Manitowoc business news: County Bancorp set record net income of $14.3M in 2018 - Herald Times Reporter

USA TODAY NETWORK-Wisconsin

Published 4:05 PM EST Feb 14, 2019

County Bancorp sets record net income

County Bancorp, Inc., holding company of Investors Community Bank, an agricultural and commercial community bank with headquarters in Manitowoc, reported net income of $2.8 million, or $0.41 diluted earnings per share, for the fourth quarter of 2018, compared to net income of $3.5 million, or $0.50 diluted earnings per share, for the third quarter of 2018, and $2.1 million, or $0.30 diluted earnings per share, for the fourth quarter of 2017.

Net income for the year ended Dec. 31, 2018, was $14.3 million, or $2.04 diluted earnings per share, compared to $10.4 million for the year ended Dec. 31, 2017, or $1.49 diluted earnings per share, an increase of 36.7 percent. This represents a return on average assets of 0.96 percent for the year ended Dec. 31, 2018, compared to 0.80 percent for the year ended Dec. 31, 2017.

“We are very pleased that we continue to produce solid year-over-year earnings, even with the challenges in the dairy sector,” said Tim Schneider, president of County Bancorp, Inc., and CEO of the bank.

“With the dairy challenges and a flattening to inverted yield curve, we are going to take 2019 to manage our growth and work on the right side of our balance sheet," Schneider added. "We plan to reduce our overall credit exposure during the first half of 2019 and continue to focus on core deposit generation. This will allow us to work aggressively to reduce our wholesale funding during 2019. We anticipate another challenging year on the credit side with our classified assets continuing to increase. We still believe that our classified asset levels are protected overall by the use of Farm Service Agency guarantees on many of our agricultural credits.”

Investors Community Bank serves business and retail customers throughout Wisconsin from full-service locations in Manitowoc, Appleton, Green Bay and Stevens Point. It has loan production offices in Darlington, Eau Claire, Fond du Lac and Sheboygan.

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Keep your credit report in check with March 6 program

Manitowoc County Association for Home and Community Education (HCE) invites the public to a program on credit reports, credit scores and identity theft at 1 p.m. March 6 at the Manitowoc County UW-Extension Office, 4319 Expo Drive, Manitowoc.

Cynthia Roeck, a representative from Cleveland State Bank, will be the guest speaker.

A press release for the event explained: "Have you obtained your free credit report in the past year? Have you ever pulled your free credit report? What if there is an error on your report? Only 36 percent of adults check their report annually. Your credit report is a detailed record of your credit history. Creditors, insurers, employers and landlords use your credit report. Making sure the information in the report is correct is vital because the credit report is used to calculate an individual’s credit score. A good credit score doesn’t just mean that you’ll get a loan, but it also means you’ll pay less for it."

Attendees will also be reminded how to keep their personal information safe.

To register, call Nancy at 920-693-8721.

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