Exhibit 99.1

FOR IMMEDIATE RELEASE

COUNTY BANCORP, INC. ANNOUNCES NET INCOME

OF $3.9 MILLION FOR THE SECOND QUARTER OF 2018

Highlights

Manitowoc, Wisconsin, July 19, 2018 – County Bancorp, Inc. (Nasdaq: ICBK), the holding company of Investors Community Bank, an agricultural and commercial bank headquartered in Manitowoc, Wisconsin, reported net income of $3.9 million, or $0.55 diluted earnings per share, for the second quarter of 2018, compared to net income of $4.1 million, or $0.58 diluted earnings per share, for the first quarter of 2018 and $2.1 million, or $0.29 diluted earnings per share, for the second quarter of 2017, respectively.  This represents a return on average assets of 1.04% for the quarter ended June 30, 2018, compared to 1.15% for the quarter ended March 31, 2018 and 0.65% for the quarter ended June 30, 2017, respectively.

“We had another solid quarter from a net income perspective,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank.  “As deposit gathering competition continues to accelerate, we have seen some contraction in net interest margin.  Borrowers and competitors are adjusting to the rising rate environment which is something that we haven’t seen in a decade; however, we remain disciplined in today’s ultra-competitive market.  Our non-interest income continues to see improvement over early last year due to additional government guaranteed sales and participations.” 

Schneider added, “Non-performing assets continue to rise, primarily due to the continued challenges in the dairy space. This is further complicated by recent tariff and “trade war” discussions out of Washington, DC.  With the continued volatility in the dairy market pricing, we expect additional stress in our agricultural portfolio for the balance of the year. We continue to be diligent in monitoring our classified agricultural credits and remain committed to working through this cycle in agriculture.” 

Loans and Total Assets

Total assets at June 30, 2018 were $1.5 billion, an increase of $121.8 million, or 8.7%, and $232.2 million, or 18.1%, over total assets as of December 31, 2017 and June 30, 2017, respectively.  Total loans were $1.2 billion at June 30, 2018, which represents a $32.6 million, or 2.8%, and $105.9 million, or 9.8%, increase over total loans at December 31, 2017 and June 30, 2017, respectively.   We continued to see solid loan demand in all of our market areas.  

In addition to the on-balance sheet loan growth, participated loans that we continue to service totaled $628.4 million at June 30, 2018, which is an increase of $27.8 million, or 4.6%, and $39.5 million, or 6.7%, over participated loans that we continue to service at December 31, 2017 and June 30, 2017, respectively.

Deposits

Total deposits at June 30, 2018 were $1.2 billion, an increase of $100.4 million, or 9.0%, and $216.8 million, or 21.8%, over total deposits as of December 31, 2017 and June 30, 2017, respectively.  Core deposit (demand deposits, money market accounts, and certificates of deposit) increased $17.8 million during the first half of 2018.

We continue to supplement our deposit needs with wholesale deposits, which include brokered deposits and national certificates of deposit.  Brokered deposits and national certificates of deposit at June 30, 2018 were $507.5 million, which was an increase of $82.5 million, or 19.4%, from December 31, 2017, and an increase of $122.9 million, or 32.0%, from June 30, 2017.  

Net Interest Income and Margin

Net interest income improved $0.1 million from the three months ended March 31, 2018 to $10.3 million for three months ended June 30, 2018.  For the three months ended June 30, 2018, net interest income increased to $10.3 million from $9.6 million for the three months ended June 30, 2017, primarily due to growth in loans and securities available for sale.

For the six months ended June 30, 2018, net interest income improved 9.9% to $20.6 million from $18.8 million for the six months ended June 30, 2017.

Net interest margin decreased to 2.87% for the three months ended June 30, 2018, compared to 3.01% and 3.13% for the three months ended March 31, 2018 and June 30, 2017, respectively.  The decline reflected the impact of the prime rate increasing twice during the first half of 2018 which resulted in costs related to deposits and borrowings increasing more than the yields on loans and investments. Net interest margin for the three months ended June 30, 2018 was also negatively impacted by six basis points due to the reversal of interest income related to $8.6 million of loans that were transferred to non-accrual status during the second quarter of 2018; however, it was offset by a five basis point improvement from the fair value accretion related to loans acquired in our 2016 acquisition of The Business Bank.  

Yields on interest bearing assets increased by 0.06% between the second quarter of 2018 and the first quarter of 2018 while the cost of interest bearing liabilities increased by 0.23% between the same periods.  For the six months ended June 30, 2018, yields on interest bearing assets increased by 0.17%, and the cost of interest bearing liabilities increased by 0.40% compared to the six months ended June 30, 2017.

During the second quarter of 2018, the Company entered into a subordinated note purchase agreement to sell and issue $30.0 million of notes to certain institutional investors.  The notes carry a fixed interest rate of 5.875% until May 31, 2023, and have a stated maturity of June 1, 2028.   As of June 1, 2023, the notes are redeemable in whole or in part, and bear an interest rate of 3-month LIBOR plus 288.4 basis points.  The notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s current and future senior indebtedness.

Non-Interest Income and Expense

Non-interest income for the three months ended June 30, 2018 increased by $0.3 million, or 13.5%, to $2.3 million compared to the three months ended March 31, 2018, primarily the result of increased service charges and loan servicing rights related to the increased volume of loans being serviced.

Non-interest income for the three months ended June 30, 2018 increased $0.4 million, or 24.8%, to $2.3 million compared to $1.9 million for the three months ended June 30, 2017.  For the six months ended June 30, 2018 non-interest income increased $0.8 million, or 21.9%, to $4.4 million from the six months ended June 30, 2017.  Both the quarterly and year-to-date increases are directly related to increases in loan servicing rights which was the result of higher volumes of loans being serviced.

Non-interest expense for the three months ended June 30, 2018 increased by $0.2 million, or 2.2%, to $6.9 million compared to the three months ended March 31, 2018 primarily due to an increase in occupancy and information processing expense directly related to our new headquarters that was purchased late in the first quarter of 2018, as well as increases in writedown of OREO and other expenses.  

Non-interest expense for the quarter ended June 30, 2018 increased $0.3 million, or 4.5%, to $6.9 million from $6.6 million for the quarter ended June 30, 2017.  For the six months ended June 30, 2018, non-interest expense increased $1.2 million, or 9.5%, to $13.7 million compared to the six months ended June 30, 2017.  These

increases were primarily related to increases in employee compensation and benefits.  Small increases quarter-over-quarter in occupancy and information processing were partially offset by gains on the sale of two OREO properties in the second quarter of 2018 and decreases in professional fees and business development between the two quarters.

Asset Quality

Non-performing assets as a percent of total assets increased to 2.3% at June 30, 2018, from 1.83% at March 31, 2018 and 1.47% at June 30, 2017.  At June 30, 2018, non-performing assets were $34.9 million, up from $26.7 million at March 31, 2018 and $18.9 million at June 30, 2017. During the second quarter of 2018, non-performing loans increased $8.6 million due to three agricultural relationships and two commercial relationships being put on non-accrual status.  Total impairment on these non-performing loans totaled $218,000 and was included in the allowance for loan losses.  Two properties were transferred from non-accrual status into OREO and two properties were sold out of OREO resulting in a net decrease of $0.4 million in OREO during the quarter ended June 30, 2018.

A provision for loan losses of $0.5 million was recorded for the three months ended June 30, 2018 compared to a provision of $0.1 million and $1.5 million for the three months ended March 31, 2018 and June 30, 2017, respectively.  For the six months ended June 30, 2018, the provision for loan losses was $0.6 million compared to $2.3 million for the six months ended June 30, 2017.  The decrease in provision expense year-over-year is primarily the result of a $1.2 million recovery that took place during the first quarter of 2018.

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 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 County Bancorp, Inc.’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 we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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Investor Relations Contact

Glen L. Stiteley

EVP - CFO, Investors Community Bank

Phone: (920) 686-5658

Email: gstiteley@icbk.com

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