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Hills Bancorporation (HBIA0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including total assets of $4.588 billion, an increase from $4.342 billion the previous year. The increase was primarily due to a rise in investment securities.
Net income for the year was reported at $47.60 million, up from $38.18 million in 2023. This increase was attributed to higher net interest income and a decrease in credit loss expense.
Total deposits increased to $3.346 billion, compared to $3.283 billion in the prior year. The increase was mainly driven by growth in time deposits.
The company's loan portfolio remained stable at $3.438 billion, with notable changes including a decrease in construction loans and an increase in commercial mortgages.
Hills Bancorporation's capital resources remain strong, with stockholders' equity rising to $492.69 million. The company maintained a Community Bank Leverage Ratio of 12.69%, well above the regulatory minimum.
Noninterest income decreased slightly to $26.82 million, primarily due to a loss on the sale of investment securities, despite an increase in trust fees.
Noninterest expenses increased to $80.23 million, largely due to higher other noninterest expenses, including increased deferred compensation and operating losses from fraudulent activities.
The company continues to focus on managing interest rate risk and maintaining liquidity, with various sources of funding available, including federal funds purchased and FHLB borrowings.
Hills Bancorporation identified material weaknesses in its internal controls over financial reporting, specifically in the areas of period-end financial reporting and segregation of duties, which are being addressed by management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hills Bancorporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.