Independent Banker - May 2019 - 52

COMMUNITY BANK CFO OUTLOOK 2019
W
hen Brett Mills began his career as a
community bank chief fi nancial offi cer 20
years ago, his role was to report information
to the board. That all changed during the
fi nancial crisis, when his Florida community
bank began struggling.
" I felt like I had a responsibility to lead and take a more
active role, " recalls Mills, now executive vice president and
CFO at $1.1 billion-asset First American Bank in Artesia,
N.M. " Since then, I've just done that normally. "
Mills is not alone, according to Independent Banker's
Community Bank CFO Outlook survey, which asked CFOs
about their evolving roles in the wake of high-profi le
accounting standards, like the current expected credit
losses (CECL) model and an increasing rate environment.
Over half of CFO respondents (53 percent) say they have
become much more engaged with the board throughout
their tenure as CFO, and a quarter report moderate change.
A third of respondents have been in their position at their
community bank for fewer than fi ve years.
As accounting and capital reporting standards have
become more complex, Louise Bonvechio, senior vice
president and CFO at $720 million-asset Community
National Bank in Derby, Vt., fi nds herself providing the
bank's board and management with more information to
support its capital plan.
" My role is to be sure that the whole team is aware of
these new requirements and always aware of how any
strategic decisions and initiatives will impact capital, "
says Bonvechio, who has been with the bank for 25 years,
including 10 as CFO.
How has your engagement with the board
of directors changed since you took on the
CFO role?
1.63%
17.89%
No change in my
engagement with
the board
Less engaged
with the board
1.63%
Too early
to tell
26.02%
Slightly more
engaged with
the board
Nick Thom, CFO at $350 million-asset First Northern
Bank of Wyoming in Buff alo, Wyo., also fi nds himself the
secretary of an eager board. Thom has been with the bank
for 11 years, initially co-managing the wealth management
and trust department. He
was promoted to CFO in
January 2018.
" I think it's tough for [the
board] at some level, " he
says. " There's only so much
they can educate themselves
on without relying on
management to make the
right decisions. "
52.85%
Much more
engaged with the
board
52 Q ICBA Independent Banker Q May 2019
Haynes Standard Jr.,
CFO at $149 million-asset
First State Bank in Wrens,
Ga., agrees that his board is
keenly interested in fi nancials, budgets and performance.
The biggest shift Standard has noticed is a receptiveness to
" We want less
'looking at what
we were doing last
month or quarter,'
and more, 'How do
we translate this
and move to the
next level?' "
-Haynes Standard Jr.,
First State Bank
a more strategic direction.
" We want less 'looking at what we were doing last month

Independent Banker - May 2019

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Table of Contents
Independent Banker - May 2019 - Intro
Independent Banker - May 2019 - Cover1
Independent Banker - May 2019 - Cover2
Independent Banker - May 2019 - Table of Contents
Independent Banker - May 2019 - 2
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