HILLS BANCORPORATION
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0000732417-26-000070
Item 1A. Risk factorsUnregistered sales of equity securities and use of proceedsDefaults upon senior securitiesMine safety disclosuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0000732417-26-000076
Item 1A. Risk factorsUnregistered sales of equity securities and use of proceedsDefaults upon senior securitiesMine safety disclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 14 previous paragraphs and 18 current paragraphs.
13 unchanged; 1 reworded; 4 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Changes in Funding Sources May Increase Liquidity and Funding Risk
Current report
Since December 31, 2025, the Company's funding profile has changed as a result of increased reliance on wholesale funding sources and a higher proportion of uninsured deposits. Although management believes available liquidity sources remain adequate to meet anticipated funding needs, changes in depositor behavior, reduced availability of wholesale funding, or increases in funding costs could adversely affect liquidity, net interest income, and earnings.
Current report
Market Interest Rates Have Increased Unrealized Losses in the Securities Portfolio
Current report
Changes in market interest rates during 2026 have resulted in a significant increase in unrealized losses within the Company's available-for-sale securities portfolio and corresponding reductions in accumulated other comprehensive income. While management believes these unrealized losses primarily reflect market interest rate movements rather than credit deterioration, continued changes in interest rates, liquidity needs, or balance sheet management strategies could adversely affect earnings, liquidity, capital levels, and the value of pledged collateral.
Reworded paragraphs (1)
Previous wording
(1) On July 26, 2005, the Company’s Board of Directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock (the “2005 Stock Repurchase Program”). On August 9, 2022, the Company’s Board of Directors authorized the expansion of the 2005 Stock Repurchase Program to allow an additional 1,500,000 shares for repurchase and the continuation through December 31, 2027. The Company expects the purchases pursuant to the 2005 Stock Repurchase Program to be made from time to time in private transactions at a price equal to the most recent quarterly independent appraisal of the shares of the Company’s common stock and with the Board reviewing the overall results of the 2005 Stock Repurchase Program on a quarterly basis. All purchases made pursuant to the 2005 Stock Repurchase Program since its inception have been made on that basis. The amount and timing of stock repurchases will be based on various factors, such as the Board’s assessment of the Company’s capital structure and liquidity, the amount of interest shown by shareholders in selling shares of stock to the Company at their appraised value, and applicable regulatory, legal and accounting factors. The most recent independent current quarterly appraisal value of the stock performed as of March 31, 2026 is $45.00 a share.
Current wording
(1) On July 26, 2005, the Company’s Board of Directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock (the “2005 Stock Repurchase Program”). On August 9, 2022, the Company’s Board of Directors authorized the expansion of the 2005 Stock Repurchase Program to allow an additional 1,500,000 shares for repurchase and the continuation through December 31, 2027. The Company expects the purchases pursuant to the 2005 Stock Repurchase Program to be made from time to time in private transactions at a price equal to the most recent quarterly independent appraisal of the shares of the Company’s common stock and with the Board reviewing the overall results of the 2005 Stock Repurchase Program on a quarterly basis. All purchases made pursuant to the 2005 Stock Repurchase Program since its inception have been made on that basis. The amount and timing of stock repurchases will be based on various factors, such as the Board’s assessment of the Company’s capital structure and liquidity, the amount of interest shown by shareholders in selling shares of stock to the Company at their appraised value, and applicable regulatory, legal and accounting factors. The most recent independent current quarterly appraisal value of the stock performed as of June 30, 2026 is $47.00 a share.