WILSON BANK HOLDING CO
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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EX-13.1 · Stock Options and Stock Appreciation Rights
Stock Options and Stock Appreciation Rights
As of December 31, 2023, the Company had outstanding 214,974 stock options with a weighted average exercise price of$57.08 and 157,020 cash-settled stock appreciation rights with a weighted average exercise price of$54.88. Included in other liabilities at December 31, 2023 and 2022 were $3,297,000 and $3,020,000 in accrued cash-settled stock appreciation rights, respectively.
The fair value of each stock option and cash-settled SAR grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants in 2023, 2022 and 2021:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Expected dividends | 2.38% | 1.85% | 1.53% |
| Expected term (in years) | 8.25 | 7.78 | 9.13 |
| Expected stock price volatility | 38% | 37% | 36% |
| Risk-free rate | 3.54% | 3.03% | 1.45% |
The expected stock price volatility is based on historical volatility adjusted for consideration of other relevant factors. The risk-free interest rates for periods within the contractual life of the awards are based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield and forfeiture rate assumptions are based on the Company’s history and expectation of dividend payouts and forfeitures.
A summary of the stock option and cash-settled SAR activity for 2023, 2022 and 2021 is as follows:
| 2023 · 2022 · 2021 | ||||||
|---|---|---|---|---|---|---|
| Weighted Average | Weighted Average | Weighted Average | ||||
| Shares | Exercise Price | Shares | Exercise Price | Shares | Exercise Price | |
| Outstanding at beginning of year | 414,778 | $55.13 | 357,254 | $50.18 | 284,591 | $43.71 |
| Granted | 5,000 | 69.00 | 117,665 | 64.13 | 121,830 | 61.48 |
| Exercised | (42,617) | 47.23 | (58,841) | 43.27 | (48,867) | 40.76 |
| Forfeited or expired | (5,167) | 60.35 | (1,300) | 45.50 | (300) | 37.60 |
| Outstanding at end of year | 371,994 | $56.15 | 414,778 | $55.13 | 357,254 | $50.18 |
| Options and cash-settled SARs exercisable at year end | 186,431 | $50.22 | 167,918 | $46.09 | 159,560 | $41.93 |
The weighted average fair value at the grant date of options and cash-settled SARs granted during the years 2023, 2022 and 2021 was$24.76, $22.64 and $22.10, respectively. The total intrinsic value of options and cash-settled SARs exercised during the years 2023, 2022 and 2021 was$959,000, $1,310,000 and $962,000, respectively.
The following table summarizes information about outstanding and exercisable stock options and cash-settled SARs at December 31, 2023:
| Options and Cash-Settled SARs Outstanding · Options and Cash-Settled SARs Exercisable | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Range of Exercise Prices · Number Outstanding at 12/31/23 · Weighted Average Exercise Price · Weighted Average Remaining Contractual Term (In Years) · Number Outstanding at 12/31/23 · Weighted Average Exercise Price · Weighted Average Remaining Contractual Term (In Years) | ||||||||||
| $34.31 - $54.75 | 112,500 | $42.30 | 3.27 | 108,368 | $42.14 | 3.24 | ||||
| $55.75 - $69.00 | 259,494 | $62.16 | 7.62 | 78,063 | $61.43 | 7.00 | ||||
| 371,994 | 186,431 | |||||||||
| Aggregate intrinsic value (in thousands) | $5,710 | $3,968 | ||||||||
As of December 31, 2023, there was$3,497,000 of total unrecognized cost related to non-vested stock options and cash-settled SARs granted under the Company’s equity incentive plans. The cost is expected to be recognized over a weighted-average period of 2.88 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.