At what price per share was the Hills Bancorporation restricted stock grant valued?

The Form 4 values Timothy D. Finer’s 400-share restricted stock grant at $81.50 per share. This price reflects the grant-date value used for reporting purposes, rather than a cash transaction price from an open-market trade.

Hills Bancorporation (HBIA) SVP receives 400-share restricted stock grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

FINER TIMOTHY D reported acquisition or exercise transactions in this Form 4 filing.

Hills Bancorporation senior vice president Timothy D. Finer reported receiving a grant of 400 shares of common stock as time-based restricted stock. The award is part of his compensation and vests over eight years beginning January 13, 2026. Following this grant, he directly holds 9,300 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider FINER TIMOTHY D

Role SVP, Director of Comml Banking

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	400	$81.50	$33K

Holdings After Transaction: Common Stock — 9,300 shares (Direct)

Footnotes (1)

[object Object]

Key Figures

Restricted stock grant: 400 shares Grant value per share: $81.50 per share Post-grant holdings: 9,300 shares +1 more

4 metrics

Restricted stock grant 400 shares Time-based restricted common stock awarded to SVP

Grant value per share $81.50 per share Reported value for the 400-share restricted stock award

Post-grant holdings 9,300 shares Total common shares directly owned after the grant

Vesting period 8 years Restricted stock vests over eight years from January 13, 2026

Key Terms

restricted stock, time-based restricted stock, vests

3 terms

restricted stock financial

"Represents restricted stock acquired pursuant to a grant of time-based restricted stock"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

time-based restricted stock financial

"pursuant to a grant of time-based restricted stock which vests over eight years"

vests financial

"restricted stock which vests over eight years beginning January 13, 2026"

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 12:57 PM

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^*

FINER TIMOTHY D

(Last)

(First)

(Middle)

C/O HILLS BANCORPORATION

131 MAIN STREET

(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, Director of Comml Banking

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
01/13/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock⁽¹⁾	01/13/2026		A		400	A	$81.5	9,300	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents restricted stock acquired pursuant to a grant of time-based restricted stock which vests over eight years beginning January 13, 2026

Remarks:

	/s/ Tim D Finer by James C. Wacker	04/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did HBIA executive Timothy D. Finer report?

Timothy D. Finer reported receiving 400 shares of Hills Bancorporation common stock as a grant of restricted stock. This is a compensation-related award rather than an open-market purchase, documented on a Form 4 insider filing with post-grant holdings updated.

Was the Hills Bancorporation (HBIA) Form 4 transaction a stock buy or a grant?

The Form 4 for Hills Bancorporation shows a grant of restricted stock, not an open-market purchase. Code “A” indicates a grant, award, or other acquisition, and the filing labels this as time-based restricted stock awarded to executive Timothy D. Finer.

How many Hills Bancorporation shares does Timothy D. Finer hold after this grant?

After receiving the 400-share restricted stock grant, Timothy D. Finer directly holds 9,300 shares of Hills Bancorporation common stock. This total reflects his updated ownership position following the compensation award disclosed in the Form 4 filing.

What are the vesting terms of Timothy D. Finer’s restricted Hills Bancorporation stock?

The 400 restricted shares granted to Timothy D. Finer vest over eight years beginning January 13, 2026. This long-term vesting schedule ties the award to continued service and aligns his compensation with Hills Bancorporation’s long-range performance.

Hills Bancorporation (HBIA) SVP receives 400-share restricted stock grant

Rhea-AI Filing Summary

Positive