Hills Bancorporation (HBIA) CFO adds shares through employee stock purchase plan

Rhea-AI Filing Summary

Hills Bancorporation senior vice president and chief financial officer Anthony V. Roetlin acquired 30.6748 shares of common stock on April 1, 2026 through the company’s employee stock purchase plan at $73.35 per share. Following this routine compensation-related acquisition, he directly holds 3,410.1074 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Roetlin Anthony V

Role SVP Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	30.675	$73.35	$2K

Holdings After Transaction: Common Stock — 3,410.107 shares (Direct)

Footnotes (1)

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Key Figures

Shares acquired: 30.6748 shares Acquisition price: $73.35 per share Total holdings after transaction: 3,410.1074 shares

3 metrics

Shares acquired 30.6748 shares Common stock acquired on April 1, 2026

Acquisition price $73.35 per share Price under employee stock purchase plan

Total holdings after transaction 3,410.1074 shares Direct common stock held by CFO after April 1, 2026

Key Terms

employee stock purchase plan, Common Stock, Grant, award, or other acquisition

3 terms

employee stock purchase plan financial

"Shares acquired under the Company's employee stock purchase plan on 4/1/2026"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Roetlin Anthony V

(Last) (First) (Middle)

C/O HILLS BANCORPORATION

131 E. MAIN ST., PO BOX 160

(Street)

HILLS IOWA 52235

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HILLS BANCORPORATION [ HBIA.PK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	04/01/2026		A		30.6748	A	$73.35	3,410.1074	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares acquired under the Company's employee stock purchase plan on 4/1/2026

Remarks:

	/s/ Anthony V. Roetlin by James C. Wacker	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HBIA CFO Anthony Roetlin report on this Form 4?

Anthony V. Roetlin reported acquiring 30.6748 shares of Hills Bancorporation common stock. The shares were obtained on April 1, 2026 under the company’s employee stock purchase plan, reflecting a routine compensation-related acquisition rather than an open-market stock purchase.

At what price were the HBIA shares acquired by the CFO on April 1, 2026?

The shares were acquired at a price of $73.35 per share. This transaction occurred through Hills Bancorporation’s employee stock purchase plan, meaning the shares were purchased as part of an established benefit program rather than a discretionary market trade.

How many Hills Bancorporation shares does the CFO hold after this Form 4 transaction?

After the April 1, 2026 acquisition, Anthony V. Roetlin directly holds 3,410.1074 shares of Hills Bancorporation common stock. This total reflects his updated ownership position following the employee stock purchase plan transaction reported in the Form 4 filing.

Was the HBIA CFO’s April 1, 2026 transaction an open-market stock purchase?

No, the transaction was not an open-market purchase. Footnotes state the 30.6748 shares were acquired under Hills Bancorporation’s employee stock purchase plan, classifying it as a grant, award, or other acquisition rather than a discretionary buy on the open market.

What type of security did HBIA’s CFO acquire in this Form 4 filing?

The Form 4 shows acquisition of Hills Bancorporation common stock. Specifically, Anthony V. Roetlin obtained 30.6748 common shares through the company’s employee stock purchase plan, bringing his total direct common stock holdings to 3,410.1074 shares after the transaction.