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Section 1: 8-K (8-K)

icbk-8k_20200123.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2020

 

COUNTY BANCORP, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Wisconsin

001-36808

39-1850431

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

2400 South 44th Street,

Manitowoc, WI

 

54221

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (920) 686-9998

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.01 par value

 

ICBK

 

Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On January 23, 2020, County Bancorp, Inc. issued a press release setting forth certain information concerning its results of operations for the quarter and year ended December 31, 2019.  A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liability under that Section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act.

 

Item 9.01 Financial Statements and Exhibits.

 

d. Exhibits

 

Exhibit

Number

 

Description

99.1

 

Press release of County Bancorp, Inc. dated January 23, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

COUNTY BANCORP, INC.

 

 

 

 

Date:  January 23, 2020

 

By:

/s/ Mark A. Miller

 

 

 

Mark A. Miller

 

 

 

Secretary

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

icbk-ex991_9.htm

Exhibit 99.1


FOR IMMEDIATE RELEASE

COUNTY BANCORP, INC. ANNOUNCES FOURTH QUARTER RESULTS AND

RECORD NET INCOME FOR THE YEAR 2019

Strategic initiatives to improve credit quality and grow client deposits gaining momentum

Highlights

 

Net income of $3.3 million for the fourth quarter of 2019; $16.5 million for the year 2019

 

Diluted earnings per share of $0.47 for the fourth quarter of 2019; $2.36 for the year 2019

 

Client deposits (demand deposits, NOW, savings, money market accounts, and certificates of deposit) increased $17.4 million, or 2.1%, since September 30, 2019, and increased $81.2 million, or 10.8%, since December 31, 2018

 

Loans sold with servicing retained increased $90.5 million, or 13.7%, since December 31, 2018, resulting in $10.0 million of non-interest income

 

Substandard loans decreased $11.0 million, or 10.4%, since September 30, 2019

 

Manitowoc, Wisconsin, January 23, 2020 County Bancorp, Inc. (the “Company”; Nasdaq: ICBK), the holding company of Investors Community Bank (the “Bank”), a community bank headquartered in Manitowoc, Wisconsin, today reported results for the fourth quarter and year ended December 31, 2019.  Net income was $3.3 million, or $0.47 diluted earnings per share, for the fourth quarter of 2019, compared to net income of $5.7 million, or $0.82 diluted earnings per share, for the third quarter of 2019 and $2.8 million, or $0.40 diluted earnings per share, for the fourth quarter of 2018.    

Tim Schneider, President of County Bancorp, Inc., noted, “In 2019, we focused on improving credit quality, reducing wholesale funding, and growing our client deposits. I am pleased to say that our strategic initiatives drove improvements across all three focus areas, resulting in record full-year net profit for County Bancorp. Our business is progressing at a solid pace, but we understand there is more work to be done. Our dairy portfolio continued to strengthen as milk prices improved throughout 2019, and the futures market is the strongest we have seen in years. As trade deals with Mexico, Canada and China near the finish line, we feel more optimistic about the future of agricultural export stability. We made great progress in 2019, which is a testament to the diligent and tireless work of our team, and we look to continue our momentum as we head into 2020.”

Loans and Total Assets

Total assets at December 31, 2019 were $1.4 billion, a decrease of $36.5 million, or 2.6%, and a decrease of $142.5 million, or 9.4%, from total assets as of September 30, 2019 and December 31, 2018, respectively.  Total loans were $1.0 billion at December 31, 2019, which represents a $45.0 million, or 4.2%, decrease from total loans at September 30, 2019, and a decrease of $171.5 million, or 14.2%, from total loans at December 31, 2018.

The decrease in total loans and assets were the result of our continued focus on loan participation sales and the resulting reduction in wholesale funding (brokered deposits, national certificates of deposit, and Federal Home Loan Bank (FHLB) advances) on our balance sheet.  Loan participations that the Company continued to service were $751.7 million at December 31, 2019, which was an increase of $14.9 million, or 2.0%, and $90.5 million, or 13.7%, over participated loans that the Company serviced at September 30, 2019 and December 31, 2018, respectively.  By increasing the amount of loans participated, the Company has been reducing credit risk from its balance sheet and increasing non-interest revenue streams.

Deposits

Total deposits at December 31, 2019 were $1.1 billion, a decrease of $41.3 million, or 3.6%, and a decrease of $121.9 million, or 10.0%, from total deposits as of September 30, 2019 and December 31, 2018, respectively.  Despite the decline in total deposits, client deposits (demand deposits, NOW accounts, savings accounts, money market accounts, and


certificates of deposit) increased $17.4 million, or 2.1%, since September 30, 2019, and increased $81.2 million, or 10.8%, since December 31, 2018.  

During 2019, the Company focused on reducing its reliance on wholesale funding.  Due to the increases in loan participations and client deposit growth discussed above, the Company was able to decrease its dependence on brokered deposits and national certificates of deposit to $265.8 million at December 31, 2019.  This represents a decrease of $58.7 million, or 18.1%, from September 30, 2019, and a decrease of $203.1 million, or 43.3%, from December 31, 2018.  

Also during 2019, the Company paid off a portion of its FHLB advances.  At December 31, 2019, advances from the FHLB totaled $44.4 million, which was a decrease of $45.0 million, or 50.3%, since December 31, 2018.

Net Interest Income and Margin

Net interest income was $9.5 million for the three months ended December 31, 2019, which was a $0.7 million, or 7.0%, decrease from the three months ended September 30, 2019, and a $1.2 million, or 11.6%, decrease from the three months ended December 31, 2018.  For the year ended December 31, 2019, net interest income decreased $1.2 million, or 2.8%, to $40.8 million from the same period in 2018.  The decrease in net interest income in the fourth quarter 2019 was the result of a lower average loan balance due to loan payoffs and the increase in loan participations sold.  This was partially offset by a $58.7 million decrease in brokered deposits and national certificates of deposit and the resulting decrease in interest expense.  The current quarter was also adversely impacted by a $10.2 million increase in nonaccrual loans, as well as a 25 basis point decrease in the Prime rate.

Net interest margin was 2.89% for the three months ended December 31, 2019, which was a decrease from 2.95% for the three months ended September 30, 2019.  The decrease in net interest margin was primarily due to the noted increase in nonaccrual loans.  Net interest margin was also impacted during the fourth quarter of 2019 by a 25 basis point decrease in the Prime rate, immediately impacting the yield of the loan portfolio.  This was partially offset by a decrease in rates offered on savings, NOW and money market accounts.

The table below presents the effects of changing rates and volumes on our net interest income for the periods indicated.

 

 

Three Months Ended December 31, 2019 v.

Three Months Ended September 30, 2019

 

 

Three Months Ended December 31, 2019 v.

Three Months Ended December 31, 2018

 

 

 

Increase (Decrease)

Due to Change in Average

 

 

Increase (Decrease)

Due to Change in Average

 

 

 

Volume

 

 

Rate

 

 

Net

 

 

Volume

 

 

Rate

 

 

Net

 

 

 

(dollars in thousands)

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

$

1

 

 

$

(11

)

 

$

(10

)

 

$

(228

)

 

$

(17

)

 

$

(245

)

Loans

 

 

(847

)

 

 

(493

)

 

 

(1,340

)

 

 

(1,889

)

 

 

44

 

 

 

(1,845

)

Federal funds sold and

   interest-bearing deposits

   with banks

 

 

(30

)

 

 

(140

)

 

 

(170

)

 

 

126

 

 

 

92

 

 

 

218

 

Total interest income

 

 

(876

)

 

 

(644

)

 

 

(1,520

)

 

 

(1,991

)

 

 

119

 

 

 

(1,872

)

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, money

   market and interest

   checking

 

$

(15

)

 

$

(385

)

 

$

(400

)

 

$

158

 

 

$

(325

)

 

$

(167

)

Time deposits

 

 

(515

)

 

 

123

 

 

 

(392

)

 

 

(1,354

)

 

 

1,029

 

 

 

(325

)

Other borrowings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

FHLB advances

 

 

(22

)

 

 

1

 

 

 

(21

)

 

 

(226

)

 

 

24

 

 

 

(202

)

Junior subordinated debentures

 

 

1

 

 

 

6

 

 

 

7

 

 

 

2

 

 

 

25

 

 

 

27

 

Total interest expense

 

$

(551

)

 

$

(255

)

 

$

(806

)

 

$

(1,420

)

 

$

753

 

 

$

(667

)

Net interest income

 

$

(325

)

 

$

(389

)

 

$

(714

)

 

$

(571

)

 

$

(634

)

 

$

(1,205

)

 

 


The following tables set forth average balance sheets, average yields and rates, and income and expenses for the period indicated.

 

For the Three Months Ended

 

 

 

December 31, 2019

 

 

September 30, 2019

 

 

December 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

 

$

159,202

 

 

$

1,106

 

 

 

2.78

%

 

$

159,091

 

 

$

1,117

 

 

 

2.81

%

 

$

191,955

 

 

$

1,351

 

 

 

2.82

%

Loans (2)

 

 

1,061,432

 

 

 

13,691

 

 

 

5.16

%

 

 

1,126,243

 

 

 

15,030

 

 

 

5.34

%

 

 

1,207,883

 

 

 

15,536

 

 

 

5.14

%

Interest bearing deposits due from

   other banks

 

 

98,848

 

 

 

441

 

 

 

1.79

%

 

 

104,253

 

 

 

612

 

 

 

2.35

%

 

 

67,153

 

 

 

223

 

 

 

1.33

%

Total interest-earning assets

 

$

1,319,482

 

 

$

15,238

 

 

 

4.62

%

 

$

1,389,587

 

 

$

16,759

 

 

 

4.82

%

 

$

1,466,991

 

 

$

17,110

 

 

 

4.67

%

Allowance for loan losses

 

 

(14,868

)

 

 

 

 

 

 

 

 

 

 

(16,209

)

 

 

 

 

 

 

 

 

 

 

(16,034

)

 

 

 

 

 

 

 

 

Other assets

 

 

77,934

 

 

 

 

 

 

 

 

 

 

 

78,664

 

 

 

 

 

 

 

 

 

 

 

61,316

 

 

 

 

 

 

 

 

 

   Total assets

 

$

1,382,548

 

 

 

 

 

 

 

 

 

 

$

1,452,042

 

 

 

 

 

 

 

 

 

 

$

1,512,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, money market,

   interest checking

 

$

322,629

 

 

$

876

 

 

 

1.09

%

 

$

326,592

 

 

$

1,276

 

 

 

1.56

%

 

$

287,420

 

 

$

1,043

 

 

 

1.45

%

Time deposits

 

 

658,864

 

 

 

3,905

 

 

 

2.37

%

 

 

745,032

 

 

 

4,298

 

 

 

2.31

%

 

 

820,515

 

 

 

4,230

 

 

 

2.06

%

Total interest-bearing deposits

 

$

981,493

 

 

$

4,781

 

 

 

1.95

%

 

$

1,071,624

 

 

$

5,574

 

 

 

2.08

%

 

$

1,107,935

 

 

$

5,273

 

 

 

1.90

%

Other borrowings

 

 

799

 

 

 

9

 

 

 

4.60

%

 

 

804

 

 

 

9

 

 

 

4.60

%

 

 

837

 

 

 

10

 

 

 

4.62

%

FHLB advances

 

 

44,400

 

 

 

216

 

 

 

1.94

%

 

 

48,857

 

 

 

237

 

 

 

1.94

%

 

 

90,509

 

 

 

417

 

 

 

1.84

%

Junior subordinated debentures

 

 

44,839

 

 

 

694

 

 

 

6.19

%

 

 

44,800

 

 

 

687

 

 

 

6.14

%

 

 

44,681

 

 

 

667

 

 

 

5.97

%

Total interest-bearing liabilities

 

$

1,071,531

 

 

$

5,700

 

 

 

2.13

%

 

$

1,166,085

 

 

$

6,507

 

 

 

2.23

%

 

$

1,243,962

 

 

$

6,367

 

 

 

2.05

%

Non-interest bearing deposits

 

 

123,541

 

 

 

 

 

 

 

 

 

 

 

105,578

 

 

 

 

 

 

 

 

 

 

 

108,140

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

16,749

 

 

 

 

 

 

 

 

 

 

 

14,801

 

 

 

 

 

 

 

 

 

 

 

10,913

 

 

 

 

 

 

 

 

 

   Total liabilities

 

$

1,211,821

 

 

 

 

 

 

 

 

 

 

$

1,286,464

 

 

 

 

 

 

 

 

 

 

$

1,363,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

170,727

 

 

 

 

 

 

 

 

 

 

 

165,578

 

 

 

 

 

 

 

 

 

 

 

149,258

 

 

 

 

 

 

 

 

 

     Total liabilities and equity

 

$

1,382,548

 

 

 

 

 

 

 

 

 

 

$

1,452,042

 

 

 

 

 

 

 

 

 

 

$

1,512,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

9,538

 

 

 

 

 

 

 

 

 

 

$

10,252

 

 

 

 

 

 

 

 

 

 

$

10,743

 

 

 

 

 

Interest rate spread (3)

 

 

 

 

 

 

 

 

 

 

2.49

%

 

 

 

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

 

 

 

2.62

%

Net interest margin (4)

 

 

 

 

 

 

 

 

 

 

2.89

%

 

 

 

 

 

 

 

 

 

 

2.95

%

 

 

 

 

 

 

 

 

 

 

2.91

%

Ratio of interest-earning assets to

   interest-bearing liabilities

 

 

1.23

 

 

 

 

 

 

 

 

 

 

 

1.19

 

 

 

 

 

 

 

 

 

 

 

1.18

 

 

 

 

 

 

 

 

 

 

(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 year ended December 31, 2019, net interest margin improved slightly to 2.93% from 2.91% for the year ended December 31, 2018, despite a six basis point decrease in interest rate spread.  The increase in net interest margin in 2019 is due to a 3.2% decrease in the average balance of interest-earning assets.


  

 

For the Year Ended

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

Average

Balance (1)

 

 

Income/

Expense

 

 

Yields/

Rates

 

 

Average

Balance (1)

 

 

Income/

Expense

 

 

Yields/

Rates

 

 

 

(dollars in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

$

172,500

 

 

$

4,843

 

 

 

2.81

%

 

$

169,302

 

 

$

4,425

 

 

 

2.61

%

Loans (2)

 

 

1,142,551

 

 

 

59,706

 

 

 

5.23

%

 

 

1,193,254

 

 

 

58,706

 

 

 

4.92

%

Interest bearing deposits due from other

   banks

 

 

78,517

 

 

 

1,783

 

 

 

2.27

%

 

 

77,545

 

 

 

1,086

 

 

 

1.40

%

Total interest-earning assets

 

$

1,393,568

 

 

$

66,332

 

 

 

4.76

%

 

$

1,440,101

 

 

$

64,217

 

 

 

4.46

%

Allowance for loan losses

 

 

(16,460

)

 

 

 

 

 

 

 

 

 

 

(15,037

)

 

 

 

 

 

 

 

 

Other assets

 

 

77,444

 

 

 

 

 

 

 

 

 

 

 

59,291

 

 

 

 

 

 

 

 

 

   Total assets

 

$

1,454,552

 

 

 

 

 

 

 

 

 

 

$

1,484,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, money market, interest

   checking

 

$

316,278

 

 

 

4,582

 

 

 

1.45

%

 

$

282,746

 

 

 

3,398

 

 

 

1.20

%

Time deposits

 

 

741,483

 

 

 

16,875

 

 

 

2.28

%

 

 

801,892

 

 

 

15,251

 

 

 

1.90

%

Total interest-bearing deposits

 

$

1,057,761

 

 

$

21,457

 

 

 

2.03

%

 

$

1,084,638

 

 

$

18,649

 

 

 

1.72

%

Other borrowings

 

 

913

 

 

 

43

 

 

 

4.71

%

 

 

1,027

 

 

 

50

 

 

 

4.81

%

FHLB advances

 

 

66,022

 

 

 

1,307

 

 

 

1.98

%

 

 

105,218

 

 

 

1,759

 

 

 

1.67

%

Junior subordinated debentures

 

 

44,781

 

 

 

2,743

 

 

 

6.13

%

 

 

32,721

 

 

 

1,804

 

 

 

5.51

%

Total interest-bearing liabilities

 

$

1,169,477

 

 

$

25,550

 

 

 

2.18

%

 

$

1,223,604

 

 

$

22,262

 

 

 

1.82

%

Non-interest bearing deposits

 

 

108,356

 

 

 

 

 

 

 

 

 

 

 

100,819

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

13,796

 

 

 

 

 

 

 

 

 

 

 

9,883

 

 

 

 

 

 

 

 

 

   Total liabilities

 

$

1,291,629

 

 

 

 

 

 

 

 

 

 

$

1,334,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

162,923

 

 

 

 

 

 

 

 

 

 

 

150,049

 

 

 

 

 

 

 

 

 

     Total liabilities and equity

 

$

1,454,552

 

 

 

 

 

 

 

 

 

 

$

1,484,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

40,782

 

 

 

 

 

 

 

 

 

 

$

41,955

 

 

 

 

 

Interest rate spread (3)

 

 

 

 

 

 

 

 

 

 

2.58

%

 

 

 

 

 

 

 

 

 

 

2.64

%

Net interest margin (4)

 

 

 

 

 

 

 

 

 

 

2.93

%

 

 

 

 

 

 

 

 

 

 

2.91

%

Ratio of interest-earning assets to interest-

   bearing liabilities

 

 

1.19

 

 

 

 

 

 

 

 

 

 

 

1.18

 

 

 

 

 

 

 

 

 

 

(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.

 



Non-Interest Income and Expense

 

For the Three Months Ended

 

 

 

December 31,

2019

 

 

September 30,

2019

 

 

June 30,

2019

 

 

March 31,

2019

 

 

December 31,

2018

 

 

 

(dollars in thousands)

 

     Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

$

549

 

 

$

348

 

 

$

407

 

 

$

353

 

 

$

470

 

Gain (loss) on sale of loans, net

 

 

34

 

 

 

87

 

 

 

26

 

 

 

(1

)

 

 

54

 

Loan servicing fees

 

 

1,778

 

 

 

1,677

 

 

 

1,563

 

 

 

1,519

 

 

 

1,553

 

Loan servicing right origination

 

 

1,146

 

 

 

1,741

 

 

 

346

 

 

 

228

 

 

 

7

 

Income on OREO

 

 

54

 

 

 

10

 

 

 

40

 

 

 

26

 

 

 

83

 

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

341

 

 

 

-

 

 

 

-

 

Other

 

 

161

 

 

 

171

 

 

 

164

 

 

 

625

 

 

 

153

 

Total non-interest income

 

$

3,722

 

 

$

4,034

 

 

$

2,887

 

 

$

2,750

 

 

$

2,320

 

Non-interest income for the three months ended December 31, 2019 decreased by $0.3 million, or 7.7%, to $3.7 million compared to the three months ended September 30, 2019, which was primarily the result of a decrease of $0.6 million of loan servicing right origination due to the $41.2 million in loans that were sold or participated during the third quarter compared to only $14.9 million in loans that were sold or participated during the fourth quarter.  

Non-interest income for the three months ended December 31, 2019 increased $1.4 million, or 60.4%, compared to $2.3 million for the three months ended December 31, 2018.  The year-over-year increase was primarily due to the increase in loan participations sold and related loan servicing right origination income compared to the fourth quarter of 2018.

 

 

For the Three Months Ended

 

 

 

December 31, 2019

 

 

September 30, 2019

 

 

June 30, 2019

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

(dollars in thousands)