EX-99.1 2 icbk-ex991_6.htm EX-99.1 icbk-ex991_6.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

COUNTY BANCORP, INC. ANNOUNCES RECORD EARNINGS

FOR THE THIRD QUARTER OF 2019

Highlights

 

Record net income of $5.7 million for the third quarter of 2019; $13.1 million for the nine months ended September 30, 2019

 

Diluted earnings per share of $0.82 for the third quarter of 2019; $1.89 for the nine months ended September 30, 2019

 

Book value per share of $23.89 as of September 30, 2019, an increase of $0.86, or 3.7%, since June 30, 2019, and an increase of $2.39, or 11.1%, since December 31, 2018

 

Adverse classified asset ratio improved to 45.67% at September 30, 2019 from 53.21% at June 30, 2019.

 

Non-performing assets decreased $0.8 million, an improvement of 2.6%, since June 30, 2019, and decreased $7.7 million, or 21.6%, since September 30, 2018

 

Client deposits (demand deposits, money market accounts, and certificates of deposit) increased $19.1 million, or 2.4%, since June 30, 2019, and increased $100.2 million, or 13.9%, since September 30, 2018.

 

Brokered and national deposits decreased $81.5 million during the third quarter of 2019, a reduction of 20.1%, and decreased $166.2 million, or 33.9%, since September 30, 2018

 

Manitowoc, Wisconsin, October 17, 2019 County Bancorp, Inc. (the “Company”; Nasdaq: ICBK), the holding company of Investors Community Bank (the “Bank”), an agricultural and commercial community bank headquartered in Manitowoc, Wisconsin, reported net income of $5.7 million, or $0.82 diluted earnings per share, for the third quarter of 2019, compared to net income of $3.7 million, or $0.53 diluted earnings per share, for the second quarter of 2019 and $3.5 million, or $0.50 diluted earnings per share, for the third quarter of 2018.  This represents an annualized return on average assets of 1.57% for the three months ended September 30, 2019, compared to 0.94% for the three months ended September 30, 2018.  The annualized return on average assets for the nine months ended September 30, 2019 was 1.19% compared to 1.04% for the same period of 2018.  Third quarter earnings were largely impacted by a credit to provision for loan losses of $1.2 million for third quarter of 2019 compared to a $0.9 million provision expense for the second quarter of 2019, and a $1.0 million provision expense for the third quarter of 2018.

“We are very pleased with the improvement we have seen in our credit portfolio this quarter,” stated Tim Schneider, President of the Company and CEO of the Bank.  “We continue to see an improved milk price environment: the 12-month forward looking average for class III milk increased from $15.88 to $17.12 per hundredweight on the Chicago Mercantile Exchange from December 31, 2018 to September 30, 2019. These trends are encouraging, but still have work to do to continue to improve our asset quality.”

Schneider continued, “As previously announced, we are still committed to reducing our wholesale funding. We were able to make significant progress this quarter and year-over-year, primarily through the additional liquidity from selling loan participations, which has also led to solid growth in our loan servicing income. We are also very pleased with our client deposit growth year-over-year and during the quarter.”

Loans and Total Assets

Total assets at September 30, 2019 were $1.4 billion, a decrease of $69.7 million, or 4.7%, and a decrease of $100.0 million, or 6.6%, over total assets as of June 30, 2019 and September 30, 2018, respectively.  Total loans were $1.1 billion at September 30, 2019, which represents a $67.0 million, or 5.8%, decrease over total loans at June 30, 2019, and a decrease of $122.2 million, or 10.2%, over total loans at September 30, 2018.

The decrease in total loans and assets was the result of our continued focus on reducing loans on our balance sheet through the sale of loan participations during 2019.  Participated loans that the Company continued to service were $736.8 million at September 30, 2019, which was an increase of $41.2 million, or 5.9%, and $91.9 million, or 14.3%, over participated


loans that the Company serviced at June 30, 2019 and September 30, 2018, respectively.  By increasing the amount of loans participated, the Company is reducing credit risk from its balance sheet and increasing non-interest revenue streams.

Deposits

Total deposits at September 30, 2019 were $1.1 billion, a decrease of $62.4 million, or 5.2%, and a decrease of $66.0 million, or 5.5%, over total deposits as of June 30, 2019 and September 30, 2018, respectively.  Despite the decline in total deposits, client deposits (demand deposits, money market accounts, and certificates of deposit) increased $19.1 million, or 2.4%, since June 30, 2019, and increased $100.2 million, or 13.9%, since September 30, 2018.  

Due to the increases in loan participations and client deposit growth, the Company was able to further decrease its reliance on brokered deposits and national certificates of deposit to $324.5 million at September 30, 2019.  This represents a decrease of $81.5 million, or 20.1%, from June 30, 2019, and a decrease of $166.2 million, or 33.9%, from September 30, 2018.  

During the third quarter of 2019, the Company continued to pay off portions of its FHLB borrowings.  At September 30, 2019, borrowings from the FHLB totaled $44.4 million, which was a decrease of $15.0 million, or 25.3%, from June 30, 2019, and a decrease of $58.0 million, or 56.6%, from September 30, 2018.

Net Interest Income and Margin

Net interest income was $10.3 million for the three months ended September 30, 2019, which was a $0.1 million, or 1.7%, decrease from the three months ended June 30, 2019, and a $0.4 million, or 3.3%, decrease from the three months ended September 30, 2018.  The decrease in net interest income quarter-over-quarter and year-over-year was the result of a lower average loan balance due to loan payoffs and the increase in loan participations discussed above.

Net interest margin was 2.95% for the three months ended September 30, 2019, which was an increase from 2.92% for the three months ended June 30, 2019, and an increase from 2.89% for the three months ended September 30, 2018.  The increase in net interest margin over the linked quarter was primarily due to a decline in average loans from loan participation sales that took place primarily the last half of the quarter.  Year-over-year third quarter net interest margin increased by six basis points primarily due to a 32 basis point increase in loan yields, which was partially offset by a 29 basis point increase in cost of funds.


  

 

For the Three Months Ended

 

 

 

September 30, 2019

 

 

June 30, 2019

 

 

September 30, 2018

 

 

 

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

 

$

159,091

 

 

$

1,117

 

 

 

2.81

%

 

$

176,237

 

 

$

1,259

 

 

 

2.86

%

 

$

189,448

 

 

$

1,289

 

 

 

2.72

%

Loans (2)

 

 

1,126,243

 

 

 

15,030

 

 

 

5.34

%

 

 

1,177,071

 

 

 

15,484

 

 

 

5.26

%

 

 

1,204,122

 

 

 

15,113

 

 

 

5.02

%

Interest bearing deposits due from

   other banks

 

 

104,253

 

 

 

612

 

 

 

2.35

%

 

 

73,769

 

 

 

465

 

 

 

2.52

%

 

 

62,560

 

 

 

249

 

 

 

1.59

%

Total interest-earning assets

 

$

1,389,587

 

 

$

16,759

 

 

 

4.82

%

 

$

1,427,077

 

 

$

17,208

 

 

 

4.82

%

 

$

1,456,130

 

 

$

16,651

 

 

 

4.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses

 

 

(16,209

)

 

 

 

 

 

 

 

 

 

 

(17,782

)

 

 

 

 

 

 

 

 

 

 

(15,445

)

 

 

 

 

 

 

 

 

Other assets

 

 

78,664

 

 

 

 

 

 

 

 

 

 

 

76,806

 

 

 

 

 

 

 

 

 

 

 

58,921

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,452,042

 

 

 

 

 

 

 

 

 

 

$

1,486,101

 

 

 

 

 

 

 

 

 

 

$

1,499,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, money market,

   interest checking

 

$

326,592

 

 

$

1,276

 

 

 

1.56

%

 

$

315,940

 

 

$

1,316

 

 

 

1.67

%

 

$

276,468

 

 

$

907

 

 

 

1.31

%

Time deposits

 

 

745,032

 

 

 

4,298

 

 

 

2.31

%

 

 

770,554

 

 

 

4,363

 

 

 

2.26

%

 

 

830,168

 

 

 

4,073

 

 

 

1.96

%

Total interest-bearing deposits

 

$

1,071,624

 

 

$

5,574

 

 

 

2.08

%

 

$

1,086,494

 

 

$

5,679

 

 

 

2.09

%

 

$

1,106,636

 

 

$

4,980

 

 

 

1.80

%

Other borrowings

 

 

804

 

 

 

9

 

 

 

4.60

%

 

 

1,204

 

 

 

13

 

 

 

4.47

%

 

 

839

 

 

 

10

 

 

 

4.61

%

FHLB advances

 

 

48,857

 

 

 

237

 

 

 

1.94

%

 

 

78,653

 

 

 

401

 

 

 

2.04

%

 

 

92,443

 

 

 

401

 

 

 

1.74

%

Junior subordinated debentures

 

 

44,800

 

 

 

687

 

 

 

6.14

%

 

 

44,762

 

 

 

683

 

 

 

6.11

%

 

 

44,659

 

 

 

656

 

 

 

5.88

%

Total interest-bearing

   liabilities

 

$

1,166,085

 

 

$

6,507

 

 

 

2.23

%

 

$

1,211,113

 

 

 

6,776

 

 

 

2.24

%

 

$

1,244,577

 

 

$

6,047

 

 

 

1.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

105,578

 

 

 

 

 

 

 

 

 

 

 

102,432

 

 

 

 

 

 

 

 

 

 

 

97,947

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

14,801

 

 

 

 

 

 

 

 

 

 

 

12,154

 

 

 

 

 

 

 

 

 

 

 

9,136

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

1,286,464

 

 

 

 

 

 

 

 

 

 

$

1,325,699

 

 

 

 

 

 

 

 

 

 

$

1,351,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

165,578

 

 

 

 

 

 

 

 

 

 

 

160,402

 

 

 

 

 

 

 

 

 

 

 

147,946

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,452,042

 

 

 

 

 

 

 

 

 

 

$

1,486,101

 

 

 

 

 

 

 

 

 

 

$

1,499,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

10,252

 

 

 

 

 

 

 

 

 

 

$

10,432

 

 

 

 

 

 

 

 

 

 

$

10,604

 

 

 

 

 

Interest rate spread (3)

 

 

 

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

 

 

 

2.58

%

 

 

 

 

 

 

 

 

 

 

2.63

%

Net interest margin (4)

 

 

 

 

 

 

 

 

 

 

2.95

%

 

 

 

 

 

 

 

 

 

 

2.92

%

 

 

 

 

 

 

 

 

 

 

2.89

%

Ratio of interest-earning assets to

   interest-bearing liabilities

 

 

1.19

 

 

 

 

 

 

 

 

 

 

 

1.18

 

 

 

 

 

 

 

 

 

 

 

1.17

 

 

 

 

 

 

 

 

 

 

(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.

Net interest income for the nine months ended September 30, 2019 was $31.2 million which was the same as to the nine month ended September 30, 2018, primarily as a result of the combination of a higher average loan yield on a smaller average balance of the loan portfolio.

For the nine months ended September 30, 2019, net interest margin improved slightly to 2.94% from 2.92% for the nine months ended September 30, 2018, primarily as a result of a 40 basis point increase in loan yields that was partially offset by a 46 basis point increase in cost of funds.



Non-Interest Income and Expense

Non-interest income for the three months ended September 30, 2019 increased by $1.1 million, or 39.7%, to $4.0 million compared to the three months ended June 30, 2019, which was primarily the result of an increase of $1.4 million of loan servicing right origination due to the $41.2 million in loans that were sold or participated during the third quarter.  The Company also continued to reduce the valuation allowance on its loan servicing rights portfolio which resulted in an additional servicing rights income of $0.2 million.    

Non-interest income for the three months ended September 30, 2019 increased $1.9 million, or 87.0%, compared to $2.2 million for the three months ended September 30, 2018.  The year-over-year increase was primarily due to the increase in loan participations discussed above.

 

For the Three Months Ended

 

 

 

September 30,

2019

 

 

June 30,

2019

 

 

March 31,

2019

 

 

December 31,

2018

 

 

September 30,

2018

 

 

 

(dollars in thousands, except per share data)

 

     Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services charges

 

$

348

 

 

$

407

 

 

$

353

 

 

$

470

 

 

$

394

 

Gain (loss) on sale of loans, net

 

 

87

 

 

 

26

 

 

 

(1

)

 

 

54

 

 

 

41

 

Loan servicing fees

 

 

1,677

 

 

 

1,563

 

 

 

1,519

 

 

 

1,553

 

 

 

1,521

 

Loan servicing right origination

 

 

1,741

 

 

 

346

 

 

 

228

 

 

 

7

 

 

 

(46

)

Income on OREO

 

 

10

 

 

 

40

 

 

 

26

 

 

 

83

 

 

 

96

 

Gain on sale of securities

 

 

-

 

 

 

341

 

 

 

-

 

 

 

-

 

 

 

-

 

Other

 

 

171

 

 

 

164

 

 

 

625

 

 

 

153

 

 

 

151

 

Total non-interest income

 

$

4,034

 

 

$

2,887

 

 

$

2,750

 

 

$

2,320

 

 

$

2,157

 

For the nine months ended September 30, 2019, non-interest income improved to $9.7 million, an increase of $3.2 million, or 48.5%, over the nine months ended September 30, 2018.  The increase was primarily due to the increase in servicing fees as the result of the reduction of the servicing right valuation allowance totaling $0.8 million and the increase in fees generated by the $91.9 million of loans that were participated since September 30, 2018.  In addition, the Company eliminated its allowance for unused commitments, which resulted in an increase of $0.5 million in other non-interest income.  The Company evaluated the need for this allowance during the first quarter of 2019 and concluded there was not sufficient evidence that represented credit loss inherent in these commitments to substantiate the necessity of this reserve and concluded to eliminate it.  The Company will continue to evaluate credit risk on these off-balance sheet commitments.  

Non-interest expense for the three months ended September 30, 2019 increased by $0.2 million, or 3.0%, to $7.7 million compared to the three months ended June 30, 2019, and increased $0.6 million, or 9.2%, compared to the three months ended September 30, 2018.  Employee compensation and benefits increased $0.5 million, or 12.8%, in the linked quarter due in part to additional accrual of $0.3 million for incentive compensation related to anticipated current year financial results.  The increased employee compensation and benefits was partially offset by a $0.2 million small bank assessment credit that was received from the FDIC, which reduced other non-interest expense.  This one-time credit was awarded to banks with total assets less than $10 billion due to the FDIC’s Reserve fund exceeding its target balance.  The year-over-year increase was due in part to a $0.2 million loss on the sale an OREO property during the third quarter of 2019 and small increases in information processing, professional fees, and business development.


 

For the Three Months Ended

 

 

 

September 30,

2019

 

 

June 30,

2019

 

 

March 31,

2019

 

 

December 31,

2018

 

 

September 30,

2018

 

 

 

(dollars in thousands, except per share data)

 

     Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and

   benefits

 

$

4,735

 

 

$

4,199

 

 

$

4,482

 

 

$

4,059

 

 

$

4,394

 

Occupancy

 

 

313

 

 

 

283

 

 

 

389

 

 

 

245

 

 

 

332

 

Information processing

 

 

683

 

 

 

591

 

 

 

563

 

 

 

641

 

 

 

529

 

Professional fees

 

 

483

 

 

 

417

 

 

 

399

 

 

 

497

 

 

 

351

 

Business development

 

 

351

 

 

 

347

 

 

 

325

 

 

 

259

 

 

 

258

 

OREO expenses

 

 

57

 

 

 

121

 

 

 

51

 

 

 

106

 

 

 

46

 

Writedown of OREO

 

 

-

 

 

 

250

 

 

 

-

 

 

 

688

 

 

 

81

 

Net loss (gain) on sale of OREO

 

 

160

 

 

 

9

 

 

 

(136

)

 

 

(54

)

 

 

(28

)

Depreciation and amortization

 

 

319

 

 

 

328

 

 

 

337

 

 

 

408

 

 

 

302

 

Other

 

 

567

 

 

 

901

 

 

 

895

 

 

 

689

 

 

 

758

 

Total non-interest expense

 

$

7,668

 

 

$

7,446

 

 

$

7,305

 

 

$

7,538

 

 

$

7,023

 

Asset Quality

At September 30, 2019, non-performing assets were $28.0 million, a decrease of $0.8 million, or 2.6%, and $7.7 million, or 21.6%, compared to June 30, 2019 and September 30, 2018, respectively.  Non-performing assets as a percent of total assets increased to 1.98% at September 30, 2019, from 1.94% at June 30, 2019, due to the reduction in total assets and decreased from 2.36% at September 30, 2018.  During the third quarter of 2019, two OREO properties were sold, resulting in a decrease of $1.4 million in OREO.

Substandard loans were $105.9 million at September 30, 2019, compared to $117.8 million at June 30, 2019 and $118.4 million at September 30, 2018.  Adverse classified asset ratio (a non-GAAP measure) decreased to 45.67% at September 30, 2019 from 53.21% and 51.89% at June 30, 2019 and September 30, 2018, respectively.  The decrease in substandard loans and the adverse classified ratio was in part the result of a combination of an improving milk price outlook and concerted efforts by our dairy customers to manage their expenses wherever they reasonably can.  We are actively managing these credits, and we are optimistic about the industry’s outlook as there was a 4.7% increase in the 12-month future price of class III milk on the Chicago Mercantile Exchange from June 30, 2019 to September 30, 2019.

A credit to provision for loan losses of $1.2 million was recorded for the three months ended September 30, 2019 compared to a provision of $0.9 million for the three months ended June 30, 2019, and a provision of $1.0 million for the three months ended September 30, 2018.  For the nine months ended September 30, 2019, a provision for loan losses was $0.5 million compared to $1.6 million for the nine months ended September 30, 2018.  The decrease in provision in the linked quarter and year-over- year was directly related to the decrease in the dairy loan portfolio as the result of the increase in loan participations, improvements in milk price, and upgrade to credit ratings.  The upgrade of $26.1 million of substandard performing and special mention loans to the watch risk category in the third quarter resulted in $0.8 million reduction to the allowance for loan losses.  

 

 

September 30,

2019

 

 

June 30,

2019

 

 

March 31,

2019

 

 

December 31,

2018

 

 

September 30,

2018

 

 

 

(dollars in thousands)

 

Loans by risk category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Sound/Acceptable/Satisfactory/

        Low Satisfactory

 

$

771,568

 

 

$

836,988

 

 

$

896,328

 

 

$

908,172

 

 

$

901,643

 

     Watch

 

 

193,942

 

 

 

167,824

 

 

 

174,642

 

 

 

171,670

 

 

 

171,890

 

     Special Mention

 

 

9,346

 

 

 

25,255

 

 

 

4,501

 

 

 

6,566

 

 

 

11,036

 

     Substandard Performing

 

 

44,183

 

 

 

56,336

 

 

 

46,075

 

 

 

65,501

 

 

 

61,851

 

     Substandard Impaired

 

 

61,728

 

 

 

61,429

 

 

 

61,417

 

 

 

55,386

 

 

 

56,517

 

        Total loans

 

$

1,080,767

 

 

$

1,147,832

 

 

$

1,182,963

 

 

$

1,207,295

 

 

$

1,202,937

 

 


The allowance for loan losses was $15.1 million at September 30, 2019 compared to $16.5 million at December 31, 2018.  The $1.4 million decrease in the allowance during the first nine months of 2019 was the result of a reduction in general reserves due to the decreases in total loans and the credit upgrades discussed previously.

Conference Call

The Company will host an earnings call tomorrow, October 18, 2019, at 8:30 a.m., CDT, conducted by Timothy J. Schneider, President, and Glen L. Stiteley, CFO.  The earnings call will be broadcast over the Internet on the Company’s website at http://investors.icbk.com.  From the top menu, select “News”, then “Event Calendar.”  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 October 18, 2020, by visiting the Company’s website at http://investors.icbk.com.

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.  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)

 

September 30,

2019

 

 

June 30,

2019

 

 

March 31,

2019

 

 

December 31,

2018

 

 

September 30,

2018

 

 

 

(dollars in thousands, except per share data)

 

Period-End Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Cash and cash equivalents

 

$

120,845

 

 

$

116,251

 

 

$

62,426

 

 

$

61,087

 

 

$

49,996

 

    Securities available for sale, at fair value

 

 

154,962

 

 

 

158,561

 

 

 

192,210

 

 

 

195,945

 

 

 

190,185

 

     Loans held for sale

 

 

4,192

 

 

 

7,448

 

 

 

2,750

 

 

 

2,949

 

 

 

13,770

 

     Agricultural loans

 

 

673,742

 

 

 

713,602

 

 

 

722,107

 

 

 

724,508

 

 

 

714,310

 

     Commercial loans

 

 

360,132

 

 

 

383,542

 

 

 

403,490

 

 

 

415,672

 

 

 

417,146

 

     Multi-family real estate loans

 

 

43,487

 

 

 

46,683

 

 

 

52,974

 

 

 

62,321

 

 

 

66,403

 

     Residential real estate loans

 

 

3,183

 

 

 

3,753

 

 

 

4,172

 

 

 

4,522

 

 

 

4,965

 

     Installment and consumer other

 

 

223

 

 

 

252

 

 

 

220

 

 

 

272

 

 

 

113

 

        Total loans

 

 

1,080,767

 

 

 

1,147,832

 

 

 

1,182,963

 

 

 

1,207,295

 

 

 

1,202,937

 

    Allowance for loan losses

 

 

(15,065

)

 

 

(16,258

)

 

 

(17,493

)

 

 

(16,505

)

 

 

(16,143

)

        Net loans

 

 

1,065,702

 

 

 

1,131,574

 

 

 

1,165,470

 

 

 

1,190,790

 

 

 

1,186,794

 

    Other assets

 

 

69,263

 

 

 

70,812

 

 

 

68,532

 

 

 

70,256

 

 

 

74,223

 

        Total Assets

 

$

1,414,964

 

 

$

1,484,646

 

 

$

1,491,388

 

 

$

1,521,027

 

 

$

1,514,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Demand deposits

 

$

117,224

 

 

$

111,022

 

 

$

101,434

 

 

$

121,436

 

 

$

103,862

 

     NOW accounts and interest checking

 

 

56,637

 

 

 

54,253

 

 

 

49,902

 

 

 

51,779

 

 

 

46,811

 

     Savings

 

 

6,981

 

 

 

6,621

 

 

 

6,210

 

 

 

5,770

 

 

 

6,616

 

     Money market accounts

 

 

248,608

 

 

 

239,337

 

 

 

225,975

 

 

 

218,929

 

 

 

208,233

 

     Time deposits

 

 

388,759

 

 

 

387,899

 

 

 

376,034

 

 

 

356,484

 

 

 

352,531

 

     Brokered deposits

 

 

206,474

 

 

 

256,475

 

 

 

269,917

 

 

 

308,504

 

 

 

317,291

 

     National time deposits

 

 

118,070

 

 

 

149,570

 

 

 

146,805

 

 

 

160,445

 

 

 

173,440

 

        Total deposits

 

 

1,142,753

 

 

 

1,205,177

 

 

 

1,176,277

 

 

 

1,223,347

 

 

 

1,208,784

 

     FHLB advances

 

 

44,400

 

 

 

59,400

 

 

 

100,400

 

 

 

89,400

 

 

 

102,400

 

     Subordinated debentures

 

 

44,820

 

 

 

44,781

 

 

 

44,742

 

 

 

44,703

 

 

 

44,663

 

     Other liabilities

 

 

14,239

 

 

 

12,564

 

 

 

11,952

 

 

 

11,492

 

 

 

11,134

 

        Total Liabilities

 

 

1,246,212

 

 

 

1,321,922

 

 

 

1,333,371

 

 

 

1,368,942

 

 

 

1,366,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Shareholders' equity

 

 

168,752

 

 

 

162,724

 

 

 

158,017

 

 

 

152,085

 

 

 

147,987

 

        Total Liabilities and Shareholders'

           Equity

 

$

1,414,964

 

 

$

1,484,646

 

 

$

1,491,388

 

 

$

1,521,027