Mills County State Bank Selects Moody’s Analytics to Automate CECL Workflow
SAN FRANCISCO--(BUSINESS WIRE)--Jan 28, 2019--Moody’s Analytics, a leading provider of financial intelligence and analytical tools, announced today that Mills County State Bank has selected the Moody’s Analytics Current Expected Credit Loss (CECL) solution to streamline its compliance with the CECL accounting standard within its loan and investment portfolios.
The centerpiece of the Moody’s Analytics CECL solution is the ImpairmentStudio™ platform, which lets banks automate allowance calculation, analysis, reporting, and workflow. It also supports custom model development, validation, monitoring, and execution alongside a wide range of off-the-shelf loss-forecasting models.
Mills County State Bank will use the Moody’s Analytics CECL solution to significantly reduce the time required for its CECL calculations, while increasing its analytic capabilities across portfolios. Through the solution, the bank gains access to integrated economic scenarios, loss-rate and discounted-cash-flow models, audit trails, governance, and reporting capabilities, all in one package. The solution will also allow the bank to streamline process workflows by automating documentation and workflow management.
“We evaluated several other providers before choosing Moody’s Analytics; we were impressed not only with their solution but all the work they have done to integrate all of the different components needed to run our CECL calculations,” said Robert Hemsath, CEO of Mills County State Bank. “It’s incredibly convenient to have a comprehensive solution that also incorporates loan-level models, spreading functionality, and capital-planning tools, among others.”
“We are excited to have Mills County State Bank on board for our CECL solution,” said Eric Ebel, Managing Director at Moody’s Analytics. “We help institutions of all sizes solve their CECL challenges, and the ImpairmentStudio platform is a particularly good fit for smaller banks and credit unions, because it has the capability to grow with them as they increase assets either organically or through mergers.”
Click here to learn more about the ImpairmentStudio solution.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit www.moodysanalytics.com.
Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE: MCO). Moody’s Corporation reported revenue of $4.2 billion in 2017, employs approximately 12,600 people worldwide and maintains a presence in 42 countries.
About Mills County State Bank
Mills County State Bank is based in Goldthwaite, Texas, and offers personal and commercial banking services through five locations in Central Texas. Mills County State Bank operates as a subsidiary of Goldthwaite Bancshares, Inc. and has total assets of approximately $320 million. For more information on Mills County State Bank, visit www.mcsbtexas.com.
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CONTACT: GENE KIM
Moody’s Analytics Communications
Moody’s Analytics Media Relationsmoodysanalytics.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE
SOURCE: Moody’s Analytics
Copyright Business Wire 2019.
PUB: 01/28/2019 09:00 AM/DISC: 01/28/2019 09:01 AM