County Bancorp, Inc. Announces Net Income of $3.8 Million for the First Quarter of 2019

Company Release - 4/18/2019 8:30 AM ET

Highlights

  • Net income of $3.8 million for the first quarter of 2019
  • Diluted earnings per share of $0.54 for the first quarter of 2019
  • Book value per share of $22.36 as of March 31, 2019, an increase of $0.86, or 4.0%, since December 31, 2018
  • Brokered and national deposits decreased $52.2 million during the first quarter of 2019, a reduction of 11.1% since December 31, 2018

MANITOWOC, Wis., April 18, 2019 (GLOBE NEWSWIRE) -- County Bancorp, Inc. (the “Company”; Nasdaq: ICBK), the holding company of Investors Community Bank (the “Bank”), an agricultural and commercial community bank headquartered in Manitowoc, Wisconsin, reported net income of $3.8 million, or $0.54 diluted earnings per share, for the first quarter of 2019, compared to net income of $2.8 million, or $0.40 diluted earnings per share, for the fourth quarter of 2018 and $4.1 million, or $0.58 diluted earnings per share, for the first quarter of 2018.  This represents an annualized return on average assets of 1.00% for the three months ended March 31, 2019, compared to 1.15% for the three months ended March 31, 2018.

“We are very pleased that we continue to produce solid quarterly earnings, even with the challenges in the dairy sector,” stated Tim Schneider, President of the Company and CEO of the Bank. 

“As we previously announced, we are committed to reducing our wholesale funding which we were able to make significant progress towards in the first quarter through loan participations.  Our core deposit strategies had modest impact on this shift in the first quarter, but we feel longer term our strategies to grow core deposits will be impactful.  Although we saw reduction in our classified assets ratio which was due to completed collection efforts, loan payoffs, and credits which were upgraded through our annual review process, we still have a large portion of our agricultural portfolio remaining to fully review through the credit underwriting process.”

Loans and Total Assets

Total assets at March 31, 2019 were $1.5 billion, a decrease of $29.4 million, or 1.9%, and an increase of $31.1 million, or 2.1%, over total assets as of December 31, 2018 and March 31, 2018, respectively.  Total loans were $1.2 billion at March 31, 2019, which represents a $24.3 million, or 2.0%, decrease over total loans at December 31, 2018, and an $18.4 million, or 1.6%, increase over total loans at March 31, 2018.

During the first quarter of 2019, participated loans that we continue to service increased to $675.3 million at March 31, 2019, which is an increase of $14.0 million, or 2.1%, and $63.9 million, or 10.5%, over participated loans that we serviced at December 31, 2018 and March 31, 2018, respectively.

Deposits

Total deposits at March 31, 2019 were $1.2 billion, a decrease of $47.1 million, or 3.8%, and an increase of $3.8 million, or 0.3%, over total deposits as of December 31, 2018 and March 31, 2018, respectively.  Client deposits (demand deposits, money market accounts, and certificates of deposit) increased $5.2 million, or 0.7%, since December 31, 2018, and increased $89.4 million, or 13.3%, since March 31, 2018. 

Due to the increases in loan participations and client deposit growth, we were able to decrease our reliance on brokered deposits and national certificates of deposit by $52.2 million, or 11.1%, from December 31, 2018, to $416.7 million at March 31, 2019.  This also represents a decrease or $85.5 million, or 17.0%, from March 31, 2018. 

During the first quarter of 2019, we supplemented a portion of our deposit needs with FHLB borrowings.  At March 31, 2019, borrowings from the FHLB totaled $100.4 million, which was an increase of $11.0 million, or 12.3%, from December 31, 2018, but was a decrease of $20.1 million, or 16.7%, from March 31, 2018.

Net Interest Income and Margin

Net interest income was $10.6 million for the three months ended March 31, 2019, which was a $0.1 million, or 1.7%, decrease from the three months ended December 31, 2018, and a $0.3 million, or 2.8%, increase from the three months ended March 31, 2018.  The primary reason for the first quarter decline in net interest income compared to the preceding quarter was the increase in loan participations that resulted in lower average loan balances during the period.

Net interest margin was 2.94% for the three months ended March 31, 2019, which was an increase from 2.91% for the three months ended December 31, 2018, and a decrease from 3.01% for the three months ended March 31, 2018.  A slight improvement in net interest margin was realized over the linked quarter because while loan yields remained steady, interest rates on deposits due from other banks outpaced the increase in cost of funds.  Year-over-year first quarter net interest margin decreased by seven 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 and a fifty-one basis point increase in cost of funds, which was partially offset by a forty-seven basis point improvement in loan yields.

Non-Interest Income and Expense

Non-interest income for the three months ended March 31, 2019 increased by $0.5 million, or 18.5%, to $2.8 million compared to the three months ended December 31, 2018, primarily due to the reduction of the allowance for unused commitments of $0.5 million, included in other non-interest income, in the first quarter.  The Company evaluated the need for this allowance during the first quarter and concluded there was no sufficient evidence that represented credit loss inherent in these commitments to substantiate the necessity of this reserve at March 31, 2019 and concluded to eliminate it.  The Company will continue to evaluate credit risk on these off-balance sheet commitments going forward.  During the first quarter, the Company also reduced a valuation allowance on its loan servicing rights portfolio which resulted in an increase of $0.2 million of loan servicing rights.  The reduction of the valuation allowance is expected to continue throughout the remaining quarters of 2019.

Non-interest income for the three months ended March 31, 2019 increased $0.7 million, or 34.8%, compared to $2.0 million for the three months ended March 31, 2018.  The year-over-year increase was primarily due to the elimination of the allowance for unused commitments and valuation allowance reduction discussed above and increases in loan servicing fees and rights which were the result of higher volumes of loans being serviced.

Non-interest expense for the three months ended March 31, 2019 decreased by $0.2 million, or 3.1%, to $7.3 million compared to the three months ended December 31, 2018, and increased $0.5 million, or 7.7%, compared to the three months ended March 31, 2018.  The quarter-over-quarter decrease was primarily due $0.7 million of write-downs on two OREO properties that took place during the fourth quarter of 2018, which was partially offset by a $0.3 million, or 6.3% increase in employee compensation and benefits which was primarily the result of a 24.1% increase in the premium cost of employee benefits.

Asset Quality

Non-performing assets as a percent of total assets increased to 2.07% at March 31, 2019, from 1.94% at December 31, 2018, and 1.83% at March 31, 2018.  At March 31, 2019, non-performing assets were $30.9 million, an increase of $1.3 million and $4.2 million at December 31, 2018 and March 31, 2018, respectively.  During the first quarter of 2019, non-performing loans increased by $2.9 million; however, three OREO properties were sold resulting in a decrease of $1.5 million in OREO during the quarter ended March 31, 2019.

Substandard loans were $107.5 million at March 31, 2019, compared to $120.9 million at December 31, 2018 and $82.6 million at March 31, 2018.  Adverse classified asset ratio (a non-GAAP measure) decreased to 48.59% at March 31, 2019 from 57.12% and 53.44% at December 31, 2018 and March 31, 2018, respectively.  Despite Wisconsin’s strained agricultural economy and the four-year sustained low prices of class III milk, the improvement in this ratio is the result of the active management of the substandard credits within the Bank’s loan portfolio as well as sales of OREO during the quarter.

A provision for loan losses of $0.8 million was recorded for the three months ended March 31, 2019 compared to a provision of $1.6 million and $0.1 million for the three months ended December 31, 2018 and March 31, 2018, respectively.  The decrease in provision in the linked quarter is directly related to the $24.3 million reduction in total loans and the $0.2 million of net recoveries that occurred during the first quarter of 2019.

The allowance for loan losses was $17.5 million at March 31, 2019 compared to $16.5 million at December 31, 2018.  The $1.0 million increase in the allowance during the first quarter of 2019 was the result of a $2.1 million increase in specific impairments on substandard loans which was offset in part by a $1.1 million reduction in general reserves due to the decreases in both adversely classified and total loans and improvement of qualitative factors.

Conference Call

The Company will host an earnings call today, April 18, 2019, at 1:30 p.m., CDT, conducted by Tim Schneider, President, and Glen L. Stiteley, CFO.  The earnings call will be broadcast over the Internet on the Company’s website at www.ICBK.com then clicking on the link “Investor Relations,” and selecting “News”, then “Event Calendar.”  In addition, you may listen to the Company’s earnings call via telephone by dialing (888) 317-6016.  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 April 18, 2020, by visiting the Company’s website at http://www.icbk.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 the Company’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)
 March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands, except per share data) 
Period-End Balance Sheet:                    
Assets                    
Cash and cash equivalents $62,426  $61,087  $49,996  $81,044  $90,676 
Securities available for sale, at fair value  192,210   195,945   190,185   187,505   141,360 
Loans held for sale  2,998   2,949   13,770   11,468   6,407 
Agricultural loans  722,107   724,508   714,310   702,426   698,106 
Commercial loans  403,490   415,672   417,146   407,609   406,096 
Multi-family real estate loans  52,974   62,321   66,403   65,713   54,514 
Residential real estate loans  4,172   4,522   4,965   5,437   5,512 
Installment and consumer other  220   272   113   339   297 
Total loans  1,182,963   1,207,295   1,202,937   1,181,524   1,164,525 
Allowance for loan losses  (17,493)  (16,505)  (16,143)  (15,129)  (14,612)
Net loans  1,165,470   1,190,790   1,186,794   1,166,395   1,149,913 
Other assets  68,284   70,057   74,223   72,465   71,901 
Total Assets $1,491,388  $1,520,828  $1,514,968  $1,518,877  $1,460,257 
                     
Liabilities and Shareholders' Equity                    
Demand deposits $101,434  $121,436  $103,862  $95,459  $101,167 
NOW accounts and interest checking  49,902   51,779   46,811   51,674   48,212 
Savings  6,210   5,770   6,616   6,833   6,189 
Money market accounts  225,975   218,929   208,233   204,332   199,834 
Time deposits  376,034   356,484   352,531   344,619   314,766 
Brokered deposits  269,917   308,504   317,291   323,561   319,692 
National time deposits  146,805   160,445   173,440   183,953   182,530 
Total deposits  1,176,277   1,223,347   1,208,784   1,210,431   1,172,390 
FHLB advances  100,400   89,400   102,400   108,200   120,500 
Subordinated debentures  44,742   44,703   44,663   44,725   15,540 
Other liabilities  11,952   11,293   11,134   9,439   9,013 
Total Liabilities  1,333,371   1,368,743   1,366,981   1,372,795   1,317,443 
                     
Shareholders' equity  158,017   152,085   147,987   146,082   142,814 
Total Liabilities and Shareholders'
  Equity
 $1,491,388  $1,520,828  $1,514,968  $1,518,877  $1,460,257 
                     
Stock Price Information:                    
High - Quarter-to-date $19.69  $26.00  $28.20  $29.26  $33.76 
Low - Quarter-to-date $16.74  $17.37  $24.29  $25.72  $26.61 
Market price - Quarter-end $17.60  $17.37  $25.10  $27.50  $29.21 
Book value per share $22.36  $21.50  $20.91  $20.63  $20.17 
Tangible book value per share (1) $21.54  $20.65  $20.07  $19.77  $19.29 
Common shares outstanding  6,709,254   6,709,480   6,694,230   6,693,447   6,684,923 

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

                
  March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands) 
Loans by risk category:                    
Sound/Acceptable/Satisfactory/
  Low Satisfactory
 $896,328  $908,172  $901,643  $896,509  $891,062 
Watch  174,642   171,670   171,890   186,399   185,179 
Special Mention  4,501   6,566   11,036   4,783   5,636 
Substandard Performing  46,075   65,501   61,851   46,751   45,261 
Substandard Impaired  61,417   55,386   56,517   47,082   37,387 
Total loans  1,182,963   1,207,295   1,202,937   1,181,524   1,164,525 
Loan sold with servicing retained  675,268   661,257   644,879   628,435   611,358 
Total loans and loans sold with
  servicing retained
 $1,858,231  $1,868,552  $1,847,816  $1,809,959  $1,775,883 
                     
Non-Performing Assets:                    
Nonaccrual loans $25,880  $22,983  $27,881  $26,305  $17,746 
Other real estate owned (2)  5,019   6,568   7,851   8,607   8,982 
Total non-performing assets $30,899  $29,551  $35,732  $34,912  $26,728 
                     
Performing TDRs not on nonaccrual $21,111  $18,258  $11,863  $11,173  $10,488 
                     
Non-performing assets as a % of total loans  2.61%  2.45%  2.97%  2.95%  2.30%
Non-performing assets as a % of total assets  2.07%  1.94%  2.36%  2.30%  1.83%
Adverse classified asset ratio (1)  48.59%  57.12%  51.89%  47.34%  53.44%
Allowance for loan losses as a % of
  nonaccrual loans
  67.59%  71.81%  57.90%  57.51%  82.34%
Allowance for loan losses as a % of total
  loans
  1.48%  1.37%  1.34%  1.28%  1.25%
Net charge-offs (recoveries) quarter-to-date $(236) $1,210  $(21) $16  $(1,268)
Provision for loan loss quarter-to-date $752  $1,572  $993  $533  $97 

(1) This is a non-GAAP financial measure.  A reconciliation to GAAP is included below.
(2) For the quarters ending March 31, 2018 through September 30, 2018, does not include $0.4 million of bank property transferred from premises and equipment, which is not considered a non-performing asset.  As of March 31, 2019 and December 31, 2018, that bank property is considered classified due to the length of the holding period.

    
  For the Three Months Ended 
  March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands, except per share data) 
Selected Income Statement Data:                    
Interest and Dividend Income                    
Loans, including fees $15,501  $15,536  $15,113  $14,366  $13,691 
Taxable securities  1,186   1,168   945   982   632 
Tax-exempt securities  175   183   344   14   157 
Federal funds sold and other  264   223   249   401   213 
Total interest and dividend
  income
  17,126   17,110   16,651   15,763   14,693 
                     
Interest Expense                    
Deposits  5,424   5,273   4,980   4,600   3,796 
FHLB advances and other borrowed
  funds
  464   427   411   487   484 
Subordinated debentures  678   667   656   338   143 
Total interest expense  6,566   6,367   6,047   5,425   4,423 
Net interest income  10,560   10,743   10,604   10,338   10,270 
Provision for loan losses  752   1,572   993   533   97 
Net interest income after provision
  for loan losses
  9,808   9,171   9,611   9,805   10,173 
                     
Non-Interest Income                    
Services charges  353   470   394   445   365 
Gain (loss) on sale of loans, net  (1)  54   41   45   32 
Loan servicing fees  1,519   1,553   1,521   1,486   1,452 
Loan servicing right origination  228   7   (46)  127   10 
Income on OREO  26   83   96   45   32 
Other  625   153   151   168   149 
Total non-interest income  2,750   2,320   2,157   2,316   2,040 
                     
Non-Interest Expense                    
Employee compensation and
  benefits
  4,482   4,059   4,394   4,114   4,218 
Occupancy  389   245   332   278   204 
Information processing  563   641   529   529   465 
Professional fees  399   497   351   359   315 
Business development  325   259   258   260   299 
OREO expenses  51   106   46   152   140 
Writedown of OREO  -   688   81   104   - 
Net gain on sale of OREO  (136)  (54)  (28)  (149)  - 
Depreciation and amortization  337   408   302   324   314 
Other  895   689   758   966   830 
Total non-interest expense  7,305   7,538   7,023   6,937   6,785 
Income before income taxes  5,253   3,953   4,745   5,184   5,428 
Income tax expense  1,491   1,123   1,228   1,334   1,374 
NET INCOME $3,762  $2,830  $3,517  $3,850  $4,054 
                     
Basic $0.54  $0.41  $0.51  $0.56  $0.59 
Diluted $0.54  $0.40  $0.50  $0.55  $0.58 
Dividends declared $0.05  $0.07  $0.07  $0.07  $0.07 


  For the Three Months Ended 
  March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands, except share data) 
Other Data:                    
Return on average assets  1.00%  0.75%  0.94%  1.04%  1.15%
Return on average shareholders'
  equity
  9.78%  7.58%  9.51%  10.63%  11.62%
Return on average common
  shareholders' equity (1)
  9.99%  7.70%  9.75%  10.96%  12.04%
Efficiency ratio (1)  55.91%  52.85%  54.62%  55.18%  55.12%
Tangible common equity to
  tangible assets (1)
  9.73%  9.14%  8.90%  8.75%  8.87%
                     
Common Share Data:                    
Net income from continuing
  operations
 $3,762  $2,830  $3,517  $3,850  $4,054 
Less:  Preferred stock dividends  117   111   106   99   97 
Income available to common
  shareholders
 $3,645  $2,719  $3,411  $3,751  $3,957 
                     
Weighted average number of common
  shares issued
  7,188,817   7,184,946   7,167,276   7,163,362   7,152,970 
Less: Weighted average treasury
  shares
  443,729   443,694   443,140   442,102   439,833 
Less: Weighted average non-
  vested restricted units
  awards
  19,383   28,701   29,537   30,692   34,976 
Weighted average number of
  common shares outstanding
  6,725,705   6,712,551   6,694,599   6,690,568   6,678,161 
Effect of dilutive options  21,323   45,116   63,346   79,368   90,804 
Weighted average number of
  common shares outstanding
  used to calculate diluted
  earnings per common share
  6,747,028   6,757,667   6,757,945   6,769,936   6,768,965 
                     

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

   For the Three Months Ended 
Non-GAAP Financial Measures: March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands) 
Return on average common
  shareholders' equity
  reconciliation:
                    
Return on average shareholders'
  equity
  9.78%  7.58%  9.51%  10.63%  11.62%
Effect of excluding average
  preferred shareholders'
  equity
  0.21%  0.12%  0.24%  0.33%  0.42%
Return on average common
  shareholders' equity
  9.99%  7.70%  9.75%  10.96%  12.04%
                     
Efficiency ratio GAAP to non-GAAP
  reconciliation:
                    
Non-interest expense $7,305  $7,538  $7,023  $6,937  $6,785 
Less: net gain (loss) on sales and
  write-downs of OREO
  136   (634)  (53)  45   - 
Adjusted non-interest expense
  (non-GAAP)
 $7,441  $6,904  $6,970  $6,982  $6,785 
                     
Net interest income $10,560  $10,743  $10,604  $10,338  $10,270 
Non-interest income  2,750   2,320   2,157   2,316   2,040 
Operating revenue $13,310  $13,063  $12,761  $12,654  $12,310 
Efficiency ratio  55.91%  52.85%  54.62%  55.18%  55.12%

               

  March 31,
2019
  December
31,
2018
  September
30,
2018
  June 30,
2018
  March 31,
2018
 
    
  (dollars in thousands, except per share data) 
Tangible book value per share and
  tangible common equity to tangible
  assets reconciliation:
                    
Common equity $150,017  $144,085  $139,987  $138,082  $134,814 
Less: Goodwill  5,038   5,038   5,038   5,038   5,038 
Less: Core deposit intangible, net of
  amortization
  430   513   603   701   806 
Tangible common equity (non-GAAP) $144,549  $138,534  $134,346  $132,343  $128,970 
Common shares outstanding  6,709,254   6,709,480   6,694,230   6,693,447   6,684,923 
Tangible book value per share $21.54  $20.65  $20.07  $19.77  $19.29 
                     
Total assets $1,491,388  $1,520,828  $1,514,968  $1,518,877  $1,460,257 
Less: Goodwill  5,038   5,038   5,038   5,038   5,038 
Less: Core deposit intangible, net of
  amortization
  430   513   603   701   806 
Tangible assets (non-GAAP) $1,485,920  $1,515,277  $1,509,327  $1,513,138  $1,454,413 
Tangible common equity to tangible assets  9.73%  9.14%  8.90%  8.75%  8.87%
                     
Adverse classified asset ratio:                    
Substandard loans $107,492  $120,887  $118,368  $93,833  $82,648 
Less: Impaired performing restructured loans  (6,382)  (5,078)  (13,657)  (2,081)  (1,164)
Net substandard loans $101,110  $115,809  $104,711  $91,752  $81,484 
Other real estate owned  5,019   6,568   7,851   8,607   8,982 
Substandard unused commitments  976   1,625   1,191   959   2,309 
Less: Substandard government guarantees  (5,864)  (7,111)  (9,374)  (8,356)  (3,605)
Total adverse classified assets (non-GAAP) $101,241  $116,891  $104,379  $92,962  $89,170 
                     
Total equity (Bank) $191,287  $185,458  $180,359  $177,911  $149,105 
Accumulated other comprehensive loss
  (gain) on available for sale securities
  (436)  2,221   4,152   2,795   2,603 
Allowance for loan losses  17,493   16,505   16,143   15,129   14,612 
Allowance for unused commitments  -   475   510   522   553 
Adjusted total equity (non-GAAP) $208,344  $204,659  $201,164  $196,357  $166,873 
Adverse classified asset ratio  48.59%  57.12%  51.89%  47.34%  53.44%


  For the Three Months Ended 
  March 31, 2019  December 31, 2018  March 31, 2018 
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
  Average
Balance (1)
  Income/
Expense
  Yields/
Rates
 
    
  (dollars in thousands) 
Assets                                    
Investment securities $192,963  $1,361   2.82% $191,955  $1,351   2.82% $136,722  $789   2.31%
Loans (2)  1,207,240   15,501   5.14%  1,207,883   15,536   5.14%  1,172,786   13,691   4.67%
Interest bearing deposits due from
  other banks
  36,227   264   2.92%  67,153   223   1.33%  55,784   213   1.53%
Total interest-earning assets $1,436,430  $17,126   4.77% $1,466,991  $17,110   4.67% $1,365,292  $14,693   4.30%
                                     
Allowance for loan losses  (17,005)          (16,034)          (13,722)        
Other assets  78,654           61,316           62,000         
Total assets $1,498,079          $1,512,273          $1,413,570         
                                     
Liabilities                                    
Savings, NOW, money market,
  interest checking
 $295,418  $1,184   1.60% $287,420  $1,043   1.45% $282,313  $640   0.91%
Time deposits  797,476   4,240   2.13%  820,515   4,230   2.06%  742,465   3,156   1.70%
Total interest-bearing deposits $1,092,894  $5,424   1.99% $1,107,935  $5,273   1.90% $1,024,778  $3,796   1.48%
Other borrowings  844   11   5.27%  837   10   4.62%  1,286   16   4.97%
FHLB advances  92,900   453   1.95%  90,509   417   1.84%  121,067   468   1.55%
Junior subordinated debentures  44,606   678   6.08%  44,681   667   5.97%  15,529   143   3.68%
Total interest-bearing
  liabilities
 $1,231,244  $6,566   2.13% $1,243,962  $6,367   2.05% $1,162,660  $4,423   1.52%
                                     
Non-interest-bearing deposits  101,532           108,140           103,669         
Other liabilities  11,362           10,913           7,743         
Total liabilities $1,344,138          $1,363,015          $1,274,072         
                                     
Shareholders' equity  153,941           149,258           139,498         
Total liabilities and equity $1,498,079          $1,512,273          $1,413,570         
                                     
Net interest income     $10,560          $10,743          $10,270     
Interest rate spread (3)          2.64%          2.62%          2.78%
Net interest margin (4)          2.94%          2.91%          3.01%
Ratio of interest-earning assets to
  interest-bearing liabilities
  1.17           1.18           1.17         

(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]