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County Bancorp, Inc. Announces Net Profit of $ 3.7 million for Q2 2019

Highlights

  • Net Revenue $ 3.7 million in Q2 2019; $ 7.5 million in six months ending June 30, 2019
  • Diluted earnings per share $ zero.53 for the second quarter of 2019; $ 1.07 for six months ending June 30, 2019
  • The e-book worth per share is $ 23.03 as of June 30, 2019, a rise of zero.67 or 3.0 % after March 31, 2019, and 1, Deposits of $ 53, 7.1 % on December 31, 2018
  • buyer deposits (demand deposits, money market accounts and deposit certificates) elevated by $ 39.6 million, or 5.2 % after March 31, 2019, and elevated by $ 96.three million, 13.7 % after June 30, 2018.
  • Intermediaries and nationwide deposits fell $ 62.9 million in the first half of 2019, down 13.four % on December 31, 2018

MANITOWOC, Wis., July 18, 2019 (GLOBE NEWSWIRE) – County Bancorp Inc. ("Company"; Nasdaq: ICBK), Buyers Group Financial institution ("Bank") Holding Firm, Agricultural and Business Financial institution, Headquartered in Manitow , Wisconsin, reported a internet profit of $ 3.7 million or diluted earnings per share of $ 0.53 per share in the second quarter of 2019, in comparison with $ 3.eight million in internet revenue or $ 0.54 in diluted earnings per share in Q1 2019 and 3.9 $ 0.55 per diluted earnings per share for the second quarter of 2018. 2019, compared to 1.04% for the three and 6 months ending in 304 2018 and 1.10%.

”We are very happy with the newest quarter and first half, although we still have some credit issues Our agricultural product portfolio was because of the current low milk worth cycle,” stated Tim Schneider, CEO of the corporate. "We begin to see an enchancment in milk prices: the typical of 12-month forecasts for Class III milk rose from $ 16.00 to $ 17.04 at a hundred weight in the Chicago Mercantile Trade on March 31 – June 30, 2016. These improvements are encouraging but take some time to impress

Schneider went on to say: "As previously announced, we are committed to reducing wholesale, and we were able to make significant progress in the first half of 2019 mainly through the sale of the loan component. We are also very pleased with the growth of customer deposits during the previous year and this quarter."

Loans and Complete Belongings

Complete belongings as of June 30, 2016 have been $ 1.5 billion, a lower of $ 6.7 million, or € zero.5 million, and a $ 34.2 million (2.three%) decrease on March 31, 2016 and on June 30, 2018. Loans totaled $ 1.1 billion on June 30, 2019, which have been $ 30 billion That is $ 35.1 million, or three.zero %, as loans have been lowered on March 31, 2014, and the decline was $ 33.7 million, or 2.9 % on June 30, 2018.

We continued to give attention to off-balance sheet loans in the course of the second quarter of 2019. Within the second quarter of 2019, we took part in loans that the company continued on June 30, 2019, to $ 695.6 million. US $ 20.4 million, or three.0 % and $ 67.2 million, or 10.7 %, took half in loans that the corporate served on March 31, 2014 and June 30, 2018.

Deposits

The entire amount of deposits on June 30, 2019 was $ 1.2 billion, a rise of $ 28.9 million, or 2.5 % and a decline of $ 5.3 million, or zero.4 % over deposits on March 31, 2019, and 06.30.2018. Customer deposits (demand deposits, money market accounts and deposit certificates) increased by $ 39.6 million, or 5.2 % after March 31, 2019, and elevated by $ 96.three million, or 13.7 % from June 30, 2018

. The rise within the share of loans and the rise in customer deposits, the company lowered its dependence on middleman deposits and the amount of nationwide deposit certificates to $ 406.zero million on 30 June 2019. This represents a decrease of $ 10.7 million, 2.6 % from March 31, 2019, and a lower of 101.5 $ 20 million, or 20.zero % from June 30, 2018.

In the course of the second quarter of 2019, the corporate also paid half of FHLB's loans. June 30, 2019 FHLB loans totaled $ 59.4 million, a lower of $ 41.0 million, or 40.eight % from March 31, 2019, and a $ 48.8 million or 45.1 % lower on June 30, 2018. 19659008] Net Interest Revenue and Margin

Net interest revenue was $ 10.4 million for the three months ended June 30, 2019, which was $ zero.1 million, or 1.2 %, for the third month ending March 31, 2019, and $ zero.1 million, or 0.9%, progress for the three months ended June 30, 2018. The primary cause for the decline in internet interest revenue in the second quarter compared to the earlier quarter was the increase in credit shares, which led to a lower in average average loan balances through the assessment period

In the course of the six months ending June 30, 2019, internet curiosity revenue improved 1.9 % to $ 21.0 million from $ 20.6 million 30.6. .2018 six months ended.

The web curiosity margin was 2.92 % on the end of the three months of June 30, 2019, which was a 2.94% decline for the three Monti. The hs ended on March 31, 2019 and a rise of 2.87 % for the three months ended June 30, 2018. The slight decline within the internet interest margin was made through the quarter, as when mortgage yields improved by 12 basis factors, the typical mortgage stability decreased by 2.6% and deposit rates rose by 10 foundation points on a gentle common. The web curiosity margin for the second quarter rose by 5 basis factors, mainly on account of an improvement of 42 foundation points on credit score, which was partly offset by an increase of 42 basis points in fund costs

. On June 30, 2016, the web interest margin improved slightly to 2.93 % from 2.91 % within the six months ended June 30, 2018, primarily resulting from a 45 % improvement in mortgage yields.

Non-interest revenue and bills

The three-month interest revenue ended June 30, 2019 elevated by $ zero.1 million, or 5.zero per cent to $ 2.9 million compared to the three months ended March 31. 2019. Through the second quarter, the company continued to scale back the impairment of loan portfolio rights, resulting in a rise of $ zero.1 million in loan administration rights through the quarter. The discount in worth added is predicted to continue all through the remaining years of 2019.

Three-month interest revenue ended June 30, 2019 elevated by $ 0.6 million, or 24.7 % in comparison with $ 2.three million on the finish of three months on June 30, 2018. The rise from the earlier yr was primarily because of the decreasing of the valuation improve discussed above, the increase in loan administration charges and rights as a result of an increase in reliable loans and a revenue of $ zero.three million. securities gross sales within the second quarter of 2019.

Through the six months ending June 30, 2019, interest-free revenue improved to $ 5.6 million, or $ 1.3 million, or 29.four % greater than 30.6. , 2018. The rise was primarily because of the above-mentioned decline in the valuation allowance for the loan portfolio and the sale of securities and the reduction of unused commitments of $ 0.5 million. non-interest revenue within the first quarter of 2019. The corporate assessed the need for this compensation within the first quarter of 2019 and concluded that there was insufficient proof to justify the credit loss related to these commitments to justify this want. and decided to take away it. The company continues to assess the credit score danger of these off-balance sheet commitments.

The three-month non-recurring expenses ended June 30, 2019 elevated by $ 0.1 million, or 1.9 %, to $ 7.four million in comparison with the three months ended March 31, 2019, and grew by $ zero.5 million, or 7.three %, Three months ago ended 30.6.2018 Personnel benefits and benefits decreased by $ zero.three million, or 6.three% within the linked quarter on account of decrease social safety contributions as a consequence of lower payrolls in the course of the first quarter. write-down of agricultural OREO belongings. The expansion for the yr was primarily as a consequence of a write-down of $ 0.three million in OREO belongings within the second quarter of 2019, and a slight improve in knowledge processing, professional charges and enterprise improvement

Asset quality

Non-based belongings as a proportion of complete belongings fell to 1.94% 30.6. From 2019 to 2.07% on March 31, 2019 and a couple of.30% on June 30, 2018. , $ 2.1 million, down 6.eight % and $ 6.1 million, or 17.5 %, March 31, 2019, and June 30, 2018. In the course of the second quarter of 2019, $ 4.1 million was transferred to OREO with out paying loans. nevertheless, two OREO properties have been bought in the course of the quarter, leading to a internet improve of $ 3.7 million in the course of the quarter ending June 30, 2019.

Substandard loans have been $ 117.8 million on June 30, 2019, in comparison with $ 107.5 million on March 31, 2019, and $ 93.8 million on June 30, 2019. From 30 June 2019 onwards, the dangerous ratio of non-GAAP belongings (non-GAAP measure) rose to 53.21% from 48.59% to 47.34% by 31 March 2019 and 30 June 2018 respectively. The expansion of modest loans and the unfavorable score ratio have been because of the long-term burden of Wisconsin agriculture; Nevertheless, we’re actively managing these credit, and we are optimistic concerning the prospects for the business, because the 12-month worth improve for Class III milk was 6.5% on March 31, 2019-30.6.2019.

Credit losses of $ 0.9 million have been acknowledged for the three months ended June 30, 2019, in comparison with the $ zero.eight million and $ zero.5 million reserve for the three months ended March 31, 2014 and June 30, 2018. In the six months ended June 30, 2019, mortgage loss provisions amounted to $ 1.6 million compared to $ zero.6 million in the six months ended June 30, 2018. $ 2.1 million in internet gearing, which occurred in the second quarter of 2019 and associated to the loss of business real property, and the expansion of particular and worse loans within the second quarter of 2019. [19659008] Compensation for credit losses was $ 16.3 million on June 30, 2019 compared to $ 16.5 million on December 31, 2018. The $ 0.2 million decrease within the first six months of 2014 was because of a lower in international reserves as a consequence of

Conference Name

The corporate is organizing a CDT outcome name, which will probably be led by Timothy J. Schneider, and Glen L. Stiteley, ECONOMIC DIRECTOR, at 18:30 on 18 July. A performance call is shipped over the Web on the company's website at http://investors.icbk.com . From the highest menu, choose "News" after which "Event Calendar". In addition, you’ll be able to take heed to the company's efficiency name by calling (844) 835-9984. Buyers should go to the Firm's website or call the aforementioned quantity no less than 10 minutes earlier than the scheduled start of the decision.

It is attainable to repeat the end result request until 18 July 2020 by visiting the corporate's web site at http://investors.icbk.com .

County Bancorp, Inc. 19659008] County Bancorp, Inc., a Wisconsin company and a registered banking company established in Might 1996, and its wholly owned subsidiary Buyers Group Bank, Wisconsin Constitution Financial institution, is headquartered in Manitowoc, Wisconsin. The state of Wisconsin is also known as the "American Dairyland", and one of its market buildings is to offer financial providers to agricultural corporations that focus primarily on dairy manufacturing. It additionally serves business and retail clients throughout Wisconsin, specializing in the northeast and central Wisconsin. Its clients are served by Manitowoc, Appleton, Inexperienced Bay and Stevens Level's full-service workplaces and its lending workplaces in Darlington, Eau Claire, Fond du Lac and Sheboygan.

Ahead-looking statements

The press release mentions "forward-looking statements" inside the which means of the 1995 Personal Securities Settlement Act. Future statements are topic to recognized and unknown risks and uncertainties, many of which can be outdoors the corporate's management. The corporate warns that future statements in this press launch don’t assure future events, and that precise occasions might differ materially from events which were or are being proposed based mostly on the knowledge in this press launch. Forward-looking statements can often be recognized using forward-looking terminology, similar to "can", "plan", "search", "wait", "wait", "intend", "evaluate", "anticipate", "believe" or "continue "or its unfavourable or variations or comparable terminology. Elements which will trigger vital differences in actual outcomes than those introduced or advised by the statements in this press release embrace these marked in the Firm's latest Annual Report Type 10-Okay and subsequent info from the Securities and Markets Fee. All forward-looking statements introduced listed here are made only from the date of publication of this press launch, and the Firm just isn’t obliged to update or revise future statements to mirror modifications in assumptions, prevalence of sudden occasions, or otherwise

Investor Relations
Glen L. Stiteley
EVP Monetary Director, Buyers group financial institution
Telephone: (920) 686-5658
E mail: gstiteley@icbk.com

]
County Bancorp, Inc.
Consolidated Financial Statements
(unaudited)
30. June 1919
2019
31. March
2019
2019 2019 ] December
31,
2018
September
30,
2018 [1 9659059] 19659039] 30.
[1965993] [ 19659041]
Finish of period:
belongings 19659041] 19659125] 116251 $ 62426 $ 61087 $ $ 61087 $ $ [19659053] 49996 [19659041] [19659041] $ 81,044
Obtainable-for-sale securities at truthful value 158,561 192 210 19659053] 190, 185 187,505
Loans for sale
19659125] 7448 2750 2949 2949 19659077] [19659041] 11,468
Agricultural Loans 713.602 722,107 722,107 722,107 722,107 722,107 19659077] 722.1 07 722.107 19659041] 714.310 702.426
Business loans
25] 383542 403490 403490 403490 ] 415672 417146 [19659041] 407,609
Multi-family actual estate loans 46,683 [1965941] [1965941] [1965941] [1965941] [52974 52,974 19659 zero55] 62 321 66, 403 65,713
Housing Loans
4172 4522 4965 5,437
Different and different shoppers 252 252 [19659041] [19659193] 220 220

19659272] 272

113 113 339 [19659124] Loans complete 1182963 1202937 1181524 [19659041]
Compensation (16,258,1965,911) (17,493 [19659117]) (19149197) (19,129,914)
19659041] 1165470 1190790 1186794 1186794 1166, 395
Different Belongings 70.812 68,532 19659041] 19659041] 74 223 [1965] 9077] 72,465
Complete Belongings $ $ $ 1491388 $ [196591] $ 1514968 $ 1518877 [19659952] [19659041]
Money owed and Fairness [19659041]
] 111022 $ 101434 $ 121436 $ 103862 [19659041] $ 95 459
NOW accounts and interest rate verification 54,253 49,902 49,902 51,779 46,811 46,811 Financial savings
financial savings
financial savings
[196590] 77] 5770 6616 6833 [19659041]
Money Market Accounts 239,337 225,975 208 233 204 322 387,899 387,899 376,034 356,484 352,531 344 619 256475 269917 308504 317291 323,561
National time deposits 149,570 149,570 59] 146805 160445 [19659019 183953 [196590] 41] [19659290] Complete deposits 1 205 177 1,176,277 19659125] 1,208,784 ] 1,210,431
FHLB Advances 59,400 19659041] 102 400 108 200 [196590125] 108200 [19659000] 108200
19659 055] 44781 44742 44742 44703 [19659053] 44,725
Different money owed 12,564 ] 11 293 11,194,949] 11,134,949

] 1321922 659077] 1368743

[19659041]
Personal capital
24 [19659041]

] Complete debts and fairness $ 1,484,646 $ 1,491,388 1,491,388 1,491,388 ] 1520828 $ 1514968 $ 1518877
[19659056] 59041]
High-Quarter-to-date 52] $ 18.92

18.92

18.92 $ 19.69 $ 26.00 $ 28, 20 $ 29.26
Low – quarterly $ 16.24 $ 16.74 ] $ 24.29 $ 25.72
Market worth – end of the quarter $ $ 17.60 $ 17.37 $ 25.10 [19659041] $ 27.50
E-book value per share $ 23, 03 $ 22.36 $ 21.50 $ 20.91 $ 20.63
Material carrying quantity per share (1) $ 22.23 $ 19659053 $ $ 20.65 $ ] 20.07 $ [119797 6717908 6709804 19659053 ] 6,693,447

(1) This can be a non-GAAP monetary measure. A summary of GAAP is included under.

[19659041 30.

2019 31. March, 1919, 1949, 19, 1945901, 31, 19459015, 2018
19659041]