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Nicolet Bankshares (NCBS) has successfully completed its merger with County Bancorp (ICBK), with County merging into Nicolet, which is now the surviving corporation. This merger adds approximately $1.5 billion in assets, raising Nicolet's total assets to $8.0 billion. The combined entity's total loans increase to $4.5 billion and total deposits to $6.7 billion. Additionally, three branches of Investors Community Bank have transitioned to Nicolet National Bank, enhancing Nicolet's presence in Fox Valley and expanding into new markets in Stevens Point and Manitowoc, Wisconsin.
County Bancorp, Inc. (ICBK) reported a net income of $4.1 million ($0.65 per diluted share) for Q3 2021, down from $6.7 million in Q2 2021. Year-to-date, net income reached $14.8 million, significantly higher than $1.0 million for the same period in 2020. Total loans increased by $3.1 million to $1.0 billion, despite a drop in PPP loans. A recovery of provision for loan losses of $0.6 million was noted, alongside a decrease in substandard loans by 24.2%. Total deposits rose to $1.2 billion, up 4.0% from the previous quarter. The merger with Nicolet is anticipated to close on December 3, 2021.
County Bancorp, Inc. (NASDAQ: ICBK) has declared a quarterly cash dividend of $0.10 per share, effective October 19, 2021. The dividend is set to be paid on November 19, 2021, to shareholders who are on record by November 5, 2021. This announcement signals the company's ongoing commitment to providing returns to its shareholders. County Bancorp operates Investors Community Bank, primarily serving agricultural businesses in Wisconsin, with an emphasis on dairy-related lending.
Nicolet Bankshares reported Q3 2021 net income of $7.8 million ($0.73 per share), down from $18.3 million in Q2 2021 and $18.1 million in Q3 2020. For the first nine months, net income reached $44.3 million, up from $42.1 million YoY. Key merger with Mackinac Financial added $1.5 billion in assets and $229 million total purchase price. Loans increased by $0.7 billion and deposits by $1.5 billion. Noninterest income declined 31% compared to Q2 2021. The merger with County Bancorp was approved, expected to close on December 3, 2021.
County Bancorp, Inc. (NASDAQ: ICBK) announced a quarterly cash dividend of $0.10 per share on August 17, 2021. This dividend will be payable on September 17, 2021, to shareholders of record as of September 3, 2021. President Tim Schneider highlighted the continued momentum from the beginning of the year into the second quarter, reflecting confidence in the company’s growth and financial stability.
County Bancorp reported a strong Q2 2021, with net income of $6.7 million ($1.07 per diluted share), up from $2.7 million in Q2 2020. The company experienced a $4.3 million recovery in loan loss provisions and a 17 basis points decrease in cost of funds to 1.06%. Additionally, loans sold increased by $11.3 million since March 31, 2021. Watch and worse rated loans decreased by $74.6 million, indicating improved asset quality. Deposits rose to $1.1 billion, reflecting a healthy growth trend.
Nicolet Bankshares (NASDAQ: NCBS) has entered a definitive merger agreement to acquire County Bancorp (NASDAQ: ICBK) and its subsidiary, Investors Community Bank. The merger will create a company with pro forma total assets of $7.5 billion, deposits of $6.3 billion, and loans totaling $4.9 billion, positioning it as a premier agriculture lender in Wisconsin. County shareholders may choose either $37.18 in cash or 0.48 shares of Nicolet common stock, valuing the deal at approximately $219 million. The merger is expected to close in Q4 2021, pending regulatory and shareholder approvals.
Nicolet Bankshares will acquire County Bancorp in a strategic merger valued at approximately $219 million. The combined entity will have pro forma total assets of $7.5 billion, deposits of $6.3 billion, and loans of $4.9 billion. County shareholders may receive either $37.18 in cash or 0.48 shares of Nicolet stock. The deal aims to enhance agricultural lending capabilities, particularly in Wisconsin's dairy sector. Pending regulatory and shareholder approvals, the merger is expected to finalize in the fourth quarter of 2021.
County Bancorp reports a significant improvement in credit quality as of May 31, 2021. Non-performing assets decreased by $13.3 million (29.7%) and adverse classified assets fell by $29.8 million (34.9%) since March 31, 2021. The decrease in loans rated 'watch' and worse by $70.9 million suggests a positive trend, driven by a recovery in the dairy market boosting clients' cash flows. The company anticipates benefits in second-quarter earnings due to improved loan loss allowances. Key metrics indicate a favorable shift in the credit portfolio and asset quality.
County Bancorp, Inc. (NASDAQ: ICBK) announced a quarterly cash dividend of $0.10 per share, declared on May 18, 2021, to be paid on June 18, 2021. Shareholders of record as of June 4, 2021 will receive the dividend. Tim Schneider, the company's President, expressed confidence in a strong fiscal year, following solid first-quarter results.
County Bancorp is headquartered in Manitowoc, Wisconsin, and primarily serves agricultural businesses with a focus on dairy lending while also catering to retail and business customers.
