As a community banker in New Jersey, Patrick Ryan stands at the confluence of several significant strands of events. The state was one of the hardest hit by the COVID-19 pandemic and has imposed some of the most stringent restrictions on economic activity in an effort control the outbreak. And small businesses and borrowers are among the economic actors struggling the most. So the CEO of Hamilton-based First Bank has seen a lot over the last seven months.
In the latest installment of NJBIZ Conversations, Editor Jeff Kanige talks to Ryan about the economy and how First Bank’s customer’s are faring. In general, Ryan said, borrowers have been resilient—as measured by how borrowers who sought deferrals are doing. “I think it’s good news for the New Jersey economy, it’s good news for the New Jersey banks that the vast, vast majority of folks have already been able to get back on track and we’re optimistic that even the folks that that needed a little bit of extra time, that a good portion of them will be able to resume payments,” he said.
Watch the full interview here.