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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to ___________

Commission File Number 0-20402

WILSON BANK HOLDING COMPANY

(Exact name of registrant as specified in its charter)


Tennessee		62-1497076
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


623 West Main Street	Lebanon	TN	37087
(Address of principal executive offices)			(Zip Code)

(615) 444-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common stock outstanding: 12,287,938 shares at May 8, 2026.

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Part I:	FINANCIAL INFORMATION	4

Item 1.	Financial Statements.	4

The consolidated financial statements of the Company and its subsidiary are as follows:

	Consolidated Balance Sheets — March 31, 2026 (unaudited) and December 31, 2025 (audited).	4

	Consolidated Statements of Earnings (unaudited) — For the three months ended March 31, 2026 and 2025.	5

	Consolidated Statements of Comprehensive Earnings (unaudited) — For the three months ended March 31, 2026 and 2025.	6

	Consolidated Statements of Changes in Shareholders' Equity (unaudited) — For the three months ended March 31, 2026 and 2025.	7

	Consolidated Statements of Cash Flows (unaudited) — For the three months ended March 31, 2026 and 2025.	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	41

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	56

	Disclosures required by Item 3 are incorporated by reference to Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 4.	Controls and Procedures.	57

Part II:	OTHER INFORMATION	58

Item 1.	Legal Proceedings.	58

Item 1A.	Risk Factors.	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	58

Item 3.	Defaults Upon Senior Securities.	58

Item 4.	Mine Safety Disclosures.	58

Item 5.	Other Information.	59

Item 6.	Exhibits.	60

Signatures		61

EX-31.1 SECTION 302 CERTIFICATION OF THE CEO
EX-31.2 SECTION 302 CERTIFICATION OF THE CFO
EX-32.1 SECTION 906 CERTIFICATION OF THE CEO
EX-32.2 SECTION 906 CERTIFICATION OF THE CFO
EX-101.INS
EX-101.SCH
EX-104

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Part I. Financial Information

Item 1. Financial Statements

WILSON BANK HOLDING COMPANY

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025


	(Unaudited)			(Audited)
	March 31, 2026			December 31, 2025
	(Dollars in Thousands Except Share Amounts)
Assets
Loans	$	4,394,099		$	4,351,129
Less: Allowance for credit losses		(57,247	)		(55,034	)
Net loans		4,336,852			4,296,095
Securities available-for-sale, fair value (amortized cost $1,122,219 and $1,041,188, respectively)		1,041,823			966,504
Loans held for sale		2,482			2,361
Interest bearing deposits		317,559			326,234
Restricted equity securities		4,336			4,285
Federal funds sold		9,765			9,792
Total earning assets		5,712,817			5,605,271
Cash and due from banks		30,320			31,327
Bank premises and equipment, net		62,939			62,656
Accrued interest receivable		19,038			19,018
Deferred income tax asset		36,854			34,761
Bank owned life insurance		69,890			69,348
Other assets		53,030			50,183
Other real estate		515			515
Goodwill		5,877			5,877
Total assets	$	5,991,280		$	5,878,956
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing	$	406,141		$	413,612
Interest bearing		982,661			956,161
Savings and money market accounts		2,019,222			1,975,757
Time		1,929,520			1,898,726
Total deposits		5,337,544			5,244,256
Accrued interest payable and other liabilities		59,142			53,015
Total liabilities		5,396,686			5,297,271
Commitments and contingent liabilities (Note 11)
Shareholders’ equity:
Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 12,285,754 and 12,145,641 shares, respectively		24,571			24,291
Additional paid-in capital		181,585			170,546
Retained earnings		447,823			442,013
Accumulated other comprehensive losses, net of taxes of $21,011 and $19,519 respectively		(59,385	)		(55,165	)
Total shareholders’ equity		594,594			581,685
Total liabilities and shareholders’ equity	$	5,991,280		$	5,878,956

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Earnings

For the three months ended March 31, 2026 and 2025

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
	(Dollars in Thousands Except Per Share Amounts)
Interest income:
Interest and fees on loans	$	73,030		$	68,113
Interest and dividends on securities:
Taxable securities		7,896			5,659
Exempt from federal income taxes		262			279
Interest on loans held for sale		59			36
Interest on federal funds sold		87			102
Interest on balances held at depository institutions		2,838			2,225
Interest and dividends on restricted securities		81			88
Total interest income		84,253			76,502
Interest expense:
Interest on negotiable order of withdrawal accounts		1,610			1,988
Interest on money market and savings accounts		10,306			9,892
Interest on time deposits		18,469			20,009
Interest on federal funds purchased		1			1
Interest on finance leases		39			33
Total interest expense		30,425			31,923
Net interest income before provision for credit losses		53,828			44,579
Provision for credit losses - loans		2,541			2,233
Provision (benefit) for credit losses - off-balance sheet exposures		144			(393	)
Net interest income after provision for credit losses		51,143			42,739
Non-interest income:
Service charges on deposit accounts		2,274			2,060
Brokerage income		2,591			2,412
Debit and credit card interchange income, net		1,631			1,867
Other fees and commissions		380			400
Premium on credit card portfolio sale		1,127			—
Income on BOLI and annuity contracts		685			603
Gain on sale of loans		726			731
Mortgage servicing income (loss)		94			(1	)
Credit card revenue share		70			—
Loss on sale of fixed assets		(3	)		(6	)
Gain on sale of securities, net		—			13
Income (loss) on sale of other assets		(2	)		2
Other income		37			16
Total non-interest income		9,610			8,097
Non-interest expense:
Salaries and employee benefits		19,540			17,872
Occupancy expenses, net		1,672			1,459
Advertising & public relations expense		771			743
Furniture and equipment expense		677			763
Data processing expense		3,096			2,614
Directors’ fees		189			153
FDIC insurance		939			1,131
Audit, legal & consulting expenses		1,000			900
Other operating expenses		3,883			3,623
Total non-interest expense		31,767			29,258
Earnings before income taxes		28,986			21,578
Income taxes		6,725			5,181
Net earnings		22,261			16,397
Net earnings (loss) attributable to noncontrolling interest		—			(5	)
Net earnings attributable to Wilson Bank Holding Company	$	22,261		$	16,392
Weighted average number of common shares outstanding-basic		12,250,325			11,962,782
Weighted average number of common shares outstanding-diluted		12,294,253			12,000,111
Basic earnings per common share	$	1.82		$	1.37
Diluted earnings per common share	$	1.81		$	1.37
Dividends per common share	$	1.35		$	1.00

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Comprehensive Earnings (Losses)

For the three months ended March 31, 2026 and 2025

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
	(In Thousands)
Net earnings	$	22,261		$	16,397
Other comprehensive earnings (losses):
Unrealized gains (losses) on available-for-sale securities		(5,712	)		18,099
Reclassification adjustment for net gains included in net earnings		—			(13	)
Tax effect		1,492			(4,726	)
Other comprehensive earnings (losses)		(4,220	)		13,360
Comprehensive earnings		18,041			29,757
Comprehensive earnings attributable to noncontrolling interest		—			(5	)
Comprehensive earnings attributable to Wilson Bank Holding Company	$	18,041		$	29,752

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended March 31, 2026 and 2025

(Unaudited)


	Dollars In Thousands
	Common Stock			Additional Paid-In Capital			Retained Earnings			Noncontrolling Interest		Accumulated Other Comprehensive Earnings (Loss)			Total
Three Months Ended:
March 31, 2026
Balance at beginning of period	$	24,291			170,546			442,013			—		(55,165	)		581,685
Cash dividends declared, $1.35 per share		—			—			(16,451	)		—		—			(16,451	)
Issuance of 134,983 shares of common stock pursuant to dividend reinvestment plan		270			10,589			—			—		—			10,859
Issuance of 3,166 shares of common stock pursuant to exercise of stock options, net		6			95			—			—		—			101
Vesting of 2,314 restricted stock units		5			(5	)		—			—		—			—
Repurchase of 350 common shares		(1	)		(27	)		—			—		—			(28	)
Share based compensation expense		—			387			—			—		—			387
Net change in fair value of available-for-sale securities during the period, net of tax benefit of $1,492		—			—			—			—		(4,220	)		(4,220	)
Net earnings for the period		—			—			22,261			—		—			22,261
Balance at end of period	$	24,571			181,585			447,823			—		(59,385	)		594,594

March 31, 2025
Balance at beginning of period	$	23,754			150,739			393,238			203		(88,231	)		479,703
Cash dividends declared, $1.00 per share		—			—			(11,902	)		—		—			(11,902	)
Issuance of 112,732 shares of common stock pursuant to dividend reinvestment plan		225			8,241			—			—		—			8,466
Issuance of 1,732 shares of common stock pursuant to exercise of stock options, net		3			50			—			—		—			53
Vesting of 369 performance stock units		1			(1	)		—			—		—			—
Vesting of 2,368 restricted stock units		5			(5	)		—			—		—			—
Share based compensation expense		—			278			—			—		—			278
Net change in fair value of available-for-sale securities during the period, net of taxes $4,726		—			—			—			—		13,360			13,360
Net earnings for the period		—			—			16,392			5		—			16,397
Balance at end of period	$	23,988			159,302			397,728			208		(74,871	)		506,355

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

(Unaudited)


	Three Months Ended March 31,
	2026			2025
	(In Thousands)
OPERATING ACTIVITIES
Net earnings	$	22,261		$	16,397
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities
Provision for credit losses		2,685			1,840
Deferred income tax benefit		(601	)		(391	)
Depreciation and amortization of premises and equipment		1,044			1,098
Loss on sale of fixed assets		3			6
Net amortization (accretion) of securities		(114	)		214
Net realized gain on sale of securities		—			(13	)
Gain on sale of loans		(726	)		(731	)
Share-based compensation expense		387			278
Loss (gain) on sale of other assets		2			(2	)
Premium on credit card portfolio sale		(1,127	)		—
Income on BOLI and annuity contracts		(685	)		(603	)
Mortgage loans originated for resale		(21,728	)		(13,136	)
Proceeds from sale of mortgage loans		22,333			13,705
Right of use assets obtained for lease liabilities		—			3
Gain on lease modification		—			(46	)
Amortization of core deposit intangibles		11			—
Amortization of mortgage servicing rights		103			74
Change in:
Accrued interest receivable		(20	)		(471	)
Other assets		(3,425	)		(3,410	)
Accrued interest payable		(2,626	)		(339	)
Other liabilities		7,862			8,000
TOTAL ADJUSTMENTS		3,378			6,076
NET CASH PROVIDED BY OPERATING ACTIVITIES		25,639			22,473
INVESTING ACTIVITIES
Activities in available for sale securities:
Purchases		(105,953	)		(16,769	)
Sales		—			17,882
Maturities, prepayments and calls		25,036			12,119
Purchases of restricted equity securities		(51	)		(50	)
Proceeds from sale of credit card portfolio		7,803			—
Net increase in loans		(49,786	)		(89,595	)
Purchase of buildings, leasehold improvements, and equipment		(1,267	)		(866	)
Proceeds from sale of premises and equipment		—			9
Proceeds from sale of other assets		—			6
Purchase of life insurance and annuity contracts		—			(5,000	)
Redemption of annuity contracts		353			359
NET CASH USED IN INVESTING ACTIVITIES		(123,865	)		(81,905	)
FINANCING ACTIVITIES
Net change in deposits - non-maturing		62,494			97,425
Net change in deposits - time		30,794			33,525
Change in escrow balances		784			6,941
Repayment of finance lease obligation		(36	)		(21	)
Issuance of common stock related to exercise of stock options		101			53
Repurchase of common stock		(28	)		—
Cash dividends paid on common stock		(5,592	)		(3,436	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		88,517			134,487
NET CHANGE IN CASH AND CASH EQUIVALENTS		(9,709	)		75,055
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		367,353			247,589
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	357,644		$	322,644

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows, Continued

For the three months ended March 31, 2026 and 2025

(Unaudited)


	Three Months Ended March 31,
	2026			2025
	(In Thousands)
Supplemental disclosure of cash flow information:
Cash paid during the period for
Interest	$	33,051		$	32,262
Taxes
Federal		—		N/A
State		1,492		N/A
Total taxes (1)	$	1,492		$	1,393
Non-cash investing and financing activities:
Change in fair value of securities available-for-sale, net of taxes of $1,492 and $(4,726) for the three months ended March 31, 2026 and 2025, respectively	$	(4,220	)	$	13,360
Non-cash transfers from loans to other assets	$	2		$	7

(1) Disclosure of federal and state tax is required for 2026 as a result of adoption of ASU 2023-09, on a prospective basis.


	Three Months Ended March 31,
	2026		2025
	(In Thousands)
Cash and cash equivalents summary:
Interest bearing deposits	$	317,559	$	289,295
Federal funds sold		9,765		9,783
Cash and due from banks		30,320		23,566
Cash and cash equivalents - end of period	$	357,644	$	322,644

See accompanying notes to consolidated financial statements (unaudited)

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WILSON BANK HOLDING COMPANY

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Summary of Significant Accounting Policies

Nature of Business — Wilson Bank Holding Company (the “Company”) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Wilson Bank & Trust (the “Bank”). The Bank is a commercial bank headquartered in Lebanon, Tennessee. The Bank provides a full range of banking services in its primary market areas of Wilson, Davidson, Rutherford, Trousdale, Sumner, Dekalb, Putnam, Smith, Hamilton, and Williamson Counties, Tennessee. The Bank was previously invested in Encompass Home Lending LLC ("Encompass"), a joint venture of which the Bank owned 51% of the outstanding membership interests. Effective June 1, 2025, the Bank sold its 51% membership interest in Encompass to Encompass Home Lending Investors, LLC, which owned 49% of the outstanding membership interests in Encompass prior to the sale. Encompass offers residential mortgage banking services to customers of certain home builders in the Bank's markets as well as other mortgage customers.

Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated audited financial statements and related notes appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") on February 27, 2026 (the "2025 Form 10-K").

These unaudited consolidated financial statements include the accounts of the Company, the Bank, and through the period of the Company's investment, Encompass. Significant intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the 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 include the determination of the allowance for credit losses, 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. These financial statements should be read in conjunction with the 2025 Form 10-K. There have been no significant changes to the Company’s significant accounting policies as disclosed in the 2025 Form 10-K.

Newly Issued Not Yet Effective Accounting Standards

Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 - Accounting Standards Updates in the 2025 Form 10-K for additional information related to previously issued accounting standards updates.

Accounting Standards Update ("ASU") 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). In November 2024, the Financial Accounting Standards Board ("FASB") issued this pronouncement which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. The guidance (as further clarified through ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)) is effective for public business entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing ASU 2024-03 and its impact on its consolidated financial statements and accompanying notes.

ASU 2025-08, "Financial Instruments – Credit Losses (Topic 326): Purchased Loans". In November 2025, the FASB issued this pronouncement to update ASC 326: Financial Instruments – Credit Losses to address concerns regarding complexity and lack of comparability in the accounting for purchased loans under the current credit loss standard (Topic 326). This ASU removes the previous distinction in accounting between purchased credit-deteriorated (“PCD”) assets and non-PCD assets by applying the grossup accounting method, formerly used only for PCD assets, to most acquired loans. These loans will now be designated as purchased seasoned loans (“PSLs”). This change eliminates the Day-1 credit loss expense on PSLs by recognizing expected credit losses at acquisition without immediate impact to earnings. This new guidance is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years and is to be applied prospectively, with early adoption permitted. The Company is assessing ASU 2025-08, including the potential effect on the accounting for loans acquired in future acquisitions.

ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements". In November 2025, the FASB issued this pronouncement which updates the hedge accounting guidance to improve alignment between hedge accounting and an entity’s risk

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management activities and to clarify and simplify the application of certain hedge accounting requirements. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual reporting periods, with early adoption permitted. The Company is assessing ASU 2025-09 and its impact on its consolidated financial statements and accompanying notes.

Recently Adopted Accounting Standards

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in November 2023, the FASB issued this pronouncement which requires public entities to provide disclosures of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU requires a public entity to disclose, for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker ("CODM") and included in each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance is applied retrospectively to all periods presented in the financial statements unless it is impracticable. The adoption of ASU 2023-07 did not have a significant impact on the Company's financial statements. See Note 13, Segment Information, for additional information.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, in December 2023, the FASB issued this pronouncement which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The adoption of ASU 2023-09 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.

Note 2. Loans and Allowance for Credit Losses

Loans — Loans are reported at their outstanding principal balances adjusted for unearned income, deferred fees net of related costs on originated loans, and the allowance for credit losses. 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 following schedule details the loans of the Company at March 31, 2026 and December 31, 2025:


	(In Thousands)
	March 31, 2026			December 31, 2025

Residential 1-4 family real estate	$	1,293,880		$	1,277,698
Commercial and multi-family real estate		1,700,935			1,635,488
Construction, land development and farmland		868,116			900,013
Commercial, industrial and agricultural		177,545			179,583
1-4 family equity lines of credit		266,150			263,707
Consumer and other		100,692			107,348
Total loans before net deferred loan fees		4,407,318			4,363,837
Net deferred loan fees		(13,219	)		(12,708	)
Total loans		4,394,099			4,351,129
Less: Allowance for credit losses		(57,247	)		(55,034	)
Net loans	$	4,336,852		$	4,296,095

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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). 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 generally rely on estimates of project costs and the anticipated value of the completed project, while the Company strives to ensure the accuracy of these estimates, it is possible for these estimates to be inaccurate. Construction loans often involve the disbursement of substantial funds with repayments 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, the value of the completed project, general economic conditions and the availability of long-term financing. Farmland loans are secured by agricultural real estate and are made to finance the acquisition, improvement, or refinancing of farmland used for crop production, livestock operations, or other agricultural purposes. Repayment is primarily dependent on cash flows generated from agricultural operations and secondarily on the value of the underlying collateral. Borrower cash flows may be affected by commodity prices, weather conditions, input costs, and agricultural policies. These loans are underwritten based on borrower financial strength, management experience, and collateral value supported by independent appraisals. Farmland loans are monitored through ongoing financial analysis and periodic collateral reviews.

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") ratios, minimum credit scores, and maximum debt to income ratios. 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 ratios, minimum credit scores, and maximum debt to income ratios. 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: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, 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 commercial real estate 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, industrial, and agricultural: The commercial, industrial, and agricultural loan portfolio segment includes commercial, industrial, and agricultural 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, industrial, and agricultural loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower, if any. The cash flows of borrowers, however, may not be as expected and any collateral securing these loans may fluctuate in value. Most commercial, industrial, and agricultural loans are secured by the assets being financed or other business assets such as accounts

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receivable, inventory, crops, or livestock 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 and other: 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 ratios on secured consumer loans, minimum credit scores, and maximum debt to income ratios. 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.

Allowance For Credit Losses ("ACL") - Loans. The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with Accounting Standards Codification ("ASC") Topic 326 ("ASC 326") Financial Instruments-Credit Losses, 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 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 model 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 a six quarter time period before reverting to a straight line basis based on absolute historical quarterly changes in the economic variables utilized. 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 a 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 or

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management's assessment of portfolio risk. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon the following:

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.

Changes in regional and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments.

Changes in the nature and volume of the portfolio and in the terms of loans.

Changes in the experience, ability, and depth of lending management and other relevant staff.

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.

Changes in the value of underlying collateral.

The existence and effect of concentrations of credit, and changes in the level of such concentrations.

Additional segment specific risks when aggregated portfolios were required for reliable quantitative assessments.

The qualitative allowance allocation, as determined by the processes noted above, is applied to loan segments 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 and that are deemed to be collateral dependent. Such loans are evaluated for credit losses based on 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.

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 calculating the allowance for credit losses.

In accordance with Current Expected Credit Losses ("CECL"), losses are estimated over the remaining contractual terms of loans, adjusted for prepayments and curtailment. The contractual term excludes extensions, renewals and modification assumptions.

Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, deferred loan fees and costs, and premiums and discounts when applicable.

While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The ACL process is regularly reviewed and updated as needed based on quarterly reviews, new data, and/or calculation improvements with material impacts disclosed as appropriate.

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.

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Transactions in the allowance for credit losses for the three months ended March 31, 2026 and 2025 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
March 31, 2026
Allowance for credit losses - loans:
Beginning balance, January 1	$	15,745		16,005		16,763			3,433			1,603			1,485			55,034
Provision for credit losses		307		1,271		(366	)		971			99			259			2,541
Charge-offs		—		—		—			(120	)		(12	)		(337	)		(469	)
Recoveries		11		—		3			1			—			126			141
Ending balance	$	16,063		17,276		16,400			4,285			1,690			1,533			57,247


	(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
March 31, 2025
Allowance for credit losses - loans:
Beginning balance, January 1	$	9,708		20,203			14,663		1,702			1,890			1,331			49,497
Provision		2,425		(3,996	)		2,413		1,555			(681	)		517			2,233
Charge-offs		—		—			—		(57	)		—			(325	)		(382	)
Recoveries		8		—			3		—			—			121			132
Ending balance	$	12,141		16,207			17,079		3,200			1,209			1,644			51,480

The following table presents the amortized cost basis of collateral dependent loans at March 31, 2026 and December 31, 2025 which are individually evaluated to determine expected credit losses:


	In Thousands
	Real Estate		Other		Total
March 31, 2026
Residential 1-4 family real estate	$	6,477		—		6,477
Commercial and multi-family real estate		1,613		—		1,613
Construction, land development and farmland		6,879		—		6,879
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		1,255		—		1,255
Consumer and other		—		—		—
	$	16,224		—		16,224


	In Thousands
	Real Estate		Other		Total
December 31, 2025
Residential 1-4 family real estate	$	3,038		—		3,038
Commercial and multi-family real estate		13,133		—		13,133
Construction, land development and farmland		5,922		—		5,922
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		—		—		—
Consumer and other		—		—		—
	$	22,093		—		22,093

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 90 days or more 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

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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.

The following tables present the Company’s nonaccrual loans and past due loans as of March 31, 2026 and December 31, 2025.

Loans on Nonaccrual Status


	In Thousands
	March 31,		December 31,
	2026		2025
Residential 1-4 family real estate	$	12,147	$	7,206
Commercial and multi-family real estate		1,613		13,135
Construction, land development and farmland		6,950		5,926
Commercial, industrial and agricultural		48		156
1-4 family equity lines of credit		2,029		208
Consumer and other		21		24
Total	$	22,808	$	26,655

The Company recognized $2,592,000 and reversed $236,000 out of interest income on nonaccrual loans for the three months ended March 31, 2026. The impact on net interest income from nonaccrual loans was not material to the Company's results for the three months ended March 31, 2025. At March 31, 2026 and December 31, 2025 nonaccrual loans for which no related allowance for credit losses was recorded totaled $8,337,000 and $17,482,000, respectively.

Past Due Loans


	(In Thousands)
	30-59 Days Past Due		60-89 Days Past Due		Non Accrual or Greater Than 89 Days Past Due		Total Non Accrual and Past Due		Current		Total Loans		Recorded Investment in Loans Greater Than 89 Days Past Due and Accruing
March 31, 2026
Residential 1-4 family real estate	$	11,453		1,909		12,147		25,509		1,268,371		1,293,880	$	—
Commercial and multi-family real estate		—		—		1,613		1,613		1,699,322		1,700,935		—
Construction, land development and farmland		476		2,038		6,950		9,464		858,652		868,116		—
Commercial, industrial and agricultural		665		21		48		734		176,811		177,545		—
1-4 family equity lines of credit		1,024		—		2,029		3,053		263,097		266,150		—
Consumer and other		373		30		22		425		100,267		100,692		1
Total	$	13,991		3,998		22,809		40,798		4,366,520		4,407,318	$	1
December 31, 2025
Residential 1-4 family real estate	$	7,330		7,172		8,854		23,356

WILSON BANK HOLDING CO 10-Q