8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

November 3, 2020

Date of Report (date of earliest event reported)

HILLS BANCORPORATION

(Exact name of registrant as specified in its charter)

Iowa	0-12668		42-1208067
(State or other jurisdiction of incorporation or organization)	(Commission File Number)		(I.R.S. Employer Identification No.)
131 E. Main Street, PO Box 160	Hills	Iowa	52235
(Address of Principal Executive Offices)			(Zip Code)

(319) 679-2291

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 8.01 Other Events.

On October 13, 2020, the Board of Directors of Hills Bancorporation determined to temporarily suspend the Company’s Dividend Reinvestment and Stock Purchase Plan. The Board and Management believe that the prudent distribution of earnings to shareholders constitutes the most appropriate use of the Company’s capital at this point in time. The letter to shareholders announcing the temporary suspension is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are furnished herewith:

Exhibit

Number        Exhibit Description

99.1        Letter to Shareholders

SIGNATURE

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HILLS BANCORPORATION

Date: November 3, 2020                    /s/ Dwight O. Seegmiller

Dwight O. Seegmiller,

Director, President and Chief Executive Officer

EX-99.1

November 2, 2020 Dear Shareholder: We hope this letter finds you well during this difficult time of the pandemic. While COVID-19 has challenged us all, the disruption caused by this has allowed Hills Bancorporation an opportunity to consider how to best support and provide long-term value to our shareholders both now and into the future. The Bancorporation’s Board of Directors has determined to temporarily suspend the Hills Bancorporation Dividend Reinvestment and Stock Purchase Plan (the “Plan”). The Board and Management believe that the Bancorporation’s existing capital levels have it well positioned to navigate the current economic environment, and that the prudent distribution of earnings to shareholders constitutes the most appropriate use of the capital at this time. As a result, dividends for this year will only be paid in cash and not be reinvested in the Bancorporation’s common stock under the Plan. Optional cash investments in common stock will also not be accepted until further notice. No action by participants is required as shareholders currently enrolled in the Plan will automatically receive the upcoming year-end cash dividend payment. The Plan is subject to reinstatement at the discretion of the Bancorporation’s Board of Directors. At such time as the Board elects to reinstate the Plan, shareholders who were enrolled at the time of suspension and remain enrolled at the time of reinstatement will automatically resume their participation. For general information about the Plan, we encourage you to refer to the prospectus previously delivered to each participant and available in the “Investor Relations” section of the Company’s website at https://www.hillsbank.com. We truly appreciate your continued support of Hills Bancorporation. If you have any questions, please contact us at (833) 607-1367 for assistance. Sincerely, Dwight O. Seegmiller President and CEO

XML

Document and Entity Information	Nov. 03, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 03, 2020
Entity Registrant Name	HILLS BANCORPORATION
Entity Incorporation, State or Country Code	IA
Entity File Number	0-12668
Entity Tax Identification Number	42-1208067
Entity Address, Address Line One	131 E. Main Street, PO Box 160
Entity Address, City or Town	Hills
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52235
City Area Code	319
Local Phone Number	679-2291
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000732417
Amendment Flag	false