Chief Financial Officer

1 month ago

Marion, United States Farmers State Bank Full time
POSITION SUMMARY: The Chief Financial Officer is responsible for serving as the Bank's lead financial executive overseeing the accounting department and all financial and accounting related operations of the Bank. The position is responsible for adhering to all related generally accepted accounting principles, tax and regulatory laws, rules and regulations to adequately and accurately reflect the financial position of the Bank and its holding company at all times. Participates and assists the Bank in formulating and meeting its overall strategic business plans and goals; conducts financial and management reporting; prepares forecasts and Bank budgets; plans, coordinates, and executes effective processes; develops, implements, and monitors accounting policies, procedures, and practices that maintain strong internal controls throughout Bank operations. Performs direct supervisory duties of department staff, and coordinates staff for coverage in all related areas of the department.

PRIMARY ACCOUNTABILITIES AND RESPONSIBILITIES:

ACCOUNTABILITY 1: Leads/oversees the Asset Liability Management process. Co-chairs the ALCO and is responsible for all monthly reporting to the committee. Develops and implements related Investment, ALCO, Risk Management, and Liquidity Contingency Funding policies. Responsible for interest rate risk (IRR) analysis/rate shocks, deposit runoff stress tests, and IRR model back tests in compliance with regulatory requirements. Monitors benchmarking and compliance with all related policies.

ACCOUNTABILITY 2: With guidance from strategic goals, prepares the Bank's annual operating budget with input from senior management and various department heads. Seeks approval of final budget from the Funds Management Committee and the Board of Directors. During the year, analyzes variances from budget and prepares monthly budget to actual variance reports to ensure goals are being met.

ACCOUNTABILITY 3: Develops, implements, and administers the Bank's financial and accounting related policies, procedures and systems to ensure accurate and timely external reporting. Responsible for oversight or preparation of various regulatory financial reports including quarterly Call Reports, other reports to the FDIC, the Federal Reserve Bank and the Iowa Division of Banking. Supervises financial statement preparation for the Bank Holding Company and Subsidiaries of the Bank and ensures financial statements in the audit report contain complete and appropriate footnote disclosures.

ACCOUNTABILITY 4: Ensures timely preparation of Bank internal financial reports used by the Board of Directors and senior management for decision making as well as internal department reporting. These may include monthly Director reports, peer analysis, investment, tax and depreciation accounting, branch and department profitability analysis. Responsibility for oversight of the general ledger, balancing functions and daily financial statements.

ACCOUNTABILITY 5: Oversees the Investment Portfolio of the bank. Chair person of the Investment committee, sets up regular meetings and provides minutes of the meetings. Works with the bond accounting firm to ensure accurate and timely reporting of investment transactions. Monitors the bank's cash position, submits wire transfer requests to move funds from various correspondent bank accounts.

ACCOUNTABILITY 6: Provides oversight for appropriate segregation of duties sound internal accounting controls throughout the Bank. With outside counsel, completes an annual Internal Audit Risk Assessment, coordinates outsourced internal audit functions and acts as a liaison for the Board of Directors Audit Committee.

ACCOUNTABILITY 7: Responsible for tax planning, quarterly tax estimates, completion of tax computations for preparing the consolidated Bank Holding Company and Bank Federal Sub S tax return, Iowa Sub S tax return, and Iowa Franchise tax return. Works with outside tax counsel to coordinate Bank and Holding Co tax reporting with individual Sub S family shareholders and their accountants.

ACCOUNTABILITY 8: Assists with special projects requiring financial oversight and review, to include planning of potential new branch openings/expansions and/or closing of branch/locations, new product offerings, system changes or other financial analysis as needed.

ACCOUNTABILITY 9: Coaches and develops direct report employees, including career development plans and systemic succession planning. Sets goals and evaluates individual performance. Works with management team to build a culture characterized by teamwork, high morale and retention of valued employees. Ensures effective bank wide communication of financial goals and results as well as related policy to employees.

SECONDARY DUTIES AND RESPONSIBILITIES:
  • Serves on the Bank's Strategic Planning Committee, Management Committee, Investment Committee and other bank committees as assigned.
  • Stays current on accounting, tax and regulatory rule changes by participating in professional associations; attending pertinent industry-related conventions or conferences; and review/study of related publications.
  • Develops relationships with other bank-related executives to enhance network and to increase awareness of new services/opportunities.
  • Represents Bank at various civic and community events.
  • Performs other tasks, as may be assigned.
MANAGEMENT SPECIFIC:
  • Ensures that employees have clear goals consistent with bank culture and core values.
  • Supports and utilizing and attending training sessions.
  • Works with direct reports to set performance standards that are specific and measurable.
  • Provides specific performance feedback, positive and corrective in nature.
EDUCATION, EXPERIENCE, AND OTHER REQUIREMENTS:
  • Bachelor's Degree with business/accounting emphasis
  • 7+ years bank experience in finance/accounting, CPA designation preferred
  • 5+ years supervisory experience
  • At least two years of previous leadership related experience
  • Knowledge of accounting practices and banking regulations, policies and procedures
  • Exceptional analytical and problem solving abilities
  • Strong interpersonal skills
  • Effective communication skills
  • The ability to lead, coach and develop others effectively
  • Experience with Microsoft Office (Word, Excel)
  • Strong attention to detail
  • Good organizational skills with the ability to multi-task and prioritize
  • The ability to work with confidential materials
  • The ability to contribute in a team environment, ensuring that both individual and departmental goals are met
  • Desire and ability to abide by the Bank's core values
Performance Measures
  • Accuracy of work
  • Timeliness of work, ability to meet predetermined deadlines
  • Sound decision making and problem solving skills to include analytical analyses and recommendations
  • Compliance adherence
  • Internal customer service feedback
  • Assists with continual improvement of bank efficiency ratio, via both expense control and income generation
  • Retains all key direct reports, with limited turnover

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