Pub. 12 2021 Issue 1

Pub. 12 2021 I Issue 1 Spring 17 West Virginia Banker Hiring The need to go remote or work from home has not just changed the way we work or think about work, but it has changed hiring, too. This is not a consideration solely for banks but for all businesses. How can banks benefit from this? While not all positions can be done remotely full time, many positions can be done effectively remotely if the proper controls are in place and the technology and security at your financial institution allows it. What does this really mean? Before, hiring outside your market or state was not even a consideration or a remote possibility, but now hiring strong potential employees from outside your market or state may become commonplace for certain positions. Why cannot someone living in Virginia be a credit analysis employee at your bank in West Virginia? Loan files are electronic, right? If not, scanning loan files should be a top priority, now more than ever. They are likely independent and have no relation to the customers and businesses they are analyzing. While they may not live locally, management does still have the final say on approval and terms. Employee Retention Credit (ERC) To stay on the topic of employees, consider Employee Reten- tion Credit (ERC). While the ERC does not necessarily apply to banks per se, it is certainly something that you should be aware of, as it can help your borrowers and customers. Pro- viding your borrowers and customers with knowledge, one or more potential tax credits (more cash in their pockets) or any business advice is just a way to add another layer of value Andrew Shear is a supervisor in the Financial Institutions niche of Arnett Carbis Toothman LLP, located in the Charleston, West Virginia, office. A certified public accountant and loan review professional, Mr. Shear has over five years of experience in external audit, internal audit, loan review, and compliance consulting in the financial institutions industry. Mr. Shear can be contacted at 800-642-3601 or through email at: Andrew.Shear@actcpas.com. to the services you provide, building on that long-term rela- tionship and trust. ERC is available to most businesses and nonprofits if they received PPP/PPP2 funds, had full or partial shutdowns due to a government order during 2020, and re- duced gross receipts in 2020 compared to the same quarter in 2019. While there is more to this credit and eligibility, just having the conversation with your customers and borrowers and putting them in touch with the right professionals to help them is further adding to the value of relationship banking. Where to Start? These few topics are only the tip of the iceberg. Topics like these should be discussed by bank management and the board of directors on an ongoing basis, now more than ever. Does your bank have weekly meetings (or even a designation committee) that brainstorms these ideas, the future outlook of banking, and puts them into action or develops plans to address them? Now it is more important than before the pan- demic to have a proactive approach.  Payments and Settlement Services Deposit Services Commercial Lending Solutions Residential Mortgage Solutions Investment Services Compliance & Audit Services