WILSON BANK HOLDING CO

Capital Resources, Capital Position and Dividends

At December 31, 2023, total shareholders’ equity was $429,405,000, or 8.86% of total assets, which compares with $360,452,000, or 8.41% of total assets, at December 31, 2022, and $413,717,000, or 10.37% of total assets, at December 31, 2021. The dollar increase in the Company’s shareholders’ equity during 2023 reflects (i) net income of $48,938,000, (ii) less cash dividends of $1.50 per share totaling $17,303,000, (iii) the issuance of 189,471 shares of common stock for $12,979,000, as reinvestment of cash dividends, (iv) the issuance of 24,711 shares of common stock pursuant to exercise of stock options for $1,044,000, (v) the net positive change in unrealized loss on available-for-sale securities of $22,267,000, (vi) stock-based compensation expense of $974,000, and (vii) $54,000 of net income attributable to the other members of Encompass.

For a discussion of the Company's and Wilson Bank's capital levels and required minimum levels of capital each is required to maintain under applicable regulatory requirements see Note 17, Regulatory Matters and Restrictions on Dividends in the notes to the Company's consolidated financial statements appearing elsewhere in this report.