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How 1st Security Bank Got Ahead of the CECL Adoption Curve

Table of Contents

1st Security Bank knew they would have to adopt CECL by 2023. They began their CECL adoption process with Valuant in April 2021 and had a fully implemented solution by January 1, 2022.

Challenge

With an industry deadline of 2023, 1st Security Bank wanted to utilize the availability of their accounting team to complete their transition well before the rush of last-minute adopters.

Solution

Partnering with Valuant, 1st Security Bank gained powerful software as well as a knowledgeable team of experts to help them effortlessly comply with the new standard.

Results

1st Security confidently adopted the CECL standards ahead of schedule, avoiding any rush as the requirement deadline drew near. ValuCast-CECL eliminated errors and provided a comprehensive understanding of 1st Security Bank’s allowances. 

Background and Challenge

As a sizable bank with $2.2B in assets, 1st Security Bank strives to help their community move towards a better future. 1st Security Bank is a relationship-driven company that adapts easily to new markets and quickly forms partnerships with everyone, even competitors. They hold a firm belief that actions speak louder than words, encouraging employees and management to act in a manner that “wows” others. Every customer’s experience is marked by honest communication from ethical, accountable, and knowledgeable banking professionals. 

Knowing the new CECL standards were on the horizon, 1st Security Bank wanted to start early to complete their adoption process before the last quarter rush of 2022. They needed a solution that would yield an accurate, detailed picture of the state of their allowances.

Throughout 1st Security Bank’s search for a CECL solution, they placed emphasis on finding a trusted partner with an extensive history of success.  

Solution

Valuant was the partner 1st Security Bank needed to provide critical transparent data and maximize profitability. 

With Valuant’s partnership, 1st Security Bank seamlessly adopted CECL while staying on track with their desired “go-live” date. Valuant was transparent and easy to work with, fostering confidence within the 1st Security Bank team. They gained a trusted partner who provided them with clear and concise numbers as well as results. These results translated into actionable decisions for the bank’s future by making it easy to interpret the data provided through the ValuCast software. 

Valuant’s team made an excellent partner. They were able to work with our compressed timeline, ensuring that all our needs were met.

                                                                                  Phil Whittington, Controller

Results

With a process that began in April 2021, 1st Security Bank worked effortlessly with Valuant to have implementation finished with a go-live date of January 2022. In order to achieve their goal of transitioning to CECL on time, Valuant provided their Valuant Index and peer data which added significant value to the institution’s process.

The 1st Security Bank team attests that Valuant’s models are intuitive and simple to use. Throughout their partnership with Valuant, they continued to have access to an array of seasoned professionals with extensive knowledge and experience in the banking industry, ready to assist with any question or challenge. The Valuant team took the time to ensure 1st Security Bank had the opportunity to fully utilize the tools provided.  

Key Takeaways

1. The Valuant Index is a unique tool that has proven to be a critical asset for many institutions.

2. The Valuant team provides a superb client experience, ensuring the client is confident and comfortable throughout the process.

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