County Bancorp, Inc. Announces Net Income Of $3.5 Million For The Third Quarter Of 2018

Company Release - 10/22/2018 8:30 AM ET

Highlights

  • Net income of $3.5 million for the third quarter of 2018
  • Diluted earnings per share of $0.50 for the third quarter of 2018
  • Loan growth of $21.4 million during the third quarter of 2018, an increase of 1.8%
  • Gross loans serviced increased $37.9 million during the third quarter of 2018, an increase of 2.1%

MANITOWOC, Wis, Oct. 22, 2018 (GLOBE NEWSWIRE) -- County Bancorp, Inc. (Nasdaq: ICBK), the holding company of Investors Community Bank, an agricultural and commercial bank headquartered in Manitowoc, Wisconsin, reported net income of $3.5 million, or $0.50 diluted earnings per share, for the third quarter of 2018, compared to net income of $3.9 million, or $0.55 diluted earnings per share, for the second quarter of 2018 and $3.6 million, or $0.52 diluted earnings per share, for the third quarter of 2017.  This represents a return on average assets of 0.94% for the quarter ended September 30, 2018, compared to 1.04% for the quarter ended June 30, 2018 and 1.11% for the quarter ended September 30, 2017.

“Our financial performance this quarter was solid,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank.  “We are starting to see some positive traction on asset repricing as reflected in the 0.21% asset yield improvement from the quarter ended June 30, 2018.  The deposit market remains competitive, with interest-bearing liability yields increasing 0.19% compared to the quarter ended June 30, 2018.  During the third quarter of 2018, we had solid loan growth of $21.4 million in on-balance sheet and $16.5 million in sold and serviced loans.”

“We expect loan growth to be balanced with our ability to grow core deposits which grew by $15.1 million during the third quarter of 2018,” stated Schneider.  “Brokered deposits, national deposits, and FHLB advances decreased by $22.6 million in that same timeframe. Our provisions for loan losses increased in the third quarter compared to the second quarter due to specific reserves on a newly added impaired agricultural loan, in addition to an increase in substandard rated credits that are not considered impaired.  This was partially offset by continued principal pay downs on impaired loans.” 

Schneider added, “We believe we are managing this challenging agriculture economy well, and we are encouraged by the announcement of a pending revision to the North American Free Trade Agreement among the U.S., Canada and Mexico, which included a pledge to curb protection for Canada’s dairy industry.  Long term, we feel this revised agreement, called the United States Mexico Canada Agreement, will have a positive impact on overall dairy prices. We continue to be diligent in monitoring our classified agricultural credits and remain committed to working through this cycle in agriculture.” 

Loans and Total Assets

Total assets at September 30, 2018 were $1.5 billion, an increase of $117.9 million, or 8.4%, and $155.6 million, or 11.5%, over total assets as of December 31, 2017 and September 30, 2017, respectively.  Total loans were $1.2 billion at September 30, 2018, which represents a $54.0 million, or 4.6%, and $76.3 million, or 6.8%, increase over total loans at December 31, 2017 and September 30, 2017, respectively.  Loan growth in the third quarter of 2018 was $21.4 million, an increase of 1.8%, from June 30, 2018.

In addition to on-balance sheet loan growth, participated loans that we continue to service totaled $644.0 million at September 30, 2018, which is an increase of $43.4 million, or 7.2%, and $50.7 million, or 8.5%, over participated loans that we continue to service at December 31, 2017 and September 30, 2017, respectively.  During the third quarter, participated loans that we continue to service increased $16.5 million, or 2.6%, over loans sold and serviced as of June 30, 2018.

Deposits

Total deposits at September 30, 2018 were $1.2 billion, an increase of $98.7 million, or 8.9%, and $142.7 million, or 13.4%, over total deposits as of December 31, 2017 and September 30, 2017, respectively.  Core deposit (demand deposits, money market accounts, and certificates of deposit) increased $15.1 million during the third quarter and $33.2 million during the first nine months of 2018. We continue to supplement our deposit needs with wholesale deposits, which include brokered deposits and national certificates of deposit.  Brokered deposits and national certificates of deposit at September 30, 2018 were $490.7 million, which was a decrease of $16.8 million, or 3.3%, from June 30, 2018, but was an increase of $65.7 million, or 15.5%, from December 31, 2017, and an increase of $63.3 million, or 14.8%, from September 30, 2017.

Due to our deposit growth in 2018, we have been able to decrease our FHLB borrowings by $19.1 million, or 15.7%, since December 31, 2017, and by $25.9 million, or 20.2%, since September 30, 2017.

Net Interest Income and Margin

Net interest income improved to $10.6 million for the three months ended September 30, 2018, which is a $0.3 million and $0.6 million increase from the three months ended June 30, 2018 and the three months ended September 30, 2017, respectively, primarily due to growth in loans and securities available for sale.

For the nine months ended September 30, 2018, net interest income improved 8.7% to $31.2 million from $28.7 million for the nine months ended September 30, 2017.

Net interest margin was to 2.89% for the three months ended September 30, 2018, which is an increase from 2.87% for the three months ended June 30, 2018, and a decrease from 3.17% for the three months ended September 30, 2017.  Despite asset yields improving over the linked quarter, only a slight improvement was realized in net interest margin due to continued increased deposits costs and the addition of $30 million of junior subordinated debentures during the second quarter of 2018.  Year-over-year net interest margin decreased by twenty basis points primarily due to interest expense related to the $30.0 million of junior subordinated debentures that were issued during the second quarter of 2018, which was partially offset by a twenty-nine basis point improvement in loan yields.

Yields on interest bearing assets increased by 0.21% between the third quarter of 2018 and the second quarter of 2018 while the cost of interest bearing liabilities increased by 0.19% between the same periods.  For the nine months ended September 30, 2018, yields on interest bearing assets increased by 0.18%, and the cost of interest bearing liabilities increased by 0.44% compared to the nine months ended September 30, 2017.

Non-Interest Income and Expense

Non-interest income for the three months ended September 30, 2018 decreased by $0.1 million, or 6.9%, to $2.2 million compared to the three months ended June 30, 2018, primarily the result of decreased loan servicing rights related to the pay-downs of loans being serviced.

Non-interest income for the three months ended September 30, 2018 increased $0.1 million, or 3.4%, to $2.2 million compared to $2.1 million for the three months ended September 30, 2017.  For the nine months ended September 30, 2018, non-interest income increased $0.9 million, or 15.1%, to $6.5 million from the nine months ended September 30, 2017.  Both the quarterly and year-to-date increases are directly related to increases in loan servicing fees which was the result of higher volumes of loans being serviced.

Non-interest expense for the three months ended September 30, 2018 increased by $0.1 million, or 1.2%, to $7.0 million compared to the three months ended June 30, 2018, primarily due to a one time employment contract payment of $0.2 million which was partially offset by fewer OREO writedowns and expenses.

Non-interest expense for the quarter ended September 30, 2018 increased $0.7 million, or 11.6%, to $7.0 million from $6.3 million for the quarter ended September 30, 2017.  For the nine months ended September 30, 2018, non-interest expense increased $1.9 million, or 10.2%, to $20.7 million compared to the nine months ended September 30, 2017.  These increases were primarily related to increases in employee compensation and benefits in connection with six new positions, which was partially offset by decreases in professional fees.  In addition, increased occupancy and information processing expenses are directly related to the purchase of our new corporate headquarters in 2018. 

Asset Quality

Non-performing assets as a percent of total assets increased to 2.36% at September 30, 2018, from 2.30% at June 30, 2018 and 1.43% at September 30, 2017.  At September 30, 2018, non-performing assets were $35.7 million, up from $34.9 million at June 30, 2018 and $19.4 million at September 30, 2017.  During the third quarter of 2018, non-performing loans increased $1.6 million due to two agricultural relationships and two commercial relationships being put on non-accrual status.  Total impairment on these non-performing loans totaled $99,000 and was included in the allowance for loan losses.  One property was sold out of OREO and one Farm Service Agency guarantee was received resulting in a decrease of $0.8 million in OREO during the quarter ended September 30, 2018.

A provision for loan losses of $1.0 million was recorded for the three months ended September 30, 2018 compared to a provision of $0.5 million and $33 thousand for the three months ended June 30, 2018 and September 30, 2017, respectively.  The increased provision is directly related to the $24.5 million and $48.2 million increase in substandard performing and substandard impaired loans from June 30, 2018 and September 30, 2017, respectively.

For the nine months ended September 30, 2018, the provision for loan losses was $1.6 million compared to $2.3 million for the nine months ended September 30, 2017.  The decrease in provision expense year-over-year is primarily the result of a $1.2 million recovery that took place during the first quarter of 2018.

Conference Call

County Bancorp, Inc. will host an earnings call today at 3:00 p.m., CDT; conducted by Mr. Schneider and Glen L. Stiteley, CFO.  Shareholders, analysts, and other interested parties are invited to join the call via telephone by dialing (888) 317-6016 or visiting County’s website at http://www.investorscommunitybank.com and then clicking on the link “Investor Relations.”  Investors should visit the Company’s website or call in to the dial-in number set forth above at least 10 minutes prior to the scheduled start of the call.

A replay of the earnings call will be available until October 22, 2019, by visiting the Company’s website at http://www.investorscommunitybank.com and clicking on the link “Investor Relations.”

About County Bancorp, Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin.  The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending.  We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin.  Our customers are served from our full-service locations in Manitowoc, Appleton, Green Bay, and Stevens Point and our loan production offices in Darlington, Eau Claire, Fond du Lac, and Sheboygan.

Forward-Looking Statements

This press release includes "forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking statements presented in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this press release include those identified in County Bancorp, Inc.’s most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.  Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Investor Relations Contact
Glen L. Stiteley
EVP - CFO, Investors Community Bank
Phone: (920) 686-5658
Email: [email protected]      

County Bancorp, Inc.
Consolidated Financial Summary
(Unaudited)
 September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
  September 30,
2017
 
    
  (dollars in thousands, except per share data) 
Period-End Balance Sheet:                    
  Assets                    
  Cash and cash equivalents $49,996  $81,044  $90,676  $66,771  $71,795 
  Securities available for sale, at fair value  190,185   187,505   141,360   126,030   107,242 
  Loans held for sale  13,770   11,468   6,407   6,575   2,054 
  Agricultural loans  714,310   702,426   698,106   686,430   675,856 
  Commercial loans  417,146   407,609   406,096   407,036   397,989 
  Multi-family real estate loans  66,403   65,713   54,514   49,133   45,943 
  Residential real estate loans  4,965   5,437   5,512   6,005   6,584 
  Installment and consumer other  113   339   297   347   229 
  Total loans  1,202,937   1,181,524   1,164,525   1,148,951   1,126,601 
  Allowance for loan losses  (16,143)  (15,129)  (14,612)  (13,247)  (13,625)
  Net loans  1,186,794   1,166,395   1,149,913   1,135,704   1,112,976 
  Other assets  74,223   72,465   71,901   61,965   65,258 
  Total Assets $1,514,968  $1,518,877  $1,460,257  $1,397,045  $1,359,325 
                     
  Liabilities and Shareholders' Equity                    
  Demand deposits $103,862  $95,459  $101,167  $125,584  $118,815 
  NOW accounts and interest checking  46,811   51,674   48,212   51,613   46,178 
  Savings  6,616   6,833   6,189   6,751   6,402 
  Money market accounts  208,233   204,332   199,834   199,118   169,612 
  Time deposits  352,531   344,619   314,766   301,760   297,617 
  Brokered deposits  317,291   323,561   319,692   282,616   281,205 
  National time deposits  173,440   183,953   182,530   142,635   146,265 
  Total deposits  1,208,784   1,210,431   1,172,390   1,110,077   1,066,094 
  FHLB advances  102,400   108,200   120,500   121,500   128,300 
  Subordinated debentures  44,663   44,725   15,540   15,523   15,506 
  Other liabilities  11,134   9,439   9,013   8,959   9,696 
  Total Liabilities  1,366,981   1,372,795   1,317,443   1,256,059   1,219,596 
                     
  Shareholders' equity  147,987   146,082   142,814   140,986   139,729 
  Total Liabilities and Shareholders'
  Equity
 $1,514,968  $1,518,877  $1,460,257  $1,397,045  $1,359,325 
                     
Stock Price Information:                    
  High - Year-to-date $33.76  $33.76  $33.76  $35.89  $35.89 
  Low - Year-to-date $24.29  $25.72  $26.61  $22.73  $22.73 
  Market price - Quarter-end $25.10  $27.50  $29.21  $29.76  $30.05 
  Book value per share $20.91  $20.63  $20.17  $19.93  $19.79 
  Tangible book value per share (1) $20.07  $19.77  $19.29  $19.04  $18.87 
  Average diluted shares of common stock
  quarter-to-date
  6,757,945   6,769,936   6,768,965   6,768,939   6,757,648 
  Common shares outstanding  6,694,230   6,693,447   6,684,923   6,673,381   6,657,601 

(1) This is a non-GAAP financial measure.  A reconciliation to GAAP is included below.

  September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
  September 30,
2017
 
    
  (dollars in thousands) 
Loans by risk category:                    
  Sound/Acceptable/Satisfactory/
  Low Satisfactory
 $901,643  $896,509  $891,062  $873,801  $871,513 
  Watch  171,890   186,399   185,179   183,022   161,425 
  Special Mention  11,036   4,783   5,636   8,902   23,456 
  Substandard Performing  61,851   46,751   45,261   50,224   56,247 
  Substandard Impaired  56,517   47,082   37,387   33,002   13,960 
  Total loans $1,202,937  $1,181,524  $1,164,525  $1,148,951  $1,126,601 
                     
Non-Performing Assets:                    
  Nonaccrual loans $27,881  $26,305  $17,746  $11,559  $12,862 
  Other real estate owned (2)  7,851   8,607   8,982   4,565   6,576 
  Total non-performing assets $35,732  $34,912  $26,728  $16,124  $19,438 
                     
Restructured loans not on nonaccrual $11,863  $11,173  $10,488  $9,019  $8,087 
                     
Non-performing assets as a % of total assets  2.36%  2.30%  1.83%  1.15%  1.43%
Allowance for loan losses as a % of
  nonaccrual loans
  57.90%  57.51%  82.34%  114.60%  105.93%
Allowance for loan losses as a % of total
  loans
  1.34%  1.28%  1.25%  1.15%  1.21%
Net charge-offs (recoveries) quarter-to-date $(21) $16  $(1,268) $390  $(89)
Provision for loan loss quarter-to-date $993  $533  $97  $12  $33 

(2) Does not include $0.4 million of bank property transferred from premises and equipment which is not considered a non-performing asset.

  For the Three Months Ended 
  September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
  September 30,
2017
 
    
  (dollars in thousands, except per share data) 
Selected Income Statement Data:                    
  Interest and Dividend Income                    
Loans, including fees $15,113  $14,366  $13,691  $13,443  $13,070 
Taxable securities  945   982   632   462   461 
Tax-exempt securities  344   14   157   88   82 
Federal funds sold and other  249   401   213   256   102 
Total interest and dividend income  16,651   15,763   14,693   14,249   13,715 
                     
  Interest Expense                    
Deposits  4,980   4,600   3,796   3,464   3,108 
FHLB advances and other borrowed
  funds
  411   487   484   481   511 
Subordinated debentures  656   338   143   135   135 
Total interest expense  6,047   5,425   4,423   4,080   3,754 
Net interest income  10,604   10,338   10,270   10,169   9,961 
Provision for loan losses  993   533   97   12   33 
Net interest income after provision for
  loan losses
  9,611   9,805   10,173   10,157   9,928 
                     
  Non-Interest Income                    
Services charges  394   445   365   332   350 
Gain on sale of loans, net  41   45   32   22   47 
Loan servicing fees  1,521   1,486   1,452   1,483   1,469 
Loan servicing rights  (46)  127   10   (37)  94 
Income on OREO  96   45   32   16   20 
Other  151   168   149   178   107 
Total non-interest income  2,157   2,316   2,040   1,994   2,087 
                     
  Non-Interest Expense                    
Employee compensation and benefits  4,394   4,114   4,218   3,702   3,845 
Occupancy  332   278   204   135   162 
Information processing  529   529   465   423   450 
Professional fees  351   359   315   406   414 
Business development  258   260   299   210   275 
OREO expenses  46   152   140   17   50 
Writedown of OREO  81   104   -   820   8 
Net loss (gain) on OREO  (28)  (149)  -   10   39 
Depreciation and amortization  302   324   314   319   323 
Other  758   966   830   1,123   725 
Total non-interest expense  7,023   6,937   6,785   7,165   6,291 
  Income before income taxes  4,745   5,184   5,428   4,986   5,724 
  Income tax expense  1,228   1,334   1,374   2,855   2,120 
  NET INCOME $3,517  $3,850  $4,054  $2,131  $3,604 
                     
Other Data:                    
  Return on average assets  0.94%  1.04%  1.15%  0.62%  1.11%
  Return on average shareholders' equity  9.51%  10.63%  11.62%  6.05%  10.36%
  Return on average common shareholders'
  equity (1)
  9.75%  10.96%  12.04%  6.12%  10.72%
  Efficiency ratio (1)  54.62%  55.18%  55.12%  52.11%  51.83%
  Tangible common equity to tangible
  assets (1)
  8.90%  8.75%  8.87%  9.13%  9.29%
                     
Per Common Share Data:                    
  Basic $0.51  $0.56  $0.59  $0.31  $0.53 
  Diluted $0.50  $0.55  $0.58  $0.30  $0.52 
  Dividends declared $0.07  $0.07  $0.07  $0.06  $0.06 

  (1)   This is a non-GAAP financial measure.  A reconciliation to GAAP is included below.

   For the Three Months Ended 
Non-GAAP Financial Measures: September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
  September 30,
2017
 
    
    
    
    
  (dollars in thousands) 
Return on average common shareholders'
  equity reconciliation:
                    
  Return on average shareholders' equity  9.51%  10.63%  11.62%  6.05%  10.36%
  Effect of excluding average preferred
  shareholders' equity
  0.24%  0.33%  0.42%  0.07%  0.36%
  Return on average common shareholders'
  equity
  9.75%  10.96%  12.04%  6.12%  10.72%
                     
Efficiency ratio GAAP to non-GAAP
  reconciliation:
                    
  Non-interest expense $7,023  $6,937  $6,785  $7,165  $6,291 
  Less: net gain (loss) on sales and write-
  downs of OREO
  (53)  45   -   (830)  (47)
  Adjusted non-interest expense
  (non-GAAP)
 $6,970  $6,982  $6,785  $6,335  $6,244 
                     
  Net interest income $10,604  $10,338  $10,270  $10,169  $9,961 
  Non-interest income  2,157   2,316   2,040   1,994   2,087 
  Less: net gain on sales of securities  -   -   -   (6)  - 
  Operating revenue $12,761  $12,654  $12,310  $12,157  $12,048 
  Efficiency ratio  54.62%  55.18%  55.12%  52.11%  51.83%
                     
  September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
  September 30,
2017
 
  (dollars in thousands, except share and per share data) 
Tangible book value per share and
  tangible common equity to tangible
  assets reconciliation:
                    
  Common equity $139,987  $138,082  $134,814  $132,986  $131,729 
  Less: Goodwill  5,038   5,038   5,038   5,038   5,038 
  Less: Core deposit intangible, net of
  amortization
  603   701   806   919   1,038 
  Tangible common equity (non-GAAP) $134,346  $132,343  $128,970  $127,029  $125,653 
  Common shares outstanding  6,694,230   6,693,447   6,684,923   6,673,381   6,657,601 
  Tangible book value per share $20.07  $19.77  $19.29  $19.04  $18.87 
                     
  Total assets $1,514,968  $1,518,877  $1,460,257  $1,397,045  $1,359,325 
  Less: Goodwill  5,038   5,038   5,038   5,038   5,038 
  Less: Core deposit intangible, net of
  amortization
  603   701   806   919   1,038 
  Tangible assets (non-GAAP) $1,509,327  $1,513,138  $1,454,413  $1,391,088  $1,353,249 
  Tangible common equity to tangible assets  8.90%  8.75%  8.87%  9.13%  9.29%


  For the Three Months Ended 
  September 30, 2018  September 30, 2017 
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
 
    
  (dollars in thousands) 
Assets                        
Investment securities $189,448  $1,289   2.72% $111,306  $543   1.95%
Loans (2)  1,204,122   15,113   5.02%  1,104,259   13,070   4.73%
Interest bearing deposits due from other
  banks
  62,560   249   1.59%  41,187   102   0.99%
Total interest-earning assets $1,456,130  $16,651   4.57% $1,256,752  $13,715   4.37%
                         
Allowance for loan losses  (15,445)          (13,517)        
Other assets  58,921           59,186         
Total assets $1,499,606          $1,302,421         
                         
Liabilities                        
Savings, NOW, money market, interest
  checking
 $276,468   907   1.31% $224,819   387   0.69%
Time deposits  830,168   4,073   1.96%  679,324   2,721   1.60%
Total interest-bearing deposits $1,106,636  $4,980   1.80% $904,143  $3,108   1.38%
Other borrowings  839   10   4.61%  1,384   20   5.82%
FHLB advances  92,443   401   1.74%  136,561   491   1.44%
Junior subordinated debentures  44,659   656   5.88%  15,506   135   3.48%
Total interest-bearing liabilities $1,244,577  $6,047   1.94% $1,057,594  $3,754   1.42%
                         
Non-interest-bearing deposits  97,947           96,717         
Other liabilities  9,136           8,995         
Total liabilities $1,351,660          $1,163,306         
                         
Shareholders' equity  147,946           139,115         
Total liabilities and equity $1,499,606          $1,302,421         
                         
Net interest income     $10,604          $9,961     
Interest rate spread (3)          2.63%          2.95%
Net interest margin (4)          2.89%          3.17%
Ratio of interest-earning assets to interest-
  bearing liabilities
  1.17           1.19         

(1) Average balances are calculated on amortized cost.
(2) Includes loan fee income, nonaccruing loan balances, and interest received on such loans.
(3) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.

    
   For the Nine Months Ended 
  September 30, 2018  September 30, 2017 
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
 
    
  (dollars in thousands) 
Assets                        
Investment securities $161,869  $3,074   2.53% $114,528  $1,608   1.87%
Loans (2)  1,188,541   43,170   4.84%  1,070,840   36,952   4.60%
Interest bearing deposits due from other
  banks
  77,190   863   1.49%  40,800   243   0.80%
Total interest-earning assets $1,427,600  $47,107   4.40% $1,226,168  $38,803   4.22%
                         
Allowance for loan losses  (14,712)          (13,575)        
Other assets  55,963           54,906         
Total assets $1,468,851          $1,267,499         
                         
Liabilities                        
Savings, NOW, money market, interest
  checking
 $279,820   2,355   1.12% $239,365   1,113   0.62%
Time deposits  797,459   11,021   1.84%  644,472   7,238   1.50%
Total interest-bearing deposits $1,077,279  $13,376   1.66% $883,837  $8,351   1.26%
Other borrowings  1,094   40   4.86%  1,618   71   5.84%
FHLB advances  110,009   1,342   1.63%  128,093   1,285   1.34%
Junior subordinated debentures  28,682   1,137   5.29%  15,482   380   3.27%
Total interest-bearing liabilities $1,217,064  $15,895   1.74% $1,029,030  $10,087   1.30%
                         
Non-interest-bearing deposits  98,393           93,323         
Other liabilities  8,415           8,665         
Total liabilities $1,323,872          $1,131,018         
                         
Shareholders' equity  144,979           136,481         
Total liabilities and equity $1,468,851          $1,267,499         
                         
Net interest income     $31,212          $28,716     
Interest rate spread (3)          2.66%          2.92%
Net interest margin (4)          2.92%          3.12%
Ratio of interest-earning assets to interest-
  bearing liabilities
  1.17           1.19         

(1) Average balances are calculated on amortized cost.
(2) Includes loan fee income, nonaccruing loan balances, and interest received on such loans.
(3) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.

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Source: County Bancorp, Inc.

Manitowoc Phone:
(920) 686-9998

Stevens Point Phone:
(715) 254-3400

Appleton Phone:
(920) 739-2660

Green Bay Phone:
(920) 884-1166

Call Toll Free:
(888) 686-9998

Email:
[email protected]