C O U N T Y B A N C O R P , I N C . A N N U A L R E P O R T
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In their shoes, in extraordinary times
Parent company of Investors Community Bank
Investors.ICBK.com
In their shoes, in extraordinary times
Welcome
To say that 2020 was an unusual year would be an understatement. It was a
year like no other, where just about everything changed ... including how we
responded to and served our customers. We’re proud to say that through it all,
we remained true to our brand promise to walk in our customers shoes, even
in these extraordinary times. Following is a summary of some of the ways we
did that, and the impact on our organization.
Pandemic Response
While COVID-19 changed the world in 2020, the team at Investors Community
Bank responded very well to this unanticipated challenge. Our pandemic plan
for disaster recovery worked exceptionally well in serving our clients and we
are very proud of how our team responded to this unexpected challenge. You’ll
see some of those highlights woven throughout this annual report.
2020 Performance
Despite the pandemic, we weathered the year well and finished strong. Here
are some of the highlights:
• We increased our off-balance sheet loans, primarily in the agricultural
space, by $60.8 million. These loans are a mix of loan participations and
government guaranteed loan sales, which drove our non-interest income.
To put the magnitude of these loan sales into perspective, at year end
2020 we had $812.6 million in sold or participated loans. These activities
resulted in non-interest income of $14.2 million in 2020, compared to
$13.4 million in 2019.
• We increased our client deposits by $80.4 million in 2020, successfully exe-
cuting on a major strategic initiative announced in the previous fiscal year.
Much of this growth came in the form of non-interest or low-interest cost
deposits, such as checking accounts and money market funds.
• We reversed approximately $1 million of the $2 million COVID-19 loan loss
provision we took in 2020, due to a significant improvement in economic
conditions.
• Additionally, we originated $109 million of SBA PPP loans to support our
commercial and ag customers in early 2020. As forgiveness of these loan
occurred, primarily in the fourth quarter, we recognized the fees related to
this program.
• Finally, we saw modest improvement in our credit quality for 2020. Our
adverse classified ratio improved from 39.85% to 39.43%. As we navigat-
ed the early stages of the pandemic, we also provided payment relief to
clients through some form of payment deferrals to mitigate the impacts
of economic uncertainty. We are happy to say that at year end 2020, only
1.7% of our loan portfolio remained in some form of payment deferral.
While COVID-19 adversely impacted our performance in 2020, its impact was
primarily felt in two large items, both of which fell in the first quarter. First,
we experienced a goodwill write off of approximately $5 million (which is a
non-cash item). Consistent with other publicly traded banks, we decided to
Andrew Steimle
Chairman of the Board
County Bancorp, Inc.
Timothy Schneider
President, County Bancorp, Inc.;
CEO, Investors Community Bank
This report includes “forward-looking statements.”
Forward-looking statements are subject to known
and unknown risks and uncertainties, 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-look-
ing information contained here. In addition,
forward-looking statements generally can be iden-
tified 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 for-
ward-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.
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(continued on page 2)
INVESTORS.ICBK.COM
How we “walked in
their shoes” during the
COVID-19 pandemic
WI Dairy Promotion Program:
This program takes unprocessed
milk from farmers, has it pro-
cessed then delivers it to food
banks. The bank donated $10,000
to the cause plus our execu-
tive team and board personally
supported it in the amount of
$17,000.
Food Bank Donations: We donat-
ed $28,500 to area food banks in
our communities.
Wisconsin Dairy Promotion Small
Business Grant Program: We
partnered with the cities of Mani-
towoc and Two Rivers, Manitowoc
Public Utilities, The Chamber of
Manitowoc County, and another
community bank to offer $500,000
total through a Small Business
COVID-19 Relief Fund grant.
Investors contributed in $50,000
toward the grant program.
Grants: Through a partnership
with The Federal Home Loan Bank
of Chicago, we provided a total of
$41,000 in grants to nonprofit and
small business customers impact-
ed by COVID-19.
Fueling the Frontline: To show
support of our community’s front-
line workers and bank restaurant
customers, we had food delivered
to hospital systems in Manitowoc
County as well as law enforce-
ment in all of our branch markets
through this program.
In their shoes, in extraordinary times (continued)
write off this amount given the difference between the market valuation of the
asset and our book value. Secondly, due to the pandemic and the uncertainty
impacting credit portfolios, all banks provided for a “COVID-19 Loan Loss Pro-
vision.” We applied factor analysis to the
most critically impacted industries at the
time and provided for approximately $2
million of additional reserve. Both items
impacted our 2020 performance.
...we were one of the few
regional banks in the
country to continue our
stock buyback plan during
the pandemic, capitalizing
on the disconnect between
our long-term value and
short-term economic
impacts.
Additionally, our bank (like most others)
saw a decline in net interest income due
to the Fed cutting interest rates in re-
sponse to COVID-19.
Moving to capital allocation, we raised
$22 million of additional subordinated
debt in 2020. We initially choose to raise
this debt as a hedge against continued
economic uncertainty and volatility. However, this move also strengthened our
offensive positioning as the economic impacts from COVID-19 became quanti-
fiable.
Further, we were one of the few regional banks in the country to continue our
stock buyback plan during the pandemic, capitalizing on the disconnect be-
tween our long-term value and short-term economic impacts. We repurchased
567,118 shares during 2020, all at less than book value – enhancing long-term
value for you, the shareholder. We also increased our quarterly dividend in
the fourth quarter of 2020 from $0.07 to $0.10 per common share – another
indication of our commitment continuously driving shareholder value.
2021: Looking Forward
• As we proceed through 2021, we feel much better about the direction
of the economy. Unemployment in Wisconsin is around 4%. Commodity
prices improved during 2020 and we expect continued strength in 2021 for
our dairy producers. Couple these developments with the roll out of the
vaccine, and it gives us confidence for a healthy and positive 2021.
• We will continue to drive for more client deposits in 2021 to transform
the complexion of the liability side of our balance sheet. We continue to
see solid success from our bankers on the ag, commercial and retail side
driving this activity.
• Turning to credit quality, we are optimistic that we will see solid improve-
ment in our credit metrics, particularly the adverse classified asset ratio
and our non-performing assets, as we perform our annual reviews in the
first half of 2021.
• We expect the interest rate environment to continue to remain low in
2021. Accordingly, we, along with the entire banking industry, will face an
(continued on page 3)
INVESTORS.ICBK.COM
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In their shoes, in extraordinary times (continued)
uphill battle in returning our net interest margin to pre-pandemic levels.
Nonetheless, we continue to remain disciplined in our approach to pricing
loans and deposits to stabilize our net interest income in 2021.
• We are seeing solid pipelines
for loans from both our com-
mercial and agricultural teams.
In addition, we have been
increasing our investment port-
folio to supplement the loan
growth, to assist in maintaining
our net interest income.
• We recently announced an extension of our common stock repurchase
plan in the first quarter of 2021 and will continue to use this as part of our
disciplined and balanced capital allocation approach.
We are exceptionally proud of how our team responded to the COVID-19
challenges. Your bank continues to strive for long-term shareholder value. As
always, if you have any questions please feel free to reach out to us.
Andrew Steimle
Timothy Schneider
PPP: How we “walked in
their shoes” during the
COVID-19 pandemic
When the Paycheck Protection
Program first launched, we
used innovation, dedication
and leadership to determine
what processes and proce-
dures we needed to serve
our customers. From quickly
pulling a core team together to
finding a technology partner
to assist and working all hours
of the day, we were a leader in
the process in our market.
After the first phase of PPP
concluded, we had funded 916
loans totaling $106,370,900
and supporting 14,300 jobs.
We also added 130+ new
customers to the bank, whose
previous financial institutions
were not able to serve them.
Our dedication continues with
the launch of PPP-2 in 2021,
and we continue to serve cus-
tomers through this phase.
A B O U T C O U N T Y B A N C O R P , I N C .
CBI Annual Meeting
Virtual meeting on Tuesday, May 18, 2021, 2 PM. Details in the annual meeting notice and proxy.
Corporate Headquarters
2400 S. 44th St., PO Box 700, Manitowoc WI 54221-0700, (920) 686-9998, 1-888-686-9998
Transfer Agent
Stock Listing
First Illinois Shareholder Services, 225 N. Water St., Decatur, IL 62523, 1-888-740-5512
County Bancorp, Inc. common stock is traded on the Nasdaq Global Market under the symbol ICBK.
Shareholder Website
Investors.ICBK.com
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@ICBK.com.
Parent company of Investors Community Bank
Member FDIC
Member FDIC
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INVESTORS.ICBK.COM
Selected Financial Highlights*
COUNTY BANCORP, INC.
AND SUBSIDIARIES
For the Year Ended December 31, 2020 and 2019
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 (bank)
Leverage ratio (bank)
Tangible common equity to tangible assets**
For the Year Ended December 31,
2020
2019
(Dollars in thousands except per share data)
$55,475
18,499
36,976
2,984
33,992
14,250
39,645
3,118
$5,479
$0.79
$0.79
$0.31
$26.42
$26.42
6,477,173
6,505,198
6,197,965
0.38%
3.15%
11.67%
2.68%
2.37%
0.98%
2.74%
1.75%
66.09%
39.24%
4.18%
1.49%
35.58%
0.32%
2.90%
11.12%
16.83%
14.06%
11.12%
$66,332
25,550
40,782
423
40,359
13,393
32,684
4,616
$16,452
$2.37
$2.36
$0.20
$24.32
$23.58
6,747,581
6,768,925
6,734,132
1.13%
10.31%
12.46%
2.93%
2.58%
0.92%
2.25%
1.33%
57.49%
8.47%
2.99%
1.47%
49.30%
0.15%
2.65%
11.90%
18.70%
14.68%
11.56%
*Additional financial information is available upon request or can be viewed at Investors.ICBK.com
**This is a non-GAAP measure. Refer to our Form 10-K filed with the SEC on March 12, 2021 for a reconciliation to the most comparable GAAP measurement.
INVESTORS.ICBK.COM
4
Consolidated Balance Sheets
COUNTY BANCORP, INC.
AND SUBSIDIARIES
December 31, 2020 and 2019
ASSETS
Cash and cash equivalents
Interest earning cash at other financial institutions
Securities available for sale, at fair value
FHLB stock
Loans held for sale
Loans, net of allowance for loan losses of $14,808 as of
December 31, 2020; $15,267 as of December 31, 2019
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
Accrued interest receivable and other assets
Total assets
LIABILITIES
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Other borrowings
Advances from FHLB
Subordinated debentures, net
Deferred tax liability, net
Accrued interest payable and other liabilities
Total liabilities
SHAREHOLDERS’ EQUITY
As of December 31,
2020
2019
(Dollars in thousands except per share data)
$19,084
416
352,854
5,758
35,976
981,477
14,898
18,396
1,077
31,275
—
—
54
11,093
$1,472,358
$163,202
877,624
1,040,826
49,006
129,000
67,111
2,302
12,337
1,300,582
$108,457
20,554
158,733
1,628
2,151
1,020,506
13,603
12,509
5,521
18,302
1,453
5,038
225
10,099
$1,378,779
$138,489
962,953
1,101,442
794
44,400
44,858
—
15,256
1,206,750
Preferred stock - $1,000 stated value; 15,000 shares authorized;
8,000 shares issued
Common stock - $0.01 par value; 50,000,000 authorized;
7,212,727 shares issued and 6,197,965 shares outstanding as
of December 31, 2020; 7,178,052 shares issued and
6,734,132 shares outstanding as of December 31, 2019
Surplus
Retained earnings
Treasury stock, at cost, 1,014,762 and 443,920 shares at
December 31, 2020 and 2019, respectively
Accumulated other comprehensive gain
Total shareholders’ equity
Total liabilities and shareholders’ equity
8,000
8,000
29
55,346
118,712
(17,606)
7,295
171,776
$1,472,358
28
54,122
113,111
(5,030)
1,798
172,029
$1,378,779
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INVESTORS.ICBK.COM
Consolidated Statements of Operations
COUNTY BANCORP, INC.
AND SUBSIDIARIES
For the Years Ended December 31, 2020 and 2019
For the Year Ended December 31,
2020
2019
(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
Crop insurance commission
Gain on sale of loans, net
Loan servicing fees
Gain on sale of securities
Other
Total non-interest income
NON-INTEREST EXPENSE
Employee compensation and benefits
Occupancy
Information processing
Professional fees
Depreciation and amortization
Write-down of other real estate owned
Cost of operation of other real estate owned, net
Goodwill impairment
Investment tax credit impairment
Other
Total non-interest expense
Income before income taxes
Income tax expense
NET INCOME
NET INCOME PER SHARE
Basic
Diluted
Dividends paid per share
$48,906
5,550
536
483
55,475
13,463
1,405
3,631
18,499
36,976
2,984
33,992
469
1,245
278
10,255
671
1,332
14,250
21,306
1,277
2,630
2,019
1,188
1,508
(86)
5,038
—
4,765
39,645
8,597
3,118
$5,479
$0.79
$0.79
$0.31
$59,706
4,586
257
1,783
66,332
21,457
1,350
2,743
25,550
40,782
423
40,359
550
1,107
146
9,998
341
1,251
13,393
19,112
1,402
2,482
1,670
1,303
626
873
—
1,149
4,067
32,684
21,068
4,616
$16,452
$2.37
$2.36
$0.20
INVESTORS.ICBK.COM
6
Investors Community Bank Officers
(as of 3/24/2021)
Trever J. Athorp
Nicole M. Bahn
Tony J. Betley
Mark R. Binversie
Julie Blaha
Kevin Coffeen
David A. Coggins
Elsa C. Condon
Anne Denissen
William C. Deppiesse
Thomas D. Detienne
Kristina Dewitt
David J. Diedrich
Matthew Fehrmann
John R. Fillingim
Steven J. Fleming
Jennifer L. Foote
Curtis L. Gerrits
Tracy Gomoluch
William C. Hodgkiss
Brian J. Hoskens
Michael J. Hostak
Jeffrey L. Jagodinsky
Frank Joachim
Matthew K. Kasdorf
Julian La Mue
Cari A. Larsen
Matthew R. Lemke
Mark D. Ludtke
Mark C. Maurer
Timothy S. McTigue
Jennifer M. Menzynski
Mark A. Miller
Thomas J. Pennings
Renee A. Petersen
Sarah E. Peterson
Carrie Pleasant
Sandra M. Retzki
Craig C. Rogan
JoAnn M. Rutta
Alison Schaus
Amy L. Schmitting
Christopher J. Schneider
Timothy J. Schneider
Scott V. Schroeter
Robert A. Seal
Roger P. Sinkula
Sharon A. Slager
James J. Smidel
Karl C. Spaay
Brooke R. Sprang
Katelin R. Steege
Mark J. Sterr
Kristy L. Stiefvater
Glen L. Stiteley
Debbie L. Suettinger
Rose K. Thompson
Susan M. Van De Hey
Jason Wery
Laura A. Wiegert
Cyrene N. Wilke
Vice President – Ag & Business Banking Officer
Vice President – Senior Special Assets Officer
Vice President – Sr. Ag Banking Officer
President
Banking Services Support Manager
Vice President - Sr. Ag Banking Officer
Executive Vice President – Chief Banking Officer
Vice President - Ag Banking Officer
Vice President - Treasury Management
Vice President – Sr. Business Banking Officer
Vice President – Market President – SE Region
Vice President - Consumer & Mortgage
Vice President – Sr. Business Banking Officer
Vice President - Technology Solutions
Executive Vice President – Chief Credit Officer
Vice President – Ag Banking Officer
Senior Vice President – Risk & Compliance
Vice President – Ag Banking Officer
Assistant Vice President - Ag Credit Manager
Senior Vice President – Business Banking
Vice President – Sr. Ag Banking Officer
Vice President – Information Security Officer
Vice President – Business Banking Officer
Vice President - Assistant Treasurer
Senior Vice President - Deputy Chief Credit Officer
Vice President - Market President - Green Bay
Vice President – Controller
Executive Vice President – Chief Retail & Deposit Officer
Assistant Vice President – Ag Banking Officer
Vice President – Sr. Business Banking Officer
Senior Vice President – Agricultural Banking
Assistant Vice President - Sr. Appraisal Manager
Executive Vice President – Chief Risk Officer & Bank Counsel
Vice President – Sr. Business Banking Officer
Vice President – Electronic Banking
Vice President – Credit Administration
Assistant Vice President - Banking Services Manager I
Vice President – Sr. Business Banking Officer
Vice President - Ag Banking Officer
Assistant Vice President – Banking Services Manager II
Assistant Vice President - Assistant Controller
Assistant Vice President - Deposit Operations Manager
Vice President – Sr. Ag Banking Officer
Chief Executive Officer
Assistant Vice President - Ag Banking Officer
Vice President – Business Banking Officer
Assistant Vice President – Ag Banking Officer
Assistant Vice President – Governmental Guarantee Loan Program
Assistant Vice President – Ag Banking Officer
Assistant Vice President - Business Credit Manager
Senior Vice President – Human Resources
Vice President – Credit Officer
Vice President – Sr. Business Banking Officer
Assistant Vice President - Business Banking Officer
Executive Vice President – Chief Financial Officer
Assistant Vice President – Sr. Benefits & Compensation Specialist
Assistant Vice President - Banking Services Manager II
Vice President – Loan Operations
Assistant Vice President - Banking Services Manager II
Senior Vice President – Marketing & Corporate Communications
Senior Vice President – Operations & Technology
Senior Management of
County Bancorp, Inc.
Andrew J. Steimle, Chairman of the Board
Timothy J. Schneider, President
Glen L. Stiteley, Chief Financial Officer and
Treasurer
Mark A. Miller, Secretary and Securities
Compliance Officer
William C. Censky, Chair Emeritus
Board of Directors - County
Bancorp, Inc. / Investors
Community Bank
Mark R. Binversie
Investors Community Bank
William C. Censky
Investors Community Bank (Ret.)
Lynn D. Davis, Ph.D.
Nutrition Professionals, Inc.
Jacob B. Eisen
ConnexPay LLC
Edson P. Foster, Jr.
Foster Needle Co., Inc. (Ret.)
Robert E. Matzke
Financial Services of Northeast Wisconsin,
Inc.
Wayne D. Mueller
Investors Community Bank (Ret.)
Patrick J. Roe
First Comm. Financial Partners, Inc. (Ret.)
Timothy J. Schneider
Investors Community Bank
Kathi P. Seifert
Katapult, LLC
Andrew J. Steimle,
Steimle Birschbach, LLC
Vicki L. Tandeski
Ariens Co., Inc.
Gary J. Ziegelbauer
Triangle Distributing, Inc.
Central Wisconsin Regional
Consulting Board
Jeffery Ebel
Ebel Consulting, LLC
Richard Okray
Okray Family Farms, Inc.
Bill Mullins, Mullins Cheese, Inc.
LouAnn Schulfer
Schulfer & Associates Wealth
Management
Kenneth Turzinski, TYRI Americas
Parent company of Investors Community Bank
We were saddened by the recent passing of John Buzza (Buzza, Dreier & Johnson LLC), who was a member of our
Central Wisconsin Regional Consulting Board. John was a valued contributor to this group, and he will be missed.
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INVESTORS.ICBK.COM