Growing our Communities
Agriculture
Business
Employees
ICBK
2017 Annual Report
Growing our Communities
William Censky
Chairman of the Board
County Bancorp, Inc.
Timothy Schneider
President, County Bancorp, Inc.
CEO, Investors Community Bank
Dear Shareholders:
We are proud of the many different communities that make
up County Bancorp, Inc. From our shareholders to our em-
ployees, families, farmers, business owners and, of course,
the geographic markets we serve, 2017 was definitely a year
of growing our communities.
Shareholders
Since we became a public company, our return to share-
holders has been noteworthy. When ICBK first went public
in 2015, our IPO was priced at $15.75 per share. At the close
of business on March 20, 2018 our stock price was $30.00
… an increase of more than 90% in just over three years.
Loans and Total Assets.
Total assets as of December
31, 2017 were $1.4 bil-
lion, an increase of $154.4
million, or 12.4%, over
December 31, 2016. Total
loans were $1.1 billion at
December 31, 2017, which
represents a $118.5 million,
or 11.5%, increase over total
loans at December 31, 2016.
Throughout 2017, we saw
increased loan demand in
Year over year we continue to
achieve growth for our share-
holders: in 2017 our book val-
ue per share increased 6.5%,
and our tangible book value
per share increased 7.3%.
We were also excited to
increase our shareholder div-
idend for the first quarter of
2018 from $0.06 to $0.07 per
share; an increase of 16.7%.
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
NASDAQ:ICBK Stock Price
ICBK Stock Price Since Going Public
all of our market areas. In
particular, agricultural loans
increased $61.8 million and
commercial loans increased
$46.6 million.
Deposits. To help fund our
loan growth, we increased
deposits by $132.6 million
(13.6%) during 2017. We had
a concentrated effort to in-
crease core deposits (demand
deposits, money markets and
Customers
We continue to live our
brand promise of “walking
in our customers’ shoes.”
Our success is made possi-
ble by ensuring the busi-
nesses and farms we serve
are also able to grow and
succeed in their commu-
nities, which in 2017 was
evident by our asset, loan
and deposit growth.
certificates of deposit) in the 4th quarter of 2017, which
contributed to this growth and provided momentum head-
ing into 2018. We will have continued emphasis on deposit
gathering in 2018 to fund our future loan growth.
Employees
As our customer base continues to grow, so does the need
for a strong employee base to service our customers and
ensure we provide an exceptional experience. At the end of
2017, our total number of employees was 154, compared to
134 for 2016 and 104 for 2015 – a 48% growth in just two
1
Growing our Communities
years. Recruiting high-quality talent
continues to be our focus, as we are
always striving to be an employer of
choice. We offer many initiatives and
benefits that make ICB a desirable
place to work, including a com-
mitment to employee training and
education, flexibility in scheduling,
organized social and networking
events, an employee stock purchase
opportunity, a technology reim-
bursement program and more.
that our founders made 21 years ago
and find a larger space that meets our
growing needs. We believe the com-
munity appreciated the fact that the
building would not sit unused, which
lessened the impact of the previous
owner’s departure.
As our growth continues in all of our
markets, we have now started pursu-
ing expanded space for our Appleton
facility to better accommodate our in-
creased staff and customer base there.
Geographic markets
Our customer and employee growth has necessitated
the need to expand our facilities. In the fall of 2017 we
moved our Green Bay banking center from its old loca-
tion to a newly remodeled building in a more visible area
that provides easier access for customers.
We also started reviewing new facility options for our
Manitowoc headquarters and banking center in 2017. We
currently operate in two separate buildings and are near-
ly at capacity, but we found a solution in the former Man-
itowoc Company headquarters. In early 2018 we made
an official announcement that we would be purchasing
that facility and
moving our
operations there
later in the year,
which we believe
is a win/win move
for all involved.
Our organization
was able to affirm
its commitment
to the Manito-
woc community
Community
We would be
remiss if we did
not mention
another way we
help our com-
munities grow
– by supporting
the various
nonprofit and
service organi-
zations in our
markets. In
2017 we provid-
ed financial as well as volunteer support to numerous charities
throughout the state of Wisconsin, engaging with nonprofit
causes that our communities, employees and customers cham-
pion. We are proud to be able to help so many worthy groups
make our neighborhoods better places.
We thank you for supporting County Bancorp, Inc. and look
forward to continued growth in 2018.
William Censky
Tim Schneider
2
Directors/Advisory Board/ICB Officers
Senior Management of County
Bancorp, Inc.
William C. Censky, Chairman of the Board
Timothy J. Schneider, President
Glen Stiteley, Chief Financial Officer and Treasurer
Mark A. Miller, Secretary and Securities Compliance Officer
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
Lynn D. Davis, Ph.D., Nutrition Professionals, Inc.
Rick G. Dercks, Business Consultant and Investor
Edson P. Foster, Foster Needle Co., Inc. (Retired)
Vicki Leinbach,* Ariens Company.
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.
2017/18 Stevens Point Advisory Board
Daniel J. Bukowski Sr., Net Alpha Advisers LLC
E. John Buzza, Buzza Dreier & Johnson LLC
Ted Hesemann, Herrschners, Inc.
Bill Mullins, Mullins Cheese, Inc.
Richard Okray, Okray Family Farms, Inc.
Ken Turzinski, TYRI Americas
*Investors Community Bank Board Only
Investors Community Bank Officers*
Trever J. Athorp, VP – Ag & Business Banking Officer
Nicole M. Bahn, VP – Senior Special Assets Officer
Tony J. Betley, VP – Sr. Ag Banking Officer
Mark R. Binversie, President
Julie A. Blaha, VP – Deposit Operations / Security Officer
David A. Coggins, EVP – Chief Banking Officer
William C. Deppiesse, VP – Business Banking Officer
Thomas D. Detienne, VP – Market President – SE Region
David J. Diedrich, VP – Sr. Business Banking Officer
Jeffrey C. Duffrin, VP – Business Banking Officer
Steven J. Fleming, VP – Ag Banking Officer
Jennifer L. Foote, VP – Compliance Officer
Curtis L. Gerrits, AVP – Ag Banking Officer
Jeffrey J. Hebert, Bank Systems Manager
William C. Hodgkiss, SVP – Business Banking
Michael J. Hostak, VP – Information Technology
Brian J. Hoskens, VP – Sr. Ag Banking Officer
Jeffrey L. Jagodinsky, VP – Business Banking Officer
Matthew K. Kasdorf, SVP - Deputy Chief Credit Officer
Dave D. Kohlmeyer, SVP – Finance
Cari A. Larsen, VP – Controller
Matthew R. Lemke, VP – Banking Services
Mark D. Ludtke, AVP – Ag Banking Officer
Mark C. Maurer, VP – Sr. Business Banking Officer
Timothy S. McTigue, SVP – Agricultural Banking
Lori A. Megow, AVP – Banking Services Manager
Mark A. Miller, EVP – Chief Risk Officer & Bank Counsel / Secretary
Laurie K. Olson, VP – Sr. Business Banking Officer
Thomas J. Pennings, VP – Business Banking Officer
Sarah E. Peterson, AVP – Credit Manager – Business
Sandra M. Retzki, VP – Sr. Business Banking Officer
JoAnn M. Rutta, AVP – Banking Services Manager
Christopher J. Schneider, VP – Sr. Ag Banking Officer
Timothy J. Schneider, Chief Executive Officer
Scott V. Schroeter, AVP - Ag Banking Officer
Robert A. Seal, AVP – Business Banking Officer
Roger P. Sinkula, AVP – Ag Banking Officer
Sharon A. Slager, AVP – Governmental Guarantee Loan Program
James J. Smidel, AVP – Ag Banking Officer
Susan M. Smith, EVP – Chief Human Resources Officer
Brooke R. Sprang, AVP – Human Resources Manager
Katelin R. Steege, AVP – Credit Manager – Ag
Mark J. Sterr, VP – Sr. Business Banking Officer
Glen A. Stiteley, EVP – Chief Financial Officer / Treasurer
Barb J. Wege, AVP – Banking Services Manager
Laura A. Wiegert, SVP – Marketing
Cyrene N. Wilke, SVP – Operations / CRA Officer
Brad S. Witbro, AVP – Banking Services Manager
*As of 3/28/18
EVP = Executive Vice President
SVP = Senior Vice President
VP = Vice President
AVP = Assistant Vice President
3
Selected Financial Highlights*
COUNTY BANCORP, INC. AND SUBSIDIARIES / December 31, 2017 and 2016 (Unaudited)
As of and for the year ended December 31
2017
2016
(Dollars in thousands except per share data)
Selected Income Statement Data:
Interest income
Interest expense
Net interest income
Provision for loan losses
Net interest income after provision for
loan losses
Non-interest income
Non-interest expense
Income tax expense
Net income
Per Common Share Data:
Basic
Diluted
Cash dividends per common share
Book value per share
Tangible book value per share**
Weighted average common shares - basic
Weighted average common shares - diluted
Common shares outstanding, end of period
Performance Ratios:
Return on average assets
Return on average common shareholders’ equity**
Equity to assets ratio
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 to average loans
Nonperforming assets to total assets
Capital Ratios:
Shareholders’ common equity to assets
Total risk-based capital
Leverage ratio
Tangible common equity to tangible assets**
$53,052
14,167
38,885
2,330
36,555
7,653
25,992
7,791
$10,425
$1.52
$1.49
$0.24
$19.93
$19.04
6,635,383
6,746,846
6,673,381
0.80%
7.77%
10.09%
2.89%
3.11%
0.59%
2.01%
1.42%
54.63%
16.11%
1.01%
1.15%
114.60%
0.16%
1.15%
9.52%
13.08%
11.03%
9.13%
$45,581
10,014
35,567
2,959
32,608
8,715
24,146
6,483
$10,694
$1.65
$1.61
$0.20
$18.72
$17.74
6,260,040
6,415,204
6,586,335
0.98%
9.51%
10.56%
3.35%
3.16%
0.80%
2.21%
1.41%
53.72%
12.42%
1.95%
1.23%
62.89%
0.08%
1.84%
9.92%
13.59%
11.48%
9.45%
*Additional financial information is available upon request or can be viewed at InvestorsCommunityBank.com (click on Investor Relations icon).
**This is a non-GAAP measure. Refer to our Form 10-K filed with the SEC on March 15, 2018 for a reconciliation to the most comparable GAAP measurement.
4
Consolidated Balance Sheets
COUNTY BANCORP, INC. AND SUBSIDIARIES / December 31, 2017 and 2016 (Unaudited)
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 $13,247 as of
December 31, 2017; $12,645 as of December 31, 2016
Premises and equipment, net
Loan servicing rights
Other real estate owned, net
Cash surrender value of bank owned life insurance
Deferred tax asset, net
Goodwill
Core deposit intangible, net of amortization of $882 as
of December 31, 2017; $360 as of December 31, 2016
Accrued interest receivable and other assets
Total assets
LIABILITIES
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Other borrowings
Advances from FHLB
Subordinated debentures
Accrued interest payable and other liabilities
Total liabilities
As of December 31
2017
2016
(Dollars in thousands except per share data)
$66,771
126,030
4,138
6,575
1,135,704
9,662
8,950
4,962
17,389
3,265
5,038
$42,679
123,437
5,688
1,162
1,017,841
9,819
9,264
3,161
11,448
5,486
5,038
919
7,642
$1,397,045
1,441
6,206
$1,242,670
$125,584
984,493
1,110,077
1,299
121,500
15,523
7,660
1,256,059
$118,657
858,861
977,518
2,152
107,895
15,451
8,366
1,111,382
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;
7,112,962 shares issued and 6,673,381 shares outstanding as
of December 31, 2017; 7,018,248 shares issued and 6,586,335
shares outstanding as of December 31, 2016
Surplus
Retained earnings
Treasury stock, at cost, 439,581 and 431,913 shares at December
31, 2017 and 2016, respectively
Accumulated other comprehensive loss
Total shareholders’ equity
Total liabilities and shareholders’ equity
8,000
8,000
28
52,230
86,385
(5,030)
(627)
140,986
$1,397,045
26
50,553
77,907
(4,828)
(370)
131,288
$1,242,670
5
Consolidated Statement of Operations
COUNTY BANCORP, INC. AND SUBSIDIARIES / Years ended December 31, 2017 and 2016
(Unaudited)
For the year ended December 31
2017
2016
(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 borrowings
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
$50,395
1,808
350
499
53,052
11,815
1,837
515
14,167
38,885
2,330
36,555
1,406
118
5,484
645
7,653
15,437
654
905
8,996
25,992
18,216
7,791
$10,425
$1.52
$1.49
$0.24
$43,552
1,433
368
228
45,581
8,195
1,445
374
10,014
35,567
2,959
32,608
1,341
242
6,571
561
8,715
13,101
512
480
10,053
24,146
17,177
6,483
$10,694
$1.65
$1.61
$0.20
6
ICBK comparison to Berkshire Hathaway Class A Shares
Book Value Per Share Growth
Growth Since ICBK Founding
ICBK
1136.6%
(13.1% CAGR)
BRK.A
725.9%
(10.9% CAGR)
Source: S&P Global Market
Intelligence, company data.
(12-31-17)
Growth Since ICBK IPO
1200.0%
1000.0%
800.0%
600.0%
400.0%
200.0%
0.0%
50.0%
40.0%
30.0%
BRK.A
27.5%
ICBK
23.9%
Annual Meeting
20.0%
Tuesday, May 15, 2018, 6 PM at the Franciscan Center for Music Education and
Performance at Silver Lake College, 2406 S. Alverno Rd., Manitowoc
10.0%
Corporate Headquarters
0.0%
860 North Rapids Rd., PO Box 700, Manitowoc WI 54221-0700, (920) 686-9998,
1-888-686-9998
Mar-15
Transfer Agent
Source: SNL Financial, Company data.
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
First Illinois Shareholder Services, 225 N. Water St., Decatur, IL 62523, 1-888-740-5512
CONFIDENTIAL AND PROPRIETARY INFORMATION OF STEPHENS INC| MEMBER NYSE, SIPC
2
Stock Listing
County Bancorp, Inc. common stock is traded on the NASDAQ Global Market
under the symbol “ICBK.”
Shareholder website
InvestorsCommunityBank.com (click on Investor Relations icon)
Investor Relations
Shareholders, analysts, the news media and others desiring general information about
the company or its subsidiaries may contact Glen Stiteley, CFO, at (920) 686-5658 or
gstiteley@investorscommunitybank.com.
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 information
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,” “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-look-
ing statements contained herein include those identified in County Bancorp, Inc.’s most recent annual report on Form 10-K and other filings
with the Securities and Exchange Commission. 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.
AgricultureEmployeesICBKBusiness2017 Annual Report