HILLS BANCORPORATION
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Consolidated balance sheets, March (unaudited) and December 31,
HILLS BANCORPORATION CONSOLIDATED BALANCE SHEETS (Amounts In Thousands, Except Share Amounts)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS · (Unaudited) | ||
| Cash and cash equivalents | $94,054 | $59,482 |
| Investment securities available for sale at fair value (amortized cost March 31, 2024 $823,091; December 31, 2023 $814,839) | 784,030 | 779,421 |
| Stock of Federal Home Loan Bank | 14,422 | 15,746 |
| Loans held for sale | 3,702 | 2,023 |
| Loans, net of allowance for credit losses March 31, 2024 $49,830; December 31, 2023 $49,410 | 3,392,930 | 3,389,372 |
| Property and equipment, net | 33,920 | 34,230 |
| Tax credit real estate investments | 7,546 | 7,910 |
| Accrued interest receivable | 21,861 | 19,786 |
| Deferred income taxes, net | 22,279 | 21,271 |
| Goodwill | 2,500 | 2,500 |
| Other assets | 10,803 | 9,926 |
| Total Assets | $4,388,047 | $4,341,667 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Liabilities | ||
| Noninterest-bearing deposits | $572,838 | $600,398 |
| Interest-bearing deposits | 2,789,253 | 2,682,382 |
| Total deposits | $3,362,091 | $3,282,780 |
| Other short-term borrowings, including Bank Term Funding Program and federal funds purchased | 329,000 | 219,000 |
| Federal Home Loan Bank borrowings | 152,400 | 296,648 |
| Accrued interest payable | 7,441 | 6,102 |
| Allowance for credit losses on off-balance sheet credit exposures | 4,360 | 5,110 |
| Other liabilities | 20,939 | 16,888 |
| Total Liabilities | $3,876,231 | $3,826,528 |
| Redeemable Common Stock Held by Employee Stock Ownership Plan (ESOP) | $46,375 | $44,853 |
| STOCKHOLDERS' EQUITY | ||
| Common stock, no par value; authorized 20,000,000 shares; issued March 31, 2024 10,346,258 shares; December 31, 2023 10,345,832 shares | $— | $— |
| Paid in capital | 64,095 | 63,827 |
| Retained earnings | 543,378 | 541,329 |
| Accumulated other comprehensive loss | (29,751) | (27,176) |
| Treasury stock at cost (March 31, 2024 1,253,925 shares; December 31, 2023 1,210,112 shares) | (65,906) | (62,841) |
| Total Stockholders' Equity | $511,816 | $515,139 |
| Less maximum cash obligation related to ESOP shares | 46,375 | 44,853 |
| Total Stockholders' Equity Less Maximum Cash Obligation Related to ESOP Shares | $465,441 | $470,286 |
| Total Liabilities & Stockholders' Equity | $4,388,047 | $4,341,667 |
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