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.
Positive
None.
Negative
None.
Insights
Trust-held ESOP stake of 7.6% is a meaningful blockholder position.
The filing shows 668,407 shares representing 7.6% as of 12/31/2025, held by the ESOP trustee. This identifies the ESOP as a significant beneficial owner with shared voting power reported.
Board dynamics and voting outcomes could be influenced by the trustee and ESOP committee decisions; subsequent proxy materials may clarify voting alignment.
ESOP structure and dividend treatment are described; no unallocated shares reported.
The schedule clarifies that participants receive dividends on allocated shares and the ESOP Committee controls dividends on unallocated shares. The filing states there are currently no unallocated shares held by the ESOP Trust.
Plan-level mechanics (allocation timing, participant directives) determine cash flow to participants; further plan disclosures would provide detail.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 14)
Hills Bancorporation
(Name of Issuer)
Common Stock, $0 par value per share
(Title of Class of Securities)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Hills Bank & Trust Co
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
IOWA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
668,407.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
668,407.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.6 %
12
Type of Reporting Person (See Instructions)
EP
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Hills Bancorporation
(b)
Address of issuer's principal executive offices:
131 East Main Street, PO Box 160, Hills, Iowa, 52235
Item 2.
(a)
Name of person filing:
Hills Bank and Trust Company, as Trustee of the Hills Bank and Trust Company Employee Stock Ownership Plan and Trust
(b)
Address or principal business office or, if none, residence:
Same as in Item 1
(c)
Citizenship:
State of Iowa
(d)
Title of class of securities:
Common Stock, $0 par value per share
(e)
CUSIP No.:
431643105
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:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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 the person has:
(i) Sole power to vote or to direct the vote:
See Rows 5, 6, 7 and 8 of the cover page.
(ii) Shared power to vote or to direct the vote:
See Rows 5, 6, 7 and 8 of the cover page.
(iii) Sole power to dispose or to direct the disposition of:
See Rows 5, 6, 7 and 8 of the cover page.
(iv) Shared power to dispose or to direct the disposition of:
See Rows 5, 6, 7 and 8 of the cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
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 or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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, complete and correct.
What stake does HBIA's ESOP trustee report on Schedule 13G/A?
The trustee reports beneficial ownership of 668,407 shares, equal to 7.6% of Common Stock as of 12/31/2025. The shares are held by the ESOP trust for plan participants under the trustee's reported shared voting power.
Who is the filer for the Hills Bancorporation 13G/A amendment?
The filer is Hills Bank and Trust Company, as Trustee of the Hills Bank and Trust Company Employee Stock Ownership Plan and Trust. The trustee lists its address as the issuer's principal executive office in Hills, Iowa.
Does the filing indicate any unallocated ESOP shares for HBIA?
The amendment states there are no unallocated shares currently held by the ESOP Trust. It also explains the ESOP Committee determines treatment of dividends on unallocated shares when such shares exist.
How are dividends and disposition rights described in the filing?
The filing says ESOP participants receive dividends on allocated shares and may direct disposition of allocated shares in certain circumstances. The ESOP Committee controls distribution or use of dividends on unallocated shares when applicable.
