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| HILLS BANCORPORATION                                                                                                          |   |                    | Exhibit 11 |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |
| STATEMENT RE COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE                                                              |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |
|                                                                                                                          |   | Year Ended December 31, |       |
|                                                                                                                          |   | 2009                    |       |   | 2008 |   |   | 2007 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |
| Shares of common stock, beginning                                                                                             |   |                    | 4,440,545  |   |   |   | 4,490,107 |   |   |   | 4,503,738 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |   |   |   |
| Shares of common stock, ending                                                                                                |   |                    | 4,422,274  |   |   |   | 4,440,545 |   |   |   | 4,490,107 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |   |   |   |
| Computation of weighted average number of basic and diluted shares:                                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Common shares outstanding at the beginning of the year                                                                        |   |                    | 4,440,545  |   |   |   | 4,490,107 |   |   |   | 4,503,738 |   |
| Weighted average number of net shares issued (redeemed)                                                                       |   |                    | (17,843    | )      |   |   | (22,122 | ) |   |   | (4,158 | ) |
| Weighted average shares outstanding (basic)                                                                                   |   |                    | 4,422,702  |   |   |   | 4,467,985 |   |   |   | 4,499,580 |   |
| Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method |   |                    | 12,812     |   |   |   | 15,202 |   |   |   | 19,495 |   |
| Weighted average number of shares (diluted)                                                                                   |   |                    | 4,435,514  |   |   |   | 4,483,187 |   |   |   | 4,519,075 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |   |   |   |
| Net income (In Thousands)                                                                                                     |   | $                       | 15,985     |   |   | $ | 14,140 |   |   | $ | 16,143 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |   |   |   |
| Earnings per share:                                                                                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                         |   | $                       | 3.61       |   |   | $ | 3.16 |   |   | $ | 3.59 |   |
| Diluted                                                                                                                       |   | $                       | 3.60       |   |   | $ | 3.15 |   |   | $ | 3.57 |   |
|                                                                                                                          |   |                    |       |   |   |   |   |   |   |   |   |   |
| Dividends per common share                                                                                                    |   | $                       | 0.91       |   |   | $ | 0.91 |   |   | $ | 0.86 |   |

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