Hills Bancorporation notified the SEC it cannot timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company says it is evaluating complex accounting and disclosure matters and needs additional time for internal documentation and for its independent auditor, Forvis Mazars, LLP, to complete procedures and issue opinions.
Hills Bancorporation amendment to a Schedule 13G/A reports that Hills Bank and Trust Company, as Trustee of the Hills Bank and Trust Company Employee Stock Ownership Plan and Trust beneficially owned 668,407 shares of Common Stock, representing 7.6% of the class as of 12/31/2025. The filing states the shares are held on behalf of ESOP participants and describes how dividends on allocated and unallocated shares are handled.
Hills Bancorporation reported that its Audit Committee has decided to change independent auditors following completion of the 2025 audit. Forvis Mazars, LLP will be dismissed as the company’s independent registered public accounting firm after it finishes auditing the consolidated financial statements for the year ending December 31, 2025. On January 5, 2026, the Audit Committee approved the engagement of Crowe LLP to audit the company’s consolidated financial statements for the fiscal year ending December 31, 2026, subject to Crowe’s standard client acceptance procedures and an engagement letter.
The company noted that Forvis Mazars’ audit reports for the fiscal years ended December 31, 2024 and December 31, 2023 contained no adverse opinions, disclaimers, or qualifications. It also stated there were no disagreements with Forvis Mazars on accounting, disclosure, or audit scope matters during those periods or the subsequent interim period. Previously disclosed material weaknesses in internal control over financial reporting related to period-end review controls, manual journal entry processes, and related party transaction controls were identified as reportable events and discussed with Forvis Mazars, and the firm has been authorized to respond fully to Crowe about these matters.
Hills Bancorporation filed an Amendment No. 1 to its quarterly report to replace an earlier draft inadvertently submitted and to update conclusions on disclosure controls and internal control over financial reporting. The company implemented a new procedure to confirm its independent auditor’s review is complete before future quarterly filings and amended Part I, Item 4 accordingly.
Core results remained intact. For Q3 2025, net interest income was $38.5 million with net income of $12.9 million and diluted EPS of $1.46. For the first nine months, net income was $46.0 million. The credit loss expense was $6.0 million in Q3. Total assets were $4.65 billion as of September 30, 2025. Deposits totaled $3.38 billion. Accumulated other comprehensive loss improved to $(9.2) million, aided by unrealized gains in available-for-sale securities recognized in other comprehensive income.
Shares outstanding were 8,795,437 as of October 31, 2025. The amendment states no other changes to the original report’s financial or other information beyond the controls and certification updates.
Hills Bancorporation filed a Form 12b-25 (NT 10-Q) related to its Quarterly Report for the period ended September 30, 2025. The company states it inadvertently uploaded an earlier draft rather than management’s final version, and its independent public accountants, Forvis Mazars, LLP, had not completed their review within applicable professional standards at the time of filing.
Hills Bancorporation says the previously filed 10‑Q was incomplete and it will file an amendment to correct these deficiencies, consistent with the rule that permits filing on or before the fifth calendar day following the prescribed due date.
Hills Bancorporation reported Q3 2025 results showing stronger profitability and capital. Net interest income was $38.51 million for the quarter (up from $29.43 million a year ago), and quarterly net income was $12.91 million with diluted EPS of $1.46.
For the nine months, net income reached $45.99 million and diluted EPS was $5.16. Loans, net, were $3.50 billion and deposits totaled $3.38 billion as of September 30, 2025. Total assets were $4.65 billion. Stockholders’ equity increased to $584.38 million, helped by an improvement in accumulated other comprehensive loss to $(9.20) million. Shares outstanding were 8,849,709 as of October 31, 2025.
Credit trends were mixed: credit loss expense rose to $5.98 million in Q3 and the company recorded a $4.29 million loss on the sale of investment securities. Funding costs stabilized, with total interest expense of $21.33 million in Q3, while other short-term borrowings were $588.74 million and Federal Home Loan Bank borrowings were $76.58 million at quarter-end.