Assistant Controller

Salem Five is a growing regional financial services organization with a rich history of over 160 years. As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers.

Interested in learning more about this job Scroll down and find out what skills, experience and educational qualifications are needed.

This position requires the ability to work in the Salem, MA offices.

Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families.

Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we're all about.

JOB DUTIES AND RESPONSIBILITIES

Supervise and manage the on-going activities of the accounting staff to enhance productivity and the efficiency of the accounting process. Provide the training, guidance and assistance necessary for the staff to perform its duties effectively.
Work closely with the Accounting Officer to oversee the month end closing process of the Bank and subsidiaries. This includes the review of all balance sheet and income statement accounts, yield analysis, preparation of accrual and cost accounting entries and the calculation of tax estimates.
Review the monthly consolidation of the financial records and statements of Salem Five Bancorp, the Bank and their numerous subsidiaries. This involves the computerized roll-up of each company and the preparation of intercompany elimination entries.
In conjunction with the Accounting Officer, prepare all required reports for the Asset/Liability Management process. Responsibilities include guiding and managing the Accounting Officer in the data gathering and report process, documenting assumptions and processing, preparing documentation to support deposit beta, decay and prepayment assumptions, and compiling the reports for the ALCO meeting.
Review the Current Expected Credit Loss ("CECL") model and model inputs. Review the allowance for credit loss report which gets presented to the Board of Trustees.
Review the preparation of the FDIC Call Report at the Bank level and Federal Reserve quarterly and annual regulatory reporting at the Holding company level.
Responsible for the preparation of the Annual Audited Consolidated Financial Statements and footnotes in accordance with generally accepted accounting principles. This includes the preparation, development and maintenance of complex databases or spreadsheets, documenting research into technical accounting requirements for new accounting pronouncements and disclosure requirements and effective interaction with internal contacts and the external audit firm.
Responsible for the monthly and quarterly "Trustees" balance sheet and income statement for Senior management, the Executive Committee of the Board, and the Board of Trustees.
Responsible for the review of all monthly and quarterly incentive payouts in accordance with corporate incentive plans.
Responsible for the quarterly mortgage servicing rights valuation, interest rate swap hedge effectiveness analysis, and quarterly dividend estimate.
Responsible for the filing of all annual reports to the Commonwealth of Massachusetts for all corporate entities.
Perform required risk management activities for the accounting department which includes preparing required third-party vendor management reviews, such as, reviewing SOC reports, financial information of vendors, obtaining certificates of insurance for vendors.
Actively participate in the corporate budgeting process. This includes attending meetings with all divisions of the company to set budgets, assisting with the modeling of net interest income, preparing budget packages for Senior Management, the Executive Committee of the Board, and the Board of Trustees.
Assist the Controller with the integration of accounting policies, procedures and systems of all companies purchased by or merged with Salem Five. Merging financial systems requires significant planning and efficient execution.
Provide support, advice and collaborate with other divisions. Answer accounting related questions, provide guidance and set up accounting procedures for new processes and products. Work on teams with other managers providing accounting and operational expertise.
Review the general ledger reconciliations for every account on the Bank, Mortgage Corporation and subsidiaries to maintain integrity and control of financial records. Make sure that all outstanding items are identified and cleared in a timely manner, and report any findings regarding missing or inaccurate reconciliations to senior management.
Accounting liaison with outside auditors and examiners by coordinating and providing requested data.
Work directly with Controller regarding insurance-related matters, including applications, purchase and administration.
Backup to Controller and Chief Financial Officer regarding interest rate swap transactions, including initiation of contract terms with counterparty, the monthly cash settlement transactions, and the proper accounting treatment for financial statement purposes.
Perform special assignments and projects.

SUPERVISORY RESPONSIBILITIES

Supervises a total of seven employees in the Accounting Department. Carries out supervisory responsibilities in accordance with the organization's policies and applicable laws. Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.

Skills/Competencies:

Analytical - Synthesizes complex or diverse information; Collects and researches data; Uses intuition and experience to complement data; Designs workflows and procedures.

Problem Solving - Develops alternative solutions; Works well in group problem solving situations; Uses reason even when dealing with emotional topics.

Interpersonal Skills - Focuses on solving conflict, not blaming; Maintains confidentiality; Listens to others without interrupting; Remains open to others' ideas and tries new things.

Oral Communication - Speaks clearly and persuasively in positive or negative situations; Listens and gets clarification; Responds well to questions; Demonstrates group presentation skills; Participates in meetings.

Written Communication - Writes clearly and informatively; Edits work for spelling and grammar; Varies writing style to meet needs; Presents numerical data effectively; Able to read and interpret written information.

Teamwork - Balances team and individual responsibilities; Exhibits objectivity and openness to others' views; Gives and welcomes feedback; Contributes to building a positive team spirit; Puts success of team above own interests; Able to build morale and group commitments to goals and objectives; Supports everyone's efforts to succeed.

Change Management - Develops workable implementation plans; Communicates changes effectively; Builds commitment and overcomes resistance; Prepares and supports those affected by change; Monitors transition and evaluates results.

Leadership - Exhibits confidence in self and others; Inspires and motivates others to perform well; Effectively influences actions and opinions of others; Accepts feedback from others; Gives appropriate recognition to others.

Managing People - Includes staff in planning, decision-making, facilitating and process improvement; Takes responsibility for subordinates' activities; Provides regular performance feedback; Develops subordinates' skills and encourages growth; Solicits and applies customer feedback (internal and external); Fosters quality focus in others; Improves processes, products and services.

EDUCATION and/or EXPERIENCE

Four-year Bachelor college degree, with a degree in accounting and / or finance preferable. Master of Science in Accounting and / or Finance and Certified Public Accountant license preferable. Public accounting firm experience preferable. Five to ten years of related experience and / or training; or equivalent combination of education and experience.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit and use hands to finger, handle, or feel. The employee frequently is required to talk or hear. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision.

Benefits/Incentives: Health Insurance, Dental, Vision, Flexible Spending Account, Health Savings Account, 401k Matching, Tuition Reimbursement, Employee Referral Program, Summer Family Outing, Annual Holiday Reception and more.

Salary Range: Competitive Base

Ready to apply? If this job sounds like a fit for you, then click on Apply/Apply Now in this posting. We look forward to talking with you.

Qualified candidates may also submit a resume and application online at salemfive.com/careers or mail your resume to Human Resources, 210 Essex Street, Salem, MA 01970.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)