County Bancorp Inc (NASDAQ:ICBK) Q2 2020 Earnings Conference Call - Final Transcript
Jul 24, 2020 • 09:30 am ET
Good day, and welcome to the County Bancorp, Inc. June 30 2020, Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
Welcome everyone to our earnings call for the second quarter of 2020. As a reminder, we have our disclosure on the uses of forward-looking statements on slide two of our presentation.
Moving to slide three. We have made some changes with our Board of Directors. Andrew Steimle, who has been an Independent Director on both our Company and the Bank's Board since 2008 has been selected as the new Chairman of both Boards. He is a business and real estate attorney practicing in Wisconsin and is a Founding Partner of Steimle Birschbach, LLC. He will be a great Chairman and I am looking forward to working with him more directly moving forward.
We are also happy that William Censky, our Former Chairman will remain on the Boards of both the Company and the Bank. I am grateful for Bill's leadership and strategic contributions over the past 23 years. His focus on excellence as well as his unwavering support for the Bank, its employees and our communities has been vital to our success. So I am very happy that he will remain a vital member of our Board moving forward.
Lastly, we'd like to recognize that Board of Directors have been appointed Director, Kathi Seifert as Chair of the nominating and governance committee and Director, Vicki Leinbach as Chair of the compensation committee. Kathi and Vicki has served our Board well over the last few years and we look forward to their expanded contribution.
Now I'll talk about the quarter one 2020 overview, moving to slide four. There were several positive trends to our financials this quarter which resulted in a net income of $2.7 million or $0.40 per diluted share. Those included an increase in net interest income to $2.7 million, partially due to a shift in balances from interest-bearing deposits to investment securities, a decrease in loan loss provision to $1.1 million with overall credit quality holding up well; an increase in non-interest income to $3.4 million; $106 million in SBA's PPP loans approved to support our loyal customers through the COVID-19 crisis; and finally client deposit growth of $101.9 million, which reflects our execution against our strategic initiatives.
And I'll talk a little bit about COVID-19 response and employee safety moving to slide five. I continue to be amazed at how our team has responded to the impacts of COVID-19. The health and well-being of our employees remains our top priority and we have made significant improvements and investments to be able to safely serve our clients and communities. During the quarter, we announced the Together Again plan, which will bring our employees back to the office in phases. We just brought back the first phase and we'll monitor local infection rates and trends as we evaluate the timing of the next phases. We currently have approximately 80%