Evolving for a strong future
2015 ANNUAL REPORT
Letter to Shareholders
William Censky
Chairman of the Board
County Bancorp, Inc.
Timothy Schneider
President, County Bancorp, Inc.
CEO, Investors Community Bank
Our efficiency ratio continued to be strong and in the industry
peer group top quartile at 49.95% for 2015. Return on average
assets was a record for your company at 1.35% and also was in the
industry peer group top quartile for the year 2015, exceeding last
year’s return on average assets of 1.10%.
In the current competitive and sustained low interest rate com-
mercial banking environment, we were able to maintain a solid
net interest margin at 3.36% in 2015. Our non-interest income
also remained strong, growing to $7.7 million for 2015 versus $7.1
million for 2014. This was primarily due to our continued strong
secondary market sales of Farm Service Agency government
guaranteed loans, participated loans and an increase in our crop
insurance revenues for the year.
Our non-performing asset level rose in the fourth quarter of 2015.
The increase at year end was primarily due to the recognition of
one large credit as non-accrual at the end of the fourth quarter.
We expect this situation to resolve itself through the owner’s sale
of the business in 2016. Finally, earnings per diluted share for
2015 were $1.82 as compared to 2014 at $1.69. In addition, we an-
nounced an increase of 25% in our first quarter dividend for 2016.
Company Recognition
As we previously shared with you, we opened our newly relocated
branch in Stevens Point in early February 2016. This beautiful
facility will allow us to continue our growth in the Stevens Point
and central Wisconsin market. We also opened a new Loan
Production Office in Sheboygan in January 2016.
People Bank with People, not Banks
We continue to be a business driven by our people and the rela-
tionships we have with our customers. We have added significant
new talent to our team in 2015 and will add resources accordingly
in 2016 as we see opportunity to grow. As mentioned earlier, we
are excited about the people joining our team in the Appleton
and Green Bay markets as part of our acquisition of The Business
Bank.
Thank you for your support as shareholders this past year, and
hopefully you are as pleased with our results for 2015 as we are.
We are proud to share our successes with you as we move into an
evolving time as a bank and an industry.
Dear Shareholders:
2015 was quite an exciting and active year for County Bancorp,
Inc. Besides the outstanding financial performance of your com-
pany, which I will expound on later, we are Evolving for a Strong
Future. What do I mean by this? Strategically, our board decided
a few years ago that providing long-term shareholder liquidity was
important. To address this issue we made the decision to take the
company public, and on January 16, 2015 we started trading on
the NASDAQ Global Market (ICBK), raising approximately $16.9
million (net proceeds) in additional capital through an Initial
Public Offering.
Why would a company that is already well capitalized require
additional capital? This additional capital, along with the public
currency we created by taking the company public, allowed us to
pursue another high priority set by your board – that of pursuing
qualified acquisition candidates. Two of our primary objectives of
an acquisition are to provide a diversification of our loan portfo-
lio by acquiring a strong commercially-focused bank, along with
finding an acquisition that’s located in a strong community for fu-
ture growth. We accomplished this with the May 13, 2016 closing
of the acquisition of Fox River Valley Bancorp, Inc. and its wholly
owned subsidiary, The Business Bank, with locations in Appleton
and Green Bay. We are very excited about our new venture with
The Business Bank and the outstanding new team members who
will be joining Investors Community Bank (ICB), along with their
solid commercial banking customers becoming customers of ICB.
As you can see, we have had a lot going on this past year. Diligent
and extreme hard work have gone into accomplishing both of
these goals by many team members at ICB. Again, we felt both of
these steps were necessary in the ever-evolving banking business
to continue to provide long term shareholder value creation.
2015 Company Performance
2014 was an outstanding year for County Bancorp, Inc., but 2015
was even better. We surpassed net income year-over-year by
33.7% – $8.2 million in 2014 versus $11.0 million in 2015. Our
loan growth was also extremely strong, growing $100.1 million
in net loans for the year – $648.1 million at year end 2014 versus
$748.2 million at year end 2015. We also surpassed $1.2 billion in
total loans serviced in 2015. This number represents all loans on
our balance sheet as well as loans serviced, which includes Farm
Service Agency government guaranteed loans sold in the second-
ary market and loans participated to other financial institutions.
ON THE COVER: 3 Sheeps Brewing Company, Sheboygan; Our new
Stevens Point banking center; ICB agricultural banking team
1
Directors &
Advisory Board
Investors Community
Bank Officers
Senior Management
Investors Community Bank Officers
William C. Censky
Chairman of the Board
Timothy J. Schneider
President
Gary R. Abramowicz
Chief Financial Officer and Treasurer
Mark A. Miller
Secretary and Securities Compliance Officer
2015 Board of Directors
County Bancorp Inc. / Investors Community Bank
William C. Censky
Investors Community Bank
Mark R. Binversie
Investors Community Bank
Timothy J. Schneider
Investors Community Bank
Wayne D. Mueller
Investors Community Bank
Carmen L. Chizek
Chizek Transport, Inc.
Lynn D. Davis, Ph.D.
Nutrition Professionals, Inc.
Rick G. Dercks
Business Consultant and Investor
Edson P. Foster
Foster Needle Co., Inc.
Robert E. Matzke
Financial Services of Northeast Wisconsin
Kathi P. Seifert*
Katapult, LLC
Andrew J. Steimle
Steimle Birschbach LLC
Kenneth R. Zacharias, CPA
Schenck Business Solutions
Gary J. Ziegelbauer
Triangle Distributing, Inc.
Stevens Point Advisory Board
Augusto (Tito) Alinea
Stevens Point Anesthesia
Dan Bukowski
Markit, N.A. and DigiCopy, Inc.
Bill Mullins
Mullins Cheese
Ken Turzinski
DMK, Inc.
Bill Wolfe
Wisconsin River Cranberry & Lester Cranberry
*Investors Community Bank Board Only
Gary R. Abramowicz, Executive Vice President – Chief Financial
Officer/Treasurer
Trever J. Athorp, Senior Agricultural & Business Banking Officer
Nicole M. Bahn, Senior Special Assets Officer
Tony J. Betley, Senior Agricultural Banking Officer
Mark R. Binversie, President
Virginia Bishop, Asst. Vice President - Banking Services
Mary A. Boeckman, Loan Quality Control Specialist
William C. Censky, Chairman of the Board
David A. Coggins, Executive Vice President – Chief Banking Officer
Christopher C. Cox, Senior Business Banking Officer
Thomas D. Detienne, Market President – Southeast Region
David J. Diedrich, Vice President – Business Banking
Jeff C. Duffrin, Senior Business Banker
Steven J. Fleming, Senior Agricultural Banking Officer
Deb Geiger, Asst. Vice President – Electronic Banking
Katelin R. Haglund, Agricultural Credit Manager
Jeffrey J. Hebert, Bank Systems Manager
Bill C. Hodgkiss, Senior Vice President - Business Banking
Brian J. Hoskens, Vice President – Agricultural Banking
Michael J. Hostak, Vice President – Information Technology
Jeffrey L. Jagodinsky, Senior Business Banking Officer
Matt K. Kasdorf, Deputy Chief Credit Officer
Justin R. Knuth Credit Manager – Business Banking
Cari A. Larsen, Vice President – Controller
Matt R. Lemke, Vice President – Banking Services
Kaarin M. Long, Cash Management Relationship Manager
Mark D. Ludtke, Agricultural Banking Officer
Mark C. Maurer, Vice President – Business Banking
Craig P. Mayo, Executive Vice President – Chief Credit Officer
Lori A. Megow, Asst. Vice President – Banking Services
Mark A. Miller, Executive Vice President – Chief Risk Officer
& Bank Counsel/Secretary of the Board
Laurie K. Olson, Vice President - Business Banking
Tom J. Pennings, Senior Business Banker
Bill A. Pfingsten, Senior Vice President - Agricultural Banking
Kathleen M. Richardson, Asst. Vice President – Banking Services
Christopher J. Schneider, Vice President – Agricultural Banking
Patricia M. Schneider, Vice President – Deposit Operations /
Security Officer / BSA Administrator
Timothy J. Schneider, Chief Executive Officer
Scott Schroeter, Agricultural Portfolio Manager
Roger P. Sinkula, Agricultural Banking Officer
Sharon A. Slager, Asst. Vice President – Governmental Guarantee
Loan Program
James J. Smidel, Agricultural Banking Officer
Susan M. Smith, Executive Vice President – Chief Human Resources
Officer
Lori A. Webster, Vice President – Compliance Officer
Laura A. Wiegert, Vice President – Marketing
Cyrene N. Wilke, Vice President – Loan Operations/CRA Officer
Scott C. Yukel, Vice President - Business Banking
2
Selected Financial Highlights*
COUNTY BANCORP, INC. AND SUBSIDIARIES
December 31, 2015 and 2014
*Additional financial information is available upon request or can be viewed at www.ICBK.com (click on Investor Relations button in upper left corner)
For the year ended December 31
2015
2014
Dollars in thousands except per share data
$33,767
7,520
26,247
(1,019)
27,266
7,685
17,458
17,493
6,519
$10,974
$1.85
$1.82
$0.16
$17.16
1.35%
11.27%
3.36%
3.13%
0.95%
2.15%
1.20%
49.95%
8.79%
3.29%
1.39%
42.33%
(0.12)%
3.10%
11.19%
13.94%
15.19%
13.94%
13.29%
$30,897
7,537
23,360
589
22,771
7,148
17,025
12,894
4,684
$8,210
$1.73
$1.69
N/A
$16.01
1.10%
11.37%
3.29%
3.07%
0.96%
2.28%
1.32%
50.99%
N/A
1.78%
1.64%
91.76%
0.08%
2.42%
9.33%
15.51%
16.77%
N/A
13.96%
RESULTS OF OPERATIONS:
Interest income
Interest expense
Net interest income
Provision for loan losses
Net interest income after provision for
(recovery of) loan losses
Non-interest income
Non-interest expense
Income before income taxes
Income tax expense
Net income
PER SHARE DATA:
Basic
Diluted
Cash dividends per common share
Book value per share
PERFORMANCE RATIOS:
Return on average assets
Return on average common shareholders’ equity
Net interest margin
Interest rate spread
Non-interest income to average assets
Non-interest expense to average assets
Net overhead ratio
Efficiency ratio
Dividend payout ratio
ASSET QUALITY RATIOS:
Nonperforming loans to total loans
Allowance for loan losses to:
Total loans
Nonperforming loans
Net charge-offs (recoveries) to average loans
Nonperforming assets to total assets
CAPITAL RATIOS:
Shareholders’ common equity to assets
Tier 1 risk-based capital (Bank)
Total risk-based capital (Bank)
Tier 1 Common Equity Ratio (Bank)
Leverage ratio (Bank)
3
Consolidated Balance Sheets
COUNTY BANCORP, INC. AND SUBSIDIARIES
December 31, 2015 and 2014
ASSETS
Cash and cash equivalents
Securities available for sale, at fair value
FHLB Stock, at cost
Loans held for sale
Loans, net of allowance for loan losses of $10,405 as of
December 31, 2015 and $10,603 as of December 31, 2014
Premises and equipment, net
Loan servicing rights
Other real estate owned, net
Cash surrender value of bank owned life insurance
Deferred tax asset, net
Accrued interest receivable and other assets
Total assets
LIABILITIES
Deposits:
Non-interest bearing
Interest bearing
Total deposits
Other borrowings
Advances from FHLB
Subordinated debentures
Accrued interest payable and other liabilities
Total liabilities
2015
2014
Dollars in thousands
$ 14,907
83,281
3,507
9,201
737,784
7,165
8,145
2,872
11,155
2,048
4,824
$884,889
$ 70,914
601,312
672,226
3,945
66,445
12,372
7,877
762,865
$ 10,480
81,282
1,252
4,114
637,519
4,596
7,746
7,137
10,863
2,321
4,446
$771,756
$ 81,534
523,935
605,469
23,857
28,000
12,372
7,015
676,713
Small Business Lending Fund redeemable preferred stock-variable rate,
noncumulative, nonparticipating, $1,000 stated value; 15,000 shares
authorized and issued, $15,000 redemption amount
$ 15,000
$ 15,000
SHAREHOLDERS’ EQUITY
Preferred stock-variable rate, non-cumulative, nonparticipating, $1,000
stated value; 15,000 shares authorized; 8,000 shares issued
Common stock - $0.01 par value; 50,000,000 authorized; 6,192,609
shares issued and 5,771,001 shares outstanding as of December 31,
2015 and 4,908,560 shares issued and 4,498,790 shares outstanding
as of December 31, 2014
Surplus
Retained earnings
Treasury stock, at cost, 421,608 and 409,770 shares, respectively
Accumulated other comprehensive income
Total shareholders’ equity
Total liabilities and shareholders’ equity
8,000
8,000
19
34,717
68,825
(4,758)
221
107,024
$884,889
5
16,970
59,254
(4,572)
386
80,043
$771,756
4
Consolidated Statements of Operations
COUNTY BANCORP, INC. AND SUBSIDIARIES
For the years ended December 31, 2015 and 2014
2015
2014
Dollars in thousands except per share data
INTEREST AND DIVIDEND INCOME
Loans, including fees
Taxable securities
Tax-exempt securities
Federal funds sold and other
Total interest and dividend income
INTEREST EXPENSE
Deposits
FHLB advances and other borrowed funds
Subordinated debentures
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
NON-INTEREST INCOME
Services charges
Gain on sale of loans, net
Loan servicing fees
Other
Total non-interest income
NON-INTEREST EXPENSE
Employee compensation and benefits
Occupancy
Write-down of other real estate owned
Other
Total non-interest expense
Income before income taxes
Income tax expense
NET INCOME
NET INCOME PER SHARE:
Basic
Diluted
Dividends paid per share
$32,301
964
437
65
33,767
6,238
882
400
7,520
26,247
(1,019)
27,266
1,039
429
5,323
894
7,685
10,769
338
256
6,095
17,458
17,493
6,519
$10,974
$1.85
$1.82
$0.16
$29,416
897
474
110
30,897
6,154
903
480
7,537
23,360
589
22,771
788
321
4,938
1,101
7,148
10,209
299
1,190
5,327
17,025
12,894
4,684
$8,210
$1.73
$1.69
N/A
5
Locations & Loan Relationships
Branches
Manitowoc
860 N. Rapids Rd.
Manitowoc, WI
(Corporate headquarters)
Appleton
5643 Waterford Ln.
Appleton, WI
Green Bay
3193 Voyager Dr.
Green Bay, WI
Stevens Point
5517 Vern Holmes Dr.
Stevens Point, WI
Counties where ICB has loan relationships as of 12/31/15
ICB Loan Production Offices
Member FDIC
Member FDIC
6
A partnership
that adds up!
The Business Bank is now
Investors Community Bank
The Business Bank has merged with Investors
Community Bank, and it’s a partnership that
adds up perfectly. Together we are focused on the
financial needs of area businesses ... with a shared
passion for personal service, customized solutions
and local decision making.
InvestorsCommunityBank.com
Annual Meeting
Tuesday, June 21, 2016 at 6 PM at the Silver Lake College Franciscan Center
Atrium, 2406 S. Alverno Rd., Manitowoc
Corporate Headquarters
860 North Rapids Rd., PO Box 700, Manitowoc WI 54221-0700, (920) 686-9998,
1-888-686-9998
Transfer Agent
Stock Listing
Computershare Trust Company, N.A.; 211 Quality Circle, Suite 210;
College Station, TX 77845
County Bancorp, Inc. common stock is traded on the NASDAQ Global Market
under the symbol “ICBK”
Shareholder website
www.ICBK.com (click on Investor Relations button in upper left corner)
Investor Relations
Shareholders, analysts, the news media and others desiring general information about the
company or its subsidiaries may contact Timothy J. Schneider, CEO, at the corporate
headquarters.
This report includes “forward-looking statements.” Forward-looking statements are subject to known and unknown risks and uncertain-
ties, many of which may be beyond our control. We caution you that the forward-looking information presented in this document is not a
guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking informa-
tion contained here. 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. Any forward-looking information presented herein is made only as of the date of publication
of this annual report, 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.
PAGE 7