The CFO is responsible for directing the company’s financial management, reporting, and fiscal operation using generally accepted accounting principles while ensuring the safeguard of bank assets. Oversees and leads all activities of the holding company accounting and finance department in the preparation, interpretation, and presentation of financial reports which properly reflect the financial position of the company to the holding company Board of Directors and senior management group. Directly responsible for the company’s tax planning and returns. Supports member bank financial officers and cashiers in budgeting, financial metrics, regulatory reporting, and A/L management. Advises Board on merger or potential acquisition impacts and leads procedures to effect decisions that may result.
KEY ORGANIZATIONAL RELATIONSHIPS
Reports to the Ownership Group/Board.
Direct reports as follows: Administrative Assistant/Financial Accountant; V.P. Senior Cash Management Specialist.
Company Committees: Ohnward Executive Committee, Ohnward Bank Insurance Committee, Ohnward Investment Committee, Bank A/L Committees, Loan Loss Reserve Committee, Ad Hoc H.C. Deposit Rate Committee
DUTIES AND RESPONSIBILITIES
Essential Duties and Responsibilities
To perform this job successfully an individual must be able to perform each essential duty satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Directs the preparation and interpretation of all financial reporting for the holding company. As requested or necessary, support same for member banks and subsidiaries. This includes income statements, balance sheets, tax returns and filings, and reports to government regulatory agencies. Oversee preparation and presentation of monthly and annual financial reports to the Ohnward Board of Directors.
Review and stay current with legislation, GAAP, legal decision, accounting rule modifications and other regulations affecting the banks and holding company to ensure compliance with all applicable regulations affecting all company entities.
Works with H.C. Tax Accounting firm and partners to direct tax planning initiatives to appropriately coordinate and assess corporate tax liability of each entity and to improve tax structure for the company while providing oversight management and communication with Ohnward Board of Directors.
Oversees preparation, interpretation, and presentation of a variety of financial reports which properly reflect the financial position of the company through the accurate and timely forecasting of financial results. Designs presentation of financial information according to senior management and board of director needs.
Understand member bank Asset/Liability positions and provide support, as requested, by bank senior management for Asset/Liability management and interpretation and coordination of A/L and risk management reports.
In coordination with member bank financial officers and cashiers, supports liquidity management among the banks including short and long term fed funds forecasts and alternative methods to address liquidity needs, maximizing the use and balance of liquidity among the member banks and throughout the organization.
Supports and assists as necessary or requested, bank budget preparation, preparation of holding budget and management fee analysis, with regular monitoring of company performance relative to budgets and forecasts, and monthly reporting to H.C. Senior management of Board of Directors.
Oversees and directs the filing for federal, state, third-party, and other financial reports to ensure compliance with GAAP, IRS, SOX and other entity requirements. Ensures the development, testing, implementation of policies and procedures pertaining to accounting records and reports.
Works with the Administrative Assistant/Financial Accountant to prepare quarterly and annual H.C. consolidated financial statements and reports for presentation to the H.C. Board of Directors.
Works with H.C. senior management to oversee and direct all financial and operational controls and metrics within the organization.
Develops and executes financial plans to the company’s strategic plan while forecasting and reacting to changing economic conditions. Provides corresponding information to senior management. Accordingly, is also responsible for completing and updating the long term financial plan for the C. in coordination with the long term plans for each member bank. Analyzes the company’s financial projections to actual results from each member bank. Analyzes the company’s financial projection to actual results from each business area working with management to ensure accuracy of budgets, financial forecasts, and planning.
Oversees and supports H.C. Cash Management Department with the goal of maintaining the company’s position as a leader in cash management services by continuing to expand cash management capabilities and continuing to build cash management transaction accounts and deposit balances, activity, and client dependency.
Leads overall financial management review associated with Merger and Acquisition initiatives. Evaluates opportunities for acquisitions or expansion into new markets and the potential impact on the company and shareholder value. Estimates requirements for capital, land and buildings associated with business expansion options. Studies economic trends of the banking industry in order to provide long term strategic financial planning options.
Chairs and/or serves on assigned senior management or board committees.
Performs all personnel administration responsibilities practicing strong leadership, communications, and effective management principles. Responsible for carrying out direct and indirect management responsibilities consistent with human resources policies and procedures. Responsible for overall effective staffing and talent management for the accounting and financial management functions of the company.
Interacts with both the external tax accountants and auditors to comply with all tax and accounting requirements and regulations and to insure appropriate reporting and required follow-ups. In similar fashion, be familiar with internal audit reports as they impact financial accounting, tax, or regulatory financial reporting and ensure appropriate follow up to audit issues requiring attention.
Work in conjunction with Ohnward Bancshares C.O.O. in vendor management including oversight of planning, vendor review/due diligence, contract negotiation, and ongoing monitoring and risk assessment.
Encourage marketing and sales calls through support of work of training and marketing officers.
As requested, conduct periodic reviews of existing systems and procedures to ensure maximum operating efficiency and economy.
Be aware of innovations in the banking industry and assist in the evaluation of their practicality and effectiveness for the organization. Participate in research in new products and/or concepts that could increase operating efficiency, profits, and/or market share.
Works with Ohnward President and C.O., internal auditor, and bank loan departments to coordinate and maintain consistent standard for Loan Loss Reserve Assessment and calculation.
Performs other duties as assigned.
SKILLS AND ABILITIES
To perform this job successfully, an individual should demonstrate the following knowledge, skills, and abilities.
Collects and researches data; designs work flows and procedures. Is careful, exact, and free from errors. Adheres closely to a set of standards.
Problem-Solving. Identifies and resolves problems in a timely manner; developes alternatives solutions; works well in groups to solve problems and generate new ideas and salutation.
Visionary Leadership. Mobilizes others to fulfil the vision; provides vision and inspiration to peers and subordinates.
Project Management. Coordinates projects; communicates changes and progress.
Change Management. Develops workable implementation plans; communicates changes effectively; prepares and supports those affected by change; monitors transition and evaluates results.
Inspires and motivates others to perform well; effectively influences actions and opinions of others. Preferably aware of and in tune with “emotional intelligence” and its impact on the workplace.
Managing People; Includes staff in planning, decision-making, facilitating and process improvement. Fosters quality focus in others; improves processes, products and services.
Business Acumen. Understands business implications of decision; displays orientation to profitability; demonstrates knowledge of market and competition; aligns work with strategic goals.
Cost Consciousness. Works within approved budget guidelines; develops and implements cost saving measures; contributes to profits and revenue, conserves organizational resources.
Strategic Thinking. Develops strategies to achieve organizational goals, understands organization’s strength and weaknesses; analyzes market and competition, identifies external threats and opportunities, adapts strategy to changing conditions.
The home base for this position is at the holding company offices of Ohnward Bancshares, Inc. located at 107 E. Quarry, Maquoketa, IA. The duties may require limited travel from time to time to any of the various affiliated bank or financial offices. Company vehicles are usually available for job related travel.
EDUCATION AND EXPERIENCE
Bachelor’s Degree from a four-year college or university; and ten years related experience and/or training; or equivalent combination of education and experience. CPA preferred.
Ability to read, analyze and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of accounting. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret and extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
CERTIFICATES, LICENSES, REGISTRATIONS
Current driver’s license.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the essential duties of this position, the employee is regularly required to sit, use hands and fingers, talk and hear. The employee is occasionally required to stand, walk, reach with hands and arms, climb or balance, and stoop, kneel, crouch, or crawl. The employee frequently lift and/or move up to 10 pounds and occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this position include close, distance, color, and peripheral vision, depth perception and ability to adjust focus.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the essential duties of this position, the employee is regularly exposed to a general office environment and interaction with customers.
The preceding position description has been designed to indicate the general nature and level of work performed by employees within this position. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this position.
Equal Opportunity Employer
About Ohnward Bancshares Inc.
Ohnward Bancshares, which has 19 bank and service offices throughout eastern Iowa and does business under many flags including Ohnward Bank and Trust, First Central State Bank, Gateway State Bank, Maquoketa State Bank, Maquoketa and Central Insurance Agencies, Central Realty, Ohnward Financial Advisor Services, Ohnward Tax, Accounting and Business Services and Ohnward Wealth Management offices. Ohnward employs over 260 dedicated employees whose single purpose is to give our clients the best possible service available.