County Bancorp Inc (NASDAQ:ICBK) Q4 2019 Earnings Conference Call - Final Transcript

Jan 24, 2020 • 09:30 am ET


County Bancorp Inc (NASDAQ:ICBK) Q4 2019 Earnings Conference Call - Final Transcript


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Glen Stiteley

and we'll always continue to look at that depending on where the interest rate environment is.

We look to expand margins in 2020 through a shift of excess cash into investments and bank owned life insurance and continued repricing of certificates of deposits and lower rates. We anticipate about an 8% growth of loans sold and serviced with about 15% of that in Q1, 16% in Q2 and 25% in Q3 and flat in Q4.

We will be increasing overall salaries and benefits, but this number should be more along the lines of our Q3 2019 expense on a quarter-by-quarter basis that you saw. We expect occupancy to remain flat. We will be making technology investments in a new website and we expect to see a spend of about $200,000 on that line items, spread across the last three quarters of 2020 in the business development line item.

On the professional fees side, we hope to see some reduction in provision of [Phonetic] collection fees, but that will be somewhat offset by additional fees related to Sarbanes-Oxley implementation. Information processing will go up about $600,000 due to the investment in the CRM system as noted by Tim as well as continued upgrades on the IT side. We expect a more normalized other non-interest expense and tax rate in '20 driven by the noise of the historic tax credit in Q4 2019.

And now I'd like to open it up to questions.