ICBK - Earnings call transcript Q3 2020

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Operator

Good day, and welcome to the County Bancorp, Inc. Earnings Call Q3 2020 Conference Call [Operator Instructions]. Please note, this event is being recorded. I would like now to turn the conference over to Tim Schneider. Please go ahead.

Tim Schneider

morning, good and you, everyone. Thank our Welcome quarter for third call XXXX. everyone to of the earnings

Forward-looking statements.

reminder, have our a statements As we on of the Slide forward-looking use X of presentation. a disclaimer on

President increase with were up in million Moving to this noninterest which related And point, to update an million being half to loan in share; to or loss Lemke, loan in servicing; funding of resulted our those positive well; million loans. million and on to income $X.X per Vice over our $XXX.X provision quarter, I'd of $X.X now sales several cut overall Banking Matt? net loans third and $X.XX it Services or to to Slide holding our Matt turn financials deferral trends included an for credit There quality X. on of transformation. diluted income like a X.XX% payment $X.X to in decrease Senior

Matt Lemke

Thanks, Tim.

I'm rate on reliance our sheet. been and balance has and funds and a set out Slide funding to of XXXX, CDs of purposely generating have value. cost focus high to relates reduce few wholesale franchise our instead client goal we deposits of transformation. funding change Since decrease to the our our side it as The X. the to composition to Moving points on late key going right highlight to long-term enhance

was continue second $XX by growth the in balance XXXX which our $XX approximately funds funds, spike funding remained time, year-to-date. decreased million balances million. have partially we of to of since deposit the the million to related $XX of deposits grow. influx the PPP and quarter seen deposits while by on wholesale accounts have million have approximately in client same We end Those in sheet XXXX, for of approximately increasing client $XXX at The

generating we focusing few trajectory dollars And transaction you CDs. to would in quarters, client on upward the spent The the since accounts In same graph last have a progression. client that our on opposed of terms structure depicts of out deposit more year. time back end deposits, of as slide see you if the

main the a accounts, chosen XXXX, services. account terms X.X%. business. generate accounts our as of the higher have to Commercial grown a level, X.X% people, we to and pure XXXX, on In opposed and accounts origination increased have In more by a funding, transaction mortgage this we grown At to as have further and tool To line tactics. of forward-looking to of using using are the high origination so, have by since number approach we as source to focus executing three accounts a take business areas: by of end decided deposits by increased grow on infrastructure In we we of XX.X%, transaction revenue. consumer of relationships ag doing transaction to client X%. have transaction cost mortgage March returned unwind it several

retail current using our as therefore, have and, business rethinking manage how maximize understand franchise of this and client are and efficiency staff we value adding released to servicing We been bring originators loans these the selling deposits mortgage are redesigning We to them. line.

ensuring building are a and path our our forward streamline the are accountability we infrastructure will plan We have long-term a function improve a we And adjusting manage and how to have performance. payoff. treasury we

overall to personnel deleverage relationships, which been longer lend. our will us focused base greater deepening which help Our frontline on to a term, profile, risk providing client on has

advantage business of to our are and take to We model our working have industry. spent time hiring within treasury shifts experts align

achieve to of for activities sustainable measure digital incenting outcomes. barriers be folks help and to We teams we tools, us done shift for has Everything are to along growth able behaviors deposit have mechanisms sorts eliminate to client have begun putting we our By the source working services with that together and relationships. deliberate. our products, been adding to strategically funding cultivate lasting

continue services, turn we our decrease And funds, Officer, I'd funding on and for expect stable on focus profitable Chief John? more to more base an in update people, over John like we to As infrastructure an credit. Credit a and in to increase permanent a of see Fillingim, now cost to relationships. it

John Fillingim

morning, good Thank everyone. you, Matt, and

to metrics. to our provide Moving to payment COVID like an update Slide I'd relief X,

side, On XXXX. ag remained of customers XX payment on September XX, the relief as

government working which capital of rebuild from sheet amount liquidity and customers' a benefited significant assistance, portfolio many standpoint. balance helped our to ag of a Our from

Additionally, in of done firm to our currently a normal the pandemic. terms from macroeconomic notes up by Overall, proud through ag ag the impact the of service these challenging the of work environment. of have have quarter our to portfolio, encouraged fourth customers are bankers only customers and are initial seen the XXXX. we payment we're scheduled XX% to their our return interest on businesses

customers At XX On relief have and of the XXth, payment of have who days September initially to XX commercial were we Of those, days only negatively seven commercial requested customers of an XX it relief. relief. some side, remained requested affected provided on payment that payment we additional form by COVID-XX.

relief, to relatively an number done the have still receiving We to commercial of job customers of additional payment their any customers outstanding anticipate our bankers staying needs. are and pleased small commercial by close

monitor COVID-XX uncertain, and to books of commercial Given outlook signs that and continue impact long-term is will very deterioration. closely for of we ag both our the any

metrics. of our to want Turning to Slide X. key credit some I highlight

adverse XX.XX% ratio slightly Our quarter-over-quarter. classified to increased

one performing set one fourth relationship, OREO due a overall buckets. special substandard in ag auction substandard had an a decrease this mention for $XXX,XXX, saw in our but watch property quarter we slight and of totaling shift impaired ag increase is we for saw customer the to from XXXX. While to

We've and of the test a on ensure begun basis ag our also operating and amount, dollar monitoring the credits have continue our process of of substandard XXXX our to accounts. their XX% have on reviews concern rated worse quarterly to year. proper high We completed for stress and these annual by watch the dairy we and on bankers report credit watch follow-up

Given by environment are assistance the we the improved outlook our government for our to the encouraged substantial amount ag portfolio. of producers, been that's and milk price provided dairy

Turning to Slide X.

total or As $XX million estate exposure is of we owner-occupied is that September or XXth, and nonowner of commercial total, had XX% million. real $XXX $XXX Of XX% occupied. million

of X XX% is exposure regulatory which significantly occupied ALLL, of nonowner below guidance Tier capital plus is our XXX%. the Our

real concentration limits comfortable we We that limits ensure have to our recently CRE maintain to industry overall updated commercial our estate.

X. Slide to Moving

Dave our are have also I'd turn been I'd to to key the it guarantees time, over dairy overall that this dairy FSA Banking is to give like by environment. industry. contributor guarantees. The our a XX% the Officer, our highlight XX% majority our inception. our the that and ag total see of bank's ag FSA low to to relationships supported relationships on exposure of ag like an You'll to At Chief losses ag since Coggins, Dave? the update of

Dave Coggins

Thanks, John.

the processor increased mind our received a quality the two base experienced over this III XXXX of keep Most the make month up The And the for the for that of farm have average have prices June, quarter and growing at XX% about good the price conditions class the mailbox $XX. base three. X. most that volatility farmers be price we to are two the combined receive $XX in Slide Wisconsin. projected XXXX, on in Please which to price, of class cropping class settle been III in of over typically expected price with in class areas to bit Unlike in quarter prices gate. milk. price price producers well depending total down the in premium breakeven The dairy settled milk amounts for XX.XX is base III very season III under prices paid each state plus a that runs for premiums. Moving

industry PPP has The most ag million to program to four farm another program support and been were industry, impact PPP This program that COVID. of it customers. dairy helpful -- program was of of offset has come separate advantage over processed coronavirus about averaging loans round. was the This able by and farmers the gave eligible strong. of USDA, loans, was about $XXX,XXX addition, SBA assistance were for two particularly And receipts provided this very for run In the our government we dairy per rounds food the SBA with designed per the The to help it. through year programs. funding well PPP take of $XX

and it to been farm to to second and the sent designed in our of purchase process food farm to the The funding pantries nonprofit USDA distribute program A box them farm round being products food program, family's organizations. third various and of has out customers right now. various was is

largely agriculture powders. of that record. some imported granted $X.XX authorized surge dairy billion industry been from a level operations B&I, $X for program, dairy has available politics We've production was and has supported program USDA in in with Another XX% tons was helped was for U.S. farm it China, permanent made providing dairy determined be over demand recent the interest imports. fourth or and business CARES seen guarantee on by $XXX year-over-year. half million. far. for and government so of value risk billion, improvement of program of USDA. dairy for metric some provide was the was by government authorized used products working most billion loan mitigation, million which $XXX special This of exports to from program for a exports driven funding the it's for balance certain prices. eligible capital been U.S. the provided exceeds dairy August, The a round Act, This third since has to imports a support the has level It positive $X far exceeding III has XXXX strong This also triple guarantee. customers. XXXX XX,XXX the in so China cumulative milk by a largest class or and And that and well is

In are rise. continuing addition, global cheddar to prices

cows concerned quantities restaurant costs and in about an affecting dairy to forage quality, to active China the buyer. has some are the year which producers on expense an and margins, part all dairy drive are is risk offset lot the be tools a protect more the a Expectations to we in-home of statement. for of continue prices early usage. very saw of income factors The been other foreign by our good the portion increase energy were And demand their industry management customers in negative utilizing And plentiful. that and important diet is include

having modest energy are on input a costs. prices impact Continued positive

a temporary have moderate. heard high performance. that discussion prices was levels, differential for Something as reached short a I called price problem you over Glen this financial Glen? turn a class would III be now negative is producer but lived about about our further prices it like when to might to proving Stiteley And to phenomenon

Glen Stiteley

Dave. Thanks,

XX. Slide to Turning

improvement in We sold loans see overall strong service in and funding continue to levels. growth continued our wholesale in

to in securities we cash Additionally, invest the continue excess portfolio.

Turning cash margin XX. excess net our yields going third the by to We’ve offset interest are invest to deposit offset being of rate expect Slide impact impact rate cuts quarter Loan in of cuts. and deposit the the forward. begun positive to

forgiveness to margin. is as unknown the loan some far loan on as have forgiveness side, started remaining see the timing impacts and PPP but the We

XX. Slide to Turning

up of breakout how made X/XX/XXXX. as the see our of allowance is You'll

We continue this factor, COVID-XX totaled which with million quarter. $X.X our qualitative

We reserves, lower which QX. loan loss dollars loans, specific were $X.X offset performing by QX million provisions total resulted which in improvements in versus in substandard our in added also of

million spread. point in $XX.X Loans increased XX. X loan by basis sold Slide quarter, in to during servicing Turning service offset the decline

those origination percentage quarter a loan originations as stable. of loan to of overall rights Our service value servicing increased remains rights the due income the as this

to Turning XX. Slide

you hold able If XXXX, from noise up been the 'XX back the expenses. we've and QX line to QX our on

historically limited efficient. branches has allowed to you know, have we four staff, of be which retail As very us only

at to expenses. looking and hold We each level season of are now, or budget of decrease overall middle every right we're in our the opportunity and

at XX. we we current plan on capital continuing Slide be Based be of plan in to shares average quality Moving that with profile in the continue we'll on levels risk program. January desire and this purchased with $XX.XX this to to XX,XXX our price balancing our in opportunistic We weighted of against our year. our credit common announced metrics, repurchase But a prudent stock quarter.

capital Our annual Board every of undertake our will as policy quarter it its review year. dividend plan and does next

we impact of as local our proud role customers plans and our and people more about the in As to capital To supporting and conclude, our the extremely this will continue COVID-XX. the adjust always, be we management Board credit play know organization, of we communities.

And to a like to rise I'd continues questions. up team in in channels navigate and world. Our truly it now the the to open

Operator

We session Instructions]. will question-and-answer begin the [Operator now

question first from comes Our Please Nosal Sandler. go Piper from Brendan ahead.

Brendan Nosal

Just much for dairy it on the kind this here. outlook help few to of the incredibly been state it's best helpful like overview. I you the the environment current the It's a mean want of probably off to is start the very years. us. Thank industry for bring and in sounds

guess loans dairy outlook complete that loans and classified good, dairy review it I start then actually the So the what the and with nonperforming question is, declining? to causes is

Tim Schneider

cycle. the this operations on exit for haven't some continuing nonperforming and of viable of then been operators our strategies guess throughout some that I work we're to

some have alluded effective. to, seen that been sales John we've As OREO

we've also We credit see early think we be to in continued review few got we and some XXXX the we're more this a through quality going do that improvements. feel move see should numbers I cycle some improvement, XXXX XXXX as the quarter. that of occurring

we the direction have move the other or operations So I don't of know, milk futures prices those hold. John as for nonperforming long you thoughts? outlook some see Dave, other any may as

John Fillingim

have only of had helped producers months last where exit. the seen as couple voluntary the as that some from a an would instances of others that type of have in And add as down had some even several some collaborative a the cost who exits standpoint, get nonperformers. of opportunity a drive of didn't couple maybe efficient this I we've we've those to

them for a And the where substandard to to operate, exit to an don't and or strategy develop either with so for work try them but we've we good work that that to been bank. able encouraged out a by be for continue good we collaboratively watch are with seeing that's continue folks to to them and

couple works of So we've a now. in got right the those still

Dave Coggins

average made big would just that lot these in the is price businesses performed. heavily exit more that we're a two management past some casualties. difference IQ. seem how call important headed add that have not And And that were those now a two in the are a business IQ. what has viability there a that those that on with than of their decent business right to unfortunately, today depends factors range everybody to work and get to I I'd production can are direction eras in industry and be fortunately, and that and farm proactively trying breakeven the Probably big take strategy. they viable But that so that

Brendan Nosal

I'll step for more then me back. One and

now. what this one? as With your guys they right program of you at you think a conclude book still you consider and Would you I buyback authorization third once quarter. this have remaining another were capital level strong about as instituting seen not dairy are we’ve

Tim Schneider

that? to speak to want you do Glen,

Glen Stiteley

our these in Yes. we XXXX. especially for of And program. of Brendan, new trading planning I a have reinstituting the annual at intention, every we're process capital think of review levels doing

Operator

go Our with Jeff from next question D.A. comes Please Rulis ahead. Davidson.

comes Lyle question from Janney Scott. next Evan Montgomery Our from

Evan Lyle

Martin. This on is for Evan Brian

Just a Good morning. quick questions few for me.

So firstly, your on color forward. growth just some loan moving

Just can some us on optimistic? pipelines give and where the you color you're

Tim Schneider

a regular on we've speak let on little sides keep on last the had a Dave some a team more appears and that robust we've our live that and make And And general of ag pipeline our week, color just basis. both that. within commercial the I'd maybe have house. a we meetings with comment both got published and pipelines fairly it I'll to we

Dave Coggins

adequate having more capital. than ourselves As found strong we in and certainly a position as of liquidity we

prior put removed, solid pipeline. we as Some growth nice, restrictions on of Tim our got, had in has our place artificially have been team that and and commercial a robust mentioned,

prior ag Our have known. able they've from They to news a ag clients not so the our about the helps to not take And to they've a of there's of well of those of have of to are bankers by noncompetes take been did number some good that's clients it so the advantage team their dairy aggressively. concentration pretty of advantage ag number bring add that been three continues nondairy book. competing to opportunities some that able a is that. adding us relationships come over some bank And

Tim Schneider

One other item I'd mention -- go ahead, Dave…

Dave Coggins

that pipeline on and side well. The is as robust solid

Tim Schneider

that does hiring the banker The Bay of one a up lived financial XX will on other announcing that well. He his But point market of years. as the from be he for some commercial And existing the in sure, is I'd all build customers next year in in nonsolicitation about will think week, that back Green that in pipeline that's market that has market, another help noncompete, institution. joining that contacts have he's us market bringing moving commercial from we'll senior with one our and make him we hold over. relationships for forward

Dave Coggins

one rates much And on. we of we much take of advantage some keep would how opportunities we the to balance add, we fixed How have the the things of that Do to. have juggle access on that sheet. that do Tim, sell off long-term we is I constantly growth of

it's constant that robust. is regard, pipeline but in Juggling a the act So it

Evan Lyle

PPP stated the we're but some and of I slides, think starting the loans, looking the stick kind know isn't forgiveness see on to in forgiveness. timing just at I known. you

on event? really you quarter, year, on color are you expecting that be more XQ thoughts it next thinking or guys how would XQ, helpful. Are forgiveness any this? any a Just this Just about additional is

Tim Schneider

the op let of forgiveness Dave, so respond. staff I I'll working think this you you're and to on again side, some with the closest

Dave Coggins

There's on applications We first frustrating got started And around that X% number have forgiveness to tax considerations And some a get to But forgiveness PPP no or accountants, there's SBA the want for for as been get that people their reason year approval. or they incentive to we in year. a a some being some August back of our this roll there's of loan juggled whether there's approved their rhyme no they October. allowing in solid a they applications with XX. in. bit say, submitted, are with difference first approved. It's then operations. to are those fast But we in get to their talk pretty have them forgiveness starting that on quite I next little, would no how depending time the the have

So them we're to incentive give the there's tools taken apply on. application care before now to all the trying get and it not to it strong to help encourage to make move get of year-end. and in them any happen But

So and within that the and continuing hard there's know can much months. to next month, it that's we're three to way be predict. monitor to But no been how each hope

Tim Schneider

Dave, be or recall? again expedited percentage for you what's we have the under eligible approval process. a PPP will Do are the XX, of number XXX, the loans, as that applicants that

Dave Coggins

It's about half by number.

Tim Schneider

as could at that point the up that with page by us bringing in well self my help So certification borrowers. one that

So that as promoting and encourage we're to that trying well.

Dave Coggins

that And apply pretty built well have a through. applicants we can portal

still time. can is And make as about need not And as be. to the as so you might as they process tech-savvy takes but everybody is it user-friendly it

connect through their bring has possible new them a time on it spend But customers borrowers, the a us for the for staff show to with future some we're with business. opportunity So that bank been that some entire to new them and our working process. great

well. that's helpful So as been

Evan Lyle

in X, expected. lower me, efficiency, came continued for in data technology. technology. on lastly I Slide on you mentioned mentioned Expenses Maybe some you investments And than know

the would rate, how any on run you're there on seeing Just expenses, be what helpful. seeing you're color

Tim Schneider

on want to Glen, do that? you touch

Glen Stiteley

that. I investments of about technology, to try exactly goal pay out As some we've a middle But tough in figure we're we're got making additional it's but mentioned, flush we to to are budget at. the talked out so is for season, going where way little to in kind to a -- of tell to we've our

going that's And come to expense to some just of growth of but management. from it's be disciplined about going part

now, our rate as to to current So our for our maintain try use right the at just I I that said, goal best would now. is at look baseline. run where it's and Like

Operator

Rulis Our D.A. next from Please from Jeff question ahead. Davidson. go comes

Jeff Rulis

got to, to maturities into to some margin. on coming a some I it positive funding of follow-up cash and you wanted the alluded securities Glen, outlook. putting margin kind mentioned more work sounded you've like

you've -- that So getting the guess I a outlook I'm about on core guess any sense I we'll more margin, the for asking seen. thoughts there. the decline And talk

Glen Stiteley

a which the loan excluding are Because of you constant you're in repricing quite we've sheet. I think PPP, the short sides the got got of ag If we've loans portfolio, are, both balance few that also constantly. and wholesale to it. repricing got match can so a as It of But we've quite bit you funding maturing seems able well. CDs as we've and repricing far that's tell, like been

So stabilize combined overall. that the I'm investments at. to where going any tough of can it's hold kind about make big for margin with predictions our just continue we It's But is margin. to hoping me hoping that, I'm to the

Jeff Rulis

accounting looks help And like relative that we but that forget not coupon small do about PPP and of include I forgiveness we calculation, does get you a in pickup in still there? forgiveness, should to the a a I at get see this on yield amount. now X%, we was the mean And it that, the quarter But is pretty correct? margin remaining perk. not amount the the just as if pickup, the

Glen Stiteley

forgiven of in deferred into going be really got will the bit timing the forgiven. to move the of thought noted, fast just this by $X.X forgiveness. to have We we loans the how It's Dave as tell But year. just that interest is it's of net are So we'd quite this end as income recognized loan million a tough now. that fees

margin So from really the perspective. predict tough to it's that

Jeff Rulis

a much -- do So -- the didn't did headwind… not the small was amount that to still really receive it you

Glen Stiteley

think couple couple was probably a -- if forgiveness so it was Yes. I million, it anything, -- of Probably, a far. it a was couple

Jeff Rulis

on strong as growth on a do loan thoughts outlook I line the then Obviously, dependent. that But guess, good had And forward? how just I you see Any has servicing going some that line of is become, item been focus. and there. you the continued pretty that rate outlook

Tim Schneider

As that they've in added. fair recently. we've Dave business alluded although bankers And we've brought to, of a had additional amount ag three new here

We pushing off have been some balance of sheet. that

the of it's by Some interest driven participants that can with to our rates help we customers. our long-term benefit obtain

are servicing I aware, think XX historically. on of on as all spread I mean, average you XX the our spread point those participations have to been basis

been good customers us some a business rate as with mitigation. helps of and it's So well piece our for interest

So anticipate fourth quarter. the fairly we strong here that remaining into

the earlier, As of we very alluded and strong. house sure, side on the ag has our been pipeline for side to that

Jeff Rulis

And could, on side, the capital maybe I one, Tim. just if one last

do to there. could But another dividend exclusive real? on potentially? to increase you they payout, or alluded trying or get interest discussion You are Just thoughts I and on the is the buyback the the both? the one fairly mean dividend that

Tim Schneider

to to that? want you do Glen, speak

Glen Stiteley

Jeff, I don't exclusive. consider them mutually

plenty we've the cash of So we've of holding plenty kept and money all at capital. raised sub-debt the and in summer back company. We got the that

we from allocation capital a flexibility perspective. some mind my So in have

something. So it's definitely

they're just planning But Board. capital of with definitely strategic mutually conversation. again, exclusive. up not through It's planning and on coming to reiterate, have We top the the

Operator

Terry Our Please Stephens. question [Operator Instructions] McEvoy comes go from next from ahead.

Terry McEvoy

of or of October. the others And those as kind ever as off you of have ratio generally wondering the thoughts will be either reporting. data quarter? any high the roll is towards X.XX% of in I the end -- Page what just I'm points the been Do fair deferral. on September speaking, to at hopefully a today updated a have end where amount any fourth that question, have on of The relative X

Tim Schneider

I'm going to let John speak to this.

John Fillingim

did will vast like ag end deferral the notes on I felt of majority And six interest we the are ag as day original the of of we there's XX we needed side. additional did that -- off is happened only that to come mentioned, that what reasoning of took where -- on the side, what's currently The there where during XX those So the year. there more kind a by the are an left months first approach side, time we was we commercial more on XX days. see on

on with the off didn't by until deferral any the ag July. end folks of the those So majority of beginning advantage the rolling notes in take some side of payment year,

off into six months, the therefore, get the won't we quarter. So roll until first

So by to the significant the in of the loans end see on going of year, number still deferral. you're are decrease that payment a

Tim Schneider

if prices when right May, and low kind and hit in back a April And hit. milk recall, wasn't you of away it COVID

proactive dairy the end all. And next with year standpoint producers said received well. prices So there necessary payment stimulus as was milk And the milk a things as for producers it of a at maybe group. with and we're But delay looks year looks little out, bit balance this strong ag of be solid deferrals all as of year, have pricing the to the a in our as trying wasn't played we've earlier, and into the even have the other government that dairy from well.

we end producers falling So those of ag off the of anticipate the by the majority really year.

Glen Stiteley

XX that me, it couple off. And but I front those going don't of said coming may be have on of a left my have of are total notes, the I ag it of -- sitting in to will XX% number, be I side, notes there's on there's are but off. I I've desk, that hundred think XX% the And misspoke. coming on that notes ag got

is it year. that significant rolling be the will a So end number off by the of

Terry McEvoy

what maybe maybe -- do to there for see just securities just what you about I know up those are some Glen, know a new in and opportunities the margin, to but we help I purchases, what seeing. then And invest security you're follow And rates? loan were talked yields,

John Fillingim

Yes.

will bit quite to about We're of third munis, in in So starting that roughly about I'll million probably sub-debt be invest pricing about of had defer made bank starting Dave, loan to coming the if those to a investments million. are comment or loaded XXX. in some yields the in XXX And quarter, bit so We Tim up Terry. little a seeing. X%. to taxable we well, to they -- they're $XX want that kind July, on X.XX% at we $XX in

Tim Schneider

let if that one I'll on. back Dave, take you're you

Dave Coggins

side ag to that new commercial rate. But a competition we're on try or a disciplined in. regard on. We're lot variable the attract either There's be it The with side. able putting is rates, better. -- very to bit keep have rate of little things constantly We we're to side, customers in have so The hedging. hard ag and try where is doing working some ones is that they to floors the with to challenging the the get do with And margin we competitive.

say we they not the because the over work I rates. be people to to hard So and chase would rate, keep where tend to that it try needs rate, will margin come for only to that for just deals leave

we So And hold dropped I our we costs, our yields. that, continue our hopefully we've maintain. to can funding on can think we're crossing that as fingers

Operator

to I would like Tim turn This any Schneider conference for concludes our the to question-and-answer closing session. remarks. back over

Tim Schneider

the pleased in success our assist sides our pipeline share utilizing and net our has in our third We're we all for alluded liquidity again improvement beginning some beginning very of we Thank which joining growing pleased to the currently we're shared performing Overall, us. environment. Credit our the on you. and overall. see pleased margin quarter as our and part performance of seen interest numbers transformation, presentation. to, Matt as see both satisfied with these Very are to in impacting excess quality in with house should you with of well, continued Yes. COVID our borrowers to this funding as

Operator

The today's conference attending now Thank for you has concluded. presentation.

disconnect. You may now

County Bancorp (ICBK) 23 Oct 202020 Q3 Earnings call transcript