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Room 99.1

July 14, 2022

Dear shareholder:

The Wilson Bank Holding Company Board of Directors is pleased to share with you the Company’s results from 2n/a quarter of 2022. There is no doubt that the economic environment has continued to change over the past quarter. The movement of short-term interest rates, as indicated by the Federal Open Market Committee of the Federal Reserve, impacts the bank in multiple ways. We believe our balance sheet is well positioned for the continuation of the short-term rate hikes we expect through the remainder of 2022 and into 2023. We also continue to monitor activities around the world that may affect our supply chains. and those of our customers and overall costs locally. The local job market remains tight, which continues to affect our ability and that of our customers to fill vacancies. Overall demand for loans, especially commercial loans, and deposits remains very healthy, although like many of our peers, we are experiencing a slowdown in demand for residential mortgages, especially refinances. With the significant increase in mortgage rates in the first six months of this year, customer requests for refinance and purchase loans have declined significantly compared to 2021. Despite all these macroeconomic headwinds, we have experienced a excellent second quarter 2022, as evidenced by the following results:

Assets as of June 30, 2022 were $4.11 billion, representing an increase of $121.5 million, or 3.05%, from December 31, 2021.

Net income for the six months ended June 30, 2022 was $25.51 million, up $3.2 million, or 14.5%, from the six months ended June 30, 2021.
Diluted earnings per share for the six-month period ended June 30, 2022 was $2.25, compared to $2.01 for the six-month period ended June 30, 2021.
Equity was $363.4 million as of June 30, 2022, a decrease of $50.3 million, or 12.2%, from December 31, 2021. This decrease is the result of unrealized losses in our securities portfolio as a result of rising interest rates.

The Board of Directors declared a $0.75 per share cash dividend to shareholders of record on July 1, 2022 which will be payable on July 29, 2022. The last price at which the common shares of the Company were traded of which we are aware was $65.55 per share.

In June, your bank had the honor of being recognized by The Tennessian as Best Workplace for 2022. We have been blessed with this award every time the bank has been nominated over the past few years and we never take it for granted. Feedback from our employees gives us valuable information that we use to learn and adapt to the needs of our ever-changing workforce. I am particularly proud to share that WBT has also been awarded Best Valuestitle given to only one of 106 companies that have been nominated as Top Workplaces. When we think of the various awards and accolades the bank has received over our 35-year history, we cannot think of a more satisfying award than one that recognizes the values of our employees and our company.

We are thrilled to announce that our new joint venture, Encompass Home Lending, with Celebration Homes and Willow Branch Homes is officially open for business. We exceeded our budget expectations in the first month and were profitable in our first month of operation. We were impressed with both builder teams and the leadership and mutual values ​​in place that will be key to growing this relationship. This new home buying joint venture will give us the opportunity to serve hundreds of new customers in the Middle Tennessee area.

Our new office in Gallatin has been a great reminder of the potential of our brand. New lending, deposit and investment activity remains strong at this new location. We believe that the consolidation of other banks through mergers and acquisitions continues to provide us with excellent talent and customer acquisition opportunities. We have several additional locations we are considering in our Middle Tennessee footprint as part of our long-term growth plan. We are proud of our presence in Middle Tennessee and our ability to serve our customers and succeed in the diverse rural, suburban and urban markets we serve.

Thank you to all of you who were able to join us for our annual shareholders’ picnic last May. It was great to see all the families being able to socialize and enjoy various entertainment options. Thank you for your confidence in the mission and direction of your community bank. We continue to focus on the basic keys to our success: providing exceptional customer service, living by the Golden Rule, and providing you, the shareholder, with a solid return on your investment. Thank you for believing in us and keep up the great work each of you are doing for us in terms of referrals and bank approvals!


John C. McDearman, III Elmer Richerson

President and CEO


Wilson Bank Holding Company

Wilson Bank Holding Company


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