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HBIA on OTC

HILLS BANCORPORATION

HILLS BANCORPORATION is an American state commercial bank, incorporated in Iowa, listed on OTC (HBIA).1

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Last updated Oct 21, 2026.

Overview

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  • TickerHBIA on OTC1
  • IndustryState Commercial Banks1
  • HeadquartersHills, Iowa1
  • Incorporated inIA2
  • Business address131 Main St, Hills, Ia 522352
  • Filer categoryAccelerated filer2

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Hills Bancorporation (the "Company") is a holding company principally engaged, through its subsidiary bank, in the business of banking. The Company was incorporated December 12, 1982 and all operations are conducted within the state of Iowa. The Company became owner of 100% of the outstanding stock of Hills Bank and Trust Company, Hills, Iowa (“Hills Bank and Trust” or the “Bank”) as of January 23, 1984 when stockholders of Hills Bank and Trust exchanged their shares for shares of the Company. Effective July 1, 1996, the Company formed a new subsidiary, Hills Bank, which acquired for cash all the outstanding shares of a bank in Lisbon, Iowa. Effective November 17, 2000, Hills Bank was merged into the Bank. On September 20, 1996, another subsidiary, Hills Bank Kalona, acquired cash and other assets and assumed the deposits of the Kalona, Iowa office of Boatmen's Bank Iowa, N.A. Effective …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Fiduciary and Trust brought in 57% of the revenue HILLS BANCORPORATION broke down this way in fiscal 2025.

  1. Fiduciary and Trust$17.1M557%up 12% from 2024
  2. Deposit Account$13.1M543%up 1% from 2024
Products and services by year
Products and services202320242025
Fiduciary and Trust$13.6M$15.3M$17.1M
Deposit Account$12.9M$12.9M$13.1M

Financial statements

Net income67895$60.5M in 2025+34% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $45.3M$45.3M20192020: $38.6M$38.6M2020−15%2021: $48.1M$48.1M2021+24%2022: $47.8M$47.8M2022−1%2023: $38.2M$38.2M2023−20%2024: $47.6M$47.6M2024+25%2025: $60.5M$60.5M2025+27%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Loans, including fees$195.7M$179.6M$154.7M
Taxable$26.3M$14.8M$10.7M
Nontaxable$11.3M$7.7M$4.7M
Federal funds sold$468.0K$1.4M$829.0K
Total interest income$233.8M$203.4M$170.9M
Deposits$54.8M$60.9M$40.4M
Other short-term borrowings$13.2M$16.6M$11.3M
FHLB borrowings$15.6M$10.2M$5.3M
Total interest expense$83.6M$87.6M$57.0M
Net interest income$150.2M$115.8M$113.9M
Credit loss expense (Note 3)$12.3M$2.2M$15.6M
Net interest income after credit loss expense$137.9M$113.6M$98.3M
Net gain on sale of loans$1.6M$2.3M$1.5M
Other noninterest income$2.1M$1.5M$541.0K
Loss on sale of investment securities-$9.6M-$5.2M$0
Total other income$24.3M$26.8M$28.6M
Salaries and employee benefits$46.2M$44.5M$44.9M
Occupancy$4.7M$4.3M$4.4M
Furniture, equipment and software$7.5M$6.8M$6.8M
Loss on disposal of property and equipment$1.1M$0$0
Office supplies and postage$2.2M$2.0M$1.9M
Advertising and business development$3.1M$3.0M$2.9M
Outside services$16.5M$14.0M$13.8M
FDIC insurance assessment$2.0M$1.9M$1.8M
Other noninterest expenses$3.3M$3.7M$1.9M
Total other expenses$86.5M$80.2M$78.4M
Income before income taxes$75.7M$60.2M$48.5M
Income taxes (Note 11)$15.2M$12.6M$10.3M
Net income$60.5M$47.6M$38.2M
Basic (in dollars per share)$6.82$5.26$4.16
Diluted (in dollars per share)$6.81$5.26$4.16

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Corporate structure

HILLS BANCORPORATION sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HILLS BANCORPORATION

  • Hills Bank & Trust Co Filed SCHEDULE 13G/A on HILLS BANCORPORATION, latest Mar 13, 2026 (2 filings since Aug 7, 2025)
  • HILLS BANCORPORATION Hills, Iowa
    • Hills Bank and Trust Company Subsidiary · Iowa, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HILLS BANCORPORATION reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$66.3M5 Dec 31, 2025$62.6M5 Dec 31, 2024+5.9%
Accumulated depreciation$30.3M5 Dec 31, 2025$26.8M5 Dec 31, 2024+13.1%
Property and equipment, net$36.0M5 Dec 31, 2025$35.9M5 Dec 31, 2024+0.5%
Operating-lease assets (leased space)$1.6M5 Dec 31, 2025$1.9M5 Dec 31, 2024−14.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$42.1M5 Dec 31, 2025$123.4M5 Dec 31, 2024−65.9%
Debt securities available for sale$955.6M5 Dec 31, 2025$944.1M5 Dec 31, 2024+1.2%
Deposits held (banks)$3.4B5 Dec 31, 2025$3.3B5 Dec 31, 2024+0.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.5M5 Dec 31, 2025$2.5M5 Dec 31, 20240%

Properties, in its own words

The Company's office and the main office of the Bank are located at 131 E. Main Street, Hills, Iowa. This is a brick building containing approximately 45,000 square feet. A portion of the building was built in 1977, a two-story addition was completed in 1984, and a two-story brick addition was completed in February 2001. The majority of the Bank’s operations and administrative functions are located in Hills, Iowa. The Bank operates its business from its main office and its 18 full service branches in the Iowa counties of Johnson, Linn, Washington and Iowa. The Bank owns its main office complex and 15 of its branch offices. Three of the Bank’s branches are leased.

All of the properties owned by the Bank are free and clear of any mortgages or other encumbrances of any type. See Note 16 to the Consolidated Financial Statements for minimum future rental commitments for leased properties.

Item 2 of the 10-K filed Mar 18, 2026.4

Leadership

Who has led HILLS BANCORPORATION, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lisa A. Shileny2025–now

President

  1. Dwight O. Siegmiller2011
  2. Lisa A. Shileny2025–now

Chief financial officer

  1. Joseph Andrew Schueller2021
  2. Anthony Roetlin V.2023–now

Chief operating officer

  1. Lisa A. Shileny2022–now
2010201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. May 20, 20268-K Bylaws or fiscal year changed46
  2. May 18, 20268-K Bylaws or fiscal year changed47
  3. May 15, 20268-K Entered a material agreement48
  4. Apr 24, 20268-K Results of operations; Regulation FD disclosure49
  5. Apr 24, 20268-K Executive or director change50
  6. Apr 24, 20268-K Shareholder vote51
  7. Apr 24, 20268-K Regulation FD disclosure52
  8. Apr 6, 20268-K Change of auditor53
  9. Jan 9, 20268-K Change of auditor54
  10. Apr 22, 20258-K Shareholder vote55
  11. Apr 21, 20258-K Results of operations; Regulation FD disclosure56
  12. Apr 4, 2025New chief executive Lisa A. Shileny becomes CEO13
  13. Jan 3, 20258-K Executive or director change57

Calendar

When it reported results

  1. Apr 24, 2026Reported quarterly or annual results49
  2. Apr 21, 2025Reported quarterly or annual results56
  3. Apr 16, 2024Reported quarterly or annual results58
  4. Apr 17, 2023Reported quarterly or annual results59
  5. Apr 18, 2022Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

153 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 26 major events, 69 insider forms, 5 large holders, 32 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 13, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 6, 20264 EDGAR
  5. Oct 6, 20264 EDGAR
  6. Oct 6, 20264 EDGAR
  7. Aug 10, 202613F-NT EDGAR
  8. Aug 6, 202610-Q EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jul 6, 20264 EDGAR
  12. Jul 6, 20264 EDGAR
  13. May 20, 20268-K EDGAR
  14. May 18, 20268-K EDGAR
  15. May 15, 20268-K EDGAR
  16. May 13, 20264 EDGAR
  17. May 11, 202610-Q EDGAR
  18. May 1, 202613F-NT EDGAR
  19. Apr 24, 20263 EDGAR
  20. Apr 24, 20263 EDGAR

The 153 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 1 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 15, 2025Globokar Brian R.SVP, Dr of Trust & Wealth MgmtSale478$81.50$39.0KForm 4
May 16, 2023YODER SHELDON EDirectorBuy900$72.00$64.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Lisa A. Shileny49$571.5K$766.0K62
2025Anthony V. Roetlin$272.5K$334.7K62
2025Timothy D. Finer,$255.9K$321.5K62
2025Brian R. Globokar$271.0K$306.3K62
2025Kenza B. Nelson$265.1K$299.9K62
202449, President and Principal$464.1K$588.3K62
202458, Treasurer, Chief Financial$256.6K$352.1K62
202446, Senior Vice President$255.0K$289.1K62
202452, Senior Vice President$257.6K$287.1K62
202464, Senior Vice President$246.4K$280.8K62
2023Executive Officer (PEO) and Chief Operating Officer$417.3K$633.7K62
2023Officerand Principal Financial Officer$246.2K$333.0K62
2023Director of Commercial Banking$239.6K$269.1K62
2023Director of Trust and Wealth$221.9K$255.7K62
2023General Counsel$217.4K$250.4K62

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vestor Capital, LLC9,969$8250.1%+4,716

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How HILLS BANCORPORATION is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHILLS BANCORPORATION1
  • CIK0000732417
  • Employer ID (EIN)42-12080674
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inIowa4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address131 Main St, Hills, IA 522351
  • Phone31967922911
  • Shares outstanding17,436,739 as of Jul 31, 202611
  • Public float$598.5M as of Jun 30, 20254
  • AuditorForvis Mazars, LLP, Springfield, Missouri PCAOB ID 686; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMay 10, 19951
  • Filings599 in all: 4 (200), 10-Q (95), 13F-NT (84), 8-K (65), 10-K (31), DEF 14A (29), 3 (24), 5 (15)1
    All 28 form types

    SC 13G/A (11), UPLOAD (8), CORRESP (7), ARS (4), S-3/A (3), DEFA14A (2), EFFECT (2), FWP (2), PRE 14A (2), S-3 (2), S-8 (2), SC 13G (2), SCHEDULE 13G/A (2), 10-K/A (1), 10-Q/A (1), 424B3 (1), 8-K/A (1), NT 10-K (1), NT 10-Q (1), POS AM (1)

  • Latest filingsAnnual report (10-K) Mar 18, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 18, 2026
    Latest 8-K (8-K) May 20, 2026

Risk factors and legal proceedings

The risks HILLS BANCORPORATION names in Item 1A of its 10-K filed Mar 18, 2026: 43 risks under these headings, as written.4

  • Economic and Market Risks
  • Inflationary pressures in the global economy continue to persist.
  • We could experience an unexpected inability to obtain needed liquidity which could adversely affect our business, profitability, and viability as a going concern.
  • The proportion of our deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk in times of financial distress.
  • We are constantly at risk of increased losses from fraud.
  • We may be adversely affected by economic conditions in the local economies in which we conduct our operations, and in the United States in general, including global economic and geopolitical instability, inflationary risks and future widespread health emergencies or pandemics.
  • Changing interest rates may adversely affect our profits.
  • Changes in U.S. trade policies, such as the implementation of tariffs, and other factors beyond the Company’s control may adversely impact our business, financial condition and results of operations.
  • We may be adversely impacted by legislation and potential additional legislation and rulemaking.
  • Reduction in the value, or impairment of our investment securities, may impact our earnings and stockholders' equity.
  • Growth levels in local and national real estate markets may impact our operations and/or financial condition.
  • Regulatory and Legal Risks
The other 33 risks
  • We are subject to a variety of litigation or other proceedings, which could adversely affect our business.
  • If we do not continue to meet or exceed regulatory capital requirements and maintain our “well-capitalized” status, there could be an adverse effect on the manner in which we do business and on the confidence of our customers in us.
  • Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.
  • Climate change and agricultural sector risk.
  • There may be issues with environmental law compliance if we take possession of real property that secures a loan.
  • Credit and Lending Risks
  • Our loan portfolio has a large concentration of real estate loans, which involve risks specific to real estate value.
  • Commercial loans make up a significant portion of our loan portfolio.
  • Our agricultural loans may involve a greater degree of risk than other loans, and the ability of the borrower to repay may be affected by many factors outside of the borrower’s control.
  • We may be required to repurchase mortgage loans or reimburse investors and others as a result of breaches in contractual representations and warranties.
  • We depend on the accuracy and completeness of information about customers and counterparties.
  • Capital and Liquidity Risks
  • If we are unable to continuously attract deposits and other short-term funding, our financial condition and our business prospects could be adversely affected.
  • Conditions in the financial markets may limit our access to funding to meet our liquidity needs.
  • Our profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe us money or other assets.
  • Our growth may require us to raise additional capital in the future, but that capital may not be available.
  • Competitive and Strategic Risks
  • We experience intense competition for loans and deposits.
  • New products and services are essential to remain competitive but may subject us to additional risks.
  • Our customers may decide to use non-bank competitors for financial transactions, which could result in loss of business.
  • We are subject to risks associated with negative publicity.
  • Accounting and Tax Risks
  • Our allowances for credit losses for loans and debt securities may prove inadequate or we may be negatively affected by credit risk exposures. Also, future additions to our allowance for credit losses will reduce our future earnings.
  • Our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and we use estimates in determining the fair value of certain of our assets, the expected credit losses related to loans and debt securities, and the amount of other loss contingencies as of the balance sheet date, which estimates are subject to very large uncertainty.
  • We may be adversely affected by changes in U.S. tax laws and regulations.
  • Operational Risks
  • Our growth strategy relies heavily on our management team, and the unexpected loss of key managers and/or officers may adversely affect our operations.
  • Labor shortages and a failure to attract and retain qualified employees could negatively impact our business, results of operations and financial condition.
  • The potential for business interruption exists throughout our organization.
  • Our risk management framework may not be effective in mitigating risk and loss.
  • Our internal controls may be ineffective.
  • We are subject to risks associated with technological changes and the resources needed to implement the changes.
  • Potential impact of artificial intelligence and quantum computing on our operations and competitiveness.
  • We rely heavily on our network security and any system failure or data breach could subject us to increased costs as well as reputational risk.
  • Loss of key third-party vendor relationships or failure of a vendor to protect information of our customers or employees could adversely affect our business or result in losses.
  • Risks Related to the Company's Common Stock
  • The stock market can be volatile, and fluctuations in our operating results and other factors could cause our stock price to decline.
  • Our stock is thinly traded.
  • There can be no assurances concerning continuing dividend payments.

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