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Transcript of Maine Municipal Bond X(1)S(tocrjzqobuodyg4ftdg3loif... $10,345,677 $7,988,215 $10,490,434 $8,098,179...

  • Measures of Performance

    September 20, 2017 Annual Meeting Portland, Maine

    Maine Municipal Bond Bank

  • Maine Municipal Bond Bank Measures Of Performance

    Page 1 I Lending Activity

    The General Resolution program saw a rise in sales due to several large school construction bonds. In 2015 and 2016, the CWSRF program funded unusually large capital improvement projects. The Bank sells Garvee bonds usually every two years and TransCap bonds were sold in 2015.

    DOLLARS LOANED BY PROGRAM

    DOLLARS LOANED

    In 2017 the General Resolution program

    processed three sales which produced a higher

    sales volume due to a large school construction loan for

    the City of Sanford. Two more large school

    construction projects are being financed in the 2017

    fall sale. The SRRF program has been very active for the past two

    years with the processing of 33 loans. Additional

    dollars were loaned in 2015 for TransCap and in 2016

    for Garvee.

    $0 $100,000,000 $200,000,000 $300,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $305,060,880

    $345,829,478

    $215,317,057

    $339,417,221

    $61,381,021

    $315,097,391

    $112,140,805

    $170,537,904

    $182,853,841

    $148,037,374 $138,819,164

    Principal Loaned By Calendar Year

    Principal Loaned Estimated To Year End

    $0

    $25,000,000

    $50,000,000

    $75,000,000

    $100,000,000

    $125,000,000

    $150,000,000

    $175,000,000

    $200,000,000

    $225,000,000

    $250,000,000

    CW/DW Garvee GenRes TransCap SRRF

    Dollars Loaned By Program & Calendar Year

    2014 2015 2016 2017 *

    * Includes year to date and estimated to year end figures.

  • Maine Municipal Bond Bank Measures Of Performance

    Page 2 Lending Activity - continued

    NUMBER OF LOANS WITH PRINCIPAL BALANCE

    NUMBER OF LOANS

    The General Resolution program sees a steady

    number of loans each year, averaging 30 loans

    annually, with another 30 loans through the DWSRF

    and CWSRF programs. Prior to 2012 the Bank

    saw an increase in loans processed largely due to the QSCB program, the SRRF program, both in addition to the General

    Resolution program.

    Since 2008, the Bank has seen an increase in the number of loans outstanding, due to increases in the types of loans offered, such as the QSCBs, Garvee, TransCap as well as new loan approvals coming through the SRRF program.

    0

    20

    40

    60

    80

    100

    120

    140

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    93

    129

    106 111

    78

    66

    74

    63

    110

    46

    31

    Number of Loans Closed By Calendar Year

    Loans Closed Estimated To Year End

    600

    700

    800

    900

    1,000

    1,100

    1,200

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    1,131 1,155

    1,177

    1,211 1,206 1,207 1,211 1,193 1,211 1,222

    Number Loans With Principal Balance By Calendar Year

  • Maine Municipal Bond Bank Measures Of Performance

    Page 3 Lending Activity - continued

    The dollar amount of bonds issued over the last four years has been inline with historic averages. The Liquor bonds were issued in 2013. ARRA funds, as well as the addition of QSCBs causing the spike in issuance from 2009-2011.

    BONDS ISSUED

    The dollar amount of loans outstanding has

    remained steady since the addition of new

    programs over the past 10 years.

    PRINCIPAL BALANCE OF LOANS OUTSTANDING

    $500,000,000 $1,000,000,000 $1,500,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $1,363,288,465

    $1,564,622,115

    $1,641,791,944

    $1,825,277,331

    $1,725,947,576

    $1,880,106,120

    $1,831,185,203

    $1,829,563,673

    $1,823,920,663

    $1,919,185,869

    Outstanding Principal Balance By Calendar Year

    $25,000,000 $100,000,000 $175,000,000 $250,000,000 $325,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $199,070,000

    $297,405,000

    $288,355,000

    $293,300,000

    $155,696,142

    $251,240,238

    $173,810,000

    $195,070,000

    $172,230,000

    $113,750,000 $198,935,000

    Bonds Issued By Calendar Year

    Bonds Issued Estimated To Year End

  • Maine Municipal Bond Bank Measures Of Performance

    Page 4 Lending Activity - continued

    Borrowers benefit when the Bank refunds their outstanding bonds. The Bank passes along these savings to the borrowers who make up the refunded series. Over the past 10 years, the Bank has provided savings to 232 borrowers and 550 loans through the General Resolution, CWSRF, DWSRF and TransCap programs.

    The Bank is always looking for refunding opportunities

    when market conditions are favorable. This allows the

    Bank to take advantage of lowering the costs to our borrowers. In 2015, the

    Bank processed two refunding sales. In 2012, the

    Bank processed four refunding sales which

    involved tax-exempt and taxable bonds. The Bank is currently reviewing a 2017

    sale to refund four separate series with a par amount estimated at $88 million.

    REFUNDINGS PAR AMOUNT

    $0 $50,000,000 $100,000,000 $150,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $43,360,000

    $99,425,000

    $26,145,000

    $120,410,000

    $92,295,000

    $135,340,000

    $62,815,000

    Refundings By Calendar Year

    $0 $2,500,000 $5,000,000 $7,500,000 $10,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $4,167,884

    $8,103,658

    $2,090,368

    $10,345,677

    $7,988,215

    $10,490,434

    $8,098,179

    Savings By Calendar Year

    PRESENT VALUE SAVINGS FROM REFUNDINGS

  • Maine Municipal Bond Bank Measures Of Performance

    Page 5 Lending Activity - continued

    DISTINCT BORROWERS SERVED

    The General Resolution program has issued loans to

    11 new borrowers in the past two years. By adding

    new borrowers to the portfolio, we are further

    diversifying the pool, reinforcing the effectiveness of our marketing efforts, and

    reflecting the strong reputation the Bank has with eligible borrowers.

    Repeat customers show the Bond Bank has a good

    working relationship with its clientele and strives to

    continue that relationship for the future.

    300

    325

    350

    375

    400

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    393 394 390

    400 399 395

    392

    380 378

    385

    1

    Distinct Borrowers Served By Calendar Year

    Distinct Borrowers

    Estimated To Year End

  • Maine Municipal Bond Bank Measures Of Performance

    Page 6 II Activities In Support Of Lending

    The Bank processes a large number of draws annually. The number of draws varies depending on the type of loans issued.

    DRAWS PROCESSED

    Custodial assets under management have

    increased or decreased depending on the

    timing of contributions from the State for the TransCap and Liquor funds and new loans

    versus loan repayments in the

    CWSRF and DWSRF programs.

    CUSTODIAL ASSETS UNDER MANAGEMENT

    100

    200

    300

    400

    500

    600

    700

    800

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    539

    753

    684 644

    614

    475

    550

    617 642

    368

    176

    Draws Processed By Calendar Year

    Draws Processed

    Estimated To Year End

    $0 $100,000,000 $200,000,000

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    $106,402,271

    $126,054,387

    $142,154,012

    $161,776,147

    $169,854,245

    $168,910,673

    $193,451,427

    $223,143,415

    $244,932,632

    $230,907,908

    Custodial Assets Under Management By Fiscal Year

  • Maine Municipal Bond Bank Measures Of Performance

    Page 7 Activities In Support Of Lending - continued

    Semi annual debt service invoicing for the equity loan programs is

    processed in-house. Increases in the

    number of invoices over the past several years reflects an increase in

    loan activity in these programs. The Bank

    provides in-house billing for the following

    programs: DWSRF, CWSRF, School SRF,

    Garvee, and TransCap.

    INVOICES PROCESSED

    0

    200

    400

    600

    800

    1,000

    1,200

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017