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|EXHIBIT 11                                                       |           
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|HILLS BANCORPORATION                                             | Exhibit 11
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|STATEMENT RE COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
|                                                                

|                                                                                                                                         | Year Ended December 31, |          
|---------------------------------------------------------------------------------------------------------------------------------------- | ----------------------- | ---------
|                                                                                                                                         |                         |          
|
|                                                                                                                                         |                        
|                                                                                                                                         |                        
|Shares of common stock, beginning                                                                                                        |                         | 4,562,237
|                                                                                                                                         |                         |          
|                                                                                                                                         |                        
|Shares of common stock, ending                                                                                                           |                         | 4,503,738
|                                                                                                                                         |                         |          
|                                                                                                                                         |                        
|Computation of weighted average number of basic and
  diluted shares:                                                                    |                         |          
|Common shares outstanding at the beginning of the year                                                                                   |                         | 4,562,237
|Weighted average number of net shares issued (redeemed)                                                                                  |                         | (6,215   
|                                                                                                                                         |                         |          
|Weighted average shares outstanding (basic)                                                                                              |                         | 4,556,022
|Weighted average of potential dilutive shares
     attributable to stock options granted, computed under 
     the treasury stock method |                         | 25,581   
|                                                                                                                                         |                         |          
|Weighted average number of shares (diluted)                                                                                              |                         | 4,581,603
|                                                                                                                                         |                         |          
|                                                                                                                                         |                        
|Net income (In Thousands)                                                                                                                | $                       | 15,559   
|                                                                                                                                         |                         |          
|                                                                                                                                        
|Earnings per share:                                                                                                                      |                         |          
|Basic                                                                                                                                    | $                       | 3.42     
|                                                                                                                                         |                         |          
|Diluted                                                                                                                                  | $                       | 3.39     
|                                                                                                                                         |                         |          
|                                                                                                                                        
|Dividends per common share                                                                                                               | $                       | 0.81     
|                                                                                                                                         |                         |          
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|Page 92 of 97
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