Wilson Bank Holding Company reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total assets increased to $5.25 billion, up from $4.85 billion at the end of 2023, reflecting an 8.37% growth. Net loans rose to $3.94 billion, an 11% increase from $3.55 billion, driven by growth in residential and commercial real estate loans.
For the third quarter of 2024, net earnings reached $12.69 million, a 10.45% increase from $11.49 million in Q3 2023. For the nine months ended September 30, 2024, net earnings totaled $41.68 million, up 10.27% from $37.76 million in the prior year. The increase in net earnings was attributed to higher net interest income, which rose to $41.02 million in Q3 2024 from $34.16 million in Q3 2023, and to a lesser extent, non-interest income, which totaled $6.38 million in Q3 2024, down from $7.21 million in Q3 2023.
The bank's total deposits also saw a notable increase, rising to $4.71 billion from $4.37 billion at the end of 2023. This growth was supported by strategic deposit promotions aimed at expanding the customer base. However, total non-interest expenses increased to $28.02 million in Q3 2024 from $25.66 million in Q3 2023, primarily due to higher salaries and employee benefits, data processing expenses, and other operating costs.
The provision for credit losses increased to $3.56 million in Q3 2024, compared to $1.64 million in Q3 2023, reflecting the bank's response to significant loan growth and a downgrade in a single relationship. The allowance for credit losses stood at $48.04 million, representing 1.20% of total loans, slightly down from 1.25% at the end of 2023.
In terms of strategic developments, the company authorized a share repurchase program on October 28, 2024, allowing for the repurchase of up to $4 million of its common stock through March 31, 2025. As of the filing date, no shares had been repurchased under this program.
Overall, Wilson Bank Holding Company demonstrated robust growth in assets, loans, and earnings, while managing expenses and credit risk effectively in a competitive banking environment.
About WILSON BANK HOLDING CO
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