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