HILLS BANCORPORATION

For the period ended Dec 31, 2025. Filed Mar 18, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 18, 2026

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Contents

Item 15. Exhibits, Consolidated Financial Statement Schedules

Independent registered public accounting firm's report on the financial statements · Pages 56-59
(a)	1	Financial Statements	Reference
Consolidated balance sheets as of December 31, 2025 and 2024 · Page 60
Consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 · Page 61
Consolidated statements of comprehensive income for the years ended December 31, 2025, 2024, and 2023 · Page 62
Consolidated statements of stockholders' equity for the years ended December 31, 2025, 2024, and 2023 · Page 63
Consolidated statements of cash flows for the years ended December 31, 2025, 2024, and 2023 · Page 64
Notes to consolidated financial statements · Page 66
	2	Financial Statements Schedules
All schedules are omitted because they are not applicable or not required, or because the required information is included in the consolidated financial statements or notes thereto.
(b)	3	Exhibits
	3.1	Restated Articles of Incorporation incorporated by reference from the Company's Form 10-K (Exhibit 3.1) filed March 5, 2024.
	3.2	Amended and Restated ByLaws incorporated by reference from the Company's Form 10-K (Exhibit 3.2) filed March 5, 2024.
	4.1	Description of Registered Securities
	10.1	2010 Stock Option and Incentive Plan, incorporated by reference from Registrant’s Form S-8 filed June 29, 2012.
	10.2	2020 Stock Option and Incentive Plan, incorporated by reference from Registrant’s Form 10-Q filed with the Commission on May 4, 2020.

101.INS	XBRL Instance Document (1)
10.3	Form of non-employee Director Stock Option Grant Agreement (Used for 2010 and 2020 Stock Option and Incentive Plan Awards). incorporated by reference from Registrant's Annual Report on Form 10-K (Exhibit 10.3) filed on March 14, 2025..
10.4	Form of Restricted Stock Award Agreement use for Company NEOs under the 2010 and 2020 Stock Option and Incentive Plans – 5 Year vesting provision, incorporated by reference from Registrant’s Annual Report on Form 10-K (Exhibit 10.4) filed March 5, 2019.
10.5	Form of Restricted Stock Award Agreement use for Company NEOs under the 2010 and 2020 Stock Option and Incentive Plans – 8 Year vesting provision, incorporated by reference from Registrant’s Annual Report on Form 10-K (Exhibit 10.5) filed March 5, 2019.
10.6	Form of Director Deferred Compensation Plan Agreement is attached on Page 131, incorporated by reference from Registrant's Annual Report on Form 10-K (Exhibit 10.6) filed March 14, 2025.
11	Statement Regarding Computation of Basic and Diluted Earnings Per Share. (Note: Statement included in Note 1 under Item 8 of Part II above)
19	Insider Trading Policies and Procedures is attached on Page 138, incorporated by reference from Registrant's Annual Report on Form 10-K (Exhibit 19) filed March 14, 2025
21	Subsidiary of the Registrant
23.1	Consent of Independent Registered Public Accounting Firm - Forvis Mazars, LLP
31.1	Certification under Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification under Section 302 of the Sarbanes-Oxley Act of 2002
32	Certifications under Section 906 of the Sarbanes-Oxley Act of 2002
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DED	XBRL Taxonomy Extension Definitions Linkbase Document

(1) The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		HILLS BANCORPORATION
Date:	March 18, 2026	By: /s/Lisa A. Shileny
		Lisa A. Shileny, Director, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Date:	March 18, 2026	By: /s/Lisa A. Shileny
		Lisa A. Shileny, Director, President and Chief Executive Officer
Date:	March 18, 2026	By: /s/Anthony V. Roetlin
		Anthony V. Roetlin, Treasurer, Chief Financial Officer and Chief Accounting Officer
Date:	March 18, 2026	By: /s/Michael S. Donovan
		Michael S. Donovan, Director
Date:	March 18, 2026	By: /s/Kristie L. Fisher
		Kristie L. Fisher, Director
Date:	March 18, 2026	By: /s/Kirsten H. Frey
		Kirsten H. Frey, Director
Date:	March 18, 2026	By: /s/Michael E. Hodge
		Michael E. Hodge, Director
Date:	March 18, 2026	By: /s/Emily A. Hughes
		Emily A. Hughes, Director
Date:	March 18, 2026	By: /s/Michael D. Jensen
		Michael D. Jensen, Director
Date:	March 18, 2026	By: /s/Casey L. Peck
		Casey L. Peck, Director
Date:	March 18, 2026	By: /s/John W. Phelan
		John W. Phelan, Director
Date:	March 18, 2026	By: /s/Ann M. Rhodes
		Ann M. Rhodes, Director
Date:	March 18, 2026	By: /s/James C. Schmitt
		James C. Schmitt, Director
Date:	March 18, 2026	By: /s/Thomas M. Slattery
		Thomas M. Slattery, Director
Date:	March 18, 2026	By: /s/Amy E. T. Sparks
		Amy E. T. Sparks, Director
Date:	March 18, 2026	By: /s/William A. Wever II
		William A. Wever II, Director
Date:	March 18, 2026	By: /s/Thomas R. Wiele
		Thomas R. Wiele, Director

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