Wilson Bank Holding Company Reports $56.53 Million Net Earnings for 2024, 15.51% Increase

Wilson Bank Holding Company (WBHC) reported net earnings of $56.53 million for the year ended December 31, 2024, a 15.51% increase compared to $48.94 million in 2023. This increase stemmed from a rise in net interest income before provisions for credit losses and an increase in non-interest income, partially offset by higher non-interest expenses and increased provisions for credit losses. Total assets reached approximately $5.36 billion at the end of 2024, a 10.57% increase from 2023. The company's basic and diluted earnings per share were $4.79 and $4.78, respectively, in 2024.

Significant changes compared to the previous year included a 27.64% increase in total interest income, driven by higher loan balances and yields, and a 51.54% increase in interest expense due to higher deposit balances and rates. Non-interest income rose by 2.35%, primarily due to increases in brokerage income and service charges, while non-interest expenses increased by 7.40%, mainly due to higher salaries and employee benefits and data processing fees. The net interest margin remained at 3.30% in 2024, the same as in 2023.

Strategic developments included the November 12, 2024, agreement to acquire certain assets and assume liabilities of a branch office in Cookeville, Tennessee, estimated at approximately $17 million in assets and $30 million in liabilities. The company also plans to expand its Chattanooga loan production office into a full-service branch, opening in the first or second quarter of 2025. Additionally, WBHC's board authorized a $4 million share repurchase program in October 2024, extending through March 31, 2025, and an additional $8 million program commencing thereafter.

Key operational developments show that WBHC and its subsidiary, Wilson Bank & Trust, employed 596 full-time equivalent employees as of February 26, 2025. The bank operates 31 full-service banking offices across nine Tennessee counties, with plans to open another in Hamilton County. An employee engagement survey conducted in 2024 yielded an 88% engagement score and an 88% satisfaction rate, with an 88% retention rate. The bank also actively participates in community initiatives, including the We Believe Together giving program and the School Bank Program. The company's common stock is not traded on an exchange; the number of shareholders of record was 4,960 as of February 26, 2025.

The company acknowledges several risk factors, including interest rate risk, credit and lending risks, liquidity and capital risks, operational and market risks, and regulatory and compliance risks. These risks are detailed in the filing and include potential negative impacts from economic downturns, competition, regulatory changes, cybersecurity threats, and asset quality deterioration. The company's outlook anticipates continued growth, but also acknowledges potential challenges from economic uncertainty and regulatory changes, particularly concerning interest rates and loan demand.