Hills Bank ESOP Maintains 10.0% Stake in Hills Bancorporation

TL;DR

**Hills Bank ESOP still owns 10% of Hills Bancorporation, signaling strong employee alignment.**

AI Summary

Hills Bank and Trust Company Employee Stock Ownership Plan and Trust (ESOP) filed an amended SC 13G/A on February 12, 2024, disclosing its beneficial ownership in Hills Bancorporation. As of December 31, 2023, the ESOP holds 679,592 shares of Hills Bancorporation's Common Stock, representing 10.0% of the company's outstanding shares. This filing indicates a significant, stable ownership stake by the ESOP, which can be a positive signal for long-term investors as it aligns employee interests with shareholder value.

Why It Matters

This filing shows that employees, through their ESOP, have a substantial and continued vested interest in Hills Bancorporation's success, which can foster stability and long-term growth. For investors, this indicates a strong internal commitment to the company's performance.

Risk Assessment

Risk Level: low — This filing indicates a stable, long-term ownership by an employee stock ownership plan, which generally reduces volatility and risk.

Analyst Insight

A smart investor would view this stable, significant employee ownership as a positive indicator of internal alignment and long-term commitment, potentially signaling a more stable investment.

Key Numbers

• 679,592 — Shares Beneficially Owned (Total shares of Hills Bancorporation Common Stock owned by the ESOP as of December 31, 2023.)
• 10.0% — Percentage of Class (The percentage of Hills Bancorporation's Common Stock beneficially owned by the ESOP.)
• 431643105 — CUSIP Number (Unique identification number for Hills Bancorporation's Common Stock.)

Key Players & Entities

• Hills Bank and Trust Company Employee Stock Ownership Plan and Trust (company) — the reporting person and beneficial owner
• Hills Bancorporation (company) — the issuer of the securities
• State of Iowa (company) — place of organization for the reporting person
• December 31, 2023 (date) — date of event requiring the filing
• February 12, 2024 (date) — filing date of the SC 13G/A amendment

Forward-Looking Statements

• The significant ESOP ownership will likely contribute to long-term employee retention and motivation at Hills Bancorporation. (Hills Bancorporation) — high confidence, target: 2025-12-31
• The stable ownership by the ESOP suggests a reduced likelihood of hostile takeover attempts in the near future. (Hills Bancorporation) — medium confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $0 — ation (Name of Issuer) Common Stock, $0 par value per share (Title of Class of

Filing Documents

• schedule13ga2023.htm (SC 13G/A) — 41KB
• 0000732417-24-000004.txt ( ) — 42KB

(a) Name of Issuer

Item 1. (a) Name of Issuer Hills Bancorporation (b) Address of Issuer's Principal Executive Offices 131 East Main Street, PO Box 160 Hills, IA 52235

(a) Name of Person Filing

Item 2. (a) Name of Person Filing Hills Bank and Trust Company Employee Stock Ownership Plan and Trust (b) Address of Principal Business Office Same as Item 1(b) (c) Citizenship (d) Title of Class of Securities Common Stock, no par value per share (e) CUSIP Number 431643105

If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a

Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a (f) Any employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F) Items (a), (b), (c), (d), (e), (g), (h), (i), (j) and (k) are not applicable. This Schedule 13G is being filed on behalf of the ESOP identified in Item 2(a) filing under the Item 3(f) classification.

Ownership

Item 4. Ownership. (a) Amount beneficially owned See Row 9 of the cover page. (b) Percent of class See Row 11 of the cover page. (c) Number of shares as to which such person has See Rows 5, 6, 7 and 8 of the cover page.

Ownership of Five Percent of Less of a Class

Item 5. Ownership of Five Percent of Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person. Participants in the ESOP receive dividends on the shares that have been allocated to their respective accounts and may also direct the disposition of such shares under certain circumstances. The ESOP Committee of the Board of Directors of Hills Bank and Trust Company has the power to determine whether dividends on unallocated shares that are paid to the ESOP are distributed to participants, are used to repay the ESOP loan or other ESOP expenses, or are otherwise invested. There are currently no unallocated shares held by the ESOP Trust. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable.

Certification

Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true and correct. HILLS BANK AND TRUST COMPANY EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST By HILLS BANK AND TRUST COMPANY, AS ADMINISTRATOR AND TRUSTEE By s Dwight O. Seegmiller Dwight O. Seegmiller, President Date February 12, 2024

View Full Filing

View this SC 13G/A filing on SEC EDGAR