Independent Banker - August 2021 - 40

CFO ROUNDTABLE
Q: How has COVID-19
aff ected your role within your
community bank?
XHaynes Standard Jr.: COVID has
had an impact on my bank; however,
for the most part, it still has not
changed my role in the organization.
We closed and then reopened our
branches, but that had little eff ect
on my role as CFO. We had to make
adjustments throughout operations,
and I manage most of that for the
bank as well.
XEmily M. Hofer: I also wouldn't say
that my role changed so much due to
COVID. However, there was a shift
in what I was-and am-spending
time on. After we laid the initial
groundwork for the acceptance of
PPP loan applications, established
our internal procedures and started
customer education, I have now
been spending more time on funds
and interest rate management than
ever before.
XJon Drake: I didn't see any change
in my role, but with the benefi t
of hindsight I can see how much
growth there's been on our team.
From better communication to the
acknowledgement of one another's
strengths, we are better for having
gone through this.
Q: How has the PPP aff ected
your role?
XHofer: For me, it's been a timeconsuming
process. As chairman of
our Funds Management Committee,
I have never seen a period of such
high liquidity. These funds have come
into the bank, and it appears that our
customers have a general reluctance
or hesitancy to actual deploy them.
XStandard: PPP hasn't aff ected
my role.
XDrake: I agree it hasn't aff ected my
role much, aside from the need to
determine the fi nancial implications
for the bank. I'm expecting some
lumpy income streams in 2021
and 2022.
Hofer
" The PPP has also enabled our bank to create
a tremendous amount of goodwill within
the communities that we serve, solidifying
long-standing customer relationships and
attracting new customers. "
-EMILY M. HOFER, MERCHANTS STATE BANK
Q: What impact has the PPP
had on your community bank
more generally?
XBrett deMilliano: The PPP
has been the most signifi cant
concentration of our loan activity.
It forced us to automate portions
of our loan processes. We have now
committed to reworking our entire
loan origination process.
XStandard: PPP loans have been
attractive to our customers, and we
have actually made more loans in
the second round than in the fi rst,
although the average size has been
much smaller.
XSteven S. Nutt: I mentioned last
year that [the PPP] ballooned our
balance sheet and caused our budget
to be thrown out, but fees recognized
during 2020 allowed us to make net
income pretty close to what we had
originally budgeted.
Standard
40 Q ICBA Independent Banker Q August 2021

Independent Banker - August 2021

Table of Contents for the Digital Edition of Independent Banker - August 2021

Table of Contents
Independent Banker - August 2021 - Intro
Independent Banker - August 2021 - Cover1
Independent Banker - August 2021 - Cover2
Independent Banker - August 2021 - Table of Contents
Independent Banker - August 2021 - 2
Independent Banker - August 2021 - 3
Independent Banker - August 2021 - 4
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Independent Banker - August 2021 - Cover3
Independent Banker - August 2021 - Cover4
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