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County Bancorp, Inc. (ICBK) CEO Timothy Schneider on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 3:50 PM ETNicolet Bankshares, Inc. (NIC)
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County Bancorp, Inc. (ICBK) Q1 2020 Earnings Conference Call May 1, 2020 9:30 AM ET

Company Participants

Timothy Schneider - President and Chief Executive Officer

Glen Stiteley - Chief Financial Officer and Treasurer

John Fillingim - Chief Credit Officer

Dave Coggins - Chief Banking Officer

Conference Call Participants

Brendan Nosal - Sandler O'Neill

Jeff Rulis - D.A. Davidson

Terry McEvoy - Stephens Inc.

Feddie Strickland - FIG Partners

Howard Henick - Scurlydog Capital


Good morning, and welcome to the County Bancorp, Inc. First Quarter 2020, Earnings Release Conference Call. All participants are in a listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to Timothy Schneider, President of County Bancorp Inc. Please go ahead.

Timothy Schneider

Thank you. Welcome everyone to our earnings call for the first quarter of 2020. As a reminder, we have a disclaimer on the use of forward-looking statements on Slide 2 of our presentation.

Quarter 1, 2020 overview. Moving to Slide 3. As a result of the swift and decisive actions we took in response to COVID-19 pandemic, there were several pushes and pulls to our financials this quarter, which resulted in a net loss of $5.2 million. Those included a goodwill impairment of $5 million as a result of the uncertainty related to COVID-19 and its potential impact on future bank valuations. The addition of approximately $2 million in provisions for loan losses related to COVID-19 qualitative factor, increased margin compression driven by actions taken by the Federal Reserve in response to the pandemic and a $1.4 million write-down on one OREO property due to an updated appraised value.

We were pleased to see at adverse asset coverage ratio

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