	---	---	---	---
	2025	2024	2025 - 2024 Percent Increase (Decrease)	2025	2024	2025 - 2024 Percent Increase (Decrease)
PERFORMANCE RATIOS:
Annualized return on average shareholders' equity (1)	13.06%	10.66%	22.51%	13.70%	12.42%	10.31%
Annualized return on average assets (2)	1.23%	0.99%	24.24%	1.28%	1.12%	14.29%
Efficiency ratio (3)	55.71%	59.12%	(5.77)%	54.50%	58.68%	(7.12)%

Annualized return on average shareholders' equity is the result of net income for the reported period on an annualized basis, divided by average shareholders' equity for the period.
Annualized return on average assets is the result of net income for the reported period on an annualized basis, divided by average assets for the period.
Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and non-interest income.

	September 30, 2025			December 31, 2024
CONSOLIDATED BALANCE SHEET RATIOS:
Total capital to assets ratio		9.49	%		8.95	%	6.03	%
Equity to assets ratio (Average equity divided by average total assets)		9.35	%		9.00	%	3.89	%
Tier 1 capital to average assets		10.41	%		10.38	%	0.29	%
Non-performing asset ratio		0.67	%		0.10	%	570.00	%
Book value per common share	$	45.64		$	40.39		13.00	%

Results of Operations

Net earnings of the Company for the three months ended September 30, 2025 were $17,871,000 an increase of $5,185,000, or 40.87%, from net earnings of $12,686,000 for the three months ended September 30, 2024. Net earnings of the Company increased $11,787,000, or 28.34%, to $53,378,000 for the nine months ended September 30, 2025, from $41,591,000 in the first nine months of 2024. The increase in net earnings for the three months ended September 30, 2025 was primarily due to an increase in net interest income and a decrease in provision for credit losses, partially offset by a decrease in non-interest income and an increase in non-interest expense. The increase in net earnings for the nine months ended September 30, 2025 was primarily due to increases in net interest income and non-interest income, partially offset by increases in provision for credit losses and non-interest expense.

The increase in net interest income for the three months ended September 30, 2025 when compared to the comparable period in 2024 was primarily due to an increase in average interest earning asset balances, and a decrease in the cost of funds, partially offset by an increase in average interest bearing deposit balances and a decrease in the average yield earned on earning assets.

The increase in net interest income for the nine months ended September 30, 2025 when compared to the comparable period in 2024 was primarily due to an increase in average interest earning asset balances, an increase in the average yield earned on earning assets, and a decrease in the cost of funds, partially offset by an increase in average interest bearing deposit balances.

The changes in non-interest income and non-interest expenses are discussed in more detail below in the sections of this report titled, "Non-Interest Income" and "Non-Interest Expense". The changes in provision for credit losses are discussed in more detail below in the section of this report titled "Provision For Credit Losses".

Return on average assets ("ROA") and return on average shareholders' equity ("ROE") are common benchmarks for bank profitability and in the case of the Company are calculated by taking our annualized net earnings for the relevant period and dividing that amount by our average assets and average equity for the relevant periods, respectively. ROA and ROE measure a company’s return on investment in a format that is easily comparable to other financial institutions. ROA is particularly important to the Company as it serves as the basis for certain employee bonuses. The ROA for the three and nine months ended September 30, 2025 was 1.23% and 1.28%, respectively, while the ROA for the three and nine months ended September 30, 2024 was 0.99% and 1.12%, respectively. The ROE for the three and nine months ended September 30, 2025 was 13.06% and 13.70%, respectively, while the ROE for the three and nine months ended September 30, 2024 was 10.66% and 12.42%, respectively. The increases in ROA and ROE for the three and nine month periods ended September 30, 2025, were primarily driven by higher net interest income due to growth in earning assets, partially offset by higher non-interest expenses. For the three month period ended September 30, 2025, further contributing to the improvement when compared to the comparable 2024 period was a lower provision for credit losses, while for the nine month period ended September 30, 2025, there was an increase in provision for credit losses.

In July 2025, the Bank opened a loan production office in Nolensville, Tennessee in a leased location. The costs associated with this expansion, including lease expenses, are not expected to be significant.

Net Interest Income

The average balances, interest, and average rates of our assets and liabilities for the three and nine months ended September 30, 2025 and 2024 are presented in the following table (dollars in thousands):

	Three Months Ended								Three Months Ended								Net Change Three Months Ended
	September 30, 2025								September 30, 2024								September 30, 2025 versus September 30, 2024
	Average Balance			Interest Rate			Income/ Expense		Average Balance			Interest Rate			Income/<br>Expense		Due to Volume			Due to Rate			Net Change			Percent Change
Loans, net of unearned interest (1)	$	4,325,445			6.71	%	$	73,141	$	3,862,396			6.74	%	$	65,400	$	9,543		$	(1,802	)	$	7,741
State income tax credits (2)		—			0.08			865		—			0.07			679		(419	)		605			186
Total loans, net of unearned interest		4,325,445			6.79			74,006		3,862,396			6.81			66,079		9,124			(1,197	)		7,927
Investment securities—taxable		840,491			3.00			6,362		783,321			2.79			5,493		424			445			869
Investment securities—tax exempt		38,560			2.78			270		53,536			2.62			352		(210	)		128			(82	)
Taxable equivalent adjustment (3)		—			0.74			72		—			0.69			94		(55	)		33			(22	)
Total tax-exempt investment securities		38,560			3.52			342		53,536			3.31			446		(265	)		161			(104	)
Total investment securities		879,051			3.03			6,704		836,857			2.82			5,939		159			606			765
Loans held for sale		4,630			3.68			43		2,307			8.45			49		137			(143	)		(6	)
Federal funds sold		9,821			4.32			107		9,471			5.33			127		28			(48	)		(20	)
Accounts with depository institutions		303,612			3.87			2,964		188,638			4.81			2,281		3,197			(2,514	)		683
Restricted equity securities		4,285			8.61			93		3,876			11.50			112		61			(80	)		(19	)
Total earning assets		5,526,844			6.02			83,917		4,903,545			6.05			74,587		12,706			(3,376	)		9,330			12.51	%
Cash and due from banks		30,390								26,701
Allowance for credit losses		(53,736	)							(44,609	)
Bank premises and equipment		62,831								62,088
Other assets		179,350								162,647
Total assets	$	5,745,679							$	5,110,372
	Three Months Ended							Three Months Ended							Net Change Three Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025							September 30, 2024							September 30, 2025 versus September 30, 2024
	Average Balance		Interest Rate			Income/ Expense		Average Balance		Interest Rate			Income/ Expense		Due to Volume			Due to Rate			Net Change			Percent Change
Deposits:
Negotiable order of withdrawal accounts	$	939,060		0.77	%	$	1,824	$	922,162		0.91	%	$	2,100	$	242		$	(518	)	$	(276	)
Money market demand accounts		1,502,650		2.66			10,069		1,245,965		2.87			8,985		4,665			(3,581	)		1,084
Time deposits		1,854,022		4.08			19,074		1,694,899		4.76			20,277		8,650			(9,853	)		(1,203	)
Other savings		448,865		2.20			2,486		327,020		1.73			1,420		616			450			1,066
Total interest-bearing deposits		4,744,597		2.80			33,453		4,190,046		3.11			32,782		14,173			(13,502	)		671
Finance leases		4,196		3.78			40		2,229		3.03			17		18			5			23
Total interest-bearing liabilities		4,748,793		2.80			33,493		4,192,275		3.11			32,799		14,191			(13,497	)		694			2.12	%
Non-interest bearing deposits		404,612							404,299
Other liabilities		49,516							40,307
Shareholders’ equity		542,758							473,491
Total liabilities and shareholders’<br> equity	$	5,745,679						$	5,110,372
Net interest income, on a tax equivalent basis						$	50,424						$	41,788	$	(1,485	)	$	10,121		$	8,636			20.67	%
Net interest margin (4)				3.62	%						3.39	%
Net interest spread (5)				3.22	%						2.94	%

Notes:

Loan fees of $4,512,000 are included in interest income for the period ended September 30, 2025. Loan fees of $4,444,000 are included in interest income for the period ended September 30, 2024.
State income tax credits related to incentive loans at below market rates and tax exempt loans to municipalities.
The tax equivalent adjustment has been computed using a 21% Federal tax rate.
Annualized net interest income on a tax equivalent basis divided by average interest-earning assets.
Average interest rate on interest-earning assets less average interest rate on interest-bearing liabilities.

	Nine Months Ended								Nine Months Ended								Net Change Nine Months Ended
	September 30, 2025								September 30, 2024								September 30, 2025 versus September 30, 2024
	Average Balance			Interest Rate			Income/<br>Expense		Average Balance			Interest Rate			Income/<br>Expense		Due to Volume			Due to Rate			Net Change			Percent Change
Loans, net of unearned interest (1)	$	4,230,264			6.74	%	$	213,117	$	3,709,596			6.56	%	$	182,079	$	25,977		$	5,061		$	31,038
State income tax credits (2)		—			0.07			2,264		—			0.07			2,037		279			(52	)		227
Total loans, net of unearned interest		4,230,264			6.81			215,381		3,709,596			6.63			184,116		26,256			5,009			31,265
Investment securities—taxable		814,755			2.95			18,001		778,701			2.78			16,215		764			1,022			1,786
Investment securities—tax exempt		39,507			2.80			826		61,339			2.62			1,202		(499	)		123			(376	)
Taxable equivalent adjustment (3)		—			0.74			220		—			0.69			320		(133	)		33			(100	)
Total tax-exempt investment securities		39,507			3.54			1,046		61,339			3.31			1,522		(632	)		156			(476	)
Total investment securities		854,262			2.98			19,047		840,040			2.82			17,737		132			1,178			1,310
Loans held for sale		4,051			4.09			124		2,840			6.82			145		69			(90	)		(21	)
Federal funds sold		9,831			4.30			316		9,687			5.50			399		10			(93	)		(83	)
Accounts with depository institutions		258,996			4.09			7,928		198,464			4.97			7,390		2,553			(2,015	)		538
Restricted equity securities		4,133			8.54			264		3,693			9.80			271		42			(49	)		(7	)
Total earning assets		5,361,537			6.06			243,060		4,764,320			5.89			210,058		29,062			3,940			33,002			15.71	%
Cash and due from banks		27,393								25,827
Allowance for credit losses		(51,575	)							(44,695	)
Bank premises and equipment		62,142								62,183
Other assets		174,332								164,697
Total assets	$	5,573,829							$	4,972,332
	Nine Months Ended							Nine Months Ended							Net Change Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025							September 30, 2024							September 30, 2025 versus September 30, 2024
	Average Balance		Interest Rate			Income/ Expense		Average Balance		Interest Rate			Income/<br>Expense		Due to Volume		Due to Rate			Net Change			Percent Change
Deposits:
Negotiable order of withdrawal accounts	$	946,862		0.82	%	$	5,783	$	920,232		0.84	%	$	5,807	$	221	$	(245	)	$	(24	)
Money market demand accounts		1,425,519		2.59			27,565		1,213,098		2.76			25,091		4,960		(2,486	)		2,474
Time deposits		1,837,039		4.24			58,245		1,629,581		4.72			57,526		9,057		(8,338	)		719
Other savings		398,910		1.97			5,864		327,471		1.71			4,191		993		680			1,673
Total interest-bearing deposits		4,608,330		2.83			97,457		4,090,382		3.02			92,615		15,231		(10,389	)		4,842
Federal Home Loan Bank advances		4		—			—		—		—			—		—		—			—
Finance leases		3,980		3.83			114		2,238		2.92			49		47		18			65
Fed funds purchased		14		8.81			1		18		6.29			1		—		—			—
Total interest-bearing liabilities		4,612,328		2.83			97,572		4,092,638		3.02			92,665		15,278		(10,371	)		4,907			5.30	%
Non-interest bearing deposits		395,036							390,054
Other liabilities		45,571							42,392
Shareholders’ equity		520,894							447,248
Total liabilities and shareholders’<br> equity	$	5,573,829						$	4,972,332
Net interest income, on a tax equivalent basis						$	145,488						$	117,393	$	13,784	$	14,311		$	28,095			23.93	%
Net interest margin (4)				3.63	%						3.29	%
Net interest spread (5)				3.23	%						2.87	%

Notes:

Loan fees of $12,249,000 are included in interest income for the period ended September 30, 2025. Loan fees of $11,345,000 are included in interest income for the period ended September 30, 2024.
State income tax credits related to incentive loans at below market rates and tax exempt loans to municipalities.
The tax equivalent adjustment has been computed using a 21% Federal tax rate.
Annualized net interest income on a tax equivalent basis divided by average interest-earning assets.
Average interest rate on interest-earning assets less average interest rate on interest-bearing liabilities.

The components of our loan yield, a key driver to our net interest margin for the three and nine months ended September 30, 2025 and 2024, were as follows:

	Three Months Ended September 30,
	2025					2024
	Interest Income		Average Yield			Interest Income		Average Yield
Loan yield components:
Contractual interest rates		68,629		6.30	%		60,956		6.28	%
Origination and other fee income		4,512		0.41	%		4,444		0.46	%
Loan state income tax credits		865		0.08	%		679		0.07	%
Total	$	74,006		6.79	%	$	66,079		6.81	%
	Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---
	2025					2024
	Interest Income		Average Yield			Interest Income		Average Yield
Loan yield components:
Contractual interest rates		200,868		6.35	%		170,734		6.15	%
Origination and other fee income		12,249		0.39	%		11,345		0.41	%
Loan state income tax credits		2,264		0.07	%		2,037		0.07	%
Total	$	215,381		6.81	%	$	184,116		6.63	%

Net interest margin for the three months ended September 30, 2025 and 2024 was 3.62% and 3.39%, respectively. Net interest margin for the nine months ended September 30, 2025 and 2024 was 3.63% and 3.29%, respectively. The increase in net interest margin for the three months ended September 30, 2025 was primarily due to the increase in average interest earning asset balances, an increase in the yield earned on securities, and a decrease in the cost of funds, partially offset by a decrease in the yield earned on loans and accounts with depository institutions and increased deposit balances. The increase in net interest margin for the first nine months of 2025 was primarily due to the increase in average interest earning asset balances, an increase in the yield earned on loans and securities, and a decrease in cost of funds, partially offset by increased deposit balances and a decrease in the yield earned on accounts with depository institutions. The yield earned on loans increased during the nine months ended September 30, 2025 when compared to the comparable period in 2024 due to the origination of loans at a higher rate than the previous portfolio rate; however, the yield earned on loans decreased slightly for the three months ended September 30, 2025 compared to the same period in the prior year due to a lower yield earned on origination and other fees. The net interest spread was 3.22% and 2.94% for the three months ended September 30, 2025 and 2024. The net interest spread was 3.23% and 2.87% for the nine months ended September 30, 2025 and 2024, respectively.

Net interest income represents the amount by which interest earned on various earning assets exceeds interest paid on deposits and other interest-bearing liabilities and is the most significant component of the Company’s earnings. Net interest income, excluding tax equivalent adjustments relating to tax exempt securities and loans, for the three and nine months ended September 30, 2025 totaled $49,487,000 and $143,004,000, respectively. Net interest income, excluding tax equivalent adjustments relating to tax exempt securities and loans, for the three and nine months ended September 30, 2024 totaled $41,015,000 and $115,036,000, respectively.

The increase in net interest income for the three months ended September 30, 2025 compared to the comparable period in 2024 was primarily due to an increase in the volume of average interest-earning assets, an increase in the yield earned on securities, and higher account balances with depository institutions, partially offset by an increase in interest expense resulting from an increase in the volume of average interest-bearing deposits. The increase in net interest income for the nine months ended September 30, 2025 compared to the first nine months of 2024 was primarily due to an increase in the volume of average interest-earning assets, increases in the yield earned on loans and securities, and a decrease in our cost of funds, partially offset by an increase in interest expense resulting from an increase in the volume of average interest-bearing deposits.

The ratio of average interest-earning assets to total average assets for the three and nine months ended September 30, 2025 was 96.2%, compared to 96.0% and 95.8% for the three and nine months ended September 30, 2024, respectively.

Interest expense increased in the three and nine months ended September 30, 2025 when compared to the comparable periods in 2024 due to an increase in the volume of average interest-bearing deposits offset in part by a reduction in the average interest rate we are paying on most of our deposit accounts. We have generally been able to lower the rates we pay on deposits as the Federal Reserve has lowered short-term interest rates; however, if competitive pressures increase, if the Federal Reserve does not cut the federal funds

rate any further or loan growth outpaces deposit growth, we may have to once again raise the rates we pay on deposits which would negatively impact our net interest margin. During the three and nine month periods ended September 30, 2025, we have offered promotions on certain of our savings products to incentivize increases in those balances. Even if rates remain at current levels or the Federal Reserve continues to cut rates, we expect interest expense to continue to increase due to an increase in overall deposit balances.

The direction and speed with which short-term interest rates move has an impact on our net interest income. The Federal Reserve influences the general market rates of interest, including the deposit and loan rates offered by many financial institutions. Our loan portfolio is significantly affected by changes in the prime interest rate. The prime interest rate decreased by 150 basis points between September 18, 2024 and October 30, 2025, as the Federal Reserve cut the target rate for the federal funds rate by 150 basis points during that time, including one 25 basis point cut on September 18, 2025 and one 25 basis point cut on October 30, 2025. The Company believes that short-term interest rates could decrease further into 2026, as there is a possibility that the Federal Reserve makes an additional cut to the federal funds rate in December 2025. In such a rate environment, expansion of the Company's net interest margin will be dependent upon, in part, whether the Company can lower deposit rates quicker than the rates it earns on loans and other interest-earning assets reprice. However, if short-term interest rates decline further the Company's net interest margin and earnings could be negatively impacted if the yields on loans and other interest-earning assets decrease faster than the Company is able to lower deposit rates, including as a result of loan growth outpacing our ability to add lower cost core deposits or competitive pressures in our markets limiting our ability to reduce the rates we pay on deposits, particularly given that our loan portfolio primarily consists of variable rate loans.

Provision for Credit Losses

The provision for credit losses represents a charge to earnings necessary to establish an allowance for credit losses that, in management's evaluation is adequate to provide coverage for all expected credit losses. The determination of the amount of the allowance for credit losses ("ACL") is complex and involves a high degree of judgment and subjectivity. Refer to Note 1, "Summary of Significant Accounting Policies" in the notes to our consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for a detailed discussion regarding ACL methodology.

The provision for credit losses-loans of $1,373,000 for the three months ended September 30, 2025 was primarily driven by credit deterioration, the national and local economic outlook, and loan growth. There was a provision of $3,563,000 for the three months ended September 30, 2024 primarily due to loan growth and a single commercial real estate credit deterioration.

The provision for credit losses-loans of $6,113,000 for the nine months ended September 30, 2025 was primarily driven by loan growth, credit deterioration, and worsening national and local economic outlook. There was a provision of $3,563,000 for the nine months ended September 30, 2024 primarily due to increases in loan balances and a single commercial real estate credit deterioration.

Loan growth was lower for the nine months ended September 30, 2025 compared to the same period for 2024. Loan growth for the nine months ended September 30, 2025 was $277,069,000, while loan growth for the nine months ended September 30, 2024 was $393,851,000.

There was a provision for credit losses-off balance sheet exposures of $27,000 for the three months ended September 30, 2025 related to increased loan commitments. A net benefit to the provision for credit losses-off balance sheet exposures of $243,000 for the nine months ended September 30, 2025, was primarily due to an updated expected line utilization and an increase in our unconditionally cancellable commitments. There was a benefit of $563,000 for the credit losses-off balance sheet exposures for the three and nine months ended September 30, 2024.

The following detail provides a breakdown of the provision for credit loss-loans expense and net (charge-offs) recoveries as of and for the nine months ended September 30, 2025 and 2024:

	In Thousands, Except Percentages
	Provision for Credit Loss - Loans Expense (Benefit)			Net (Charge-Offs) Recoveries			Average Loans		Ratio of Net (Charge-offs) Recoveries to Average Loans
September 30, 2025
Residential 1-4 family real estate	$	4,687		$	26		$	1,191,850		—	%
Commercial and multi-family real estate		(2,918	)		—			1,615,380		—
Construction, land development and farmland		2,044			17			923,468		—
Commercial, industrial and agricultural		1,744			(139	)		146,153		(0.10	)
1-4 family equity lines of credit		(351	)		—			243,051		—
Consumer and other		907			(502	)		110,362		(0.45	)
Total	$	6,113		$	(598	)	$	4,230,264		(0.01	)%
September 30, 2024
Residential 1-4 family real estate	$	423		$	34			999,971		—	%
Commercial and multi-family real estate		1,860			—			1,366,067		—
Construction, land development and farmland		788			17			899,767		—
Commercial, industrial and agricultural		19			(10	)		127,249		(0.01	)
1-4 family equity lines of credit		63			—			211,427		—
Consumer and other		410			(410	)		105,115		(0.39	)
Total	$	3,563		$	(369	)	$	3,709,596		(0.01	)%

The provision for credit losses-loans charged to operating expense requires us to estimate all expected credit losses over the remaining life of our loan portfolio. Factors which, in management’s judgment, deserve current recognition in estimating expected credit losses include growth and composition of the loan portfolio, review of specific problem loans, the relationship of the allowance for credit losses to outstanding loans, adverse situations and/or current economic conditions that may affect our borrowers' ability to repay and the estimated value of any underlying collateral.

There was no provision for credit losses on available-for-sale securities for the three and nine months ended September 30, 2025 and 2024, respectively.

Non-Interest Income

Our non-interest income is composed of several components, some of which vary significantly between quarterly and annual periods. The following is a summary of our non-interest income for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,											Nine Months Ended September 30,
	2025			2024			Increase (Decrease)		% Increase (Decrease)			2025			2024			Increase (Decrease)		% Increase (Decrease)
Service charges on deposit accounts	$	2,296		$	2,116					8.51	%	$	6,549		$	6,102					7.33	%
Brokerage income		2,570			2,107					21.97			7,438			6,425					15.77
Debit and credit card interchange income, net		1,933			2,014			)		(4.02	)		6,291			6,622			)		(5.00	)
Other fees and commissions		429			386					11.14			1,225			1,170					4.70
Income on BOLI and annuity contracts		595			466					27.68			1,792			1,483					20.84
Gain on sale of loans		371			637			)		(41.76	)		1,933			2,262			)		(14.54	)
Mortgage servicing income (loss)		233			(2	)			N/M				227			1				N/M
Loss on sale of fixed assets		(57	)		(11	)		)		(418.18	)		(69	)		(214	)				67.76
Loss on sale of securities, net		(2,526	)		(1,414	)		)		(78.64	)		(2,515	)		(1,732	)		)		(45.21	)
Loss on sale of other assets		—			(1	)				100.00			(2	)		(4	)				50.00
Loss on sale of investment in joint venture		—			—					—			(4	)		—			)		(100.00	)
Other income		118			84					40.48			136			140			)		(2.86	)
Total non-interest income	$	5,962		$	6,382			)		(6.58	%)	$	23,001		$	22,255					3.35	%

All values are in US Dollars.

The decrease in non-interest income for the three months ended September 30, 2025 when compared to the comparable period in 2024 is primarily attributable to an increase in loss on sale of securities, a decrease in the gain on sale of loans, and a decrease in debit and credit card interchange income, partially offset by an increase in brokerage income and an increase service charges on deposit accounts. The increase in non-interest income for the nine months ended September 30, 2025 when compared to the comparable period in 2024 is primarily attributable to increases in brokerage income, service charges on deposit accounts, and income on BOLI and annuity contracts, partially offset by decreases in debit and credit card interchange income, gain on sale of loans, and an increase in the loss on sale of securities.

The increase in brokerage income for the three and nine months ended September 30, 2025 was primarily due to multiple client acquisitions and estate planning cases resulting in an increase of overall production and market share, the successful addition of new advisor relationships, and the positive performance of financial markets in a variety of diversified areas.

The increase in service charges on deposit accounts for the three and nine months ended September 30, 2025 was primarily due to increases in insufficient funds charges and treasury service charges.

The increase in income on BOLI and annuity contracts for the nine months ended September 30, 2025 was primarily due to the purchase of additional policies in 2025.

The decrease in gain on sale of loans for the three and nine months ended September 30, 2025 was primarily driven by the Company’s decision to retain servicing rights on certain loans sold in 2025. In contrast, servicing rights were not retained on loans sold in the first nine months of 2024. Also contributing to the decrease in the third quarter of 2025 compared to the third quarter of 2024 was the declining mortgage rate environment experienced in the third quarter of 2024 which positively impacted the fair value of our interest rate lock commitments.

The increase in the loss on sale of securities for the three and nine months ended September 30, 2025 was primarily due to management's decision to restructure the securities portfolio in the third quarter of 2025, including the sale of approximately $58 million of available for sale securities which was reinvested into higher yielding securities. This restructuring resulted in a net loss of approximately $2.5 million. The Company also restructured the securities portfolio in the third quarter of 2024, which resulted in a net loss of approximately $1.4 million.

The decrease in net debit and credit card interchange income for the three and nine months ended September 30, 2025 was primarily due to an increase in the pricing structure from our core processor.

Non-Interest Expense

Non-interest expense consists primarily of employee costs, occupancy expenses, furniture and equipment expenses, advertising and public relations expenses, data processing expenses, director’s fees, audit, legal and consulting fees, FDIC insurance and other operating expenses. The following is a summary of our non-interest expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,									Nine Months Ended September 30,
	2025		2024		Increase (Decrease)		% Increase (Decrease)			2025		2024		Increase (Decrease)		% Increase (Decrease)
Salaries and employee benefits	$	18,696	$	17,889				4.51	%	$	55,079	$	51,344				7.27	%
Occupancy expenses, net		1,643		1,503				9.31			4,644		4,260				9.01
Advertising & public relations expense		1,342		872				53.90			3,242		2,453				32.16
Furniture and equipment expense		703		774		)		(9.17	)		2,215		2,276		)		(2.68	)
Data processing expense		2,953		2,432				21.42			8,398		7,154				17.39
Directors’ fees		185		183				1.09			524		548		)		(4.38	)
FDIC insurance		1,000		721				38.70			3,156		2,349				34.36
Audit, legal & consulting expenses		401		438		)		(8.45	)		1,875		1,143				64.04
Other operating expenses		3,970		3,209				23.71			11,340		9,039				25.46
Total non-interest expense	$	30,893	$	28,021				10.25	%	$	90,473	$	80,566				12.30	%

All values are in US Dollars.

The increase in non-interest expense for the three and nine months ended September 30, 2025 when compared to the comparable periods in 2024 is primarily attributable to increases in salaries and employee benefits, other operating expenses, data processing expense, FDIC insurance, and advertising and public relations expense.

The increase in salaries and benefits for the three and nine months ended September 30, 2025 was primarily driven by several factors tied to the Company’s continued operational expansion, including an increase in the number of employees necessary to support higher business volumes and strategic initiatives reflecting the Company's operational growth. Also contributing to the increase was higher incentive compensation expenses and a higher accrual for annual bonuses based on performance metrics and projected year-end payouts.

The increase in other operating expenses in the three and nine months ended September 30, 2025 was primarily due to an increase in credit card expense, an increase in expenses related to employee recruitment, a telecom conversion, expenses related to the Cookeville branch acquisition, and an increase in expenses related to employee education.

The increase in data processing expense in the three and nine months ended September 30, 2025 was primarily due to implementation of additional information security solutions, replacement of technology equipment, and an increase in the overall number of customers. The Company anticipates that data processing expenses will continue to increase as the Company's operations grow, the demand for digital products and services from customers increases, and the cyber threat environment grows.

The increase in FDIC insurance in the three and nine months ended September 30, 2025 was primarily due to the bank's growth throughout 2024 and 2025.

The increase in advertising and public relations expense in the three and nine months ended September 30, 2025 was primarily driven by continued efforts to support the opening of new branches in the second half of 2024 and the first nine months of 2025. Additional expenses during the period were incurred for branding initiatives and talent acquisition campaigns aimed at staffing the new locations and enhancing visibility in their respective markets.

The efficiency ratio is a common and comparable KPI used in the banking industry. The Company uses this metric to monitor how effective management is at using our internal resources. It is calculated by dividing our non-interest expense by our net interest income plus non-interest income. The efficiency ratio for the nine months ended September 30, 2025 and 2024 was 54.50% and 58.68%, respectively. The efficiency ratio for the three months ended September 30, 2025 and 2024 was 55.71% and 59.12%, respectively. The improvement in the efficiency ratio for the three and nine months ended September 30, 2025 compared to the comparable periods in 2024 was primarily due to the increase in net interest income outpacing the increase in non-interest expense.

Income Taxes

The Company's income tax expense for the three months ended September 2025 was $5,285,000, an increase of $1,620,000 from $3,665,000 for the three months ended September 2024. The Company’s income tax expense was $16,259,000 for the nine months

ended September 30, 2025, an increase of $4,217,000 from $12,042,000 for the comparable period in 2024. The percentage of income tax expense to net income before taxes was 22.82% and 22.38% for the three months ended September 30, 2025 and 2024, respectively. The percentage of income tax expense to net income before taxes was 23.34% and 22.41% for the nine months ended September 30, 2025 and 2024, respectively. Our effective tax rate represents our blended federal and state rate of 26.14% affected by the impact of anticipated favorable permanent differences between our book and taxable income such as share-based compensation, bank-owned life insurance, income earned on tax-exempt securities and loans, and certain federal and state tax credits, offset in part by the limitation on deductibility of meals and entertainment expense and non-deductible executive compensation.

Financial Condition

Balance Sheet Summary

The Company’s total assets increased $478,259,000, or 8.92%, to $5,836,918,000 at September 30, 2025 from $5,358,659,000 at December 31, 2024. Loans, net of allowance for credit losses, totaled $4,313,946,000 at September 30, 2025, a 6.72% increase compared to $4,042,392,000 at December 31, 2024. In 2025, management is targeting owner-occupied commercial real estate, residential real estate lending and consumer lending as areas of focus. Total liabilities increased by 8.29% to $5,283,192,000 at September 30, 2025 compared to $4,878,956,000 at December 31, 2024.

Loans

The following details the loans of the Company at September 30, 2025 and December 31, 2024:

	September 30, 2025					December 31, 2024
	Balance		% of Portfolio			Balance		% of Portfolio			Balance Increase (Decrease)		Balance % Increase (Decrease)
Residential 1-4 family real estate	$	1,257,363		28.7	%	$	1,133,966		27.6	%				10.88	%
Commercial and multi-family real estate		1,696,762		38.7			1,544,340		37.7					9.87
Construction, land development and farmland		911,655		20.8			941,193		22.9			)		(3.14	)
Commercial, industrial and agricultural		148,622		3.4			144,619		3.5					2.77
1-4 family equity lines of credit		252,417		5.8			235,240		5.7					7.30
Consumer and other		115,195		2.6			106,235		2.6					8.43
Total loans before net deferred loan fees	$	4,382,014		100.0	%	$	4,105,593		100.0	%				6.73	%

All values are in US Dollars.

Overall, the Bank's loan demand and related new loan production remained steady throughout the Bank's markets in the first nine months of 2025, yielding a year-to-date total loan growth net of deferred loan fees of 6.77%. Total loan growth net of deferred loan fees for the first nine months of 2025 was $277,069,000. Contributing to the Company's loan growth in the first nine months of 2025 were the continued population growth and corporate relocations in the Bank's primary market areas and increased marketing efforts. The increase in residential 1-4 family real estate loans is attributable to the Bank successfully growing its residential portfolio through enhanced marketing efforts in the Bank's market areas, and the increase the Company is seeing in the investor sector of 1-4 family. The increase in commercial and multi-family real estate and 1-4 family equity lines of credit is primarily attributable to continued economic growth and expansion in the Bank's primary market areas. The Company anticipates that loan growth will be steady into 2026.

Because construction loans remain a meaningful portion of our portfolio, the Bank has implemented an additional layer of monitoring as it seeks to avoid advancing funds that exceed the present value of the collateral securing the loan. The responsibility for monitoring percentage of completion and distribution of funds tied to these completion percentages is now monitored and administered by a Credit Administration Department independent of the lending function. The Bank continues to seek to diversify its real estate portfolio as it seeks to lessen concentrations in any one type of loan.

Allowance for Credit Losses

The current expected credit losses (CECL) methodology requires us to estimate all expected credit losses over the remaining life of our loan portfolio when calculating our allowance for credit losses for loans. The provision for credit losses for loans represents a charge to earnings necessary to establish an allowance for credit losses that, in management’s evaluation, is adequate to provide coverage for all expected credit losses on loans.

The allowance for credit losses for loans represents the portion of the loan's amortized cost basis that we do not expect to collect due to credit losses over the loan's life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions considering macroeconomic forecasts. Loan losses are charged against the allowance when we believe the un-collectability of a loan balance is reasonably assured. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses for loans is based on the loan's amortized cost basis, excluding accrued interest receivables, as we promptly charge off accrued interest receivable determined to be uncollectible. We determine the appropriateness of the allowance through quarterly discounted cash flow modeling of the loan portfolio which considers lending-related commitments and other relevant factors, including

macroeconomic forecasts and historical loss rates. In future quarters, we may update information and forecasts that may cause significant changes in the estimate in those future quarters.

Our allowance for credit losses for loans at September 30, 2025 reflects an amount deemed appropriate to adequately cover all expected future losses as of the date the allowance is determined based on our allowance for credit losses for loans assessment methodology. The allowance for credit losses for loans (net of charge-offs and recoveries) increased to $55,012,000 at September 30, 2025 from $49,497,000 at December 31, 2024, primarily due to a worsening economic outlook, slight credit deterioration, and loan growth. The allowance for credit losses for loans was 1.26% of total loans outstanding at September 30, 2025 compared to 1.21% at December 31, 2024. The internally classified loans as a percentage of the allowance for credit losses for loans were 127.1% and 97.0% respectively, at September 30, 2025 and December 31, 2024. The increase was primarily a result of deteriorating credits in the residential 1-4 family real estate and commercial real estate segments.

The following schedule provides an allocation of the allowance for credit losses for loans by portfolio segment for the Company as of September 30, 2025 and December 31, 2024:

	In Thousands, Except Percentages
	Amount of Allowance Allocated		Percent of Loans in Each Category to Total Loans			Total Loans			Ratio of Allowance Allocated to Loans in Each Category
September 30, 2025
Residential 1-4 family real estate	$	14,421		28.7	%	$	1,257,363			1.15	%
Commercial and multi-family real estate		17,285		38.7			1,696,762			1.02
Construction, land development and farmland		16,724		20.8			911,655			1.83
Commercial, industrial and agricultural		3,307		3.4			148,622			2.23
1-4 family equity lines of credit		1,539		5.8			252,417			0.61
Consumer and other		1,736		2.6			115,195			1.51
Total	$	55,012		100.0	%		4,382,014			1.26
Net deferred loan fees							(13,056	)
						$	4,368,958			1.26	%
December 31, 2024
Residential 1-4 family real estate	$	9,708		27.6	%	$	1,133,966			0.86	%
Commercial and multi-family real estate		20,203		37.7			1,544,340			1.31
Construction, land development and farmland		14,663		22.9			941,193			1.56
Commercial, industrial and agricultural		1,702		3.5			144,619			1.18
1-4 family equity lines of credit		1,890		5.7			235,240			0.80
Consumer and other		1,331		2.6			106,235			1.25
Total	$	49,497		100.0	%		4,105,593			1.21
Net deferred loan fees							(13,704	)
						$	4,091,889			1.21	%

The allowance for credit losses for loans is an amount that management believes will be adequate to absorb expected losses on existing loans that may become uncollectible as of the measurement date. The allowance for credit losses for loans as a percentage of total loans outstanding at September 30, 2025, net of deferred fees, increased from the year ended December 31, 2024. The increase was primarily driven by a deteriorating national economic factor outlook utilized within our allowance models, minor credit deterioration, and weaker local economic conditions.

We measure expected credit losses over the life of each loan utilizing two methods. For credit cards, we use the remaining life method to estimate credit losses. For all other portfolios, we use discounted cash flow models which measure probability of default and loss given default. The measurement of expected credit losses for loan segments utilizing discounted cash flow is impacted by certain macroeconomic variables. Models are adjusted to reflect the current impact of certain macroeconomic variables as well as their expected changes over a reasonable and supportable forecast period.

In estimating expected credit losses as of September 30, 2025, we utilized then available forecasts of macroeconomic variables over our reasonable and supportable horizon based on the review of a variety of forecasts of the U.S. economy provided by Moody's Analytics. Key economic variables as forecasted and utilized in our models include: (i) U.S. Gross Domestic Product ("GDP") with annual growth rates in the range of 1.3% to 1.8%; (ii) a U.S. unemployment rate in the range of approximately 4.4% to 4.8%; (iii) a

Home Price Index annual growth rates in the range of approximately 0.4% to 1.0%; (iv) a CRE Price Index annual growth rates in the range of approximately -7.3% to -0.6%; and (v) Gross Private Investment annual growth rates in the range of approximately -1.7% and 3.3%.

We adjust model results using qualitative factor ("Q-Factor") adjustments. Q-Factor adjustments are based upon management guidance, judgment and current assessment as to the impact of risks related to changes in lending policies and procedures; economic and business conditions; loan portfolio attributes and credit concentrations; and external factors, among other things, that are not already captured within the modeling inputs, assumptions and other processes. Management reviews and assesses the potential impact of such items and adjusts the modeled expected credit loss by an aggregate adjustment percentage based upon the assessment.

Our charge-off policy for collateral dependent loans is similar to our charge-off policy for all loans in that loans are charged-off in the month when a determination is made that the loan is uncollectible. Net charge-offs for the three months ended September 30, 2025 were $215,000 compared to net charge-offs of $182,000 for the three months ended September 30, 2024, an increase of $33,000. Net charge-offs increased by $229,000 to $598,000 for the nine months ended September 30, 2025, compared to net charge-offs of $369,000 for the nine months ended September 30, 2024. The ratio of net charge-offs to average total outstanding loans was 0.01% for the nine months ended September 30, 2025 and nine months ended September 30, 2024. Overall, the Bank experienced minimal charge-offs during the three and nine months ended September 30, 2025 and it is expected that charge-offs will continue to be modest for the remainder of 2025; however, a deterioration in economic conditions may negatively impact charge-offs in the future.

We also maintain an allowance for credit losses on off-balance sheet exposures, which decreased $243,000 from $2,555,000 at December 31, 2024 to $2,312,000 at September 30, 2025 as a result of an updated expected line utilization and an increase in our unconditionally cancellable commitments.

The level of the allowance and the amount of the provision for credit losses involve evaluation of uncertainties and matters of judgment. The Company maintains an allowance for credit losses for loans which management believes is adequate to absorb losses in the loan portfolio. A formal calculation is prepared quarterly by the Company's Chief Financial Officer to determine the adequacy of the allowance for credit losses and provided to the Board of Directors. The calculation includes an evaluation of historical default and loss experience, current and forecasted economic conditions, an evaluation of qualitative factors, industry and peer bank loan quality indicators and other factors. See the discussion above under “Application of Critical Accounting Policies and Accounting Estimates” for more information. Management believes the allowance for credit losses at September 30, 2025 to be adequate, but if forecasted economic conditions do not meet management’s current expectations, the allowance for credit losses may require an increase through additional provision for credit loss expense which would negatively impact earnings.

For additional discussion regarding our allowance for credit losses, see “Provision for Credit Losses and Allowance for Credit Losses” above.

Securities

Securities increased $64,556,000, or 7.80%, to $892,449,000 at September 30, 2025 from $827,893,000 at December 31, 2024. The increase is primarily due to the purchase of new securities, including in connection with the securities portfolio restructuring we completed in the third quarter of 2025 as discussed above, and the decrease in the unrealized loss position of our securities portfolio that was partially a result of the decreases in the federal funds rate in 2025, partially offset by the sale of securities and the run-off of our declining balance securities. The average yield, excluding tax equivalent adjustment, of the securities portfolio at September 30, 2025 was 2.90% with a weighted average life of 6.93 years, as compared to an average yield of 2.47% and a weighted average life of 7.00 years at December 31, 2024. The weighted average lives on mortgage-backed securities reflect the repayment rate used for book value calculations.

Premises and Equipment

Premises and equipment increased $1,101,000, or 1.79%, from December 31, 2024 to September 30, 2025. The primary reason for the increase was due to the purchase of the Cookeville branch and the purchase of computer equipment and software, partially offset by current year depreciation of $3,056,000.

Deposits and Other Liabilities

Deposits increased by $391,228,000, or 8.10%, in the first nine months of 2025, primarily due to growth in market share and concerted marketing efforts to drive deposit growth which resulted in the opening of new deposit accounts. Additionally, the Bank opened new branches in December of 2024 and March of 2025, and purchased a branch in April of 2025, effectively expanding the customer base. The Company had no brokered deposits at September 30, 2025 or December 31, 2024.

The average balance and weighted average interest rate paid for deposit types for the quarters ended September 30, 2025, December 31, 2024 and September 30, 2024 are detailed in the following schedule:

	September 30, 2025					December 31, 2024					September 30, 2024
	Average					Average					Average
	Balance					Balance					Balance
	In		Average			In		Average			In		Average
	Thousands		Rate			Thousands		Rate			Thousands		Rate
Non-interest bearing deposits	$	404,612		—	%	$	397,606		—	%	$	404,299		—	%
Interest-bearing deposits:
Negotiable order of withdrawal accounts		939,060		0.77			950,912		0.92			922,162		0.91
Money market demand accounts		1,502,650		2.66			1,309,650		2.87			1,245,965		2.87
Time deposits		1,854,022		4.08			1,795,281		4.65			1,694,899		4.76
Other savings		448,865		2.20			334,719		1.80			327,020		1.73
Total interest-bearing deposits		4,744,597		2.80	%		4,390,562		3.09	%		4,190,046		3.11	%
Total deposits	$	5,149,209		2.58	%	$	4,788,168		2.84	%	$	4,594,345		2.84	%

At September 30, 2025 and December 31, 2024, we estimate that we had approximately $1.6 billion and $1.4 billion in uninsured deposits, which are the portion of deposit amounts that exceed the FDIC insurance limit. Approximately 30% of our total deposits exceeded the FDIC deposit insurance limits at September 30, 2025. However, we offer large depositors access to the Certificate of Deposit Account Registry Service (“CDARS”) and the Insured Cash Sweep (“ICS Product”), which allows us to divide customers' deposits that exceed the FDIC insurance limits into smaller amounts, below the FDIC insurance limits, and place those excess deposits in other participating FDIC insured institutions with the convenience of managing all deposit accounts through our Bank. Our total deposits in CDARS and the ICS Products increased to $288,423,000, or 5.52% of total deposits, at September 30, 2025, compared to $200,650,000, or 4.15% of total deposits, at December 31, 2024.

Principal maturities of certificates of deposit and individual retirement accounts at September 30, 2025 are as follows:

	In Thousands
Maturity
2025	$	315,027
2026		1,206,636
2027		205,491
2028		162,704
2029		5,652
Thereafter		838
	$	1,896,348

The increase in total liabilities since December 31, 2024 was composed of a $391,228,000, or 8.10%, increase in total deposits and a $13,008,000, or 26.59%, increase in accrued interest and other liabilities. The increase in accrued interest and other liabilities since December 31, 2024 was primarily attributable to an increase in employee bonus payable, an increase in escrow payable, and an increase in finance lease payable due to the opening of the Chattanooga full service branch.

Non-Performing Assets

Non-performing loans, which included nonaccrual loans and loans 90 days past due, at September 30, 2025 totaled $39,115,000, an increase of $33,566,000 from $5,549,000 at December 31, 2024. The increase in non-performing loans is primarily due to an increase in the commercial real estate, construction and land development, and residential 1-4 family real estate segments. The increase in non-performing loans in the commercial real estate segment is primarily due to a single large loan relationship. Management believes that it is possible that it could incur losses on its non-performing loans but believes that these losses should not exceed the amount in the allowance for credit losses for loans already allocated to these loans, unless there is unanticipated deterioration of local real estate values.

The net non-performing asset ratio ("NPA") is used as a measure of the overall quality of the Company's assets. Our NPA ratio is calculated by taking the total of our loans that are 90 days or more past due and accruing interest, nonaccrual loans and other real estate owned and dividing that sum by our total assets outstanding. Our NPA ratio for the periods ended September 30, 2025 and December 31, 2024 was 0.67% and 0.10%, respectively. This increase is primarily due to the non-performing loans mentioned above.

Other loans may be classified as collateral dependent when the current net worth and financial capacity of the borrower or of the collateral pledged, if any, is viewed as inadequate and it is probable that the Company will be unable to collect the scheduled payments of principal and interest due under the contractual terms of the loan agreement. Such loans generally have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt, and if such deficiencies are not corrected, there is a probability that the Company will sustain some loss. In such cases, interest income continues to accrue as long as the loan does not meet the Company’s criteria for nonaccrual status. Collateral dependent loans are measured at the fair value of the collateral less estimated selling costs. If the fair value of the collateral dependent loan less estimated selling costs is less than the recorded investment in the loan, the Company shall recognize impairment by creating a valuation allowance with a corresponding charge to the provision for credit losses or by adjusting an existing valuation allowance for the collateral dependent loan with a corresponding charge or credit to the provision for credit losses.

At September 30, 2025 the Company had a recorded investment in collateral dependent loans totaling $29,019,000, a decrease of $8,434,000 from a recorded investment in collateral dependent loans totaling $37,453,000 at December 31, 2024. The decrease during the nine months ended September 30, 2025 as compared to December 31, 2024 is primarily due to a change in the criteria used to classify loans as collateral dependent loans. Management periodically evaluates the criteria for classifying collateral dependent loans based on the risk rating and the dollar amount of the loan. Management adjusted the criteria in the first quarter of 2025. As of September 30, 2025, a $664,000 valuation allowance was recorded on collateral dependent loans due to two loan relationships compared to a valuation allowance of $408,000 due to one loan relationship as of December 31, 2024. The allowance for credit losses for loans related to collateral dependent loans was measured based upon the estimated fair value of related collateral less estimated selling costs.

Total past due and nonaccrual loans at September 30, 2025 were $48,645,000 an increase of $32,044,000 from $16,601,000 at December 31, 2024, primarily due to an increase in the commercial real estate, construction and land development, and residential 1-4 family real estate segments. The increase in nonaccrual loans was largely due to the credit deterioration in a single commercial real estate loan and in several 1-4 family real estate loans. The increase in past due loans that have been modified within the last 12 months was primarily due to the commercial real estate loan mentioned above.

At September 30, 2025, as a result of the downgrade of a few large borrowers in the 1-4 family real estate and construction and land development segments, our internally classified loans increased $21,902,000, or 45.62%, to $69,907,000 from $48,005,000 at December 31, 2024. Loans are listed as classified when information obtained about possible credit problems of the borrower has prompted management to question the ability of the borrower to comply with the repayment terms of the loan agreement. Management continues to develop and execute performance improvement plans with these borrowers and continues to believe these loans are well collateralized. If economic uncertainty remains in the market, or management's performance improvement plan proves to be unsuccessful, our classified loan balances and non-performing assets could increase further.

Liquidity and Asset Liability Management

Liquidity

The Company’s management seeks to maximize net interest income by managing the Company’s assets and liabilities within appropriate constraints on capital, liquidity and interest rate risk. Liquidity is a measure of our ability to meet our cash flow requirements, including inflows and outflows of cash for depositors and borrowers, while at the same time meeting our operating, capital and strategic cash flow needs. Several factors influence our liquidity needs, including depositor and borrower activity, interest rate trends, changes in the economy, maturities, re-pricing and interest rate sensitivity of our debt securities, loan portfolio and deposits. We strive to maintain appropriate levels of liquidity. We calculate our liquidity ratio by taking cash and due from banks, interest bearing deposits, federal funds sold, and available-for-sale debt securities not pledged as collateral and dividing by total assets. Our total liquidity ratios were 12.06% at September 30, 2025 and 10.80% at December 31, 2024. The increase in our liquidity ratio is primarily attributable to an increase in liquid assets primarily due to deposit growth outpacing loan growth.

The Company’s primary source of liquidity is a stable core deposit base. In addition, Federal funds purchased, Federal Home Loan Bank advances, and brokered deposits provide a secondary source of liquidity. These sources of liquidity are generally short-term in nature and are used to fund asset growth and meet other short-term liquidity needs. Liquidity needs can also be met from loan payments and investment security sales or maturities. While maturities and scheduled amortization of loans and debt securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. At September 30, 2025, the Company’s liquid assets totaled $703.9 million, an increase from $578.7 million at December 31, 2024, though a portion of these liquid assets include available-for-sale securities that are in an unrealized loss position at September 30, 2025. If the Company was required to sell any of these securities, including to meet liquidity needs, while they are in an unrealized loss position the Company would be required to recognize the loss on those securities through the income statement when they are sold. Recognition of these losses would negatively impact the Bank's and the Company's regulatory capital levels. Additionally, as of September 30, 2025, the Company had available approximately $118.9 million in unused federal funds lines of credit with regional banks and, subject to certain restrictions and collateral requirements, approximately $622.4 million of borrowing capacity with the Federal Home Loan Bank of Cincinnati to meet short term funding needs. The Company maintains a formal asset and liability management process in an effort to quantify, monitor and control interest rate risk and to assist management as management seeks to maintain stability in net interest margin under varying interest rate environments. The Company accomplishes this process through the development and implementation of lending, funding and pricing strategies designed to maximize net interest income under varying interest rate environments subject to specific liquidity and interest rate risk guidelines and competitive market conditions.

Securities classified as available-for-sale include securities intended to be used as part of the Company’s asset/liability strategy and/or securities that may be sold in response to changes in interest rate, prepayment risk, or the need to fund loan demand or other liquidity needs. At September 30, 2025, securities totaling approximately $59.8 million mature or will be subject to rate adjustments within the next twelve months.

A secondary source of liquidity is the Company’s loan portfolio. At September 30, 2025, loans totaling approximately $511.0 million will become due within twelve months from that date.

As for liabilities, at September 30, 2025, certificates of deposit of $250,000 or greater totaling approximately $552.9 million will become due or reprice during the next twelve months. Historically, there has been no significant reduction in immediately withdrawable accounts such as negotiable order of withdrawal accounts, money market demand accounts, demand deposit accounts and regular savings accounts. Management does not anticipate that there will be significant withdrawals from these accounts in the future.

Management believes that with present maturities, borrowing capacity with the Federal Home Loan Bank of Cincinnati and the efforts of management in its asset/liability management program, the Company should be able to meet its liquidity needs in the near term future.

Asset Liability Management

Analysis of rate sensitivity and rate gap analysis are the primary tools used to assess the direction and magnitude of changes in net interest income resulting from changes in interest rates. Included in the analysis are cash flows and maturities of financial instruments held for purposes other than trading, changes in market conditions, loan volumes and pricing and deposit volume and mix. These assumptions are inherently uncertain, and, as a result, net interest income cannot be precisely estimated nor can the impact of higher or lower interest rates on net interest income be precisely predicted. Actual results will differ due to timing, magnitude and frequency of interest rate changes and changes in market conditions and management’s strategies, among other factors.

The Company also uses simulation modeling to evaluate both the level of interest rate sensitivity as well as potential balance sheet strategies. The Company's Asset Liability Committee ("ALCO") meets quarterly to analyze the interest rate shock ("IRR") simulation. The interest rate shock simulation model is based on a number of assumptions. The assumptions include, but are not limited to, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits, reinvestment and replacement of asset and liability cash flows and balance sheet management strategies. We model instantaneous change in interest rates using a growth in the balance sheet as well as a flat balance sheet to understand the impact to earnings and capital. Based on the Company's IRR simulation, the Company had a slightly asset-sensitive interest-rate risk position as of September 30, 2025, though the Company’s net interest margin and earnings could be negatively impacted if the Company's ability to lower deposit rates (in a falling rate environment) or limit the increases to deposit rates (in a rising rate environment), is limited by other factors including as a result of competitive pressures or loan growth outpacing our ability to add lower cost core deposits. The Company also uses Economic Value of Equity (“EVE”) sensitivity analysis to understand the impact of changes in interest rates on long-term cash flows, income and capital. EVE is calculated by discounting the cash flows for all balance sheet instruments under different interest rate scenarios. The EVE is a longer term view of interest rate risk because it measures the present value of the future cash flows. Presented below is the estimated impact on the Bank’s net interest income and EVE as of September 30, 2025, assuming an immediate shift in interest rates:

	% Change from Base Case for Immediate Parallel Changes in Rates
	-300 BP			-200 BP			-100 BP			+100 BP			+200 BP			+300 BP
Net interest income		(6.59	)%		(4.37	)%		(2.39	)%		0.13	%		0.06	%		(0.32	)%
EVE		(19.27	)%		(9.72	)%		(3.94	)%		(0.09	)%		(1.09	)%		(3.14	)%

While an instantaneous and severe shift in interest rates was used in this analysis to provide an estimate of exposure under these scenarios, we believe that a gradual shift in interest rates would have a more modest impact. Further, the earnings simulation model does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changing product spreads that could mitigate any potential adverse impact of changes in interest rates. Moreover, since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, EVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, hedging strategies that we may institute, and changing product spreads that could mitigate any potential adverse impact of changes in interest rates.

Interest rate risk (sensitivity) management focuses on the earnings risk associated with changing interest rates. Management seeks to maintain profitability in both immediate and long-term earnings through funds management/interest rate risk management. The Company’s rate sensitivity position has an important impact on earnings. Senior management of the Company analyzes the rate sensitivity position quarterly. Management focuses on the spread between the Company’s cost of funds and interest yields generated primarily through loans and investments.

In addition to the ALCO, the Audit Committee and the Risk Oversight Committee, as well as the Chief Risk Officer are all responsible for the “risk management framework” of the Company. The ALCO meets monthly and the Audit and Risk Oversight Committees meet quarterly, with the authority to convene additional meetings, as circumstances require.

Off Balance Sheet Arrangements

At September 30, 2025, we had unfunded loan commitments outstanding of $1,211,996,000 and outstanding standby letters of credit of $149,556,000, compared to $1,172,339,000 and $128,728,000, respectively, at December 31, 2024. Because these commitments generally have fixed expiration dates and many will expire without being drawn upon, the total commitment level does not necessarily represent future cash requirements. If needed to fund these outstanding commitments, the Bank has the ability to liquidate federal funds sold or securities available-for-sale or on a short-term basis to borrow and purchase federal funds from other financial institutions. Additionally, the Bank could sell participations in these or other loans to correspondent banks. As mentioned above, the Bank has historically been able to fund its ongoing liquidity needs through its stable core deposit base, loan payments, investment security maturities and short-term borrowings.

Capital Position and Dividends

At September 30, 2025, total shareholders’ equity was $553,726,000, or 9.49% of total assets, which compares with $479,703,000, or 8.95% of total assets, at December 31, 2024. The increase in shareholders’ equity during the nine months ended September 30, 2025 is the result of the net effect of $777,000 related to stock option compensation, restricted share awards, RSUs, and PSUs, the Company’s net earnings of $53,378,000, proceeds from the issuance of common stock related to exercise of stock options of $64,000, $2,000 in the forfeiture of performance stock units, $3,000 in the forfeiture of restricted stock units, and a decrease of $28,328,000 in unrealized losses on investment securities, net of applicable income taxes of $10,022,000. Also included was $25,000 of net earnings attributable to the noncontrolling members of Encompass. The increase in shareholders' equity was partially offset by cash dividends declared of $26,929,000, net of $18,603,000 reinvested under the Company’s dividend reinvestment plan and the sale of the Bank's interest in Encompass.

Share Repurchase Program

On January 27, 2025, the Company's Board of Directors authorized an $8.0 million share repurchase program that commenced upon expiration of the previous program, which expired on March 31, 2025. This authorization is to remain in effect through March 31, 2026. Share repurchases under the authorized program may be made from time to time in privately negotiated transactions, at the discretion of the management of the Company. The approved share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended or discontinued at any time. The timing of these repurchases will depend on market conditions and other requirements. As of the date of this filing, the Company has not repurchased any shares of its common stock under its share repurchase program.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on a large portion of the Company’s assets and liabilities, and the market value of all interest-earning assets and interest-bearing liabilities, other than those which possess a short term to maturity. Based upon the nature of the Company’s operations, the Company is not subject to foreign currency exchange or commodity price risk.

Interest rate risk (sensitivity) management focuses on the earnings risk associated with changing interest rates. Management seeks to maintain profitability in both short-term and long-term earnings through funds management/interest rate risk management. The Company’s rate sensitivity position has an important impact on earnings. Senior management of the Company meets monthly to analyze the rate sensitivity position. These meetings focus on the spread between the cost of funds and interest yields generated primarily through loans and investments.

There have been no material changes in reported market risks during the nine months ended September 30, 2025.

Item 4. Controls and Procedures

The Company maintains disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act, that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and its Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the

effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, its Chief Executive Officer and its Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Overall, there were no changes in the Company’s internal control over financial reporting during the Company’s fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Not applicable

Item 1A. RISK FACTORS

There were no material changes to the Company’s risk factors as previously disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None
Not applicable.
The following table discloses shares of our common stock repurchased during the three months ended September 30, 2025.

Period		Average Price Paid Per Share			Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs
July 1, 2025 - July 31, 2025	—	$	—	—	$	8,000,000
August 1, 2025 - August 31, 2025	—	$	—	—	$	8,000,000
September 1, 2025 - September 30, 2025	—	$	—	—	$	8,000,000

_______________

On January 27, 2025, the Company’s Board of Directors authorized an $8.0 million share repurchase program that commenced upon expiration of the share repurchase program that the Board of Directors had authorized on October 28, 2024 and which expired on March 31, 2025. This authorization is to remain in effect through March 31, 2026. Share repurchases under the authorized program may be made from time to time in privately negotiated transactions, at the discretion of management of the Company. The approved share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended or discontinued at any time. The timing of these repurchases will depend on market conditions and other requirements. The Company did not repurchase any shares of its Common Stock under its current share repurchase program during the three months ended September 30, 2025.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None
Not applicable.

Item 4. MINE SAFETY DISCLOSURES

Not applicable

Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Plan Disclosure

During the quarter ended September 30, 2025, no officer or director of the Company adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-rule 10b5-1 trading arrangement" as such terms are defined in Item 408(a) and (c) of Regulation S-K. In addition, during the quarter ended September 30, 2025, the Company did not adopt or terminate any "Rule 10b5-1 trading arrangement" or "non-rule 10b5-1 trading arrangement" as such terms are defined in Item 408(a) and (c) of Regulation S-K.

Important Information Regarding Stock Transfers

The Bank serves as the Company's transfer agent and all transfers of shares of the capital stock of the Company, including sales or purchases, shall be made only on the books of the Company through the Bank, as the Company's transfer agent. In order for the Company’s transfer agent to record any transfer of the capital stock of the Company, the Company’s transfer agent must be provided with the actual name and contact information of the transferor(s) and transferee(s) so the transactions may be recorded on the books of the Company by the Company’s transfer agent. If a transferor or transferee is a trust or entity, then the appropriate authority documentation will need to be provided as deemed necessary in the reasonable discretion of the Company’s transfer agent. The Company’s transfer agent will be happy to furnish customary transaction forms necessary for transfer of the capital stock of the Company, including by sale or purchase, upon notice to the Company's stock department at 615-443-5900 (or WBHCStocktransfer@wilsonbank.com).

The Company is aware that from time to time a small number of transactions involving its common stock are reported in the over-the-counter market, but the Company has no information about the settlement of these transactions or whether the shares of common stock purported to have been transferred were delivered to the purported purchaser. The Bank, in its capacity as the Company’s transfer agent, has received no information from the parties to these purported transactions that would allow the Bank, acting as the Company’s transfer agent, to record these transfers on the books of the Company. These purported trades have historically been infrequent and typically involved a small number of shares of the Company’s common stock. During the quarter ended September 30, 2025, two trades were reported on the over-the-counter market at $175 per share. The most recent price at which the Company’s common stock has traded and been recorded as settled in the Company’s transfer records was $79.00 per share.

Item 6. EXHIBITS

31.1*	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith

**Furnished herewith

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 thereunto duly authorized.

	WILSON BANK HOLDING COMPANY
	(Registrant)
DATE: November 7, 2025	/s/ John C. McDearman III
	John C. McDearman III
	President and Chief Executive Officer<br><br>(Principal Executive Officer)
DATE: November 7, 2025	/s/ Kayla Hawkins
	Kayla Hawkins
	Executive Vice President & Chief Financial Officer<br><br>(Principal Financial and Accounting Officer)

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, John C. McDearman III, certify that:

I have reviewed this quarterly report on Form 10-Q of Wilson Bank Holding Company;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATE: November 7, 2025
	/s/ John C. McDearman III
	John C. McDearman III, President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Kayla Hawkins, certify that:

I have reviewed this quarterly report on Form 10-Q of Wilson Bank Holding Company;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATE: November 7, 2025
	/s/ Kayla Hawkins
	Kayla Hawkins, Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wilson Bank Holding Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John C. McDearman III, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Wilson Bank Holding Company and will be retained by Wilson Bank Holding Company and furnished to the Securities and Exchange Commission or its staff upon request.

DATE: November 7, 2025
	/s/ John C. McDearman III
	John C. McDearman III, President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wilson Bank Holding Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kayla Hawkins, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

DATE: November 7, 2025
	/s/ Kayla Hawkins
	Kayla Hawkins, Executive Vice President and Chief Financial Officer

10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the quarterly period ended September 30, 2025

For the transition period from to ___________

Commission File Number 0-20402

WILSON BANK HOLDING COMPANY

(615) 444-2265

Not Applicable

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Common stock outstanding: 12,135,530 shares at November 7, 2025.

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Part I. Financial Information

Item 1. Financial Statements

WILSON BANK HOLDING COMPANY

Consolidated Balance Sheets

September 30, 2025 and December 31, 2024

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Earnings

For the three and nine months ended September 30, 2025 and 2024

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Comprehensive Earnings (Losses)

For the three and nine months ended September 30, 2025 and 2024

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Shareholders’ Equity

For the three and nine months ended September 30, 2025 and 2024

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Shareholders’ Equity, Continued

For the three and nine months ended September 30, 2025 and 2024

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows

For the nine months ended September 30, 2025 and 2024

Increase (Decrease) in Cash and Cash Equivalents

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows, Continued

For the nine months ended September 30, 2025 and 2024

Increase (Decrease) in Cash and Cash Equivalents

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Notes to Consolidated Financial Statements

Note 1. Summary of Significant Accounting Policies

Newly Issued Not Yet Effective Accounting Standards

Recently Adopted Accounting Standards

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Note 2. Loans and Allowance for Credit Losses

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Loans on Nonaccrual Status

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Past Due Loans

Loan Modifications to Borrowers Experiencing Financial Difficulty

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