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Wilson Bank Holding Co. (WBHC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $5.25 billion, an increase from $4.85 billion at the end of 2023. Loans, net of allowance for credit losses, totaled $3.94 billion, reflecting an 11.00% increase from December 31, 2023.
Deposits increased by $339.5 million, or 7.77%, to $4.71 billion as of September 30, 2024. The increase was attributed to growth in market share and strategic marketing efforts.
Net earnings for the nine months ended September 30, 2024, were $41.6 million, up from $37.7 million in the same period in 2023. The increase was primarily due to higher net interest income and non-interest income.
Net interest income for the nine months ended September 30, 2024, was $115.0 million, up from $103.6 million in the same period in 2023. The increase was driven by higher average interest-earning asset balances and yields.
The provision for credit losses for loans was $3.6 million for the nine months ended September 30, 2024, compared to $5.7 million in the same period in 2023. The allowance for credit losses was 1.20% of total loans at September 30, 2024.
Non-interest income for the nine months ended September 30, 2024, was $22.3 million, compared to $21.7 million in the same period in 2023. The increase was due to higher brokerage income and service charges on deposit accounts.
Non-interest expense increased to $80.6 million for the nine months ended September 30, 2024, from $73.9 million in the same period in 2023. The increase was primarily due to higher salaries and employee benefits.
The company maintained a total capital to assets ratio of 9.21% as of September 30, 2024, up from 8.86% at the end of 2023.
Wilson Bank Holding Co. announced a share repurchase program for up to $4.0 million of its outstanding common stock, effective through March 31, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wilson Bank Holding Co. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.