0000885275 WILSON BANK HOLDING CO false --12-31 Q3 2021 810,735 570,842 2.00 2.00 50,000,000 50,000,000 11,194,320 11,194,320 10,993,404 10,993,404 483 2,536 1,004 6 3,012 2,452 7 0 7 111 0.75 103,141 6,182 1,011 0.60 88,953 509 6 1.35 186,583 14,333 3,019 1.20 108,424 10,577 2,341 3,019 2,341 0 0 1 5 2 0 282,028,000 0 0 2017 2018 2019 2020 2018 2019 2020 2 Amount is net of a valuation allowance of $18,000 at September 30, 2021 and $742,000 at December 31, 2020 as required by ASC 310, “Receivables.” 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. 00008852752021-01-012021-09-30 xbrli:shares 00008852752021-11-09 thunderdome:item iso4217:USD 00008852752021-09-30 00008852752020-12-31 iso4217:USDxbrli:shares 00008852752021-07-012021-09-30 00008852752020-07-012020-09-30 00008852752020-01-012020-09-30 0000885275wbhc:CommonStockOutstandingMember2021-06-30 0000885275us-gaap:AdditionalPaidInCapitalMember2021-06-30 0000885275us-gaap:RetainedEarningsMember2021-06-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-30 00008852752021-06-30 0000885275wbhc:CommonStockOutstandingMember2021-07-012021-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-30 0000885275us-gaap:RetainedEarningsMember2021-07-012021-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-30 0000885275wbhc:CommonStockOutstandingMember2021-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2021-09-30 0000885275us-gaap:RetainedEarningsMember2021-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-30 0000885275wbhc:CommonStockOutstandingMember2020-06-30 0000885275us-gaap:AdditionalPaidInCapitalMember2020-06-30 0000885275us-gaap:RetainedEarningsMember2020-06-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-30 00008852752020-06-30 0000885275wbhc:CommonStockOutstandingMember2020-07-012020-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-30 0000885275us-gaap:RetainedEarningsMember2020-07-012020-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-012020-09-30 0000885275wbhc:CommonStockOutstandingMember2020-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2020-09-30 0000885275us-gaap:RetainedEarningsMember2020-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-30 00008852752020-09-30 0000885275wbhc:CommonStockOutstandingMember2020-12-31 0000885275us-gaap:AdditionalPaidInCapitalMember2020-12-31 0000885275us-gaap:RetainedEarningsMember2020-12-31 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-31 0000885275wbhc:CommonStockOutstandingMember2021-01-012021-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-30 0000885275us-gaap:RetainedEarningsMember2021-01-012021-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-30 0000885275wbhc:CommonStockOutstandingMember2019-12-31 0000885275us-gaap:AdditionalPaidInCapitalMember2019-12-31 0000885275us-gaap:RetainedEarningsMember2019-12-31 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-31 00008852752019-12-31 0000885275wbhc:CommonStockOutstandingMember2020-01-012020-09-30 0000885275us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-30 0000885275us-gaap:RetainedEarningsMember2020-01-012020-09-30 0000885275us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-09-30 xbrli:pure 0000885275us-gaap:AccountingStandardsUpdate201613Membersrt:MinimumMembersrt:ProFormaMember2021-01-01 0000885275us-gaap:AccountingStandardsUpdate201613Membersrt:MaximumMembersrt:ProFormaMember2021-01-01 0000885275us-gaap:AccountingStandardsUpdate201613Membersrt:MinimumMembersrt:ProFormaMember2020-09-30 0000885275us-gaap:AccountingStandardsUpdate201613Membersrt:MaximumMembersrt:ProFormaMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMember2020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2020-12-31 0000885275wbhc:AgriculturalPortfolioSegmentMember2021-09-30 0000885275wbhc:AgriculturalPortfolioSegmentMember2020-12-31 0000885275us-gaap:ConsumerPortfolioSegmentMemberwbhc:PersonalLoanMember2021-09-30 0000885275us-gaap:ConsumerPortfolioSegmentMemberwbhc:PersonalLoanMember2020-12-31 0000885275us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2021-09-30 0000885275us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2020-12-31 0000885275us-gaap:ConsumerPortfolioSegmentMember2021-09-30 0000885275us-gaap:ConsumerPortfolioSegmentMember2020-12-31 0000885275us-gaap:UnallocatedFinancingReceivablesMember2021-09-30 0000885275us-gaap:UnallocatedFinancingReceivablesMember2020-12-31 utr:Y 0000885275wbhc:RealEstatePortfolioSegmentMembersrt:MinimumMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMembersrt:MaximumMember2021-01-012021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberwbhc:SBACARESActPaycheckProtectionProgramMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberwbhc:SBACARESActPaycheckProtectionProgramMember2021-06-30 0000885275us-gaap:ConsumerPortfolioSegmentMembersrt:MinimumMember2021-01-012021-09-30 0000885275us-gaap:ConsumerPortfolioSegmentMembersrt:MaximumMember2021-01-012021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2021-01-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2021-01-012021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2021-01-012021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2019-12-31 0000885275us-gaap:CommercialPortfolioSegmentMember2019-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2019-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-01-012020-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-01-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2020-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2021-06-30 0000885275us-gaap:CommercialPortfolioSegmentMember2021-06-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2021-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2021-07-012021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2021-07-012021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-06-30 0000885275us-gaap:CommercialPortfolioSegmentMember2020-06-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-06-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-07-012020-09-30 0000885275us-gaap:CommercialPortfolioSegmentMember2020-07-012020-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-07-012020-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMember2020-01-012020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMember2020-01-012020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMember2020-01-012020-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMember2020-01-012020-12-31 00008852752020-01-012020-12-31 0000885275us-gaap:PerformingFinancingReceivableMember2021-09-30 0000885275us-gaap:PerformingFinancingReceivableMember2020-12-31 0000885275us-gaap:NonperformingFinancingReceivableMember2021-09-30 0000885275us-gaap:NonperformingFinancingReceivableMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:PassMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:PassMember2021-09-30 0000885275us-gaap:PassMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SpecialMentionMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-30 0000885275us-gaap:SpecialMentionMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SubstandardMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2021-09-30 0000885275us-gaap:SubstandardMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:DoubtfulMember2021-09-30 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-30 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-30 0000885275us-gaap:DoubtfulMember2021-09-30 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:PassMember2020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:PassMember2020-12-31 0000885275us-gaap:PassMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SpecialMentionMember2020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-31 0000885275us-gaap:SpecialMentionMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SubstandardMember2020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-31 0000885275us-gaap:SubstandardMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:Residential1To4FamilyMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:MultifamilyRealEstateMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:FarmlandMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberwbhc:SecondMortgagesMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:DoubtfulMember2020-12-31 0000885275us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-31 0000885275wbhc:AgriculturalInstallmentAndOtherPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-31 0000885275us-gaap:DoubtfulMember2020-12-31 0000885275wbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2021-09-30 0000885275us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-30 0000885275us-gaap:MortgageBackedSecuritiesMember2021-09-30 0000885275us-gaap:AssetBackedSecuritiesMember2021-09-30 0000885275us-gaap:CorporateDebtSecuritiesMember2021-09-30 0000885275us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-30 0000885275wbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2020-12-31 0000885275us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-31 0000885275us-gaap:MortgageBackedSecuritiesMember2020-12-31 0000885275us-gaap:AssetBackedSecuritiesMember2020-12-31 0000885275us-gaap:CorporateDebtSecuritiesMember2020-12-31 0000885275us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-31 0000885275us-gaap:CollateralizedMortgageObligationsMember2021-09-30 0000885275us-gaap:CollateralizedMortgageObligationsMember2020-12-31 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-30 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-30 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LondonInterbankOfferedRateLiborSwapRateMember2021-09-30 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-30 0000885275us-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-30 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-12-31 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LondonInterbankOfferedRateLiborSwapRateMember2020-12-31 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-31 0000885275us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-31 0000885275us-gaap:InterestRateSwapMember2021-01-012021-09-30 0000885275us-gaap:InterestRateSwapMember2020-01-012020-09-30 0000885275us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-09-30 0000885275us-gaap:InterestRateLockCommitmentsMember2021-09-30 0000885275us-gaap:InterestRateLockCommitmentsMember2020-12-31 0000885275us-gaap:ForwardContractsMember2021-09-30 0000885275us-gaap:ForwardContractsMember2020-12-31 0000885275us-gaap:InterestRateContractMember2021-01-012021-09-30 0000885275us-gaap:InterestRateContractMember2020-01-012020-09-30 0000885275us-gaap:ForwardContractsMember2021-01-012021-09-30 0000885275us-gaap:ForwardContractsMember2020-01-012020-09-30 0000885275us-gaap:InterestRateContractMember2021-09-30 0000885275us-gaap:InterestRateContractMember2020-12-31 0000885275wbhc:The2009StockOptionPlanMember2009-04-30 0000885275wbhc:The2009StockOptionPlanMember2019-04-13 0000885275wbhc:The2009StockOptionPlanMember2021-09-30 0000885275wbhc:The2016EquityIncentivePlanMember2016-06-30 0000885275wbhc:The2016EquityIncentivePlanMember2021-09-30 0000885275us-gaap:StockAppreciationRightsSARSMemberwbhc:The2016EquityIncentivePlanMember2021-09-30 0000885275us-gaap:StockAppreciationRightsSARSMember2021-09-30 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2020-12-31 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2019-12-31 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2021-01-012021-09-30 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2020-01-012020-09-30 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2021-09-30 0000885275wbhc:StockOptionsAndStockAppreciationRightsMember2020-09-30 0000885275wbhc:WilsonBankMember2021-09-30 0000885275wbhc:WilsonBankMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberwbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberwbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberwbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberwbhc:USTreasuryAndOtherUSGovernmentAgenciesDebtSecuritiesMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-31 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-30 0000885275us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-30 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-30 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-30 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-30 0000885275us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-31 0000885275us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0000885275us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0000885275us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0000885275us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0000885275us-gaap:StateAndLocalJurisdictionMemberwbhc:StateOfTennesseeMember2021-01-012021-09-30 0000885275us-gaap:DomesticCountryMemberus-gaap:InternalRevenueServiceIRSMember2021-01-012021-09-30 0000885275us-gaap:StandbyLettersOfCreditMember2021-01-012021-09-30 0000885275us-gaap:CommitmentsToExtendCreditMember2021-09-30 0000885275us-gaap:StandbyLettersOfCreditMember2021-09-30 0000885275us-gaap:InterestRateSwapMember2021-01-012021-09-30 0000885275wbhc:MortgageBankingDerivativesMember2021-01-012021-09-30
 

 

Table of Contents



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, 2021

 

or 

 

 

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)

 

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  ☒

 

Securities registered pursuant to Section 12(b) of the Exchange Act: None

 

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: 11,195,270 shares at November 9, 2021



 

 

 

 

Part I:

 

FINANCIAL INFORMATION

3

 

 

 

 

Item 1.

 

Financial Statements.

3

 

 

 

 

The unaudited consolidated financial statements of the Company and its subsidiary are as follows:

 

 

 

 

 

 

 

Consolidated Balance Sheets — September 30, 2021 and December 31, 2020.

3

 

 

 

 

 

 

Consolidated Statements of Earnings — For the three and nine months ended September 30, 2021 and 2020.

4

 

 

 

 

 

 

Consolidated Statements of Comprehensive Earnings — For the three and nine months ended September 30, 2021 and 2020.

5

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders' Equity — For the three and nine months ended September 30, 2021 and 2020.

6

 

 

 

 

 

 

Consolidated Statements of Cash Flows — For the nine months ended September 30, 2021 and 2020.

7

 

 

 

 

Item 2.

 

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

30

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk.

43

 

 

 

 

 

 

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.

43

 

 

 

 

Part II:

 

OTHER INFORMATION

44

 

 

 

 

Item 1.

 

Legal Proceedings.

44

 

 

 

 

Item 1A.

 

Risk Factors.

44

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

44

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities.

44

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

44

 

 

 

 

Item 5.

 

Other Information.

44

 

 

 

 

Item 6.

 

Exhibits.

44

 

 

 

 

Signatures

45

   

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-101.CAL

 

EX-101.DEF

 

EX-101.LAB

 

EX-101.PRE

 

EX-104  

 

 

 

 

Part I. Financial Information

 

Item 1. Financial Statements

 

WILSON BANK HOLDING COMPANY

Consolidated Balance Sheets

September 30, 2021 and December 31, 2020

 

   

(Unaudited)

   

(Audited)

 
    September 30, 2021     December 31, 2020  
   

(Dollars in Thousands Except Share Amounts)

 

Assets

               

Loans

  $ 2,414,795     $ 2,321,305  

Less: Allowance for loan losses

    (39,311 )     (38,539 )

Net loans

    2,375,484       2,282,766  

Securities available-for-sale, at market (amortized cost $810,735 and $570,842, respectively)

    808,887       580,543  

Loans held for sale

    10,536       19,474  

Interest bearing deposits

    380,995       304,750  

Restricted equity securities

    5,089       5,089  

Federal funds sold

    26,995       675  

Total earning assets

    3,607,986       3,193,297  

Cash and due from banks

    25,577       33,431  

Bank premises and equipment, net

    62,664       58,202  

Accrued interest receivable

    8,197       7,516  

Deferred income tax asset

    11,164       7,089  

Bank owned life insurance

    45,899       35,197  

Other assets

    42,037       30,067  

Goodwill

    4,805       4,805  

Total assets

  $ 3,808,329     $ 3,369,604  

Liabilities and Stockholders’ Equity

               

Deposits

  $ 3,374,496     $ 2,960,595  

Federal Home Loan Bank advances

          3,638  

Accrued interest and other liabilities

    29,404       25,250  

Total liabilities

    3,403,900       2,989,483  

Stockholders’ equity:

               

Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 11,194,320 and 10,993,404 shares, respectively

    22,389       21,987  

Additional paid-in capital

    104,755       93,034  

Retained earnings

    278,650       257,935  

Net unrealized gains (losses) on available-for-sale securities, net of income taxes of $483 and $2,536, respectively

    (1,365 )     7,165  

Total stockholders’ equity

    404,429       380,121  

Total liabilities and stockholders’ equity

  $ 3,808,329     $ 3,369,604  

 

See accompanying notes to consolidated financial statements (unaudited)

 

 

 

 

WILSON BANK HOLDING COMPANY

Consolidated Statements of Earnings

Three Months and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 
   

(Dollars in Thousands Except Per Share Amounts)

   

(Dollars in Thousands Except Per Share Amounts)

 

Interest income:

                               

Interest and fees on loans

  $ 30,773     $ 28,590     $ 88,211     $ 85,120  

Interest and dividends on securities:

                               

Taxable securities

    2,372       1,739       6,167       5,609  

Exempt from federal income taxes

    329       346       905       859  

Interest on loans held for sale

    80       166       340       392  

Interest on federal funds sold

    4             9       56  

Interest on balances held at depository institutions

    128       91       315       485  

Interest and dividends on restricted securities

    33       29       84       96  

Total interest income

    33,719       30,961       96,031       92,617  

Interest expense:

                               

Interest on negotiable order of withdrawal accounts

    220       294       652       1,064  

Interest on money market and savings accounts

    482       1,009       1,587       3,431  

Interest on time deposits

    1,884       2,685       6,027       8,509  

Interest on Federal Home Loan Bank advances

          124       133       410  

Total interest expense

    2,586       4,112       8,399       13,414  

Net interest income before provision for loan losses

    31,133       26,849       87,632       79,203  

Provision for loan losses

    130       1,038       1,012       6,631  

Net interest income after provision for loan losses

    31,003       25,811       86,620       72,572  

Non-interest income:

                               

Service charges on deposit accounts

    1,682       1,391       4,418       4,159  

Brokerage income

    1,586       1,254       4,665       3,463  

Debit and credit card interchange income

    3,012       2,331       8,894       6,711  

Other fees and commissions

    494       478       1,338       1,294  

Income on BOLI and annuity contracts

    260       214       672       609  

Gain on sale of loans

    2,275       3,775       7,929       6,808  

Gain on sale of securities

    28             28       425  

Loss on sale of fixed assets

    (6 )     (4 )     (29 )     (4 )

Gain (loss) on sale of other real estate

    (4 )     (8 )     (15 )     652  

Gain on sale of other assets

    1       2       2       2  

Other income

    20       61       20       61  

Total non-interest income

    9,348       9,494       27,922       24,180  

Non-interest expense:

                               

Salaries and employee benefits

    13,456       11,956       40,778       34,573  

Occupancy expenses, net

    1,436       1,406       4,067       3,879  

Advertising & public relations expense

    736       702       1,830       1,790  

Furniture and equipment expense

    846       849       2,508       2,417  

Data processing expense

    1,509       1,298       4,419       3,715  

ATM & interchange expense

    1,218       1,054       3,522       2,805  

Directors’ fees

    179       142       463       439  

Audit, legal & consulting expenses

    323       233       684       620  

Other operating expenses

    3,243       2,996       9,625       9,175  

Total non-interest expense

    22,946       20,636       67,896       59,413  

Earnings before income taxes

    17,405       14,669       46,646       37,339  

Income taxes

    4,063       3,137       11,021       7,749  

Net earnings

  $ 13,342     $ 11,532     $ 35,625     $ 29,590  

Weighted average number of common shares outstanding-basic

    11,165,313       10,963,411       11,110,006       10,907,251  

Weighted average number of common shares outstanding-diluted

    11,197,410       10,991,167       11,140,586       10,932,925  

Basic earnings per common share

  $ 1.19     $ 1.05     $ 3.21     $ 2.71  

Diluted earnings per common share

  $ 1.19     $ 1.05     $ 3.20     $ 2.71  

Dividends per common share

  $ 0.75     $ 0.60     $ 1.35     $ 1.20  

 

See accompanying notes to consolidated financial statements (unaudited)

 

 

 

WILSON BANK HOLDING COMPANY

Consolidated Statements of Comprehensive Earnings

Three Months and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 
   

(In Thousands)

 

Net earnings

  $ 13,342     $ 11,532     $ 35,625     $ 29,590  

Other comprehensive earnings gains (losses), net of tax:

                               

Unrealized gains (losses) on available-for-sale securities arising during period, net of tax of $1,004, $6, $3,012, and $2,452, respectively

    (2,836 )     16       (8,509 )     6,929  

Reclassification adjustment for net gains on the sale of securities included in net earnings, net of tax of $7, $0, $7, and $111, respectively

    (21 )           (21 )     (314 )

Other comprehensive earnings (losses)

    (2,857 )     16       (8,530 )     6,615  

Comprehensive earnings

  $ 10,485     $ 11,548     $ 27,095     $ 36,205  

 

See accompanying notes to consolidated financial statements (unaudited)

 

 

 

WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Stockholders’ Equity

Three Months and Nine Months Ended September 30, 2021 and 2020

(Unaudited) 

 

   

Dollars In Thousands

 
    Common Stock     Additional Paid-In Capital     Retained Earnings     Net Unrealized Gain (Loss) On Available-For-Sale Securities    

Total

 

Three months ended:

                                       

September 30, 2021

                                       

Balance at beginning of period

  $ 22,170       98,321       273,622       1,492       395,605  

Cash dividends declared, $.75 per share

                (8,314 )           (8,314 )

Issuance of 103,141 shares of common stock pursuant to dividend reinvestment plan

    206       6,080                   6,286  

Issuance of 6,182 shares of common stock pursuant to exercise of stock options, net

    13       239                   252  

Share based compensation expense

          115                   115  

Net change in fair value of available-for-sale securities during the period, net of taxes of $1,011

                      (2,857 )     (2,857 )

Net earnings for the quarter

                13,342             13,342  

Balance at end of period

  $ 22,389       104,755       278,650       (1,365 )     404,429  
                                         

September 30, 2020

                                       

Balance at beginning of period

  $ 21,789       87,592       244,038       7,292       360,711  

Cash dividends declared, $.60 per share

                (6,537 )           (6,537 )

Issuance of 88,953 shares of common stock pursuant to dividend reinvestment plan

    178       4,870                   5,048  

Issuance of 509 shares of common stock pursuant to exercise of stock options, net

    1       21                   22  

Share based compensation expense

          99                   99  

Net change in fair value of available-for-sale securities during the period, net of taxes of $6

                      16       16  

Net earnings for the quarter

                11,532             11,532  

Balance at end of period

  $ 21,968       92,582       249,033       7,308       370,891  

 

   

Dollars In Thousands

 
   

Common Stock

   

Additional Paid-In Capital

   

Retained Earnings

   

Net Unrealized Gain (Loss) On Available-For-Sale Securities

   

Total

 

Nine Months Ended:

                                       

September 30, 2021

                                       

Balance at beginning of period

  $ 21,987       93,034       257,935       7,165       380,121  

Cash dividends declared, $1.35 per share

                (14,910 )           (14,910 )

Issuance of 186,583 shares of common stock pursuant to dividend reinvestment plan

    373       10,815                   11,188  

Issuance of 14,333 shares of common stock pursuant to exercise of stock options, net

    29       544                   573  

Share based compensation expense

          362                   362  

Net change in fair value of available-for-sale securities during the period, net of taxes of $3,019

                      (8,530 )     (8,530 )

Net earnings for the period

                35,625             35,625  

Balance at end of period

  $ 22,389       104,755       278,650       (1,365 )     404,429  
                                         

September 30, 2020

                                       

Balance at beginning of period

  $ 21,586       82,249       232,456       693       336,984  

Cash dividends declared, $1.20 per share

                (13,013 )           (13,013 )

Issuance of 180,424 shares of common stock pursuant to dividend reinvestment plan

    361       9,695                   10,056  

Issuance of 10,577 shares of common stock pursuant to exercise of stock options, net

    21       326                   347  

Share based compensation expense

          312                   312  

Net change in fair value of available-for-sale securities during the period, net of taxes of $2,341

                      6,615       6,615  

Net earnings for the period

                29,590             29,590  

Balance at end of period

  $ 21,968       92,582       249,033       7,308       370,891  

 

See accompanying notes to consolidated financial statements (unaudited)

 

 

 

WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2021 and 2020

Increase (Decrease) in Cash and Cash Equivalents

(Unaudited) 

 

   

Nine Months Ended September 30,

 
   

2021

   

2020

 
   

(In Thousands)

 

OPERATING ACTIVITIES

               

Consolidated net income

  $ 35,625     $ 29,590  

Adjustments to reconcile consolidated net income to net cash provided (used) by operating activities

               

Provision for loan losses

    1,012       6,631  

Deferred income taxes provision

    (1,056 )     (902 )

Depreciation and amortization of premises and equipment

    3,180       3,155  

Loss on disposal of premises and equipment

    29       4  

Net amortization of securities

    3,999       3,101  

Net realized gains on sales of securities

    (28 )     (425 )

Gains on mortgage loans sold, net

    (7,929 )     (6,808 )

Stock-based compensation expense

    986       904  

Loss (gain) on other real estate

    15       (652 )

Gain on sale of repossessed assets

    (2 )     (2 )

Increase in value of life insurance and annuity contracts

    (766 )     (635 )

Mortgage loans originated for resale

    (167,429 )     (169,441 )

Proceeds from sale of mortgage loans

    184,296       157,822  

Gain on lease modification

          (29 )

Right of use asset amortization

    1,299       912  

Change in

               

Accrued interest receivable

    (681 )     (2,040 )

Other assets

    (4,598 )     (2,454 )

Accrued interest payable

    (860 )     (554 )

Other liabilities

    5,917       6,241  

TOTAL ADJUSTMENTS

    17,384       (5,172 )

NET CASH PROVIDED BY OPERATING ACTIVITIES

    53,009       24,418  

INVESTING ACTIVITIES

               

Activities in available for sale securities

               

Purchases

    (403,894 )     (324,197 )

Sales

    39,652       24,028  

Maturities, prepayments and calls

    120,378       152,591  

Purchase of restricted equity securities

          (409 )

Net increase in loans

    (94,979 )     (202,994 )

Purchase of buildings, leasehold improvements, and equipment

    (7,671 )     (1,734 )

Proceeds from sale of other assets

    83       4  

Proceeds from sale of other real estate

    167       1,311  

Purchase of life insurance and annuity contracts

    (15,000 )     (4,662 )

Increase in other investments

    (2,000 )      

NET CASH USED IN INVESTING ACTIVITIES

    (363,264 )     (356,062 )

FINANCING ACTIVITIES

               

Net change in deposits - non-maturing

    421,953       429,271  

Net change in deposits - time

    (8,052 )     (13,294 )

Net change in Federal Home Loan Bank Advances

    (3,638 )     (6,430 )

Change in escrow balances

    (2,148 )     10,794  

Issuance of common stock related to exercise of stock options

    573       347  

Issuance of common stock pursuant to dividend reinvestment plan

    11,188       10,056  

Cash dividends paid on common stock

    (14,910 )     (13,013 )

NET CASH PROVIDED BY FINANCING ACTIVITIES

    404,966       417,731  

NET CHANGE IN CASH AND CASH EQUIVALENTS

    94,711       86,087  

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

    338,856       159,770  

CASH AND CASH EQUIVALENTS - END OF PERIOD

  $ 433,567     $ 245,857  

 

See accompanying notes to consolidated financial statements (unaudited)

 

 

WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows, Continued

Nine Months Ended September 30, 2021 and 2020

Increase (Decrease) in Cash and Cash Equivalents

(Unaudited) 

 

   

Nine Months Ended September 30,

 
   

2021

   

2020

 
   

(In Thousands)

 

Supplemental disclosure of cash flow information:

               

Cash paid during the period for

               

Interest

  $ 9,259     $ 12,860  

Taxes

  $ 13,327     $ 10,256  

Non-cash investing and financing activities:

               

Change in fair value of securities available-for-sale, net of taxes of $3,019 and $2,341 for the nine months ended September 30, 2021 and 2020, respectively

  $ (8,530 )   $ 6,615  

Non-cash transfers from loans to other real estate

  $ 182     $ 992  

Non-cash transfers from loans to other assets

  $ 81     $ 5  

 

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, and Williamson Counties, Tennessee.

 

Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with 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, 2020.

 

These consolidated financial statements include the accounts of the Company and the Bank. 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 loan losses, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, other-than-temporary impairment of securities, 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no significant changes to the Company’s significant accounting policies as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

 

Loans — Loans are reported at their outstanding principal balances less unearned income, the allowance for loan losses and any deferred fees or costs on originated loans. 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.

 

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.

 

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 more than 90 days 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.

 

All loans that are placed on nonaccrual are further analyzed to determine if they should be classified as impaired loans. At December 31, 2020 and September 30, 2021, there were no loans classified as nonaccrual that were not also deemed to be impaired except for those loans not individually evaluated for impairment as described below. A loan is considered to be impaired when it is probable the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan. This determination is made using one or more of a variety of techniques, which include a review of the borrower’s financial condition, debt-service coverage ratios, global cash flow analysis, guarantor support, other loan file information, meetings with borrowers, inspection or reappraisal of collateral and/or consultation with legal counsel as well as results of reviews of other similar industry credits (e.g. builder loans, development loans, church loans, etc). Loans with an identified weakness and principal balance of $500,000 or more are subject to individual identification for impairment. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a specific valuation allowance is established as a component of the allowance for loan losses or, in the case of collateral dependent loans, the excess may be charged off. Changes to the valuation allowance are recorded as a component of the provision for loan losses. Any subsequent adjustments to present value calculations for impaired loan valuations as a result of the passage of time, such as changes in the anticipated payback period for repayment, are recorded as a component of the provision for loan losses. For loans less than $500,000, the Company assigns a valuation allowance to these loans utilizing an allocation rate equal to the allocation rate calculated for non-impaired loans of a similar type.

 

Allowance for Loan Losses — The allowance for loan losses is maintained at a level that management believes to be adequate to absorb probable losses in the loan portfolio. Loan losses are charged against the allowance when they are known. Subsequent recoveries are credited to the allowance. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, current economic conditions, volume, growth, composition of the loan portfolio, homogeneous pools of loans, risk ratings of specific loans, historical loan loss factors, loss experience of various loan segments, identified impaired loans and other factors related to the portfolio. This evaluation is performed quarterly and is inherently subjective, as it requires material estimates that are susceptible to significant change including the amounts and timing of future cash flows expected to be received on any impaired loans.

 

In assessing the adequacy of the allowance, we also consider the results of our ongoing independent loan review process. We undertake this process both to ascertain whether there are loans in the portfolio whose credit quality has weakened over time and to assist in our overall evaluation of the risk characteristics of the entire loan portfolio. Our loan review process includes the judgment of management, independent loan reviewers, and reviews that may have been conducted by third-party reviewers. We incorporate relevant loan review results in the loan impairment determination. In addition, regulatory agencies, as an integral part of their examination process, will periodically review the Company’s allowance for loan losses, and may require the Company to record adjustments to the allowance based on their judgment about information available to them at the time of their examinations.

 

 

Recently Issued Accounting Pronouncements    

 

ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 along with several other subsequent codification updates related to accounting for credit losses, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.

 

ASU 2016-13 was originally to become effective for the Company on  January 1, 2020. On  March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security ("CARES") Act. The law contains several provisions applicable to companies like the Company. Among others, it gives lenders, including the Company, the option to defer the implementation of ASU 2016-13, which is known as the Current Expected Credit Losses (CECL) standard, until 60 days after the declaration of the end of the public health emergency related to the COVID-19 pandemic or  December 31, 2020, whichever comes first. On  December 27, 2020, President Trump signed into law the Coronavirus Response and Relief Supplemental Appropriations Act. The law contains several provisions applicable to companies like the Company. Among them, it gives lenders, including the Company, the option to further defer the implementation of ASU 2016-13, until the fiscal year beginning after  January 1, 2022. In addition, the Securities and Exchange Commission (SEC) staff has stated that opting to delay the implementation of CECL shall be considered to be in accordance with generally accepted accounting principles. As a result, the Company has elected to delay implementation of CECL until  January 1, 2023.

 

We currently believe the adoption of ASU 2016-13 would have resulted in an approximately 2 - 6% increase in our allowance for loan losses as of  January 1, 2020. That estimated increase is a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. As of  September 30, 2021, we currently believe the adoption of ASU 2016-13 would have resulted in an approximately 6 - 10% increase in our allowance for loan losses over the level recorded at  September 30, 2021. 

 

Prior to the CARES Act being signed and the Company’s decision to delay the implementation of CECL, the Company was completing its CECL implementation plan with a cross-functional working group, under the direction of the Chief Credit Officer along with our Chief Financial Officer. The working group also included individuals from various functional areas including credit, risk management, accounting and information technology, among others. The Company’s implementation plan included assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. The Company contracted with a third-party vendor to assist it in the implementation of CECL. Implementation efforts have been finalized and controls and processes are in place. The ultimate impact of the adoption of ASU 2016-13 could differ from our current expectation. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for available-for-sale securities and other financial assets and it also applies to off-balance sheet credit exposure like loan commitments and other investments; however, we do not expect these allowances to be significant. Pursuant to an interim final rule issued on  March 27, 2020 by the federal banking regulatory agencies, the Company has the option to phase in over a three-year period the transition adjustments to capital resulting from the adoption of CECL for regulatory capital purposes. If adopted, the cumulative amount of the transition adjustments will become fixed at the start of the three-year period, and will be phased out of the regulatory capital calculations evenly over such period, with 75% recognized in year one, 50% recognized in year two, and 25% recognized in year three. The Company has not yet decided if it will take advantage of this option. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios.

 

ASU 2020-01,Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” These amendments, among other things, clarify that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. An entity should apply ASU 2020-01 prospectively at the beginning of the interim period that includes the adoption date. The amendments became effective on January 1, 2021 and had no impact on the Company’s consolidated financial statements.

 

ASU 2020-4, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-4 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after  December 31, 2022, except for hedging relationships existing as of  December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-4 was effective upon issuance and generally can be applied through  December 31, 2022. The adoption of ASU 2020-4 did not significantly impact our financial statements.

 

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs.” ASU 2020-08 clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-8 was effective for us on January 1, 2021 and did not have a significant impact on our financial statements.

 

ASU 2021-01, Reference Rate Reform (Topic 848): Scope.” ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2021-01 did not significantly impact our financial statements.

 

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 Loan Losses

 

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, 2021 and December 31, 2020:

 

   

(In Thousands)

 
    September 30, 2021     December 31, 2020  

Mortgage loans on real estate:

               

Residential 1-4 family

  $ 634,543     $ 535,994  

Multifamily

    57,193       111,646  

Commercial

    848,166       837,766  

Construction and land development

    578,206       488,626  

Farmland

    10,149       15,429  

Second mortgages

    7,660       8,433  

Equity lines of credit

    88,348       78,889  

Total mortgage loans on real estate

    2,224,265       2,076,783  

Commercial loans

    130,144       172,811  

Agricultural loans

    1,538       1,206  

Consumer installment loans

               

Personal

    55,841       66,193  

Credit cards

    4,668       4,324  

Total consumer installment loans

    60,509       70,517  

Other loans

    9,786       9,283  

Total loans before net deferred loan fees

    2,426,242       2,330,600  

Net deferred loan fees

    (11,447 )     (9,295 )

Total loans

    2,414,795       2,321,305  

Less: Allowance for loan losses

    (39,311 )     (38,539 )

Net loans

  $ 2,375,484     $ 2,282,766  

 

Risk characteristics relevant to each portfolio segment are as follows:

 

Construction and land development: 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). With respect to construction loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. 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 are generally based upon estimates of costs and value associated with the complete project. These estimates may 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, general economic conditions and the availability of long-term financing.

 

1-4 family residential 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"), minimum credit scores, and maximum debt to income. 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 HELOC: 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.

 

Multi-family and commercial 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 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 and Industrial: The commercial and industrial loan portfolio segment includes commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Also included in this category are PPP loans guaranteed by the SBA, which totaled $22.4 million at  September 30, 2021 and $51.4 million at June 30, 2021. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial and industrial 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 and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory 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: 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.

 

The adequacy of the allowance for loan losses is assessed at the end of each calendar quarter. The level of the allowance is based upon evaluation of the loan portfolio, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, current and anticipated economic conditions, historical loss experience, industry and peer bank loan quality indicators and other pertinent factors, including regulatory recommendations.

 

 

Transactions in the allowance for loan losses for the nine months ended September 30, 2021 and 2020 are summarized as follows:

 

   

(In Thousands)

 
    Residential 1-4 Family    

Multifamily

    Commercial Real Estate    

Construction

   

Farmland

    Second Mortgages     Equity Lines of Credit    

Commercial

    Agricultural, Installment and Other    

Total

 

September 30, 2021

                                                                               

Allowance for loan losses:

                                                                               

Beginning balance

  $ 8,098       1,541       16,802       7,936       154       105       997       1,378       1,528       38,539  

Provision

    635       (769 )     (609 )     1,793       (52 )     (15 )     53       (123 )     99       1,012  

Charge-offs

                      (23 )                       (3 )     (690 )     (716 )

Recoveries

    58                   47                         5       366       476  

Ending balance

  $ 8,791       772       16,193       9,753       102       90       1,050       1,257       1,303       39,311  

Ending balance individually evaluated for impairment

  $ -             18                                           18  

Ending balance collectively evaluated for impairment

  $ 8,791       772       16,175       9,753       102       90       1,050       1,257       1,303       39,293  

Loans:

                                                                               

Ending balance

  $ 634,543       57,193       848,166       578,206       10,149       7,660       88,348       130,144       71,833       2,426,242  

Ending balance individually evaluated for impairment

  $ 135             538                                           673  

Ending balance collectively evaluated for impairment

  $ 634,408       57,193       847,628       578,206       10,149       7,660       88,348       130,144       71,833       2,425,569  

 

    Residential 1-4 Family    

Multifamily

    Commercial Real Estate    

Construction

   

Farmland

    Second Mortgages     Equity Lines of Credit    

Commercial

    Agricultural, Installment and Other    

Total

 

September 30, 2020

                                                                               

Allowance for loan losses:

                                                                               

Beginning balance

  $ 7,144       1,117       11,114       5,997       187       123       889       1,044       1,111       28,726  

Provision

    820       528       3,865       513       (23 )     (27 )     58       200       697       6,631  

Charge-offs

                                        (7 )     (8 )     (714 )     (729 )

Recoveries

    17             300       54             19       41             382       813  

Ending balance

  $ 7,981       1,645       15,279       6,564       164       115       981       1,236       1,476       35,441  

Ending balance individually evaluated for impairment

  $ 612             156                                           768  

Ending balance collectively evaluated for impairment

  $ 7,369       1,645       15,123       6,564       164       115       981       1,236       1,476       34,673  

Loans:

                                                                               

Ending balance

  $ 531,485       123,650       846,521       430,599       16,422       9,239       77,492       189,655       72,041       2,297,104  

Ending balance individually evaluated for impairment

  $ 1,403             979                                           2,382  

Ending balance collectively evaluated for impairment

  $ 530,082       123,650       845,542       430,599       16,422       9,239       77,492       189,655       72,041       2,294,722  

 

Transactions in the allowance for loan losses for the three months ended September 30, 2021 and 2020 are summarized as follows:

 

   

(In Thousands)

 
   

Residential 1-4 Family

   

Multifamily

   

Commercial Real Estate

   

Construction

   

Farmland

   

Second Mortgages

   

Equity Lines of Credit

   

Commercial

   

Agricultural, Installment and Other

   

Total

 

September 30, 2021

                                                                               

Allowance for loan losses:

                                                                               

Beginning balance July, 1

  $ 8,447       1,188       16,395       9,234       119       93       1,048       1,279       1,511       39,314  

Provision

    334       (416 )     (202 )     501       (17 )     (3 )     2       (23 )     (46 )     130  

Charge-offs

                                                    (276 )     (276 )

Recoveries

    10                   18                         1       114       143  

Ending balance

  $ 8,791       772       16,193       9,753       102       90       1,050       1,257       1,303       39,311  

 

   

(In Thousands)

 
   

Residential 1-4 Family

   

Multifamily

   

Commercial Real Estate

   

Construction

   

Farmland

   

Second Mortgages

   

Equity Lines of Credit

   

Commercial

   

Agricultural, Installment and Other

   

Total

 

September 30, 2020

                                                                               

Allowance for loan losses:

                                                                               

Beginning balance July, 1

  $ 7,697       1,922       14,776       6,065       175       146       942       1,345       1,398       34,466  

Provision

    280       (277 )     503       478       (11 )     (31 )     39       (101 )     158       1,038  

Charge-offs

                                              (8 )     (218 )     (226 )

Recoveries

    4                   21                               138       163  

Ending balance

  $ 7,981       1,645       15,279       6,564       164       115       981       1,236       1,476       35,441  

 

 

Impaired Loans

 

At September 30, 2021, the Company had no impaired loans which were on non-accruing interest status. At  December 31, 2020, the Company had certain impaired loans of $1.3 million which were on non-accruing interest status. In each case, at the date such loans were placed on nonaccrual status, the Company reversed all previously accrued interest income against current year earnings. The rest of the Company's impaired loans as of such dates remained on accruing status. The following table presents the Company’s impaired loans at  September 30, 2021 and  December 31, 2020.

 

   

In Thousands

 
    Recorded Investment     Unpaid Principal Balance     Related Allowance     Average Recorded Investment     Interest Income Recognized  

September 30, 2021

                                       

With no related allowance recorded:

                                       

Residential 1-4 family

  $ 137       135             870       6  

Multifamily

                             

Commercial real estate

    369       368             248       11  

Construction

                             

Farmland

                             

Second mortgages

                             

Equity lines of credit

                             

Commercial

                             

Agricultural, installment and other

                             
    $ 506       503             1,118       17  

With related allowance recorded:

                                       

Residential 1-4 family

  $ -                   912        

Multifamily

                             

Commercial real estate

    171       170       18       508       7  

Construction

                             

Farmland

                             

Second mortgages

                             

Equity lines of credit

                             

Commercial

                             

Agricultural, installment and other

                             
    $ 171       170       18       1,420       7  

Total

                                       

Residential 1-4 family

  $ 137       135             1,782       6  

Multifamily

                             

Commercial real estate

    540       538       18       756       18  

Construction

                             

Farmland

                             

Second mortgages

                             

Equity lines of credit

                             

Commercial

                             

Agricultural, installment and other

                             
    $ 677       673       18       2,538       24  

 

 
   

In Thousands

 
    Recorded Investment     Unpaid Principal Balance     Related Allowance     Average Recorded Investment     Interest Income Recognized  

December 31, 2020

                                       

With no related allowance recorded:

                                       

Residential 1-4 family

  $ 1,162       1,507             395       26  

Multifamily

                             

Commercial real estate

    311       311             311        

Construction

                             

Farmland

                             

Second mortgages

                             

Equity lines of credit

                             

Commercial

                             

Agricultural, installment and other

                             
    $ 1,473       1,818             706       26  

With related allowance recorded:

                                       

Residential 1-4 family

  $ 1,242       1,240       594       1,273       66  

Multifamily

                             

Commercial real estate

    662