COUNTY BANCORP, INC. ANNOUNCES STRONG 2ND QUARTER EARNINGS

Published Monday, August 1, 2016

Please see below for a County Bancorp, Inc. news release that was recently sent across the newswire.

County Bancorp Inc. is the holding company for Investors Community Bank, which has branches in Appleton, Green Bay, Manitowoc and Stevens Point and loan production offices in Darlington, Eau Claire, Fond du Lac, and Sheboygan.

 

FOR IMMEDIATE RELEASE

 

COUNTY BANCORP, INC. ANNOUNCES STRONG 2ND QUARTER EARNINGS

 

2nd Quarter 2016 Highlights

·         Closed acquisition of Fox River Valley Bancorp, Inc.

·         Added to the Russell 3000® Index

·         Quarter-end total assets exceeded $1 billion

·         Net income of $1.9 million

Manitowoc, Wisconsin, July 28, 2016 – County Bancorp, Inc. (NASDAQ: ICBK), the holding company for Investors Community Bank, a commercial bank headquartered in Manitowoc, Wisconsin, reported net income of $1.9 million, or $0.30 diluted earnings per share, for the second quarter of 2016, compared to net income of $2.2 million, or $0.36 diluted earnings per share, for the second quarter of 2015.

As shown in the table below, after excluding the effects of $2.4 million ($1.5 million after tax) of expenses relating to the merger with Fox River Valley Bancorp, Inc., adjusted diluted earnings per share (non-GAAP) for the quarter ended June 30, 2016 were $0.55, compared to $0.36 for the quarter ended June 30, 2015.  Earnings for the second quarter of 2016 were affected by one-time merger-related expenses from the acquisition of Fox River Valley Bancorp, Inc., and its wholly owned subsidiary, The Business Bank, which was completed on May 13, 2016.  

 

 

2Q16

 

 

Diluted EPS

 

 

2Q15

 

 

Diluted EPS

 

Net operating income

 

$

3,407

 

 

$

0.55

 

 

$

2,217

 

 

$

0.36

 

Merger related expenses, net of taxes

 

 

1,462

 

 

 

0.25

 

 

 

-

 

 

 

-

 

Net income

 

$

1,945

 

 

$

0.30

 

 

$

2,217

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income ROA    (annualized)

 

 

1.31

%

 

 

 

 

 

 

1.14

%

 

 

 

 

Net operating income return on average common equity (annualized)

 

 

11.97

%

 

 

 

 

 

 

9.00

%

 

 

 

 

 

“We successfully completed the acquisition of Fox River Valley Bancorp, Inc. during the second quarter of 2016 and are pleased to have new team members join our organization in both Appleton and Green Bay.  We are excited about the opportunities in both markets moving forward,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank.  “We are pleased to have County Bancorp included in the reconstitution of the Russell 3000® Index in late June.  We believe this inclusion continues to provide awareness of our stock in the public markets.”

 

Mr. Schneider continued, “During the second quarter, we continued to experience solid organic loan growth, in addition to the commercial loans added through the acquisition.  We also continue to see a solid pipeline of loans in both the agricultural and commercial departments.  Our second quarter net income was strong as net interest income improved, despite downward pressure on net interest margin in this competitive environment.  We continue to focus on asset quality within our existing loan portfolio, as well as, in new relationships we are considering.”

 

Total assets at June 30, 2016 were $1.2 billion, an increase of $251.2 million over total assets as of March 31, 2016 and an increase of $379.7 million over total assets as of June 30, 2015.  Total loans were $960.3 million at June 30, 2016 which represents a $184.5 million and $305.9 million increase since March 31, 2016 and June 30, 2015, respectively.  The increases in assets and loans were due primarily to the acquisition of Fox River Valley Bancorp, Inc.

 

Non-performing assets increased to $26.7 million at June 30, 2016, from $22.5 million March 31, 2016. This increase was due primarily to the acquisition of The Business Bank’s non-performing assets, which was partially offset by the sale of several other real estate owned properties.

 

Net income for the quarters ended June 30, 2016 and 2015 were $1.9 million and $2.2 million, respectively. This represents a return on average assets of 0.75% for the three months ended June 30, 2016 compared to 1.14% for the three months ended June 30, 2015.  Net interest margin decreased to 3.32% for the three months ended June 30, 2016, compared to 3.34% for the three months ended June 30, 2015. 

 

Net income for the six months ended June 30, 2016 was $4.1 million compared to $4.7 million for the six months ended June 30, 2015.  This decrease is the result of $2.5 million in merger-related expenses that were incurred during 2016, and had a $1.5 million effect on net income, net of tax.  Net interest income increased 23.0% to $15.2 million for the six months ended June 30, 2016 from $12.4 million for the six months ended June 30, 2015.

 

Provision for loan losses for the six months ended June 30, 2016 was $1.2 million compared to a credit provision of $0.5 million for the six months ended June 30, 2015.  The increased provision resulted primarily from loan growth.

 

 

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 information presented in this press release is 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. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "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 information contained in this press release include those identified in County Bancorp, Inc.’s most recent annual report on Form 10-K and subsequent SEC filings.  Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

 

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