Anthony Roetlin
About Anthony Roetlin
Anthony V. Roetlin, age 57, serves as Treasurer, Chief Financial Officer, and Principal Financial/Accounting Officer of Hills Bancorporation (HBIA), having joined on December 30, 2022 . He holds a BBA in Finance with an Accounting emphasis from the University of Iowa (1991) and an MBA in Finance and Econometrics from the University of Chicago (1997) . During his CFO tenure, HBIA’s TSR fell 7.00% in 2023 then rose 10.91% in 2024, while net income increased from $38.18M to $47.60M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| City of Coralville, Iowa | Director of Finance | 2012–2022 | Not disclosed |
| AEGON Asset Management | Finance roles | Not disclosed | Not disclosed |
| Springsted Incorporated | Finance roles | Not disclosed | Not disclosed |
| William Blair & Company | Finance roles | Not disclosed | Not disclosed |
| First Chicago Capital Markets | Finance roles | Not disclosed | Not disclosed |
| American National Bank & Trust Company of Chicago | Finance roles | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external public company directorships or committee roles disclosed for Roetlin |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2024 | 256,643 | Not disclosed | 0 | Company reported no NEO cash bonuses for 2024 |
| 2023 | 246,154 | Not disclosed | 0 | Bonus column shows no bonus paid |
Performance Compensation
| Grant Type | Grant Date | Shares (#) | Grant-Date Fair Value ($) | Metric | Weighting | Target | Actual | Payout Basis | Vesting |
|---|---|---|---|---|---|---|---|---|---|
| Time-based RSU | 1/10/2023 | 500 | 36,000 | Time-based | N/A | N/A | N/A | Fair value at grant | Vests 1/10/2028; dividends before vest |
| Time-based RSU | 10/10/2023 | 400 | 26,400 | Time-based | N/A | N/A | N/A | Fair value at grant | Vests 10/10/2031; dividends before vest |
| Time-based RSU | 7/9/2024 | 1,000 | 68,500 | Time-based | N/A | N/A | N/A | Fair value at grant | Vests 7/9/2029; dividends before vest |
| Time-based RSU | 11/12/2024 | 400 | 28,000 | Time-based | N/A | N/A | N/A | Fair value at grant | Vests 11/12/2032; dividends before vest |
No stock options outstanding; HBIA did not grant options to Company NEOs in 2024 . Company uses ESOP and Profit Sharing contributions as part of long-term compensation .
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 2,946 | Sole voting/investment power: 2,946; shared: 0 |
| Ownership (% of shares outstanding) | 0.03% | Based on 8,957,661 shares outstanding on 3/3/2025 |
| ESOP shares allocated (voting only) | 130 | Included within beneficial ownership |
| Unvested RSUs (shares) | 2,300 | 500 (2028), 1,000 (2029), 400 (2031), 400 (2032) |
| Unvested RSU market value ($) | 165,600 | Based on $72.00 close 12/31/2024 |
| Stock ownership guidelines | None adopted | No share ownership/retention policy for executives |
| Hedging/Pledging | No hedging policy adopted | No pledging disclosures found in proxy |
Employment Terms
| Term | Disclosure | Economics / Triggers |
|---|---|---|
| Employment agreement | None for NEOs (including Roetlin) | Compensation set by Committee; no fixed-term contract |
| Severance provisions | None (no severance agreements) | Standard plans only; no special NEO severance |
| Change-in-control | Single-trigger equity acceleration | Upon change in control, all award restrictions lapse; immediate vesting |
| Clawback policy | Discretionary recovery on restatement due to misconduct | Committee may adjust/recover awards after material restatement tied to intentional misconduct |
| Deferred compensation | Plan exists; no NEO entries for 2024 | NEOs (including Roetlin) had no contributions/withdrawals in 2024 |
| Non-compete/Non-solicit | Not disclosed | — |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| HBIA TSR (Value of $100) | 115.69 | 107.59 | 119.33 |
| Net Income ($USD thousands) | 47,753 | 38,176 | 47,604 |
- CFO tenure started Dec 30, 2022; YoY TSR was -7.00% in 2023 then +10.91% in 2024 . Net income rose 24.67% in 2024 after a decline in 2023 .
- Financial performance measures tracked by HBIA include Net Income, Net Interest Margin, ROAA, ROAE, Efficiency Ratio .
Compensation Structure Analysis
- Cash vs. equity mix: Salary increased 4.3% from $246,154 (2023) to $256,643 (2024), while equity grant fair value rose from $62,400 to $68,500; no cash bonuses were paid to NEOs in 2024, indicating greater reliance on time-based equity and retirement plans .
- Instruments: Shift toward time-based RSUs; no PSUs or options disclosed for Roetlin, lowering direct linkage to financial/TSR targets .
- Peer benchmarking: Committee reviews Midwest/Iowa bank peers; did not engage outside consultants in 2024 .
- Say-on-pay: 98% approval in 2024; no changes made in response .
Compensation & Incentives (Additional Detail)
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| ESOP contribution ($) | 11,103 | 11,549 | Bank-sponsored ESOP; 4.5% of compensation in 2024 |
| Profit Sharing ($) | 11,103 | 11,549 | Bank-sponsored Profit Sharing; 4.5% in 2024 |
| 401(k) match ($) | 1,929 | 2,566 | 25% match on up to 4% deferrals (max 1% of comp) |
| Life insurance/AD&D ($) | 308 | 330 | Up to 2× salary capped at $250k |
| Dividends on unvested RSUs ($) | — | 990 | RSUs receive dividends pre-vesting |
Vesting Schedules and Insider Selling Pressure
- Scheduled vesting: 500 shares on 1/10/2028; 1,000 on 7/9/2029; 400 on 10/10/2031; 400 on 11/12/2032, creating long-dated vesting and limited near-term selling pressure from award releases .
- Form 4 trading: No Form 4 activity summarized in proxy; no vesting or option exercises reported for Roetlin in 2024 .
Equity Ownership & Alignment Considerations
- Alignment: Small personal stake (0.03% of shares outstanding) and no executive ownership guidelines may dilute alignment, partially offset by ESOP and time-based RSUs .
- Hedging/Pledging: The Company reports no adopted hedging policy; no pledging disclosures for Roetlin, which warrants monitoring for alignment risks .
Governance and Committee Practices (Context)
- Compensation & Incentive Stock Committee: Comprised of non-employee directors (with one non-independent member), met 10 times in 2024; oversees salaries, equity grants, ESOP/Profit Sharing contributions .
- Clawbacks/Risk: Committee views compensation policies as not encouraging undue risk; may recover/cancel awards after material restatement due to intentional misconduct .
Investment Implications
- Pay-for-performance linkage: Roetlin’s incentives are predominantly time-based RSUs and retirement contributions, with no disclosed performance-based equity or defined annual bonus targets; alignment depends on long-term stock performance and continued tenure rather than near-term financial targets .
- Retention and selling pressure: Long-dated vesting into 2031–2032 supports retention and limits near-term unlocks; no severance enhances baseline retention economics but single-trigger CIC equity acceleration could be value-accretive in a sale scenario .
- Ownership and governance: Minimal personal ownership and absence of executive ownership guidelines merit ongoing monitoring; high say-on-pay support (98%) and improved 2024 net income temper concerns .
- Performance backdrop: After a soft 2023, TSR rebounded in 2024 and net income recovered to 2019–2022 levels, supporting the equity component’s potential value realization over Roetlin’s vesting horizon .