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Hills Bancorporation (HBIA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $12.17 million, up from $7.24 million in the same quarter the previous year. Basic earnings per share were $1.35, compared to $0.79 in the previous year.
Net interest income was $29.43 million, compared to $28.30 million in the previous year, reflecting an increase in interest income from loans and investments.
Credit loss expense for the quarter was $2.31 million, down from $6.93 million in the previous year, due to a reduction in individually analyzed loans and improvements in economic factors.
Noninterest income increased to $7.88 million from $7.37 million, driven by higher trust fees and gains on loan sales.
Noninterest expenses were $19.63 million, slightly down from $19.67 million, with minor fluctuations across various expense categories.
Total assets as of September 30, 2024, were $4.44 billion, up from $4.34 billion at the end of 2023. Cash and cash equivalents decreased to $54.28 million.
Net loans were $3.37 billion, a slight decrease from $3.39 billion at the end of 2023, with loans held for sale increasing by $5.74 million.
Deposits increased by $94.33 million to $3.38 billion, while borrowings decreased by $37.58 million.
Hills Bancorporation maintained a Community Bank Leverage Ratio of 12.74% as of September 30, 2024.
The filing also details the company's stock repurchase program, with 86,671 shares repurchased during the quarter at an average price of $69.08 per share.
Hills Bancorporation reported no material changes in its risk factors from those disclosed in its Annual Report for the year ended December 31, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hills Bancorporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.