##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.
20549
 FORM
10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2011
 or
 o
    
    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
  Tennessee
    
    62-1497076(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)623 West Main Street, Lebanon, TN
    
    37087(Address of principal executive offices)
    
    Zip Code
 (Registrants telephone number, including area code)
 (Former name, former address and former fiscal year, if changed since last report)
 þ o
  o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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##### 



Part I: FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    1The unaudited consolidated financial statements of the Company and its subsidiary are as
follows:Consolidated Balance Sheets  March 31, 2011 and December 31, 2010.
    
    
    1Consolidated Statements of Earnings  For the three months ended March 31, 2011 and
2010.
    
    
    2Consolidated Statements of Comprehensive Earnings  For the three months ended March
31, 2011 and 2010.
    
    
    3Consolidated Statements of Cash Flows  For the three months ended March 31, 2011 and
2010.
    
    
    4Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    
    
    17Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    27Disclosures required by Item 3 are incorporated by reference to Managements
Discussion and Analysis of Financial Condition and Results of Operation.Item 4. Controls and Procedures
    
    
    28Part II: OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    29Item 1A. Risk Factors
    
    
    29Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    29Item 3. Defaults Upon Senior Securities
    
    
    29Item 4. (Removed and Reserved)
    
    
    29Item 5. Other Information
    
    
    29Item 6. Exhibits
    
    
    29Signatures
    
    
    30EX-31.1 SECTION 302 CERTIFICATION OF THE CEOEX-31.2 SECTION 302 CERTIFICATION OF THE CFOEX-32.1 SECTION 906 CERTIFICATION OF THE CEOEX-32.2 SECTION 906 CERTIFICATION OF THE CFO




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##### Table of Contents



Part I. Financial Information
 
 Item 1.
    
    Financial Statements
 WILSON BANK HOLDING COMPANY
 
 Consolidated Balance Sheets
 March 31, 2011 and December 31, 2010
 (Unaudited)
 March 31,
    
    
    December 31,2011
    
    
    2010(Dollars in ThousandsExcept Per Share Amounts)AssetsLoans
    
    $
    1,097,743
    
    
    $
    1,095,268Less: Allowance for loan losses
    
    
    (22,048
    )
    
    
    (22,177
    )Net loans
    
    
    1,075,695
    
    
    
    1,073,091Securities:Held to maturity, at cost (market value $15,660 and $13,690,
respectively)
    
    
    15,277
    
    
    
    13,396Available-for-sale, at market (amortized cost $254,386 and $282,453,
respectively)
    
    
    251,254
    
    
    
    277,032Total securities
    
    
    266,531
    
    
    
    290,428Loans held for sale
    
    
    4,015
    
    
    
    7,845Restricted equity securities
    
    
    3,012
    
    
    
    3,012Federal funds sold
    
    
    24,635
    
    
    
    3,225Total earning assets
    
    
    1,373,888
    
    
    
    1,377,601Cash and due from banks
    
    
    50,227
    
    
    
    35,057Bank premises and equipment, net
    
    
    32,215
    
    
    
    31,941Accrued interest receivable
    
    
    6,352
    
    
    
    6,252Deferred income tax asset
    
    
    8,777
    
    
    
    9,629Other real estate
    
    
    15,279
    
    
    
    13,741Other assets
    
    
    7,789
    
    
    
    8,572Goodwill
    
    
    4,805
    
    
    
    4,805Other intangible assets, net
    
    
    409
    
    
    
    508Total assets
    
    $
    1,499,741
    
    
    $
    1,488,106Liabilities and Shareholders EquityDeposits
    
    $
    1,338,479
    
    
    $
    1,331,282Securities sold under repurchase agreements
    
    
    6,152
    
    
    
    6,536Accrued interest and other liabilities
    
    
    7,378
    
    
    
    5,955Total liabilities
    
    
    1,352,009
    
    
    
    1,343,773Shareholders equity:Common stock, $2.00 par value; authorized 15,000,000 shares, issued
7,268,203 and 7,225,088 shares, respectively
    
    
    14,536
    
    
    
    14,450Additional paid-in capital
    
    
    45,382
    
    
    
    43,790Retained earnings
    
    
    89,747
    
    
    
    89,439Net unrealized losses on available-for-sale securities, net of income
taxes of $1,199 and $2,075, respectively
    
    
    (1,933
    )
    
    
    (3,346
    )Total shareholders equity
    
    
    147,732
    
    
    
    144,333Total liabilities and shareholders equity
    
    $
    1,499,741
    
    
    $
    1,488,106
   1




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##### Table of Contents



WILSON BANK HOLDING COMPANY
 
 Consolidated Statements of Earnings
 Three Months Ended March 31, 2011 and 2010
 (Unaudited)
 2011
    
    
    2010(Dollars in ThousandsExcept per Share Amounts)Interest income:Interest and fees on loans
    
    $
    16,239
    
    
    $
    16,835Interest and dividends on securities:Taxable securities
    
    
    1,461
    
    
    
    2,192Exempt from Federal income taxes
    
    
    110
    
    
    
    119Interest on loans held for sale
    
    
    54
    
    
    
    30Interest on Federal funds sold
    
    
    15
    
    
    
    18Interest and dividends on restricted securities
    
    
    36
    
    
    
    22Total interest income
    
    
    17,915
    
    
    
    19,216Interest expense:Interest on negotiable order of withdrawal accounts
    
    
    551
    
    
    
    630Interest on money market and savings accounts
    
    
    690
    
    
    
    841Interest on certificates of deposit
    
    
    3,442
    
    
    
    5,230Interest on securities sold under repurchase agreements
    
    
    14
    
    
    
    23Interest on Federal funds purchased
    
    
    2
    
    
    
    Total interest expense
    
    
    4,699
    
    
    
    6,724Net interest income before provision for loan losses
    
    
    13,216
    
    
    
    12,492Provision for loan losses
    
    
    1,969
    
    
    
    2,106Net interest income after provision for loan losses
    
    
    11,247
    
    
    
    10,386Non-interest income:Service charges on deposit accounts
    
    
    1,288
    
    
    
    1,292Other fees and commissions
    
    
    1,640
    
    
    
    1,373Gain on sale of loans
    
    
    300
    
    
    
    319Gain on sale of securities
    
    
    
    
    
    
    50Total non-interest income
    
    
    3,228
    
    
    
    3,034Non-interest expense:Salaries and employee benefits
    
    
    5,332
    
    
    
    5,051Occupancy expenses, net
    
    
    572
    
    
    
    572Furniture and equipment expense
    
    
    247
    
    
    
    366Data processing expense
    
    
    314
    
    
    
    317Directors fees
    
    
    200
    
    
    
    210Other operating expenses
    
    
    3,224
    
    
    
    2,568Loss on sale of other assets
    
    
    5
    
    
    
    9Loss on sale of other real estate
    
    
    551
    
    
    
    104Total non-interest expense
    
    
    10,445
    
    
    
    9,197Earnings before income taxes
    
    
    4,030
    
    
    
    4,223Income taxes
    
    
    1,554
    
    
    
    1,638Net earnings
    
    $
    2,476
    
    
    $
    2,585Weighted average number of shares outstanding-basic
    
    
    7,258,143
    
    
    
    7,171,624Weighted average number of shares outstanding-diluted
    
    
    7,265,259
    
    
    
    7,178,105Basic earnings per common share
    
    $
    .34
    
    
    $
    .36Diluted earnings per common share
    
    $
    .34
    
    
    $
    .36Dividends per share
    
    $
    .30
    
    
    $
    .30
   2




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##### Table of Contents



WILSON BANK HOLDING COMPANY


Consolidated Statements of Comprehensive Earnings
Three Months Ended March 31, 2011 and 2010
(Unaudited)
 2011
    
    
    2010(In Thousands)Net earnings
    
    $
    2,476
    
    
    $
    2,585Other comprehensive earnings, net of tax:Unrealized gains on available-for-sale securities
arising during period, net of taxes of $876 and
$190, respectively
    
    
    1,413
    
    
    
    306Reclassification adjustment for net gains included
in net earnings, net of taxes of $0 and $19, respectively
    
    
    
    
    
    
    (31
    )Other comprehensive earnings
    
    
    1,413
    
    
    
    275Comprehensive earnings
    
    $
    3,889
    
    
    $
    2,860
   3




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##### Table of Contents



WILSON BANK HOLDING COMPANY
 
 Consolidated Statements of Cash Flows


Three Months Ended March 31, 2011 and 2010
 Increase in Cash and Cash Equivalents

(Unaudited)
 2011
    
    
    2010(In Thousands)Cash flows from operating activities:Interest received
    
    $
    18,328
    
    
    $
    18,715Fees and commissions received
    
    
    2,928
    
    
    
    2,665Proceeds from sale of loans held for sale
    
    
    19,760
    
    
    
    15,919Origination of loans held for sale
    
    
    (15,630
    )
    
    
    (13,907
    )Interest paid
    
    
    (5,777
    )
    
    
    (7,638
    )Cash paid to suppliers and employees
    
    
    (7,386
    )
    
    
    (7,218
    )Income taxes paid
    
    
    (403
    )
    
    
    (742
    )Net cash provided by operating activities
    
    
    11,820
    
    
    
    7,794Cash flows from investing activities:Purchase of held-to-maturity securities
    
    
    (2,025
    )
    
    
    Purchase of available-for-sale securities
    
    
    (4,970
    )
    
    
    (90,609
    )Proceeds from maturities, calls and principal payments of
available for sale securities
    
    
    32,542
    
    
    
    48,584Proceeds from sale of other real estate
    
    
    1,424
    
    
    
    1,174Proceeds from maturities, calls and principal payments
of held-to-maturity securities
    
    
    126
    
    
    
    728Decrease (increase) in loans made to customers
    
    
    (8,097
    )
    
    
    3,568Purchase of premises and equipment
    
    
    (598
    )
    
    
    (44
    )Proceeds from sale of other assets
    
    
    41
    
    
    
    27Net cash provided by (used in) investing activities
    
    
    18,443
    
    
    
    (36,572
    )Cash flows from financing activities:Net increase in non-interest bearing, savings
and NOW deposit accounts
    
    
    24,503
    
    
    
    45,008Net increase (decrease) in time deposits
    
    
    (17,306
    )
    
    
    15,585Decrease in securities sold under repurchase agreements
    
    
    (384
    )
    
    
    (875
    )Repayment of Federal Home Loan Bank advances
    
    
    
    
    
    
    (9
    )Dividends paid
    
    
    (2,168
    )
    
    
    (2,144
    )Proceeds from sale of common stock pursuant to
to dividend reinvestment plan
    
    
    1,626
    
    
    
    1,529Proceeds from sale of common stock pursuant to
exercise of stock options
    
    
    46
    
    
    
    63Repurchase of common stock
    
    
    
    
    
    
    (225
    )Net cash provided by financing activities
    
    
    6,317
    
    
    
    58,932Net increase in cash and cash equivalents
    
    
    36,580
    
    
    
    30,154Cash and cash equivalents at beginning of period
    
    
    38,282
    
    
    
    31,512Cash and cash equivalents at end of period
    
    $
    74,862
    
    
    $
    61,666
   4




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##### Table of Contents



WILSON BANK HOLDING COMPANY

Consolidated Statements of Cash Flows, Continued

Three Months Ended March 31, 2011 and 2010
Increase in Cash and Cash Equivalents
(Unaudited)
 2011
    
    
    2010(In Thousands)Reconciliation of net earnings to net cash provided by
operating activities:Net earnings
    
    $
    2,476
    
    
    $
    2,585Adjustments to reconcile net earnings to net cash
provided by operating activities:Depreciation and amortization
    
    
    936
    
    
    
    599Stock option compensation
    
    
    6
    
    
    
    5Provision for loan losses
    
    
    1,969
    
    
    
    2,106Loss on sale of other real estate
    
    
    551
    
    
    
    104Loss on sale of other assets
    
    
    5
    
    
    
    9Gain on sale of securities
    
    
    
    
    
    
    (50
    )Decrease in loans held for sale
    
    
    3,830
    
    
    
    1,693Decrease in deferred tax assets,net
    
    
    (24
    )
    
    
    (252
    )Increase in taxes payable
    
    
    1,175
    
    
    
    1,148Decrease in other assets, net
    
    
    584
    
    
    
    159Increase in other liabilities
    
    
    1,490
    
    
    
    1,166Increase in interest receivable
    
    
    (100
    )
    
    
    (564
    )Decrease in interest payable
    
    
    (1,078
    )
    
    
    (914
    )Total adjustments
    
    $
    9,344
    
    
    $
    5,209Net cash provided by operating activities
    
    $
    11,820
    
    
    $
    7,794Supplemental schedule of non-cash activities:Unrealized gain in value of securities available-for-
sale, net of income taxes of $876 and
$171 for the quarters ended March 31,
2011 and 2010, respectively.
    
    $
    1,413
    
    
    $
    275Non-cash transfers from loans to other real estate
    
    $
    7,485
    
    
    $
    2,627Non-cash transfers from other real estate to loans
    
    $
    3,972
    
    
    $
    169Non-cash transfers from loans to other assets
    
    $
    11
    
    
    $
    47
   5




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Notes to Consolidated Financial Statements
(Unaudited)
 Note 1. Summary of Significant Accounting Policies
 Nature of Business
 Basis of Presentation
  Accounting Standards Codification The FASB Accounting
Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, a replacement
of FASB Statement No. 162
 Use of Estimates
  6




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Recently Adopted Accounting Pronouncements
 A Creditors Determination of Whether a
Restructuring Is a Troubled Debt Restructuring
 Note 2. Loans and Allowance for Loan Losses
  (In Thousands)March 31,
    
    
    December 31,2011
    
    
    2010Mortgage Loans on real estateResidential 1-4 family
    
    $
    353,939
    
    
    
    351,237Multifamily
    
    
    9,378
    
    
    
    8,711Commercial
    
    
    371,224
    
    
    
    347,381Construction and land developement
    
    
    169,220
    
    
    
    176,842Farmland
    
    
    37,054
    
    
    
    38,369Second mortgages
    
    
    14,943
    
    
    
    15,373Equity lines of credit
    
    
    35,911
    
    
    
    36,861Total mortgage loans on real estate
    
    
    991,669
    
    
    
    974,774Commercial loans
    
    
    51,507
    
    
    
    57,249Agriculture loans
    
    
    2,648
    
    
    
    3,017Consumer installment loansPersonal
    
    
    45,089
    
    
    
    52,574Credit cards
    
    
    2,955
    
    
    
    3,160Total consumer installment loans
    
    
    48,044
    
    
    
    55,734Other loans
    
    
    5,386
    
    
    
    5,8411,099,254
    
    
    
    1,096,615Net deferred loan fees
    
    
    (1,511
    )
    
    
    (1,347
    )Total loans
    
    
    1,097,743
    
    
    
    1,095,268Less: Allowance for loan losses
    
    
    (22,048
    )
    
    
    (22,177
    )Net Loans
    
    $
    1,075,695
    
    
    $
    1,073,091
  7




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
  In ThousandsResidential
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    
    
    
    
    Second
    
    
    Equity Lines
    
    
    
    
    
    
    
    
    
    
    Installment1-4 Family
    
    
    Multifamily
    
    
    Real Estate
    
    
    Construction
    
    
    Farmland
    
    
    Mortgages
    
    
    of Credit
    
    
    Commercial
    
    
    Agricultural
    
    
    and Other
    
    
    TotalMarch 31, 2011Allowance for loan
losses:Beginning balance
    
    $
    5,140
    
    
    
    46
    
    
    
    7,285
    
    
    
    5,558
    
    
    
    988
    
    
    
    276
    
    
    
    767
    
    
    
    1,163
    
    
    
    67
    
    
    
    887
    
    
    
    22,177Provision
    
    
    960
    
    
    
    6
    
    
    
    (276
    )
    
    
    1,690
    
    
    
    (53
    )
    
    
    (47
    )
    
    
    (57
    )
    
    
    (62
    )
    
    
    (27
    )
    
    
    (165
    )
    
    
    1,969Charge-offs
    
    
    (292
    )
    
    
    
    
    
    
    (863
    )
    
    
    (885
    )
    
    
    
    
    
    
    
    
    
    
    (87
    )
    
    
    
    
    
    
    
    
    
    
    (112
    )
    
    
    (2,239
    )Recoveries
    
    
    22
    
    
    
    
    
    
    
    4
    
    
    
    2
    
    
    
    
    
    
    
    1
    
    
    
    16
    
    
    
    5
    
    
    
    
    
    
    
    91
    
    
    
    141Ending balance
    
    $
    5,830
    
    
    
    52
    
    
    
    6,150
    
    
    
    6,365
    
    
    
    935
    
    
    
    230
    
    
    
    639
    
    
    
    1,106
    
    
    
    40
    
    
    
    701
    
    
    
    22,048Ending balance
individually evaluated
for impairment
    
    $
    1,653
    
    
    
    
    
    
    
    2,535
    
    
    
    2,464
    
    
    
    327
    
    
    
    15
    
    
    
    
    
    
    
    670
    
    
    
    
    
    
    
    
    
    
    
    7,664Ending balance
collectively evaluated
for impairment
    
    $
    4,177
    
    
    
    52
    
    
    
    3,615
    
    
    
    3,901
    
    
    
    608
    
    
    
    215
    
    
    
    639
    
    
    
    436
    
    
    
    40
    
    
    
    701
    
    
    
    14,384Ending balance loans
acquired with
deteriorated credit
quality
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Loans:Ending balance
    
    $
    353,939
    
    
    
    9,378
    
    
    
    371,224
    
    
    
    169,220
    
    
    
    37,054
    
    
    
    14,943
    
    
    
    35,911
    
    
    
    51,507
    
    
    
    2,648
    
    
    
    53,430
    
    
    
    1,099,254Ending balance individually
evaluated for impairment
    
    $
    12,000
    
    
    
    415
    
    
    
    16,097
    
    
    
    23,655
    
    
    
    4,694
    
    
    
    767
    
    
    
    201
    
    
    
    1,114
    
    
    
    
    
    
    
    
    
    
    
    58,943Ending balance collectively
evaluated for impairment
    
    $
    341,939
    
    
    
    8,963
    
    
    
    355,127
    
    
    
    145,565
    
    
    
    32,360
    
    
    
    14,176
    
    
    
    35,710
    
    
    
    50,393
    
    
    
    2,648
    
    
    
    53,430
    
    
    
    1,040,311Ending balance loans
acquired with deteriorated
credit quality
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March 31, 2010Allowance for loan
losses:Beginning balance
    
    $
    4,268
    
    
    
    25
    
    
    
    4,499
    
    
    
    3,412
    
    
    
    151
    
    
    
    521
    
    
    
    788
    
    
    
    1,625
    
    
    
    38
    
    
    
    1,320
    
    
    
    16,647Provision
    
    
    1,588
    
    
    
    (2
    )
    
    
    (1,504
    )
    
    
    759
    
    
    
    1,110
    
    
    
    226
    
    
    
    486
    
    
    
    (597
    )
    
    
    (26
    )
    
    
    66
    
    
    
    2,106Charge-offs
    
    
    (382
    )
    
    
    
    
    
    
    (10
    )
    
    
    (21
    )
    
    
    
    
    
    
    (144
    )
    
    
    (570
    )
    
    
    (37
    )
    
    
    
    
    
    
    (245
    )
    
    
    (1,409
    )Recoveries
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    1
    
    
    
    1
    
    
    
    60
    
    
    
    67Ending balance
    
    $
    5,478
    
    
    
    23
    
    
    
    2,985
    
    
    
    4,150
    
    
    
    1,261
    
    
    
    604
    
    
    
    704
    
    
    
    992
    
    
    
    13
    
    
    
    1,201
    
    
    
    17,411Ending balance
individually evaluated
for impairment
    
    $
    2,506
    
    
    
    
    
    
    
    308
    
    
    
    2,882
    
    
    
    898
    
    
    
    210
    
    
    
    162
    
    
    
    200
    
    
    
    
    
    
    
    
    
    
    
    7,166Ending balance
collectively evaluated
for impairment
    
    $
    2,972
    
    
    
    23
    
    
    
    2,677
    
    
    
    1,268
    
    
    
    363
    
    
    
    394
    
    
    
    542
    
    
    
    792
    
    
    
    13
    
    
    
    1,201
    
    
    
    10,245Ending balance loans
acquired with
deteriorated credit
quality
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Loans:Ending balance
    
    $
    361,942
    
    
    
    5,490
    
    
    
    315,138
    
    
    
    191,340
    
    
    
    46,794
    
    
    
    17,318
    
    
    
    35,828
    
    
    
    66,879
    
    
    
    2,885
    
    
    
    65,459
    
    
    
    1,109,073Ending balance individually
evaluated for impairment
    
    $
    11,816
    
    
    
    
    
    
    
    1,280
    
    
    
    8,183
    
    
    
    7,343
    
    
    
    800
    
    
    
    301
    
    
    
    420
    
    
    
    
    
    
    
    
    
    
    
    30,143Ending balance collectively
evaluated for impairment
    
    $
    350,126
    
    
    
    5,490
    
    
    
    313,858
    
    
    
    183,157
    
    
    
    39,451
    
    
    
    16,518
    
    
    
    35,527
    
    
    
    66,459
    
    
    
    2,885
    
    
    
    65,459
    
    
    
    1,078,930Ending balance loans
acquired with deteriorated
credit quality
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
  In ThousandsUnpaid
    
    
    
    
    
    
    Average
    
    
    InterestRecorded
    
    
    Principal
    
    
    Related
    
    
    Recorded
    
    
    IncomeInvestment
    
    
    Balance
    
    
    Allowance
    
    
    Investment
    
    
    RecognizedMarch 31, 2011With no related allowance
recorded:Residential 1-4 family
    
    $
    2,922
    
    
    
    2,922
    
    
    
    
    
    
    
    3,367
    
    
    
    52Multifamily
    
    
    415
    
    
    
    415
    
    
    
    
    
    
    
    411
    
    
    
    6Commercial real estate
    
    
    1,647
    
    
    
    1,647
    
    
    
    
    
    
    
    2,704
    
    
    
    29Construction
    
    
    8,534
    
    
    
    8,534
    
    
    
    
    
    
    
    9,528
    
    
    
    50Farmland
    
    
    2,647
    
    
    
    2,647
    
    
    
    
    
    
    
    1,324
    
    
    
    19Second mortgages
    
    
    606
    
    
    
    606
    
    
    
    
    
    
    
    656
    
    
    
    Equity lines of credit
    
    
    201
    
    
    
    201
    
    
    
    
    
    
    
    101
    
    
    
    3Commercial
    
    
    204
    
    
    
    204
    
    
    
    
    
    
    
    204
    
    
    
    3Agricultural
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    17,176
    
    
    
    17,176
    
    
    
    
    
    
    
    18,295
    
    
    
    162With allowance recorded:Residential 1-4 family
    
    $
    9,078
    
    
    
    9,078
    
    
    
    1,653
    
    
    
    8,448
    
    
    
    87Multifamily
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial real estate
    
    
    14,450
    
    
    
    14,450
    
    
    
    2,535
    
    
    
    16,568
    
    
    
    156Construction
    
    
    15,121
    
    
    
    15,121
    
    
    
    2,464
    
    
    
    11,834
    
    
    
    71Farmland
    
    
    2,047
    
    
    
    2,047
    
    
    
    327
    
    
    
    1,957
    
    
    
    11Second mortgages
    
    
    161
    
    
    
    161
    
    
    
    15
    
    
    
    163
    
    
    
    Equity lines of credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    435
    
    
    
    Commercial
    
    
    910
    
    
    
    910
    
    
    
    670
    
    
    
    910
    
    
    
    6Agricultural
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    78
    
    
    
    $
    41,767
    
    
    
    41,767
    
    
    
    7,664
    
    
    
    40,393
    
    
    
    331TotalResidential 1-4 family
    
    
    12,000
    
    
    
    12,000
    
    
    
    1,653
    
    
    
    11,815
    
    
    
    139Multifamily
    
    
    415
    
    
    
    415
    
    
    
    
    
    
    
    411
    
    
    
    6Commercial real estate
    
    
    16,097
    
    
    
    16,097
    
    
    
    2,535
    
    
    
    19,272
    
    
    
    185Construction
    
    
    23,655
    
    
    
    23,655
    
    
    
    2,464
    
    
    
    21,362
    
    
    
    121Farmland
    
    
    4,694
    
    
    
    4,694
    
    
    
    327
    
    
    
    3,281
    
    
    
    30Second mortgages
    
    
    767
    
    
    
    767
    
    
    
    15
    
    
    
    819
    
    
    
    Equity lines of credit
    
    
    201
    
    
    
    201
    
    
    
    
    
    
    
    536
    
    
    
    3Commercial
    
    
    1,114
    
    
    
    1,114
    
    
    
    670
    
    
    
    1,114
    
    
    
    9Agricultural
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    78
    
    
    
    $
    58,943
    
    
    
    58,943
    
    
    
    7,664
    
    
    
    58,688
    
    
    
    493
  8




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 In ThousandsUnpaid
    
    
    
    
    
    
    Average
    
    
    InterestRecorded
    
    
    Principal
    
    
    Related
    
    
    Recorded
    
    
    IncomeInvestment
    
    
    Balance
    
    
    Allowance
    
    
    Investment
    
    
    RecognizedDecember 31, 2010With no related allowance
recorded:Residential 1-4 family
    
    $
    3,811
    
    
    
    3,811
    
    
    
    
    
    
    
    5,876
    
    
    
    472Multifamily
    
    
    406
    
    
    
    406
    
    
    
    
    
    
    
    464
    
    
    
    26Commercial real estate
    
    
    3,760
    
    
    
    4,260
    
    
    
    
    
    
    
    4,780
    
    
    
    136Construction
    
    
    10,522
    
    
    
    10,844
    
    
    
    
    
    
    
    6,950
    
    
    
    256Farmland
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,790
    
    
    
    Second mortgages
    
    
    706
    
    
    
    706
    
    
    
    
    
    
    
    644
    
    
    
    1Equity lines of credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    601
    
    
    
    Commercial
    
    
    204
    
    
    
    204
    
    
    
    
    
    
    
    689
    
    
    
    11Agricultural
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39
    
    
    
    $
    19,409
    
    
    
    20,231
    
    
    
    
    
    
    
    21,833
    
    
    
    902With allowance recorded:Residential 1-4 family
    
    $
    7,818
    
    
    
    7,890
    
    
    
    1,275
    
    
    
    9,890
    
    
    
    351Multifamily
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial real estate
    
    
    18,686
    
    
    
    18,686
    
    
    
    3,816
    
    
    
    15,027
    
    
    
    347Construction
    
    
    8,546
    
    
    
    8,914
    
    
    
    1,782
    
    
    
    8,426
    
    
    
    392Farmland
    
    
    1,866
    
    
    
    1,866
    
    
    
    231
    
    
    
    3,848
    
    
    
    68Second mortgages
    
    
    164
    
    
    
    164
    
    
    
    15
    
    
    
    337
    
    
    
    Equity lines of credit
    
    
    869
    
    
    
    869
    
    
    
    159
    
    
    
    418
    
    
    
    32Commercial
    
    
    910
    
    
    
    910
    
    
    
    670
    
    
    
    569
    
    
    
    25Agricultural
    
    
    155
    
    
    
    155
    
    
    
    25
    
    
    
    39
    
    
    
    10$
    39,014
    
    
    
    39,454
    
    
    
    7,973
    
    
    
    38,554
    
    
    
    1,225TotalResidential 1-4 family
    
    
    11,629
    
    
    
    11,701
    
    
    
    1,275
    
    
    
    15,766
    
    
    
    823Multifamily
    
    
    406
    
    
    
    406
    
    
    
    
    
    
    
    464
    
    
    
    26Commercial real estate
    
    
    22,446
    
    
    
    22,946
    
    
    
    3,816
    
    
    
    19,807
    
    
    
    483Construction
    
    
    19,068
    
    
    
    19,758
    
    
    
    1,782
    
    
    
    15,376
    
    
    
    648Farmland
    
    
    1,866
    
    
    
    1,866
    
    
    
    231
    
    
    
    5,638
    
    
    
    68Second mortgages
    
    
    870
    
    
    
    870
    
    
    
    15
    
    
    
    981
    
    
    
    1Equity lines of credit
    
    
    869
    
    
    
    869
    
    
    
    159
    
    
    
    1,019
    
    
    
    32Commercial
    
    
    1,114
    
    
    
    1,114
    
    
    
    670
    
    
    
    1,258
    
    
    
    36Agricultural
    
    
    155
    
    
    
    155
    
    
    
    25
    
    
    
    78
    
    
    
    10$
    58,423
    
    
    
    59,685
    
    
    
    7,973
    
    
    
    60,387
    
    
    
    2,127
    9




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Credit
Quality Indicators
 In ThousandsResidential
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    
    
    
    
    Second
    
    
    Equity Lines
    
    
    
    
    
    
    
    
    
    
    Installment1-4 Family
    
    
    Multifamily
    
    
    Real Estate
    
    
    Construction
    
    
    Farmland
    
    
    Mortgages
    
    
    of Credit
    
    
    Commercial
    
    
    Agricultural
    
    
    and Other
    
    
    TotalCredit Risk Profile by
Internally Assigned
GradeMarch 31, 2011Pass
    
    $
    336,252
    
    
    $
    8,881
    
    
    $
    354,941
    
    
    $
    145,345
    
    
    $
    32,176
    
    
    $
    13,409
    
    
    $
    35,466
    
    
    $
    50,319
    
    
    $
    2,640
    
    
    $
    52,908
    
    
    
    1,032,337Special mention
    
    
    9,850
    
    
    
    
    
    
    
    6,261
    
    
    
    3,568
    
    
    
    2,988
    
    
    
    580
    
    
    
    326
    
    
    
    45
    
    
    
    
    
    
    
    121
    
    
    
    23,739Substandard
    
    
    7,837
    
    
    
    497
    
    
    
    10,022
    
    
    
    20,307
    
    
    
    1,890
    
    
    
    954
    
    
    
    119
    
    
    
    1,143
    
    
    
    8
    
    
    
    401
    
    
    
    43,178Doubtful
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    353,939
    
    
    
    9,378
    
    
    
    371,224
    
    
    
    169,220
    
    
    
    37,054
    
    
    
    14,943
    
    
    
    35,911
    
    
    
    51,507
    
    
    
    2,648
    
    
    
    53,430
    
    
    
    1,099,254December 31, 2010Pass
    
    $
    333,971
    
    
    
    8,226
    
    
    
    324,880
    
    
    
    160,457
    
    
    
    36,333
    
    
    
    13,838
    
    
    
    35,834
    
    
    
    56,053
    
    
    
    2,852
    
    
    
    61,005
    
    
    
    1,033,449Special mention
    
    
    9,567
    
    
    
    
    
    
    
    5,873
    
    
    
    726
    
    
    
    340
    
    
    
    588
    
    
    
    276
    
    
    
    50
    
    
    
    155
    
    
    
    166
    
    
    
    17,741Substandard
    
    
    7,699
    
    
    
    485
    
    
    
    16,628
    
    
    
    15,659
    
    
    
    1,696
    
    
    
    947
    
    
    
    751
    
    
    
    1,146
    
    
    
    10
    
    
    
    404
    
    
    
    45,425Doubtful
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    351,237
    
    
    
    8,711
    
    
    
    347,381
    
    
    
    176,842
    
    
    
    38,369
    
    
    
    15,373
    
    
    
    36,861
    
    
    
    57,249
    
    
    
    3,017
    
    
    
    61,575
    
    
    
    1,096,615
 Note 3. Debt and Equity Securities
  March 31, 2011Securities Available-For-SaleIn ThousandsGross
    
    
    Gross
    
    
    EstimatedAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    MarketCost
    
    
    Gains
    
    
    Losses
    
    
    ValueU.S. Government and Federal
agencies
    
    $
    2,003
    
    
    $
    6
    
    
    $
    
    
    
    $
    2,009U.S. Government-sponsored
enterprises (GSEs)*
    
    
    130,807
    
    
    
    58
    
    
    
    2,096
    
    
    
    128,769Mortgage-backed:GSE residential
    
    
    120,054
    
    
    
    145
    
    
    
    1,306
    
    
    
    118,893Obligations of states and political
Subdivisions
    
    
    1,522
    
    
    
    61
    
    
    
    
    
    
    $
    1,583$
    254,386
    
    
    $
    270
    
    
    $
    3,402
    
    
    $
    251,254
 March 31, 2011Securities Held-To-MaturityIn ThousandsGross
    
    
    Gross
    
    
    EstimatedAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    MarketCost
    
    
    Gains
    
    
    Losses
    
    
    ValueMortgage-backed:GSE residential
    
    $
    2,740
    
    
    $
    37
    
    
    $
    3
    
    
    $
    2,774Obligations of states and political
Subdivisions
    
    
    12,537
    
    
    
    365
    
    
    
    16
    
    
    
    12,886$
    15,277
    
    
    $
    402
    
    
    $
    19
    
    
    $
    15,660
 
 *
    
    Such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation,
Federal Home Loan Banks, Federal Farm Credit Banks, and government National Mortgage
Association. December 31, 2010Securities Available-For-SaleIn ThousandsGross
    
    
    Gross
    
    
    EstimatedAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    MarketCost
    
    
    Gains
    
    
    Losses
    
    
    ValueU.S. Government and Federal
Agencies
    
    $
    2,004
    
    
    $
    8
    
    
    $
    
    
    
    $
    2,012U.S. Government-sponsored
enterprises (GSEs)*
    
    
    157,089
    
    
    
    235
    
    
    
    2,646
    
    
    
    154,678Mortgage-backed:GSE residential
    
    
    121,838
    
    
    
    31
    
    
    
    3,069
    
    
    
    118,800Obligations of states and political
subdivisions
    
    
    1,522
    
    
    
    27
    
    
    
    7
    
    
    
    1,542$
    282,453
    
    
    $
    301
    
    
    $
    5,722
    
    
    $
    277,032
  10




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 December 31, 2010Securities Held-To-MaturityIn ThousandsGross
    
    
    Gross
    
    
    EstimatedAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    MarketCost
    
    
    Gains
    
    
    Losses
    
    
    ValueMortgage-backed:GSE residential
    
    $
    1,637
    
    
    $
    19
    
    
    $
    6
    
    
    $
    1,650Obligations of states and political
subdivisions
    
    
    11,759
    
    
    
    369
    
    
    
    88
    
    
    
    12,040$
    13,396
    
    
    $
    388
    
    
    $
    94
    
    
    $
    13,690
 *
    
    Such as Federal National Mortgage Association, Federal Home Loan Mortgage
Corporation, Federal Home Loan Banks, Federal Farm Credit Banks, and government National
Mortgage Association.  Held-to-Maturity
    
    
    Available-for-saleIn ThousandsEstimated
    
    
    
    
    
    
    EstimatedAmortized
    
    
    Market
    
    
    Amortized
    
    
    MarketCost
    
    
    Value
    
    
    Cost
    
    
    ValueDue in one year or less
    
    $
    1,630
    
    
    $
    1,638
    
    
    $
    2,350
    
    
    $
    2,363Due after one year
through five years
    
    
    5,111
    
    
    
    5,332
    
    
    
    71,556
    
    
    
    70,766Due after five years
through ten years
    
    
    3,533
    
    
    
    3,649
    
    
    
    92,254
    
    
    
    90,701Due after ten years
    
    
    5,003
    
    
    
    5,041
    
    
    
    88,226
    
    
    
    87,424$
    15,277
    
    
    $
    15,660
    
    
    $
    254,386
    
    
    $
    251,254
  In Thousands, Except Number of SecuritiesLess than 12 Months
    
    
    12 Months or More
    
    
    TotalNumber
    
    
    
    
    
    
    
    
    
    
    Numberof
    
    
    
    
    
    
    
    
    
    
    ofFair
    
    
    Unrealized
    
    
    Securities
    
    
    Fair
    
    
    Unrealized
    
    
    Securities
    
    
    Fair
    
    
    UnrealizedMarch 31, 2011
    
    Value
    
    
    Losses
    
    
    Included
    
    
    Value
    
    
    Losses
    
    
    Included
    
    
    Value
    
    
    LossesHeld to Maturity Securities:Debt securities:Mortgage-backed:GSE residential
    
    $
    1,182
    
    
    $
    3
    
    
    
    2
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    1,182
    
    
    $
    3Obligations of states and
political subdivisions
    
    
    1,142
    
    
    
    16
    
    
    
    6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,142
    
    
    
    16$
    2,324
    
    
    $
    19
    
    
    
    8
    
    
    $
    
    
    
    
    
    
    
    
    
    
    
    $
    2,324
    
    
    $
    19Available-for-Sale
Securities:Debt securities:U.S. Government and
Federal agencies
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    GSEs
    
    
    99,487
    
    
    
    2,096
    
    
    
    34
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    99,487
    
    
    
    2,096Mortgage-backed:GSE residential
    
    
    88,022
    
    
    
    1,306
    
    
    
    26
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    88,022
    
    
    
    1,306Obligations of states and
political subdivisions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    187,509
    
    
    $
    3,402
    
    
    
    60
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    187,509
    
    
    $
    3,402
  11




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 In Thousands, Except Number of SecuritiesLess than 12 Months
    
    
    12 Months or More
    
    
    TotalNumber
    
    
    
    
    
    
    
    
    
    
    Numberof
    
    
    
    
    
    
    
    
    
    
    ofFair
    
    
    Unrealized
    
    
    Securities
    
    
    Fair
    
    
    Unrealized
    
    
    Securities
    
    
    Fair
    
    
    UnrealizedDecember 31, 2010
    
    Value
    
    
    Losses
    
    
    Included
    
    
    Value
    
    
    Losses
    
    
    Included
    
    
    Value
    
    
    LossesHeld to Maturity Securities:Debt securities:Mortgage-backed:GSE residential
    
    $
    1,034
    
    
    $
    6
    
    
    
    1
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    1,034
    
    
    $
    6Obligations of states and
political subdivisions
    
    
    3,278
    
    
    
    88
    
    
    
    14
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,278
    
    
    
    88$
    4,312
    
    
    $
    94
    
    
    
    15
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    4,312
    
    
    $
    94Available-for-SaleSecurities:Debt securities:U.S. Government and
Federal agencies
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    GSEs
    
    
    102,458
    
    
    
    2,646
    
    
    
    36
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102,458
    
    
    
    2,646Mortgage-backed:GSE residential
    
    
    113,512
    
    
    
    3,069
    
    
    
    34
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    113,512
    
    
    
    3,069Obligations of states and
political subdivisions
    
    
    345
    
    
    
    7
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    345
    
    
    
    7$
    216,315
    
    
    $
    5,722
    
    
    
    71
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    216,315
    
    
    $
    5,722
    12




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Note 4. Earnings Per Share
   Three Months EndedMarch 31,2011
    
    
    2010(Dollars in ThousandsExcept Per Share Amounts)Basic EPS Computation:Numerator  Earnings available to common
Stockholders
    
    $
    2,476
    
    
    $
    2,585Denominator  Weighted average number of
common shares outstanding
    
    
    7,258,143
    
    
    
    7,171,624Basic earnings per common share
    
    $
    .34
    
    
    $
    .36Diluted EPS Computation:Numerator  Earnings available to common
Stockholders
    
    $
    2,476
    
    
    $
    2,585Denominator  Weighted average number
of common shares outstanding
    
    
    7,258,143
    
    
    
    7,171,624Dilutive effect of stock options
    
    
    7,116
    
    
    
    6,4817,265,259
    
    
    
    7,178,105Diluted earnings per common share
    
    $
    .34
    
    
    $
    .36
 Note 5. Fair Value Measurements
  Valuation Hierarchy
  
 
 
  13




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
  Assets
 Securities available for sale 
 Impaired loans 
 Other real estate 
 Other assets
  14




---



##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
  Fair Value Measurements at March 31, 2011
 Carrying
    
    
    Quoted Prices inValue at
    
    
    Active Markets
    
    
    Significant Other
    
    
    SignificantMarch 31,
    
    
    for Identical
    
    
    Observable
    
    
    Unobservable(in Thousands)
    
    2011
    
    
    Assets (Level 1)
    
    
    Inputs (Level 2)
    
    
    Inputs (Level 3)Assets:Available-for-sale
securities
    
    $
    251,254
    
    
    $
    2,009
    
    
    $
    249,245
    
    
    $
    Cash surrender
value
    
    
    1,568
    
    
    
    
    
    
    
    
    
    
    
    1,568
  Fair Value Measurements at March 31, 2011
 Carrying
    
    
    Quoted Prices inValue at
    
    
    Active Markets
    
    
    Significant Other
    
    
    SignificantMarch 31,
    
    
    for Identical
    
    
    Observable
    
    
    Unobservable(in Thousands)
    
    2011
    
    
    Assets (Level 1)
    
    
    Inputs (Level 2)
    
    
    Inputs (Level 3)Assets:Impaired loans
    
    $
    51,279
    
    
    $
    
    
    
    $
    
    
    
    $
    51,279Other real estate
    
    
    15,279
    
    
    
    
    
    
    
    
    
    
    
    15,279Repossesed assets
    
    
    6
    
    
    
    
    
    
    
    
    
    
    
    6
 Changes in level 3 fair value measurements
   15




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 (in thousands)
 Assets
    
    
    LiabilitiesFair Value, January 1, 2011
    
    $
    1,554
    
    
    $
    Total realized gains included in income
    
    
    14
    
    
    
    Purchases, issuances and settlements, net
    
    
    
    
    
    
    Transfers in and/or (out) of Level 3
    
    
    
    
    
    
    Fair Value, March 31, 2011
    
    $
    1,568
    
    
    $
    Total realized gains (losses) included in income related
to financial assets and liabilities still on the
consolidated balance sheet at March 31, 2011
    
    $
    
    
    
    $
    
  Cash, Due From Banks and Federal Funds Sold
 Securities held to maturity
 Loans
 Mortgage loans held-for-sale
 Deposits, Securities Sold Under Agreements to Repurchase, Federal Home Loan Bank Advances
  16




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
  In ThousandsMarch 31, 2011
    
    
    December 31, 2010Carrying
    
    
    
    
    
    
    CarryingAmount
    
    
    Fair Value
    
    
    Amount
    
    
    Fair ValueFinancial assets:Cash and short-term
Investments
    
    $
    74,862
    
    
    
    74,862
    
    
    $
    38,282
    
    
    
    38,282Securities available-for-sale
    
    
    251,254
    
    
    
    251,254
    
    
    
    277,032
    
    
    
    277,032Securities, held to maturity
    
    
    15,277
    
    
    
    15,660
    
    
    
    13,396
    
    
    
    13,690Loans, net of unearned
Interest
    
    
    1,097,743
    
    
    
    
    
    
    
    1,095,268Less: allowance for loan
Losses
    
    
    22,048
    
    
    
    
    
    
    
    22,177Loans, net of allowance
    
    
    1,075,695
    
    
    
    1,077,725
    
    
    
    1,073,091
    
    
    
    1,075,663Loans held for sale
    
    
    4,015
    
    
    
    4,015
    
    
    
    7,845
    
    
    
    7,845Restricted equity securities
    
    
    3,012
    
    
    
    3,012
    
    
    
    3,012
    
    
    
    3,012Accrued interest receivable
    
    
    6,352
    
    
    
    6,352
    
    
    
    6,252
    
    
    
    6,252Cash surrender value of life
insurance
    
    
    1,568
    
    
    
    1,568
    
    
    
    1,554
    
    
    
    1,554Other real estate
    
    
    15,279
    
    
    
    15,279
    
    
    
    13,741
    
    
    
    13,741Financial liabilities:Deposits
    
    
    1,338,479
    
    
    
    1,345,565
    
    
    
    1,331,282
    
    
    
    1,339,747Securities sold
under repurchase
agreements
    
    
    6,152
    
    
    
    6,152
    
    
    
    6,536
    
    
    
    6,536Accrued interest payable
    
    
    2,672
    
    
    
    2,672
    
    
    
    3,762
    
    
    
    3,762Unrecognized financial
instruments:Commitments to extend
credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Standby letters of credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 
 Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
  Forward-Looking Statements
   17




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
  Critical Accounting Estimates
  Allowance for Loan Losses (allowance).
    18




---



##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
       Impairment of Intangible Assets .
  19




---



##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
   Results of Operations
  Net Interest Income
     20




---



##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Provision for Loan Losses
   Non-Interest Income
  Non-Interest Expenses
  Income Taxes
   21




---



##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Financial Condition
 Balance Sheet Summary
   Non Performing Assets
  Loans on Nonaccrual Status
 In Thousands2011
    
    
    2010Residential 1-4 family
    
    $
    3,075
    
    
    
    3,611Multifamily
    
    
    
    
    
    
    Commercial real estate
    
    
    391
    
    
    
    7,465Construction
    
    
    9,528
    
    
    
    7,850Farmland
    
    
    1,305
    
    
    
    1,308Second mortgages
    
    
    606
    
    
    
    770Equity lines of credit
    
    
    
    
    
    
    667Commercial
    
    
    490
    
    
    
    490Installment and other
    
    
    
    
    
    
    Total
    
    $
    15,395
    
    
    $
    22,161
 Age Analysis of Past Due Loans
 In ThousandsRecordedInvestment30-59
    
    
    60-89
    
    
    Greater
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Greater ThanDays
    
    
    Days
    
    
    Than
    
    
    Total
    
    
    
    
    
    
    Total
    
    
    90 Days andPast Due
    
    
    Past Due
    
    
    90 Days
    
    
    Past Due
    
    
    Current
    
    
    Loans
    
    
    AccruingMarch 31, 2011Residential 1-4 family
    
    $
    6,757
    
    
    
    1,006
    
    
    
    4,734
    
    
    
    12,497
    
    
    
    341,442
    
    
    
    353,939
    
    
    
    1,659Multifamily
    
    
    53
    
    
    
    
    
    
    
    
    
    
    
    53
    
    
    
    9,325
    
    
    
    9,378
    
    
    
    Commercial real estate
    
    
    2,077
    
    
    
    301
    
    
    
    616
    
    
    
    2,994
    
    
    
    368,230
    
    
    
    371,224
    
    
    
    225Construction
    
    
    1,537
    
    
    
    3,147
    
    
    
    9,544
    
    
    
    14,228
    
    
    
    154,992
    
    
    
    169,220
    
    
    
    16Farmland
    
    
    234
    
    
    
    
    
    
    
    2,728
    
    
    
    2,962
    
    
    
    34,092
    
    
    
    37,054
    
    
    
    1,423Second mortgages
    
    
    507
    
    
    
    92
    
    
    
    810
    
    
    
    1,409
    
    
    
    13,534
    
    
    
    14,943
    
    
    
    204Equity lines of credit
    
    
    188
    
    
    
    
    
    
    
    
    
    
    
    188
    
    
    
    35,723
    
    
    
    35,911
    
    
    
    Commercial
    
    
    332
    
    
    
    521
    
    
    
    491
    
    
    
    1,344
    
    
    
    50,163
    
    
    
    51,507
    
    
    
    1Agricultural, installment and other
    
    
    757
    
    
    
    147
    
    
    
    116
    
    
    
    1,020
    
    
    
    55,058
    
    
    
    56,078
    
    
    
    116Total
    
    $
    12,442
    
    
    
    5,214
    
    
    
    19,039
    
    
    
    36,695
    
    
    
    1,062,559
    
    
    
    1,099,254
    
    
    
    3,644December 31, 2010Residential 1-4 family
    
    $
    5,714
    
    
    
    1,080
    
    
    
    5,141
    
    
    
    11,935
    
    
    
    339,302
    
    
    
    351,237
    
    
    
    1,530Multifamily
    
    
    53
    
    
    
    
    
    
    
    79
    
    
    
    132
    
    
    
    8,579
    
    
    
    8,711
    
    
    
    79Commercial real estate
    
    
    558
    
    
    
    200
    
    
    
    7,673
    
    
    
    8,431
    
    
    
    338,950
    
    
    
    347,381
    
    
    
    208Construction
    
    
    1,830
    
    
    
    160
    
    
    
    8,028
    
    
    
    10,018
    
    
    
    166,824
    
    
    
    176,842
    
    
    
    178Farmland
    
    
    1,572
    
    
    
    188
    
    
    
    1,651
    
    
    
    3,411
    
    
    
    34,958
    
    
    
    38,369
    
    
    
    343Second mortgages
    
    
    215
    
    
    
    48
    
    
    
    890
    
    
    
    1,153
    
    
    
    14,220
    
    
    
    15,373
    
    
    
    120Equity lines of credit
    
    
    73
    
    
    
    
    
    
    
    667
    
    
    
    740
    
    
    
    36,121
    
    
    
    36,861
    
    
    
    Commercial
    
    
    330
    
    
    
    2
    
    
    
    492
    
    
    
    824
    
    
    
    56,425
    
    
    
    57,249
    
    
    
    2Agricultural, installment and
other
    
    
    872
    
    
    
    159
    
    
    
    108
    
    
    
    1,139
    
    
    
    63,453
    
    
    
    64,592
    
    
    
    108Total
    
    $
    11,217
    
    
    
    1,837
    
    
    
    24,729
    
    
    
    37,783
    
    
    
    1,058,832
    
    
    
    1,096,615
    
    
    
    2,568
    22




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
      Liquidity and Asset Management
   23




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
          24




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Off Balance Sheet Arrangements
  Capital Position and Dividends
     25




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##### Table of Contents



Minimum To Be WellCapitalized UnderMinimum Capital
    
    
    Prompt CorrectiveActual
    
    
    Requirement
    
    
    Action ProvisionsAmount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio(dollars in thousands)March 31, 2011:Total capital to risk
weighted assets:Consolidated
    
    $
    158,858
    
    
    
    13.9
    %
    
    $
    91,429
    
    
    
    8.0
    %
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    156,187
    
    
    
    13.6
    
    
    
    91,875
    
    
    
    8.0
    
    
    $
    114,843
    
    
    
    10.0
    %Tier 1 capital to risk
weighted assets:Consolidated
    
    
    144,451
    
    
    
    12.6
    
    
    
    46,857
    
    
    
    4.0
    
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    141,780
    
    
    
    12.4
    
    
    
    45,736
    
    
    
    4.0
    
    
    
    68,603
    
    
    
    6.0Tier 1 capital to
average assets:Consolidated
    
    
    144,451
    
    
    
    9.8
    
    
    
    58,960
    
    
    
    4.0
    
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    141,780
    
    
    
    9.6
    
    
    
    59,075
    
    
    
    4.0
    
    
    
    73,874
    
    
    
    5.0
  26




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 Minimum To Be WellCapitalized UnderPrompt CorrectiveMinimum Capital
    
    
    ActionActual
    
    
    Requirement
    
    
    ProvisionsAmount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio(dollars in thousands)December 31, 2010:Total capital to risk
weighted assets:Consolidated
    
    $
    157,373
    
    
    
    13.2
    %
    
    $
    95,378
    
    
    
    8.0
    %
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    154,156
    
    
    
    12.9
    
    
    
    95,601
    
    
    
    8.0
    
    
    $
    119,501
    
    
    
    10.0
    %Tier 1 capital to risk
weighted assets:Consolidated
    
    
    142,366
    
    
    
    11.9
    
    
    
    47,854
    
    
    
    4.0
    
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    139,132
    
    
    
    11.7
    
    
    
    47,566
    
    
    
    4.0
    
    
    
    71,350
    
    
    
    6.0Tier 1 capital to
average assets:Consolidated
    
    
    142,366
    
    
    
    9.6
    
    
    
    59,319
    
    
    
    4.0
    
    
    
    N/A
    
    
    
    N/AWilson Bank
    
    
    139,1322
    
    
    
    9.3
    
    
    
    59,842
    
    
    
    4.0
    
    
    
    74,802
    
    
    
    5.0
 Impact of Inflation
  
 Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
     27




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##### Table of Contents



WILSON BANK HOLDING COMPANY
FORM 10-Q, CONTINUED
 
 Item 4.
    
    Controls and Procedures
    28




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1.
    
    LEGAL PROCEEDINGS
  
 Item 1A.
    
    RISK FACTORS
  The effectiveness of the Companys asset management activities are critical to its ability to
improve, resolve or liquidate nonperforming loans and other real estate and thereby reduce loan
losses and other real estate expense.
  
 Item 2.
    
    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 (a)
    
    None
 (b)
    
    Not applicable.
 (c)
    
    None
 
 Item 3.
    
    DEFAULTS UPON SENIOR SECURITIES
 (a)
    
    None
 (b)
    
    Not applicable.
 
 Item 4.
    
    (REMOVED AND RESERVED)
 
 Item 5.
    
    OTHER INFORMATION
  
 Item 6.
    
    EXHIBITS
 (a)
    
    Exhibits
 31.1
    
    
    Certification of the Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    
    Certification of the Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    
    Certification of the Chief Executive Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.32.2
    
    
    Certification of the Chief Financial Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
  29




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##### Table of Contents



SIGNATURES
  WILSON BANK HOLDING COMPANY
(Registrant)DATE: May 10, 2011
    /s/       Randall ClemonsRandall ClemonsPresident and Chief Executive OfficerDATE: May 10, 2011
    /s/       Lisa PominskiLisa PominskiSenior Vice President & Chief Financial Officer  30