Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
As of January 31, 2026, the Company had 2,645 stockholders. There is no established trading market for the Company's common stock, and the Company's stock is not actively traded. Our common stock is not listed on the NASDAQ stock market or any other stock exchange. While there is no established public trading market for our common stock, our shares are currently quoted in the inter-dealer quotation, or “over-the-counter,” marketplace under the trading symbol “HBIA.” The principal over-the-counter market is operated by OTC Markets Group, Inc., which provides quotes for the Company on its OTCID.
The high and low bid information for the Company’s stock for each quarter of the two most recent fiscal years, as reported by OTC Market Groups, Inc., is provided below. The prices indicated reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
2025 2024
High Low High Low
1st quarter $ 73.80 $ 70.25 $ 76.00 $ 64.81
2nd quarter 77.00 72.15 68.00 65.01
3rd quarter 80.00 72.50 70.00 65.00
4th quarter 82.00 77.50 72.00 68.25
In addition, based on the Company’s stock transfer records and information informally provided to the Company, stock trading transactions have been as follows:
Year Number of Shares Traded Number of Transactions High Selling Price Low Selling Price
2025 239,044 290 $ 81.50 $ 72.00 (1)
2024
224,639 263 $ 72.00 $ 66.00 (2)
2023
151,420 246 $ 72.00 $ 66.00 (3)
(1) 2025 transactions included repurchases by the Company of 202,541 shares of stock under the 2005 Stock Repurchase Program. 2025 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $72.00 to $81.50 per share.
(2) 2024 transactions included repurchases by the Company of 187,787 shares of stock under the 2005 Stock Repurchase Program. 2024 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $66.00 to $72.00 per share.
(3) 2023 transactions included repurchases by the Company of 111,866 shares of stock under the 2005 Stock Repurchase Program. 2023 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $66.00 to $72.00 per share.
The Company currently pays an annual dividend on its common stock to stockholders, and it expects to continue to maintain its annual dividend for the foreseeable future periods.
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The following performance graph provides information regarding cumulative, five-year shareholder returns on an indexed basis of the Company's Common Stock compared to the NASDAQ Market Index prepared by MORNINGSTAR of Chicago, IL and a custom peer group of Midwest community banks. The latter index reflects the performance of bank holding companies operating principally in the Midwest in the following states: Iowa, Illinois, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wisconsin. The indexes assume the investment of $100 on December 31, 2020 in Company Common Stock, the NASDAQ Index and the Midwest Community Banks Index, with all dividends reinvested.
2021 2022 2023 2024 2025
HILLS BANCORPORATION $ 108.00 $ 118.69 $ 110.39 $ 122.43 $ 140.80
MIDWEST COMMUNITY BANKS $ 131.24 $ 117.48 $ 115.22 $ 141.03 $ 162.42
NASDAQ MARKET INDEX $ 122.18 $ 82.43 $ 119.22 $ 154.48 $ 187.14
Note regarding the performance information above: Cumulative five-year Shareholder returns on an indexed basis. The indexes assume the investment of $100 in year with all dividends reinvested.
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The following table sets forth the Company’s equity compensation plan information as of December 31, 2025, all of which relates to stock options issued under stock option plans approved by stockholders of the Company:
Plan Category Number of securities to
be issued upon exercise of
outstanding options,
warrants and rights (a) Weighted-average
exercise price of
outstanding options,
warrants and rights (b) Number of securities
remaining available for
future issuance under equity
compensation plans
[excluding securities reflected
in column (a)] (c)
Equity compensation plans approved by security holders 12,198 $ 68.85 151,376
Equity compensation plans not approved by security holders — — —
Total 12,198 $ 68.85 151,376
On July 26, 2005, the Company’s Board of Directors authorized a program to repurchase up to a total of 1,500,000 shares of the Company’s common stock (the “2005 Stock Repurchase Program”). On August 9, 2022, the Company's Board of Directors authorized the expansion of the 2005 Stock Repurchase Program to allow an additional 750,000 shares for repurchase and the continuation through December 31, 2027. The Company expects the purchases pursuant to the 2005 Stock Repurchase Program to be made from time to time in private transactions at a price equal to the most recent quarterly independent appraisal of the shares of the Company’s common stock and with the Board reviewing the overall results of the 2005 Stock Repurchase Program on a quarterly basis. All purchases made pursuant to the 2005 Stock Repurchase Program since its inception have been made on that basis. The amount and timing of stock repurchases will be based on various factors, such as the Board’s assessment of the Company’s capital structure and liquidity, the amount of interest shown by shareholders in selling shares of stock to the Company at their appraised value, and applicable regulatory, legal and accounting factors. The most recent independent current quarterly appraisal value of the stock performed as of December 31, 2025 is $87.50 a share.
The following table sets forth information about the Company’s stock purchases pursuant to the 2005 Stock Repurchase Program for the quarter ended December 31, 2025:
Period in 2025
Total number of
shares purchased Average price paid
per share Total number of
shares purchased
as part of publicly
announced plans
or programs Maximum number
of shares that may
yet be purchased
under the plans or
programs
October 1 to October 31 32,305 $ 80.00 32,305 255,222
November 1 to November 30 12,914 80.31 12,914 242,308
December 1 to December 31 10,967 81.50 10,967 231,341
Total 56,186 $ 80.36 56,186 231,341
Item 6. [Reserved]
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