County Bancorp, Inc. Announces First Quarter Earnings
County Bancorp reported a net income of $3.9 million or $0.62 per diluted share for Q1 2021, a significant recovery from a net loss of $5.2 million in Q1 2020. The improvement was driven by a 19 basis point reduction in the cost of funds and a $29.3 million increase in loans sold. The bank issued $32.6 million in second-round PPP loans, generating $1.5 million in deferred fee income. Overall, the company sees a strong fiscal year ahead, spurred by positive credit trends and asset quality improvements.
- Net income of $3.9 million for Q1 2021 compared to a net loss of $5.2 million in Q1 2020.
- Cost of funds decreased by 19 basis points to 1.23%.
- Net interest margin declined by 11 basis points sequentially to 2.95%.
- Provision for loan losses increased by $0.7 million, or 153.2%, compared to the previous quarter.
Consistent improvement in credit trends and solid loan sales led to strong first quarter in 2021
Highlights
- Net income of
$3.9 million for the first quarter of 2021 or$0.62 per diluted share - Cost of funds decreased by 19 basis points sequentially to
1.23% , a decline of 79 basis points year-over-year - Loans sold with servicing retained increased
$29.3 million since December 31, 2020 and$94.3 million since March 31, 2020 $32.6 million of second round of PPP loans were closed during the quarter of 2021 which generated$1.5 million in deferred fee income- Watch and worse rated credit improved by
$25.5 million during the first quarter of 2021
MANITOWOC, Wis., April 22, 2021 (GLOBE NEWSWIRE) -- 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 financial results for the first quarter of 2021. Net income was
Tim Schneider, President of County Bancorp, Inc., noted, “I’m highly encouraged by our strong start to the year, and based on positive movements in credit migration and overall improvements in watch and worse rated credits, we continue to expect this to be a strong fiscal year for County Bancorp. We expect to see continued improvement in our overall credit metrics as the dairy market continues to rebound and we conduct our annual credit review of our dairy loan portfolio in the second quarter of 2021. Additionally, shortly after quarter-end, we received a settlement on a nonperforming hotel loan, resulting in a loan loss recovery for that credit in the second quarter of 2021.
Schneider continued, “We also demonstrated our faith in Country Bancorp's long-term value by extending our share repurchase program and purchasing more than 100,000 shares during the first quarter. I am confident that we have the right strategy to maintain our momentum and deliver consistent long-term growth. We look forward to partnering and growing with our commercial, agricultural, and consumer customers in 2021 and beyond.”
Loans and Securities
- Total loans increased sequentially by
$15.4 million , or1.5% , to$1.0 billion during the first quarter of 2021. The increase in total loans was primarily due to$32.6 million of second round Paycheck Protection Program (“PPP”) loans originated during the quarter, which was partially offset by the forgiveness of$24.1 million of first round PPP loans by the Small Business Administration (“SBA”). The following table sets forth the total PPP loans at the dates indicated:
| March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
| # of Loans | Balance | Deferred Fee Income | # of Loans | Balance | Deferred Fee Income | |||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| PPP 1oans - Round 1 | 127 | $ | 13,674 | $ | 301 | 456 | $ | 37,790 | $ | 1,191 | ||||||||||||||
| PPP loans - Round 2 | 461 | 32,595 | 1,479 | — | — | — | ||||||||||||||||||
| Total PPP loans | 588 | $ | 46,269 | $ | 1,780 | 456 | $ | 37,790 | $ | 1,191 | ||||||||||||||
| % of Total loans | 4.57 | % | 3.79 | % | ||||||||||||||||||||
- As of March 31, 2021, there were five customer relationships with loans in payment deferral associated with COVID-19 customer support programs totaling
$6.1 million , or0.6% of total loans, which is a decrease of$16.8 million , or63.5% , since December 31, 2020. - Loan participations the Company continued to service were
$841.9 million as of March 31, 2021, an increase of$29.3 million , or3.6% , compared to December 31, 2020, and an increase of$94.3 million , or12.6% , compared to March 31, 2020. - During the first quarter of 2021, investments increased by
$32.4 million , or9.2% , and increased$139.1 million , or56.5% , since March 31, 2020. There were no security sales during the first quarter of 2021.
Deposits
- Total deposits as of March 31, 2021 were
$1.1 billion , an increase of$57.7 million , or5.5% , from December 31, 2020, and an increase of$78.6 million , or7.7% since March 31, 2020. - Client deposits (demand deposits, NOW accounts, savings accounts, money market accounts, and certificates of deposit) decreased slightly by
$2.8 million , or0.3% , from December 31, 2020 to$913.2 million , which was expected due to seasonal attrition. Year-over-year, client deposits increased$121.5 million , or15.3% , since March 31, 2020. - The Company increased its brokered deposits and national certificate of deposits by
$60.5 million , or48.5% , during the first quarter of 2021 in order to facilitate investment purchases. Despite the additional brokered deposits in the first quarter, wholesale funding decreased$49.9 million , or18.8% , since March 31, 2020.
Shareholders’ Equity
- During the first quarter of 2021, the Company repurchased 109,862 shares of its common stock, totaling
$2.5 million , at a weighted average price of$22.87 per share. - Book value per share decreased to
$25.99 per share on March 31, 2021 from$26.42 on December 31, 2020, due primarily to a$6.4 million unrealized loss on our securities portfolio in the first quarter of 2021.
Net Interest Income and Margin
- Net interest margin for the quarter ended March 31, 2021 was
2.95% , which declined 11 basis points compared to the sequential quarter and increased 21 basis points year-over-year. The following table shows the accretive effect the SBA PPP loans had on net interest margin for the periods indicated.
| For the Three Months Ended | ||||||||
| March 31, 2021 | December 31, 2020 | |||||||
| Net interest margin excluding PPP loans | 2.74 | % | 2.49 | % | ||||
| Accretion related to PPP loans: | ||||||||
| Yield on PPP loans | (0.06 | )% | (0.13 | )% | ||||
| Yield on PPP loan SBA fees | 0.29 | % | 0.81 | % | ||||
| Interest expense on PPP Liquidity Facility programs | (0.02 | )% | (0.11 | )% | ||||
| Total accretion related to PPP loans | 0.21 | % | 0.57 | % | ||||
| Total net interest margin | 2.95 | % | 3.06 | % | ||||
- Net interest margin was positively impacted by approximately 15 basis points during the first quarter of 2021, due to the recovery of
$0.5 million in interest income related to a nonaccrual loan participation. - Loan interest income (including fees) decreased
$1.2 million sequentially primarily due to fewer PPP loans forgiven by the SBA in the first quarter of 2021 compared to the fourth quarter of 2020, which resulted in fewer origination fees being recognized as interest income. During the first quarter of 2021,$24.1 million of PPP loans were forgiven compared to$60.6 million during the fourth quarter of 2020. Year-over-year, loan interest income decreased$1.1 million primarily due to lower yields on the previously mentioned PPP loans and decrease the in federal funds target rates. - Total rates paid on interest-bearing deposits decreased by 22 basis points to
0.91% for the three months ended March 31, 2021, compared to the three months ended December 31, 2020, and decreased 92 basis points compared to the three months ended March 31, 2020. The decrease was primarily due to the Company’s renewed focus on gathering lower-cost transactional deposits versus higher cost time deposits and the market-driven drop in the federal funds rates.
The table below presents the effects of changing rates and volumes on net interest income for the periods indicated.
| Three Months Ended March 31, 2021 v. Three Months Ended December 31, 2020 | Three Months Ended March 31, 2021 v. Three Months Ended March 31, 2020 | |||||||||||||||||||||||
| 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 | $ | 246 | $ | (37 | ) | $ | 209 | $ | 1,003 | $ | (105 | ) | $ | 898 | ||||||||||
| Loans (excluding PPP) | 5 | 271 | 276 | (752 | ) | (1,351 | ) | (2,103 | ) | |||||||||||||||
| PPP loans - round 1 | (1,610 | ) | 37 | (1,573 | ) | (678 | ) | 1,639 | 961 | |||||||||||||||
| PPP loans - round 2 | 1,213 | (1,130 | ) | 83 | 1,213 | (1,130 | ) | 83 | ||||||||||||||||
| Total loans | (392 | ) | (822 | ) | (1,214 | ) | (217 | ) | (842 | ) | (1,059 | ) | ||||||||||||
| Federal funds sold and interest-bearing deposits with banks | (4 | ) | (1 | ) | (5 | ) | (92 | ) | (128 | ) | (220 | ) | ||||||||||||
| Total interest income | (150 | ) | (860 | ) | (1,010 | ) | 694 | (1,075 | ) | (381 | ) | |||||||||||||
| Interest Expense: | ||||||||||||||||||||||||
| Savings, NOW, money market and interest checking | $ | (16 | ) | $ | 13 | $ | (3 | ) | $ | 750 | $ | (1,144 | ) | $ | (394 | ) | ||||||||
| Time deposits | (38 | ) | (371 | ) | (409 | ) | (854 | ) | (1,030 | ) | (1,884 | ) | ||||||||||||
| Other borrowings | (24 | ) | (5 | ) | (29 | ) | 38 | (1 | ) | 37 | ||||||||||||||
| FHLB advances | (15 | ) | 3 | (12 | ) | 68 | (27 | ) | 41 | |||||||||||||||
| Junior subordinated debentures | — | (1 | ) | (1 | ) | 355 | 45 | 400 | ||||||||||||||||
| Total interest expense | $ | (93 | ) | $ | (361 | ) | $ | (454 | ) | $ | 357 | $ | (2,157 | ) | $ | (1,800 | ) | |||||||
| Net interest income | $ | (57 | ) | $ | (499 | ) | $ | (556 | ) | $ | 337 | $ | 1,082 | $ | 1,419 | |||||||||
The following table sets forth average balances, average yields and rates, and income and expenses for the periods indicated.
| For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||
| 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 | $ | 372,235 | $ | 2,187 | 2.38 | % | $ | 322,706 | $ | 1,978 | 2.44 | % | $ | 196,353 | $ | 1,289 | 2.63 | % | ||||||||||||||||||
| Loans excluding PPP loans (2) | 969,429 | 10,479 | 4.38 | % | 968,575 | 10,203 | 4.19 | % | 1,028,637 | 12,582 | 4.89 | % | ||||||||||||||||||||||||
| PPP loans - Round 1 (2) | 27,252 | 961 | 14.30 | % | 71,505 | 2,534 | 14.10 | % | — | — | — | |||||||||||||||||||||||||
| PPP loans - Round 2 (2) | 16,857 | 83 | 2.01 | % | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total loans (2) | 1,013,538 | 11,523 | 4.61 | % | 1,040,080 | 12,737 | 4.87 | % | 1,028,637 | 12,582 | 4.89 | % | ||||||||||||||||||||||||
| Interest bearing deposits due from other banks | 19,949 | 5 | 0.10 | % | 37,385 | 10 | 0.11 | % | 60,825 | 225 | 1.48 | % | ||||||||||||||||||||||||
| Total interest-earning assets | $ | 1,405,722 | $ | 13,715 | 3.96 | % | $ | 1,400,171 | $ | 14,725 | 4.18 | % | $ | 1,285,815 | $ | 14,096 | 4.39 | % | ||||||||||||||||||
| Allowance for loan losses | (14,932 | ) | (18,535 | ) | (15,330 | ) | ||||||||||||||||||||||||||||||
| Other assets | 90,109 | 87,785 | 84,461 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 1,480,899 | $ | 1,469,421 | $ | 1,354,946 | ||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||
| Savings, NOW, money market, interest checking | $ | 477,159 | $ | 380 | 0.32 | % | $ | 421,969 | $ | 383 | 0.36 | % | $ | 334,740 | $ | 774 | 0.92 | % | ||||||||||||||||||
| Time deposits | 442,626 | 1,690 | 1.55 | % | 450,193 | 2,099 | 1.85 | % | 613,753 | 3,574 | 2.33 | % | ||||||||||||||||||||||||
| Total interest-bearing deposits | $ | 919,785 | $ | 2,070 | 0.91 | % | $ | 872,162 | $ | 2,482 | 1.13 | % | $ | 948,493 | $ | 4,348 | 1.83 | % | ||||||||||||||||||
| Other borrowings | 51,220 | 48 | 0.38 | % | 75,341 | 77 | 0.41 | % | 1,259 | 11 | 3.49 | % | ||||||||||||||||||||||||
| FHLB advances | 116,311 | 273 | 0.95 | % | 96,191 | 285 | 1.18 | % | 56,708 | 233 | 1.65 | % | ||||||||||||||||||||||||
| Junior subordinated debentures | 67,123 | 1,106 | 6.68 | % | 67,055 | 1,107 | 6.57 | % | 44,871 | 706 | 6.29 | % | ||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 1,154,439 | $ | 3,497 | 1.23 | % | $ | 1,110,749 | $ | 3,951 | 1.42 | % | $ | 1,051,331 | $ | 5,297 | 2.02 | % | ||||||||||||||||||
| Non-interest-bearing deposits | 138,814 | 168,765 | 113,351 | |||||||||||||||||||||||||||||||||
| Other liabilities | 15,190 | 18,758 | 16,877 | |||||||||||||||||||||||||||||||||
| Total liabilities | $ | 1,308,443 | $ | 1,298,272 | $ | 1,181,559 | ||||||||||||||||||||||||||||||
| Shareholders' equity | 172,456 | 171,149 | 173,387 | |||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 1,480,899 | $ | 1,469,421 | $ | 1,354,946 | ||||||||||||||||||||||||||||||
| Net interest income | $ | 10,218 | $ | 10,774 | $ | 8,799 | ||||||||||||||||||||||||||||||
| Interest rate spread (3) | 2.73 | % | 2.76 | % | 2.37 | % | ||||||||||||||||||||||||||||||
| Net interest margin (4) | 2.95 | % | 3.06 | % | 2.74 | % | ||||||||||||||||||||||||||||||
| Ratio of interest-earning assets to interest-bearing liabilities | 1.22 | 1.26 | 1.22 | |||||||||||||||||||||||||||||||||
(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.
Provision for Loan Losses
- Provision for loan losses increased by
$0.7 million , or153.2% , to$0.2 million for the three months ended March 31, 2021, compared to the three months ended December 31, 2020. The provision for the first quarter is comprised of$0.1 million related to loan grown and a$0.4 million net increase in specific impairments related to one agriculture customer, which was partially offset by a$0.3 million improvement in economic qualitative factor related to the industries we have deemed high risk due in the COVID-19 pandemic. - Year-over-over, provision for loan losses decreased
$2.0 million , or89.1% , compared to the three months ended March 31, 2020. The reduction was primarily the result of the$2.0 million qualitative factor for industries that were deemed to be high-risk due to the COVID-19 pandemic for the three months ended March 31, 2020, due to the economic uncertainty at that time. As of March 31, 2021, only$0.5 million of this qualitative factor remained.
Non-Interest Income
- Total non-interest income for the three months ended March 31, 2021 decreased
$0.6 million , or14.8% , to$3.7 million from the three months ended December 31, 2020, but increased$1.0 million , or36.5% from the three months ended March 31, 2020. - Loan servicing fees increased quarter-over-quarter and year-over-year primarily due a six basis point increase in weighted average servicing fees and an increase in loans serviced. The average loans serviced on March 31, 2021 increased by
$22.0 million and$77.6 million compared to December 31, 2020 and March 31, 2020, respectively. - Loan servicing right income for the three months ended March 31, 2021 decreased
$0.7 million , or60.8% to$0.5 million from$1.2 million for the three months ended December 31, 2020, primarily due to the pay-down of 20 loans totaling$12.3 million . - Crop insurance commission decreased in the sequential quarter by
$0.2 million , or41.8% , due to the annual profit-sharing payment that is received from insurance companies that was received in the fourth quarter of 2020.
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Non-Interest Income | ||||||||||||||||||||
| Service charges | $ | 119 | $ | 108 | $ | 108 | $ | 139 | $ | 113 | ||||||||||
| Crop insurance commission | 301 | 517 | 271 | 229 | 229 | |||||||||||||||
| Gain on sale of residential loans, net | 93 | 219 | 17 | 4 | 38 | |||||||||||||||
| Loan servicing fees | 2,158 | 1,974 | 2,054 | 1,923 | 1,831 | |||||||||||||||
| Gain on sale of service-retained loans, net | 1,587 | 1,828 | 1,268 | 1,041 | 505 | |||||||||||||||
| Loan servicing right pay-down losses | (1,119 | ) | (635 | ) | (551 | ) | (766 | ) | (216 | ) | ||||||||||
| Total loan servicing right income | 468 | 1,193 | 717 | 275 | 289 | |||||||||||||||
| Income on OREO | — | — | — | — | — | |||||||||||||||
| Gain on sale of securities | — | — | 101 | 570 | — | |||||||||||||||
| Referral fees | 319 | 64 | 110 | 121 | 17 | |||||||||||||||
| Other | 254 | 283 | 294 | 240 | 203 | |||||||||||||||
| Total non-interest income | $ | 3,712 | $ | 4,358 | $ | 3,672 | $ | 3,501 | $ | 2,720 | ||||||||||
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Loan servicing rights, end of period | $ | 18,864 | $ | 18,396 | $ | 17,203 | $ | 16,486 | $ | 16,211 | ||||||||||
| Loans serviced, end of period | 841,893 | 812,560 | 797,819 | 762,058 | 747,553 | |||||||||||||||
| Loan servicing rights as a % of loans serviced | 2.24 | % | 2.26 | % | 2.16 | % | 2.16 | % | 2.17 | % | ||||||||||
| Total loan servicing fees | $ | 2,158 | $ | 1,974 | $ | 2,054 | $ | 1,923 | $ | 1,831 | ||||||||||
| Average loans serviced | 827,227 | 805,190 | 779,939 | 754,806 | 749,646 | |||||||||||||||
| Annualized loan servicing fees as a % of average loans serviced | 1.04 | % | 0.98 | % | 1.05 | % | 1.02 | % | 0.98 | % | ||||||||||
Non-Interest Expense
- Total non-interest expense for the three months ended March 31, 2021 decreased
$0.7 million , or13.1% , to$8.8 million from the three months ended December 31, 2020, and decreased$6.3 million , or41.6% from the three months ended March 31, 2020. - Employee compensation and benefits expense decreased for the three months ended March 31, 2021 by
$1.1 million to$5.6 million compared to the three months ended December 31, 2020. The change was primarily the result of an additional accrual of$1.6 million that took place during the fourth quarter of 2020 for incentive compensation related to 2020 financial results, which was partially offset by 2021 merit increases and payroll taxes that reset at the beginning of each year. - Professional fees increased during the first quarter of 2021 by
$0.2 million , or37.8% , to$0.8 million compared to the fourth quarter of 2020 due primarily to a nonrecurring technology strategy project.
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| Non-Interest Expense | ||||||||||||||||||||
| Employee compensation and benefits | $ | 5,582 | $ | 6,687 | $ | 4,766 | $ | 4,594 | $ | 5,260 | ||||||||||
| Occupancy | 279 | 297 | 321 | 305 | 354 | |||||||||||||||
| Information processing | 661 | 656 | 641 | 663 | 670 | |||||||||||||||
| Professional fees | 802 | 582 | 555 | 480 | 401 | |||||||||||||||
| Business development | 307 | 136 | 305 | 333 | 366 | |||||||||||||||
| OREO expenses | 23 | 20 | 47 | 44 | 116 | |||||||||||||||
| Writedown of OREO | — | 148 | — | — | 1,360 | |||||||||||||||
| Net loss (gain) on sale of OREO | 17 | (326 | ) | 9 | — | 4 | ||||||||||||||
| Depreciation and amortization | 257 | 289 | 295 | 303 | 301 | |||||||||||||||
| Goodwill impairment | — | — | — | — | 5,038 | |||||||||||||||
| Other | 836 | 1,005 | 728 | 743 | 1,148 | |||||||||||||||
| Total non-interest expense | $ | 8,764 | $ | 9,494 | $ | 7,667 | $ | 7,465 | $ | 15,018 | ||||||||||
Asset Quality
- During the first quarter of 2021, watch rated loans decreased by
$24.3 million , or12.8% , and$53.6 million , or24.4% , compared to December 31, 2020 and March 31, 2020, respectively, primarily as the result of eight dairy customers upgraded to a low satisfactory rating. This improvement in asset quality is expected to continue in the second quarter of 2021 as we complete the annual review process. - Special mention loans decreased
$1.9 million , or75.5% , compared to December 31, 2020 due mainly to the migration of one agricultural customer to substandard performing. - Substandard performing loans decreased by
$1.5 million , or3.6% , to$39.0 million at March 31, 2021 compared to December 31, 2020 due to impairment of two customer relationships; one customer filed for bankruptcy, and one customer on a workout plan was more than 90 days past due at quarter end. These two migrations to substandard impaired were offset in part by the special mention migration discussed above.
The following table presents loan balances by credit grade for the periods indicated:
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Loans by risk category: | ||||||||||||||||||||
| Sound/Acceptable/Satisfactory/ Low Satisfactory | $ | 757,160 | $ | 716,313 | $ | 800,451 | $ | 798,945 | $ | 706,247 | ||||||||||
| Watch | 165,823 | 190,101 | 185,254 | 198,044 | 219,459 | |||||||||||||||
| Special Mention | 605 | 2,501 | 1,851 | 1,856 | 15,036 | |||||||||||||||
| Substandard Performing | 38,961 | 40,420 | 41,577 | 47,741 | 34,179 | |||||||||||||||
| Substandard Impaired | 49,115 | 46,950 | 46,793 | 40,938 | 37,515 | |||||||||||||||
| Total loans | $ | 1,011,664 | $ | 996,285 | $ | 1,075,926 | $ | 1,087,524 | $ | 1,012,436 | ||||||||||
| Adverse classified asset ratio (1) | 39.61 | % | 39.43 | % | 42.64 | % | 41.73 | % | 32.35 | % | ||||||||||
(1) This is a non-GAAP financial measure. A reconciliation to GAAP is included at the end of this earnings release.
Non-Performing Assets
- Non-performing assets increased in the first quarter by
$2.0 million , or4.7% , compared to the fourth quarter of 2020 due to two agricultural customers being placed on non-accrual status. It is anticipated that during the second quarter of 2021, approximately$7.0 million of agricultural loans will be restored to accrual status as a result of the completion of the annual credit review of the dairy portfolio. - Non-accrual loans increased
$2.3 million , or5.6% , as of March 31, 2021 compared to December 31, 2020, due to the previously discussed customer bankruptcy. - Performing TDRs not on non-accrual decreased
$5.1 million , or27.4% , to$13.5 million on March 31, 2021 from December 31, 2020. The decrease is primarily due to one agriculture customer that was re-underwritten and was no longer a TDR due to improved performance and financial trends.
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Non-Performing Assets: | ||||||||||||||||||||
| Nonaccrual loans | $ | 43,973 | $ | 41,624 | $ | 41,351 | $ | 35,456 | $ | 32,051 | ||||||||||
| Other real estate owned | 739 | 1,077 | 3,064 | 2,629 | 3,247 | |||||||||||||||
| Total non-performing assets | $ | 44,712 | $ | 42,701 | $ | 44,415 | $ | 38,085 | $ | 35,298 | ||||||||||
| Performing TDRs not on nonaccrual | $ | 13,495 | $ | 18,592 | $ | 19,036 | $ | 21,986 | $ | 21,853 | ||||||||||
| Non-performing assets as a % of total loans | 4.42 | % | 4.29 | % | 4.13 | % | 3.50 | % | 3.49 | % | ||||||||||
| Non-performing assets as a % of total assets | 3.00 | % | 2.90 | % | 2.98 | % | 2.52 | % | 2.61 | % | ||||||||||
| Allowance for loan losses as a % of total loans | 1.49 | % | 1.49 | % | 1.73 | % | 1.71 | % | 1.73 | % | ||||||||||
| Net charge-offs (recoveries) quarter- to-date | $ | (32 | ) | $ | 3,386 | $ | (1 | ) | $ | 120 | $ | (62 | ) | |||||||
Conference Call
The Company will host an earnings call tomorrow, April 23, 2021, at 8:30 a.m., CDT, conducted by Timothy J. Schneider, President; Glen L. Stiteley, Chief Financial Officer; David C. Coggins, Chief Banking Officer; John R. Fillingim, Chief Credit Officer; and Matthew R. Lemke, Chief Retail and Deposit Officer. The earnings call will be broadcast over the Internet on the Company’s website at Investors.ICBK.com. In addition, you may listen to the Company’s earnings call via telephone by dialing (844) 835-9984. 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 23, 2022, by visiting the Company’s website at Investors.ICBK.com/QuarterlyResults.
About County Bancorp, Inc.
County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and its 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 it has developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending. It also serves business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin. Its customers are served from its full-service locations in Manitowoc, Appleton, Green Bay, and Stevens Point and its 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 the Company’s control. The Company cautions 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, including the effects of the COVID-19 pandemic and its potential effects on the economic environment, our customers and our operations, as well as, any changes to federal, state, or local government laws, regulations, or orders in connection with the pandemic. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does 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: gstiteley@icbk.com
| County Bancorp, Inc. Consolidated Financial Summary (Unaudited) | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| Period-End Balance Sheet: | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 17,820 | $ | 19,500 | $ | 53,283 | $ | 127,432 | $ | 21,545 | ||||||||||
| Securities available-for-sale, at fair value | 385,240 | 352,854 | 298,476 | 226,971 | 246,148 | |||||||||||||||
| Loans held for sale | 5,789 | 35,976 | 2,593 | 11,847 | 14,388 | |||||||||||||||
| Agricultural loans | 609,482 | 606,881 | 619,617 | 624,340 | 642,066 | |||||||||||||||
| Commercial loans | 317,625 | 313,265 | 317,782 | 328,368 | 325,310 | |||||||||||||||
| Paycheck Protection Plan loans | 46,249 | 37,790 | 98,421 | 103,317 | — | |||||||||||||||
| Multi-family real estate loans | 33,287 | 33,457 | 35,496 | 30,439 | 42,198 | |||||||||||||||
| Residential real estate loans | 4,776 | 4,627 | 4,489 | 975 | 2,753 | |||||||||||||||
| Installment and consumer other | 245 | 265 | 121 | 85 | 109 | |||||||||||||||
| Total loans | 1,011,664 | 996,285 | 1,075,926 | 1,087,524 | 1,012,436 | |||||||||||||||
| Allowance for loan losses | (15,082 | ) | (14,808 | ) | (18,649 | ) | (18,569 | ) | (17,547 | ) | ||||||||||
| Net loans | 996,582 | 981,477 | 1,057,277 | 1,068,955 | 994,889 | |||||||||||||||
| Other assets | 85,897 | 82,551 | 80,426 | 78,712 | 78,004 | |||||||||||||||
| Total Assets | $ | 1,491,328 | $ | 1,472,358 | $ | 1,492,055 | $ | 1,513,917 | $ | 1,354,974 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Demand deposits | $ | 139,838 | $ | 163,202 | $ | 158,798 | $ | 149,963 | $ | 117,434 | ||||||||||
| NOW accounts and interest checking | 95,591 | 96,624 | 78,026 | 81,656 | 64,873 | |||||||||||||||
| Savings | 8,431 | 7,367 | 11,900 | 8,369 | 6,566 | |||||||||||||||
| Money market accounts | 390,741 | 344,250 | 325,900 | 307,083 | 237,889 | |||||||||||||||
| Time deposits | 278,591 | 304,580 | 322,992 | 346,482 | 364,930 | |||||||||||||||
| Brokered deposits | 159,034 | 80,456 | 101,808 | 121,503 | 161,882 | |||||||||||||||
| National time deposits | 26,302 | 44,347 | 50,747 | 57,997 | 66,386 | |||||||||||||||
| Total deposits | 1,098,528 | 1,040,826 | 1,050,171 | 1,073,053 | 1,019,960 | |||||||||||||||
| Federal Reserve Discount Window advances | 47,255 | 47,531 | 99,693 | 99,693 | — | |||||||||||||||
| FHLB advances | 100,000 | 129,000 | 84,600 | 93,400 | 109,400 | |||||||||||||||
| Subordinated debentures | 67,179 | 67,111 | 67,025 | 61,910 | 44,896 | |||||||||||||||
| Other liabilities | 12,028 | 16,114 | 20,656 | 17,336 | 15,672 | |||||||||||||||
| Total Liabilities | 1,324,990 | 1,300,582 | 1,322,145 | 1,345,392 | 1,189,928 | |||||||||||||||
| Shareholders' equity | 166,338 | 171,776 | 169,910 | 168,525 | 165,046 | |||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 1,491,328 | $ | 1,472,358 | $ | 1,492,055 | $ | 1,513,917 | $ | 1,354,974 | ||||||||||
| Stock Price Information: | ||||||||||||||||||||
| High - Quarter-to-date | $ | 26.46 | $ | 23.72 | $ | 22.00 | $ | 24.67 | $ | 27.19 | ||||||||||
| Low - Quarter-to-date | $ | 19.66 | $ | 18.20 | $ | 17.04 | $ | 17.13 | $ | 13.55 | ||||||||||
| Market price - Quarter-end | $ | 23.97 | $ | 22.08 | $ | 18.80 | $ | 20.93 | $ | 18.50 | ||||||||||
| Book value per share | $ | 25.99 | $ | 26.42 | $ | 25.72 | $ | 25.18 | $ | 24.17 | ||||||||||
| Tangible book value per share (1) | $ | 25.98 | $ | 26.42 | $ | 25.71 | $ | 25.16 | $ | 24.15 | ||||||||||
| Common shares outstanding | 6,094,450 | 6,197,965 | 6,294,675 | 6,375,150 | 6,496,790 | |||||||||||||||
(1) This is a non-GAAP financial measure. A reconciliation to GAAP is included below.
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| Selected Income Statement Data: | ||||||||||||||||||||
| Interest and Dividend Income | ||||||||||||||||||||
| Loans, including fees | $ | 11,523 | $ | 12,737 | $ | 11,594 | $ | 12,009 | $ | 12,565 | ||||||||||
| Taxable securities | 1,887 | 1,777 | 1,293 | 1,283 | 1,282 | |||||||||||||||
| Tax-exempt securities | 246 | 201 | 167 | 162 | 6 | |||||||||||||||
| Federal funds sold and other | 58 | 10 | 52 | 111 | 225 | |||||||||||||||
| Total interest and dividend income | 13,714 | 14,725 | 13,106 | 13,565 | 14,078 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||
| Deposits | 2,069 | 2,482 | 2,914 | 3,721 | 4,347 | |||||||||||||||
| FHLB advances and other borrowed funds | 321 | 362 | 456 | 343 | 244 | |||||||||||||||
| Subordinated debentures | 1,106 | 1,107 | 1,082 | 736 | 706 | |||||||||||||||
| Total interest expense | 3,496 | 3,951 | 4,452 | 4,800 | 5,297 | |||||||||||||||
| Net interest income | 10,218 | 10,774 | 8,654 | 8,765 | 8,781 | |||||||||||||||
| Provision for loan losses | 242 | (455 | ) | 79 | 1,142 | 2,218 | ||||||||||||||
| Net interest income after provision for loan losses | 9,976 | 11,229 | 8,575 | 7,623 | 6,563 | |||||||||||||||
| Non-Interest Income | ||||||||||||||||||||
| Services charges | 119 | 108 | 108 | 139 | 113 | |||||||||||||||
| Crop insurance commission | 301 | 517 | 271 | 229 | 229 | |||||||||||||||
| Gain on sale of residential loans, net | 93 | 219 | 17 | 4 | 38 | |||||||||||||||
| Loan servicing fees | 2,158 | 1,974 | 2,054 | 1,923 | 1,831 | |||||||||||||||
| Gain on sale of service-retained loans, net | 1,587 | 1,828 | 1,268 | 1,041 | 505 | |||||||||||||||
| Loan servicing right pay-down losses | (1,119 | ) | (635 | ) | (551 | ) | (766 | ) | (216 | ) | ||||||||||
| Total loan servicing right income | 468 | 1,193 | 717 | 275 | 289 | |||||||||||||||
| Gain on sale of securities | — | — | 101 | 570 | — | |||||||||||||||
| Referral fees (1) | 319 | 64 | 110 | 121 | 17 | |||||||||||||||
| Other | 254 | 283 | 294 | 240 | 203 | |||||||||||||||
| Total non-interest income | 3,712 | 4,358 | 3,672 | 3,501 | 2,720 | |||||||||||||||
| Non-Interest Expense | ||||||||||||||||||||
| Employee compensation and benefits | 5,582 | 6,687 | 4,766 | 4,594 | 5,260 | |||||||||||||||
| Occupancy | 279 | 297 | 321 | 305 | 354 | |||||||||||||||
| Information processing | 661 | 656 | 641 | 663 | 670 | |||||||||||||||
| Professional fees | 802 | 582 | 555 | 480 | 401 | |||||||||||||||
| Business development | 307 | 136 | 305 | 333 | 366 | |||||||||||||||
| OREO expenses | 23 | 20 | 47 | 44 | 116 | |||||||||||||||
| Writedown of OREO | — | 148 | — | — | 1,360 | |||||||||||||||
| Net loss (gain) on sale of OREO | 17 | (326 | ) | 9 | — | 4 | ||||||||||||||
| Depreciation and amortization | 257 | 289 | 295 | 303 | 301 | |||||||||||||||
| Goodwill impairment | — | — | — | — | 5,038 | |||||||||||||||
| Other | 836 | 1,005 | 728 | 743 | 1,148 | |||||||||||||||
| Total non-interest expense | 8,764 | 9,494 | 7,667 | 7,465 | 15,018 | |||||||||||||||
| Income (loss) before income taxes | 4,924 | 6,093 | 4,580 | 3,659 | (5,735 | ) | ||||||||||||||
| Income tax expense (benefit) | 996 | 1,575 | 1,164 | 926 | (547 | ) | ||||||||||||||
| NET INCOME (LOSS) | $ | 3,928 | $ | 4,518 | $ | 3,416 | $ | 2,733 | $ | (5,188 | ) | |||||||||
| Basic earnings (loss) per share | $ | 0.62 | $ | 0.70 | $ | 0.52 | $ | 0.40 | $ | (0.79 | ) | |||||||||
| Diluted earnings (loss) per share | $ | 0.62 | $ | 0.70 | $ | 0.52 | $ | 0.40 | $ | (0.78 | ) | |||||||||
| Dividends declared per share | $ | 0.10 | $ | 0.10 | $ | 0.07 | $ | 0.07 | $ | 0.07 | ||||||||||
(1) Referral fees in prior quarters reclassed to non-interest income to match current classification
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands, except share data) | ||||||||||||||||||||
| Other Data: | ||||||||||||||||||||
| Return on average assets (1) | 1.06 | % | 1.23 | % | 0.91 | % | 0.74 | % | (1.53 | )% | ||||||||||
| Return on average shareholders' equity (1) | 9.11 | % | 10.56 | % | 8.05 | % | 6.55 | % | (11.97 | )% | ||||||||||
| Return on average common shareholders' equity (1)(2) | 9.29 | % | 10.88 | % | 8.25 | % | 6.63 | % | (12.81 | )% | ||||||||||
| Efficiency ratio (1)(2) | 62.79 | % | 63.92 | % | 62.64 | % | 11.13 | % | 74.92 | % | ||||||||||
| Equity to assets ratio | 11.15 | % | 11.67 | % | 11.39 | % | 11.13 | % | 12.18 | % | ||||||||||
| Tangible common equity to tangible assets (2) | 10.62 | % | 11.12 | % | 10.85 | % | 10.60 | % | 11.58 | % | ||||||||||
| Common Share Data: | ||||||||||||||||||||
| Net income from continuing operations | $ | 3,928 | $ | 4,518 | $ | 3,416 | $ | 2,733 | $ | (5,188 | ) | |||||||||
| Less: Preferred stock dividends | 81 | 80 | 80 | 99 | 108 | |||||||||||||||
| Income available to common shareholders | $ | 3,847 | $ | 4,438 | $ | 3,336 | $ | 2,634 | $ | (5,296 | ) | |||||||||
| Weighted average number of common shares issued | 7,218,358 | 7,206,238 | 7,202,000 | 7,198,901 | 7,182,945 | |||||||||||||||
| Less: Weighted average treasury shares | 1,080,089 | 957,573 | 882,153 | 759,294 | 518,740 | |||||||||||||||
| Plus: Weighted average non-vested restricted stock units | 63,991 | 67,529 | 66,492 | 65,291 | 39,785 | |||||||||||||||
| Weighted average number of common shares outstanding | 6,202,260 | 6,316,194 | 6,386,339 | 6,504,898 | 6,703,990 | |||||||||||||||
| Effect of dilutive options | 34,465 | 28,025 | 20,915 | 28,511 | 49,072 | |||||||||||||||
| Weighted average number of common shares outstanding used to calculate diluted earnings per common share | 6,236,725 | 6,344,219 | 6,407,254 | 6,533,409 | 6,753,062 | |||||||||||||||
(1) Annualized
(2) This is a non-GAAP financial measure. A reconciliation to GAAP is included below.
Non-GAAP Financial Measures:
| For the Three Months Ended | ||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Return on average common shareholders' equity reconciliation (1): | ||||||||||||||||||||
| Return on average shareholders' equity | 9.11 | % | 10.56 | % | 8.05 | % | 6.55 | % | (11.97 | )% | ||||||||||
| Effect of excluding average preferred shareholders' equity | 0.18 | % | 0.32 | % | 0.20 | % | 0.08 | % | (0.84 | )% | ||||||||||
| Return on average common shareholders' equity | 9.29 | % | 10.88 | % | 8.25 | % | 6.63 | % | (12.81 | )% | ||||||||||
| Efficiency ratio (2): | ||||||||||||||||||||
| Non-interest expense | $ | 8,764 | $ | 9,494 | $ | 7,667 | $ | 7,465 | $ | 15,018 | ||||||||||
| Less: goodwill impairment | — | — | — | — | (5,038 | ) | ||||||||||||||
| Less: historical tax credit investment impairment | — | — | — | — | — | |||||||||||||||
| Less: net loss on sales and write-downs of OREO | (17 | ) | 178 | (9 | ) | — | (1,364 | ) | ||||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 8,747 | $ | 9,672 | $ | 7,658 | $ | 7,465 | $ | 8,616 | ||||||||||
| Net interest income | $ | 10,218 | $ | 10,774 | $ | 8,654 | $ | 8,765 | $ | 8,781 | ||||||||||
| Non-interest income | 3,712 | 4,358 | 3,672 | 3,501 | 2,720 | |||||||||||||||
| Less: net gain on sales of securities | — | — | (101 | ) | (570 | ) | — | |||||||||||||
| Operating revenue | $ | 13,930 | $ | 15,132 | $ | 12,225 | $ | 11,696 | $ | 11,501 | ||||||||||
| Efficiency ratio | 62.79 | % | 63.92 | % | 62.64 | % | 63.83 | % | 74.92 | % | ||||||||||
| For the Three Months Ended | ||||||||
| March 31, 2021 | March 31, 2020 | |||||||
| (dollars in thousands, except per share data) | ||||||||
| Adjusted diluted earnings per share(3): | ||||||||
| Net income from continuing operations | $ | 3,928 | $ | (5,188 | ) | |||
| Less: preferred stock dividends | (81 | ) | (108 | ) | ||||
| Plus: goodwill impairment | — | 5,038 | ||||||
| Adjusted income available to common shareholders for basic earnings per common share | $ | 3,847 | $ | (258 | ) | |||
| Weighted average number of common shares outstanding | 6,202,260 | 6,703,990 | ||||||
| Effect of dilutive options | 34,465 | 49,072 | ||||||
| Weighted average number of common shares outstanding used to calculate diluted earnings per common share | 6,236,725 | 6,753,062 | ||||||
| Adjusted diluted earnings per share | $ | 0.62 | $ | (0.04 | ) | |||
(1) Management uses the return on average common shareholders’ equity to review our core operating results and our performance.
(2) In our judgment, the adjustments made to non-interest expense allow investors to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.
(3) In our judgment, the adjustment made to diluted earnings per share allows investors to better assess our income related to core operations by removing the volatility associated with the goodwill impairment, which was a one-time, non-cash expense.
Non-GAAP Financial Measures (continued):
| March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| Tangible book value per share and tangible common equity to tangible assets reconciliation (1): | ||||||||||||||||||||
| Common equity | $ | 158,338 | $ | 163,776 | $ | 161,910 | $ | 160,525 | $ | 157,046 | ||||||||||
| Less: Core deposit intangible, net of amortization | 29 | 54 | 86 | 125 | 171 | |||||||||||||||
| Tangible common equity (non-GAAP) | $ | 158,309 | $ | 163,722 | $ | 161,824 | $ | 160,400 | $ | 156,875 | ||||||||||
| Common shares outstanding | 6,094,450 | 6,197,965 | 6,294,675 | 6,375,150 | 6,496,790 | |||||||||||||||
| Tangible book value per share | $ | 25.98 | $ | 26.42 | $ | 25.71 | $ | 25.16 | $ | 24.15 | ||||||||||
| Total assets | $ | 1,491,328 | $ | 1,472,358 | $ | 1,492,055 | $ | 1,513,917 | $ | 1,354,974 | ||||||||||
| Less: Core deposit intangible, net of amortization | 29 | 54 | 86 | 125 | 171 | |||||||||||||||
| Tangible assets (non-GAAP) | $ | 1,491,299 | $ | 1,472,304 | $ | 1,491,969 | $ | 1,513,792 | $ | 1,354,803 | ||||||||||
| Tangible common equity to tangible assets | 10.62 | % | 11.12 | % | 10.85 | % | 10.60 | % | 11.58 | % | ||||||||||
| Adverse classified asset ratio (2): | ||||||||||||||||||||
| Substandard loans | $ | 88,076 | $ | 87,370 | $ | 88,370 | $ | 88,680 | $ | 71,694 | ||||||||||
| Other real estate owned | 739 | 1,077 | 3,064 | 2,629 | 3,247 | |||||||||||||||
| Substandard unused commitments | 5,091 | 4,049 | 5,124 | 3,230 | 2,840 | |||||||||||||||
| Less: Substandard government guarantees | (8,485 | ) | (8,960 | ) | (7,002 | ) | (6,336 | ) | (7,699 | ) | ||||||||||
| Total adverse classified assets (non-GAAP) | $ | 85,421 | $ | 83,536 | $ | 89,556 | $ | 88,203 | $ | 70,082 | ||||||||||
| Total equity (Bank) | $ | 202,200 | $ | 205,743 | $ | 200,011 | $ | 201,507 | $ | 204,089 | ||||||||||
| Accumulated other comprehensive gain on available for sale securities | (1,652 | ) | (8,686 | ) | (8,640 | ) | (8,734 | ) | (5,012 | ) | ||||||||||
| Allowance for loan losses | 15,082 | 14,808 | 18,649 | 18,569 | 17,547 | |||||||||||||||
| Adjusted total equity (non-GAAP) | $ | 215,630 | $ | 211,865 | $ | 210,020 | $ | 211,342 | $ | 216,624 | ||||||||||
| Adverse classified asset ratio | 39.61 | % | 39.43 | % | 42.64 | % | 41.73 | % | 32.35 | % | ||||||||||
(1) In our judgment, the adjustments made to book value, equity and assets allow investors to better assess our capital adequacy and net worth by removing the effect of goodwill and intangible assets that are unrelated to our core business.
(2) The adjustments made to non-performing assets allow management to better assess asset quality and monitor the amount of capital coverage necessary for non-performing assets.
FAQ
What were County Bancorp's earnings in Q1 2021?
How did the cost of funds change for County Bancorp in Q1 2021?
What is the stock symbol for County Bancorp?
How much did County Bancorp increase its loans sold in Q1 2021?
Did County Bancorp issue any PPP loans in Q1 2021?
