Chief Credit OfficerRutherford, NJ
Based on the growing complexity of the organization, Boiling Springs Savings Bank has created a new position, Chief Credit Officer, to oversee credit policy, commercial, residential, and consumer underwriting, loan review, and special assets/workout. This person will attend certain Board meetings and will sit on the Loan/Credit, ALCO and Asset Recovery Committees.
Strategy, Leadership & Administration
- Working in conjunction with executive leadership, curates and maintains the Bank’s credit policy guidelines to protect the credit quality of the organization.
- Provides direction, supervision, and support to all areas and employees within underwriting, portfolio management, loan review, credit policy, and special assets/workout.
- Monitors staff in daily tasks, operations and quality control; ensures the organization of assigned areas of the department, coordinating available resources (e.g., staff, materials, etc.) for maximum results.
- Performs management functions including performance appraisals, disciplinary actions, employee development and new hire selection; supervise the daily activities of the department including, but not limited to, effective delegation of assignments and providing necessary training to assure a highly effective and cross-trained staff.
- Participates in ALCO process, particularly as it pertains to the development of strategic asset compositions, yields and classes.
Underwriting, Loan Policy, Credit Approval, Loan Review:
- Maintains the segregation of an independent credit risk function.
- Sets governing standards and directives for the underwriting of credit inclusive of:
- Credit Limits
- Industry exposures
- Collateral Advance Rates and Evaluation Guidelines
- Financial Performance Benchmarks and Thresholds
- General Pricing Guidelines
- Credit Offering Templates
- Provides for the efficient enforcement of credit policy during the approval process to ensure validation of policy and underwriting compliance.
- Reviews and approves/declines commercial loans, including construction, commercial and multi-family loans prior to their submission to Loan Committee; reviews consist of making recommendations on loan structure, terms, and pricing so as not to expose the Bank to undue credit risk.
- Oversees the Appraisal engagements and reviews to ensure appraisal independence.
- Manages the process, and leads negotiations, for all participation loan sales and purchases.
- Prepares and distributes credit information covering loan quality trends, growth trends, loan product concentrations; works closely with other lending staff in reviewing such topics as local real estate data and assessing the impact on the Bank’s loan portfolio; completes studies or projects on certain industry sectors and/or credit products ultimately resulting in position papers and/or underwriting directives.
- Ensures that individual loans are risk rated correctly; maintains and manages an effective risk rating system commensurate with current industry standards.
- Review ALLL reports and recommend adjustments to the methodology as necessary to ensure the Bank has adequately reserved for the risk inherent in the Bank’s portfolio.
- Ensures implementation and department compliance with all applicable state and federal regulations, including the timely completion of assigned compliance education courses. Ensures that deviations from policy are corrected and reported.
- Assures audit compliance and procedure quality control are maintained for the department and Bank; reviews, recommends and initiates corrective actions and ensures department is in compliance with established Bank policies, procedures and state and federal regulations.
- Interfaces with Regulatory Agencies and Loan Review vendor.
- Participate as a member of the Bank's Asset/Liability Management Committee (ALCO), Loan/Credit and Asset Recovery Committees.
- Participate in the Bank’s senior management and officer meetings.
- Participate in the Bank's annual planning and budgeting meetings.
Year One Performance Objectives
- Consolidate underwriting, loan review, credit policy, and special assets into one reporting line to the Chief Credit Officer.
- Write new C&I lending credit policy in preparation for new line of business. Review other credit policy and update as required.
- Evaluate and make recommendations for the loan approval process, in order to create an effective process that results in the timely disposition of credit requests.
- Assess loan workout and asset liquidation/recovery process, in order to ensure best practices.
- Examine portfolio analytics, including credit concentrations, loan to deposit trends, loan yields, trends for non-performing credits, etc., and adjust tracking mechanisms as necessary.
- Prepare for CECL process in 2020.
- 15+ years’ experience in credit administration, with expertise in C&I, Commercial Real Estate, Construction, Residential and Consumer lending, and loan portfolio management.
- Bachelor's degree or higher with a concentration in Business or Finance and/or equivalent work experience.
- MBA/graduate degree preferred; completion of banking school programs is desirable.
- Experience in staff management and development.
- Experience at the senior management level; experience working with executive management and the Board.