County Bancorp, Inc. Observes Improvements in Status of Loan Payment Deferrals
September 14 2020 - 4:47PM
County Bancorp, Inc. (NASDAQ: ICBK), the parent company for
Investors Community Bank (collectively “the Company”), today
announced an improvement in customers under payment deferrals
related to COVID-19.
|
|
September 11, 2020 |
|
|
June 30, 2020 |
|
|
|
Customers in payment deferral |
|
|
Customers on interest only |
|
|
Principal Balance |
|
|
Customers in payment deferral |
|
|
Customers on interest only |
|
|
Principal Balance |
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
Agriculture |
|
|
10 |
|
|
|
81 |
|
|
$ |
77.6 |
|
|
|
9 |
|
|
|
83 |
|
|
$ |
84.9 |
|
Commercial |
|
|
5 |
|
|
|
9 |
|
|
$ |
23.1 |
|
|
|
35 |
|
|
|
54 |
|
|
$ |
115.5 |
|
Total |
|
|
15 |
|
|
|
90 |
|
|
$ |
100.7 |
|
|
|
44 |
|
|
|
137 |
|
|
$ |
200.4 |
|
“In March, we evaluated the potential impact of
COVID-19 on the communities we serve, and our team quickly
mobilized to help our customers through this crisis,” said Tim
Schneider, CEO of Investors Community Bank. “While we have a
variety of capabilities to create flexible terms for our customers,
one of the most effective tools was to grant payment deferrals as
allowed by the regulatory agencies. Thus, to be a strong partner to
our commercial customers, we offered 90-day deferrals, due to the
uncertainty of the crisis at the time. Our Agricultural dairy
producers were seeing solid milk prices, then in April, milk prices
fell dramatically. The lower prices only lasted two months,
however, with prices rebounding to near record levels in
June. Prices have been sustained at profitable levels for
nearly all of our producers since then, and we do not expect
extensions on deferrals for the majority of ag producers after the
initial six months.”
Schneider concluded, “As of June 30, 2020, we
had 181 clients totaling $200 million in balances under payment
deferrals. Currently, we have 105 clients totaling $100
million. We are pleased to see this improvement, which we
believe shows the overall resilience of Wisconsin’s economy and the
strength of our borrowers. Further, we’ve been proud to be able to
be a strong partner to all of our customers through this crisis and
look forward to seeing their businesses thrive as we move
forward.”
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. Visit our Investor Relations
site for details: Investors.ICBK.com.
Investor Relations ContactGlen L. StiteleyEVP -
CFO, Investors Community BankPhone: (920) 686-5658 Email:
gstiteley@icbk.com
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