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Investment Accountant
Valley National Bancorp
Wayne, NJ, United States
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The Investment Accountant will maintain and update the financial records and provide advice regarding various investment options and strategies.
Responsibilities include but are not limited to:
• Manage the accounting for the company’s $4+ billion fixed income investment securities income investment portfolios – predominantly residential mortgage backed securities issued by GNMA, FNMA, FHLMC. Additionally, portfolio holdings include U.S. Treasuries, States and Municipal bonds, high grade corporates and various other securities holdings. The portfolio is approximately $2 billion held to maturity and $2 billion available for sale.
• Record all investment security purchases, maturities, redemptions and calls, return of principal on mortgage securities and investment income on all holdings in TPG investment accounting software and post JEs to record monthly activities in the General ledger via interface. This includes processing approximately $50 million of securities interest and principal payments related to mortgage backed securities received during the month and then reconcile all the cash payments received through TPG for VNB and related subsidiaries.
• Reconcile all cash account and investment securities principal holdings to custodial statements from Safekeeping Agents on a quarterly basis and all account balances to the general ledger. Identify any errors and work towards resolving the discrepancies.
• Set-up new investment securities in TPG software and run system calculations to amortize of premiums and accrete discounts. Record entries in the general ledger via interface.
• Download market prices for approximately 1,200 securities, factors and cash flows from the vendor and import into TPG. Obtain market prices for exception securities from investment brokers and update cash flow models for OTTI securities and process any adjustments. Prepare month-end and quarter-end entries.
• Take an active part in preparing the yearly budget for investment income.
• Maintain appropriate level of collateral for repurchase agreements with third parties along with New Jersey, New York and Florida municipal deposits and deliver collateral as necessary for other purposes.
• Maintain appropriate cash balances at JPM Chase, FHLB and FRB along with reconciling cash balances on a daily basis and over 150 investment general ledger accounts to TPG on a monthly basis. Track and wire interest payments for FHLB Advances and Wall Street repurchase agreements.
• Integrate securities from bank acquisitions onto TPG. Transfer all securities from bank acquisitions to Valley’s Safekeeping Agents. Track all principal and interest payments during the transition period.
• Obtain 3rd party administrator statements for derivatives contracts and record journal entries under ASC 815. Analyze and reconcile all general ledger accounts back to statements. Prepare analysis of derivatives purchased and sold.
• Maintain appropriate level of cash collateral for derivative counterparties and deliver/receive collateral as necessary. Wire monthly interest payments to derivative counterparties and reconcile activity.
• Prepare monthly journal entries for BOLI accounts, process claims and reconcile general ledger accounts to the Broker Reports.
• Prepare monthly, quarterly and annual reports along with 10Q and 10K investment related footnotes. Gather information for FDIC reporting schedules and update SOX procedures as necessary. Supply information to Board of Directors, Investment Officers and regulators monthly and quarterly.
• Document procedures and controls related to the investment management function and adhere to all internal controls.
• Find opportunities to improve the process and automate functions when possible to create efficiencies.
• Maintain all documentation in a clear, readily auditable fashion.
Required Skills:
• Excellent verbal and written communication skills.
• Ability to prioritize and organize assignments and work well under pressure.
• Strong analytical and research skills and must pay close attention to details while compiling and reviewing reports and related documents.
• Must be a self-starter with strong math skills and ability to meet deadlines and expectations with little or no supervision.
• Knowledge of TPG or similar investment accounting software.
• Proficient PC skills for Microsoft Office (including, Excel, Word, Outlook, PowerPoint) and ability to use various other financial accounting software packages.
Required Experience:
• Bachelor's Degree in Accounting and a minimum of four years as an investment accountant with a strong knowledge of financial products including a wide range of fixed income investments and repurchase agreements.
• Master's Degree or a CPA qualification with in-depth knowledge of investment accounting.
• CPA license preferred.