Executive Summary

Q3 2024 diluted EPS was $1.07, up 9% YoY from $0.98, but down sequentially from $1.37 in Q2 as higher credit loss provisioning and higher noninterest expense offset stronger net interest income [$1.07 vs $0.98 and $1.37] .
Net earnings were $12.686M (WBHC attribute) vs $11.486M YoY and $16.137M in Q2; total interest income rose to $73.814M while interest expense increased to $32.799M .
Balance sheet inflection: assets reached $5.25B; loans $3.99B; deposits $4.71B at 9/30/24; management highlighted surpassing $5B in assets as a milestone in the Q3 shareholder letter .
Operating metrics improved YoY: Efficiency ratio 59.12% vs 62.02% and pre-tax, pre-provision EPS +21% YoY; dividend of $1.00/share declared for Q3 and a $4.0M share repurchase program was authorized post-quarter, adding potential capital return catalysts .
Strategic expansion: WBT announced acquisition of an additional Cookeville office (~$35M deposits) expected to close 1H25, reinforcing market presence in Putnam County .

What Went Well and What Went Wrong

What Went Well

Net interest income before provision rose to $41.015M from $34.160M YoY (+20%), supported by higher loan yields and earning assets growth .
Operating efficiency improved: Efficiency ratio fell to 59.12% (from 62.02% YoY); pre-tax, pre-provision EPS increased to $1.64 (+21% YoY) .
Strategic footprint: “Wilson Bank & Trust officially surpassed $5 billion in assets,” with strong year-to-date loan and deposit growth; management emphasized the milestone and upcoming Century Farms office opening [“surpassed $5 billion in assets…assets $5.3B; loans $3.99B; deposits $4.7B as of 9/30”] .

What Went Wrong

Sequential earnings compression: diluted EPS fell to $1.07 from $1.37 in Q2 due largely to a $3.563M provision for credit losses and higher noninterest expense ($28.021M vs $26.432M) .
Noninterest income softened sequentially to $6.382M (from $8.655M); realized securities losses of $(1.414)M weighed on results .
Credit watch list expanded: potential problem loans moved to ~$47.3M at 9/30/24 vs ~$5.9M at 12/31/23; nonaccrual loans totaled ~$4.8M at quarter-end .

Financial Results

Metric	Q3 2023	Q2 2024	Q3 2024
Total Interest Income ($USD Millions)	$57.857	$68.945	$73.814
Total Interest Expense ($USD Millions)	$23.697	$30.485	$32.799
Net Interest Income before Provision ($USD Millions)	$34.160	$38.460	$41.015
Provision for Credit Losses - Loans ($USD Millions)	$1.641	$0.000	$3.563
Noninterest Income ($USD Millions)	$7.205	$8.655	$6.382
Noninterest Expense ($USD Millions)	$25.656	$26.432	$28.021
Net Earnings Attributable to WBHC ($USD Millions)	$11.486	$16.137	$12.686
Basic EPS ($)	$0.99	$1.37	$1.07
Diluted EPS ($)	$0.98	$1.37	$1.07
Dividends per Common Share ($)	$0.75	$0.00	$1.00

Operating Ratios

Metric	Q3 2023	Q2 2024	Q3 2024
Efficiency Ratio (GAAP) (%)	62.02	56.10	59.12
ROA (GAAP, Annualized) (%)	1.00	1.31	0.99
ROE (GAAP, Annualized) (%)	11.65	14.84	10.66
Pre-tax Pre-provision Basic EPS ($)	$1.35	$1.75	$1.64

Balance Sheet Highlights

Metric	Dec 31, 2023	Jun 30, 2024	Sep 30, 2024
Total Assets ($USD Billions)	$4.85	$5.00	$5.25
Loans ($USD Billions)	$3.60	$3.76	$3.99
Deposits ($USD Billions)	$4.37	$4.49	$4.71
Shareholders’ Equity ($USD Millions)	$429.405	$449.057	$483.483

Loan Portfolio Composition

Category ($USD Millions)	Dec 31, 2023	Jun 30, 2024	Sep 30, 2024
Residential 1-4 Family RE	$959.218	$1,032.004	$1,092.678
Commercial & Multi-Family RE	$1,313.284	$1,381.335	$1,489.823
Construction/Land/Farmland	$901.336	$896.310	$944.946
Commercial/Industrial/Agricultural	$127.659	$122.368	$133.451
1-4 Family Equity Lines	$202.731	$229.259	$231.108
Consumer & Other	$104.373	$109.174	$111.318
Total Loans (Gross)	$3,608.601	$3,770.450	$4,003.324

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Dividend per Share	Q3 2024	Not specified	$1.00 declared	New declaration
Share Repurchase Program	Authorization (post-Q3)	None	Up to $4.0M through 3/31/2025	New authorization
Branch Acquisition (Cookeville)	Expected close 1H25	N/A	Acquire office (~$35M deposits)	New strategic action
Century Farms Office	Opening timeline	In progress	“Scheduled to open in just a few short months”	Update on timeline

Note: The company did not issue formal revenue/margin/expense guidance ranges in reviewed materials .

Earnings Call Themes & Trends

No earnings call transcript was available in our document set. Themes derived from MD&A and shareholder communications.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Net interest margin & deposit pricing	NIM pressured by deposit repricing and competitive pressures; depositors shifting to time deposits	Efficiency improved YoY; ROA/ROE moderated; interest expense continued to rise	Mixed: margin pressure persists; efficiency better YoY
Credit provisioning & watch list	No loan provision in Q1; allowance stable; potential problem loans ~$47.2M at 3/31/24	Loan provision $3.563M; potential problem loans ~$47.3M at 9/30/24	Elevated provisioning and watch list stable-high
Balance sheet growth	Assets $4.94B; loans $3.62B; deposits $4.45B (Q1)	Assets $5.25B; loans $3.99B; deposits $4.71B (Q3)	Strong growth across assets/loans/deposits
Capital & regulatory status	Well-capitalized; CET1 ~13.6%; Tier 1 leverage ~10.5% (Q1)	Well-capitalized; CET1 ~13.2%; Tier 1 leverage ~10.5% (Q3)	Stable strong capital
Strategic expansion	No M&A; Century Farms office progressing (Q2)	Surpassed $5B assets; announced Cookeville office acquisition; Century Farms nearing open	Positive strategic momentum

Management Commentary

“Wilson Bank & Trust officially surpassed $5 billion in assets…Assets as of September 30, 2024 were $5.3 billion…Loans…$3.99 billion…Deposits…$4.7 billion.” — President/CEO John McDearman, Shareholder Letter (Oct 11, 2024) .
“We are excited about this opportunity to expand our footprint in Cookeville…This transaction allows us to deepen our commitment to a dynamic, growing market…” — CEO John McDearman on Cookeville office acquisition (Nov 13, 2024) .
“Century Farms office…scheduled to open in just a few short months.” — Shareholder Letter (Oct 11, 2024) .

Q&A Highlights

No earnings call transcript was found for Q3 2024 in the available filings; therefore, Q&A highlights and any guidance clarifications from a call are unavailable in our dataset.

Estimates Context

We attempted to retrieve Wall Street consensus (S&P Global Capital IQ) for Q3 2024 EPS and revenue; the data was unavailable due to provider limits, so estimate comparisons cannot be provided at this time [GetEstimates error].

KPIs

KPI	Q1 2024	Q2 2024	Q3 2024
Basic EPS (GAAP) ($)	$1.09	$1.37	$1.07
Diluted EPS (GAAP) ($)	$1.08	$1.37	$1.07
Cash Dividends per Share ($)	$0.75	$0.75 (six months)	$1.00
Efficiency Ratio (GAAP) (%)	61.04	56.10	59.12
ROA (GAAP, Annualized) (%)	1.05	1.31	0.99
ROE (GAAP, Annualized) (%)	11.91	14.84	10.66
Pre-tax Pre-provision Basic EPS ($)	$1.42	$1.75	$1.64

Key Takeaways for Investors

Sequential EPS pressure reflects conservative credit stance: Q3 loan loss provision ($3.563M) drove EPS down vs Q2 despite stronger net interest income .
YoY operating improvement is intact: EPS and efficiency improved YoY; pre-tax, pre-provision performance remains healthy .
Balance sheet growth momentum: loans (+11% YTD), deposits (+8% YTD), and assets (+8% YTD) support scale benefits; capital ratios remain well above well-capitalized thresholds .
Strategic catalysts: near-term Century Farms opening and Cookeville office acquisition (1H25) expand presence in key markets, offering deposit and relationship growth opportunities .
Watch list elevation warrants monitoring: potential problem loans at ~~$47M and nonaccruals (~~$4.8M) are manageable but merit continued risk oversight .
Capital return: $1.00 Q3 dividend and $4.0M repurchase authorization (post-quarter) provide flexibility for shareholder returns, subject to execution and market conditions .
Near-term trading lens: absent Street estimates, stock reactions may hinge on narrative around credit provisioning trajectory, deposit costs, and execution on announced expansion .

WILSON BANK HOLDING CO (WBHC)·Q3 2024 Earnings Summary