UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 FORM
10-Q QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 For
the quarterly period ended March 31, 2007 Commission file
number: 0-12668 Hills
Bancorporation Incorporated in Iowa
I.R.S. Employer IdentificationNo. 42-1208067 131 MAIN STREET,
HILLS, IOWA 52235 Telephone number:
(319) 679-2291 Indicate by checkmark whether the Registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. xYes   oNo Indicate by checkmark whether the Registrant is a
large accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of accelerated filer and large accelerated filer in Rule 12b-2 of
the Exchange Act. (Check one): Large accelerated filero
Accelerated Filerx
Non-accelerated filero Indicate by check mark whether the Registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act). Yeso
Nox APPLICABLE
ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of
the issuers classes of common stock, as of the latest practical date. CLASS

SHARES OUTSTANDING
  At April 30, 2007Common
  Stock, no par value

4,497,275 Page 1 of 30    HILLS
BANCORPORATION
Index to Form 10-Q

Part
I
FINANCIAL INFORMATION

PageNumberItem 1.
Financial StatementsConsolidated balance sheets, March 31,
  2007 (unaudited) and December 31, 2006
3Consolidated statements of income,
  (unaudited) for three months ended March 31, 2007 and 2006
4Consolidated statements of
  comprehensive income, (unaudited) for three months ended March 31, 2007 and
  2006
5Consolidated statements of
  stockholders equity, (unaudited) for three months ended March 31, 2007 and
  2006
6Consolidated statements of cash flows (unaudited) for
          three months ended March 31, 2007 and 2006
7 - 8Notes to consolidated financial
  statements
9 - 12Item 2.
Managements Discussion and Analysis
  of Financial Condition and Results of Operations
13 - 22Item 3.
Quantitative and Qualitative
  Disclosures About Market Risk
23Item 4.
Controls and Procedures
24Part
  IIOTHER INFORMATIONItem 1.
Legal proceedings
25Item 1A.
Risk factors
25Item 2.
Unregistered sales of equity
  securities and use of proceeds
25Item 3.
Defaults upon senior securities
25Item 4.
Submission of matters to a vote of
  security holders
25Item 5.
Other information
25Item 6.
Exhibits
25Signatures
26Exhibits Index
27Page 2 of 30

HILLS BANCORPORATIONCONSOLIDATED BALANCE SHEETS
(Amounts In Thousands, Except Shares)

March 31, 2007ASSETS

(Unaudited)

December
  31, 2006Cash and due
  from banks

$
24,660

$
23,397Federal funds
  sold


32,530


Total cash and
  cash equivalents

$
57,190

$
23,397Investment
  securities:Available for
  sale at fair value (amortized cost March 31, 2007 $183,124; December 31, 2006
  $180,106)


181,407


178,057Held to
maturity
  at amortized cost (fair value March 31, 2007 $176; December 31, 2006 $177)


170


170Stock of Federal
  Home Loan Bank


12,753


12,757Loans held for
  sale


1,791


3,808Loans, net


1,286,920


1,279,227Property and
  equipment, net


21,833


22,061Tax credit real
  estate


7,015


7,111Accrued interest
  receivable


11,068


10,292Deferred income
  taxes, net


7,743


7,613Goodwill


2,500


2,500Other assets


4,053


4,240$
1,594,443

$
1,551,233LIABILITIES AND
STOCKHOLDERS
  EQUITYLiabilitiesNoninterest-bearing
  deposits

$
138,929

$
143,274Interest-bearing
  deposits


1,023,977


964,135Total
deposits

$
1,162,906

$
1,107,409Short-term
  borrowings


44,429


59,063Federal Home
  Loan Bank borrowings


235,379


235,379Accrued
interest
  payable


3,582


3,500Other
liabilities


8,561


6,303$
1,454,857

$
1,411,654Redeemable
  Common Stock Held by Employee Stock Ownership Plan (ESOP)

$
21,295

$
20,940STOCKHOLDERS
EQUITYCapital stock,
  no par value; authorized 10,000,000 shares; issued March 31, 2007 4,573,141
  shares; December 31, 2006 4,571,659 shares

$


$
Paid in
capital


12,438


12,364Retained
  earnings


131,984


131,852Accumulated
  other comprehensive income (loss)


(1,060
)

(1,265
)Treasury stock
  at cost (March 31, 2007 75,866 shares; December 31, 2006 67,921 shares)


(3,776
)

(3,372
)$
139,586

$
139,579Less maximum
  cash obligation related to ESOP shares


21,295


20,940$
118,291

$
118,639$
1,594,443

$
1,551,233See Notes to Consolidated Financial Statements.

Page 3 of 30

HILLS BANCORPORATIONCONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Amounts In Thousands, Except Per Share Amounts)

Three Months Ended
  March 31,2007

2006Interest income:Loans,
including
  fees

$
21,374

$
18,371Investment
  securities:Taxable


1,039


1,140Nontaxable


763


707Federal funds
sold


108


11Total
interest income

$
23,284

$
20,229Interest expense:Deposits

$
8,518

$
5,958Short-term
  borrowings


505


417FHLB
borrowings


2,943


2,789Total
interest expense

$
11,966

$
9,164Net interest
income

$
11,318

$
11,065Provision for loan losses


532


655Net interest
income after provision
  for loan losses

$
10,786

$
10,410Other income:Net gain on
sale
  of loans

$
201

$
154Trust
fees


928


843Service charges
  and fees


1,711


1,572Rental revenue
  on tax credit real estate


116


212Other
  noninterest income


673


674$
3,629

$
3,455Other expenses:Salaries and employee benefits

$
4,816

$
4,477Occupancy


578


553Furniture and equipment


832


789Office supplies and postage


318


289Advertising and business development


361


339Outside services


1,156


1,163Rental expenses on tax credit real estate


251


241Other noninterest expense


300


271$
8,612

$
8,122Income
before income taxes

$
5,803

$
5,743Income taxes


1,798


1,794Net
income

$
4,005

$
3,949Earnings per share:Basic

$
0.89

$
0.87Diluted


0.88


0.86See Notes to Consolidated Financial Statements.

Page 4 of 30

HILLS BANCORPORATIONCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Amounts In Thousands)

Three
  Months Ended
  March 31,2007

2006Net income

$
4,005

$
3,949Other comprehensive income
  (loss):Unrealized
holding gains (losses) arising during the period, net of
  income taxes, 2007 $127; 2006 ($264)


205


(426
)Comprehensive income

$
4,210

$
3,523See Notes to Consolidated Financial Statements.

Page 5 of 30

HILLS BANCORPORATIONCONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) (Amounts In Thousands, Except Share
Amounts)

Paid In
  Capital

Retained
  Earnings

Accumulated
  Other
  Comprehensive
  Income (Loss)

Maximum
  Cash
  Obligation
  Related
  To ESOP
  Shares

Treasury
  Stock

TotalBalance, December 31,
2006

$
12,364

$
131,852

$
(1,265
)
$
(20,940
)
$
(3,372
)
$
118,639Issuance of
1,482 shares of common stock


61














61Share-based
compensation


8














8Income tax
benefit related to share-based
  compensation


5














5Change related
to ESOP shares











(355
)




(355
)Net
income





4,005











4,005Cash dividends
($.86 per share)





(3,873
)










(3,873
)Purchase of
7,945 shares of common stock














(404
)

(404
)Other
comprehensive income (loss)








205








205Balance, March 31,
2007

$
12,438

$
131,984

$
(1,060
)
$
(21,295
)
$
(3,776
)
$
118,291Balance, December 31,
2005

$
11,970

$
119,989

$
(1,783
)
$
(20,634
)
$
(63
)
$
109,479Issuance of
536 shares of common stock


26














26Forfeiture of
697 shares of common stock


(22
)













(22
)Share-based
compensation


11














11Change related
to ESOP shares











(494
)




(494
)Net
income





3,949











3,949Cash dividends
($.81 per share)





(3,695
)










(3,695
)Purchase of
2,276 shares of common stock














(128
)

(128
)Other
comprehensive income (loss)








(426
)







(426
)Balance, March 31,
2006

$
11,985

$
120,243

$
(2,209
)
$
(21,128
)
$
(191
)
$
108,700See Notes to Consolidated
Financial Statements.

Page 6 of 30

HILLS BANCORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts In Thousands)

Three Months Ended
  March 31,2007

2006Cash Flows from Operating
ActivitiesNet
income

$
4,005

$
3,949Adjustments to
reconcile net income to net cash and cash equivalents
  provided by operating activities:Depreciation


573


585Provision for
loan losses


532


655Share-based
compensation


8


11Forfeiture of
common stock





(22
)Compensation
expensed through issuance of common stock


48


26Income tax
benefits related to share-based compensation


(5
)

Provision for
deferred income taxes


(257
)

(339
)Increase in
accrued interest receivable


(776
)

(712
)Amortization
of discount on investment securities, net


100


145Decrease in
other assets


193


1,127Increase in
accrued interest and other liabilities


2,340


1,429Loans
originated for sale


(22,399
)

(18,193
)Proceeds on
sales of loans


24,617


16,245Net gain on
sales of loans


(201
)

(154
)Net cash
and cash equivalents provided by operating
  activities

$
8,778

$
4,752Cash Flows from Investing
ActivitiesProceeds from
maturities of investment securities available for sale

$
7,168

$
7,160Purchases of
investment securities available for sale


(10,283
)

(6,387
)Loans made to
customers, net of collections


(8,225
)

(32,360
)Purchases of
property and equipment


(345
)

(389
)Investment in
tax credit real estate, net


96


177Net cash
used in investing activities

$
(11,589
)
$
(31,799
)Cash Flows from Financing
ActivitiesNet increase
in deposits

$
55,497

$
39,077Net decrease
in short-term borrowings


(14,634
)

(1,616
)Stock options
exercised


13


Income tax
benefits related to share-based compensation


5


Purchase of
treasury stock


(404
)

(128
)Dividends
paid


(3,873
)

(3,695
)Net cash
provided by financing activities

$
36,604

$
33,638(Continued)

Page 7 of 30

HILLS BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)(Amounts In Thousands)

Three Months Ended
  March 31,2007

2006Increase in cash and cash
equivalents

$
33,793

$
6,591Cash and cash
equivalents:Beginning of
year


23,397


29,956End of
period

$
57,190

$
36,547Supplemental
DisclosuresCash payments
for:Interest paid
to depositors

$
8,436

$
5,943Interest paid
on other obligations


3,448


3,206Income taxes
paid


19


357Noncash
financing activities:Increase in
maximum cash obligation related to ESOP
shares

$
355

$
494See Notes to Consolidated Financial
Statements.

Page 8 of 30

HILLS BANCORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1.
Basis of
  PresentationThe accompanying unaudited
  consolidated financial statements have been prepared in accordance with
  accounting principles generally accepted in the United States of America for
  interim financial reporting and with instructions for Form 10-Q and
  Regulation S-X. These financial statements include all adjustments
  (consisting of normal recurring accruals) which in the opinion of management
  are considered necessary for the fair presentation of the financial position
  and results of operations for the periods shown. Certain prior year amounts
  may be reclassified to conform to the current year presentation. The Company
  considers that it operates as one business segment, a commercial bank.Operating results for the
  three-month period ended March 31, 2007 are not necessarily indicative of the
  results that may be expected for the fiscal year ending December 31, 2007.
  For further information, refer to the consolidated financial statements and
  footnotes thereto included in the Form 10-K Annual Report of Hills
  Bancorporation and subsidiary (the Company) for the year ended December 31,
  2006 filed with the Securities Exchange Commission on March 9, 2007.Note 2.
Earnings
  Per ShareBasic earnings per share
  amounts are computed by dividing net income (the numerator) by the weighted
  average number of common shares outstanding (the denominator) during the
  period. Diluted per share amounts assume the conversion, exercise or issuance
  of all potential common stock equivalents unless the effect is to reduce the
  loss or increase the income per common share from continuing operations.The computation of basic
  and diluted earnings per share for the periods presented is as follows:Three months ended
  March 31,2007

2006Common shares
outstanding at the beginning of the period


4,503,738


4,562,237Weighted
average number of net shares issued (redeemed)


3,389


(1,261
)Weighted
average shares outstanding (basic)


4,507,127


4,560,976Weighted
average of potential dilutive shares attributable to stock
  options granted, computed under the treasury stock method


26,171


24,804Weighted
average number of shares (diluted)


4,533,298


4,585,780Net income (In Thousands)

$
4,005

$
3,949Earnings per share:Basic

$
0.89

$
0.87Diluted

$
0.88

$
0.86Page 9 of 30

HILLS BANCORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Note 3.
Recent Accounting PronouncementsIn March 2006,
the FASB issued FASB Statement No. 156 (FAS 156), Accounting for Servicing of Financial Assets and amendment of FASB
Statement No. 140 (FAS 140), Accounting for Transfers and Extinguishment of
Liabilities. FAS 156 requires that all separately recognized
servicing assets and servicing liabilities be initially measured at fair value,
if practicable, and permits the Company to elect either the fair value
measurement method with changes in fair value reflected in earnings or the
amortization method as defined in FAS 140 for subsequent measurements. FAS 156
was effective for the Company as of January 1, 2007. The adoption of this
statement did not have a significant effect on the Companys financial
statements.

In July 2006,
the FASB issued FASB Interpretation No. 48, Accounting
for Uncertainty in Income Taxes.FIN 48 requires that the Company
recognize in its financial statements, the impact of a tax position if that
position is more likely than not of being sustained on audit based on the
technical merits of the position. The provisions of FIN 48 were effective as of
January 1, 2007. The adoption of the Interpretation did not have a significant
effect on the Companys financial statements.

In September
2006, the FASB issued FASB Statement No. 157, Fair
Value Measurements.The Statement provides a single definition of
fair value, a framework for measuring fair value and expanded disclosures
concerning fair value. Previously, different definitions of fair value were
contained in various accounting pronouncements that prescribe fair value as the
relevant measure of value, except FAS 123R and related interpretation and
pronouncements that require or permit measurement similar to fair value but are
not intended to measure fair value. The Statement is effective for financial
statements issued for year beginning after November 15, 2007. The Company is
currently evaluating the impact that the Statement will have on its
consolidated financial statements.

In February
2007, the FASB issued FASB Statement No. 159, The
Fair Value Option for Financial Assets and Financial Liabilties  Including an
Amendment of FASB Statement No. 115 (FAS 159). FAS 159 permits
companies to choose to measure many financial instruments and certain other
items at fair value that are not currently required to be measured at fair
value. The objective of FAS 159 is to provide opportunities to mitigate
volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply hedge accounting provisions.
FAS 159 also establishes presentation and disclosure requirements designed to
facilitate comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities. The Statement is
effective for financial statements issued for the year beginning after November
15, 2007. The Company is currently evaluating the impact that the Statement
will have on its consolidated financial statements.

Page 10 of 30

HILLS BANCORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Note 4.
Employee Benefit PlansThe Company
has a Stock Option and Incentive Plan for certain key employees and directors
whereby shares of common stock have been reserved for awards in the form of
stock options or restricted stock awards. Under the plan, the aggregate number
of options and shares granted cannot exceed 198,000 shares. A Stock Option
Committee may grant options at prices equal to the fair value of the stock at
the date of the grant. Options expire 10 years from the date of the grant.
Directors may exercise options immediately and officers rights under the plan
vest over a five-year period from the date of the grant.

Information
concerning the issuance of stock options is presented in the following table:

Options

Weighted-Average
  Exercise Price

Weighted-Average Remaining
  Contractual Term (years)

Aggregate
  Intrinsic Value
  (In Thousands)Outstanding at January 1,
2007


57,195

$
26.79


4.88

$
1,532Outstanding at March 31,
2007


56,695


26.80


4.64


1,519Options exercisable at March
31, 2007


38,095


25.22


4.01


961The fair value
of each option is estimated as of the date of grant using a Black-Scholes
option pricing model. The expected lives of options granted incorporate
historical employee exercise behavior. The risk-free rate for periods that
coincides with the expected life of the options is based on the annual 10 year
interest rate swap rate as published by the Federal Reserve Bank. Expected
volatility is based on volatility levels of the Companys peers common stock
as the Companys stock has limited trading activity. Expected dividend yield
was based on a set dividend rate.

At March 31,
2007, 115,999 shares were available for issuance under the plan. Stock options
for 500 shares with a weighted-average exercise price of $25.67 were exercised
during the three months ended March 31, 2007. The intrinsic value of the
options exercised was $12,800.

As of March
31, 2007, there was $29,000 in unrecognized compensation cost for stock options
granted under the Plan compared to $70,000 as of March 31, 2006. This
unrecognized cost is expected to be recognized over a weighted-average period
of 0.91years.

Note 5.
Stock Repurchase ProgramIn July of
2005, the Companys Board of Directors authorized a program to repurchase up to
a total of 750,000 shares of the Companys common stock (the 2005 Stock
Repurchase Program). This authorization will expire on December 31, 2009. 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. 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 Company has
purchased 75,866 shares of its common stock in privately negotiated
transactions from August 1, 2005 through March 31, 2007. Of these 75,866
shares, 7,945 shares were purchased during the quarter ended March 31, 2007, at
an average price per share of $50.82.

Note 6.
Commitments and ContingenciesThe Companys
subsidiary, Hills Bank and Trust (the Bank) is a party to financial
instruments with off-balancesheet risk in the normal course of business to
meet the financing needs of its customers. These financial instruments include
commitments to extend credit, credit card participations and standby letters of
credit. These instruments involve, to varying degrees, elements of credit risk
in excess of the amount of the amount recognized in the consolidated balance
sheets.

Page 11 of 30

HILLS BANCORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
(Unaudited)

Note 6.
Commitments and Contingencies (continued)The Banks
exposure to credit loss in the event of nonperformance by the other party to
the financial instrument for commitments to extend credit, credit card
participations and standby letters of credit is represented by the contractual
amount of those instruments. The Bank uses the same credit policies in making
commitments and conditional obligations as it does for on-balance sheet
instruments. A summary of the Banks commitments at March 31, 2007 and December
31, 2006 is as follows:

March 31, 2007

December 31, 2006(Amounts In Thousands)Firm loan commitments and
unused portion of lines of credit:Home equity
loans

$
20,159

$
18,796Credit card
participations


30,229


28,091Commercial,
real estate and home construction


76,821


83,699Commercial
lines


80,075


70,200Outstanding letters of
credit


9,242


10,107Page 12 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of OperationsThe following
is managements discussion and analysis of the financial condition of Hills
Bancorporation (Hills Bancorporation
or the Company) and its banking subsidiary Hills Bank and Trust Company (the
Bank) for the dates and periods indicated. The discussion should be read in
conjunction with the consolidated financial statements and the accompanying
footnotes.



Special Note Regarding Forward Looking
Statements

This report
contains, and future oral and written statements of the Company and its
management may contain, forward-looking statements within the meaning of such
term in the Private Securities Litigation Reform Act of 1995 with respect to
the financial condition, results of operations, plans, objectives, future
performance and business of the Company. Actual results may differ materially
from those included in the forward-looking statements. Forward-looking
statements, which may be based upon beliefs, expectations and assumptions of
the Companys management and on information currently available to management,
are generally identifiable by the use of words such as believe, expect,
anticipate, plan, intend, estimate, may, will,
would, could,
should or other similar expressions. Additionally, all statements in this
document, including forward-looking statements, speak only as of the date they
are made, and the Company undertakes no obligation to update any statement in
light of new information or future events.

The Companys
ability to predict results or the actual effect of future plans or strategies
is inherently uncertain. Factors which could have a material adverse effect on
the operations and future prospects of the Company include, but are not limited
to, the following:


The strength
  of the United States economy in general and the strength of the local
  economies in which the Company conducts its operations which may be less
  favorable than expected and may result in, among other things, a deterioration
  in the credit quality and value of the Companys assets.
The effects
  of, and changes in, laws, regulations and policies affecting banking,
  securities, insurance and monetary and financial matters as well as any laws
  otherwise affecting the Company.Page 13 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)
The effects
  of changes in interest rates (including the effects of changes in the rate of
  prepayments of the Companys assets) and the policies of the Board of
  Governors of the Federal Reserve System.
The ability
  of the Company to compete with other financial institutions as effectively as
  the Company currently intends due to increases in competitive pressures in
  the financial services sector.
The ability
  of the Company to obtain new customers and to retain existing customers.
The timely
  development and acceptance of products and services, including products and
  services offered through alternative delivery channels such as the Internet.
Technological
  changes implemented by the Company and by other parties, including third
  party vendors, which may be more difficult or more expensive than anticipated
  or which may have unforeseen consequences to the Company and its customers.
The ability
  of the Company to develop and maintain secure and reliable electronic
  systems.
The ability
  of the Company to retain key executives and employees and the difficulty that
  the Company may experience in replacing key executives and employees in an
  effective manner.
Consumer
  spending and saving habits which may change in a manner that affects the
  Companys business adversely.
The economic
  impact of terrorist attacks and military actions.
Business
  combinations and the integration of acquired businesses and assets which may
  be more difficult or expensive than expected.
The costs,
  effects and outcomes of existing or future litigation.
Changes in
  accounting policies and practices, as may be adopted by state and federal
  regulatory agencies and the Financial Accounting Standards Board.
The ability
  of the Company to manage the risks associated with the foregoing as well as
  anticipated.These risks
and uncertainties should be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements. Additional
information concerning the Company and its business, including other factors
that could materially affect the Companys financial results, is included in
the Companys filings with the Securities and Exchange Commission.

Page 14 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Critical Accounting Policy

The Companys
financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America. The financial information
contained within these statements is, to a significant extent, financial
information that is based on approximate measures of the financial effects of
transactions and events that have already occurred. Based on its consideration
of accounting policies that involve the most complex and subjective decisions
and assessments, management has identified its most critical accounting
policies to be those which are related to the allowance for loan losses. The
Companys allowance for loan loss methodology incorporates a variety of risk considerations,
both quantitative and qualitative in establishing an allowance for loan loss
that management believes is appropriate at each reporting date. Quantitative
factors include the Companys historical loss experience, delinquency and
charge-off trends, collateral values, changes in non-performing loans, and
other factors. Quantitative factors also incorporate known information about
individual loans, including borrowers sensitivity to interest rate movements.
Qualitative factors include the general economic environment in the Companys
markets, including economic conditions throughout the Midwest and in
particular, the state of certain industries. Size and complexity of individual
loans in relation to loan structure, existing loan policies and pace of
portfolio growth are other qualitative factors that are considered in the
methodology. As the Company adds new products and increases the complexity of
its loan portfolio, it will enhance its methodology accordingly. This
discussion and analysis should be read in conjunction with the Companys
financial statements and the accompanying notes presented elsewhere herein, as
well as other relevant portions of Managements Discussion and Analysis of
Financial Condition and Results of Operations. Although management believes the
levels of the allowance as of March 31, 2007 and December 31, 2006 were
adequate to absorb probable losses inherent in the loan portfolio, a decline in
local economic conditions, or other factors, could result in increasing losses
that cannot be reasonably predicted at this time.

Overview

The Company is
a holding company engaged in the business of commercial banking. The Companys
subsidiary is Hills Bank and Trust Company, Hills, Iowa (the Bank), which is
wholly owned. The Bank was formed in Hills, Iowa in 1904. The Bank is a
full-service commercial bank extending its services to individuals, businesses,
governmental units and institutional customers primarily in the communities of
Hills, Iowa City, Coralville, North Liberty, Mount Vernon, Kalona, Wellman,
Cedar Rapids and Marion, Iowa. At March 31, 2007 the Bank has thirteen full
service locations.

Net income for
the period ended March 31, 2007 was $4.01 million compared to $3.95 million for
the first quarter of 2006, an increase of 1.42%. The increase in net income is
due to the increases in net interest income of $253,000 and other income of
$174,000, and the decrease in the provision for loan losses of $123,000.
Expenses increased $490,000 for the first quarter of 2007 compared to the same
period in 2006. Return on average equity was 13.52% and return on average
equity net of ESOP obligation was 11.48% for the three months ended March 31,
2007, compared to 14.48% and 12.15%, respectively, for the same period in 2006.
Return on average assets was 1.02% in 2007 compared to 1.09% in 2006. Dividends
of $.86 per share were paid in January 2007 to 1,535 shareholders. The 2007
dividend was a 6.17% increase over the prior years dividend of $.81 per share.

The Banks net
interest income is the largest component of revenue and it is a function of the
average earnings assets and the net interest margin percentage. For the period
ended March 31, 2007, the Bank achieved a net interest margin on a
tax-equivalent basis of 3.22% compared to 3.41% in 2006. Average earning assets
were $1.482 billion in 2007 and $1.366 billion in 2006.

Page 15 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Highlights
noted on the balance sheet as of March 31, 2007 for the Company included the
following:


Total assets
  are over $1.5 billion, at $1.594 billion.
Net loans
  are $1.287 billion.
Loan growth
  of $5.68 million since December 31, 2006.
Deposit
  growth of $55.50 million since December 31, 2006.A detailed
discussion of the financial position and results of operations follows this
overview.

Financial Position

The asset
growth of $43.2 million included a net loan increase of $5.7 million and an
increase in federal funds sold of $32.5 million. The upward movement of the
federal funds target rate started on June 30, 2004 when the rate was increased
from 1.00% to 1.25%; the rate has increased 17 times to 5.25% at March 31,
2007. The last increase was on June 29, 2006. The Federal Reserve Open Market
Committee did not change the target rate at its six meetings since the last
rate increase. Interest rates on loans are generally affected by these
increases since interest rates for the U.S. Treasury market normally increase
when the Federal Reserve Board raises the federal funds rate. In pricing of
loans and deposits, the Bank considers the U.S. Treasury indexes as benchmarks
in determining interest rates. Increases in interest rates may at some point
materially reduce loan demand and slow the economy, but at the current interest
rate levels, demand for loans remains good. The overall economy in the
Companys principal market area, Johnson and Linn Counties, remains good with
unemployment levels that remain low.

The tables
below set forth the composition of the loan portfolio as of March 31, 2007 and
December 31, 2006 (dollars in thousands), along with changes in the allowance
for loan losses and non-performing loan information:

March 31, 2007

December 31, 2006Amount

Percent

Amount

Percent(Amounts In Thousands)

(Amounts In Thousands)Agricultural

$
47,846


3.67
%
$
49,223


3.79
%Commercial and
financial


125,595


9.62


118,339


9.12Real estate:Construction


113,889


8.72


114,199


8.80Mortgage


988,451


75.72


983,489


75.82Loans to individuals


29,549


2.26


31,827


2.45$
1,305,330


100.00
%
$
1,297,077


100.00
%Less allowance for loan
losses


18,410





17,850$
1,286,920




$
1,279,227The Bank has
an established formal loan origination policy. In general, the loan origination
policy attempts to reduce the risk of credit loss to the Bank by requiring
that, among other things, maintenance of minimum loan to value ratios, evidence
of appropriate levels of insurance carried by borrowers and documentation of
appropriate types and amounts of collateral and sources of expected payment.

Page 16 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Changes in the
allowance for loan losses for the periods shown in the following table were as
follows:

Three Months Ended
  March 31,2007

2006(Amounts In Thousands)Balance, beginning

$
17,850

$
15,360Provision
charged to expenses


532


655Recoveries


463


500Loans charged
off


(435
)

(365
)Balance, ending

$
18,410

$
16,150Non-performing
loan information at March 31, 2007 and December 31, 2006, was as follows:

March 31, 2007

December 31, 2006(Amounts in thousands)Non-accrual loans

$
804

$
879Accruing loans past due
  ninety days or more


4,636


4,983Restructured loans





Non-performing loans
  (includes non-accrual loans)


35,416


14,681Non-performing
loans increased by $20.7 million from March 31, 2006 to March 31, 2007.
Non-performing loans include any loan that has been placed on nonaccrual
status. Non-performing loans also include loans that based on managements
evaluation of current information and events, the Bank expects to be unable to
collect in full according to the contractual terms of the original loan
agreement. These loans are also considered impaired loans. This increase in
non-performing loans is due to deterioration in the credit quality of three borrower
relationships having an aggregate balance of approximately $19.6 million as of
March 31, 2006.

Federal funds
sold increased from zero at December 31, 2006 to $32.5 million at March 31,
2007. Deposit growth of $55.5 million exceeded the funds required for loan
growth.

Page 17 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)The estimated
fair value of the investment securities held by the Company increased by $3.4
million from December 31, 2006 to March 31, 2007. The market value of
securities available for sale was $1.7 million less than the amortized cost of
such securities as of March 31, 2007. This is an increase of $332,000 in market
value since December 31, 2006. The remainder of the increase resulted from
purchases of municipal securities of approximately $3.1 million in excess of
maturities during the three-month period ended March 31, 2007. The carrying
values of investment securities for March 31, 2007 and December 31, 2006 are
summarized in the following table (dollars in thousands):

March 31, 2007

December 31, 2006Amount

Percent

Amount

PercentSecurities available for
saleU.S. Government agencies and
corporations

$
94,550


52.12%

$
94,068


52.83
%State and political
subdivisions


86,857


47.88


83,989


47.17Total securities available for
sale

$
181,407


100.00%

$
178,057


100.00
%Securities held to
maturity,State and
political subdivisions

$
170


100.00%

$
170


100.00
%Deposit growth
was $55.5 million in the first quarter of 2007 and included a $39.9 million
increase in public funds that are temporary deposits. This large increase due
to public funds is consistent with the first quarter of 2006 when they
increased $37.5 million. As a result of the deposit growth, federal funds
purchased included in short-term borrowings at December 31, 2006 were reduced
$10.7 million to zero and federal funds sold increased $32.5 million. In the
opinion of the Companys management, the Company continues to have sufficient
liquidity resources available to fund expected additional loan growth.

Dividends and Equity

In January
2007, Hills Bancorporation paid a dividend of $3,873,000 or $.86 per share, a
6.17% increase from the $.81 per share paid in January 2006. After payment of
the dividend and the adjustment for accumulated other comprehensive income,
stockholders equity as of March 31, 2007 totaled $118.3 million. Under
risk-based capital rules, the total amount of risk-based capital as of March
31, 2007, was 13.08% of risk-adjusted assets, and is substantially in excess of
the required minimum of 8.00%. Risk-based capital was 13.49% and 13.31% as of
March 31 and December 31, 2006, respectively. As of March 31, 2007, the most
recent notifications from the Federal Reserve System categorized the Bank as
well capitalized under the regulatory framework for prompt corrective action.
There are no conditions or events since that notification that management
believes have changed the Companys category.

Page 18 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Net Income Overview

Net income
increased $56,000 or 1.42% for the three months ended March 31, 2007 compared
to the first quarter of 2006. Total net income was $4,005,000 in the 2007
quarter and $3,949,000 in the comparable 2006 quarter. The changes from the
first quarter in 2006 were the result of the following:


Net interest
  income increased $253,000.
The
  provision for loan losses decreased by $123,000.
Other income
  increased by $174,000.
Other
  expenses increased $490,000.
Income taxes
  increased $4,000.For the
three-month periods ended March 31, 2007 and 2006, basic earnings per share
were $.89 and $.87, respectively. Diluted earnings per share were $.88 for the
three months ended March 31, 2007 compared to $.86 for the same period in 2006.

Quarterly
fluctuations in the Companys net income continue to be driven primarily by two
important factors. The first important factor is the interaction between
changes in net interest margin and changes in average earning assets. Net
interest income of $11.3 million for the first three months of 2007 was derived
from the Companys $1.482 billion of average earning assets and its net
interest margin of 3.22%. Average earning assets in 2006 were $1.366 billion
and the net interest margin was 3.41%. The margin compression was the result of
the continued flattening of the yield curve and pricing pressure on short-term
deposits. The importance of net interest margin is illustrated by the fact that
a decrease in the net interest margin of 10 basis points to 3.12% would have
resulted approximately in a $365,000 decrease in income before income taxes for
the three-month period ended March 31, 2007. Similarly, an increase in the net
interest margin of 10 basis points to 3.32% would have resulted approximately
in a $365,000 increase in interest income before taxes. Despite the decline in
the net interest margin, net interest income for the Company increased due to
the increase in average of earning assets over the similar three-month period
in 2006.

The second
significant factor affecting the Companys net income is the provision for loan
losses. The majority of the Companys interest-earning assets are in loans
outstanding, which amounted to more than $1.307 billion at March 31, 2007. The
provision adjustment is computed on a quarterly basis and is a result of
managements determination of the quality of the loan portfolio. The provision
reflects a number of factors including the size of the loan portfolio, loan
concentrations, the level of non-performing loans (which includes non-accrual
loans) and loans past due 90 days or more. The provision for loan losses was
$532,000 in 2007 compared to $655,000 in 2006.

Page 19 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Net Interest Income

Net interest
income is the excess of the interest and fees received on interest-earning
bearing assets over the interest expense of the interest-bearing liabilities. The
factors that have the greatest impact on net interest income are the volume of
average earning assets and the net interest margin. The net interest margin for
the first three months of 2007 was 3.22% compared to 3.41% in 2006 for the same
period. The measure is shown on a tax-equivalent basis using a tax rate of 35%
to make the interest earned on taxable and non-taxable assets more comparable. The
change in average balances and average rates between years and the effect on
the net interest income on a tax equivalent basis for the three months ended in
2007 compared to 2006 are shown in the following table:

Change in
  Average Balance

Change in
  Average Rate

Increase (Decrease) in Net Interest IncomeVolume Changes

Rate Changes

Net Change(Amounts in Thousands)Interest income:Loans,
net

$
125,050


0.32%

$
1,995

$
1,016

$
3,011Taxable
securitities


(22,177
)

0.33


(196
)

95


(101
)Nontaxable
securities


5,743


0.03


78


8


86Federal funds
sold


7,474


1.05


75


22


97$
116,090




$
1,952

$
1,141

$
3,093Interest expense:Interest-bearing demand deposits

$
5,982


0.37

$
(12
)
$
(132
)
$
(144
)Savings
deposits


(5,226
)

0.58


73


(429
)

(356
)Time
deposits


88,482


0.86


(818
)

(1,242
)

(2,060
)Short-term
borrowings


3,031


0.48


4


(92
)

(88
)FHLB
borrowings


12,218





(153
)

(1
)

(154
)$
104,487




$
(906
)
$
(1,896
)
$
(2,802
)Change in net
interest income







$
1,046

$
(755
)
$
291A summary of the net interest
spread and margin is as follows:

(Tax Equivalent Basis)

2007

2006Yield on average
interest-earning assets


6.49
%

6.12
%Rate on average
interest-bearing liabilities


3.80


3.17Net interest spread


2.69
%

2.95
%Effect of noninterest-bearing
funds


0.53


0.46Net interest margin (tax
equivalent interest income divided by
  average interest-earning assets)


3.22
%

3.41
%Page 20 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition And
  Results of Operations (continued)Provision for Loan Losses

The provision
for loan losses was $532,000 in 2007 compared to $655,000 in 2006, a decrease
of $123,000. The loan loss provision is the amount necessary to adjust the
allowance to the level considered appropriate by management. The provision
adjustment is computed on a quarterly basis and is a result of managements
determination of the quality of the loan portfolio. The provision reflects a
number of factors, including the size of the loan portfolio, loan
concentrations, the impact on the borrowers ability to repay, loan collateral
values, the level of impaired loans and loans past due ninety days or more. In
addition, management considers the credit quality of the loans based on
managements review of problem and watch loans, including loans with historical
higher credit risks (primarily agricultural loans). In the first quarter of
2007, problem and watch loans increased approximately $650,000 while there was
an increase of approximately $750,000 in the first quarter of 2006. In
addition, the provision was larger in 2006 due to loan growth of $33.8 million
in the first quarter compared to $5.7 million in the first quarter of 2007.

The allowance
for loan losses balance is also affected by the charge-offs, net of recoveries,
for the periods presented. For the quarters ended March 31, 2007 and 2006,
recoveries were $463,000 and $500,000, respectively; and charge-offs were
$435,000 in 2007 and $365,000 in 2006. The methodology used in 2007 is
consistent with 2006. The allowance for loan losses totaled $18,410,000 at
March 31, 2007 compared to $17,850,000 at December 31, 2006. The allowance
represented 1.41% and 1.37% of outstanding loans at March 31, 2007 and December
31, 2006, respectively. The allowance was based on managements consideration
of a number of factors, including loan concentrations, loans with higher credit
risks (primarily agriculture loans and spec real estate construction) and
overall increases in net loans outstanding.

Net Gain on Sale of Loans

Net gain on
sale of loans for the three months ended March 31, 2007 was $201,000 compared
to $154,000 for the comparable period ended March 31, 2006. The number of loans
sold in 2007 was 151 compared to 116 in the similar period in 2006, an increase
in volume of 30%.

Other Income

Other income,
other than the net gain on sale of loans discussed above, increased by $127,000
for the three months ended March 31, 2007. Trust fees increased $85,000 as a
result of assets under management increasing from $800.0 million as of March
31, 2006 to $876.0 million as of March 31, 2007. Service charges and fees were
up $139,000 in 2007 of which $43,000 was the result of fee income strategies. Debit
card and point of sale (POS) pin interchange fees increased during the same
period by $92,000 due to volume of activity. Rental revenue on tax credit real
estate decreased $96,000 for the three-month period ended March 31, 2007. This
decrease was due to adjustments recorded upon receipt of the 2006 audited
financial statements for the tax credit properties.

Other Expenses

Other expenses
increased $490,000 in 2007 to $8,612,000 from the same period in 2006. This
increase of 6.03% included $339,000 in salaries and benefits. Direct salary
expense was up $233,000, or 7.04%, due to additional employees in 2007 compared
to 2006 and annual salary adjustments. Medical expense for employees health
insurance increased $30,000 due to premium increases of 6.90%.

Income Taxes

Federal and
state income tax expenses were $1,798,000 and $1,794,000 for the three months
ended March 31, 2007 and 2006, respectively. Income taxes as a percentage of
income before taxes were 30.98% in 2006 and 31.24% in 2006. The amount of tax
credits was $140,000 for the first quarters of both 2007 and 2006.

Page 21 of 30

HILLS BANCORPORATION

Item 2.
Managements Discussion and Analysis of Financial Condition
  And Results of Operations (continued)Liquidity

The Company
actively monitors and manages its liquidity position with the objective of
maintaining sufficient cash flows to fund operations, meet client commitments,
take advantage of market opportunities and provide a margin against
unforeseeable liquidity needs. Federal funds sold and investment securities
available for sale are readily marketable assets. Maturities of all investment
securities are managed to meet the Companys normal liquidity needs, to respond
to market changes or to adjust the Companys interest rate risk position.
Federal funds sold and investment securities available for sale comprised
13.42% of the Companys total assets at March 31, 2007, compared to 11.48% at
December 31, 2006.

The Company
has historically maintained a stable deposit base and a relatively low level of
large deposits, which has mitigated the volatility in the Companys liquidity
position. As of March 31, 2007, the Company had borrowed $235.4 million from
the Federal Home Loan Bank (FHLB) of Des Moines. The amount of advances from
the FHLB of Des Moines is unchanged from December 31, 2006. These advances were
used as a means of providing both long and short-term, fixed-rate funding for
certain assets and for managing interest rate risk. The Company had additional
borrowing capacity available from the FHLB of approximately $196.6 million at
March 31, 2007.

As additional
sources of liquidity, the Company has the ability to borrow up to $10 million
from the Federal Reserve Bank of Chicago, and has lines of credit with two
banks totaling $96.6 million. Those two lines of credit require the pledging of
investment securities when drawn upon. The combination of high levels of
potentially liquid assets, low dependence on volatile liabilities and
additional borrowing capacity provided sources of liquidity for the Company
which management considered sufficient at March 31, 2007.

As of March
31, 2007, investment securities with a carrying value of $44,429,000 were
pledged to collateralize public and trust deposits, short-term borrowings and
for other purposes, as permitted by law. As of December 31, 2006, investment
securities with a carrying value of $59,063,000 were pledged.

Contractual
Obligations

As of March
31, 2007, there had been no material changes in the Companys contractual
obligations from those disclosed in it Annual Report in Form 10-K for the year
ended December 31, 2006.

Page 22 of 30

HILLS BANCORPORATION

Item 3.
Quantitative and Qualitative Disclosures About Market RiskMarket Risk Management

The Companys primary market
risk exposure is to changes in interest rates. The Companys asset/liability
management, or its management of interest rate risk, is focused primarily on
evaluating and managing net interest income given various risk criteria.
Factors beyond the Companys control, such as market interest rates and
competition, may also have an impact on the Companys interest income and
interest expense. In the absence of other factors, the Companys overall yield
on interest-earning assets will increase, as will its cost of funds on its
interest-bearing liabilities when market interest rates increase over an
extended period. Conversely, the Companys yields and cost of funds will
decrease when market rates decline. The Company is able to manage these swings
to some extent by attempting to control the maturity or rate adjustments of its
interest-earning assets and interest-bearing liabilities over given periods of
time.

Asset/Liability Management

The Bank maintains an
asset/liability committee, which meets at least quarterly to review the Banks
interest rate sensitivity position and to review various strategies as to interest
rate risk management. In addition, the Bank uses a simulation model to review
various assumptions relating to interest rate movement. The model attempts to
limit rate risk even if it appears the Banks asset and liability maturities
are perfectly matched and a favorable interest margin is present.

In order to minimize the
potential effects of adverse material and prolonged increases or decreases in
market interest rates on the Companys operations, management has implemented
an asset/liability program designed to mitigate the Companys interest rate
sensitivity. The program emphasizes the origination of adjustable rate loans,
which are held in the portfolio, the investment of excess cash in short or
intermediate term interest-earning assets, and the solicitation of savings or
transaction deposit accounts, which are less sensitive to changes in interest
rates and can be re-priced rapidly.

Net interest income should
decline as interest rates increase, while net interest income should increase
as interest rates decline. Generally, during periods of increasing interest
rates, the Companys interest rate sensitive liabilities would re-price faster
than its interest rate sensitive assets causing a decline in the Companys
interest rate spread and margin. This would tend to reduce net interest income
because the resulting increase in the Companys cost of funds would not be
immediately offset by an increase in its yield on earning assets. In times of
decreasing interest rates, fixed rate assets could increase in value and the
lag in re-pricing of interest rate sensitive assets could be expected to have a
positive effect on the Companys net interest income.

Page 23 of 30

HILLS BANCORPORATION

Item 4.
Controls and ProceduresThe Company
carried out an evaluation, under the supervision and with the participation of
the Companys management, including the Companys Chief Executive Officer and
Chief Financial Officer, of the effectiveness of the design and operation of
the Companys disclosure controls and procedures as defined in the Securities
Exchange Act of 1934 Rule 13a-15(f). Based upon that evaluation, the Companys
Chief Executive Officer and Chief Financial Officer concluded that the
Companys disclosure controls and procedures are effective in recording, processing,
summarizing and reporting, on a timely basis, information required to be
disclosed by the Company in the reports it files with the Securities and
Exchange Commission. There have been no changes in the Companys internal
controls over financial reporting during the first quarter of 2007 that have
materially affected, or are reasonably likely to affect materially, the
Companys internal controls over financial reporting.

Page 24 of 30

HILLS BANCORPORATIONPART II - OTHER INFORMATION

Item 1.
Legal ProceedingsNo material
  legal proceedings are pending.Item 1A.
Risk
  FactorsThere have been no
  material changes from the risk factors disclosed in the Companys Annual
  Report on Form 10-K for the year ended December 31, 2006.Item 2.
Unregistered Sales of Equity Securities and Use of ProceedsThe following
table sets forth information about the Companys stock purchases, all of which
were made pursuant to the 2005 Stock Repurchase Program, for the three months
ended March 31, 2007:

Period

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 (1)January 1 to January 31

900



$  50.00


68,821


681,179February 1 to February 28

5,215



50.90


74,036


675,964March 1 to March 31

1,830



51.00


75,866


674,134Total

7,945



$  50.82


75,866


674,134(1) On July
26, 2005, the Companys Board of Directors authorized a program to repurchase
up to 750,000 shares of the Companys common stock (the 2005 Stock Repurchase
Program). This authorization will expire on December 31, 2009. 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.

Item 3.
Defaults upon Senior SecuritiesHills
  Bancorporation has no senior securities.Item 4.
Submission of Matters to a Vote of Security HoldersNo matters
  were submitted to a vote of security holders during the quarter ended March
  31, 2007.Item 5.
Other InformationNoneItem 6.
Exhibits31
Certifications
  under Section 302 of the Sarbanes-Oxley Act of 200232
Certifications
  under Section 906 of the Sarbanes-Oxley Act of 2002Page 25 of 30SIGNATURES

Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

HILLS BANCORPORATION

Date:
  May 8, 2007

By:
  /s/ Dwight O. SeegmillerDwight
  O. Seegmiller, Director, President and Chief Executive OfficerDate:
  May 8, 2007

By:
  /s/ James G. PrattJames
  G. Pratt, Secretary, Treasurer and Chief Accounting OfficerPage 26 of 30

HILLS
BANCORPORATIONQUARTERLY REPORT OF FORM 10-Q FOR THE
QUARTER ENDED MARCH 31, 2007

Exhibit
  Number
Description
Page Number
  In The Sequential
  Numbering System
  March 31, 2007 Form 10-Q31
Certifications
  under Section 302 of the Sarbanes-Oxley Act of 2002
28
  - 29 of 3032
Certifications
  under Section 906 of the Sarbanes-Oxley Act of 2002
30
  of 30Page 27 of 30