County Bancorp 8K Announces Fourth Quarter Net Income of | ICBK 20 Jan 16

Exhibit No. 99.1

FOR IMMEDIATE RELEASE

COUNTY BANCORP, INC. ANNOUNCES FOURTH QUARTER NET INCOME OF

$2.9 MILLION AND RECORD NET INCOME OF $11.0 MILLION FOR 2015

Highlights

Net income of $2.9 million for the fourth quarter of 2015 and $11.0 million for 2015

Earnings per share of $0.48 for the fourth quarter of 2015 and $1.85 for 2015

Loan growth of $100.1 million year-over-year

Manitowoc, Wisconsin, January 20, 2016 – County Bancorp, Inc. (NASDAQ: ICBK) today reported fourth quarter 2015 net income of $2.9 million. This represents an increase of $0.8 million compared to the net income of the fourth quarter of 2014. Net income for the year ended December 31, 2015 was $11.0 million which represents the highest annual net income recorded by the Company. This represents a return on average assets of 1.35% for the year ended December 31, 2015 compared to 1.10% for the year ended December 31, 2014.

“We are very pleased to share our fourth quarter results, reflecting another strong quarter of loan growth, steady net interest margin, and solid efficiency ratio, all of which contributed to record annual profitability,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of its wholly-owned bank subsidiary, Investors Community Bank. “In alignment with our strategic focus, in November we announced our intention to acquire Fox River Valley Bancorp, Inc. and its wholly owned subsidiary, The Business Bank, with offices in Appleton and Green Bay, Wisconsin. Subject to customary closing conditions, we are working through the regulatory approval process and anticipate a closing in the second quarter of 2016. With its commercial banking focus, Fox River Valley brings a solid diversification to our loan portfolio and two strong markets for future growth. We are very excited about our partnership going forward with Fox River Valley.”

Total assets ended the year at $884.9 million, an increase of $40.1 million over total assets as of September 30, 2015, and an increase of $113.1 million over total assets as of December 31, 2014. Total loans increased $100.1 million for the year ended December 31, 2015.

Non-performing assets increased to $27.5 million at December 31, 2015, an increase of $13.3 million and $8.8 million from September 30, 2015 and December 31, 2014, respectively. This increase was mainly due to the reclassification of one large relationship; however, we anticipate that it will be resolved in the first half of 2016.

Net income for the quarters ended December 31, 2015 and 2014 was $2.9 million and $2.1 million, respectively, and the increase was primarily the result of loan growth throughout 2015. Diluted earnings per share increased to $0.48 for the three months ended December 31, 2015 from $0.43 for the three months ended December 31, 2014. Return on average assets was 1.34% for the three months ended December 31, 2015 compared to 1.11% for the three months ended December 31, 2014.

Net income for the year ended December 31, 2015 was $11.0 million compared to $8.2 million for the year ended December 31, 2014. This represents year-over-year growth of 33.7% which was

primarily driven by a $2.9 million increase in net interest income and a $0.8 million net recovery of loan losses.

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 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.

Additional Information for Shareholders

The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger of County Bancorp, Inc. and Fox River Valley Bancorp, Inc., County Bancorp, Inc. filed a registration statement on Form S-4 with the SEC on January 15, 2016. The registration statement includes a proxy statement of Fox River Valley Bancorp, Inc., which also constitutes a prospectus of County Bancorp, Inc., that will be sent to the shareholders of Fox River Valley Bancorp, Inc. Shareholders are advised to read the registration statement and proxy statement/prospectus because it contains important information about County Bancorp, Inc., Fox River Valley Bancorp, Inc. and the proposed transaction. This document and other documents relating to the transaction filed by County Bancorp, Inc. can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing County Bancorp, Inc.’s website at www.investorscommunitybank.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, these documents can be obtained free of charge from County Bancorp, Inc. upon written request to County Bancorp, Inc., Attn: Secretary, 860 North Rapids Road, Manitowoc, Wisconsin 54221 or by calling (920) 686-9998, or from Fox River Valley upon written request to Fox River Valley Bancorp, Inc., Attn: Secretary, 5643 Waterford Lane, Appleton, Wisconsin 54913 or by calling (920) 739-2660.

###

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)

	December 31, 2015			December 31, 2014
Selected Balance Sheet Data:
(In thousands, except per share data)

Total assets	$	884,889		$	771,756
Total loans		748,189			648,122
Allowance for loan losses		10,405			10,603
Deposits		672,226			605,469
Shareholders' equity		107,024			80,043
Common equity		99,024			72,043

Stock Price Information:
High - Year-to-date	$	24.20		N/A
Low - Year-to-date	$	15.20		N/A
Market price (2015)/Book value (2014) per common share	$	19.50		$	16.01
Common shares outstanding		5,771,001			4,498,790


Non-Performing Assets:
(In thousands)

Nonaccrual loans	$	24,579		$	11,555
Other real estate owned		2,872			7,137
Total non-performing assets	$	27,451		$	18,692

Restructured loans not on nonaccrual	$	610		$	846

Non-performing assets as a % of total loans		3.67	%		2.88	%
Non-performing assets as a % of total assets		3.10	%		2.42	%
Allowance for loan losses as a % of nonperforming assets		37.90	%		56.72	%
Allowance for loan losses as a % of total loans		1.39	%		1.64	%

Net charge-off (recoveries) year-to-date	$	(821	)	$	481
Provision for loan loss year-to-date	$	(1,019	)	$	589

	For the three months ended						For the year ended
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Selected Income Statement Data:
(In thousands, except per share data)

Net interest income	$	6,986		$	6,261		$	26,247		$	23,360
Provision for loan losses		306			589			(1,019	)		589
Net interest income after provision for (recovery of) loan losses		6,680			5,672			27,266			22,771
Non-interest income		2,375			1,981			7,685			7,148
Non-interest expense		4,475			4,290			17,458			17,025
Income tax expense		1,680			1,281			6,519			4,684
Net income	$	2,900		$	2,082		$	10,974		$	8,210

Return on average assets		1.34	%		1.11	%		1.35	%		1.10	%
Return on average shareholders' equity		9.58	%		8.88	%		9.45	%		9.02	%
Return on average common shareholders' equity⁽¹⁾		11.35	%		11.10	%		11.27	%		11.37	%
Efficiency ratio ⁽¹⁾		47.08	%		45.94	%		49.95	%		50.99	%

Per Common Share Data:
Basic	$	0.48		$	0.44		$	1.85		$	1.73
Diluted	$	0.48		$	0.43		$	1.82		$	1.69
Dividends declared	$	0.04		$	-		$	0.16		$	-

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

Non interest income:
Service charges	$	295		$	229		$	1,039		$	788
Loan servicing fees		1,276			1,199			4,924			4,717
Loan servicing rights		424			105			399			221
Gain on sale of loans		263			70			429			321
Income on OREO		5			109			248			618
Other		112			269			646			483
Total	$	2,375		$	1,981		$	7,685		$	7,148

Non-interest expense:
Employee compensation and benefits	$	2,537		$	2,581		$	10,769		$	10,209
Occupancy		78			70			338			299
Information processing		178			234			705			875
Professional fees		450			170			1,350			866
FDIC assessment		138			129			459			526
OREO expenses		23			64			284			750
Writedown of OREO		74			461			256			1,190
Net loss (gain) on OREO		(6	)		43			254			278
Business development		171			11			542			413
Other		832			527			2,501			1,619
Total	$	4,475		$	4,290		$	17,458		$	17,025

Non-GAAP Financial Measures

Return on average common shareholders' equity reconciliation:
Return on average shareholders' equity		9.58	%		8.88	%		9.45	%		9.02	%
Effect of excluding average preferred shareholders' equity		1.77	%		2.22	%		1.82	%		2.35	%

Return on average common shareholders' equity		11.35	%		11.10	%		11.27	%		11.37	%

Efficiency ratio GAAP to non-GAAP reconciliation:
Non-interest expense	$	4,475		$	4,290		$	17,458		$	17,025
Less: net loss on sales and write-downs of OREO		(68	)		(504	)		(510	)		(1,468	)
Adjusted non-interest expense (non-GAAP)	$	4,407		$	3,786		$	16,948		$	15,557

Net interest income	$	6,986		$	6,261		$	26,247		$	23,360
Non-interest income		2,375			1,981			7,685			7,148
Operating revenue	$	9,361		$	8,242		$	33,932		$	30,508
Efficiency ratio		47.08	%		45.94	%		49.95	%		50.99	%

	Three Months Ended
	December 31, 2015								December 31, 2014
	Average Balance⁽¹⁾			Income/ Expense		Yields/ Rates			Average Balance⁽¹⁾			Income/ Expense		Yields/ Rates
Assets
Investment securities	$	84,667		$	364		1.72	%	$	79,981		$	345		1.72	%
Loans ⁽²⁾		735,120			8,614		4.69	%		615,772			7,712		5.01	%
Interest bearing deposits due from other banks		16,198			24		0.59	%		19,431			20		0.42	%
Total interest-earning assets	$	835,985		$	9,002		4.31	%	$	715,184		$	8,077		4.52	%

Allowance for loan losses		(9,927	)							(10,671	)
Other assets		39,642								43,947
Total assets	$	865,700							$	748,460

Liabilities
Savings, NOW, money market, interest checking		172,155			203		0.47	%		144,747			171		0.47	%
Time deposits		421,340			1,493		1.42	%		385,581			1,316		1.37	%
Total interest-bearing deposits	$	593,495		$	1,696		1.14	%	$	530,328		$	1,487		1.12	%
Other borrowings		4,287			55		5.09	%		11,988			118		3.92	%
FHLB advances		59,331			203		1.37	%		22,130			90		1.63	%
Junior subordinated debentures		12,372			61		1.97	%		12,372			120		3.88	%
Total interest-bearing liabilities	$	669,485		$	2,015		1.20	%	$	576,818		$	1,815		1.26	%

Non-interest bearing deposits		65,970								69,516
Other liabilities		9,217								8,374
Total liabilities	$	744,672							$	654,708

SBLF preferred stock⁽³⁾		15,000								15,000
Shareholders' equity		106,028								78,752
Total liabilities and equity	$	865,700							$	748,460

Net interest income					6,986								6,261
Interest rate spread ⁽⁴⁾							3.11	%							3.26	%
Net interest margin ⁽⁵⁾							3.34	%							3.50	%
Ratio of interest-earning assets to interest -bearing liabilities		1.25								1.24

	Year Ended
	December 31, 2015								December 31, 2014
	Average Balance⁽¹⁾			Income/ Expense		Yields/ Rates			Average Balance⁽¹⁾			Income/ Expense		Yields/ Rates
Assets
Investment securities	$	82,812		$	1,401		1.69	%	$	77,060		$	1,371		1.78	%
Loans ⁽²⁾		680,279			32,301		4.75	%		590,974			29,416		4.98	%
Interest bearing deposits due from other banks		17,333			65		0.38	%		42,208			110		0.26	%
Total interest-earning assets	$	780,424		$	33,767		4.33	%	$	710,242		$	30,897		4.35	%

Allowance for loan losses		(10,309	)							(10,566	)
Other assets		41,416								46,716
Total assets	$	811,531							$	746,392

Liabilities
Savings, NOW, money market, interest checking		158,610			746		0.47	%		134,378			639		0.48	%
Time deposits		401,643			5,492		1.37	%		409,175			5,515		1.35	%
Total interest-bearing deposits	$	560,253		$	6,238		1.11	%	$	543,553		$	6,154		1.13	%
Other borrowings		8,088			276		3.41	%		19,992			322		1.61	%
FHLB advances		44,331			606		1.37	%		12,279			581		4.73	%
Junior subordinated debentures		12,372			400		3.23	%		12,372			480		3.88	%
Total interest-bearing liabilities	$	625,044		$	7,520		1.20	%	$	588,196		$	7,537		1.28	%

Non-interest bearing deposits		62,430								59,956
Other liabilities		7,947								7,185
Total liabilities	$	695,421							$	655,337

SBLF preferred stock⁽³⁾		15,000								15,000
Shareholders' equity		101,110								76,056
Total liabilities and equity	$	811,531							$	746,393

Net interest income					26,247								23,360
Interest rate spread ⁽⁴⁾							3.13	%							3.07	%
Net interest margin ⁽⁵⁾							3.36	%							3.29	%
Ratio of interest-earning assets to interest -bearing liabilities		1.25								1.21

(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 Series C noncumulative perpetual preferred stock issued to the U.S. Treasury through the U.S. Treasury’s Small Business Lending Fund program.
(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.

County Bancorp (ICBK) 8-KCounty Bancorp, Inc. Announces Fourth Quarter Net Income of