Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 28, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Registrant Name | WILSON BANK HOLDING COMPANY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Securities Act File Number | 0-20402 | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Tax Identification Number | 62-1497076 | ||
Entity Address, Address Line One | 623 West Main Street | ||
Entity Address, City or Town | Lebanon | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37087 | ||
City Area Code | 615 | ||
Local Phone Number | 444-2265 | ||
Title of 12(g) Security | Common Stock, $2.00 par value per share | ||
No Trading Symbol Flag | true | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Auditor Name | MAGGART & ASSOCIATES, P.C. | ||
Auditor Location | Nashville, Tennessee | ||
Auditor Firm ID | 763 | ||
Entity Public Float | $ 765,337,230 | ||
Entity Common Stock, Shares Outstanding | 11,776,963 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part of Form 10-K Documents from which portions are incorporated by reference Part II Portions of the Registrant’s Annual Report to Shareholders for the fiscal year ended December 31, 2023 are incorporated by reference into Items 1, 5, 7, 7A and 8. Part III Portions of the Registrant’s Proxy Statement to be filed relating to the Registrant’s Annual Meeting of Shareholders to be held on April 25, 2024 (the “2024 Annual Meeting of Shareholders”) are incorporated by reference into Items 10, 11, 12, 13 and 14. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000885275 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Loans, net of allowance for credit losses of $44,848 and $39,813, respectively | $ 3,550,675,000 | $ 3,113,796,000 |
Available-for-sale securities, at market (amortized cost $930,439 and $972,315, respectively) | 811,081,000 | 822,812,000 |
Loans held for sale | 2,294,000 | 3,355,000 |
Interest bearing deposits | 213,701,000 | 78,694,000 |
Federal funds sold | 10,159,000 | 308,000 |
Restricted equity securities, at cost | 3,436,000 | 4,357,000 |
Total earning assets | 4,591,346,000 | 4,023,322,000 |
Cash and due from banks | 28,775,000 | 25,787,000 |
Premises and equipment, net | 62,398,000 | 62,031,000 |
Accrued interest receivable | 15,197,000 | 11,397,000 |
Deferred income taxes | 45,473,000 | 51,323,000 |
Bank owned life insurance | 59,645,000 | 58,007,000 |
Goodwill | 4,805,000 | 4,805,000 |
Other assets | 38,837,000 | 48,978,000 |
Total assets | 4,846,476,000 | 4,285,650,000 |
Deposits: | ||
Noninterest-bearing | 389,725,000 | 414,905,000 |
Interest bearing | 3,977,381,000 | 3,477,800,000 |
Total deposits | 4,367,106,000 | 3,892,705,000 |
Accrued interest and other liabilities | 49,965,000 | 32,493,000 |
Total liabilities | 4,417,071,000 | 3,925,198,000 |
Stockholders' equity: | ||
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively | 23,373,000 | 22,944,000 |
Additional paid-in capital | 136,866,000 | 122,298,000 |
Retained earnings | 357,260,000 | 325,625,000 |
Noncontrolling interest in consolidated subsidiary | 69,000 | 15,000 |
Accumulated other comprehensive losses, net of taxes of $31,195 and $39,073, respectively | (88,163,000) | (110,430,000) |
Total shareholders' equity: | 429,405,000 | 360,452,000 |
Total liabilities and shareholders' equity | $ 4,846,476,000 | $ 4,285,650,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for credit losses | $ 44,848 | $ 39,813 | $ 39,632 | $ 38,539 |
Available-for-sale securities, amortized cost | $ 930,439 | $ 972,315 | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 | ||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||
Common stock, shares issued (in shares) | 11,686,363 | 11,472,181 | ||
Common stock, shares outstanding (in shares) | 11,686,363 | 11,472,181 | ||
Accumulated other comprehensive losses, taxes | $ 31,195 | $ 39,073 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 198,739,000 | $ 138,161,000 | $ 118,676,000 |
Interest and dividends on securities: | |||
Taxable securities | 17,597,000 | 15,902,000 | 8,922,000 |
Exempt from Federal income taxes | 1,574,000 | 1,392,000 | 1,229,000 |
Interest on loans held for sale | 244,000 | 264,000 | 438,000 |
Interest on Federal funds sold | 421,000 | 111,000 | 13,000 |
Interest on interest bearing deposits | 3,697,000 | 1,522,000 | 445,000 |
Interest and dividends on restricted equity securities | 311,000 | 188,000 | 118,000 |
Total interest income | 222,583,000 | 157,540,000 | 129,841,000 |
Interest expense: | |||
Interest on negotiable order of withdrawal accounts | 5,847,000 | 2,546,000 | 1,866,000 |
Interest on money market accounts and other savings accounts | 27,394,000 | 7,021,000 | 2,027,000 |
Interest on certificates of deposit and individual retirement accounts | 50,341,000 | 6,486,000 | 7,610,000 |
Interest on Federal funds purchased | 24,000 | 14,000 | 0 |
Interest on Federal Home Loan Bank advances | 2,000 | 0 | 133,000 |
Interest on finance leases | 71,000 | 66,000 | 0 |
Total interest expense | 83,679,000 | 16,133,000 | 11,636,000 |
Net interest income before provision for credit losses | 138,904,000 | 141,407,000 | 118,205,000 |
Provision for credit losses - loans | 6,300,000 | 8,656,000 | 1,143,000 |
Provision for credit losses - off-balance sheet exposures | (2,989,000) | (1,014,000) | 262,000 |
Net interest income after provision for credit losses | 135,593,000 | 133,765,000 | 116,800,000 |
Non-interest income | 28,289,000 | 27,281,000 | 32,850,000 |
Non-interest expense | 100,951,000 | 92,970,000 | 85,492,000 |
Earnings before income taxes | 62,931,000 | 68,076,000 | 64,158,000 |
Income taxes | 13,939,000 | 15,056,000 | 14,732,000 |
Net earnings | 48,992,000 | 53,020,000 | 49,426,000 |
Net loss (gain) attributable to noncontrolling interest | (54,000) | 22,000 | 0 |
Net earnings attributable to Wilson Bank Holding Company | $ 48,938,000 | $ 53,042,000 | $ 49,426,000 |
Basic earnings per common share | $ 4.21 | $ 4.66 | $ 4.44 |
Diluted earnings per common share | $ 4.2 | $ 4.65 | $ 4.43 |
Weighted average common shares outstanding, basic | 11,611,690 | 11,377,617 | 11,131,897 |
Weighted average common shares outstanding, diluted | 11,641,366 | 11,408,924 | 11,162,956 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net earnings | $ 48,992 | $ 53,020 | $ 49,426 |
Other comprehensive earnings (losses): | |||
Unrealized gains (losses) on available-for-sale securities | 29,136 | (142,573) | (18,223) |
Reclassification adjustment for net losses (gains) included in net earnings | 1,009 | 1,620 | (28) |
Tax effect | (7,878) | 36,838 | 4,771 |
Other comprehensive earnings (losses) | 22,267 | (104,115) | (13,480) |
Comprehensive earnings (losses) | 71,259 | (51,095) | 35,946 |
Comprehensive (earnings) losses attributable to noncontrolling interest | (54) | 22 | 0 |
Comprehensive earnings (losses) attributable to Wilson Bank Holding Company | $ 71,205 | $ (51,073) | $ 35,946 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | AOCI Attributable to Parent [Member] |
Balance at Dec. 31, 2020 | $ 380,121 | $ 21,987 | $ 93,034 | $ 257,935 | $ 7,165 | |||
Cash dividends declared | (14,909) | (14,909) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 11,188 | 373 | 10,815 | |||||
Issuance of shares of common stock pursuant to exercise of stock options | 862 | 43 | 819 | |||||
Share based compensation expense | 509 | 509 | ||||||
Net change in fair value of available-for-sale securities during the year, net of taxes | (13,480) | (13,480) | ||||||
Net earnings for the year | 49,426 | 49,426 | ||||||
Balance at Dec. 31, 2021 | 413,717 | $ 1,011 | 22,403 | 105,177 | 292,452 | $ 1,011 | (6,315) | |
Cash dividends declared | (20,880) | (20,880) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 16,117 | 501 | 15,616 | |||||
Issuance of shares of common stock pursuant to exercise of stock options | 635 | 39 | 596 | |||||
Share based compensation expense | 910 | 910 | ||||||
Net change in fair value of available-for-sale securities during the year, net of taxes | (104,115) | (104,115) | ||||||
Net earnings for the year | 53,020 | 53,042 | $ (22) | |||||
Vesting of restricted share awards | 1 | (1) | ||||||
Noncontrolling interest contribution | 37 | 37 | ||||||
Balance at Dec. 31, 2022 | 360,452 | 22,944 | 122,298 | 325,625 | 15 | (110,430) | ||
Cash dividends declared | (17,303) | (17,303) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 12,979 | 379 | 12,600 | |||||
Issuance of shares of common stock pursuant to exercise of stock options | 1,044 | 50 | 994 | |||||
Share based compensation expense | 974 | 974 | ||||||
Net change in fair value of available-for-sale securities during the year, net of taxes | 22,267 | 22,267 | ||||||
Net earnings for the year | 48,992 | 48,938 | 54 | |||||
Balance at Dec. 31, 2023 | $ 429,405 | $ 23,373 | $ 136,866 | $ 357,260 | $ 69 | $ (88,163) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash dividends declared, per share (in dollars per share) | $ 1.5 | $ 1.85 | $ 1.35 |
Issuance of shares of common stock pursuant to dividend reinvestment plan, shares (in shares) | 189,471 | 250,365 | 186,583 |
Issuance of shares of common stock, shares (in shares) | 24,711 | 19,687 | 21,517 |
Net change in fair value of available-for-sale securities during the period, taxes | $ (7,878) | $ 36,838 | $ 4,771 |
Vesting of restricted share awards, shares (in shares) | 625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Consolidated net income | $ 48,992,000 | $ 53,020,000 | $ 49,426,000 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Provision for credit losses | 3,311,000 | 7,642,000 | 1,405,000 |
Deferred income taxes provision | (2,029,000) | (2,051,000) | (932,000) |
Depreciation and amortization of premises and equipment | 4,313,000 | 4,462,000 | 4,235,000 |
Loss (gain) on disposal of premises and equipment | 55,000 | (291,000) | 43,000 |
Net amortization of securities | 2,879,000 | 4,003,000 | 5,377,000 |
Net realized losses (gains) on sales of securities | 1,009,000 | 1,620,000 | (28,000) |
Gains on mortgage loans sold, net | (2,635,000) | (2,973,000) | (9,997,000) |
Stock-based compensation expense | 1,948,000 | 1,864,000 | 1,428,000 |
Loss on other real estate | 0 | 0 | 15,000 |
Loss (gain) on sale of other assets | 10,000 | (8,000) | (6,000) |
Increase in value of life insurance and annuity contracts | (1,667,000) | (1,345,000) | (1,109,000) |
Mortgage loans originated for resale | (73,984,000) | (106,601,000) | (215,813,000) |
Proceeds from sale of mortgage loans | 77,680,000 | 118,062,000 | 233,441,000 |
Gain on lease modification | (1,463,000) | 0 | 0 |
Right of use asset amortization | 29,000 | 397,000 | 387,000 |
Change in | |||
Accrued interest receivable | (3,800,000) | (3,756,000) | (125,000) |
Other assets | 9,373,000 | 248,000 | (4,458,000) |
Accrued interest payable | 21,055,000 | 1,516,000 | (1,458,000) |
Other liabilities | 1,028,000 | (2,602,000) | (383,000) |
TOTAL ADJUSTMENTS | 37,112,000 | 20,187,000 | 12,022,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 86,104,000 | 73,207,000 | 61,448,000 |
INVESTING ACTIVITIES | |||
Purchases | (51,116,000) | (200,075,000) | (530,155,000) |
Sales | 32,740,000 | 42,728,000 | 39,652,000 |
Maturities, prepayments and calls | 56,364,000 | 85,544,000 | 149,861,000 |
Redemptions of restricted equity securities | 921,000 | 732,000 | 0 |
Net increase in loans | (442,452,000) | (673,871,000) | (164,095,000) |
Purchase of buildings, leasehold improvements, and equipment | (4,643,000) | (5,022,000) | (8,922,000) |
Proceeds from sale of premises and equipment | 0 | 1,758,000 | 0 |
Proceeds from sale of other assets | 49,000 | 34,000 | 109,000 |
Proceeds from Sale of Other Real Estate | 0 | 0 | 167,000 |
Purchase of life insurance and annuity contracts | 0 | (10,978,000) | (15,079,000) |
Redemption of annuity contracts | 419,000 | 248,000 | 0 |
Increase in other investments | 0 | 0 | (2,000,000) |
NET CASH USED IN INVESTING ACTIVITIES | (407,718,000) | (758,902,000) | (530,462,000) |
FINANCING ACTIVITIES | |||
Net change in deposits - non-maturing | (324,417,000) | 163,933,000 | 612,696,000 |
Net change in deposits - time | 798,818,000 | 173,701,000 | (18,220,000) |
Net change in Federal Home Loan Bank Advances | 0 | 0 | (3,638,000) |
Change in escrow balances | (1,631,000) | 3,549,000 | (4,403,000) |
Repayment of finance lease obligation | (30,000) | (26,000) | 0 |
Noncontrolling interest contributions | 0 | 37,000 | 0 |
Issuance of common stock related to exercise of stock options | 1,044,000 | 635,000 | 862,000 |
Issuance of common stock pursuant to dividend reinvestment plan | 12,979,000 | 16,117,000 | 11,188,000 |
Cash dividends paid on common stock | (17,303,000) | (20,880,000) | (14,909,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 469,460,000 | 337,066,000 | 583,576,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 147,846,000 | (348,629,000) | 114,562,000 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 104,789,000 | 453,418,000 | 338,856,000 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 252,635,000 | 104,789,000 | 453,418,000 |
Supplemental disclosure of cash flow information: | |||
Interest | 62,624,000 | 14,617,000 | 12,106,000 |
Taxes | 16,511,000 | 19,446,000 | 16,827,000 |
Non-cash investing and financing activities: | |||
Change in fair value of securities available-for-sale, net of taxes of $(7,878) in 2023, $36,838 in 2022, and $4,771 in 2021, | 22,267,000 | (104,115,000) | (13,480,000) |
Non-cash transfers from loans to other real estate | 0 | 0 | 182,000 |
Non-cash transfers from loans to other assets | $ 0 | $ 0 | $ 129,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrealized gain in value of securities available-for-sale, taxes | $ (7,878) | $ 36,838 | $ 4,771 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||||||
Net Income (Loss) | $ 11,222 | $ 11,486 | $ 12,389 | $ 13,841 | $ 12,340 | $ 15,190 | $ 14,139 | $ 11,373 | $ 13,801 | $ 13,342 | $ 11,139 | $ 11,144 | $ 48,938 | $ 53,042 | $ 49,426 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies The accounting and reporting policies of Wilson Bank Holding Company (“the Company”) and its wholly owned subsidiary, Wilson Bank & Trust (“Wilson Bank” or "the Bank"), are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to general practices within the banking industry. The following is a brief summary of the significant policies. (a) Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, Wilson Bank, and Wilson Bank's 51 % owned subsidiary, Encompass Home Lending, LLC ("Encompass"). On June 1, 2022 , the Bank began operations with a newly-formed joint venture, Encompass Home Lending, LLC. Encompass offers residential mortgage banking services to customers of certain home builders in the Company's markets. All significant intercompany accounts and transactions have been eliminated in consolidation. (b) Nature of Operations Wilson Bank operates under a state bank charter and provides full banking services. As a Tennessee state-chartered bank that is not a member of the Federal Reserve, Wilson Bank is subject to regulations of the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation (“FDIC”). The areas served by Wilson Bank include Wilson County, DeKalb County, Rutherford County, Smith County, Trousdale County, Putnam County, Sumner County, Hamilton County, Davidson County and Williamson County, Tennessee and surrounding counties in Middle Tennessee. As of December 31, 2023 , services were provided at the main office, twenty-nine branch locations and one loan production office. In January 2024, Wilson Bank closed one of its branch locations. (c) Use of Estimates In preparing consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and 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 relate to the determination of the allowance for credit losses - loans and off-balance sheet credit exposures, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, the valuation of other real estate (if any), and the fair value of financial instruments. (d) Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Middle Tennessee. The types of securities in which the Company invests are described in note 3. The types of lending in which the Company engages are described in note 2. The Company does not have any significant concentrations to any one industry or customer other than as disclosed in note 2. (e) Loans The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans throughout Middle Tennessee. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for credit losses, and any unamortized deferred fees or costs on originated loans, and premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized on a straight line basis over the respective term of the loan. As part of its routine credit monitoring process, the Company performs regular credit reviews of the loan portfolio and loans receive risk ratings by the assigned credit officer, which are subject to validation by the Company's independent loan review department. Risk ratings are categorized as pass, special mention, substandard or doubtful. The Company believes that its categories follow those outlined by the FDIC, Wilson Bank's primary federal regulator. Generally the accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than when they become 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. (f) Allowance for Credit Losses - Loans On January 1, 2022 , the Company adopted Accounting Standards Update (“ASU”) 2016-13 , “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as subsequently updated for certain clarifications, targeted relief and codification improvements. Accounting Standards Codification (“ASC”) Topic 326 (“ASC 326”) replaces the previous “incurred loss” model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The new current expected credit loss (“CECL”) model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance-sheet credit exposures based on historical experience, current conditions, and reasonable and supportable forecasts. ASC 326 also 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, ASC 326 includes certain changes to the accounting for available-for-sale securities including the requirement to present credit losses as an allowance rather than as a direct write-down for available-for-sale securities management does not intend to sell or believes that it is more likely than not they will not be required to sell. Effective January 1, 2022, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off- balance-sheet credit exposures. Upon adoption, the Company recognized an after-tax cumulative effect increase to retained earnings totaling $ 1.0 million. Operating results for periods after January 1, 2022 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described below. In connection with the adoption of ASC 326 , the Company revised certain accounting policies and implemented certain accounting policy elections. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 2 - Loans and Allowance for Credit Losses. (g) Allowance for Loan Losses (Allowance) Prior to the Adoption of FASB ASC 326 on January 1, 2022 , which introduced the CECL methodology for credit losses, the allowance for loan losses was composed of the result of two independent analyses pursuant to the provisions of ASC 450-20, Loss Contingencies and ASC 310-10-35, Receivables. The ASC 450-20 analysis was intended to quantify the inherent risks in the performing loan portfolio. The ASC 310-10-35 analysis included a loan-by-loan analysis of impaired loans, primarily consisting of loans reported as nonaccrual or troubled-debt restructurings. The allowance allocation began with a process of estimating the probable losses in each of the twelve loan segments. The estimates for these loans were based on our historical loss data for that category over twenty quarters. Each segment was then analyzed such that an allocation of the allowance was estimated for each loan segment. The estimated loan loss allocation for all twelve loan portfolio segments was then adjusted for several “environmental” factors. The allocation for environmental factors was particularly subjective and did not lend itself to exact mathematical calculation. This amount represented estimated probable inherent credit losses which existed, but had not yet been identified, as of the balance sheet date, and were based upon quarterly trend assessments in delinquent and nonaccrual loans, unanticipated charge-offs, credit concentration changes, prevailing economic conditions, changes in lending personnel experience, changes in lending policies, increase in interest rates, or procedures and other influencing factors. These environmental factors were considered for each of the twelve loan segments and the allowance allocation, as determined by the processes noted above for each component, was increased or decreased through provision expense based on the incremental assessment of those various environmental factors. We then tested the resulting allowance by comparing the balance in the allowance to industry and peer information. Our management then evaluated the result of the procedures performed, including the result of our testing, and concluded on the appropriateness of the balance of the allowance in its entirety. The board of directors reviewed and approved the assessment prior to the filing of quarterly and annual financial information. A loan was impaired when, based on current information and events, it was probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement. Collection of all amounts due according to the contractual terms means that both the interest and principal payments of a loan would be collected as scheduled in the loan agreement. An impairment allowance was recognized if the fair value of the loan was less than the recorded investment in the loan (recorded investment in the loan was the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). The impairment was recognized through the allowance. Loans that were impaired were recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan was collateral dependent, impairment measurement was based on the fair value of the collateral, less estimated disposal costs. If the measure of the impaired loan was less than the recorded investment in the loan, the Company recognized an impairment by creating a valuation allowance with a corresponding charge to the provision for loan losses or by adjusting an existing valuation allowance for the impaired loan with a corresponding charge or credit to the provision for loan losses. Management believes it followed appropriate accounting and regulatory guidance in determining impairment and accrual status of impaired loans. (h) Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The allowance for credit losses on off-balance sheet credit exposures is a liability account, calculated in accordance with ASC 326 , representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance is reported as a component of accrued interest and other liabilities in the Company's consolidated balance sheets. Adjustments to the allowance are reported in the Company's income statement as a component of provision for credit losses - off-balance sheet exposures. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in note 1 - Summary of Significant Accounting Policies, letter (f) Allowance for Credit Losses - Loans as if such commitments were funded. (i) Debt Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, including equity securities with readily determinable fair values, are classified as “available-for-sale” and recorded at fair value based on available market prices, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss) on an after-tax basis. Securities classified as “available- for-sale” are held for indefinite periods of time and may be sold in response to movements in market interest rates, changes in the maturity or mix of Company assets and liabilities or demand for liquidity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal and interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. No securities have been classified as trading securities or held-to-maturity securities at December 31, 2023 or 2022 . (j) Allowance for Credit Losses - Securities Available-for-Sale For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is written down to fair value through net income. If neither criteria is met, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income. (k) Equity Securities Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. (l) Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (m) Federal Home Loan Bank (FHLB) Stock The Company is a member of the FHLB system. Members are required to own a certain amount of stock in the FHLB based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. (n) Loans Held for Sale Mortgage loans held for sale are carried at fair value. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. (o) Premises and Equipmen t Premises and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the related assets ranging from 3 to 40 years . Gains or losses realized on items retired and otherwise disposed of are credited or charged to operations and cost and related accumulated depreciation are removed from the asset and accumulated depreciation accounts. Expenditures for major renovations and improvements of premises and equipment are capitalized and those for maintenance and repairs are charged to earnings as incurred. (p) Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the estimated cost to sell at the date the Company acquires the property, establishing a new cost basis. Subsequent to their acquisition by the Company, valuations of these assets are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance [i.e. any direct write-downs] are included within non-interest expense. (q) Goodwill and Other Intangible Assets Goodwill arises from business combinations and is determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected September 30th as the date to perform the annual impairment test. No impairment was determined as a result of the test performed by the Company on September 30, 2023 . Intangible assets with finite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. (r) Leases Leases are classified as operating or finance leases at the lease commencement date. The Company leases certain locations and equipment. The Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). At lease inception, the Company determines the lease term by considering the minimum lease term and all optional renewal periods that the Company is reasonably certain to renew. The lease term is also used to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals if they are reasonably certain to be renewed. The Company’s leases do not contain residual value guarantees or material variable lease payments that will impact the Company’s ability to pay dividends or cause the Company to incur additional expenses. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line bases, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Rent expense and variable lease expense are included in occupancy and equipment expense on the Company’s consolidated statements of earnings. The Company’s variable lease expense include rent escalators that are based on market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. The amortization of the right-of- use asset arising from finance leases is expensed through occupancy and equipment expense and the interest on the related lease liability is expenses through interest expense on borrowings on the Company’s consolidated statements of earnings. (s) Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported within non-interest income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as mortgage servicing income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against servicing fee income. Servicing fees totaled $ 9,000 for the year ended December 31, 2023 . Late fees and ancillary fees related to loan servicing are not significant. (t) Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, interest-bearing deposits with maturities fewer than 90 days, amounts due from banks and Federal funds sold. Generally, Federal funds sold are purchased and sold for one day periods. Management makes deposits only with financial institutions it believes to be financially sound. (u) Long-Term Assets Premises and equipment, intangible assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. (v) Bank Owned Life Insurance The Bank has purchased life insurance policies on certain current and former key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. (w) Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (FASB ASC 740, Income Taxes ). The Company follows accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term "more-likely-than-not" means a likelihood of more than 50 percent. The terms "examined" and "upon examination" also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The Company recognizes interest and penalties on income taxes as a component of income tax expense. (x) Derivatives Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of mortgage loans. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converts the fixed interest rates to SOFR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the maturity dates of the hedged loans. (y) Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, “ Compensation—Stock Compensation” ) requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share awards, restricted share unit awards, performance-based awards, cash-settled stock appreciation rights (SARs), and employee share purchase plans. Because cash-settled SARs do not give the grantee the choice of receiving stock, all cash-settled SARs are accounted for as liabilities, not equity, as expense is accrued over the requisite service period. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options and cash-settled SARs. (z) Retirement Plans Employee 401(k) and profit sharing plan expense is the amount of matching contributions and profit sharing contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (aa) Advertising Costs Advertising costs are expensed as incurred by the Company and totaled $ 3,714,000 , $ 3,455,000 and $ 2,736,000 for 2023, 2022 and 2021 , respectively. (bb) Earnings Per Share Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, restricted share units, and performance share units and are determined using the treasury stock method. (cc) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of taxes, which are also recognized as separate components of equity. (dd) Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. (ee) Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. (ff) Segment Reporting Management analyzes the operations of the Company assuming one operating segment, community lending services. (gg) Fair Value of Financial In |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | (2) Loans and Allowance for Credit Losses Loans are reported at their outstanding principal balances less unearned income, the allowance for credit 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. 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 classification of loans at December 31, 2023 and 2022 is as follows: In Thousands 2023 2022 Residential 1-4 family real estate $ 959,218 $ 854,970 Commercial and multi-family real estate 1,313,284 1,064,297 Construction, land development and farmland 901,336 879,528 Commercial, industrial and agricultural 127,659 124,603 1-4 family equity lines of credit 202,731 151,032 Consumer and other 104,373 93,332 Total loans before net deferred loan fees 3,608,601 3,167,762 Net deferred loan fees ( 13,078 ) ( 14,153 ) Total loans 3,595,523 3,153,609 Less: Allowance for credit losses ( 44,848 ) ( 39,813 ) Net loans $ 3,550,675 3,113,796 At December 31, 2023, variable rate and fixed rate loans totaled $ 2,977,918,000 and $ 630,683,000 , respectively. At December 31, 2022 , variable rate and fixed rate loans totaled $ 2,546,325,000 and $ 621,437,000 , respectively. Risk characteristics relevant to each portfolio segment are as follows: Construction, land development and farmland: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). 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 repayment 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. Residential 1-4 family real estate: Residential real estate loans represent loans to consumers or investors to finance a residence. These loans are typically financed on 15 to 30 year amortization terms, but generally with shorter maturities of 5 to 15 years . Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value (LTV), 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 equity lines of credit: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV, 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. Because of the revolving nature of these loans, as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans. Commercial and multi-family real estate: Commercial and multi-family real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans (which are discussed below), 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. 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, if any, provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans, if any, 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 on secured consumer loans, minimum credit scores, and maximum debt to income levels. 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 following tables present the Company’s nonaccrual loans, certain credit quality indicators and past due loans as of December 31, 2023 and 2022. Loans on Nonaccrual Status In Thousands 2023 2022 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — 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. At December 31, 2023 and December 31, 2022 the Company had no collateral dependent loans that were on non-accruing interest status. Accordingly, there was no impact on net interest income given the lack of these types of loans for the years ended December 31, 2023, December 31, 2022, and December 31, 2021. Potential problem loans, which include nonperforming loans, amounted to approximately $ 5.9 million at December 31, 2023 compared to $ 6.4 million at December 31, 2022. Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have serious doubts about the borrower’s ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by the FDIC, Wilson Bank’s primary federal regulator, for loans classified as special mention, substandard, or doubtful, excluding the impact of nonperforming loans. The following table presents our loan balances by primary loan classification and the amount classified within each risk rating category. Pass rated loans include all credits other than those included in special mention, substandard and doubtful which are defined as follows: • Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. • Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Doubtful loans have all the characteristics of substandard loans with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Company considers all doubtful loans to be collateral dependent and places the loans on nonaccrual status. Credit Quality Indicators The following table presents loan balances classified within each risk rating category by primary loan type and based on year of origination as well as current period gross charge-offs by primary loan type and based on year of origination as of December 31, 2023. In Thousands Revolving 2023 2022 2021 2020 2019 Prior Loans Total December 31, 2023 Residential 1-4 family real estate: Pass $ 165,655 297,535 239,035 89,563 56,092 90,119 16,585 954,584 Special mention 76 859 225 876 137 1,558 — 3,731 Substandard — — — — 128 775 — 903 Total Residential 1-4 family real estate $ 165,731 298,394 239,260 90,439 56,357 92,452 16,585 959,218 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — — — — Commercial and multi-family real estate: Pass $ 103,050 321,767 378,418 143,178 91,640 217,645 57,320 1,313,018 Special mention — — 155 — — 31 — 186 Substandard — — — — — 80 — 80 Total Commercial and multi-family real estate $ 103,050 321,767 378,573 143,178 91,640 217,756 57,320 1,313,284 Commercial and multi-family real estate: Current-period gross charge-offs $ — — — — — — — — Construction, land development and farmland: Pass $ 231,337 306,056 99,456 26,710 7,586 10,141 219,999 901,285 Special mention — — — — — 51 — 51 Substandard — — — — — — — — Total Construction, land development and farmland $ 231,337 306,056 99,456 26,710 7,586 10,192 219,999 901,336 Construction, land development and farmland: Current-period gross charge-offs $ — — — — — — — — Commercial, industrial and agricultural: Pass $ 16,811 34,507 7,460 12,272 17,066 7,593 31,832 127,541 Special mention 93 7 6 — — — 12 118 Substandard — — — — — — — — Total Commercial, industrial and agricultural $ 16,904 34,514 7,466 12,272 17,066 7,593 31,844 127,659 Commercial, industrial and agricultural: Current-period gross charge-offs $ — 30 — — — — — 30 1-4 family equity lines of credit: Pass $ — — — — — — 202,189 202,189 Special mention — — — — — — 404 404 Substandard — — — — — — 138 138 Total 1-4 family equity lines of credit $ — — — — — — 202,731 202,731 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other: Pass $ 27,998 15,511 5,331 14,497 4,728 6,381 29,638 104,084 Special mention 4 52 57 7 — — — 120 Substandard 51 106 — 11 — 1 — 169 Total Consumer and other $ 28,053 15,669 5,388 14,515 4,728 6,382 29,638 104,373 Consumer and other: Current-period gross charge-offs $ 1,843 213 98 22 — — 151 2,328 The following table presents loan balances classified within each risk rating category based on year of origination as of December 31, 2023. In Thousands 2023 2022 2021 2020 2019 Prior Revolving Loans Total December 31, 2023 Pass $ 544,851 975,376 729,700 286,220 177,112 331,879 557,563 3,602,701 Special mention 173 918 443 883 137 1,640 416 4,610 Substandard 51 106 — 11 128 856 138 1,290 Total $ 545,075 976,400 730,143 287,114 177,377 334,375 558,117 3,608,601 T he following table presents loan balances classified within each risk rating category by primary loan type and based on year of origination as well as current period gross charge-offs by primary loan type and based on year of origination as of December 31, 2022. In Thousands 2022 2021 2020 2019 2018 Prior Revolving Loans Total December 31, 2022 Residential 1-4 family real estate: Pass $ 290,315 262,690 106,107 61,984 29,526 81,229 17,751 849,602 Special mention 245 300 885 62 115 1,955 349 3,911 Substandard — — — 131 — 1,326 — 1,457 Total Residential 1-4 family real $ 290,560 262,990 106,992 62,177 29,641 84,510 18,100 854,970 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — 8 — 8 Commercial and multi-family real Pass $ 271,403 246,265 161,326 107,908 74,494 166,267 36,342 1,064,005 Special mention — — 162 — — 40 — 202 Substandard — — — — — 90 — 90 Total Commercial and multi- $ 271,403 246,265 161,488 107,908 74,494 166,397 36,342 1,064,297 Commercial and multi-family real Current-period gross charge-offs $ — — — — — — — — Construction, land development Pass $ 364,681 237,051 90,341 9,648 5,212 9,445 163,076 879,454 Special mention — — — — — 60 — 60 Substandard — — — — — 14 — 14 Total Construction, land $ 364,681 237,051 90,341 9,648 5,212 9,519 163,076 879,528 Construction, land development Current-period gross charge-offs $ — — — — — 1 — 1 Commercial, industrial and Pass $ 39,222 10,812 15,743 20,441 5,062 4,641 28,567 124,488 Special mention 7 44 17 — — 47 — 115 Substandard — — — — — — — — Total Commercial, industrial and $ 39,229 10,856 15,760 20,441 5,062 4,688 28,567 124,603 Commercial, industrial and Current-period gross charge-offs $ 21 — — — — — — 21 1-4 family equity lines of credit: Pass $ — — — — — — 150,849 150,849 Special mention — — — — — — 67 67 Substandard — — — — — — 116 116 Total 1-4 family equity lines of $ — — — — — — 151,032 151,032 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other: Pass $ 28,487 11,163 18,075 5,995 345 6,757 22,166 92,988 Special mention 74 130 20 2 — — — 226 Substandard 74 19 13 — 11 1 — 118 Total Consumer and other $ 28,635 11,312 18,108 5,997 356 6,758 22,166 93,332 Consumer and other: Current-period gross charge-offs $ 66 74 41 1 — — 1,345 1,527 The following table presents loan balances classified within each risk rating category based on year of origination as of December 31, 2022. In Thousands 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Pass $ 994,108 767,981 391,592 205,976 114,639 268,339 418,751 3,161,386 Special mention 326 474 1,084 64 115 2,102 416 4,581 Substandard 74 19 13 131 11 1,431 116 1,795 Total $ 994,508 768,474 392,689 206,171 114,765 271,872 419,283 3,167,762 Age Analysis of Past Due Loans In Thousands 30-59 Days Past Due 60-89 Days Past Due Nonaccrual and Greater Than 89 Days Total Nonaccrual and Past Due Current Total Loans Recorded Investment Greater Than 89 Days and Accruing December 31, 2023 Residential 1-4 family real estate $ 1,544 552 1,178 3,274 955,944 959,218 $ 1,178 Commercial and multi-family real estate 5,846 — — 5,846 1,307,438 1,313,284 — Construction, land development and farmland 2,959 1 — 2,960 898,376 901,336 — Commercial, industrial and agricultural 52 — 7 59 127,600 127,659 7 1-4 family equity lines of credit 571 209 106 886 201,845 202,731 106 Consumer and other 350 78 118 546 103,827 104,373 118 Total $ 11,322 840 1,409 13,571 3,595,030 3,608,601 $ 1,409 December 31, 2022 Residential 1-4 family real estate $ 2,046 1,080 426 3,552 851,418 854,970 $ 426 Commercial and multi-family real estate 397 1,626 400 2,423 1,061,874 1,064,297 400 Construction, land development and farmland 591 — — 591 878,937 879,528 — Commercial, industrial and agricultural 49 62 — 111 124,492 124,603 — 1-4 family equity lines of credit 74 77 — 151 150,881 151,032 — Consumer and other 403 184 43 630 92,702 93,332 43 Total $ 3,560 3,029 869 7,458 3,160,304 3,167,762 $ 869 Allowance for Credit Losses ("ACL") - Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Expected credit losses for collateral dependent loans, including loans where the borrower is experiencing financial difficulty but foreclosure is not probable, are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. Together, the probability of default and loss given default models with the use of reasonable and supportable forecasts generate estimates for cash flows expected and not expected to be collected over the estimated life of a loan. Estimates of future expected cash flows ultimately reflect assumptions made concerning net credit losses over the life of a loan. The use of reasonable and supportable forecasts requires significant judgment. Management leverages economic projections from reputable and independent third parties to inform and provide its reasonable and supportable economic forecasts. The Company’s model reverts to a straight line basis for purposes of estimating cash flows beyond a period deemed reasonable and supportable. The Company forecasts probability of default and loss given default based on economic forecast scenarios over an eight quarter time period before reverting to a straight line basis for a four quarter time period. The duration of the forecast horizon, the period over which forecasts revert to a straight line basis, the economic forecasts that management utilizes, as well as additional internal and external indicators of economic forecasts that management considers, may change over time depending on the nature and composition of our loan portfolio. Changes in economic forecasts, in conjunction with changes in loan specific attributes, impact a loan’s probability of default and loss given default, which can drive changes in the determination of the ACL. Expectations of future cash flows are discounted at the loan’s effective interest rate. The resulting ACL represents the amount by which the loan’s amortized cost exceeds the net present value of a loan’s discounted cash flows expected to be collected. The ACL is recorded through a charge to provision for credit losses and is reduced by charge-offs, net of recoveries on loans previously charged-off. It is the Company’s policy to charge-off loan balances at the time they have been deemed uncollectible. For segments where the discounted cash flow methodology is not used, a remaining life methodology is utilized. The remaining life method uses an average annual charge-off rate applied to the contractual term, further adjusted for estimated prepayments to determine the unadjusted historical charge-off rate for the remaining balance of assets. The estimated credit losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon the following: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. 2. Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. 3. Changes in the nature and volume of the portfolio and in the terms of loans. 4. Changes in the experience, ability, and depth of lending management and other relevant staff. 5. Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans. 6. Changes in the quality of the Company's loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentrations of credit, and changes in the level of such concentrations. 9. The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s existing portfolio. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $500,000 which have experienced significant credit deterioration. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral, less selling costs. For loans for which foreclosure is not probable, but for which repayment is expected to be provided substantially through the operation or sale of the collateral, the Company has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of collateral, with selling costs considered in the event sale of the collateral is expected. Loans greater than $100,000 for which terms have been modified either through principal forgiveness, payment delay, term extension, or interest rate reduction are evaluated using these same individual evaluation methods. In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company's ongoing independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. The Company incorporates relevant loan review results in the allowance. In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for prepayments and curtailment. The contractual term excludes expected extensions, renewals and modifications. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding and deferred loan fees and costs. While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond management's control, including the performance of the loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. Transactions in the allowance for credit losses for the years ended December 31, 2023 and 2022 are summarized as follows: In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2023 Allowance for credit losses - loans: Beginning balance $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 Provision 1,435 2,123 702 125 639 1,276 6,300 Charge-offs — — — ( 30 ) — ( 2,328 ) ( 2,358 ) Recoveries 20 — 20 1 — 1,052 1,093 Ending balance $ 8,765 17,422 14,027 1,533 1,809 1,292 44,848 In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2022 Allowance for credit losses - loans: Beginning balance $ 9,242 16,846 9,757 1,329 1098 1,360 39,632 Impact of adopting ASC 326 ( 3,393 ) ( 3,433 ) ( 266 ) 219 ( 324 ) ( 367 ) ( 7,564 ) Provision 1,353 1,886 3,795 ( 117 ) 396 1,343 8,656 Charge-offs ( 8 ) — ( 1 ) ( 21 ) — ( 1,527 ) ( 1,557 ) Recoveries 116 — 20 27 — 483 646 Ending balance $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 The following tables detail the allowance for loan losses and recorded investment in loans by loan classification and by impairment evaluation method as of December 31, 2021, as determined in accordance with ASC 310 prior to the adoption of ASC 326 : In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2021 Allowance for loan losses: Beginning balance $ 8,203 18,343 8,090 1,391 997 1,515 38,539 Provision 971 ( 1,497 ) 1,296 ( 35 ) 101 307 1,143 Charge-offs — — ( 23 ) ( 33 ) — ( 992 ) ( 1,048 ) Recoveries 68 — 394 6 — 530 998 Ending balance $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Ending balance individually evaluated for impairment — — — — — — — Ending balance collectively evaluated for impairment $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Loans: Ending balance $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 Ending balance individually evaluated for impairment $ 134 531 — — — — 665 Ending balance collectively evaluated for impairment $ 689,445 908,142 612,659 118,155 92,229 74,643 2,495,273 The following tables present the amortized cost basis of collateral dependent loans at December 31, 2023 and December 31, 2022 which are individually evaluated to determine expected credit losses: In Thousands Real Estate Other Total December 31, 2023 Residential 1-4 family real estate $ 1,949 — 1,949 Commercial and multi-family real estate 2,889 — 2,889 Construction, land development |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | (3) Debt Securities Debt securities have been classified in the consolidated balance sheet according to management’s intent. Debt securities at December 31, 2023 consist of the following: Securities Available-For-Sale In Thousands Gross Unrealized Gross Unrealized Fair Amortized Cost Gains Losses Value U.S. Treasury and other U.S. government agencies $ 4,901 — 472 4,429 U.S. Government-sponsored enterprises (GSEs) 167,738 — 23,570 144,168 Mortgage-backed securities 480,759 230 63,959 417,030 Asset-backed securities 51,183 193 1,403 49,973 Corporate bonds 2,500 — 77 2,423 Obligations of states and political subdivisions 223,358 397 30,697 193,058 $ 930,439 820 120,178 811,081 The Company’s classification of securities at December 31, 2022 was as follows: Securities Available-For-Sale In Thousands Gross Unrealized Gross Unrealized Fair Amortized Cost Gains Losses Value U.S. Treasury and other U.S. government agencies $ 7,353 — 856 6,497 U.S. Government-sponsored enterprises (GSEs) 177,261 — 32,049 145,212 Mortgage-backed securities 518,727 1 74,290 444,438 Asset-backed securities 47,538 — 2,288 45,250 Corporate bonds 2,500 — 97 2,403 Obligations of states and political subdivisions 218,936 — 39,924 179,012 $ 972,315 1 149,504 822,812 As of December 31, 2023 , there was no allowance for credit losses on available-for-sale securities. Included in mortgage-backed securities are collateralized mortgage obligations totaling $ 145,179,000 (fair value of $ 124,005,000 ) and $ 148,460,000 (fair value of $ 126,190,000 ) at December 31, 2023 and 2022, respectively. The amortized cost and estimated market value of debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities of mortgage and asset-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In Thousands Securities Available-For-Sale Amortized Cost Fair Value Due in one year or less $ 308 302 Due after one year through five years 99,749 90,059 Due after five years through ten years 279,313 243,984 Due after ten years 551,069 476,736 $ 930,439 811,081 Results from sales of debt securities are as follows: In Thousands 2023 2022 2021 Gross proceeds $ 32,740 42,728 39,652 Gross realized gains $ 17 — 137 Gross realized losses ( 1,026 ) ( 1,620 ) ( 109 ) Net realized gains (losses) $ ( 1,009 ) ( 1,620 ) 28 Securities carried on the balance sheet of approximately $ 500,046,000 (approximate market value of $ 429,705,000 ) and $ 477,051,000 (approximate market value of $ 405,043,000 ) were pledged to secure public deposits and for other purposes as required or permitted by law at December 31, 2023 and 2022, respectively. At December 31, 2023, there were no holdings of securities of any one issuer, other than U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity. Included in the securities above are $ 116,000,000 (approximate market value of $ 99,000,000 ) and $ 111,505,000 (approximate market value of $ 90,008,000 ) at December 31, 2023 and 2022, respectively, in obligations of political subdivisions located within the states of Tennessee, Alabama, and Texas. The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023 and 2022. In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total Number of Number of Unrealized Securities Unrealized Securities Unrealized 2023 Fair Value Losses Included Fair Value Losses Included Fair Value Losses Available-for-Sale Securities: Debt securities: U.S. Treasury and other U.S. government agencies $ — $ — — $ 4,429 $ 472 2 $ 4,429 $ 472 U.S. Government-sponsored enterprises (GSEs) — — — 144,169 23,569 55 144,169 23,569 Mortgage-backed securities 8,889 63 7 390,557 63,897 221 399,446 63,960 Asset-backed securities 2,500 44 1 30,666 1,359 26 33,166 1,403 Corporate bonds — — — 2,423 77 1 2,423 77 Obligations of states and political subdivisions 5,375 14 2 171,157 30,683 193 176,532 30,697 $ 16,764 $ 121 10 $ 743,401 $ 120,057 498 $ 760,165 $ 120,178 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total Number of Number of Unrealized Securities Unrealized Securities Unrealized 2022 Fair Value Losses Included Fair Value Losses Included Fair Value Losses Available-for-Sale Securities: Debt securities: U.S. Treasury and other U.S. government agencies $ — $ — — $ 6,497 $ 856 — $ 6,497 $ 856 U.S. Government-sponsored enterprises (GSEs) 9,747 872 4 135,465 31,177 54 145,212 32,049 Mortgage-backed securities 148,441 14,601 113 295,431 59,689 136 443,872 74,290 Asset-backed securities 35,276 1,607 21 9,974 681 11 45,250 2,288 Corporate bonds 2,403 97 1 — — — 2,403 97 Obligations of states and political subdivisions 58,567 6,056 76 120,445 33,868 128 179,012 39,924 $ 254,434 $ 23,233 215 $ 567,812 $ 126,271 332 $ 822,246 $ 149,504 The applicable date for determining when securities are in an unrealized loss position is December 31, 2023 and 2022. As such, it is possible that a security had a market value less than its amortized cost on other days during the twelve-month periods ended December 31, 2023 and 2022, but is not in the "Investments with an Unrealized Loss of less than 12 months" category above. As shown in the tables above, at December 31, 2023 and 2022, the Company had unrealized losses of $ 120.2 million and $ 149.5 million on $ 760.2 million and $ 822.2 million, respectively, of securities in an unrealized loss position at those dates. As described in Note 1. Summary of Significant Accounting Policies, for any security classified as available-for-sale that is in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because the Company currently does not intend to sell those securities that have an unrealized loss at December 31, 2023, and it is likely that the Company will not be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company has determined that no write-down is necessary. In addition, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration, which would require the recognition of an allowance for credit losses. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. The unrealized losses associated with securities at December 31, 2023 are driven by changes in interest rates and not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to available-for- sale securities at December 31, 2023. These securities will continue to be monitored as a part of the Company's ongoing evaluation of credit quality. Mortgage-Backed Securities At December 31, 2023, approximately 97 % of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value is largely attributable to interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired (OTTI) at December 31, 2023. The Company's mortgage-backed securities portfolio includes non-agency collateralized mortgage obligations with a fair value of $ 11.5 million which had unrealized losses of approximately $ 1.5 million at December 31, 2023. These non-agency mortgage-backed securities were rated A or higher at December 31, 2023. The Company monitors to ensure it has adequate credit support and as of December 31, 2023, the Company believes there is no OTTI and does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the bonds. Obligations of States and Political Subdivisions Unrealized losses on municipal bonds have not been recognized into income because the issuers' bonds are of high credit quality (rated A or higher), management does not intend to sell the securities and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. Asset-Backed Securities The Company's asset-backed securities portfolio includes agency and non-agency asset backed and other amortizing debt securities with a fair value of $ 50.0 million which had unrealized losses of approximately $ 1.4 million at December 31, 2023. The Company monitors these securities to ensure it has adequate credit support and as of December 31, 2023, the Company believes there is no OTTI and does not have the intent to sell these securities and it is not more likely than not that it will be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the bonds. Corporate Bonds The Company's lone corporate debt security with a fair value of $ 2.4 million had an unrealized loss of approximately $ 0.1 million at December 31, 2023. The Company monitors this security to ensure it has adequate credit support and as of December 31, 2023 , the Company believes there is no OTTI and does not have the intent to sell this security and it is not more likely than not that it will be required to sell the security before its anticipated recovery. The issuer continues to make timely principal and interest payments on the bond. |
Restricted Equity Securities
Restricted Equity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Equity Securities [Abstract] | |
Restricted Equity Securities | (4) Restricted Equity Securities Restricted equity securities consists of stock of the FHLB of Cincinnati amounting to $ 3,436,000 and $ 4,357,000 at December 31, 2023 and 2022 , respectively. The stock can be sold back only at par or a value as determined by the issuing institution and only to the respective financial institution or to another member institution. These securities are recorded at cost. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | (5) Premises and Equipmen t The detail of premises and equipment at December 31, 2023 and 2022 is as follows: In Thousands 2023 2022 Land $ 20,822 $ 20,822 Buildings 49,784 46,579 Leasehold improvements 1,710 1,621 Furniture and equipment 16,524 14,858 Automobiles 345 373 Construction-in-progress 2,469 2,711 91,654 86,964 Less accumulated depreciation ( 29,256 ) ( 24,933 ) $ 62,398 $ 62,031 During 2023, 2022 and 2021 , payments of $ 1,442,000 , $ 379,000 and $ 1,227,000 , respectively, were made to an entity owned by a director for the construction of buildings utilized by Wilson Bank and repair work on existing buildings utilized by Wilson Bank. Depreciation expense was $ 4,221,000 , $ 4,370,000 and $ 4,235,000 for the years ended December 31, 2023, 2022 and 2021 , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwil l The Company's intangible assets result from the excess of purchase price over the applicable book value of the net assets acquired related to outside ownership of two previously 50% owned subsidiaries that the Company acquired 100 % of in 2005. In Thousands 2023 2022 Goodwill: Balance at January 1, $ 4,805 4,805 Goodwill acquired during year — — Impairment loss — — Balance at December 31, $ 4,805 4,805 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | (7) Leases Lessee Accounting The majority of leases in which the Company is the lessee are comprised of real estate property for branches and office space and are recorded as operating leases with terms extending beyond 2028. The Company has one finance lease, which it entered into in 2022, with a lease term through 2046. These leases are classified as operating or finance leases at commencement. Right-of-use assets representing the right to use the underlying asset and lease liabilities representing the obligation to make future lease payments are recognized on the balance sheet. These assets and liabilities are estimated based on the present value of future lease payments discounted using the Company's incremental secured borrowing rates as of the commencement date of the lease. Certain lease agreements contain renewal options which are considered in the determination of the lease term if they are deemed reasonably certain to be exercised. The Company has elected not to recognize leases with an original term of less than 12 months on the balance sheet. The following table represents lease assets and lease liabilities as of December 31, 2023 and 2022 (in thousands). Lease right-of-use assets Classification December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other Assets $ 3,542 4,519 Finance lease right-of-use assets Other Assets 2,123 2,215 Lease liabilities Classification December 31, 2023 December 31, 2022 Operating lease liabilities Other Liabilities $ 3,736 4,671 Finance lease liabilities Other Liabilities 2,251 2,281 The total lease cost related to operating leases and short term leases is recognized on a straight-line basis over the lease term. For finance leases, right-of-use assets are amortized on a straight-line basis over the lease term and interest imputed on the lease liability is recognized using the effective interest method. The components of the Bank's total lease cost were as follows for the years ended December 31, 2023 and 2022. In Thousands 2023 2022 Operating lease cost $ 637 563 Finance lease cost 158 159 Short-term lease cost — — Net lease cost $ 795 722 The weighted average remaining lease term and weighted average discount rate for operating leases at December 31, 2023 and 2022 were as follows: 2023 2022 Operating Leases Weighted average remaining lease term (in years) 10.10 10.53 Weighted average discount rate 4.31 % 4.25 % The weighted average remaining lease term and weighted average discount rate for finance leases at December 31, 2023 and 2022 were as follows: 2023 2022 Finance Leases Weighted average remaining lease term (in years) 23.34 24.35 Weighted average discount rate 2.90 % 2.90 % Cash flows related to operating and finance leases during the year ended December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Operating cash flows related to operating leases $ 595 547 Operating cash flows related to finance leases 66 66 Financing cash flows related to finance leases 30 26 Future undiscounted lease payments for operating leases with initial terms of more than 12 months at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Operating Leases 2024 $ 553 595 2025 560 635 2026 568 642 2027 576 649 2028 547 657 Thereafter 1,854 2,686 Total undiscounted lease payments 4,658 5,864 Less: imputed interest ( 922 ) ( 1,193 ) Net lease liabilities $ 3,736 $ 4,671 Future undiscounted lease payments for finance leases with initial terms of more than 12 months at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Finance Leases 2024 $ 98 $ 96 2025 101 98 2026 105 101 2027 108 105 2028 111 108 Thereafter 2,676 2,787 Total undiscounted lease payments 3,199 3,295 Less: imputed interest ( 948 ) ( 1,014 ) Net lease liabilities $ 2,251 $ 2,281 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | (8) Mortgage Servicing Rights During the first quarter of 2022 , the Company began selling a portfolio of residential mortgage loans to a third party, while retaining the rights to service the loans. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans as of December 31, 2023 and December 31, 2022 are as follows: In Thousands December 31, 2023 December 31, 2022 Mortgage loan portfolios serviced for: FHLMC $ 99,441 85,742 For the years ended December 31, 2023 and 2022, the change in carrying value of the Company's mortgage servicing rights accounted for under the amortization method was as follows: In Thousands December 31, 2023 December 31, 2022 Balance at beginning of period $ 1,065 — Servicing rights retained from loans sold 245 1,597 Amortization ( 227 ) ( 532 ) Valuation Allowance Provision — — Balance at end of period $ 1,083 1,065 Fair value, end of period $ 1,398 1,252 The key data and assumptions used in estimating the fair value of the Company's mortgage servicing rights as of December 31, 2023 and 2022 were as follows: December 31, 2023 December 31, 2022 Prepayment speed 7.92 % 7.18 % Weighted-average life (in years) 8.55 8.98 Weighted-average note rate 4.73 % 4.34 % Weighted-average discount rate 9.00 % 9.00 % |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | (9) Deposits Deposits at December 31, 2023 and 2022 are summarized as follows: In Thousands 2023 2022 Demand deposits $ 389,725 414,905 Savings accounts 320,301 338,963 Negotiable order of withdrawal accounts 934,709 1,070,629 Money market demand accounts 1,156,694 1,301,349 Certificates of deposit $250,000 or greater 548,269 230,408 Other certificates of deposit 942,346 471,249 Individual retirement accounts $250,000 or greater 11,018 7,727 Other individual retirement accounts 64,044 57,475 Total $ 4,367,106 3,892,705 Principal maturities of certificates of deposit and individual retirement accounts at December 31, 2023 are as follows: (In Thousands) Maturity Total 2024 $ 1,228,675 2025 258,962 2026 38,934 2027 22,734 2028 15,579 Thereafter 793 $ 1,565,677 The aggregate amount of overdrafts reclassified as loans receivable was $ 858,000 and $ 1,453,000 at December 31, 2023 and 2022, respectively. The aggregate balances of related party deposits at December 31, 2023 and 2022 were $ 15,640,000 and $ 11,823,000 , respectively. As of December 31, 2023 and 2022 , Wilson Bank was no t required to maintain a cash balance with the Federal Reserve. |
Non-interest Income and Non-int
Non-interest Income and Non-interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Non-Interest Income and Non-Interest Expense | (10) Non-Interest Income and Non-Interest Expense The significant components of non-interest income and non-interest expense for the years ended December 31, 2023, 2022 and 2021 are presented below: In Thousands 2023 2022 2021 Non-interest income: Service charges on deposits $ 7,890 7,382 6,137 Brokerage income 7,184 6,929 6,368 Debit and credit card interchange income, net 8,490 8,416 7,783 Other fees and commissions 1,408 1,653 1,446 BOLI and annuity earnings 1,667 1,346 1,109 Gain (loss) on sale of securities, net ( 1,009 ) ( 1,620 ) 28 Fees and gains on sales of mortgage loans 2,635 2,973 9,997 Mortgage servicing income (loss), net 9 ( 28 ) — Loss on sale of other real estate, net — — ( 15 ) Gain (loss) on sale of fixed assets, net ( 55 ) 291 ( 43 ) Gain (loss) on sale of other assets, net ( 10 ) 8 6 Other income (loss) 80 ( 69 ) 34 $ 28,289 27,281 32,850 In Thousands 2023 2022 2021 Non-interest expense: Employee salaries and benefits $ 59,501 56,707 52,722 Equity-based compensation 1,528 1,864 1,428 Occupancy expenses 6,532 5,563 5,473 Furniture and equipment expenses 3,202 3,389 3,323 Data processing expenses 8,810 7,337 5,780 Advertising expenses 3,714 3,455 2,736 Accounting, legal & consulting expenses 1,789 1,409 1,287 FDIC insurance 3,120 1,527 1,130 Directors’ fees 713 650 686 Other operating expenses 12,042 11,069 10,927 $ 100,951 92,970 85,492 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) Income Taxes The components of the net deferred tax asset at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Deferred tax asset: Federal $ 36,034 40,690 State 11,641 13,095 47,675 53,785 Deferred tax liability: Federal ( 1,654 ) ( 1,850 ) State ( 548 ) ( 612 ) ( 2,202 ) ( 2,462 ) Net deferred tax asset $ 45,473 51,323 The tax effects of each type of significant item that gave rise to deferred tax assets (liabilities) at December 31, 2023 and 2022 were: In Thousands 2023 2022 Financial statement allowance for credit losses in excess of tax allowance $ 11,509 10,128 Excess of depreciation deducted for tax purposes over the amounts deducted in the financial statements ( 1,546 ) ( 1,801 ) Financial statement deduction for deferred compensation in excess of deduction for tax purposes 1,487 1,464 Financial statement income on FHLB stock dividends not recognized for tax purposes ( 327 ) ( 327 ) Financial statement off-balance sheet exposure allowance for credit losses in excess of tax allowance 822 1,604 Unrealized loss on securities available-for-sale 31,195 39,073 Equity based compensation 1,355 1,224 Other items, net 978 ( 42 ) Net deferred tax asset $ 45,473 51,323 The components of income tax expense (benefit) at December 31, 2023, 2022 and 2021 are summarized as follows: In Thousands Federal State Total 2023 Current $ 14,023 1,945 15,968 Deferred ( 1,458 ) ( 571 ) ( 2,029 ) Total $ 12,565 1,374 13,939 2022 Current $ 15,096 2,011 17,107 Deferred ( 1,565 ) ( 486 ) ( 2,051 ) Total $ 13,531 1,525 15,056 2021 Current $ 13,580 2,084 15,664 Deferred ( 698 ) ( 234 ) ( 932 ) Total $ 12,882 1,850 14,732 A reconciliation of actual income tax expense of $ 13,939,000 , $ 15,056,000 and $ 14,732,000 for the years ended December 31, 2023, 2022 and 2021 , respectively, to the “expected” tax expense (computed by applying the statutory rate of 21 % for 2023, 2022 and 2021 to earnings before income taxes) is as follows: In Thousands 2023 2022 2021 Computed “expected” tax expense $ 13,204 14,301 13,473 State income taxes, net of Federal income tax benefit 1,120 1,117 1,584 Tax exempt interest, net of interest expense exclusion ( 190 ) ( 274 ) ( 237 ) Earnings on cash surrender value of life insurance ( 344 ) ( 273 ) ( 205 ) Expenses not deductible for tax purposes 74 23 12 Equity based compensation ( 46 ) ( 55 ) ( 28 ) Other 121 217 133 $ 13,939 15,056 14,732 Total income tax expense (benefit) for 2023, 2022 and 2021 , includes $( 264,000 ), $( 423,000 ) and $ 7,000 of expense (benefit) related to the realized gain and loss on sale of securities, respectively. As of December 31, 2023, 2022 and 2021 the Company has no t accrued or recognized interest or penalties related to uncertain tax positions. It is the Company’s policy to recognize interest and/or penalties related to income tax matters in income tax expense. No valuation allowance for deferred tax assets was recorded at December 31, 2023 and 2022 as management believes it is more likely than not that all of the deferred tax assets will be realized against deferred tax liabilities and projected future taxable income. There were no unrecognized tax benefits during any of the reported periods. The Company and Wilson Bank file income tax returns in the United States (“U.S.”), as well as in the State of Tennessee. The Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2020 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | (12) Commitments and Contingent Liabilities The Company is party to litigation and claims arising in the normal course of business. Management, after consultation with legal counsel, believes that the liabilities, if any, arising from such litigation and claims will not be material to the Company's consolidated financial position. At December 31, 2023 and 2022 , respectively, the Company has lines of credit with other correspondent banks totaling $ 102,485,000 and $ 101,208,000 . At December 31, 2023 and 2022 , respectively, there was no balance outstanding under these lines of credit. The Company also has a Cash Management Advance ("CMA") Line of Credit agreement. The CMA is a component of the Company's Blanket Agreement for advances with the FHLB of Cincinnati. The purpose of the CMA is to assist with short-term liquidity management. Under the terms of the CMA, the Company may borrow a maximum of $ 25,000,000 , selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days . There were no borrowings outstanding under the CMA at December 31, 2023 or December 31, 2022 . |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | (13) Financial Instruments with Off-Balance-Sheet Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments consist primarily of commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. In Thousands Contract or Notional Amount 2023 2022 Financial instruments whose contract amounts represent credit risk: Unused commitments to extend credit $ 1,010,899 1,217,963 Standby letters of credit 106,420 118,064 Total $ 1,117,319 1,336,027 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer's credit-worthiness on a case-by-case basis. The amount of collateral, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral normally consists of real property. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most guarantees extend from one to two years . The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The fair value of standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the likelihood of the counterparties drawing on such financial instruments and the present creditworthiness of such counterparties. Such commitments have been made on terms which are competitive in the markets in which the Company operates; thus, the fair value of standby letters of credit equals the carrying value for the purposes of this disclosure. The maximum potential amount of future payments that the Company could be required to make under the guarantees totaled $ 106,420,000 at December 31, 2023. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures. The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance-sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 2 - Loans and Allowance for Credit Losses as if such commitments were funded. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the years ended December 31, 2023, 2022 and 2021. (In Thousands) 2023 2022 2021 Beginning balance, January 1 $ 6,136 955 693 Impact of adopting ASC 326 — 6,195 — Credit loss expense (benefit) ( 2,989 ) ( 1,014 ) 262 Ending balance, December 31, $ 3,147 6,136 955 The Bank originates residential mortgage loans, sells them to third-party purchasers, and may or may not retain the servicing rights. These loans are originated internally and are primarily to borrowers in the Company’s geographic market footprint. These sales are typically to investors that follow guidelines of conventional government sponsored entities ("GSE") and the Department of Housing and Urban Development/U.S. Department of Veterans Affairs ("HUD/VA"). Generally, loans held for sale are underwritten by the Company, including HUD/VA loans. The Bank participates in a mandatory delivery program that requires the Bank to deliver a particular volume of mortgage loans by agreed upon dates. A majority of the Bank’s secondary mortgage volume is delivered to the secondary market via mandatory delivery with the remainder done on a best efforts basis. The Bank does not realize any exposure delivery penalties as the mortgage department only bids loans post-closing to ensure that 100% of the loans are deliverable to the investors. Each purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require the Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that the loans sold were in breach of these representations or warranties or the loan had an early payoff or payment default, the Bank has obligations to either repurchase the loan for the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan. To date, repurchase activity pursuant to the terms of these representations and warranties or due to early payoffs or payment defaults has been insignificant and has resulted in insignificant losses to the Company. Based on information currently available, management believes that the Bank does not have significant exposure to contingent losses that may arise relating to the representations and warranties that it has made in connection with its mortgage loan sales or for early payoffs or payment defaults of such mortgage loans. Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these claims outstanding at December 31, 2023 will not have a material impact on the Company’s consolidated financial statements. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | (14) Concentration of Credit Risk Practically all of the Company’s loans, commitments, and commercial and standby letters of credit have been granted to customers in the Company’s market area. Practically all such customers are depositors of Wilson Bank. The concentrations of credit by type of loan are set forth in Note 2 - Loans and Allowance for Credit Losses. Interest bearing deposits totaling $ 63,870,000 were deposited with five commercial banks at December 31, 2023. In addition, the Bank has funds deposited with the FHLB of Cincinnati in the amount of $ 902,000 . Funds deposited with the FHLB of Cincinnati are not insured by the FDIC. Federal funds sold in the amount of $ 10,159,000 were deposited with one commercial bank at December 31, 2023 . |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | (15) Employee Benefit Plan Wilson Bank has in effect a 401(k) plan (the “401(k) Plan”) which covers eligible employees. To be eligible an employee must have obtained the age of 18. The provisions of the 401(k) Plan provide for both employee and employer contributions. For the years ended December 31, 2023, 2022 and 2021, Wilson Bank contributed $ 3,662,000 , $ 3,309,000 , and $ 3,120,000 , respectively, to the 401(k) Plan. |
Dividend Reinvestment Plan
Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividend Reinvestment Plan | (16) Dividend Reinvestment Plan Under the terms of the Company’s dividend reinvestment plan (the “DRIP”) holders of common stock may elect to automatically reinvest cash dividends in additional shares of common stock. The Company may elect to sell original issue shares or to purchase shares in the open market for the account of participants in the DRIP. Original issue shares of 189,471 in 2023, 250,365 in 2022 and 186,583 in 2021 were sold to participants under the terms of the DRIP. |
Regulatory Matters and Restrict
Regulatory Matters and Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters and Restrictions on Dividends [Abstract] | |
Regulatory Matters and Restrictions on Dividends | (17) Regulatory Matters and Restrictions on Dividends Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of December 31, 2023, the Bank and the Company met all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If an institution is classified as adequately capitalized or lower, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is growth and expansion, and capital restoration plans are required. As of December 31, 2023 and 2022, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The Company's and Wilson Bank's actual capital amounts and ratios as of December 31, 2023 and 2022 are presented in the following tables. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the tables presented below. For Classification Under Minimum Corrective Action Plan Actual Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2023 Total capital to risk weighted assets: Consolidated $ 560,757 14.5 % $ 308,449 8.0 % $ 385,562 10.0 % Wilson Bank 559,224 14.5 308,333 8.0 385,417 10.0 Tier 1 capital to risk weighted assets: Consolidated 512,762 13.3 231,337 6.0 308,449 8.0 Wilson Bank 511,229 13.3 231,250 6.0 308,334 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 512,693 13.3 173,503 4.5 N/A N/A Wilson Bank 511,160 13.3 173,438 4.5 250,521 6.5 Tier 1 capital to average assets: Consolidated 512,762 10.6 193,564 4.0 N/A N/A Wilson Bank 511,229 10.6 193,492 4.0 241,865 5.0 For Classification Under Minimum Corrective Action Plan Actual Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2022 Total capital to risk weighted assets: Consolidated $ 512,025 13.5 % $ 303,440 8.0 % $ 379,300 10.0 % Wilson Bank 509,169 13.4 303,334 8.0 379,168 10.0 Tier 1 capital to risk weighted assets: Consolidated 466,076 12.3 227,580 6.0 303,440 8.0 Wilson Bank 463,220 12.2 227,500 6.0 303,333 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 466,061 12.3 170,685 4.5 N/A N/A Wilson Bank 463,205 12.2 170,625 4.5 246,458 6.5 Tier 1 capital to average assets: Consolidated 466,076 11.2 166,712 4.0 N/A N/A Wilson Bank 463,220 11.1 166,648 4.0 208,310 5.0 Dividend Restrictions The Company and the Bank are subject to dividend restrictions set forth by the Tennessee Department of Financial Institutions and federal banking agencies, as applicable. Additional restrictions may be imposed by the Tennessee Department of Financial Institutions and federal banking agencies under the powers granted to them by law. |
Salary Deferral Plans
Salary Deferral Plans | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Salary Deferral Plans | (18) Salary Deferral Plans The Company provides some of its officers non-qualified pension benefits through an Executive Salary Continuation Plan ("the Plan") and Supplemental Executive Retirement Plan (SERP) Agreements ("SERP Agreements"). The Plan and SERP Agreements were established by the Board of Directors to reward executive management for past performance and to provide additional incentive to retain the service of executive management. The Plan and SERP Agreements generally provide executives with benefits of a portion of their salary beginning at retirement through life. As a result, the Company has accrued a liability for future obligations under the Plan and SERP Agreements. At December 31, 2023 and 2022, the liability related to the Plan totaled $ 1,475,000 and $ 1,575,000 , respectively. At December 31, 2023 and 2022 the liability related to the SERP Agreements totaled $ 4,219,000 and $ 4,026,000 respectively. The expense incurred for these plans totaled $ 547,000 , $ 789,000 and $ 705,000 for the year ended December 31, 2023, 2022 and 2021, respectively. The Company has purchased life insurance policies to provide the benefits related to the Plan, which at December 31, 2023 and 2022 had an aggregate cash surrender value of $ 6,462,000 and $ 6,306,000 , respectively, and an aggregate face value of insurance policies in force of $ 16,407,000 and $ 16,377,000 , respectively. The life insurance policies remain the sole property of the Company and are payable to the Company. The Company has also purchased bank owned life insurance policies on some of its current and former officers. The insurance policies remain the sole property of the Company and are payable to the Company. The cash surrender value of the life insurance contracts totaled $ 53,183,000 and $ 51,701,000 and the face amount of the insurance policies in force approximated $ 122,010,000 and $ 121,634,000 at December 31, 2023 and 2022, respectively. The Company has also purchased Flexible Premium Indexed Deferred Annuity Contracts (“Annuity Contracts”) to provide benefits related to the SERP Agreements. The Annuity Contracts remain the sole property of the Company and are payable to the Company. Included in other assets at December 31, 2023 and 2022 are the Annuity Contracts with an aggregate value of $ 23,745,000 and $ 24,135,000 , respectively. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | (19) Equity Incentive Plan In April 2009, the Company’s shareholders approved the Wilson Bank Holding Company 2009 Stock Option Plan (the “2009 Stock Option Plan”). The 2009 Stock Option Plan was effective as of April 14, 2009. Under the 2009 Stock Option Plan, awards could be in the form of options to acquire common stock of the Company. Subject to adjustment as provided by the terms of the 2009 Stock Option Plan, the maximum number of shares of common stock with respect to which awards could be granted under the 2009 Stock Option Plan was 100,000 shares. The 2009 Stock Option Plan terminated on April 13, 2019, and no additional awards may be issued under the 2009 Stock Option Plan. The awards granted under the 2009 Stock Option Plan prior to the Plan's expiration will remain outstanding until exercised or otherwise terminated. As of December 31, 2023, the Company had outstanding 2,433 options under the 2009 Stock Option Plan with a weighted average exercise price of $ 35.96 . During the second quarter of 2016, the Company’s shareholders approved the Wilson Bank Holding Company 2016 Equity Incentive Plan, which authorizes awards of up to 750,000 shares of common stock. The 2016 Equity Incentive Plan was approved by the Board of Directors and effective as of January 25, 2016 and approved by the Company’s shareholders on April 12, 2016. On September 26, 2016, the Board of Directors approved an amendment and restatement of the 2016 Equity Incentive Plan (as amended and restated the “2016 Equity Incentive Plan”) to make clear that directors who are not also employees of the Company may be awarded stock appreciation rights. The primary purpose of the 2016 Equity Incentive Plan is to promote the interest of the Company and its shareholders by, among other things, (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its subsidiaries and affiliates, (ii) motivating those individuals by means of performance-related incentives to achieve long-range performance goals, (iii) enabling such individuals to participate in the long-term growth and financial success of the Company, (iv) encouraging ownership of stock in the Company by such individuals, and (v) linking their compensation to the long-term interests of the Company and its shareholders. Except for certain limitations, awards can be in the form of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted shares and restricted share units, performance awards and other stock-based awards. As of December 31, 2023, the Company had 175,045 shares remaining available for issuance under the 2016 Equity Incentive Plan. As of December 31, 2023, the Company had outstanding under the 2016 Equity Incentive Plan 212,541 stock options with a weighted average exercise price of $ 57.32 , 157,020 cash-settled stock appreciation rights with a weighted average exercise price of $ 54.88 , and 15,866 restricted share awards, restricted share unit awards, and performance share unit awards. Stock Options and Stock Appreciation Rights As of December 31, 2023, the Company had outstanding 214,974 stock options with a weighted average exercise price of $ 57.08 and 157,020 cash-settled stock appreciation rights with a weighted average exercise price of $ 54.88 . Included in other liabilities at December 31, 2023 and 2022 were $ 3,297,000 and $ 3,020,000 in accrued cash-settled stock appreciation rights, respectively. The fair value of each stock option and cash-settled SAR grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants in 2023, 2022 and 2021: 2023 2022 2021 Expected dividends 2.38 % 1.85 % 1.53 % Expected term (in years) 8.25 7.78 9.13 Expected stock price volatility 38 % 37 % 36 % Risk-free rate 3.54 % 3.03 % 1.45 % The expected stock price volatility is based on historical volatility adjusted for consideration of other relevant factors. The risk-free interest rates for periods within the contractual life of the awards are based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield and forfeiture rate assumptions are based on the Company’s history and expectation of dividend payouts and forfeitures. A summary of the stock option and cash-settled SAR activity for 2023, 2022 and 2021 is as follows: 2023 2022 2021 Weighted Average Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 414,778 $ 55.13 357,254 $ 50.18 284,591 $ 43.71 Granted 5,000 69.00 117,665 64.13 121,830 61.48 Exercised ( 42,617 ) 47.23 ( 58,841 ) 43.27 ( 48,867 ) 40.76 Forfeited or expired ( 5,167 ) 60.35 ( 1,300 ) 45.50 ( 300 ) 37.60 Outstanding at end of year 371,994 $ 56.15 414,778 $ 55.13 357,254 $ 50.18 Options and cash-settled SARs exercisable at year end 186,431 $ 50.22 167,918 $ 46.09 159,560 $ 41.93 The weighted average fair value at the grant date of options and cash-settled SARs granted during the years 2023, 2022 and 2021 was $ 24.76 , $ 22.64 and $ 22.10 , respectively. The total intrinsic value of options and cash-settled SARs exercised during the years 2023, 2022 and 2021 was $ 959,000 , $ 1,310,000 and $ 962,000 , respectively. The following table summarizes information about outstanding and exercisable stock options and cash-settled SARs at December 31, 2023: Options and Cash-Settled SARs Outstanding Options and Cash-Settled SARs Exercisable Range of Exercise Prices Number Outstanding at 12/31/23 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Number Outstanding at 12/31/23 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) $ 34.31 - $ 54.75 112,500 $ 42.30 3.27 108,368 $ 42.14 3.24 $ 55.75 - $ 69.00 259,494 $ 62.16 7.62 78,063 $ 61.43 7.00 371,994 186,431 Aggregate intrinsic value (in thousands) $ 5,710 $ 3,968 As of December 31, 2023, there was $ 3,497,000 of total unrecognized cost related to non-vested stock options and cash-settled SARs granted under the Company’s equity incentive plans. The cost is expected to be recognized over a weighted-average period of 2.88 years. Time-Based Vesting Restricted Shares and Restricted Share Units A summary of restricted share awards and restricted shares unit awards activity for the twelve months ended December 31, 2023 is as follows: Restricted Share Awards Restricted Share Units Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value December 31, 2022 1,075 $ 64.03 — $ — Granted — — 14,833 69.00 Vested ( 774 ) 62.99 — — Forfeited — — ( 375 ) 69.00 Outstanding at December 31, 2023 301 $ 66.70 14,458 $ 69.00 The restricted shares and restricted share units vest over various time periods. As of December 31, 2023, there was $ 18,000 of unrecognized compensation cost related to non-vested restricted share awards. The cost is expected to be expensed over a weighted-average period of 1.88 years. As of December 31, 2023, the fair value of restricted share awards vested totaled $ 55,000 . As of December 31, 2023, there was $ 805,000 of unrecognized compensation cost related to non-vested restricted share units, all of which were granted to employees of the Bank in the second quarter of 2023. The cost is expected to be expensed over a weighted-average period of 4.38 years. Performance-Based Vesting Restricted Stock Units ("PSUs") The Company awards performance-based restricted stock units to officers and other employees of the Bank. Under the terms of the awards, the number of units that will be earned and thereafter settled in shares of common stock will be based on the employee's performance against certain performance metrics over a fixed three-year performance period. Compensation expense for PSUs is estimated each period based on the fair value of the Company's common stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards. The following tables detail the PSUs outstanding at December 31, 2023. Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 — $ — Granted 1,107 67.85 Vested — — Forfeited or expired — — Outstanding at December 31, 2023 1,107 $ 67.85 Grant Year Grant Price Applicable Performance Period Period in which units to be settled PSUs Outstanding 2023 $ 67.85 2023-2025 2024-2026 1,107 As of December 31, 2023, there was $ 50,000 of total unrecognized cost related to non-vested performance based restricted share units. The cost is expected to be expensed over a weighted-average period of 2.09 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (20) Earnings Per Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share for the Company begins with the basic earnings per share plus the effect of common shares contingently issuable from stock options, restricted share units and performance share units. The following is a summary of the components comprising basic and diluted earnings per share (“EPS”): Years Ended December 31, 2023 2022 2021 Basic EPS Computation: Numerator – Earnings available to common shareholders $ 48,938 53,042 49,426 Denominator – Weighted average number of common shares outstanding 11,611,690 11,377,617 11,131,897 Basic earnings per common share $ 4.21 4.66 4.44 Diluted EPS Computation: Numerator – Earnings available to common shareholders $ 48,938 53,042 49,426 Denominator – Weighted average number of common shares outstanding 11,611,690 11,377,617 11,131,897 Dilutive effect of stock options, RSUs and PSUs 29,676 31,307 31,059 11,641,366 11,408,924 11,162,956 Diluted earnings per common share $ 4.20 4.65 4.43 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | (21) Derivatives Derivatives Designated as Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converts the fixed interest rates to variable interest rates tied to the applicable reference rate. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the maturity dates of the hedged loans. During the second quarter of 2020, the Company entered into one swap transaction with a notional amount of $ 30,000,000 pursuant to which the Company paid the counter-party a fixed interest rate and received a floating rate, which until August 31, 2023 equaled 1 month LIBOR. On September 1, 2023, the Company began receiving a daily compounded SOFR rate plus a spread adjustment in lieu of 1 month LIBOR as part of the LIBOR transition event. The derivative transaction was designated as a fair value hedge. During the fourth quarter of 2023 the Company voluntarily terminated the interest rate swap as the market indicated that rates had peaked, further rate increases were unlikely, and the Company’s balance sheet could support the market’s current demand for fixed rate loans without the interest rate swap. The termination of the fair value hedge resulted in an unrealized gain totaling $ 3,747,000 which is being reclassified to increase interest income over the original term of the swap contract. A summary of the Company's fair value hedge relationships as of December 31, 2023 and December 31, 2022 are as follows (in thousands): December 31, 2023 Balance Sheet Weighted Weighted Receive Notional Estimated Interest rate swap agreements - loans Other assets — — % — $ — — December 31, 2022 Balance Sheet Weighted Weighted Receive Notional Estimated Interest rate swap agreements - loans Other assets 7.42 0.65 % 1 month LIBOR $ 30,000 4,520 The effects of fair value hedge relationships reported in interest income on loans on the consolidated statements of income for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): Twelve Months Ended December 31, Gain (loss) on fair value hedging relationship 2023 2022 2021 Interest rate swap agreements - loans: Hedged items $ — ( 3,265 ) ( 1,125 ) Derivative designated as hedging instruments — 3,328 1,243 The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2023 and December 31, 2022 (in thousands): Carrying Amount of the Cumulative Amount of Line item on the balance sheet December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Loans $ — 25,452 — ( 4,548 ) The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for twelve months ended December 31, 2023 and 2022. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income. In Thousands 2023 2022 2021 Location in the Consolidated Statements of Income Interest income Interest and fees on loans $ 271 63 118 Net increase (decrease) to income before taxes $ 271 63 118 Mortgage Banking Derivatives Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company's practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. At December 31, 2023 and December 31, 2022, the Company had approximately $ 2,265,000 and $ 6,923,000 , respectively, of interest rate lock commitments and approximately $ 2,500,000 and $ 6,250,000 , respectively, of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by derivative assets of $ 65,000 and $ 123,000 and a derivative liability of $ 13,000 and derivative asset of $ 62,000 , respectively, at December 31, 2023 and December 31, 2022. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sale of loans. The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: In Thousands 2023 2022 Interest rate contracts for customers $ ( 58 ) ( 535 ) Forward contracts related to mortgage loans held for sale and interest rate contracts ( 75 ) 56 The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of December 31, 2023 and December 31, 2022: In Thousands 2023 2022 Notional Amount Fair Value Notional Amount Fair Value Included in other assets (liabilities): Interest rate contracts for customers $ 2,265 65 6,923 123 Forward contracts related to mortgage loans held-for-sale 2,500 ( 13 ) 6,250 62 |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | (22) Disclosures About Fair Value of Financial Instruments Fair Value of Financial Instruments FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) , which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price, i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date. The statement emphasizes that fair value is a market-based measurement; not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. Valuation Hierarchy FASB ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2 - inputs to the valuation methodology include all prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 - inputs to the valuation methodology that are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Asse t Securities available-for-sale - Where quoted prices are available for identical securities in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and certain other financial products. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation and more complex pricing models or discounted cash flows are used, securities are classified within Level 3 of the valuation hierarchy. Quarterly, the Company will validate prices supplied by its third party vendor by comparison to prices obtained from third parties. Hedged loans - The fair value of the Company's hedged loan portfolio is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. Collateral dependent loans - Collateral dependent loans are measured at the fair value of the collateral securing the loan less estimated selling costs. The fair value of real estate collateral is determined based on real estate appraisals which are generally based on recent sales of comparable properties which are then adjusted for property specific factors. Non-real estate collateral is valued based on various sources, including third party asset valuations and internally determined values based on cost adjusted for depreciation and other judgmentally determined discount factors. Collateral dependent loans are classified within Level 3 of the valuation hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower's underlying financial condition. Other real estate owned - Other real estate owned (“OREO”) represents real estate foreclosed upon by the Company through loan defaults by customers or acquired in lieu of foreclosure. Upon acquisition, the property is recorded at the lower of cost or fair value, based on appraised value, less selling costs estimated as of the date acquired with any loss recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent valuation downward adjustments are determined on a specific property basis and are included as a component of noninterest expense along with holding costs. Any gains or losses realized at the time of disposal are also reflected in noninterest income. OREO is included in Level 3 of the valuation hierarchy due to the lack of observable market inputs into the determination of fair value. Appraisal values are property-specific and sensitive to the changes in the overall economic environment. Mortgage loans held for sale - Mortgage loans held for sale are carried at fair value, and are classified within Level 2 of the valuation hierarchy. The fair value of mortgage loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan. Derivative instruments - The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Other investments - Included in other investments are investments recorded at fair value primarily in certain nonpublic investments and funds. The valuation of these nonpublic investments requires management judgment due to the absence of observable quoted market prices, inherent lack of liquidity and the long-term nature of such assets. These investments are valued initially based upon transaction price. The carrying values of other investments are adjusted either upwards or downwards from the transaction price to reflect expected exit values as evidenced by financing and sale transactions with third parties. These investments are included in Level 3 of the valuation hierarchy if the entities and funds are not widely traded and the underlying investments are in privately-held and/or start-up companies for which market values are not readily available. The following tables present the financial instruments carried at fair value as of December 31, 2023 and December 31, 2022, by caption on the consolidated balance sheet and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): Measured on a Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2023 Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies $ 4,429 4,429 — — U.S. Government sponsored enterprises 144,168 — 144,168 — Mortgage-backed securities 417,030 — 417,030 — Asset-backed securities 49,973 — 49,973 — Corporate bonds 2,423 — 2,423 — State and municipal securities 193,058 — 193,058 — Total investment securities available-for-sale 811,081 4,429 806,652 — Mortgage loans held for sale 2,294 — 2,294 — Derivative instruments 52 — 52 — Other investments 2,045 — — 2,045 Total assets $ 815,472 4,429 808,998 2,045 Derivative instruments $ — — — — Total liabilities $ — — — — Measured on a Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2022 Hedged Loans $ 25,452 — 25,452 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 6,497 6,497 — — U.S. Government sponsored enterprises 145,212 — 145,212 — Mortgage-backed securities 444,438 — 444,438 — Asset-backed securities 45,250 — 45,250 — Corporate bonds 2,403 — 2,403 — State and municipal securities 179,012 — 179,012 — Total investment securities available-for-sale 822,812 6,497 816,315 — Mortgage loans held for sale 3,355 — 3,355 — Derivative instruments 4,705 — 4,705 — Other investments 1,965 — — 1,965 Total assets $ 858,289 6,497 849,827 1,965 Derivative instruments $ — — — — Total liabilities $ — — — — Measured on a Non-Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2023 Other real estate owned $ — — — — Collateral dependent loans (¹) 4,838 — — 4,838 Total $ 4,838 — — 4,838 December 31, 2022 Other real estate owned $ — — — — Collateral dependent loans (¹) 638 — — 638 Total $ 638 — — 638 (1) As of Dece mber 31, 2023 and December 31, 2022 no reserve was recorded on collateral dependent loans. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value at December 31, 2023 and 2022: Valuation Techniques (2) Significant Unobservable Inputs Range (Weighted Average) Collateral dependent loans Appraisal Estimated costs to sell 10 % Other real estate owned Appraisal Estimated costs to sell 10 % (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent . In the case of its investment securities portfolio, the Company monitors the valuation technique utilized by various pricing agencies to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the twelve months ended December 31, 2023, there were no transfers between Levels 1, 2 or 3. The table below includes a rollforward of the balance sheet amounts for the year ended December 31, 2023 and 2022 (including the change in fair value) for financial instruments classified by the Company within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands): For the Year Ended December 31, 2023 2022 Other Assets Other Assets Fair value, January 1 $ 1,965 $ 2,034 Total realized gains (losses) included in income 80 ( 69 ) Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at December 31 — — Purchases, issuances and settlements, net — — Transfers out of Level 3 — — Fair value, December 31 $ 2,045 $ 1,965 Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at December 31 $ 80 $ ( 69 ) The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments that are not measured at fair value. In cases where quoted market prices are not available, fair values are based on estimates using discounted cash flow models. Those models are significantly affected by the assumptions used, including the discount rates, estimates of future cash flows and borrower creditworthiness. The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2023 and December 31, 2022. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Cash and cash equivalents - The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. Loans - The fair value of the Company's loan portfolio includes a credit risk factor in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company's loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, collateral dependent loans and all other loans. The results are then adjusted to account for credit risk. For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for collateral dependent loans are estimated using discounted cash flow models or based on the fair value of the underlying collateral. For other loans, fair values are estimated using discounted cash flow models, using current market interest rates offered for loans with similar terms to borrowers of similar credit quality. The values derived from the discounted cash flow approach for each of the above portfolios are then further discounted to incorporate credit risk to determine the exit price. Mortgage servicing rights - The fair value of servicing rights is based on the present value of estimated future cash flows of mortgages sold, stratified by rate and maturity date. Assumptions that are incorporated in the valuation of servicing rights include assumptions about prepayment speeds on mortgages and the cost to service loans. Deposits and Federal Home Loan Bank advances - Fair values for deposits and Federal Home Loan Bank advances are estimated using discounted cash flow models, using current market interest rates offered on deposits with similar remaining maturities. Off-balance sheet instruments - The fair values of the Company’s off-balance-sheet financial instruments are based on fees charged to enter into similar agreements. However, commitments to extend credit do not represent a significant value to the Company until such commitments are funded. The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of the Company’s financial instruments at December 31, 2023 and December 31, 2022 . This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. (in Thousands) Carrying/Notional Estimated Fair Quoted Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters December 31, 2023 Financial assets: Cash and cash equivalents $ 252,635 252,635 252,635 — — Loans, net 3,550,675 3,372,666 — — 3,372,666 Mortgage servicing rights 1,083 1,398 — 1,398 — Financial liabilities: Deposits 4,367,106 3,885,724 — — 3,885,724 December 31, 2022 Financial assets: Cash and cash equivalents $ 104,789 104,789 104,789 — — Loans, net 3,088,344 2,992,161 — — 2,992,161 Mortgage servicing rights 1,065 1,252 — 1,252 — Financial liabilities: Deposits 3,892,705 3,210,581 — — 3,210,581 (1) 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. |
Wilson Bank Holding Company - P
Wilson Bank Holding Company - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Wilson Bank Holding Company - Parent Company Financial Information | (23) Wilson Bank Holding Company - Parent Company Financial Information WILSON BANK HOLDING COMPANY (Parent Company Only) Balance Sheets December 31, 2023 and 2022 Dollars In Thousands 2023 2022 ASSETS Cash $ 3,134 * 4,241 * Investment in wholly-owned commercial bank subsidiary 427,872 * 357,596 * Deferred income taxes 1,356 1,223 Refundable income taxes 485 538 Total assets $ 432,847 363,598 LIABILITIES AND SHAREHOLDERS’ EQUITY Other liabilities $ 3,442 3,146 Total liabilities 3,442 3,146 Shareholders’ equity: Common stock, par value $ 2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively 23,373 22,944 Additional paid-in capital 136,866 122,298 Retained earnings 357,260 325,625 Noncontrolling interest in consolidated subsidiary 69 15 Accumulated other comprehensive losses, net of taxes of $ 31,195 and $ 39,073 , respectively ( 88,163 ) ( 110,430 ) Total shareholders’ equity 429,405 360,452 Total liabilities and shareholders’ equity $ 432,847 363,598 * Eliminated in consolidation. WILSON BANK HOLDING COMPANY (Parent Company Only) Statements of Earnings Three Years Ended December 31, 2023 Dollars In Thousands 2023 2022 2021 Income: Dividends from Wilson Bank (commercial bank subsidiary) $ 2,500 * 4,200 * 4,300 * Other income — — — 2,500 4,200 4,300 Expenses: Directors’ fees 387 355 341 Other 1,747 2,187 1,575 2,134 2,542 1,916 Income before Federal income tax benefits and equity in undistributed earnings of Wilson Bank 366 1,658 2,384 Federal income tax benefits 617 733 475 983 2,391 2,859 Equity in undistributed earnings of Wilson Bank 47,955 * 50,651 * 46,567 * Net earnings $ 48,938 53,042 49,426 * Eliminated in consolidation. WILSON BANK HOLDING COMPANY (Parent Company Only) Statements of Cash Flows Three Years Ended December 31, 2023 Increase (Decrease) in Cash and Cash Equivalents Dollars In Thousands 2023 2022 2021 Cash flows from operating activities: Net earnings $ 48,938 53,042 49,426 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of commercial bank subsidiary ( 50,455 ) ( 54,851 ) ( 50,867 ) Decrease (increase) in refundable income taxes 53 ( 176 ) ( 120 ) Increase in deferred taxes ( 133 ) ( 195 ) ( 174 ) Share based compensation expense 1,528 1,866 1,428 Increase in other liabilities 19 14 113 Total adjustments ( 48,988 ) ( 53,342 ) ( 49,620 ) Net cash used in operating activities ( 50 ) ( 300 ) ( 194 ) Cash flows from investing activities: Dividends received from commercial bank subsidiary 2,500 4,200 4,300 Net cash provided by investing activities 2,500 4,200 4,300 Cash flows from financing activities: Payments made to stock appreciation rights holders ( 277 ) ( 644 ) ( 515 ) Dividends paid ( 17,303 ) ( 20,880 ) ( 14,909 ) Proceeds from sale of stock pursuant to dividend reinvestment plan 12,979 16,117 11,188 Proceeds from exercise of stock options 1,044 635 862 Net cash used in financing activities ( 3,557 ) ( 4,772 ) ( 3,374 ) Net increase (decrease) in cash and cash equivalents ( 1,107 ) ( 872 ) 732 Cash and cash equivalents at beginning of year 4,241 5,113 4,381 Cash and cash equivalents at end of year $ 3,134 4,241 5,113 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | (24) Quarterly Financial Data (Unaudited) Selected quarterly results of operations for the four quarters ended December 31 are as follows: (In Thousands, except per share data) 2023 2022 2021 Fourth Third Second First Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Interest income $ 61,809 57,857 53,987 48,930 $ 44,920 42,024 37,097 33,499 $ 33,810 33,719 31,570 30,742 Interest expense 26,548 23,697 19,934 13,500 7,855 3,894 2,240 2,144 2,507 2,840 3,031 3,258 Net interest income 35,261 34,160 34,053 35,430 37,065 38,130 34,857 31,355 31,303 30,879 28,539 27,484 Provision for credit losses - loans 619 1,641 2,078 1,962 2,596 2,543 1,625 1,892 131 130 55 827 Earnings before income taxes 14,220 14,745 16,039 17,927 15,342 19,706 18,484 14,544 17,512 17,405 14,449 14,792 Net earnings attributable to Wilson Bank Holding Company 11,222 11,486 12,389 13,841 12,340 15,190 14,139 11,373 13,801 13,342 11,139 11,144 Basic earnings per common share 0.96 0.99 1.07 1.20 1.08 1.33 1.25 1.01 1.23 1.19 1.00 1.01 Diluted earnings per common share 0.95 0.98 1.07 1.20 1.07 1.33 1.24 1.00 1.23 1.19 1.00 1.00 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | (25) Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of non-interest income for the periods presented. Items outside the scope of ASC Topic 606 are noted as such. Years ended December 31, 2023 2022 2021 (dollars in thousands) Fees and gains on sales of mortgage loans (1) $ 2,635 $ 2,973 $ 9,997 Service charges on deposits 7,890 7,382 6,137 Debit and credit card interchange income, net 8,490 8,416 7,783 Brokerage income 7,184 6,929 6,368 BOLI and annuity earnings (1) 1,667 1,346 1,109 Security gain (loss), net (1) ( 1,009 ) ( 1,620 ) 28 Other non-interest income 1,432 1,855 1,428 Total non-interest income $ 28,289 $ 27,281 $ 32,850 (1) Not within the scope of ASC Topic 606. A description of the Company's revenue streams accounted for under ASC Topic 606 follows: Service charges on deposit accounts - The Company earns fees on its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM usage fees, stop payment charges, statement rendering, and ACH fees are recognized at the time the transaction is executed and the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Account maintenance fees are recognized in the same month the Company earns and satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Debit and credit card interchange income, net - The Company earns interchange fees from debit and credit cardholder transactions conducted through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Certain expenses directly associated with the debit and credit cards are recorded on a net basis with the interchange income. Brokerage income - The Company earns fees from investment brokerage services provided to its customers by a third-party service provider. The Company receives commissions from the third-party service provider on a bi-monthly basis based upon customer activity for the month. The fees are recognized monthly when the Company satisfies the performance obligation. Because the Company (1) acts as an agent in arranging the relationship between the customer and third-party service provider and (2) does not control the services rendered to the customer, investment brokerage fees are presented net of related servicing and administration costs. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, Wilson Bank, and Wilson Bank's 51 % owned subsidiary, Encompass Home Lending, LLC ("Encompass"). On June 1, 2022 , the Bank began operations with a newly-formed joint venture, Encompass Home Lending, LLC. Encompass offers residential mortgage banking services to customers of certain home builders in the Company's markets. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Nature of Operations | (b) Nature of Operations Wilson Bank operates under a state bank charter and provides full banking services. As a Tennessee state-chartered bank that is not a member of the Federal Reserve, Wilson Bank is subject to regulations of the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation (“FDIC”). The areas served by Wilson Bank include Wilson County, DeKalb County, Rutherford County, Smith County, Trousdale County, Putnam County, Sumner County, Hamilton County, Davidson County and Williamson County, Tennessee and surrounding counties in Middle Tennessee. As of December 31, 2023 , services were provided at the main office, twenty-nine branch locations and one loan production office. In January 2024, Wilson Bank closed one of its branch locations. |
Use of Estimates | (c) Use of Estimates In preparing consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and 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 relate to the determination of the allowance for credit losses - loans and off-balance sheet credit exposures, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, the valuation of other real estate (if any), and the fair value of financial instruments. |
Significant Group Concentrations of Credit Risk | (d) Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Middle Tennessee. The types of securities in which the Company invests are described in note 3. The types of lending in which the Company engages are described in note 2. The Company does not have any significant concentrations to any one industry or customer other than as disclosed in note 2. |
Loans | (e) Loans The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans throughout Middle Tennessee. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for credit losses, and any unamortized deferred fees or costs on originated loans, and premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized on a straight line basis over the respective term of the loan. As part of its routine credit monitoring process, the Company performs regular credit reviews of the loan portfolio and loans receive risk ratings by the assigned credit officer, which are subject to validation by the Company's independent loan review department. Risk ratings are categorized as pass, special mention, substandard or doubtful. The Company believes that its categories follow those outlined by the FDIC, Wilson Bank's primary federal regulator. Generally the accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than when they become 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Credit Losses - Loans | (f) Allowance for Credit Losses - Loans On January 1, 2022 , the Company adopted Accounting Standards Update (“ASU”) 2016-13 , “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as subsequently updated for certain clarifications, targeted relief and codification improvements. Accounting Standards Codification (“ASC”) Topic 326 (“ASC 326”) replaces the previous “incurred loss” model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The new current expected credit loss (“CECL”) model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance-sheet credit exposures based on historical experience, current conditions, and reasonable and supportable forecasts. ASC 326 also 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, ASC 326 includes certain changes to the accounting for available-for-sale securities including the requirement to present credit losses as an allowance rather than as a direct write-down for available-for-sale securities management does not intend to sell or believes that it is more likely than not they will not be required to sell. Effective January 1, 2022, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off- balance-sheet credit exposures. Upon adoption, the Company recognized an after-tax cumulative effect increase to retained earnings totaling $ 1.0 million. Operating results for periods after January 1, 2022 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described below. In connection with the adoption of ASC 326 , the Company revised certain accounting policies and implemented certain accounting policy elections. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 2 - Loans and Allowance for Credit Losses. |
Allowance for Loan Losses (Allowance) | (g) Allowance for Loan Losses (Allowance) Prior to the Adoption of FASB ASC 326 on January 1, 2022 , which introduced the CECL methodology for credit losses, the allowance for loan losses was composed of the result of two independent analyses pursuant to the provisions of ASC 450-20, Loss Contingencies and ASC 310-10-35, Receivables. The ASC 450-20 analysis was intended to quantify the inherent risks in the performing loan portfolio. The ASC 310-10-35 analysis included a loan-by-loan analysis of impaired loans, primarily consisting of loans reported as nonaccrual or troubled-debt restructurings. The allowance allocation began with a process of estimating the probable losses in each of the twelve loan segments. The estimates for these loans were based on our historical loss data for that category over twenty quarters. Each segment was then analyzed such that an allocation of the allowance was estimated for each loan segment. The estimated loan loss allocation for all twelve loan portfolio segments was then adjusted for several “environmental” factors. The allocation for environmental factors was particularly subjective and did not lend itself to exact mathematical calculation. This amount represented estimated probable inherent credit losses which existed, but had not yet been identified, as of the balance sheet date, and were based upon quarterly trend assessments in delinquent and nonaccrual loans, unanticipated charge-offs, credit concentration changes, prevailing economic conditions, changes in lending personnel experience, changes in lending policies, increase in interest rates, or procedures and other influencing factors. These environmental factors were considered for each of the twelve loan segments and the allowance allocation, as determined by the processes noted above for each component, was increased or decreased through provision expense based on the incremental assessment of those various environmental factors. We then tested the resulting allowance by comparing the balance in the allowance to industry and peer information. Our management then evaluated the result of the procedures performed, including the result of our testing, and concluded on the appropriateness of the balance of the allowance in its entirety. The board of directors reviewed and approved the assessment prior to the filing of quarterly and annual financial information. A loan was impaired when, based on current information and events, it was probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement. Collection of all amounts due according to the contractual terms means that both the interest and principal payments of a loan would be collected as scheduled in the loan agreement. An impairment allowance was recognized if the fair value of the loan was less than the recorded investment in the loan (recorded investment in the loan was the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). The impairment was recognized through the allowance. Loans that were impaired were recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan was collateral dependent, impairment measurement was based on the fair value of the collateral, less estimated disposal costs. If the measure of the impaired loan was less than the recorded investment in the loan, the Company recognized an impairment by creating a valuation allowance with a corresponding charge to the provision for loan losses or by adjusting an existing valuation allowance for the impaired loan with a corresponding charge or credit to the provision for loan losses. Management believes it followed appropriate accounting and regulatory guidance in determining impairment and accrual status of impaired loans. |
Allowance for Credit Losses - Off-Balance Sheet Credit Exposures | (h) Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The allowance for credit losses on off-balance sheet credit exposures is a liability account, calculated in accordance with ASC 326 , representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance is reported as a component of accrued interest and other liabilities in the Company's consolidated balance sheets. Adjustments to the allowance are reported in the Company's income statement as a component of provision for credit losses - off-balance sheet exposures. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in note 1 - Summary of Significant Accounting Policies, letter (f) Allowance for Credit Losses - Loans as if such commitments were funded. |
Debt Securities | (i) Debt Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, including equity securities with readily determinable fair values, are classified as “available-for-sale” and recorded at fair value based on available market prices, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss) on an after-tax basis. Securities classified as “available- for-sale” are held for indefinite periods of time and may be sold in response to movements in market interest rates, changes in the maturity or mix of Company assets and liabilities or demand for liquidity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal and interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. No securities have been classified as trading securities or held-to-maturity securities at December 31, 2023 or 2022 . |
Allowance for Credit Losses - Securities Available-for-Sale | (j) Allowance for Credit Losses - Securities Available-for-Sale For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is written down to fair value through net income. If neither criteria is met, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income. |
Equity Securities | (k) Equity Securities Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. |
Transfers of Financial Assets | (l) Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Federal Home Loan Bank (FHLB) Stock | (m) Federal Home Loan Bank (FHLB) Stock The Company is a member of the FHLB system. Members are required to own a certain amount of stock in the FHLB based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans Held for Sale | (n) Loans Held for Sale Mortgage loans held for sale are carried at fair value. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Premises and Equipment | (o) Premises and Equipmen t Premises and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the related assets ranging from 3 to 40 years . Gains or losses realized on items retired and otherwise disposed of are credited or charged to operations and cost and related accumulated depreciation are removed from the asset and accumulated depreciation accounts. Expenditures for major renovations and improvements of premises and equipment are capitalized and those for maintenance and repairs are charged to earnings as incurred. |
Foreclosed Assets | (p) Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the estimated cost to sell at the date the Company acquires the property, establishing a new cost basis. Subsequent to their acquisition by the Company, valuations of these assets are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance [i.e. any direct write-downs] are included within non-interest expense. |
Goodwill and Other Intangible Assets | (q) Goodwill and Other Intangible Assets Goodwill arises from business combinations and is determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected September 30th as the date to perform the annual impairment test. No impairment was determined as a result of the test performed by the Company on September 30, 2023 . Intangible assets with finite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. |
Leases | (r) Leases Leases are classified as operating or finance leases at the lease commencement date. The Company leases certain locations and equipment. The Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). At lease inception, the Company determines the lease term by considering the minimum lease term and all optional renewal periods that the Company is reasonably certain to renew. The lease term is also used to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals if they are reasonably certain to be renewed. The Company’s leases do not contain residual value guarantees or material variable lease payments that will impact the Company’s ability to pay dividends or cause the Company to incur additional expenses. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line bases, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Rent expense and variable lease expense are included in occupancy and equipment expense on the Company’s consolidated statements of earnings. The Company’s variable lease expense include rent escalators that are based on market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. The amortization of the right-of- use asset arising from finance leases is expensed through occupancy and equipment expense and the interest on the related lease liability is expenses through interest expense on borrowings on the Company’s consolidated statements of earnings. |
Mortgage Servicing Rights | (s) Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported within non-interest income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as mortgage servicing income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against servicing fee income. Servicing fees totaled $ 9,000 for the year ended December 31, 2023 . Late fees and ancillary fees related to loan servicing are not significant. |
Cash and Cash Equivalents | (t) Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, interest-bearing deposits with maturities fewer than 90 days, amounts due from banks and Federal funds sold. Generally, Federal funds sold are purchased and sold for one day periods. Management makes deposits only with financial institutions it believes to be financially sound. |
Long-Term Assets | (u) Long-Term Assets Premises and equipment, intangible assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Bank Owned Life Insurance | (v) Bank Owned Life Insurance The Bank has purchased life insurance policies on certain current and former key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Income Taxes | (w) Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (FASB ASC 740, Income Taxes ). The Company follows accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term "more-likely-than-not" means a likelihood of more than 50 percent. The terms "examined" and "upon examination" also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Derivatives | (x) Derivatives Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of mortgage loans. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converts the fixed interest rates to SOFR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the maturity dates of the hedged loans. |
Stock-Based Compensation | (y) Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, “ Compensation—Stock Compensation” ) requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share awards, restricted share unit awards, performance-based awards, cash-settled stock appreciation rights (SARs), and employee share purchase plans. Because cash-settled SARs do not give the grantee the choice of receiving stock, all cash-settled SARs are accounted for as liabilities, not equity, as expense is accrued over the requisite service period. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options and cash-settled SARs. |
Retirement Plans | (z) Retirement Plans Employee 401(k) and profit sharing plan expense is the amount of matching contributions and profit sharing contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. |
Advertising Costs | (aa) Advertising Costs Advertising costs are expensed as incurred by the Company and totaled $ 3,714,000 , $ 3,455,000 and $ 2,736,000 for 2023, 2022 and 2021 , respectively. |
Earnings Per Share | (bb) Earnings Per Share Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, restricted share units, and performance share units and are determined using the treasury stock method. |
Comprehensive Income (Loss) | (cc) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of taxes, which are also recognized as separate components of equity. |
Loss Contingencies | (dd) Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Restrictions on Cash | (ee) Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. |
Segment Reporting | (ff) Segment Reporting Management analyzes the operations of the Company assuming one operating segment, community lending services. |
Fair Value of Financial Instruments | (gg) Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in note 22 - Disclosures About Fair Value of Financial Instruments of the consolidated financial statements. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates. |
Reclassification | (hh) Reclassification Certain reclassifications have been made to the 2022 and 2021 figures to conform to the presentation for 2023 . |
Off-Balance-Sheet Financial Instruments | (ii) Off-Balance-Sheet Financial Instruments In the ordinary course of business, Wilson Bank has entered into off-balance-sheet financial instruments consisting of commitments to extend credit, commitments under credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. |
Subsequent Events | (jj) Subsequent Events The Company has evaluated subsequent events for recognition and disclosure through February 28, 2024, which is the date the financial statements were available to be issued. |
Accounting Standard Updates | (kk) Accounting Standard Updates ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ” ASU 2016 - 13 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. As noted above, effective January 1, 2022 the Company adopted ASU 2016 - 13, which resulted in a $ 7.6 million decrease to the allowance for credit losses and a $ 6.2 million increase to the reserve for off-balance sheet exposures, resulting in a $ 1.0 million increase in retained earnings (net of taxes). See Note 2 – Loans and Allowance for Credit Losses for additional information. ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In March 2020 , the FASB issued this ASU and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022 . In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. The Company has implemented a transition plan to identify and modify its loans and other financial instruments, including certain indebtedness, with attributes that are either directly or indirectly influenced by LIBOR. The Company has moved substantially all of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate ("SOFR") based index as of December 31, 2023. For the Company’s currently outstanding LIBOR-based loan, the timing and manner in which such customer's interest rate transitions to a replacement index should occur at the next repricing date for such loan. ASU 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. ” ASU 2022 - 01 was issued to expand the scope of assets eligible for portfolio layer method hedging to include all financial assets. The update also expanded the then current last-of-layer method that permitted only one hedged layer to allow multiple hedged layers of a single closed portfolio. The last-of-layer method is renamed the portfolio layer method, because more than the last layer of a portfolio could be hedged. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of ASU 2022 - 01 did not have a significant impact on the Company's financial statements. ASU 2022-02, “ Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ” ASU 2022 - 02 was issued to respond to feedback received from post-implementation review of Topic 326. The amendments eliminate the troubled debt restructuring (TDR) recognition and measurement guidance and now require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326 - 20. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 . The adoption of ASU-2022-02 did not have a significant impact on the Company's financial statements. Other than those previously discussed, there were no other recently issued accounting pronouncements that are expected to materially impact the Company. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Classification of Loans | The classification of loans at December 31, 2023 and 2022 is as follows: In Thousands 2023 2022 Residential 1-4 family real estate $ 959,218 $ 854,970 Commercial and multi-family real estate 1,313,284 1,064,297 Construction, land development and farmland 901,336 879,528 Commercial, industrial and agricultural 127,659 124,603 1-4 family equity lines of credit 202,731 151,032 Consumer and other 104,373 93,332 Total loans before net deferred loan fees 3,608,601 3,167,762 Net deferred loan fees ( 13,078 ) ( 14,153 ) Total loans 3,595,523 3,153,609 Less: Allowance for credit losses ( 44,848 ) ( 39,813 ) Net loans $ 3,550,675 3,113,796 |
Schedule of Loans on Nonaccrual Status | Loans on Nonaccrual Status In Thousands 2023 2022 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — |
Schedule of Credit Quality Indicators | The following table presents loan balances classified within each risk rating category by primary loan type and based on year of origination as well as current period gross charge-offs by primary loan type and based on year of origination as of December 31, 2023. In Thousands Revolving 2023 2022 2021 2020 2019 Prior Loans Total December 31, 2023 Residential 1-4 family real estate: Pass $ 165,655 297,535 239,035 89,563 56,092 90,119 16,585 954,584 Special mention 76 859 225 876 137 1,558 — 3,731 Substandard — — — — 128 775 — 903 Total Residential 1-4 family real estate $ 165,731 298,394 239,260 90,439 56,357 92,452 16,585 959,218 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — — — — Commercial and multi-family real estate: Pass $ 103,050 321,767 378,418 143,178 91,640 217,645 57,320 1,313,018 Special mention — — 155 — — 31 — 186 Substandard — — — — — 80 — 80 Total Commercial and multi-family real estate $ 103,050 321,767 378,573 143,178 91,640 217,756 57,320 1,313,284 Commercial and multi-family real estate: Current-period gross charge-offs $ — — — — — — — — Construction, land development and farmland: Pass $ 231,337 306,056 99,456 26,710 7,586 10,141 219,999 901,285 Special mention — — — — — 51 — 51 Substandard — — — — — — — — Total Construction, land development and farmland $ 231,337 306,056 99,456 26,710 7,586 10,192 219,999 901,336 Construction, land development and farmland: Current-period gross charge-offs $ — — — — — — — — Commercial, industrial and agricultural: Pass $ 16,811 34,507 7,460 12,272 17,066 7,593 31,832 127,541 Special mention 93 7 6 — — — 12 118 Substandard — — — — — — — — Total Commercial, industrial and agricultural $ 16,904 34,514 7,466 12,272 17,066 7,593 31,844 127,659 Commercial, industrial and agricultural: Current-period gross charge-offs $ — 30 — — — — — 30 1-4 family equity lines of credit: Pass $ — — — — — — 202,189 202,189 Special mention — — — — — — 404 404 Substandard — — — — — — 138 138 Total 1-4 family equity lines of credit $ — — — — — — 202,731 202,731 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other: Pass $ 27,998 15,511 5,331 14,497 4,728 6,381 29,638 104,084 Special mention 4 52 57 7 — — — 120 Substandard 51 106 — 11 — 1 — 169 Total Consumer and other $ 28,053 15,669 5,388 14,515 4,728 6,382 29,638 104,373 Consumer and other: Current-period gross charge-offs $ 1,843 213 98 22 — — 151 2,328 The following table presents loan balances classified within each risk rating category based on year of origination as of December 31, 2023. In Thousands 2023 2022 2021 2020 2019 Prior Revolving Loans Total December 31, 2023 Pass $ 544,851 975,376 729,700 286,220 177,112 331,879 557,563 3,602,701 Special mention 173 918 443 883 137 1,640 416 4,610 Substandard 51 106 — 11 128 856 138 1,290 Total $ 545,075 976,400 730,143 287,114 177,377 334,375 558,117 3,608,601 he following table presents loan balances classified within each risk rating category by primary loan type and based on year of origination as well as current period gross charge-offs by primary loan type and based on year of origination as of December 31, 2022. In Thousands 2022 2021 2020 2019 2018 Prior Revolving Loans Total December 31, 2022 Residential 1-4 family real estate: Pass $ 290,315 262,690 106,107 61,984 29,526 81,229 17,751 849,602 Special mention 245 300 885 62 115 1,955 349 3,911 Substandard — — — 131 — 1,326 — 1,457 Total Residential 1-4 family real $ 290,560 262,990 106,992 62,177 29,641 84,510 18,100 854,970 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — 8 — 8 Commercial and multi-family real Pass $ 271,403 246,265 161,326 107,908 74,494 166,267 36,342 1,064,005 Special mention — — 162 — — 40 — 202 Substandard — — — — — 90 — 90 Total Commercial and multi- $ 271,403 246,265 161,488 107,908 74,494 166,397 36,342 1,064,297 Commercial and multi-family real Current-period gross charge-offs $ — — — — — — — — Construction, land development Pass $ 364,681 237,051 90,341 9,648 5,212 9,445 163,076 879,454 Special mention — — — — — 60 — 60 Substandard — — — — — 14 — 14 Total Construction, land $ 364,681 237,051 90,341 9,648 5,212 9,519 163,076 879,528 Construction, land development Current-period gross charge-offs $ — — — — — 1 — 1 Commercial, industrial and Pass $ 39,222 10,812 15,743 20,441 5,062 4,641 28,567 124,488 Special mention 7 44 17 — — 47 — 115 Substandard — — — — — — — — Total Commercial, industrial and $ 39,229 10,856 15,760 20,441 5,062 4,688 28,567 124,603 Commercial, industrial and Current-period gross charge-offs $ 21 — — — — — — 21 1-4 family equity lines of credit: Pass $ — — — — — — 150,849 150,849 Special mention — — — — — — 67 67 Substandard — — — — — — 116 116 Total 1-4 family equity lines of $ — — — — — — 151,032 151,032 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other: Pass $ 28,487 11,163 18,075 5,995 345 6,757 22,166 92,988 Special mention 74 130 20 2 — — — 226 Substandard 74 19 13 — 11 1 — 118 Total Consumer and other $ 28,635 11,312 18,108 5,997 356 6,758 22,166 93,332 Consumer and other: Current-period gross charge-offs $ 66 74 41 1 — — 1,345 1,527 The following table presents loan balances classified within each risk rating category based on year of origination as of December 31, 2022. In Thousands 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Pass $ 994,108 767,981 391,592 205,976 114,639 268,339 418,751 3,161,386 Special mention 326 474 1,084 64 115 2,102 416 4,581 Substandard 74 19 13 131 11 1,431 116 1,795 Total $ 994,508 768,474 392,689 206,171 114,765 271,872 419,283 3,167,762 |
Schedule of Age Analysis of Past Due Loans | Age Analysis of Past Due Loans In Thousands 30-59 Days Past Due 60-89 Days Past Due Nonaccrual and Greater Than 89 Days Total Nonaccrual and Past Due Current Total Loans Recorded Investment Greater Than 89 Days and Accruing December 31, 2023 Residential 1-4 family real estate $ 1,544 552 1,178 3,274 955,944 959,218 $ 1,178 Commercial and multi-family real estate 5,846 — — 5,846 1,307,438 1,313,284 — Construction, land development and farmland 2,959 1 — 2,960 898,376 901,336 — Commercial, industrial and agricultural 52 — 7 59 127,600 127,659 7 1-4 family equity lines of credit 571 209 106 886 201,845 202,731 106 Consumer and other 350 78 118 546 103,827 104,373 118 Total $ 11,322 840 1,409 13,571 3,595,030 3,608,601 $ 1,409 December 31, 2022 Residential 1-4 family real estate $ 2,046 1,080 426 3,552 851,418 854,970 $ 426 Commercial and multi-family real estate 397 1,626 400 2,423 1,061,874 1,064,297 400 Construction, land development and farmland 591 — — 591 878,937 879,528 — Commercial, industrial and agricultural 49 62 — 111 124,492 124,603 — 1-4 family equity lines of credit 74 77 — 151 150,881 151,032 — Consumer and other 403 184 43 630 92,702 93,332 43 Total $ 3,560 3,029 869 7,458 3,160,304 3,167,762 $ 869 |
Summary of Transactions in Allowance for Credit Losses | Transactions in the allowance for credit losses for the years ended December 31, 2023 and 2022 are summarized as follows: In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2023 Allowance for credit losses - loans: Beginning balance $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 Provision 1,435 2,123 702 125 639 1,276 6,300 Charge-offs — — — ( 30 ) — ( 2,328 ) ( 2,358 ) Recoveries 20 — 20 1 — 1,052 1,093 Ending balance $ 8,765 17,422 14,027 1,533 1,809 1,292 44,848 In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2022 Allowance for credit losses - loans: Beginning balance $ 9,242 16,846 9,757 1,329 1098 1,360 39,632 Impact of adopting ASC 326 ( 3,393 ) ( 3,433 ) ( 266 ) 219 ( 324 ) ( 367 ) ( 7,564 ) Provision 1,353 1,886 3,795 ( 117 ) 396 1,343 8,656 Charge-offs ( 8 ) — ( 1 ) ( 21 ) — ( 1,527 ) ( 1,557 ) Recoveries 116 — 20 27 — 483 646 Ending balance $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 The following tables detail the allowance for loan losses and recorded investment in loans by loan classification and by impairment evaluation method as of December 31, 2021, as determined in accordance with ASC 310 prior to the adoption of ASC 326 : In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2021 Allowance for loan losses: Beginning balance $ 8,203 18,343 8,090 1,391 997 1,515 38,539 Provision 971 ( 1,497 ) 1,296 ( 35 ) 101 307 1,143 Charge-offs — — ( 23 ) ( 33 ) — ( 992 ) ( 1,048 ) Recoveries 68 — 394 6 — 530 998 Ending balance $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Ending balance individually evaluated for impairment — — — — — — — Ending balance collectively evaluated for impairment $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Loans: Ending balance $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 Ending balance individually evaluated for impairment $ 134 531 — — — — 665 Ending balance collectively evaluated for impairment $ 689,445 908,142 612,659 118,155 92,229 74,643 2,495,273 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans | The following tables present the amortized cost basis of collateral dependent loans at December 31, 2023 and December 31, 2022 which are individually evaluated to determine expected credit losses: In Thousands Real Estate Other Total December 31, 2023 Residential 1-4 family real estate $ 1,949 — 1,949 Commercial and multi-family real estate 2,889 — 2,889 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 4,838 — 4,838 In Thousands Real Estate Other Total December 31, 2022 Residential 1-4 family real estate $ 130 — 130 Commercial and multi-family real estate 508 — 508 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 638 — 638 |
Modified Financing Receivables | (In Thousands) Principal Payment Term Interest Rate Combination Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable Residential 1-4 family real estate $ — $ 947 $ — $ — $ — $ — 0.10 % Commercial and multi-family real estate — 2,406 — — — — 0.18 % Construction, land development and — — — — — — — % Commercial, industrial and agricultural — — 93 — — — 0.07 % 1-4 family equity lines of credit — — — — — — — % Consumer and other — — — — — — — % Total $ — $ 3,353 $ 93 $ — $ — $ — 0.10 % In Thousands December 31, 2023 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — Twelve Months Ended December 31, 2023 Principal Weighted-Average Weighted-Average Months of Term Extension Residential 1-4 family real estate $ — — % — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — 37 1-4 family equity lines of credit — — — Consumer and other — — — Total $ — — % 37 In Thousands Twelve Months Ended December 31, 2023 Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — |
Summary of Carrying Balances of TDRs | The following table summarizes the carrying balances of TDRs at December 31, 2022 (dollars in thousands): 2022 Performing TDRs $ 778 Nonperforming TDRs 150 Total TDRs $ 928 The following table outlines the amount of each TDR categorized by loan classification for the years ended December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Residential 1-4 family real estate — $ — $ — — $ — $ — Commercial and multi-family real estate — — — — — — Construction, land development and farmland — — — — — — Commercial, industrial and agricultural — — — — — — 1-4 family equity lines of credit — — — — — — Consumer and other — — — — — — Total — $ — $ — — $ — $ — |
Schedule of Analysis of Activity with Respect to Loans to Related Parties | An analysis of the activity with respect to such loans to related parties is as follows: In Thousands December 31, 2023 2022 Balance, January 1 $ 6,859 $ 5,725 New loans and renewals during the year 9,860 13,379 Repayments (including loans paid by renewal) during the year ( 8,951 ) ( 12,245 ) Balance, December 31 $ 7,768 $ 6,859 |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities | Debt securities have been classified in the consolidated balance sheet according to management’s intent. Debt securities at December 31, 2023 consist of the following: Securities Available-For-Sale In Thousands Gross Unrealized Gross Unrealized Fair Amortized Cost Gains Losses Value U.S. Treasury and other U.S. government agencies $ 4,901 — 472 4,429 U.S. Government-sponsored enterprises (GSEs) 167,738 — 23,570 144,168 Mortgage-backed securities 480,759 230 63,959 417,030 Asset-backed securities 51,183 193 1,403 49,973 Corporate bonds 2,500 — 77 2,423 Obligations of states and political subdivisions 223,358 397 30,697 193,058 $ 930,439 820 120,178 811,081 The Company’s classification of securities at December 31, 2022 was as follows: Securities Available-For-Sale In Thousands Gross Unrealized Gross Unrealized Fair Amortized Cost Gains Losses Value U.S. Treasury and other U.S. government agencies $ 7,353 — 856 6,497 U.S. Government-sponsored enterprises (GSEs) 177,261 — 32,049 145,212 Mortgage-backed securities 518,727 1 74,290 444,438 Asset-backed securities 47,538 — 2,288 45,250 Corporate bonds 2,500 — 97 2,403 Obligations of states and political subdivisions 218,936 — 39,924 179,012 $ 972,315 1 149,504 822,812 |
Schedule of Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity | The amortized cost and estimated market value of debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities of mortgage and asset-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In Thousands Securities Available-For-Sale Amortized Cost Fair Value Due in one year or less $ 308 302 Due after one year through five years 99,749 90,059 Due after five years through ten years 279,313 243,984 Due after ten years 551,069 476,736 $ 930,439 811,081 |
Summary of Results from Sales of Debt Securities | Results from sales of debt securities are as follows: In Thousands 2023 2022 2021 Gross proceeds $ 32,740 42,728 39,652 Gross realized gains $ 17 — 137 Gross realized losses ( 1,026 ) ( 1,620 ) ( 109 ) Net realized gains (losses) $ ( 1,009 ) ( 1,620 ) 28 |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023 and 2022. In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total Number of Number of Unrealized Securities Unrealized Securities Unrealized 2023 Fair Value Losses Included Fair Value Losses Included Fair Value Losses Available-for-Sale Securities: Debt securities: U.S. Treasury and other U.S. government agencies $ — $ — — $ 4,429 $ 472 2 $ 4,429 $ 472 U.S. Government-sponsored enterprises (GSEs) — — — 144,169 23,569 55 144,169 23,569 Mortgage-backed securities 8,889 63 7 390,557 63,897 221 399,446 63,960 Asset-backed securities 2,500 44 1 30,666 1,359 26 33,166 1,403 Corporate bonds — — — 2,423 77 1 2,423 77 Obligations of states and political subdivisions 5,375 14 2 171,157 30,683 193 176,532 30,697 $ 16,764 $ 121 10 $ 743,401 $ 120,057 498 $ 760,165 $ 120,178 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total Number of Number of Unrealized Securities Unrealized Securities Unrealized 2022 Fair Value Losses Included Fair Value Losses Included Fair Value Losses Available-for-Sale Securities: Debt securities: U.S. Treasury and other U.S. government agencies $ — $ — — $ 6,497 $ 856 — $ 6,497 $ 856 U.S. Government-sponsored enterprises (GSEs) 9,747 872 4 135,465 31,177 54 145,212 32,049 Mortgage-backed securities 148,441 14,601 113 295,431 59,689 136 443,872 74,290 Asset-backed securities 35,276 1,607 21 9,974 681 11 45,250 2,288 Corporate bonds 2,403 97 1 — — — 2,403 97 Obligations of states and political subdivisions 58,567 6,056 76 120,445 33,868 128 179,012 39,924 $ 254,434 $ 23,233 215 $ 567,812 $ 126,271 332 $ 822,246 $ 149,504 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | The detail of premises and equipment at December 31, 2023 and 2022 is as follows: In Thousands 2023 2022 Land $ 20,822 $ 20,822 Buildings 49,784 46,579 Leasehold improvements 1,710 1,621 Furniture and equipment 16,524 14,858 Automobiles 345 373 Construction-in-progress 2,469 2,711 91,654 86,964 Less accumulated depreciation ( 29,256 ) ( 24,933 ) $ 62,398 $ 62,031 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | In Thousands 2023 2022 Goodwill: Balance at January 1, $ 4,805 4,805 Goodwill acquired during year — — Impairment loss — — Balance at December 31, $ 4,805 4,805 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | The following table represents lease assets and lease liabilities as of December 31, 2023 and 2022 (in thousands). Lease right-of-use assets Classification December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other Assets $ 3,542 4,519 Finance lease right-of-use assets Other Assets 2,123 2,215 Lease liabilities Classification December 31, 2023 December 31, 2022 Operating lease liabilities Other Liabilities $ 3,736 4,671 Finance lease liabilities Other Liabilities 2,251 2,281 |
Schedule of Lease Cost | The components of the Bank's total lease cost were as follows for the years ended December 31, 2023 and 2022. In Thousands 2023 2022 Operating lease cost $ 637 563 Finance lease cost 158 159 Short-term lease cost — — Net lease cost $ 795 722 The weighted average remaining lease term and weighted average discount rate for operating leases at December 31, 2023 and 2022 were as follows: 2023 2022 Operating Leases Weighted average remaining lease term (in years) 10.10 10.53 Weighted average discount rate 4.31 % 4.25 % The weighted average remaining lease term and weighted average discount rate for finance leases at December 31, 2023 and 2022 were as follows: 2023 2022 Finance Leases Weighted average remaining lease term (in years) 23.34 24.35 Weighted average discount rate 2.90 % 2.90 % Cash flows related to operating and finance leases during the year ended December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Operating cash flows related to operating leases $ 595 547 Operating cash flows related to finance leases 66 66 Financing cash flows related to finance leases 30 26 |
Summary of Future Undiscounted Lease Payments for Operating Leases | Future undiscounted lease payments for operating leases with initial terms of more than 12 months at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Operating Leases 2024 $ 553 595 2025 560 635 2026 568 642 2027 576 649 2028 547 657 Thereafter 1,854 2,686 Total undiscounted lease payments 4,658 5,864 Less: imputed interest ( 922 ) ( 1,193 ) Net lease liabilities $ 3,736 $ 4,671 |
Summary of Future Undiscounted Lease Payments for Finance Leases | Future undiscounted lease payments for finance leases with initial terms of more than 12 months at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Finance Leases 2024 $ 98 $ 96 2025 101 98 2026 105 101 2027 108 105 2028 111 108 Thereafter 2,676 2,787 Total undiscounted lease payments 3,199 3,295 Less: imputed interest ( 948 ) ( 1,014 ) Net lease liabilities $ 2,251 $ 2,281 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Summary of Principal Balances of Loans | In Thousands December 31, 2023 December 31, 2022 Mortgage loan portfolios serviced for: FHLMC $ 99,441 85,742 |
Summary of Servicing Asset at Amortized Cost | In Thousands December 31, 2023 December 31, 2022 Balance at beginning of period $ 1,065 — Servicing rights retained from loans sold 245 1,597 Amortization ( 227 ) ( 532 ) Valuation Allowance Provision — — Balance at end of period $ 1,083 1,065 Fair value, end of period $ 1,398 1,252 |
Schedule of Assumptions in Estimating the Fair Value of Mortgage Servicing Rights | December 31, 2023 December 31, 2022 Prepayment speed 7.92 % 7.18 % Weighted-average life (in years) 8.55 8.98 Weighted-average note rate 4.73 % 4.34 % Weighted-average discount rate 9.00 % 9.00 % |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at December 31, 2023 and 2022 are summarized as follows: In Thousands 2023 2022 Demand deposits $ 389,725 414,905 Savings accounts 320,301 338,963 Negotiable order of withdrawal accounts 934,709 1,070,629 Money market demand accounts 1,156,694 1,301,349 Certificates of deposit $250,000 or greater 548,269 230,408 Other certificates of deposit 942,346 471,249 Individual retirement accounts $250,000 or greater 11,018 7,727 Other individual retirement accounts 64,044 57,475 Total $ 4,367,106 3,892,705 |
Schedule of Principal Maturities of Certificates of Deposit and Individual Retirement Accounts | Principal maturities of certificates of deposit and individual retirement accounts at December 31, 2023 are as follows: (In Thousands) Maturity Total 2024 $ 1,228,675 2025 258,962 2026 38,934 2027 22,734 2028 15,579 Thereafter 793 $ 1,565,677 |
Non-interest Income and Non-i_2
Non-interest Income and Non-interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Noninterest Income and Noninterest Expense | The significant components of non-interest income and non-interest expense for the years ended December 31, 2023, 2022 and 2021 are presented below: In Thousands 2023 2022 2021 Non-interest income: Service charges on deposits $ 7,890 7,382 6,137 Brokerage income 7,184 6,929 6,368 Debit and credit card interchange income, net 8,490 8,416 7,783 Other fees and commissions 1,408 1,653 1,446 BOLI and annuity earnings 1,667 1,346 1,109 Gain (loss) on sale of securities, net ( 1,009 ) ( 1,620 ) 28 Fees and gains on sales of mortgage loans 2,635 2,973 9,997 Mortgage servicing income (loss), net 9 ( 28 ) — Loss on sale of other real estate, net — — ( 15 ) Gain (loss) on sale of fixed assets, net ( 55 ) 291 ( 43 ) Gain (loss) on sale of other assets, net ( 10 ) 8 6 Other income (loss) 80 ( 69 ) 34 $ 28,289 27,281 32,850 In Thousands 2023 2022 2021 Non-interest expense: Employee salaries and benefits $ 59,501 56,707 52,722 Equity-based compensation 1,528 1,864 1,428 Occupancy expenses 6,532 5,563 5,473 Furniture and equipment expenses 3,202 3,389 3,323 Data processing expenses 8,810 7,337 5,780 Advertising expenses 3,714 3,455 2,736 Accounting, legal & consulting expenses 1,789 1,409 1,287 FDIC insurance 3,120 1,527 1,130 Directors’ fees 713 650 686 Other operating expenses 12,042 11,069 10,927 $ 100,951 92,970 85,492 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset at December 31, 2023 and 2022 were as follows: In Thousands 2023 2022 Deferred tax asset: Federal $ 36,034 40,690 State 11,641 13,095 47,675 53,785 Deferred tax liability: Federal ( 1,654 ) ( 1,850 ) State ( 548 ) ( 612 ) ( 2,202 ) ( 2,462 ) Net deferred tax asset $ 45,473 51,323 The tax effects of each type of significant item that gave rise to deferred tax assets (liabilities) at December 31, 2023 and 2022 were: In Thousands 2023 2022 Financial statement allowance for credit losses in excess of tax allowance $ 11,509 10,128 Excess of depreciation deducted for tax purposes over the amounts deducted in the financial statements ( 1,546 ) ( 1,801 ) Financial statement deduction for deferred compensation in excess of deduction for tax purposes 1,487 1,464 Financial statement income on FHLB stock dividends not recognized for tax purposes ( 327 ) ( 327 ) Financial statement off-balance sheet exposure allowance for credit losses in excess of tax allowance 822 1,604 Unrealized loss on securities available-for-sale 31,195 39,073 Equity based compensation 1,355 1,224 Other items, net 978 ( 42 ) Net deferred tax asset $ 45,473 51,323 |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) at December 31, 2023, 2022 and 2021 are summarized as follows: In Thousands Federal State Total 2023 Current $ 14,023 1,945 15,968 Deferred ( 1,458 ) ( 571 ) ( 2,029 ) Total $ 12,565 1,374 13,939 2022 Current $ 15,096 2,011 17,107 Deferred ( 1,565 ) ( 486 ) ( 2,051 ) Total $ 13,531 1,525 15,056 2021 Current $ 13,580 2,084 15,664 Deferred ( 698 ) ( 234 ) ( 932 ) Total $ 12,882 1,850 14,732 |
Reconciliation of Actual Income Tax Expense to Expected Tax Expense | A reconciliation of actual income tax expense of $ 13,939,000 , $ 15,056,000 and $ 14,732,000 for the years ended December 31, 2023, 2022 and 2021 , respectively, to the “expected” tax expense (computed by applying the statutory rate of 21 % for 2023, 2022 and 2021 to earnings before income taxes) is as follows: In Thousands 2023 2022 2021 Computed “expected” tax expense $ 13,204 14,301 13,473 State income taxes, net of Federal income tax benefit 1,120 1,117 1,584 Tax exempt interest, net of interest expense exclusion ( 190 ) ( 274 ) ( 237 ) Earnings on cash surrender value of life insurance ( 344 ) ( 273 ) ( 205 ) Expenses not deductible for tax purposes 74 23 12 Equity based compensation ( 46 ) ( 55 ) ( 28 ) Other 121 217 133 $ 13,939 15,056 14,732 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Fair Value, Off-Balance-Sheet Risks | In Thousands Contract or Notional Amount 2023 2022 Financial instruments whose contract amounts represent credit risk: Unused commitments to extend credit $ 1,010,899 1,217,963 Standby letters of credit 106,420 118,064 Total $ 1,117,319 1,336,027 |
Summary of Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures | The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the years ended December 31, 2023, 2022 and 2021. (In Thousands) 2023 2022 2021 Beginning balance, January 1 $ 6,136 955 693 Impact of adopting ASC 326 — 6,195 — Credit loss expense (benefit) ( 2,989 ) ( 1,014 ) 262 Ending balance, December 31, $ 3,147 6,136 955 |
Regulatory Matters and Restri_2
Regulatory Matters and Restrictions on Dividends (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters and Restrictions on Dividends [Abstract] | |
Summary of Company's and Wilson Banks Actual Capital Amounts and Ratios | The Company's and Wilson Bank's actual capital amounts and ratios as of December 31, 2023 and 2022 are presented in the following tables. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the tables presented below. For Classification Under Minimum Corrective Action Plan Actual Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2023 Total capital to risk weighted assets: Consolidated $ 560,757 14.5 % $ 308,449 8.0 % $ 385,562 10.0 % Wilson Bank 559,224 14.5 308,333 8.0 385,417 10.0 Tier 1 capital to risk weighted assets: Consolidated 512,762 13.3 231,337 6.0 308,449 8.0 Wilson Bank 511,229 13.3 231,250 6.0 308,334 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 512,693 13.3 173,503 4.5 N/A N/A Wilson Bank 511,160 13.3 173,438 4.5 250,521 6.5 Tier 1 capital to average assets: Consolidated 512,762 10.6 193,564 4.0 N/A N/A Wilson Bank 511,229 10.6 193,492 4.0 241,865 5.0 For Classification Under Minimum Corrective Action Plan Actual Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2022 Total capital to risk weighted assets: Consolidated $ 512,025 13.5 % $ 303,440 8.0 % $ 379,300 10.0 % Wilson Bank 509,169 13.4 303,334 8.0 379,168 10.0 Tier 1 capital to risk weighted assets: Consolidated 466,076 12.3 227,580 6.0 303,440 8.0 Wilson Bank 463,220 12.2 227,500 6.0 303,333 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 466,061 12.3 170,685 4.5 N/A N/A Wilson Bank 463,205 12.2 170,625 4.5 246,458 6.5 Tier 1 capital to average assets: Consolidated 466,076 11.2 166,712 4.0 N/A N/A Wilson Bank 463,220 11.1 166,648 4.0 208,310 5.0 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Weighted-average Black-Scholes Fair Value Assumptions | The fair value of each stock option and cash-settled SAR grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants in 2023, 2022 and 2021: 2023 2022 2021 Expected dividends 2.38 % 1.85 % 1.53 % Expected term (in years) 8.25 7.78 9.13 Expected stock price volatility 38 % 37 % 36 % Risk-free rate 3.54 % 3.03 % 1.45 % |
Summary of Stock Option and Cash-Settled SAR Activity | A summary of the stock option and cash-settled SAR activity for 2023, 2022 and 2021 is as follows: 2023 2022 2021 Weighted Average Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 414,778 $ 55.13 357,254 $ 50.18 284,591 $ 43.71 Granted 5,000 69.00 117,665 64.13 121,830 61.48 Exercised ( 42,617 ) 47.23 ( 58,841 ) 43.27 ( 48,867 ) 40.76 Forfeited or expired ( 5,167 ) 60.35 ( 1,300 ) 45.50 ( 300 ) 37.60 Outstanding at end of year 371,994 $ 56.15 414,778 $ 55.13 357,254 $ 50.18 Options and cash-settled SARs exercisable at year end 186,431 $ 50.22 167,918 $ 46.09 159,560 $ 41.93 |
Summary of Information About Stock Options | The following table summarizes information about outstanding and exercisable stock options and cash-settled SARs at December 31, 2023: Options and Cash-Settled SARs Outstanding Options and Cash-Settled SARs Exercisable Range of Exercise Prices Number Outstanding at 12/31/23 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Number Outstanding at 12/31/23 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) $ 34.31 - $ 54.75 112,500 $ 42.30 3.27 108,368 $ 42.14 3.24 $ 55.75 - $ 69.00 259,494 $ 62.16 7.62 78,063 $ 61.43 7.00 371,994 186,431 Aggregate intrinsic value (in thousands) $ 5,710 $ 3,968 |
Summary of Restricted Shares Awards and Restricted Share Unit Awards Activity | A summary of restricted share awards and restricted shares unit awards activity for the twelve months ended December 31, 2023 is as follows: Restricted Share Awards Restricted Share Units Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value December 31, 2022 1,075 $ 64.03 — $ — Granted — — 14,833 69.00 Vested ( 774 ) 62.99 — — Forfeited — — ( 375 ) 69.00 Outstanding at December 31, 2023 301 $ 66.70 14,458 $ 69.00 |
Summary of Performance-Based Vesting Restricted Stock Units Activity | The following tables detail the PSUs outstanding at December 31, 2023. Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 — $ — Granted 1,107 67.85 Vested — — Forfeited or expired — — Outstanding at December 31, 2023 1,107 $ 67.85 Grant Year Grant Price Applicable Performance Period Period in which units to be settled PSUs Outstanding 2023 $ 67.85 2023-2025 2024-2026 1,107 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of the Components Comprising Basic and Diluted Earnings Per Share | The following is a summary of the components comprising basic and diluted earnings per share (“EPS”): Years Ended December 31, 2023 2022 2021 Basic EPS Computation: Numerator – Earnings available to common shareholders $ 48,938 53,042 49,426 Denominator – Weighted average number of common shares outstanding 11,611,690 11,377,617 11,131,897 Basic earnings per common share $ 4.21 4.66 4.44 Diluted EPS Computation: Numerator – Earnings available to common shareholders $ 48,938 53,042 49,426 Denominator – Weighted average number of common shares outstanding 11,611,690 11,377,617 11,131,897 Dilutive effect of stock options, RSUs and PSUs 29,676 31,307 31,059 11,641,366 11,408,924 11,162,956 Diluted earnings per common share $ 4.20 4.65 4.43 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative [Line Items] | |
Summary of Fair Value Hedge Relationships | A summary of the Company's fair value hedge relationships as of December 31, 2023 and December 31, 2022 are as follows (in thousands): December 31, 2023 Balance Sheet Weighted Weighted Receive Notional Estimated Interest rate swap agreements - loans Other assets — — % — $ — — December 31, 2022 Balance Sheet Weighted Weighted Receive Notional Estimated Interest rate swap agreements - loans Other assets 7.42 0.65 % 1 month LIBOR $ 30,000 4,520 |
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2023 and December 31, 2022 (in thousands): Carrying Amount of the Cumulative Amount of Line item on the balance sheet December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Loans $ — 25,452 — ( 4,548 ) The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for twelve months ended December 31, 2023 and 2022. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income. In Thousands 2023 2022 2021 Location in the Consolidated Statements of Income Interest income Interest and fees on loans $ 271 63 118 Net increase (decrease) to income before taxes $ 271 63 118 |
Schedule of Derivative Instruments, hedging instruments on the Company's consolidated statements of income | The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for twelve months ended December 31, 2023 and 2022. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income. In Thousands 2023 2022 2021 Location in the Consolidated Statements of Income Interest income Interest and fees on loans $ 271 63 118 Net increase (decrease) to income before taxes $ 271 63 118 |
Schedule of Amount and Fair Value of Mortgage Banking Derivatives | The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of December 31, 2023 and December 31, 2022: In Thousands 2023 2022 Notional Amount Fair Value Notional Amount Fair Value Included in other assets (liabilities): Interest rate contracts for customers $ 2,265 65 6,923 123 Forward contracts related to mortgage loans held-for-sale 2,500 ( 13 ) 6,250 62 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Summary of Effects of Fair Value Hedge Relationships in Interest Income on Loans | The effects of fair value hedge relationships reported in interest income on loans on the consolidated statements of income for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): Twelve Months Ended December 31, Gain (loss) on fair value hedging relationship 2023 2022 2021 Interest rate swap agreements - loans: Hedged items $ — ( 3,265 ) ( 1,125 ) Derivative designated as hedging instruments — 3,328 1,243 |
Mortgage Banking Derivatives [Member] | |
Derivative [Line Items] | |
Summary of Effects of Fair Value Hedge Relationships in Interest Income on Loans | The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: In Thousands 2023 2022 Interest rate contracts for customers $ ( 58 ) ( 535 ) Forward contracts related to mortgage loans held for sale and interest rate contracts ( 75 ) 56 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the financial instruments carried at fair value as of December 31, 2023 and December 31, 2022, by caption on the consolidated balance sheet and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): Measured on a Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2023 Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies $ 4,429 4,429 — — U.S. Government sponsored enterprises 144,168 — 144,168 — Mortgage-backed securities 417,030 — 417,030 — Asset-backed securities 49,973 — 49,973 — Corporate bonds 2,423 — 2,423 — State and municipal securities 193,058 — 193,058 — Total investment securities available-for-sale 811,081 4,429 806,652 — Mortgage loans held for sale 2,294 — 2,294 — Derivative instruments 52 — 52 — Other investments 2,045 — — 2,045 Total assets $ 815,472 4,429 808,998 2,045 Derivative instruments $ — — — — Total liabilities $ — — — — Measured on a Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2022 Hedged Loans $ 25,452 — 25,452 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 6,497 6,497 — — U.S. Government sponsored enterprises 145,212 — 145,212 — Mortgage-backed securities 444,438 — 444,438 — Asset-backed securities 45,250 — 45,250 — Corporate bonds 2,403 — 2,403 — State and municipal securities 179,012 — 179,012 — Total investment securities available-for-sale 822,812 6,497 816,315 — Mortgage loans held for sale 3,355 — 3,355 — Derivative instruments 4,705 — 4,705 — Other investments 1,965 — — 1,965 Total assets $ 858,289 6,497 849,827 1,965 Derivative instruments $ — — — — Total liabilities $ — — — — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | Measured on a Non-Recurring Basis Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) December 31, 2023 Other real estate owned $ — — — — Collateral dependent loans (¹) 4,838 — — 4,838 Total $ 4,838 — — 4,838 December 31, 2022 Other real estate owned $ — — — — Collateral dependent loans (¹) 638 — — 638 Total $ 638 — — 638 (1) As of Dece mber 31, 2023 and December 31, 2022 no reserve was recorded on collateral dependent loans. |
Schedule of Fair Value Assets Measured At Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value at December 31, 2023 and 2022: Valuation Techniques (2) Significant Unobservable Inputs Range (Weighted Average) Collateral dependent loans Appraisal Estimated costs to sell 10 % Other real estate owned Appraisal Estimated costs to sell 10 % (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent . |
Schedule of Changes in Fair Value Due to Observable Factors | The table below includes a rollforward of the balance sheet amounts for the year ended December 31, 2023 and 2022 (including the change in fair value) for financial instruments classified by the Company within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. For the Year Ended December 31, 2023 2022 Other Assets Other Assets Fair value, January 1 $ 1,965 $ 2,034 Total realized gains (losses) included in income 80 ( 69 ) Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at December 31 — — Purchases, issuances and settlements, net — — Transfers out of Level 3 — — Fair value, December 31 $ 2,045 $ 1,965 Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at December 31 $ 80 $ ( 69 ) |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of the Company’s financial instruments at December 31, 2023 and December 31, 2022 (in Thousands) Carrying/Notional Estimated Fair Quoted Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters December 31, 2023 Financial assets: Cash and cash equivalents $ 252,635 252,635 252,635 — — Loans, net 3,550,675 3,372,666 — — 3,372,666 Mortgage servicing rights 1,083 1,398 — 1,398 — Financial liabilities: Deposits 4,367,106 3,885,724 — — 3,885,724 December 31, 2022 Financial assets: Cash and cash equivalents $ 104,789 104,789 104,789 — — Loans, net 3,088,344 2,992,161 — — 2,992,161 Mortgage servicing rights 1,065 1,252 — 1,252 — Financial liabilities: Deposits 3,892,705 3,210,581 — — 3,210,581 (1) 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. |
Wilson Bank Holding Company -_2
Wilson Bank Holding Company - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Dollars In Thousands 2023 2022 ASSETS Cash $ 3,134 * 4,241 * Investment in wholly-owned commercial bank subsidiary 427,872 * 357,596 * Deferred income taxes 1,356 1,223 Refundable income taxes 485 538 Total assets $ 432,847 363,598 LIABILITIES AND SHAREHOLDERS’ EQUITY Other liabilities $ 3,442 3,146 Total liabilities 3,442 3,146 Shareholders’ equity: Common stock, par value $ 2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively 23,373 22,944 Additional paid-in capital 136,866 122,298 Retained earnings 357,260 325,625 Noncontrolling interest in consolidated subsidiary 69 15 Accumulated other comprehensive losses, net of taxes of $ 31,195 and $ 39,073 , respectively ( 88,163 ) ( 110,430 ) Total shareholders’ equity 429,405 360,452 Total liabilities and shareholders’ equity $ 432,847 363,598 |
Schedule of Condensed Income Statement | Dollars In Thousands 2023 2022 2021 Income: Dividends from Wilson Bank (commercial bank subsidiary) $ 2,500 * 4,200 * 4,300 * Other income — — — 2,500 4,200 4,300 Expenses: Directors’ fees 387 355 341 Other 1,747 2,187 1,575 2,134 2,542 1,916 Income before Federal income tax benefits and equity in undistributed earnings of Wilson Bank 366 1,658 2,384 Federal income tax benefits 617 733 475 983 2,391 2,859 Equity in undistributed earnings of Wilson Bank 47,955 * 50,651 * 46,567 * Net earnings $ 48,938 53,042 49,426 |
Schedule of Condensed Cash Flow Statement | Dollars In Thousands 2023 2022 2021 Cash flows from operating activities: Net earnings $ 48,938 53,042 49,426 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of commercial bank subsidiary ( 50,455 ) ( 54,851 ) ( 50,867 ) Decrease (increase) in refundable income taxes 53 ( 176 ) ( 120 ) Increase in deferred taxes ( 133 ) ( 195 ) ( 174 ) Share based compensation expense 1,528 1,866 1,428 Increase in other liabilities 19 14 113 Total adjustments ( 48,988 ) ( 53,342 ) ( 49,620 ) Net cash used in operating activities ( 50 ) ( 300 ) ( 194 ) Cash flows from investing activities: Dividends received from commercial bank subsidiary 2,500 4,200 4,300 Net cash provided by investing activities 2,500 4,200 4,300 Cash flows from financing activities: Payments made to stock appreciation rights holders ( 277 ) ( 644 ) ( 515 ) Dividends paid ( 17,303 ) ( 20,880 ) ( 14,909 ) Proceeds from sale of stock pursuant to dividend reinvestment plan 12,979 16,117 11,188 Proceeds from exercise of stock options 1,044 635 862 Net cash used in financing activities ( 3,557 ) ( 4,772 ) ( 3,374 ) Net increase (decrease) in cash and cash equivalents ( 1,107 ) ( 872 ) 732 Cash and cash equivalents at beginning of year 4,241 5,113 4,381 Cash and cash equivalents at end of year $ 3,134 4,241 5,113 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Results of Operations | Selected quarterly results of operations for the four quarters ended December 31 are as follows: (In Thousands, except per share data) 2023 2022 2021 Fourth Third Second First Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Interest income $ 61,809 57,857 53,987 48,930 $ 44,920 42,024 37,097 33,499 $ 33,810 33,719 31,570 30,742 Interest expense 26,548 23,697 19,934 13,500 7,855 3,894 2,240 2,144 2,507 2,840 3,031 3,258 Net interest income 35,261 34,160 34,053 35,430 37,065 38,130 34,857 31,355 31,303 30,879 28,539 27,484 Provision for credit losses - loans 619 1,641 2,078 1,962 2,596 2,543 1,625 1,892 131 130 55 827 Earnings before income taxes 14,220 14,745 16,039 17,927 15,342 19,706 18,484 14,544 17,512 17,405 14,449 14,792 Net earnings attributable to Wilson Bank Holding Company 11,222 11,486 12,389 13,841 12,340 15,190 14,139 11,373 13,801 13,342 11,139 11,144 Basic earnings per common share 0.96 0.99 1.07 1.20 1.08 1.33 1.25 1.01 1.23 1.19 1.00 1.01 Diluted earnings per common share 0.95 0.98 1.07 1.20 1.07 1.33 1.24 1.00 1.23 1.19 1.00 1.00 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income from Customer Contracts | Years ended December 31, 2023 2022 2021 (dollars in thousands) Fees and gains on sales of mortgage loans (1) $ 2,635 $ 2,973 $ 9,997 Service charges on deposits 7,890 7,382 6,137 Debit and credit card interchange income, net 8,490 8,416 7,783 Brokerage income 7,184 6,929 6,368 BOLI and annuity earnings (1) 1,667 1,346 1,109 Security gain (loss), net (1) ( 1,009 ) ( 1,620 ) 28 Other non-interest income 1,432 1,855 1,428 Total non-interest income $ 28,289 $ 27,281 $ 32,850 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 01, 2022 USD ($) | Jan. 31, 2024 Branch | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) Segment Office Branch | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2022 | Dec. 31, 2020 USD ($) | |
Number of full service branches | Branch | 29 | |||||||
Number of loan production offices | Office | 1 | |||||||
Retained earnings | $ 357,260,000 | $ 325,625,000 | ||||||
Debt securities, held-to-maturity | 0 | 0 | ||||||
Goodwill impairment loss | $ 0 | 0 | 0 | |||||
Mortgage servicing income (loss), net | 9,000 | (28,000) | $ 0 | |||||
Advertising expense | $ 3,714,000 | 3,455,000 | 2,736,000 | |||||
Number of operating segments | Segment | 1 | |||||||
Off-balance sheet, credit loss, liability | $ 3,147,000 | $ 6,136,000 | 955,000 | $ 693,000 | ||||
Subsequent Event [Member] | ||||||||
Number of branch locations closed | Branch | 1 | |||||||
Minimum [Member] | ||||||||
Property, plant and equipment, useful life (years) | 3 years | |||||||
Maximum [Member] | ||||||||
Property, plant and equipment, useful life (years) | 40 years | |||||||
Accounting Standards Update 2016-13 [Member] | ||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Off-balance sheet, credit loss, liability | $ 0 | $ 6,195,000 | $ 0 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||
Retained earnings | $ 1,000,000 | |||||||
Financing receivable, decrease in allowance for credit loss | (7,600,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | ||||||||
Off-balance sheet, credit loss, liability | $ 6,200,000 | |||||||
Encompass Home Lending, LLC [Member] | ||||||||
Noncontrolling interest, ownership percentage by parent | 51% |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) PureItem in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable with variable rates of interest | $ 2,977,918,000 | $ 2,546,325,000 | |
Loans receivable with fixed rates of interest | 630,683,000 | 621,437,000 | |
Loans on nonaccrual status | 0 | 0 | |
Net interest income | 0 | $ 0 | $ 0 |
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | PureItem | 0 | 0 | |
Mortgage loans in process of foreclosure, amount | 0 | $ 11,000 | |
Loans and leases receivable, related parties, ending balance | 7,768,000 | 6,859,000 | $ 5,725,000 |
Loans originated into secondary market | 73,984,000 | 106,601,000 | 215,813,000 |
Gain (loss) on sale of mortgage loans | 2,635,000 | 2,973,000 | $ 9,997,000 |
Loans sold with recourse in secondary market | 69,308,000 | 84,162,000 | |
Nonperforming Financial Instruments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Potential problem loans | 5,900,000 | 6,400,000 | |
Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Collateral Dependent Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 0 | $ 0 | |
Minimum | Real Estate Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, amortization period (year) | 15 years | ||
Financing receivable, maturity period (year) | 5 years | ||
Minimum | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, maturity period (year) | 1 year | ||
Maximum | Real Estate Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, amortization period (year) | 30 years | ||
Financing receivable, maturity period (year) | 15 years | ||
Maximum | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, maturity period (year) | 5 years |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Classification of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | $ 3,608,601 | $ 3,167,762 | $ 2,495,938 | |
Net deferred loan fees | (13,078) | (14,153) | ||
Total loans | 3,595,523 | 3,153,609 | ||
Less: Allowance for credit losses | (44,848) | (39,813) | (39,632) | $ (38,539) |
Net loans | 3,550,675 | 3,113,796 | ||
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 959,218 | 854,970 | 689,579 | |
Total loans | 959,218 | 854,970 | ||
Less: Allowance for credit losses | (8,765) | (7,310) | (9,242) | (8,203) |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 1,313,284 | 1,064,297 | 908,673 | |
Total loans | 1,313,284 | 1,064,297 | ||
Less: Allowance for credit losses | (17,422) | (15,299) | (16,846) | (18,343) |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 901,336 | 879,528 | 612,659 | |
Total loans | 901,336 | 879,528 | ||
Less: Allowance for credit losses | (14,027) | (13,305) | (9,757) | (8,090) |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 202,731 | 151,032 | 92,229 | |
Total loans | 202,731 | 151,032 | ||
Less: Allowance for credit losses | (1,809) | (1,170) | (1,098) | (997) |
Commercial, Industrial and Agricultural [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 127,659 | 124,603 | 118,155 | |
Total loans | 127,659 | 124,603 | ||
Less: Allowance for credit losses | (1,533) | (1,437) | (1,329) | (1,391) |
Consumer Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 104,373 | 93,332 | 74,643 | |
Total loans | 104,373 | 93,332 | ||
Less: Allowance for credit losses | $ (1,292) | $ (1,292) | $ (1,360) | $ (1,515) |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 0 | $ 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 0 | $ 0 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | $ 545,075 | $ 994,508 | |
Originated prior year | 976,400 | 768,474 | |
Originated two years prior year | 730,143 | 392,689 | |
Originated three years prior year | 287,114 | 206,171 | |
Originated four years prior year | 177,377 | 114,765 | |
Prior | 334,375 | 271,872 | |
Revolving loans | 558,117 | 419,283 | |
Loans, before allowance | 3,595,523 | 3,153,609 | |
Current-period gross charge-offs | 2,358 | 1,557 | $ 1,048 |
Loans, gross | 3,608,601 | 3,167,762 | 2,495,938 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 165,731 | 290,560 | |
Originated prior year | 298,394 | 262,990 | |
Originated two years prior year | 239,260 | 106,992 | |
Originated three years prior year | 90,439 | 62,177 | |
Originated four years prior year | 56,357 | 29,641 | |
Prior | 92,452 | 84,510 | |
Revolving loans | 16,585 | 18,100 | |
Loans, before allowance | 959,218 | 854,970 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 8 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 8 | 0 |
Loans, gross | 959,218 | 854,970 | 689,579 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 103,050 | 271,403 | |
Originated prior year | 321,767 | 246,265 | |
Originated two years prior year | 378,573 | 161,488 | |
Originated three years prior year | 143,178 | 107,908 | |
Originated four years prior year | 91,640 | 74,494 | |
Prior | 217,756 | 166,397 | |
Revolving loans | 57,320 | 36,342 | |
Loans, before allowance | 1,313,284 | 1,064,297 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 1,313,284 | 1,064,297 | 908,673 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 231,337 | 364,681 | |
Originated prior year | 306,056 | 237,051 | |
Originated two years prior year | 99,456 | 90,341 | |
Originated three years prior year | 26,710 | 9,648 | |
Originated four years prior year | 7,586 | 5,212 | |
Prior | 10,192 | 9,519 | |
Revolving loans | 219,999 | 163,076 | |
Loans, before allowance | 901,336 | 879,528 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 1 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 1 | 23 |
Loans, gross | 901,336 | 879,528 | 612,659 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 202,731 | 151,032 | |
Loans, before allowance | 202,731 | 151,032 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 202,731 | 151,032 | 92,229 |
Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 16,904 | 39,229 | |
Originated prior year | 34,514 | 10,856 | |
Originated two years prior year | 7,466 | 15,760 | |
Originated three years prior year | 12,272 | 20,441 | |
Originated four years prior year | 17,066 | 5,062 | |
Prior | 7,593 | 4,688 | |
Revolving loans | 31,844 | 28,567 | |
Loans, before allowance | 127,659 | 124,603 | |
Originated current year, charge offs | 0 | 21 | |
Originated prior year, charge offs | 30 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 30 | 21 | 33 |
Loans, gross | 127,659 | 124,603 | 118,155 |
Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 28,053 | 28,635 | |
Originated prior year | 15,669 | 11,312 | |
Originated two years prior year | 5,388 | 18,108 | |
Originated three years prior year | 14,515 | 5,997 | |
Originated four years prior year | 4,728 | 356 | |
Prior | 6,382 | 6,758 | |
Revolving loans | 29,638 | 22,166 | |
Loans, before allowance | 104,373 | 93,332 | |
Originated current year, charge offs | 1,843 | 66 | |
Originated prior year, charge offs | 213 | 74 | |
Originated two years prior year, charge offs | 98 | 41 | |
Originated three years prior year, charge offs | 22 | 1 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 151 | 1,345 | |
Current-period gross charge-offs | 2,328 | 1,527 | 992 |
Loans, gross | 104,373 | 93,332 | $ 74,643 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 544,851 | 994,108 | |
Originated prior year | 975,376 | 767,981 | |
Originated two years prior year | 729,700 | 391,592 | |
Originated three years prior year | 286,220 | 205,976 | |
Originated four years prior year | 177,112 | 114,639 | |
Prior | 331,879 | 268,339 | |
Revolving loans | 557,563 | 418,751 | |
Loans, gross | 3,602,701 | 3,161,386 | |
Pass | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 165,655 | 290,315 | |
Originated prior year | 297,535 | 262,690 | |
Originated two years prior year | 239,035 | 106,107 | |
Originated three years prior year | 89,563 | 61,984 | |
Originated four years prior year | 56,092 | 29,526 | |
Prior | 90,119 | 81,229 | |
Revolving loans | 16,585 | 17,751 | |
Loans, before allowance | 954,584 | 849,602 | |
Pass | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 103,050 | 271,403 | |
Originated prior year | 321,767 | 246,265 | |
Originated two years prior year | 378,418 | 161,326 | |
Originated three years prior year | 143,178 | 107,908 | |
Originated four years prior year | 91,640 | 74,494 | |
Prior | 217,645 | 166,267 | |
Revolving loans | 57,320 | 36,342 | |
Loans, before allowance | 1,313,018 | 1,064,005 | |
Pass | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 231,337 | 364,681 | |
Originated prior year | 306,056 | 237,051 | |
Originated two years prior year | 99,456 | 90,341 | |
Originated three years prior year | 26,710 | 9,648 | |
Originated four years prior year | 7,586 | 5,212 | |
Prior | 10,141 | 9,445 | |
Revolving loans | 219,999 | 163,076 | |
Loans, before allowance | 901,285 | 879,454 | |
Pass | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 202,189 | 150,849 | |
Loans, before allowance | 202,189 | 150,849 | |
Pass | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 16,811 | 39,222 | |
Originated prior year | 34,507 | 10,812 | |
Originated two years prior year | 7,460 | 15,743 | |
Originated three years prior year | 12,272 | 20,441 | |
Originated four years prior year | 17,066 | 5,062 | |
Prior | 7,593 | 4,641 | |
Revolving loans | 31,832 | 28,567 | |
Loans, before allowance | 127,541 | 124,488 | |
Pass | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 27,998 | 28,487 | |
Originated prior year | 15,511 | 11,163 | |
Originated two years prior year | 5,331 | 18,075 | |
Originated three years prior year | 14,497 | 5,995 | |
Originated four years prior year | 4,728 | 345 | |
Prior | 6,381 | 6,757 | |
Revolving loans | 29,638 | 22,166 | |
Loans, before allowance | 104,084 | 92,988 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 173 | 326 | |
Originated prior year | 918 | 474 | |
Originated two years prior year | 443 | 1,084 | |
Originated three years prior year | 883 | 64 | |
Originated four years prior year | 137 | 115 | |
Prior | 1,640 | 2,102 | |
Revolving loans | 416 | 416 | |
Loans, gross | 4,610 | 4,581 | |
Special Mention | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 76 | 245 | |
Originated prior year | 859 | 300 | |
Originated two years prior year | 225 | 885 | |
Originated three years prior year | 876 | 62 | |
Originated four years prior year | 137 | 115 | |
Prior | 1,558 | 1,955 | |
Revolving loans | 0 | 349 | |
Loans, before allowance | 3,731 | 3,911 | |
Special Mention | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 155 | 162 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 31 | 40 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 186 | 202 | |
Special Mention | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 51 | 60 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 51 | 60 | |
Special Mention | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 404 | 67 | |
Loans, before allowance | 404 | 67 | |
Special Mention | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 93 | 7 | |
Originated prior year | 7 | 44 | |
Originated two years prior year | 6 | 17 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 47 | |
Revolving loans | 12 | 0 | |
Loans, before allowance | 118 | 115 | |
Special Mention | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 4 | 74 | |
Originated prior year | 52 | 130 | |
Originated two years prior year | 57 | 20 | |
Originated three years prior year | 7 | 2 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 120 | 226 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 51 | 74 | |
Originated prior year | 106 | 19 | |
Originated two years prior year | 0 | 13 | |
Originated three years prior year | 11 | 131 | |
Originated four years prior year | 128 | 11 | |
Prior | 856 | 1,431 | |
Revolving loans | 138 | 116 | |
Loans, gross | 1,290 | 1,795 | |
Substandard | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 131 | |
Originated four years prior year | 128 | 0 | |
Prior | 775 | 1,326 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 903 | 1,457 | |
Substandard | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 80 | 90 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 80 | 90 | |
Substandard | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 14 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 0 | 14 | |
Substandard | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 138 | 116 | |
Loans, before allowance | 138 | 116 | |
Substandard | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 0 | 0 | |
Substandard | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 51 | 74 | |
Originated prior year | 106 | 19 | |
Originated two years prior year | 0 | 13 | |
Originated three years prior year | 11 | 0 | |
Originated four years prior year | 0 | 11 | |
Prior | 1 | 1 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | $ 169 | $ 118 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | $ 3,608,601 | $ 3,167,762 | $ 2,495,938 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 1,409 | 869 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 11,322 | 3,560 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 840 | 3,029 | |
Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1,409 | 869 | |
Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 13,571 | 7,458 | |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 3,595,030 | 3,160,304 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 959,218 | 854,970 | 689,579 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 1,178 | 426 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1,544 | 2,046 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 552 | 1,080 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1,178 | 426 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 3,274 | 3,552 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 955,944 | 851,418 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1,313,284 | 1,064,297 | 908,673 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 0 | 400 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 5,846 | 397 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 0 | 1,626 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 0 | 400 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 5,846 | 2,423 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1,307,438 | 1,061,874 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 901,336 | 879,528 | 612,659 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 0 | 0 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 2,959 | 591 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 1 | 0 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 0 | 0 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 2,960 | 591 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 898,376 | 878,937 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 202,731 | 151,032 | 92,229 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 106 | 0 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 571 | 74 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 209 | 77 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 106 | 0 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 886 | 151 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 201,845 | 150,881 | |
Commercial, Industrial and Agricultural [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 127,659 | 124,603 | 118,155 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 7 | 0 | |
Commercial, Industrial and Agricultural [Member] | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 52 | 49 | |
Commercial, Industrial and Agricultural [Member] | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 0 | 62 | |
Commercial, Industrial and Agricultural [Member] | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 7 | 0 | |
Commercial, Industrial and Agricultural [Member] | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 59 | 111 | |
Commercial, Industrial and Agricultural [Member] | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 127,600 | 124,492 | |
Consumer Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 104,373 | 93,332 | $ 74,643 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 118 | 43 | |
Consumer Portfolio Segment | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 350 | 403 | |
Consumer Portfolio Segment | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 78 | 184 | |
Consumer Portfolio Segment | Non Accrual and Greater Than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 118 | 43 | |
Consumer Portfolio Segment | Total Nonaccrual and Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | 546 | 630 | |
Consumer Portfolio Segment | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans before net deferred loan fees | $ 103,827 | $ 92,702 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Transactions in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | $ 39,813 | $ 39,632 | $ 38,539 |
Provision for credit losses - loans | 6,300 | 8,656 | 1,143 |
Charge-offs | (2,358) | (1,557) | (1,048) |
Recoveries | 1,093 | 646 | 998 |
Balance | 44,848 | 39,813 | 39,632 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 39,632 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,608,601 | 3,167,762 | 2,495,938 |
Loans | 4,838 | 638 | 665 |
Ending balance collectively evaluated for impairment | 2,495,273 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | (7,564) | ||
Balance | (7,564) | ||
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 7,310 | 9,242 | 8,203 |
Provision for credit losses - loans | 1,435 | 1,353 | 971 |
Charge-offs | 0 | (8) | 0 |
Recoveries | 20 | 116 | 68 |
Balance | 8,765 | 7,310 | 9,242 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 9,242 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 959,218 | 854,970 | 689,579 |
Loans | 1,949 | 130 | 134 |
Ending balance collectively evaluated for impairment | 689,445 | ||
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | (3,393) | ||
Balance | (3,393) | ||
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 15,299 | 16,846 | 18,343 |
Provision for credit losses - loans | 2,123 | 1,886 | (1,497) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance | 17,422 | 15,299 | 16,846 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 16,846 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,313,284 | 1,064,297 | 908,673 |
Loans | 2,889 | 508 | 531 |
Ending balance collectively evaluated for impairment | 908,142 | ||
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | (3,433) | ||
Balance | (3,433) | ||
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 13,305 | 9,757 | 8,090 |
Provision for credit losses - loans | 702 | 3,795 | 1,296 |
Charge-offs | 0 | (1) | (23) |
Recoveries | 20 | 20 | 394 |
Balance | 14,027 | 13,305 | 9,757 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 9,757 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 901,336 | 879,528 | 612,659 |
Loans | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 612,659 | ||
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | (266) | ||
Balance | (266) | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,170 | 1,098 | 997 |
Provision for credit losses - loans | 639 | 396 | 101 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance | 1,809 | 1,170 | 1,098 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 1,098 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 202,731 | 151,032 | 92,229 |
Loans | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 92,229 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | (324) | ||
Balance | (324) | ||
Commercial, Industrial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,437 | 1,329 | 1,391 |
Provision for credit losses - loans | 125 | (117) | (35) |
Charge-offs | (30) | (21) | (33) |
Recoveries | 1 | 27 | 6 |
Balance | 1,533 | 1,437 | 1,329 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 1,329 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 127,659 | 124,603 | 118,155 |
Loans | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 118,155 | ||
Commercial, Industrial and Agricultural [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 219 | ||
Balance | 219 | ||
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,292 | 1,360 | 1,515 |
Provision for credit losses - loans | 1,276 | 1,343 | 307 |
Charge-offs | (2,328) | (1,527) | (992) |
Recoveries | 1,052 | 483 | 530 |
Balance | 1,292 | 1,292 | 1,360 |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | 1,360 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 104,373 | 93,332 | 74,643 |
Loans | $ 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 74,643 | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | $ (367) | ||
Balance | $ (367) |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 4,838 | $ 638 | $ 665 |
Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,838 | 638 | |
Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,949 | 130 | 134 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,949 | 130 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,889 | 508 | 531 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,889 | 508 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Commercial, Industrial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | 0 |
Commercial, Industrial and Agricultural [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Commercial, Industrial and Agricultural [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | $ 0 |
Consumer Portfolio Segment [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Other Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Modified Financing Receivables (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0.10% |
Weighted average interest rate reduction | 0% |
Weighted average term extension (Month) | 37 months |
Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0.07% |
Weighted average interest rate reduction | 0% |
Weighted average term extension (Month) | 37 months |
Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0% |
Weighted average interest rate reduction | 0% |
Principal Forgiveness | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | $ 0 |
Modified loans | 0 |
Principal Forgiveness | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Principal Forgiveness | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Payment Delay | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 3,353 |
Modified loans | 0 |
Payment Delay | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Payment Delay | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Term Extension | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 93 |
Modified loans | 0 |
Term Extension | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 93 |
Modified loans | 0 |
Term Extension | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Interest Rate Reduction | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Interest Rate Reduction | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Interest Rate Reduction | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
30-59 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
30-59 Days Past Due | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
30-59 Days Past Due | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
60-89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
60-89 Days Past Due | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
60-89 Days Past Due | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Greater Than 89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Greater Than 89 Days Past Due | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Greater Than 89 Days Past Due | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Financial Asset, Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Financial Asset, Past Due [Member] | Commercial, Industrial and Agricultural Portfolio | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | $ 0 |
Residential 1-4 Family Real Estate | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0.10% |
Weighted average interest rate reduction | 0% |
Residential 1-4 Family Real Estate | Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | $ 0 |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Payment Delay | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 947 |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Term Extension | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Residential 1-4 Family Real Estate | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Residential 1-4 Family Real Estate | 30-59 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Residential 1-4 Family Real Estate | 60-89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Greater Than 89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Residential 1-4 Family Real Estate | Financial Asset, Past Due [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | $ 0 |
Commercial and Multi-Family Real Estate | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0.18% |
Weighted average interest rate reduction | 0% |
Commercial and Multi-Family Real Estate | Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | $ 0 |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Payment Delay | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 2,406 |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Term Extension | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Commercial and Multi-Family Real Estate | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Commercial and Multi-Family Real Estate | 30-59 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | 60-89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Greater Than 89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Commercial and Multi-Family Real Estate | Financial Asset, Past Due [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | $ 0 |
Construction, Land Development and Farmland | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0% |
Weighted average interest rate reduction | 0% |
Construction, Land Development and Farmland | Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | $ 0 |
Modified loans | 0 |
Construction, Land Development and Farmland | Payment Delay | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Construction, Land Development and Farmland | Term Extension | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Construction, Land Development and Farmland | Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
Construction, Land Development and Farmland | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Construction, Land Development and Farmland | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Construction, Land Development and Farmland | 30-59 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Construction, Land Development and Farmland | 60-89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Construction, Land Development and Farmland | Greater Than 89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
Construction, Land Development and Farmland | Financial Asset, Past Due [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | $ 0 |
1-4 family Equity Lines of Credit | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Percentage of financing receivables | 0% |
Weighted average interest rate reduction | 0% |
1-4 family Equity Lines of Credit | Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | $ 0 |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Payment Delay | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Term Extension | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
1-4 family Equity Lines of Credit | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Financing receivable, modification amount | 0 |
1-4 family Equity Lines of Credit | 30-59 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
1-4 family Equity Lines of Credit | 60-89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Greater Than 89 Days Past Due | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | 0 |
1-4 family Equity Lines of Credit | Financial Asset, Past Due [Member] | Real Estate Portfolio Segment | |
Financing Receivable, Modified [Line Items] | |
Modified loans | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Carrying Balances of TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 928 | |
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Commercial, Industrial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | PureItem | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | 0 | $ 0 |
Performing Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 778 | |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 150 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses - Schedule of Analysis of Activity with Respect to Loans to Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||
Balance | $ 6,859,000 | $ 5,725,000 |
New loans and renewals during the year | 9,860,000 | 13,379,000 |
Repayments (including loans paid by renewal) during the year | (8,951,000) | (12,245,000) |
Balance | $ 7,768,000 | $ 6,859,000 |
Debt Securities - Schedule of D
Debt Securities - Schedule of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | $ 930,439 | $ 972,315 |
Securities, Available-for-sale, Gross Unrealized Gains | 820 | 1 |
Securities, Available-for-sale, Gross Unrealized Losses | 120,178 | 149,504 |
Total investment securities available-for-sale | 811,081 | 822,812 |
U.S. Treasury and Other U.S. Government Agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 4,901 | 7,353 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 472 | 856 |
Total investment securities available-for-sale | 4,429 | 6,497 |
U.S. Government-sponsored enterprises (GSEs) | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 167,738 | 177,261 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 23,570 | 32,049 |
Total investment securities available-for-sale | 144,168 | 145,212 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 480,759 | 518,727 |
Securities, Available-for-sale, Gross Unrealized Gains | 230 | 1 |
Securities, Available-for-sale, Gross Unrealized Losses | 63,959 | 74,290 |
Total investment securities available-for-sale | 417,030 | 444,438 |
Asset-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 51,183 | 47,538 |
Securities, Available-for-sale, Gross Unrealized Gains | 193 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 1,403 | 2,288 |
Total investment securities available-for-sale | 49,973 | 45,250 |
Corporate Bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 2,500 | 2,500 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 77 | 97 |
Total investment securities available-for-sale | 2,423 | 2,403 |
States and Municipal Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-for-sale, Amortized Cost | 223,358 | 218,936 |
Securities, Available-for-sale, Gross Unrealized Gains | 397 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 30,697 | 39,924 |
Total investment securities available-for-sale | $ 193,058 | $ 179,012 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Allowance for credit losses on available-for-sale securities | $ 0 | |
Available-for-sale securities, amortized cost | 930,439,000 | $ 972,315,000 |
Available-for-sale securities, fair value | 811,081,000 | 822,812,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 120,178,000 | 149,504,000 |
Debt securities, available-for-sale, unrealized loss position | 760,165,000 | 822,246,000 |
Tennessee, Alabama, and Texas [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Security owned and pledged as collateral | 116,000,000 | 111,505,000 |
Security owned and pledged as collateral, fair value | 99,000,000 | |
Asset Pledged as Collateral [Member] | Public Deposits and Other Required Purposes [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, amortized cost | 500,046,000 | 477,051,000 |
Available-for-sale securities, fair value | 429,705,000 | 405,043,000 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, amortized cost | 145,179,000 | 148,460,000 |
Available-for-sale securities, fair value | $ 124,005,000 | 126,190,000 |
US Government Sponsored Entities and Agencies [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Percent of mortgage-backed securties | 97% | |
Non-agency Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, fair value | $ 11,500,000 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1,500,000 | |
Obligations of States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, amortized cost | 223,358,000 | 218,936,000 |
Available-for-sale securities, fair value | 193,058,000 | 179,012,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 30,697,000 | 39,924,000 |
Debt securities, available-for-sale, unrealized loss position | 176,532,000 | 179,012,000 |
Obligations of States and Political Subdivisions [Member] | Tennessee, Alabama, and Texas [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Financial instruments, owned, at fair value | 90,008,000 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, amortized cost | 51,183,000 | 47,538,000 |
Available-for-sale securities, fair value | 49,973,000 | 45,250,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1,403,000 | 2,288,000 |
Debt securities, available-for-sale, unrealized loss position | 33,166,000 | 45,250,000 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, amortized cost | 2,500,000 | 2,500,000 |
Available-for-sale securities, fair value | 2,423,000 | 2,403,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 77,000 | 97,000 |
Debt securities, available-for-sale, unrealized loss position | $ 2,423,000 | $ 2,403,000 |
Debt Securities - Schedule of A
Debt Securities - Schedule of Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, securities available-for-sale, amortized cost | $ 308 | |
Due in one year or less, securities available-for-sale, fair value | 302 | |
Due after one year through five years, securities available-for-sale, amortized cost | 99,749 | |
Due after one year through five years, securities available-for-sale, fair value | 90,059 | |
Due after five years through ten years, securities available-for-sale, amortized cost | 279,313 | |
Due after five years through ten years, securities available-for-sale, fair value | 243,984 | |
Due after ten years, securities available-for-sale, amortized cost | 551,069 | |
Due after ten years, securities available-for-sale, fair value | 476,736 | |
Securities, Available-for-sale, Amortized Cost | 930,439 | $ 972,315 |
Fair Value | $ 811,081 | $ 822,812 |
Debt Securities - Summary of Re
Debt Securities - Summary of Results from Sales of Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross proceeds | $ 32,740 | $ 42,728 | $ 39,652 |
Gross realized gains | 17 | 0 | 137 |
Gross realized losses | (1,026) | (1,620) | (109) |
Net realized gains (losses) | $ (1,009) | $ (1,620) | $ 28 |
Debt Securities - Schedule of G
Debt Securities - Schedule of Gross Unrealized Losses and Fair Value of Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | $ 16,764 | $ 254,434 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 121 | $ 23,233 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 10 | 215 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 743,401 | $ 567,812 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 120,057 | $ 126,271 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 498 | 332 |
Available-for-Sale Securities, Total, Fair Value | $ 760,165 | $ 822,246 |
Available-for-Sale Securities, Total, Unrealized Losses | 120,178 | 149,504 |
U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 0 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 4,429 | $ 6,497 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 472 | $ 856 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 2 | 0 |
Available-for-Sale Securities, Total, Fair Value | $ 4,429 | $ 6,497 |
Available-for-Sale Securities, Total, Unrealized Losses | 472 | 856 |
U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 9,747 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 872 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 4 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 144,169 | $ 135,465 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 23,569 | $ 31,177 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 55 | 54 |
Available-for-Sale Securities, Total, Fair Value | $ 144,169 | $ 145,212 |
Available-for-Sale Securities, Total, Unrealized Losses | 23,569 | 32,049 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 8,889 | 148,441 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 63 | $ 14,601 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 7 | 113 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 390,557 | $ 295,431 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 63,897 | $ 59,689 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 221 | 136 |
Available-for-Sale Securities, Total, Fair Value | $ 399,446 | $ 443,872 |
Available-for-Sale Securities, Total, Unrealized Losses | 63,960 | 74,290 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 2,500 | 35,276 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 44 | $ 1,607 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 1 | 21 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 30,666 | $ 9,974 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 1,359 | $ 681 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 26 | 11 |
Available-for-Sale Securities, Total, Fair Value | $ 33,166 | $ 45,250 |
Available-for-Sale Securities, Total, Unrealized Losses | 1,403 | 2,288 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 2,403 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 97 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 1 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 2,423 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 77 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 1 | 0 |
Available-for-Sale Securities, Total, Fair Value | $ 2,423 | $ 2,403 |
Available-for-Sale Securities, Total, Unrealized Losses | 77 | 97 |
Obligations of States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 5,375 | 58,567 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 14 | $ 6,056 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 2 | 76 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 171,157 | $ 120,445 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 30,683 | $ 33,868 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 193 | 128 |
Available-for-Sale Securities, Total, Fair Value | $ 176,532 | $ 179,012 |
Available-for-Sale Securities, Total, Unrealized Losses | $ 30,697 | $ 39,924 |
Restricted Equity Securities -
Restricted Equity Securities - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Restricted equity securities investments | $ 3,436,000 | $ 4,357,000 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 91,654 | $ 86,964 |
Less accumulated depreciation | (29,256) | (24,933) |
Premises and Equipment, Net | 62,398 | 62,031 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 20,822 | 20,822 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 49,784 | 46,579 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 1,710 | 1,621 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 16,524 | 14,858 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 345 | 373 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 2,469 | $ 2,711 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 4,221,000 | $ 4,370,000 | $ 4,235,000 |
Construction and Repairs of Buildings [Member] | Director [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Related party transaction, amounts of transaction | $ 1,442,000 | $ 379,000 | $ 1,227,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | Dec. 31, 2005 |
Acquisition of Subsidiaries [Member] | |
Goodwill [Line Items] | |
Percentage of voting interests acquired | 100% |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Begining balance | $ 4,805,000 | $ 4,805,000 | $ 4,805,000 |
Goodwill acquired during year | 0 | 0 | |
Impairment loss | $ 0 | 0 | 0 |
Ending balance | $ 4,805,000 | $ 4,805,000 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 3,542 | $ 4,519 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Finance lease right-of-use assets | $ 2,123 | $ 0 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Operating lease liabilities | $ 3,736 | $ 4,671 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability | $ 2,251 | $ 2,281 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 637 | $ 563 | |
Finance lease cost | 158 | 159 | |
Short-term lease cost | 0 | 0 | |
Net lease cost | $ 795 | $ 722 | |
Operating leases, weighted average remaining lease term (in years) | 10 years 1 month 6 days | 10 years 6 months 10 days | |
Operating leases, weighted average discount rate | 4.31% | 4.25% | |
Finance lease, weighted average remaining lease term (in years) | 23 years 4 months 2 days | 24 years 4 months 6 days | |
Finance lease, weighted average discount rate | 2.90% | 2.90% | |
Operating cash flows related to operating leases | $ 595 | $ 547 | |
Operating cash flows related to finance leases | 66 | 66 | |
Financing cash flows related to finance leases | $ 30 | $ 26 | $ 0 |
Leases - Summary of Future Undi
Leases - Summary of Future Undiscounted Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, operating lease | $ 553 | $ 595 |
2025, operating lease | 560 | 635 |
2026, operating lease | 568 | 642 |
2027, operating lease | 576 | 649 |
2028, operating lease | 547 | 657 |
Thereafter, operating lease | 1,854 | 2,686 |
Total undiscounted lease payments, operating lease | 4,658 | 5,864 |
Less: imputed interest, operating lease | (922) | (1,193) |
Net lease liabilities | $ 3,736 | $ 4,671 |
Leases - Summary of Future Un_2
Leases - Summary of Future Undiscounted Lease Payments for Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, finance leases | $ 98 | $ 96 |
2025, finance leases | 101 | 98 |
2026, finance leases | 105 | 101 |
2027, finance leases | 108 | 105 |
2028, finance leases | 111 | 108 |
Thereafter, finance leases | 2,676 | 2,787 |
Total undiscounted lease payments, finance leases | 3,199 | 3,295 |
Less: imputed interest, finance leases | (948) | (1,014) |
Net lease liabilities | $ 2,251 | $ 2,281 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Principal Balances of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Transfers and Servicing [Abstract] | ||
FHLMC | $ 99,441 | $ 85,742 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Servicing Asset at Amortized Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | ||
Balance at beginning of period | $ 1,065 | $ 0 |
Servicing rights retained from loans sold | 245 | 1,597 |
Amortization | (227) | (532) |
Valuation Allowance Provision | 0 | 0 |
Balance at end of period | 1,083 | 1,065 |
Fair value, end of period | $ 1,398 | $ 1,252 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Assumptions in Estimating the Fair Value of Mortgage Servicing Rights (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | ||
Prepayment speed | 7.92% | 7.18% |
Weighted-average life (in years) | 8 years 6 months 18 days | 8 years 11 months 23 days |
Weighted-average note rate | 4.73% | 4.34% |
Weighted-average discount rate | 9% | 9% |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Demand deposits | $ 389,725 | $ 414,905 |
Savings accounts | 320,301 | 338,963 |
Negotiable order of withdrawal accounts | 934,709 | 1,070,629 |
Money market demand accounts | 1,156,694 | 1,301,349 |
Certificates of deposit $250,000 or greater | 548,269 | 230,408 |
Other certificates of deposit | 942,346 | 471,249 |
Individual retirement accounts $250,000 or greater | 11,018 | 7,727 |
Other individual retirement accounts | 64,044 | 57,475 |
Total deposits | $ 4,367,106 | $ 3,892,705 |
Deposits - Schedule of Principa
Deposits - Schedule of Principal Maturities of Certificates of Deposit and Individual Retirement Accounts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
2024 | $ 1,228,675 |
2025 | 258,962 |
2026 | 38,934 |
2027 | 22,734 |
2028 | 15,579 |
Thereafter | 793 |
Total | $ 1,565,677 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 858,000 | $ 1,453,000 |
Related Party Deposit Liabilities | 15,640,000 | 11,823,000 |
Minimum average yearly cash balance with Federal Reserve | $ 0 | $ 0 |
Non-interest Income and Non-i_3
Non-interest Income and Non-interest Expense - Scheule of Non-interest Income and Non-interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Service charges on deposits | $ 7,890,000 | $ 7,382,000 | $ 6,137,000 |
Brokerage income | 7,184,000 | 6,929,000 | 6,368,000 |
Debit and credit card interchange income, net | 8,490,000 | 8,416,000 | 7,783,000 |
Other fees and commissions | 1,408,000 | 1,653,000 | 1,446,000 |
BOLI and annuity earnings | 1,667,000 | 1,346,000 | 1,109,000 |
Gain (loss) on sale of securities, net | (1,009,000) | (1,620,000) | 28,000 |
Fees and gains on sales of mortgage loans | 2,635,000 | 2,973,000 | 9,997,000 |
Mortgage servicing income (loss), net | 9,000 | (28,000) | 0 |
Loss on sale of other real estate, net | 0 | 0 | (15,000) |
Gain (loss) on sale of fixed assets, net | (55,000) | 291,000 | (43,000) |
Gain (loss) on sale of other assets, net | (10,000) | 8,000 | 6,000 |
Other income (loss) | 80,000 | (69,000) | 34,000 |
Noninterest Income, Total | 28,289,000 | 27,281,000 | 32,850,000 |
Employee salaries and benefits | 59,501,000 | 56,707,000 | 52,722,000 |
Equity-based compensation | 1,528,000 | 1,864,000 | 1,428,000 |
Occupancy expenses | 6,532,000 | 5,563,000 | 5,473,000 |
Furniture and equipment expenses | 3,202,000 | 3,389,000 | 3,323,000 |
Data processing expenses | 8,810,000 | 7,337,000 | 5,780,000 |
Advertising expenses | 3,714,000 | 3,455,000 | 2,736,000 |
Accounting, legal & consulting expenses | 1,789,000 | 1,409,000 | 1,287,000 |
FDIC insurance | 3,120,000 | 1,527,000 | 1,130,000 |
Directors’ fees | 713,000 | 650,000 | 686,000 |
Other operating expenses | 12,042,000 | 11,069,000 | 10,927,000 |
Noninterest Expense, Total | $ 100,951,000 | $ 92,970,000 | $ 85,492,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax asset | $ 47,675 | $ 53,785 |
Deferred tax liability | (2,202) | (2,462) |
Net deferred tax asset | 45,473 | 51,323 |
Financial statement allowance for credit losses in excess of tax allowance | 11,509 | 10,128 |
Excess of depreciation deducted for tax purposes over the amounts deducted in the financial statements | (1,546) | (1,801) |
Financial statement deduction for deferred compensation in excess of deduction for tax purposes | 1,487 | 1,464 |
Financial statement income on FHLB stock dividends not recognized for tax purposes | (327) | (327) |
Financial statement off-balance sheet exposure allowance for credit losses in excess of tax allowance | 822 | 1,604 |
Unrealized loss on securities available-for-sale | 31,195 | 39,073 |
Equity based compensation | 1,355 | 1,224 |
Other items, net | 978 | (42) |
Domestic Tax Authority [Member] | ||
Deferred tax asset | 36,034 | 40,690 |
Deferred tax liability | (1,654) | (1,850) |
State and Local Jurisdiction [Member] | ||
Deferred tax asset | 11,641 | 13,095 |
Deferred tax liability | $ (548) | $ (612) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current Federal | $ 14,023,000 | $ 15,096,000 | $ 13,580,000 |
Current State | 1,945,000 | 2,011,000 | 2,084,000 |
Current | 15,968,000 | 17,107,000 | 15,664,000 |
Deferred Federal | (1,458,000) | (1,565,000) | (698,000) |
Deferred State | (571,000) | (486,000) | (234,000) |
Deferred | (2,029,000) | (2,051,000) | (932,000) |
Total Federal | 12,565,000 | 13,531,000 | 12,882,000 |
Total State | 1,374,000 | 1,525,000 | 1,850,000 |
Total | $ 13,939,000 | $ 15,056,000 | $ 14,732,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax expense | $ 13,939,000 | $ 15,056,000 | $ 14,732,000 |
Statutory income tax rate | 21% | 21% | 21% |
Realized gain and loss on sale of securities | $ (264,000) | $ (423,000) | $ 7,000 |
Uncertain tax positions | 0 | 0 | $ 0 |
Valuation allowance deferred tax assets | $ 0 | $ 0 | |
Domestic [Member] | IRS [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax examinations | 2020 2021 2022 2023 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Actual Income Tax Expense to Expected Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed "expected" tax expense | $ 13,204,000 | $ 14,301,000 | $ 13,473,000 |
State income taxes, net of Federal income tax benefit | 1,120,000 | 1,117,000 | 1,584,000 |
Tax exempt interest, net of interest expense exclusion | (190,000) | (274,000) | (237,000) |
Earnings on cash surrender value of life insurance | (344,000) | (273,000) | (205,000) |
Expenses not deductible for tax purposes | 74,000 | 23,000 | 12,000 |
Equity based compensation | (46,000) | (55,000) | (28,000) |
Other | 121,000 | 217,000 | 133,000 |
Total | $ 13,939,000 | $ 15,056,000 | $ 14,732,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of credit facility, maximum borrowing capacity | $ 102,485,000 | $ 101,208,000 |
Line of credit outstanding balance | 0 | 0 |
Cash Management Advance Line of Credit [Member] | Line of Credit [Member] | ||
Line of credit facility, maximum borrowing capacity | 25,000,000 | |
Line of credit outstanding balance | $ 0 | $ 0 |
Line of credit facility, period for variable interest rate | 90 days | |
Line of credit facility, period of fixed rate | 30 days |
Financial Instruments with Of_3
Financial Instruments with Off-Balance-Sheet Risk - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Guarantor Obligations [Line Items] | |
Guarantor obligations undiscounted maximum exposure | $ 106,420,000 |
Minimum [Member] | Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligations term | 1 year |
Maximum [Member] | Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligations term | 2 years |
Financial Instruments with Of_4
Financial Instruments with Off-Balance-Sheet Risk - Schedule of Fair Value, Off-Balance-Sheet Risks (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 1,117,319 | $ 1,336,027 |
Unused Commitments to Extend Credit [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 1,010,899 | 1,217,963 |
Standby Letters of Credit [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 106,420 | $ 118,064 |
Financial Instruments with Of_5
Financial Instruments with Off-Balance-Sheet Risk - Summary of Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance, January 1 | $ 6,136 | $ 955 | $ 693 |
Credit loss expense (benefit) | (2,989) | (1,014) | 262 |
Ending balance, December 31, | 3,147 | 6,136 | 955 |
Impact of adopting ASC 326 [Member] | |||
Beginning balance, January 1 | $ 0 | 6,195 | 0 |
Ending balance, December 31, | $ 0 | $ 6,195 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Concentration Risk [Line Items] | ||
Interest-bearing deposits in banks and other financial institutions | $ 63,870,000 | |
Interest bearing deposits, number of banks | PureItem | 5 | |
Deposits with other federal home loan banks | $ 902,000 | |
Federal funds sold | $ 10,159,000 | $ 308,000 |
Federal funds sold, number of banks | PureItem | 1 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,662,000 | $ 3,309,000 | $ 3,120,000 |
Dividend Reinvestment Plan - Ad
Dividend Reinvestment Plan - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Stock issued during period, shares, dividend reinvestment plan (in shares) | 189,471 | 250,365 | 186,583 |
Regulatory Matters and Restri_3
Regulatory Matters and Restrictions on Dividends - Summary of Company's and Wilson Banks Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets actual amount | $ 560,757 | $ 512,025 |
Total capital to risk weighted assets actual ratio | 0.145 | 0.135 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 308,449 | $ 303,440 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio | 0.080 | 0.080 |
Total capital to risk weighted assets well capitalized amount | $ 385,562 | $ 379,300 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.100 | 0.100 |
Tier 1 capital to risk weighted assets actual amount | $ 512,762 | $ 466,076 |
Tier 1 capital to risk weighted assets actual ratio | 0.133 | 0.123 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 231,337 | $ 227,580 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.060 | 0.060 |
Tier 1 capital to risk well capitalized amount | $ 308,449 | $ 303,440 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.080 | 0.080 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 512,693 | $ 466,061 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.133 | 0.123 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 173,503 | $ 170,685 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Tier 1 capital to average assets actual amount | $ 512,762 | $ 466,076 |
Tier 1 capital to average assets actual ratio | 0.106 | 0.112 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 193,564 | $ 166,712 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.040 | 0.040 |
Wilson Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets actual amount | $ 559,224 | $ 509,169 |
Total capital to risk weighted assets actual ratio | 0.145 | 0.134 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 308,333 | $ 303,334 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio | 0.080 | 0.080 |
Total capital to risk weighted assets well capitalized amount | $ 385,417 | $ 379,168 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.100 | 0.100 |
Tier 1 capital to risk weighted assets actual amount | $ 511,229 | $ 463,220 |
Tier 1 capital to risk weighted assets actual ratio | 0.133 | 0.122 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 231,250 | $ 227,500 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.060 | 0.060 |
Tier 1 capital to risk well capitalized amount | $ 308,334 | $ 303,333 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.080 | 0.080 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 511,160 | $ 463,205 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.133 | 0.122 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 173,438 | $ 170,625 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Common equity Tier 1 capital to risk weighted assets regulatory well capitalized | $ 250,521 | $ 246,458 |
Common equity Tier 1 capital to risk weighted assets well capitalized ratio | 0.065 | 0.065 |
Tier 1 capital to average assets actual amount | $ 511,229 | $ 463,220 |
Tier 1 capital to average assets actual ratio | 0.106 | 0.111 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 193,492 | $ 166,648 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.040 | 0.040 |
Tier 1 capital to average assets well capitalized | $ 241,865 | $ 208,310 |
Tier 1 capital to average assets well capitalized ratio | 0.05 | 0.05 |
Salary Deferral Plans - Additio
Salary Deferral Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation liability, current and noncurrent | $ 1,475,000 | $ 1,575,000 | |
Deferred compensation arrangement with individual, compensation expense | 547,000 | 789,000 | $ 705,000 |
Cash surrender value of life insurance | 6,462,000 | 6,306,000 | |
Life settlement contracts, investment method, face value, total | 16,407,000 | 16,377,000 | |
Supplemental Employee Retirement Plan Agreement [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation liability, current and noncurrent | 4,219,000 | 4,026,000 | |
Cash surrender value of life insurance | 53,183,000 | 51,701,000 | |
Life settlement contracts, investment method, face value, total | 122,010,000 | 121,634,000 | |
Flexible indexed annuity contracts value | $ 23,745,000 | $ 24,135,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 13, 2019 | Jun. 30, 2016 | Apr. 30, 2009 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option outstanding | 214,974 | ||||||
Options outstanding, weighted average exercise price | $ 57.08 | ||||||
Deferred compensation liability, current and noncurrent | $ 1,475,000 | $ 1,575,000 | |||||
Weighted average grant date fair value of options and cash-settled SARs granted | $ 24.76 | $ 22.64 | $ 22.1 | ||||
Total intrinsic value of options and cash-settled SARs exercised | $ 959,000 | $ 1,310,000 | $ 962,000 | ||||
Stock Appreciation Rights (SARs) | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 157,020 | ||||||
Non-options outstanding, weighted average exercise price | $ 54.88 | ||||||
Stock Appreciation Rights (SARs) | Other Liabilities | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Deferred compensation liability, current and noncurrent | $ 3,297,000 | $ 3,020,000 | |||||
Restricted Share Awards | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 301 | 1,075 | |||||
Non-options outstanding, weighted average exercise price | $ 66.7 | $ 64.03 | |||||
Total unrecognized cost | $ 18,000 | ||||||
weighted-average period of recognized | 1 year 10 months 17 days | ||||||
Fair value of share awards vested | $ 55,000 | ||||||
Restricted Share Units | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 14,458 | 0 | |||||
Non-options outstanding, weighted average exercise price | $ 69 | $ 0 | |||||
Total unrecognized cost | $ 805,000 | ||||||
weighted-average period of recognized | 4 years 4 months 17 days | ||||||
Stock Options and Stock Appreciation Rights | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option outstanding | 371,994 | 414,778 | 357,254 | 284,591 | |||
Options outstanding, weighted average exercise price | $ 56.15 | $ 55.13 | $ 50.18 | $ 43.71 | |||
Total unrecognized cost | $ 3,497,000 | ||||||
weighted-average period of recognized | 2 years 10 months 17 days | ||||||
Performance-Based Vesting Restricted Stock Units | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 1,107 | 0 | |||||
Non-options outstanding, weighted average exercise price | $ 67.85 | $ 0 | |||||
Total unrecognized cost | $ 50,000 | ||||||
weighted-average period of recognized | 2 years 1 month 2 days | ||||||
The 2009 Stock Option Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of Shares Authorized | 100,000 | ||||||
Number of shares available for grant | 0 | ||||||
Number of option outstanding | 2,433 | ||||||
Options outstanding, weighted average exercise price | $ 35.96 | ||||||
The 2016 Equity Incentive Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of Shares Authorized | 750,000 | ||||||
Number of shares available for grant | 175,045 | ||||||
Number of option outstanding | 212,541 | ||||||
Options outstanding, weighted average exercise price | $ 57.32 | ||||||
The 2016 Equity Incentive Plan | Stock Appreciation Rights (SARs) | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 157,020 | ||||||
Non-options outstanding, weighted average exercise price | $ 54.88 | ||||||
The 2016 Equity Incentive Plan | Restricted Share Awards, Restricted Share Unit Awards, And Performance Share Unit Awards | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 15,866 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Weighted-average Black-Scholes Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Expected dividends | 2.38% | 1.85% | 1.53% |
Expected term (in years) | 8 years 3 months | 7 years 9 months 10 days | 9 years 1 month 17 days |
Expected stock price volatility | 38% | 37% | 36% |
Risk-free rate | 3.54% | 3.03% | 1.45% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option and Cash-Settled SAR Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised (in shares) | (24,711) | (19,687) | (21,517) |
Outstanding at end of year (in shares) | 214,974 | ||
Weighted Average Exercise Price | |||
Outstanding at end of year, Weighted Average Exercise Price (in dollars per share) | $ 57.08 | ||
Stock Options and Stock Appreciation Rights | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year (in shares) | 414,778 | 357,254 | 284,591 |
Granted (in shares) | 5,000 | 117,665 | 121,830 |
Exercised (in shares) | (42,617) | (58,841) | (48,867) |
Forfeited or expired (in shares) | (5,167) | (1,300) | (300) |
Outstanding at end of year (in shares) | 371,994 | 414,778 | 357,254 |
Options and cash-settled SARs exercisable at year end (in shares) | 186,431 | 167,918 | 159,560 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year, Weighted Average Exercise Price (in dollars per share) | $ 55.13 | $ 50.18 | $ 43.71 |
Granted, Weighted Average Exercise Price (in dollars per share) | 69 | 64.13 | 61.48 |
Exercised, Weighted Average Exercise Price (in dollars per share) | 47.23 | 43.27 | 40.76 |
Forfeited or expired, Weighted Average Exercise Price (in dollars per share) | 60.35 | 45.5 | 37.6 |
Outstanding at end of year, Weighted Average Exercise Price (in dollars per share) | 56.15 | 55.13 | 50.18 |
Options and cash-settled SARs exercisable at year end, Weighted Average Exercise Price (in dollars per share) | $ 50.22 | $ 46.09 | $ 41.93 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Information About Stock Options (Details) - Stock Options and Stock Appreciation Rights $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number Outstanding, Outstanding | shares | 371,994 |
Number Outstanding, Exercisable | shares | 186,431 |
Aggregate intrinsic value, Outstanding | $ | $ 5,710 |
Aggregate intrinsic value, Exercisable | $ | $ 3,968 |
Price Range 1 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Range of exercise prices, Lower range limit | $ 34.31 |
Range of exercise prices, Upper range limit | $ 54.75 |
Number Outstanding, Outstanding | shares | 112,500 |
Weighted Average Exercise Price, Outstanding | $ 42.3 |
Weighted Average Remaining Contractual Term, Outstanding | 3 years 3 months 7 days |
Number Outstanding, Exercisable | shares | 108,368 |
Weighted Average Exercise Price, Exercisable | $ 42.14 |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 2 months 26 days |
Price Range 2 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Range of exercise prices, Lower range limit | $ 55.75 |
Range of exercise prices, Upper range limit | $ 69 |
Number Outstanding, Outstanding | shares | 259,494 |
Weighted Average Exercise Price, Outstanding | $ 62.16 |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 7 months 13 days |
Number Outstanding, Exercisable | shares | 78,063 |
Weighted Average Exercise Price, Exercisable | $ 61.43 |
Weighted Average Remaining Contractual Term, Exercisable | 7 years |
Equity Incentive Plan - Summa_2
Equity Incentive Plan - Summary of Restricted Shares Awards and Restricted Share Unit Awards Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted Share Awards | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding, shares (in shares) | shares | 1,075 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 64.03 |
Granted, shares (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested, shares (in shares) | shares | (774) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 62.99 |
Forfeited, shares (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding, shares (in shares) | shares | 301 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.7 |
Restricted Share Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding, shares (in shares) | shares | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, shares (in shares) | shares | 14,833 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 69 |
Vested, shares (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited, shares (in shares) | shares | (375) |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 69 |
Outstanding, shares (in shares) | shares | 14,458 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 69 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Performance-Based Vesting Restricted Stock Units Activity (Details) - Performance-Based Vesting Restricted Stock Units | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding, shares (in shares) | shares | 0 |
Granted, shares (in shares) | shares | 1,107 |
Vested, shares (in shares) | shares | 0 |
Forfeited or expired, shares (in shares) | shares | 0 |
Outstanding, shares (in shares) | shares | 1,107 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 0 |
Granted, weighted average grant date fair value (in dollars per share) | 67.85 |
Vested, weighted average grant date fair value (in dollars per share) | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | 67.85 |
Grant price (in dollars per share) | $ 67.85 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of the Components Comprising Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||||||
Numerator - Earnings available to common shareholders | $ 11,222 | $ 11,486 | $ 12,389 | $ 13,841 | $ 12,340 | $ 15,190 | $ 14,139 | $ 11,373 | $ 13,801 | $ 13,342 | $ 11,139 | $ 11,144 | $ 48,938 | $ 53,042 | $ 49,426 |
Denominator – Weighted average number of common shares outstanding (in shares) | 11,611,690 | 11,377,617 | 11,131,897 | ||||||||||||
Basic earnings per common share | $ 0.96 | $ 0.99 | $ 1.07 | $ 1.2 | $ 1.08 | $ 1.33 | $ 1.25 | $ 1.01 | $ 1.23 | $ 1.19 | $ 1 | $ 1.01 | $ 4.21 | $ 4.66 | $ 4.44 |
Numerator - Earnings available to common shareholders | $ 48,938 | $ 53,042 | $ 49,426 | ||||||||||||
Weighted average number of common shares outstanding, diluted | 11,641,366 | 11,408,924 | 11,162,956 | ||||||||||||
Dilutive effect of stock options, RSUs and PSUs | 29,676 | 31,307 | 31,059 | ||||||||||||
Diluted earnings per common share | $ 0.95 | $ 0.98 | $ 1.07 | $ 1.2 | $ 1.07 | $ 1.33 | $ 1.24 | $ 1 | $ 1.23 | $ 1.19 | $ 1 | $ 1 | $ 4.2 | $ 4.65 | $ 4.43 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2020 | |
Derivative [Line Items] | |||
Unrealized Gain | $ 3,747,000 | ||
Interest Rate Lock Commitments [Member] | |||
Derivative [Line Items] | |||
Notional amount | 2,265,000 | $ 6,923,000 | |
Derivative asset | 65,000 | 123,000 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amount | 2,500,000 | 6,250,000 | |
Derivative net | $ (13,000) | $ 62,000 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 30,000,000 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value Hedge Relationships (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average remaining maturity (In Years) | 0 years | 7 years 5 months 1 day |
Weighted average pay rate | 0% | |
Notional amount | $ 0 | $ 30,000 |
Estimated fair value | $ 0 | $ 4,520 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | 1 month LIBOR [Member] | ||
Derivative [Line Items] | ||
Weighted average pay rate | 0.65% |
Derivatives - Summary of Effect
Derivatives - Summary of Effects of Fair Value Hedge Relationships in Interest Income on Loans (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Hedged items | $ 0 | $ (3,265) | $ (1,125) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative designated as hedging instruments | $ 0 | $ 3,328 | $ 1,243 |
Derivatives - Schedule of Amoun
Derivatives - Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging [Member] - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Carrying amount of the hedged assets | $ 0 | $ 25,452 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | $ 0 | $ (4,548) |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Hedging Instruments on the Company's Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest income | $ 271 | $ 63 | $ 118 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Fee Income, Loan and Lease, Held-in-Portfolio |
Derivatives - Schedule of Net G
Derivatives - Schedule of Net Gains (Losses) Relating to Free-standing Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) | $ (58) | $ (535) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) | $ (75) | $ 56 |
Derivatives - Schedule of Amo_2
Derivatives - Schedule of Amount and Fair Value of Mortgage Banking Derivatives (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 2,265,000 | $ 6,923,000 |
Derivative, fair Value | 65,000 | 123,000 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 2,500,000 | 6,250,000 |
Derivative, fair Value | $ (13,000) | $ 62,000 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | $ 811,081 | $ 822,812 |
U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 4,429 | 6,497 |
U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 144,168 | 145,212 |
Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 417,030 | 444,438 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 49,973 | 45,250 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 2,423 | 2,403 |
States and Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 193,058 | 179,012 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Loans | 25,452 | |
Total investment securities available-for-sale | 811,081 | 822,812 |
Mortgage loans held for sale | 2,294 | 3,355 |
Derivative instruments | 52 | 4,705 |
Other investments | 2,045 | 1,965 |
Total assets | 815,472 | 858,289 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 4,429 | 6,497 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 144,168 | 145,212 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 417,030 | 444,438 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 49,973 | 45,250 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 2,423 | 2,403 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | States and Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 193,058 | 179,012 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Loans | 0 | |
Total investment securities available-for-sale | 4,429 | 6,497 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Other investments | 0 | 0 |
Total assets | 4,429 | 6,497 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 4,429 | 6,497 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Loans | 25,452 | |
Total investment securities available-for-sale | 806,652 | 816,315 |
Mortgage loans held for sale | 2,294 | 3,355 |
Derivative instruments | 52 | 4,705 |
Other investments | 0 | 0 |
Total assets | 808,998 | 849,827 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 144,168 | 145,212 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 417,030 | 444,438 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 49,973 | 45,250 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 2,423 | 2,403 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 193,058 | 179,012 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Loans | 0 | |
Total investment securities available-for-sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Other investments | 2,045 | 1,965 |
Total assets | 2,045 | 1,965 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available-for-sale | $ 0 | $ 0 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 0 | $ 0 | |
Collateral dependent loans | [1] | 4,838 | 638 |
Total assets | 4,838 | 638 | |
Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 0 | 0 |
Total assets | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 0 | 0 |
Total assets | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 4,838 | 638 |
Total assets | $ 4,838 | $ 638 | |
[1] As of Dece mber 31, 2023 and December 31, 2022 no reserve was recorded on collateral dependent loans. |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis (Details) (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation allowance | $ 44,848,000 | $ 39,813,000 | $ 39,632,000 | $ 38,539,000 |
Collateral Pledged [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation allowance | $ 0 | $ 0 |
Disclosures About Fair Value _6
Disclosures About Fair Value of Financial Instruments - Schedule of Fair Value Assets Measured At Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Measurement Input, Discount Rate [Member] - Fair Value, Inputs, Level 3 [Member] - Weighted Average [Member] | Dec. 31, 2023 | [1] |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0.10 | |
Other real estate owned | 0.10 | |
[1] The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent |
Disclosures About Fair Value _7
Disclosures About Fair Value of Financial Instruments - Schedule of Changes in Fair Value Due to Observable Factors (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Fair value, other assets | $ 1,965 | $ 2,034 |
Total realized gains (losses) included in income, other assets | $ 80 | $ (69) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax |
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held, other assets | $ 0 | $ 0 |
Purchases, issuances and settlements, net, other assets | 0 | 0 |
Transfers out of Level 3, other assets | 0 | 0 |
Fair value, other assets | 2,045 | 1,965 |
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at December 31 | $ 80 | $ (69) |
Disclosures About Fair Value _8
Disclosures About Fair Value of Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 252,635 | $ 104,789 | |
Loans, net | 3,550,675 | 3,088,344 | |
Mortgage servicing rights | 1,083 | 1,065 | |
Deposits | 4,367,106 | 3,892,705 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | 252,635 | 104,789 |
Loans, net | [1] | 3,372,666 | 2,992,161 |
Mortgage servicing rights | [1] | 1,398 | 1,252 |
Deposits | [1] | 3,885,724 | 3,210,581 |
Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 252,635 | 104,789 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 1,398 | 1,252 | |
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 3,372,666 | 2,992,161 | |
Mortgage servicing rights | 0 | 0 | |
Deposits | $ 3,885,724 | $ 3,210,581 | |
[1] 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. |
Wilson Bank Holding Company -_3
Wilson Bank Holding Company - Parent Company Financial Information - Schedule of Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets [Abstract] | |||||
Deferred income taxes | $ 45,473,000 | $ 51,323,000 | |||
Total assets | 4,846,476,000 | 4,285,650,000 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Other liabilities | 1,475,000 | 1,575,000 | |||
Total liabilities | 4,417,071,000 | 3,925,198,000 | |||
Shareholders' equity: | |||||
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively | 23,373,000 | 22,944,000 | |||
Additional paid-in capital | 136,866,000 | 122,298,000 | |||
Retained earnings | 357,260,000 | 325,625,000 | |||
Noncontrolling interest in consolidated subsidiary | 69,000 | 15,000 | |||
Accumulated other comprehensive losses, net of taxes of $31,195 and $39,073, respectively | (88,163,000) | (110,430,000) | |||
Total shareholders' equity: | 429,405,000 | 360,452,000 | $ 413,717,000 | $ 380,121,000 | |
Total liabilities and shareholders' equity | 4,846,476,000 | 4,285,650,000 | |||
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash | [1] | 3,134,000 | 4,241,000 | ||
Investment in wholly-owned commercial bank subsidiary | [1] | 427,872,000 | 357,596,000 | ||
Deferred income taxes | 1,356,000 | 1,223,000 | |||
Refundable income taxes | 485,000 | 538,000 | |||
Total assets | 432,847,000 | 363,598,000 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Other liabilities | 3,442,000 | 3,146,000 | |||
Total liabilities | 3,442,000 | 3,146,000 | |||
Shareholders' equity: | |||||
Common stock, par value $2.00 per share, authorized 50,000,000 shares, 11,686,363 and 11,472,181 shares issued and outstanding, respectively | 23,373,000 | 22,944,000 | |||
Additional paid-in capital | 136,866,000 | 122,298,000 | |||
Retained earnings | 357,260,000 | 325,625,000 | |||
Noncontrolling interest in consolidated subsidiary | 69,000 | 15,000 | |||
Accumulated other comprehensive losses, net of taxes of $31,195 and $39,073, respectively | (88,163,000) | (110,430,000) | |||
Total shareholders' equity: | 429,405,000 | 360,452,000 | |||
Total liabilities and shareholders' equity | $ 432,847,000 | $ 363,598,000 | |||
[1] Eliminated in consolidation. |
Wilson Bank Holding Company -_4
Wilson Bank Holding Company - Parent Company Financial Information - Schedule of Condensed Balance Sheet (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,686,363 | 11,472,181 |
Common stock, shares outstanding (in shares) | 11,686,363 | 11,472,181 |
Accumulated other comprehensive losses, taxes | $ 31,195 | $ 39,073 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,686,363 | 11,472,181 |
Common stock, shares outstanding (in shares) | 11,686,363 | 11,472,181 |
Accumulated other comprehensive losses, taxes | $ 31,195 | $ 39,073 |
Wilson Bank Holding Company -_5
Wilson Bank Holding Company - Parent Company Financial Information - Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Other income | $ 80,000 | $ (69,000) | $ 34,000 | |||||||||||||
Directors’ fees | 713,000 | 650,000 | 686,000 | |||||||||||||
Income before Federal income tax benefits and equity in undistributed earnings of Wilson Bank | 62,931,000 | 68,076,000 | 64,158,000 | |||||||||||||
Federal income tax benefits | 13,939,000 | 15,056,000 | 14,732,000 | |||||||||||||
Net Income (Loss) | $ 11,222,000 | $ 11,486,000 | $ 12,389,000 | $ 13,841,000 | $ 12,340,000 | $ 15,190,000 | $ 14,139,000 | $ 11,373,000 | $ 13,801,000 | $ 13,342,000 | $ 11,139,000 | $ 11,144,000 | 48,938,000 | 53,042,000 | 49,426,000 | |
Parent Company [Member] | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Dividends from Wilson Bank (commercial bank subsidiary) | 2,500,000 | 4,200,000 | 4,300,000 | |||||||||||||
Income for Holding Company | 2,500,000 | 4,200,000 | 4,300,000 | |||||||||||||
Directors’ fees | 387,000 | 355,000 | 341,000 | |||||||||||||
Other | 1,747,000 | 2,187,000 | 1,575,000 | |||||||||||||
Total Non-interest Expense | 2,134,000 | 2,542,000 | 1,916,000 | |||||||||||||
Income before Federal income tax benefits and equity in undistributed earnings of Wilson Bank | 366,000 | 1,658,000 | 2,384,000 | |||||||||||||
Federal income tax benefits | 617,000 | 733,000 | 475,000 | |||||||||||||
Income from continuing operations, net of tax, including portion attributable to noncontrolling interest | 983,000 | 2,391,000 | 2,859,000 | |||||||||||||
Equity in undistributed earnings of Wilson Bank | [1] | 47,955,000 | 50,651,000 | 46,567,000 | ||||||||||||
Net Income (Loss) | $ 48,938,000 | $ 53,042,000 | $ 49,426,000 | |||||||||||||
[1] Eliminated in consolidation. |
Wilson Bank Holding Company -_6
Wilson Bank Holding Company - Parent Company Financial Information - Schedule of Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net earnings | $ 48,992 | $ 53,020 | $ 49,426 |
Adjustments to reconcile net earnings to net cash used in operating activities: | |||
Stock-based compensation expense | 1,948 | 1,864 | 1,428 |
Increase in other liabilities | 1,028 | (2,602) | (383) |
TOTAL ADJUSTMENTS | 37,112 | 20,187 | 12,022 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 86,104 | 73,207 | 61,448 |
Cash flows from investing activities: | |||
NET CASH USED IN INVESTING ACTIVITIES | (407,718) | (758,902) | (530,462) |
Cash flows from financing activities: | |||
Dividends paid | (17,303) | (20,880) | (14,909) |
Proceeds from exercise of stock options | 1,044 | 635 | 862 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 469,460 | 337,066 | 583,576 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 147,846 | (348,629) | 114,562 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 104,789 | 453,418 | 338,856 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 252,635 | 104,789 | 453,418 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net earnings | 48,938 | 53,042 | 49,426 |
Adjustments to reconcile net earnings to net cash used in operating activities: | |||
Equity in earnings of commercial bank subsidiary | (50,455) | (54,851) | (50,867) |
Decrease (increase) in refundable income taxes | 53 | (176) | (120) |
Increase in deferred taxes | (133) | (195) | (174) |
Stock-based compensation expense | 1,528 | 1,866 | 1,428 |
Increase in other liabilities | 19 | 14 | 113 |
TOTAL ADJUSTMENTS | (48,988) | (53,342) | (49,620) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | (50) | (300) | (194) |
Cash flows from investing activities: | |||
Dividends received from commercial bank subsidiary | 2,500 | 4,200 | 4,300 |
NET CASH USED IN INVESTING ACTIVITIES | 2,500 | 4,200 | 4,300 |
Cash flows from financing activities: | |||
Payments made to stock appreciation rights holders | (277) | (644) | (515) |
Dividends paid | (17,303) | (20,880) | (14,909) |
Proceeds from sale of stock pursuant to dividend reinvestment plan | 12,979 | 16,117 | 11,188 |
Proceeds from exercise of stock options | 1,044 | 635 | 862 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (3,557) | (4,772) | (3,374) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,107) | (872) | 732 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 4,241 | 5,113 | 4,381 |
CASH AND CASH EQUIVALENTS - END OF YEAR | $ 3,134 | $ 4,241 | $ 5,113 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 61,809 | $ 57,857 | $ 53,987 | $ 48,930 | $ 44,920 | $ 42,024 | $ 37,097 | $ 33,499 | $ 33,810 | $ 33,719 | $ 31,570 | $ 30,742 | $ 222,583 | $ 157,540 | $ 129,841 |
Interest expense | 26,548 | 23,697 | 19,934 | 13,500 | 7,855 | 3,894 | 2,240 | 2,144 | 2,507 | 2,840 | 3,031 | 3,258 | 83,679 | 16,133 | 11,636 |
Net interest income | 35,261 | 34,160 | 34,053 | 35,430 | 37,065 | 38,130 | 34,857 | 31,355 | 31,303 | 30,879 | 28,539 | 27,484 | 138,904 | 141,407 | 118,205 |
Provision for credit losses | 619 | 1,641 | 2,078 | 1,962 | 2,596 | 2,543 | 1,625 | 1,892 | 131 | 130 | 55 | 827 | |||
Earnings before income taxes | 14,220 | 14,745 | 16,039 | 17,927 | 15,342 | 19,706 | 18,484 | 14,544 | 17,512 | 17,405 | 14,449 | 14,792 | |||
Net Income (Loss) | $ 11,222 | $ 11,486 | $ 12,389 | $ 13,841 | $ 12,340 | $ 15,190 | $ 14,139 | $ 11,373 | $ 13,801 | $ 13,342 | $ 11,139 | $ 11,144 | $ 48,938 | $ 53,042 | $ 49,426 |
Basic earnings per common share | $ 0.96 | $ 0.99 | $ 1.07 | $ 1.2 | $ 1.08 | $ 1.33 | $ 1.25 | $ 1.01 | $ 1.23 | $ 1.19 | $ 1 | $ 1.01 | $ 4.21 | $ 4.66 | $ 4.44 |
Diluted earnings per common share | $ 0.95 | $ 0.98 | $ 1.07 | $ 1.2 | $ 1.07 | $ 1.33 | $ 1.24 | $ 1 | $ 1.23 | $ 1.19 | $ 1 | $ 1 | $ 4.2 | $ 4.65 | $ 4.43 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Non-interest Income from Customer Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Fees and gains on sales of mortgage loans | $ 2,635 | $ 2,973 | $ 9,997 | |
BOLI and annuity earnings | 1,667 | 1,346 | 1,109 | |
Security gain (loss), net | (1,009) | (1,620) | 28 | |
Total non-interest income | 28,289 | 27,281 | 32,850 | |
Fees and Gains on Sales of Mortgage Loans [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and gains on sales of mortgage loans | [1] | 2,635 | 2,973 | 9,997 |
Service Charges on Deposits [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, non-interest income | 7,890 | 7,382 | 6,137 | |
Debit and Credit Card Interchange Income, Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, non-interest income | 8,490 | 8,416 | 7,783 | |
Brokerage Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, non-interest income | 7,184 | 6,929 | 6,368 | |
BOLI and Annuity Earnings [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
BOLI and annuity earnings | [1] | 1,667 | 1,346 | 1,109 |
Security Gain (Loss), Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Security gain (loss), net | [1] | (1,009) | (1,620) | 28 |
Other Non-interest income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, non-interest income | $ 1,432 | $ 1,855 | $ 1,428 | |
[1] Not within the scope of ASC Topic 606. |