Chief Financial Officer at Farmers & Merchants Bank in Reisterstown, Maryland

Job Description:

Job Title: Executive Vice President, Chief Financial Officer

Department: Finance

Reports To: President & Chief Executive Officer

Location: Farmers & Merchants Bank, 25 Westminster Pike, Reisterstown, MD

Position Type: Full-time, Exempt

Major Responsibilities: The Chief Financial Officer is responsible for overseeing and managing the financial activities of the bank. This role involves ensuring accurate and timely financial reporting including SEC reporting, maintaining regulatory compliance, managing financial risks, providing strategic financial advice to senior management and the board of directors, and overseeing the allowance for credit losses quarterly process. The Chief Financial Officer will also oversee the bank's financial planning processes, capital management and liquidity, investment portfolio, and participate in investor relations.

Key Responsibilities & Essential Functions:

Financial Planning and Analysis and Internal Reporting: Develop and oversee the bank's general ledger, financial planning processes, including budgeting, forecasting, and financial modeling.

On a Monthly basis:

1. Oversee the recordation of activity in the general ledger
2. Oversee the production various financial statements and analysis of the Executive Committee and Board of Directors
3. Oversee preparation of a yield analysis
4. Oversee the reconciliation of all general ledger accounts
5. Oversee the furniture and equipment system

Lead the annual budgeting process and long-term financial forecasting

Evaluate capital allocation strategies and investment opportunities to maximize shareholder value.

Handle special projects as requested by the President

Financial Reporting: Ensure accurate and timely financial reporting in accordance with regulatory requirements, accounting standards (GAAP) and the SEC.

On a quarterly basis:

1. Prepare the SEC 10-Q
2. Prepare the Earnings Press Release

On an annual basis:

1. Prepare the Annual Report and SEC 10-K
2. Prepare the Annual Proxy

As needed:

1. Form 8-Ks
2. Change in stock ownership filing with the SEC

Coordinate all of the above with outside auditors, attorney, and EDGAR firm

Capital Management and Liquidity: Manage the bank's capital structure and allocation to support growth initiatives, maintain regulatory compliance, and optimize liquidity position.

Ensure that an appropriate level of liquidity is maintained at all times

1. Maintain strong relationships with brokered deposit providers
2. Maximize borrowing availability with the:

• FHLB
• Fed
• Commercial banks

Regulatory Compliance: Ensure compliance with financial regulations and reporting requirements imposed by regulatory authorities (Federal Reserve, FDIC).

Prepare and review filings such as:

1. Call report filed with FDIC.
2. Prepare quarterly and annual FRB reports
3. FDIC Part 363 report annually

Serve as EUAC on FedLine Advantage

1. Administrator of FDIC Connect.

Risk Management: Assess and manage financial risks, including credit risk, interest rate risk, market risk, and liquidity risk through appropriate policies and practices.

1. Coordinate the quarterly asset/liability management analysis and report with the third party provider
2. Review payroll accruals, entries for mortgage loan origination, sales activity, and daily reconciliations for official checks and money orders.
3. Review expense account requests, update pledged securities quarterly, and oversee daily cash management.
4. Oversee the allowance for credit losses process on a quarterly basis

• Coordinate with the Commercial Loan Administration department to gain a good understanding of problem loans
• Work with the third party vendor to complete the quarterly calculation

Tax Planning and Compliance: Develop tax strategies to minimize tax liabilities while ensuring compliance with tax laws and regulations.

1. Prepare estimated income tax payments for Federal and Maryland
2. Reconcile income tax estimated payments and accruals quarterly

Investor Relations: Serve as a contact, helping to manage relationships with investors, analysts, and other stakeholders by providing transparent and timely financial information.

1. Initiate purchases and sales of investments with President approval
2. Communicate purchases to the custodian and President
3. Review monthly reports and reconcile.
4. Perform an annual review of:

• Municipal bonds
• Corporate bonds
• Non agency MBS

1. Work with investment portfolio consultants to identify appropriate strategies

Financial Controls: Establish and maintain effective financial controls and internal audit processes to safeguard assets, prevent fraud, and ensure the integrity of financial reporting.

1. Review monthly bank reconciliations
2. Oversee wire and ACH departments.
3. Review wire log, reconciliations for Sweep Accounts, Wholesale Repos, prepaid/accrued expenses, and update FAS system and Excel worksheet for fixed asset activities.

Strategic Financial Advice: Provide strategic financial advice and insight to senior management and the board of directors to support decision-making and long-term planning. Lead financial due diligence efforts and provide financial analysis and guidance for potential mergers, acquisitions, and strategic growth.

Qualifications:

Education and Experience:

• Bachelor's degree in Finance, Accounting, or related field.
• CPA or CFA designation preferred.
• Minimum of 7 years of experience in financial management or related role within the banking industry.

Skills and Competencies:

• Strong knowledge of GAAP, regulatory requirements, and financial risk management.
• Proficient in financial planning, analysis, and reporting.
• Excellent analytical, strategic thinking, and problem-solving skills.
• Effective communication and interpersonal skills.
• Ability to manage multiple tasks and projects simultaneously.
• Proficiency in financial software and Microsoft Office Suite.

Work Environment:

• The position operates in a professional office environment and routinely uses standard office equipment.

Physical Requirements: 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.

1. Type on keyboard using fine motor skills;
2. Express and exchange ideas by means of written and oral communication;
3. See and hear clearly;
4. Compile and analyze data and make decisions;
5. Exercise independent judgment to develop objectives and plans;
6. Reason.

THE MANAGER/SUPERVISOR RESERVES THE RIGHT TO ADD, SUBTRACT OR DELETE FROM THESE DUTIES.

Farmers & Merchants Bank is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, gender, sexual orientation, pregnancy, age, ancestry, national origin, disability, genetic information, marital status, ethnicity, or veteran status, or any other protected classification in accordance with applicable federal, state, and local laws. Apply Now