19.01.2017, 18:15
County Bancorp, Inc. Announces Fourth Quarter 2016 Net Income of $3.5 Million and Net Income of $10.7 Million for the Year 2016
OREANDA-NEWS. County Bancorp, Inc. (NASDAQ:ICBK), the holding company of Investors Community Bank, a commercial bank headquartered in Manitowoc, Wisconsin, reported net income of $3.5 million, or $0.50 diluted earnings per share, for the fourth quarter of 2016, compared to net income of $2.9 million, or $0.48 diluted earnings per share, for the fourth quarter of 2015. Net income for the year ended December 31, 2016 was $10.7 million compared to $11.0 million for the year ended December 31, 2015. This represents a return on average assets of 0.98% for the year ended December 31, 2016 compared to 1.35% for the year ended December 31, 2015.
"County Bancorp, Inc. finished 2016 on a solid note, with a strong fourth quarter from both income and loan growth standpoints," said Tim Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank. "The year brought new opportunities as we completed our acquisition of Fox River Valley Bancorp, Inc., and based on the results of the past two quarters, we believe the merger has proven successful. Our company is driven by our people and the relationships they have with their clients. We continue to drive future success, adding people in key positions throughout the organization. Our historic tenets for success have always been sound underwriting, loan growth, and an efficient operating model, which result in strong bottom line returns. These tenets have not changed, and we will continue to strive for solid shareholder returns."
Total assets at December 31, 2016 were $1.2 billion, an increase of $25.5 million over total assets as of September 30, 2016 and an increase of $357.8 million over total assets as of December 31, 2015. Total loans were $1.0 billion at December 31, 2016 which represents a $38.0 million increase over total loans at September 30, 2016 and a $282.3 million increase over total loans at December 31, 2015. Total deposits at December 31, 2016 were $977.5 million, an increase of $48.1 million over total deposits as of September 30, 2016 and an increase of $305.3 million over total deposits as of December 31, 2015.
Non-performing assets decreased to $22.9 million at December 31, 2016, from $27.5 million at December 31, 2015, which represents a 16.7% improvement.
Net income for the quarters ended December 31, 2016 and 2015 were $3.5 million and $2.9 million, respectively. The increase in net income of $0.6 million between the fourth quarters of 2016 and 2015 was primarily the result of increased loan volumes throughout 2016 and was partially offset by a $1.0 million increase in employee compensation and benefits and a $0.2 million increase in information processing expense resulting from the merger with Fox River Valley Bancorp, Inc. ("Fox River Valley"). Net interest margin increased to 3.45% for the three months ended December 31, 2016, compared to 3.34% for the three months ended December 31, 2015.
Net income for the year ended December 31, 2016 was $10.7 million compared to $11.0 million for the year ended December 31, 2015. This decrease was the result of increased non-interest expense during 2016, which included $2.6 million in merger-related expenses that were incurred during the year, which had a $1.6 million effect on net income, net of taxes. Net interest income increased 35.5% to $35.6 million for the year ended December 31, 2016 from $26.2 million for the year ended December 31, 2015.
Earnings for the year ended December 31, 2016 were affected by one-time merger-related expenses from the acquisition of Fox River Valley, and its wholly owned subsidiary, The Business Bank, which was completed on May 13, 2016. The non-GAAP information presented below should be read in conjunction with the Company’s balance sheet and statement of operations. After excluding the effects of $2.6 million ($1.6 million net of taxes) of expenses relating to the merger with Fox River Valley, adjusted diluted earnings per share (non-GAAP) for the year ended December 31, 2016 were $1.86, compared to $1.82 for the year ended December 31, 2015.
"County Bancorp, Inc. finished 2016 on a solid note, with a strong fourth quarter from both income and loan growth standpoints," said Tim Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank. "The year brought new opportunities as we completed our acquisition of Fox River Valley Bancorp, Inc., and based on the results of the past two quarters, we believe the merger has proven successful. Our company is driven by our people and the relationships they have with their clients. We continue to drive future success, adding people in key positions throughout the organization. Our historic tenets for success have always been sound underwriting, loan growth, and an efficient operating model, which result in strong bottom line returns. These tenets have not changed, and we will continue to strive for solid shareholder returns."
Total assets at December 31, 2016 were $1.2 billion, an increase of $25.5 million over total assets as of September 30, 2016 and an increase of $357.8 million over total assets as of December 31, 2015. Total loans were $1.0 billion at December 31, 2016 which represents a $38.0 million increase over total loans at September 30, 2016 and a $282.3 million increase over total loans at December 31, 2015. Total deposits at December 31, 2016 were $977.5 million, an increase of $48.1 million over total deposits as of September 30, 2016 and an increase of $305.3 million over total deposits as of December 31, 2015.
Non-performing assets decreased to $22.9 million at December 31, 2016, from $27.5 million at December 31, 2015, which represents a 16.7% improvement.
Net income for the quarters ended December 31, 2016 and 2015 were $3.5 million and $2.9 million, respectively. The increase in net income of $0.6 million between the fourth quarters of 2016 and 2015 was primarily the result of increased loan volumes throughout 2016 and was partially offset by a $1.0 million increase in employee compensation and benefits and a $0.2 million increase in information processing expense resulting from the merger with Fox River Valley Bancorp, Inc. ("Fox River Valley"). Net interest margin increased to 3.45% for the three months ended December 31, 2016, compared to 3.34% for the three months ended December 31, 2015.
Net income for the year ended December 31, 2016 was $10.7 million compared to $11.0 million for the year ended December 31, 2015. This decrease was the result of increased non-interest expense during 2016, which included $2.6 million in merger-related expenses that were incurred during the year, which had a $1.6 million effect on net income, net of taxes. Net interest income increased 35.5% to $35.6 million for the year ended December 31, 2016 from $26.2 million for the year ended December 31, 2015.
Earnings for the year ended December 31, 2016 were affected by one-time merger-related expenses from the acquisition of Fox River Valley, and its wholly owned subsidiary, The Business Bank, which was completed on May 13, 2016. The non-GAAP information presented below should be read in conjunction with the Company’s balance sheet and statement of operations. After excluding the effects of $2.6 million ($1.6 million net of taxes) of expenses relating to the merger with Fox River Valley, adjusted diluted earnings per share (non-GAAP) for the year ended December 31, 2016 were $1.86, compared to $1.82 for the year ended December 31, 2015.
| Year Ended December 31, 2016 |
Diluted Earnings per Share at December 31, 2016 | Year Ended December 31, 2015 |
Diluted Earnings per Share at December 31, 2015 | |||||||||||||
| Net income, excluding merger related expenses | $ | 12,313 | $ | 1.86 | $ | 10,974 | $ | 1.82 | ||||||||
| Merger related expenses, net of taxes | 1,619 | 0.25 | - | - | ||||||||||||
| Net income | $ | 10,694 | $ | 1.61 | $ | 10,974 | $ | 1.82 | ||||||||
Provision for loan losses for the year ended December 31, 2016 was $3.0 million compared to a credit provision of $1.0 million for the year ended December 31, 2015. The increased provision resulted from increased loan growth in 2016 and a one-time recovery that took place in 2015.
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