Company Quick10K Filing
Hills Bancorporation
Price58.00 EPS4
Shares9 P/E14
MCap543 P/FCF58
Net Debt-315 EBIT86
TEV228 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-05
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-09
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-11
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-10
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-10
8-K 2020-11-03
8-K 2020-09-14
8-K 2020-08-12
8-K 2020-04-20
8-K 2019-04-15
8-K 2019-04-15
8-K 2019-03-20
8-K 2018-04-19
8-K 2018-04-16
8-K 2018-01-12

HBIA 10Q Quarterly Report

Part I
Note 1.Summary of Significant Accounting Policies
Note 2.Earnings per Share
Note 3.Other Comprehensive Income
Note 4.Securities
Note 5.Loans
Note 6.Leases
Note 7.Fair Value Measurements
Note 8.Stock Repurchase Program
Note 9. Commitments and Contingencies
Note 10.Income Taxes
Note 11.Derivative Financial Instruments
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosure
Item 5.Other Information
Item 6.Exhibits
EX-31 exhibit3193020.htm
EX-32 exhibit3293020.htm

Hills Bancorporation Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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Index
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ___________ to ___________
Commission file number:  0-12668
Hills Bancorporation
(State or other jurisdiction of incorporation or organization)
I.R.S. Employer Identification No.
Iowa42-1208067
131 MAIN STREET, HILLS, Iowa 52235

Telephone number: (319) 679-2291

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by checkmark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated Filer
Non-accelerated filerSmall Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No


Index
APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date.
 SHARES OUTSTANDING
CLASSOctober 31, 2020
  
Common StockNo par value9,341,944


Index
HILLS BANCORPORATION
Index to Form 10-Q

Part I
FINANCIAL INFORMATION
 
  Page
 Number
   
Item 1.Financial Statements 
   
 
 
 
 
 
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 Part II 
 OTHER INFORMATION 
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
   
Item 4.
   
Item 5.
   
Item 6.
   
   
Page 3

Index


HILLS BANCORPORATION CONSOLIDATED BALANCE SHEETS (Amounts In Thousands, Except Share Amounts) 
September 30, 2020December 31, 2019
ASSETS(Unaudited)
Cash and cash equivalents$560,738 $241,965 
Investment securities available for sale at fair value (amortized cost September 30, 2020 $362,811; December 31, 2019 $351,069)
375,255 355,303 
Stock of Federal Home Loan Bank11,373 11,065 
Loans held for sale27,980 8,400 
Loans, net of allowance for loan losses (September 30, 2020 $37,060; December 31, 2019 $33,760)
2,731,030 2,606,277 
Property and equipment, net35,548 37,146 
Tax credit real estate investment7,160 8,280 
Accrued interest receivable13,731 12,442 
Deferred income taxes, net7,015 8,018 
Goodwill2,500 2,500 
Other assets8,121 9,491 
Total Assets$3,780,451 $3,300,887 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Liabilities  
Noninterest-bearing deposits$500,272 $387,612 
Interest-bearing deposits2,614,279 2,273,752 
Total deposits$3,114,551 $2,661,364 
Other borrowings43  
Federal Home Loan Bank borrowings185,000 185,000 
Accrued interest payable2,198 2,474 
Other liabilities24,505 25,012 
Total Liabilities$3,326,297 $2,873,850 
Redeemable Common Stock Held by Employee Stock Ownership Plan (ESOP)$46,895 $51,826 
STOCKHOLDERS' EQUITY  
Common stock, no par value; authorized 20,000,000 shares; issued September 30, 2020 10,328,875 shares; December 31, 2019 10,327,656 shares
$ $ 
Paid in capital59,972 55,943 
Retained earnings431,401 409,509 
Accumulated other comprehensive income7,031 1,415 
Treasury stock at cost (September 30, 2020 982,827 shares; December 31, 2019 975,962 shares)
(44,250)(39,830)
Total Stockholders' Equity$454,154 $427,037 
Less maximum cash obligation related to ESOP shares46,895 51,826 
Total Stockholders' Equity Less Maximum Cash Obligation Related to ESOP Shares$407,259 $375,211 
Total Liabilities & Stockholders' Equity$3,780,451 $3,300,887 

See Notes to Consolidated Financial Statements.
Page 4

Index
HILLS BANCORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Amounts In Thousands, Except Per Share Amounts)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Interest income:
Loans, including fees$29,750 $30,857 $89,975 $90,825 
Investment securities:
Taxable889 825 2,656 2,375 
Nontaxable933 918 2,941 2,898 
Federal funds sold103 1,369 801 2,954 
Total interest income$31,675 $33,969 $96,373 $99,052 
Interest expense:
Deposits$5,077 $7,662 $16,854 $21,418 
FHLB borrowings1,388 1,612 4,118 4,778 
Total interest expense$6,465 $9,274 $20,972 $26,196 
Net interest income$25,210 $24,695 $75,401 $72,856 
Provision for loan losses(157)144 4,500 (1,642)
Net interest income after provision for loan losses$25,367 $24,551 $70,901 $74,498 
Noninterest income:
Net gain on sale of loans$2,303 $1,197 $4,859 $2,060 
Trust fees2,494 2,427 7,450 7,107 
Service charges and fees2,636 2,695 7,427 7,618 
Other noninterest income77 295 462 982 
Gain (loss) on sale of investment securities 24 10 (28)
 $7,510 $6,638 $20,208 $17,739 
Noninterest expenses:
Salaries and employee benefits$10,108 $9,258 $29,818 $27,310 
Occupancy1,067 986 3,248 3,274 
Furniture and equipment2,028 1,699 5,778 5,036 
Office supplies and postage425 469 1,333 1,370 
Advertising and business development340 607 1,479 1,800 
Outside services2,818 2,729 8,020 7,824 
FDIC insurance assessment223 208 617 612 
Other noninterest expense1,046 648 1,861 1,787 
 $18,055 $16,604 $52,154 $49,013 
Income before income taxes$14,822 $14,585 $38,955 $43,224 
Income taxes3,392 3,303 8,739 9,519 
Net income$11,430 $11,282 $30,216 $33,705 
Earnings per share:
Basic$1.22 $1.21 $3.22 $3.61 
Diluted$1.22 $1.21 $3.22 $3.61 
 
See Notes to Consolidated Financial Statements.
Page 5


HILLS BANCORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (Amounts In Thousands)

 Three Months Ended September 30,Nine Months Ended
September 30,
 2020201920202019
Net income$11,430 $11,282 $30,216 $33,705 
Other comprehensive income  
Securities:  
Net change in unrealized (loss) income on securities available for sale$(84)$495 $8,220 $7,046 
Reclassification adjustment for net loss (gains) realized in net income (24)(10)28 
Income taxes21 (118)(2,049)(1,765)
Other comprehensive (loss) income on securities available for sale$(63)$353 $6,161 $5,309 
Derivatives used in cash flow hedging relationships:  
Net change in unrealized gain (loss) on derivatives$364 $(103)$(726)$(1,081)
Income taxes(91)26 181 270 
Other comprehensive income (loss) on cash flow hedges$273 $(77)$(545)$(811)
Other comprehensive income, net of tax$210 $276 $5,616 $4,498 
Comprehensive income$11,640 $11,558 $35,832 $38,203 
 
See Notes to Consolidated Financial Statements.
Page 6



HILLS BANCORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Amounts In Thousands, Except Share Amounts)
Three Months Ended September 30, 2020 and 2019
Paid In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockMaximum Cash Obligation Related To ESOP SharesTotal
Balance, June 30, 2019$55,515 $386,614 $972 $(39,352)$(50,225)$353,524 
Issuance of 1,468 shares of common stock
56 — — 39 — 95 
Issuance of 1,786 shares of common stock under the employee stock purchase plan
102 — — — — 102 
Unearned restricted stock compensation165 — — — — 165 
Forfeiture of 134 shares of common stock
(8)— — — — (8)
Share-based compensation6     6 
Change related to ESOP shares— — — — (1,077)(1,077)
Net income— 11,282 — — — 11,282 
Purchase of 8,209 shares of common stock
— — — (530)— (530)
Other comprehensive income— — 276 — — 276 
Balance, September 30, 2019$55,836 $397,896 $1,248 $(39,843)$(51,302)$363,835 
Balance, June 30, 2020$60,043 $419,971 $6,821 $(42,787)$(45,329)$398,719 
Issuance of 13,120 shares of common stock
458   351  809 
Issuance of 1,861 shares of common stock under the employee stock purchase plan
104     104 
Unearned restricted stock compensation(474)    (474)
Forfeiture of 3,188 shares of common stock
(166)    (166)
Share-based compensation7     7 
Change related to ESOP shares    (1,566)(1,566)
Net income 11,430    11,430 
Purchase of 29,807 shares of common stock
   (1,814) (1,814)
Other comprehensive income  210   210 
Balance, September 30, 2020$59,972 $431,401 $7,031 $(44,250)$(46,895)$407,259 

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Nine Months Ended September 30, 2020 and 2019
 Paid In CapitalRetained EarningsAccumulated Other
Comprehensive
Income (Loss)
Treasury StockMaximum Cash
Obligation Related
To ESOP Shares
Total
Balance, December 31, 201852,122 371,848 (3,250)(36,968)(48,870)334,882 
Issuance of 87,959 shares of common stock
3,072 — — 2,302 — 5,374 
Issuance of 5,821 shares of common stock under the employee stock purchase plan
325 — — — — 325 
Unearned restricted stock compensation572 — — — — 572 
Forfeiture of 5,255 shares of common stock
(262)— — — — (262)
Share-based compensation7 — — — — 7 
Change related to ESOP shares— — — — (2,432)(2,432)
Net income— 33,705 — — — 33,705 
Cash dividends ($0.82 per share)
— (7,657)— — — (7,657)
Purchase of 83,606 shares of common stock
— — — (5,177)— (5,177)
Other comprehensive income— — 4,498 — — 4,498 
Balance, September 30, 2019$55,836 $397,896 $1,248 $(39,843)$(51,302)$363,835 
Balance, December 31, 2019$55,943 $409,509 $1,415 $(39,830)$(51,826)$375,211 
Issuance of 105,542 shares of common stock
4,005   2,810  6,815 
Issuance of 5,430 shares of common stock under the employee stock purchase plan
304     304 
Unearned restricted stock compensation(81)  <