|EXHIBIT 11
|----------
|          

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

|                                                                       | Year Ended December 31, |          
|---------------------------------------------------------------------- | ----------------------- | ---------
|                                                                       |                         |          
|                                                                       | 2005                    |          
|                                                                       |                        
|                                                                       |                         |          
|Shares of common stock, beginning                                      |                         | 4,549,656
|                                                                       |                         |          
|                                                                       |                         |          
|Shares of common stock, ending                                         |                         | 4,562,237
|                                                                       |                         |          
|                                                                       |                         |          
|Computation of weighted average number of basic and
   diluted shares: |                         |          
|Common shares outstanding at the beginning of the year                 |                         | 4,549,656
|Weighted average number of net shares issued (redemption)              |                         | 4,165    
|                                                                       |                         |          
|Weighted average shares outstanding (basic)                            |                         | 4,553,821
|Weighted average of potential dilutive shares                          |                         |          
|attributable to stock options granted, computed under                  |                         |          
|the treasury stock method                                              |                         | 22,354   
|                                                                       |                         |          
|Weighted average number of shares (diluted)                            |                         | 4,576,175
|                                                                       |                         |          
|                                                                       |                         |          
|Net income (In Thousands)                                              | $                       | 15,202   
|                                                                       |                         |          
|                                                                       |                         |          
|Earnings per share:                                                    |                         |          
|Basic                                                                  | $                       | 3.34     
|                                                                       |                         |          
|Diluted                                                                | $                       | 3.32     
|                                                                       |                         |          
|                                                                       |                         |          
|Dividends per common share                                             | $                       | 0.75     
|                                                                       |                         |          
|                                                                      
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|Page 93 of 98
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