Posted in home improvement loans

Customers Bancorp Discloses Healthy Credit Quality & Declining Loan Deferrals; Reiterates Financial Guidance

WEST READING, Pa.–(BUSINESS WIRE)–Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the “Bank”), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan.

Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million

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Posted in improvements

County Bancorp, Inc. Observes Improvements in Status of Loan Payment Deferrals

Total loan balances under customer support relief program down 50% during the fiscal third quarter-to-date

MANITOWOC, Wis., Sept. 14, 2020 (GLOBE NEWSWIRE) — 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

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