County Bancorp (ICBK) 8-K County Bancorp, Inc. Announces Strong 2ND Quarter Earnings

Exhibit 99.1

FOR IMMEDIATE RELEASE

COUNTY BANCORP, INC. ANNOUNCES STRONG 2ND QUARTER EARNINGS

2^nd Quarter 2016 Highlights

• Closed acquisition of Fox River Valley Bancorp, Inc.

• Added to the Russell 3000^® Index

• Quarter-end total assets exceeded $1 billion

• Net income of $1.9 million

Manitowoc, Wisconsin, July 28, 2016 – County Bancorp, Inc. (NASDAQ: ICBK), the holding company for Investors Community Bank, a commercial bank headquartered in Manitowoc, Wisconsin, reported net income of $1.9 million, or $0.30 diluted earnings per share, for the second quarter of 2016, compared to net income of $2.2 million, or $0.36 diluted earnings per share, for the second quarter of 2015.

As shown in the table below, after excluding the effects of $2.4 million ($1.5 million after tax) of expenses relating to the merger with Fox River Valley Bancorp, Inc., adjusted diluted earnings per share (non-GAAP) for the quarter ended June 30, 2016 were $0.55, compared to $0.36 for the quarter ended June 30, 2015. Earnings for the second quarter of 2016 were affected by one-time merger-related expenses from the acquisition of Fox River Valley Bancorp, Inc., and its wholly owned subsidiary, The Business Bank, which was completed on May 13, 2016.

	2Q16			Diluted EPS		2Q15			Diluted EPS
Net operating income	$	3,407		$	0.55	$	2,217		$	0.36
Merger related expenses, net of taxes		1,462			0.25		—			—
Net income	$	1,945		$	0.30	$	2,217		$	0.36
Net operating income ROA (annualized)		1.31	%				1.14	%
Net operating income return on average common equity (annualized)		11.97	%				9.00	%

“We successfully completed the acquisition of Fox River Valley Bancorp, Inc. during the second quarter of 2016 and are pleased to have new team members join our organization in both Appleton and Green Bay. We are excited about the opportunities in both markets moving forward,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank. “We are pleased to have County Bancorp included in the reconstitution of the Russell 3000^® Index in late June. We believe this inclusion continues to provide awareness of our stock in the public markets.”

Mr. Schneider continued, “During the second quarter, we continued to experience solid organic loan growth, in addition to the commercial loans added through the acquisition. We also continue to see a solid pipeline of loans in both the agricultural and commercial departments. Our second quarter net income was strong as net interest income improved, despite downward pressure on net interest margin in this competitive environment. We continue to focus on asset quality within our existing loan portfolio, as well as, in new relationships we are considering.”

Total assets at June 30, 2016 were $1.2 billion, an increase of $251.2 million over total assets as of March 31, 2016 and an increase of $379.7 million over total assets as of June 30, 2015. Total loans were $960.3 million at June 30, 2016 which represents a $184.5 million and $305.9 million increase since March 31, 2016 and June 30, 2015, respectively. The increases in assets and loans were due primarily to the acquisition of Fox River Valley Bancorp, Inc.

Non-performing assets increased to $26.7 million at June 30, 2016, from $22.5 million March 31, 2016. This increase was due primarily to the acquisition of The Business Bank’s non-performing assets, which was partially offset by the sale of several other real estate owned properties.

Net income for the quarters ended June 30, 2016 and 2015 were $1.9 million and $2.2 million, respectively. This represents a return on average assets of 0.75% for the three months ended June 30, 2016 compared to 1.14% for the three months ended June 30, 2015. Net interest margin decreased to 3.32% for the three months ended June 30, 2016, compared to 3.34% for the three months ended June 30, 2015.

Net income for the six months ended June 30, 2016 was $4.1 million compared to $4.7 million for the six months ended June 30, 2015. This decrease is the result of $2.5 million in merger-related expenses that were incurred during 2016, and had a $1.5 million effect on net income, net of tax. Net interest income increased 23.0% to $15.2 million for the six months ended June 30, 2016 from $12.4 million for the six months ended June 30, 2015.

Provision for loan losses for the six months ended June 30, 2016 was $1.2 million compared to a credit provision of $0.5 million for the six months ended June 30, 2015. The increased provision resulted primarily from loan growth.

About County 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 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.

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 our control. We caution you that the forward-looking information presented in this press release 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 in this press release. 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” 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 information contained in this press release include those identified in County Bancorp, Inc.’s most recent annual report on Form 10-K and subsequent SEC filings. Any forward-looking information presented herein is made only as of the date of this press release, 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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Investor Relations Contact

Timothy J. Schneider

CEO, Investors Community Bank

Phone: (920) 686-5604

Email:tschneider@investorscommunitybank.com

County Bancorp, Inc.

Consolidated Financial Summary (Unaudited)

	June 30, 2016			March 31, 2016			June 30, 2015
Selected Balance Sheet Data:
(In thousands, except per share data)
Total assets	$	1,160,589		$	909,557		$	781,117
Total loans		960,310			775,848			654,389
Allowance for loan losses		10,791			11,218			9,897
Deposits		892,535			693,181			608,571
Shareholders’ equity		125,789			109,378			101,024
Common equity		117,789			101,378			93,024
Stock Price Information:
High - Year-to-date	$	22.80		$	21.80		$	20.33
Low - Year-to-date	$	18.25		$	18.25		$	17.90
Market price per common share	$	20.62		$	20.08		$	19.00
Common shares outstanding		6,501,031			5,786,701			5,733,919
Non-Performing Assets:
(In thousands)
Nonaccrual loans	$	23,942		$	19,564		$	15,098
Other real estate owned		2,789			2,947			3,211
Total non-performing assets	$	26,731		$	22,511		$	18,309
Restructured loans not on nonaccrual	$	3,583		$	602		$	820
Non-performing assets as a % of total loans		2.78	%		2.90	%		2.80	%
Non-performing assets as a % of total assets		2.30	%		2.47	%		2.34	%
Allowance for loan losses as a % of nonperforming assets		40.37	%		49.83	%		54.06	%
Allowance for loan losses as a % of total loans		1.12	%		1.45	%		1.51	%
Net charge-offs (recoveries) year-to-date	$	896		$	(1	)	$	248
Provision for loan loss year-to-date	$	1,282		$	812		$	(458	)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Selected Income Statement Data:
(In thousands, except per share data)
Net interest income	$	8,304		$	6,225		$	15,241		$	12,390
Provision for loan losses		470			144			1,282			(458	)
Net interest income after provision for loan losses		7,834			6,081			13,959			12,848
Non-interest income		2,758			1,713			4,695			3,587
Non-interest expense		7,453			4,230			12,044			8,848
Income tax expense		1,194			1,345			2,489			2,843
Net income	$	1,945		$	2,219		$	4,121		$	4,744
Income before provision for loan losses, merger expense, and income tax expense (1)	$	5,970		$	3,708		$	10,362		$	7,129
Return on average assets		0.75	%		1.14	%		0.85	%		1.21	%
Return on average shareholders’ equity		6.53	%		7.66	%		7.23	%		8.41	%
Return on average common shareholders’ equity (1)		6.72	%		9.00	%		7.76	%		10.01	%
Efficiency ratio(1)		68.18	%		54.38	%		60.44	%		52.45	%
Per Common Share Data:
Basic	$	0.31		$	0.36		$	0.67		$	0.80
Diluted	$	0.30		$	0.36		$	0.65		$	0.79
Dividends declared	$	0.05		$	0.04		$	0.10		$	0.08

(1) This is a non-GAAP financial measure. A reconciliation to GAAP is included below.

	For the three months ended						For the six months ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Non interest income:
Service charges	$	411		$	286		$	688		$	506
Gain on sale of loans		61			29			161			122
Loan servicing fees		1,316			1,221			2,613			2,412
Loan servicing rights		816			(35	)		966			26
Income on OREO		9			96			14			210
Other		145			116			253			311
Total	$	2,758		$	1,713		$	4,695		$	3,587
Non interest expense:
Employee compensation and benefits	$	3,092		$	2,869		$	6,093		$	5,589
Occupancy		114			79			207			160
Information processing		1,477			178			1,757			344
Professional fees		725			161			1,034			387
Business development		145			115			285			224
FDIC assessment		124			122			261			220
OREO expenses		57			57			93			140
Writedown of OREO		—			—			84			182
Net loss (gain) on OREO		(89	)		(87	)		(89	)		287
Other		1,808			736			2,319			1,315
Total	$	7,453		$	4,230		$	12,044		$	8,848
Non-GAAP Financial Measures
Return on average common shareholders’ equity reconciliation:
Return on average shareholders’ equity		6.53	%		7.66	%		7.23	%		8.41	%
Effect of excluding average preferred shareholders’ equity		0.19	%		1.34	%		0.53	%		1.60	%
Return on average common shareholders’ equity		6.72	%		9.00	%		7.76	%		10.01	%
Efficiency ratio GAAP to non-GAAP reconciliation:
Non-interest expense	$	7,453		$	4,230		$	12,044		$	8,848
Less: net loss on sales and write-downs of OREO		89			87			5			(468	)
Adjusted non-interest expense (non-GAAP)	$	7,542		$	4,317		$	12,049		$	8,380
Net interest income	$	8,304		$	6,225		$	15,241		$	12,390
Non-interest income		2,758			1,713			4,695			3,587
Operating revenue	$	11,062		$	7,938		$	19,936		$	15,977
Efficiency ratio		68.18	%		54.38	%		60.44	%		52.45	%
Income before provision for loan losses, merger expense, and income tax expense reconciliation:
Income before income taxes	$	3,139		$	3,564		$	6,610		$	7,587
Provision for loan losses		470			144			1,282			(458	)
Merger expenses (one-time)		2,361			—			2,470			—
Income before provision for loan losses, merger expense, and income tax expense	$	5,970		$	3,708		$	10,362		$	7,129

	Three Months Ended
	June 30, 2016								June 30, 2015
	Average Balance (1)			Income/ Expense		Yields/ Rates			Average Balance (1)			Income/ Expense		Yields/ Rates
Assets
Investment securities	$	103,809		$	445		1.71	%	$	81,307		$	341		1.68	%
Loans(2)		876,331			10,205		4.66	%		648,752			7,666		4.73	%
Interest bearing deposits due from other banks		21,651			50		0.92	%		14,952			12		0.32	%
Total interest-earning assets	$	1,001,791		$	10,700		4.27	%	$	745,011		$	8,019		4.31	%
Allowance for loan losses		(11,276	)							(10,327	)
Other assets		53,636								44,013
Total assets	$	1,044,151							$	778,697
Liabilities
Savings, NOW, money market, interest checking		175,672			232		0.53	%		149,893			175		0.47	%
Time deposits		528,228			1,763		1.34	%		391,588			1,313		1.34	%
Total interest-bearing deposits	$	703,900		$	1,995		1.13	%	$	541,481		$	1,488		1.10	%
Other borrowings		3,024			45		5.95	%		6,426			64		3.98	%
FHLB advances		105,658			287		1.09	%		33,000			124		1.50	%
Junior subordinated debentures		13,973			69		1.98	%		12,372			120		3.88	%
Total interest-bearing liabilities	$	826,555		$	2,396		1.16	%	$	593,279		$	1,796		1.21	%
Non-interest bearing deposits		90,328								62,401
Other liabilities		8,121								7,327
Total liabilities	$	925,004							$	663,007
SBLF preferred stock (3)		—								15,000
Shareholders’ equity		119,147								100,690
Total liabilities and equity	$	1,044,151							$	778,697
Net interest income				$	8,304							$	6,225
Interest rate spread(4)							3.11	%							3.09	%
Net interest margin(5)							3.32	%							3.34	%
Ratio of interest-earning assets to interest-bearing liabilities		1.21								1.26

	Six Months Ended
	June 30, 2016								June 30, 2015
	Average Balance (1)			Income/ Expense		Yields/ Rates			Average Balance (1)			Income/ Expense		Yields/ Rates
Assets
Investment securities	$	92,871		$	794		1.71	%	$	80,997		$	677		1.67	%
Loans(2)		822,629			18,935		4.60	%		646,931			15,294		4.73	%
Interest bearing deposits due from other banks		20,382			89		0.87	%		20,243			30		0.30	%
Total interest-earning assets	$	935,882		$	19,818		4.24	%	$	748,171		$	16,001		4.28	%
Allowance for loan losses		(11,056	)							(10,448	)
Other assets		47,361								43,427
Total assets	$	972,187							$	781,150
Liabilities
Savings, NOW, money market, interest checking		175,141			441		0.50	%		149,637			349		0.47	%
Time deposits		484,228			3,366		1.39	%		394,516			2,617		1.33	%
Total interest-bearing deposits	$	659,369		$	3,807		1.15	%	$	544,153		$	2,966		1.09	%
Other borrowings		3,498			93		5.33	%		9,645			159		3.30	%
FHLB advances		94,400			542		1.15	%		32,779			246		1.50	%
Junior subordinated debentures		13,172			135		2.05	%		12,372			240		3.88	%
Total interest-bearing liabilities	$	770,439		$	4,577		1.19	%	$	598,949		$	3,611		1.21	%
Non-interest bearing deposits		75,340								61,708
Other liabilities		7,973								7,678
Total liabilities	$	853,752							$	668,335
SBLF preferred stock (3)		4,368								15,000
Shareholders’ equity		114,067								97,815
Total liabilities and equity	$	972,187							$	781,150
Net interest income				$	15,241							$	12,390
Interest rate spread(4)							3.05	%							3.07	%
Net interest margin(5)							3.26	%							3.31	%
Ratio of interest-earning assets to interest-bearing liabilities		1.21								1.25

(1) Average balances are calculated on amortized cost.

(2) Includes loan fee income, nonaccruing loan balances, and interest received on such loans.

(3) The SBLF preferred stock refers to our Noncumulative Perpetual Preferred Stock, Series C, issued to the U.S. Treasury through the U.S. Treasury’s Small Business Lending Fund program. This stock was redeemed on February 23, 2016.

(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest bearing liabilities.

(5) Net interest margin represents net interest income divided by average total interest-earning assets.