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|EXHIBIT 11                                                     
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|HILLS BANCORPORATION                                           
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|STATEMENT RECOMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

|                                                          | Year Ended December 31, | 
|--------------------------------------------------------- | ----------------------- | 
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|
|                                                          |                         | 
|Shares of common stock, beginning                         |                         | 
|                                                          |                        
|                                                          |                         | 
|                                                          |                         | 
|Shares of common stock, ending                            |                         | 
|                                                          |                        
|Computation of weighted average number of basic and       |                         | 
|diluted shares:                                           |                         | 
|                                                          |                         | 
|Common shares outstanding at the beginning of the year    |                         | 
|                                                          |                         | 
|Weighted average number of net shares issued (redemption) |                         | 
|                                                          |                        
|Weighted average shares outstanding (basic)               |                         | 
|Weighted average of potential dilutive shares             |                         | 
|attributable to stock options granted, computed under     |                         | 
|                                                          |                         | 
|the treasury stock method                                 |                         | 
|                                                          |                        
|Weighted average number of shares (diluted)               |                         | 
|                                                          |                        
|                                                          |                         | 
|Net income (In Thousands)                                 |                         | 
|                                                          |                        
|Earnings per share:                                       |                         | 
|Basic                                                     |                         | 
|                                                          |                        
|Diluted                                                   |                         | 
|                                                          |                        
|                                                          |                         | 
|Dividends per common share                                |                         | 
|                                                          |                        
|                                                          |                         | 
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|Page 90 of 96
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