Department:            

Finance Department

 Reports To:              

Chief Financial Officer

 Supervises:              

Finance Department

Exempt Status:        

Exempt

Summary:                 

Oversees forward looking financial aspects of Superior National Bank (Bank) and Keweenaw Financial Corporation (holding company), coordinating duties with the Accounting Department as necessary for day-to-day activities

Major duties & responsibilities:

POLICIES AND REPORTING

• Responsible for financial planning processes for the Bank and holding company, including budgeting and forecasting of financial data, and periodic analysis of budget and forecasting variances, as coordinated with Accounting.
• Provides analysis on account activities, financial institution operations and profitability forecasts.
• Manages the Bank’s cash and overall liquidity management program which optimizes the Banks’s cash management practices; compares actual and forecasted cash balances with anticipated loan demand and deposit portfolio changes.
• Responsible for mortgage division accounting and routine benchmarking of financial and operational data.
• Models and reports on a broad range of interest rate risk/asset liability management measures.
• Assists in developing and updating the Capital Plan, as coordinated with Accounting.

OPERATIONAL

• Responsible for Bank and holding company liquidity monitoring and reporting, including compliance with policy and regulatory requirements; ensures liquidity management tools include required stress tests and annual borrowing line tests; works with the Investment Director specific to cash management routines.
• Monitors the daily cash position of large balance customers, with emphasis on pledged collateral processes and high risk fluctuations.
• Prepares and reviews finance projections, monitors key performance indicators within the bank and holding company.
• Evaluates new products and services from a financial performance perspective.
• Maintains adequate controls over mortgage division accounting and provides key indicator monitoring based on actual, projected and peer performance.
• Works closely with the Accounting Manager to ensure continuous improvement of the Accounting and Finance functions, with emphasis on providing timely and accurate information to senior management for decision-making purposes.
• Coordinates audit related tasks with the Accounting Manager, assuring audit requests are addressed as requested and outstanding audit reported items are addressed timely.

ASSET / LIABILITY MANAGEMENT COMMITTEE (ALCO)

• Develops and implements effective asset/liability management strategies that assist in controlling and minimizing the Bank’s overall exposure to interest rate risk, working closely with ALCO, the CFO and external ALM vendor.
• Manages routine meetings to discuss ALM assumptions and validates the application of such assumptions within quarterly ALM reports. Responsible for validating quarterly ALM results, including validation of core data basics.
• Ensures ALCO activities meet requirements of established policies specific to ALM modeling, interest rate risk, economic value of equity, quarterly stress tests in both rising and falling rate scenarios, and compliance with regulatory and policy required minimums.
• Monitors and reports on a broad range of advanced risk measures (such as stress testing, value-at-risk, risk factor sensitivity analysis, and other measures) to enable senior management to have a comprehensive understanding of risk positions, market conditions and the impact of new initiatives.
• Presents and recommends deposit product rates, with rate and product comparison to peers, per defined market area.
• Performs other duties as required.

Education & Experience:

•  Bachelor’s degree in accounting, finance, business administration, or related field required; Master’s degree preferred.
• Five or more years of financial analysis and planning experience preferred.