8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 14, 2020

COUNTY BANCORP, INC.

(Exact name of Registrant as Specified in Its Charter)

Wisconsin	001-36808	39-1850431
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2400 South 44th Street, Manitowoc, WI		54221
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (920) 686-9998

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	ICBK	Nasdaq Global Market

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On September 14, 2020, County Bancorp, Inc. issued a press release disclosing improvement in the status of loans that were granted payment deferrals due to COVID-19.  A copy of the press release issued on September 14, 2020 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
99.1	Press release dated September 14, 2020
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COUNTY BANCORP, INC.
Date: September 14, 2020	By:	/s/ Mark A. Miller
		Mark A. Miller
		Secretary

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

County Bancorp, Inc. Observes Improvements in Status of Loan Payment Deferrals

Total loan balances under customer support relief program down 50% during the fiscal third quarter-to-date

Manitowoc,WI, September 14, 2020 –County Bancorp, Inc.(NASDAQ: ICBK),the parent company for Investors Community Bank (collectively “the Company”), today announced an improvement in customers under payment deferrals related to COVID-19.  

	September 11, 2020						June 30, 2020
	Customers in payment deferral		Customers on interest only		Principal Balance		Customers in payment deferral		Customers on interest only		Principal Balance
					(dollars in millions)						(dollars in millions)
Agriculture		10		81	$	77.6		9		83	$	84.9
Commercial		5		9	$	23.1		35		54	$	115.5
Total		15		90	$	100.7		44		137	$	200.4

“In March, we evaluated the potential impact of COVID-19 on the communities we serve, and our team quickly mobilized to help our customers through this crisis,” said Tim Schneider, CEO of Investors Community Bank. “While we have a variety of capabilities to create flexible terms for our customers, one of the most effective tools was to grant payment deferrals as allowed by the regulatory agencies. Thus, to be a strong partner to our commercial customers, we offered 90-day deferrals, due to the uncertainty of the crisis at the time.  Our Agricultural dairy producers were seeing solid milk prices, then in April, milk prices fell dramatically.  The lower prices only lasted two months, however, with prices rebounding to near record levels in June.  Prices have been sustained at profitable levels for nearly all of our producers since then, and we do not expect extensions on deferrals for the majority of ag producers after the initial six months.”

Schneider concluded, “As of June 30, 2020, we had 181 clients totaling $200 million in balances under payment deferrals. Currently, we have 105 clients totaling $100 million.  We are pleased to see this improvement, which we believe shows the overall resilience of Wisconsin’s economy and the strength of our borrowers. Further, we’ve been proud to be able to be a strong partner to all of our customers through this crisis and look forward to seeing their businesses thrive as we move forward.”  

AboutCounty Bancorp,Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in

Investors.ICBK.com

Manitowoc, Wisconsin.  The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending.  We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin.  Our customers are served from our full-service locations in Manitowoc, Appleton, Green Bay, and Stevens Point and our loan production offices in Darlington, Eau Claire, Fond du Lac and Sheboygan. Visit our Investor Relations site for details: Investors.ICBK.com.

###

Investor Relations Contact

Glen L. Stiteley

EVP - CFO, Investors Community Bank

Phone: (920) 686-5658

Email: gstiteley@icbk.com

Investors.ICBK.com

XML

Document and Entity Information	Sep. 14, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 14, 2020
Entity Registrant Name	COUNTY BANCORP, INC.
Entity Central Index Key	0001470205
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-36808
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1850431
Entity Address, Address Line One	2400 South 44th Street
Entity Address, City or Town	Manitowoc
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54221
City Area Code	920
Local Phone Number	686-9998
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	ICBK
Security Exchange Name	NASDAQ