Every day at NCB Capital Impact, two standards are ubiquitous in all our work: strength and progress.
We balance the need to carefully manage our resources and stand by our commitments to you – our partners, investors and constituents – while ensuring that we continue to stretch to respond to new challenges confronting American families and their well being. It is the solid foundation that you have helped us build that enables us to create mission-critical products, services and partnerships to provide the promise of economic opportunity for all Americans.
As you see in our impact highlights and summary charts, our community financing and technical assistance initiatives are instrumental in producing large numbers in square feet for schools and health care centers, school seats, patients served, and affordable housing and long-term care units.
While these growing, strong metrics are vital to building stronger communities, we never forget the real impact: people...
Each child who can now learn in an enriched environment.
Each family that can now get basic medical attention.
Each elder who can now live independently with dignity.
Each hard-working American who can now own his home.
Driving our impact was a record year in disbursements, arranged transactions and technical assistance hours: $136 million in disbursements; $49.6 million in arranged transactions; and over 16,500 technical assistance hours.
Our investor managed portfolio grew 57% to $300 million, bringing our total assets managed to nearly $400 million. This growth was sparked by $106 million in investor funded loans including $43.5 million in New Markets Tax Credits transactions. Additionally, we introduced a new charter school lending program, expanded servicing and asset management services, and utilized $30 million in capital from NCB.
Plus, in October, we were awarded $100 million more in New Markets Tax Credits bringing our total NMTC allocations to $229 million over the past three years.
So much of our progress and growth in 2007 was due, in fact, to more than money. Our programs continued to shape the policy environment, and equip our partners with tools necessary to make real progress in addressing problems that poverty creates. We saw a robust year across a variety of exciting initiatives that are opening new opportunities for long-term care in non-institutional and community settings, primary care in modern and culturally appropriate facilities, fruitful educational choices and the emergence of dynamic affordable housing options in shared equity formats.
Of course we extend innovation to our operational efficiencies. In 2007, we continued to strengthen our infrastructure with a new system to track third party reporting items reinforcing compliance with funders and investors. Further, we upgraded our loan accounting system to support our high volume, multi-product lending programs.
Since the beginning, increasingly, and never more than in 2007, collaboration has powered our success and strength. Working as one, the organizations we support and those that support us, we consistently collaborate to make capital and assistance go further and do more.
Further strengthening our foundation is continued, strong credit quality: In 2007, charge-offs barely registered at 0.5% of total loans and delinquencies remained well within the acceptable level at 4.6%.
Again, it is my pleasure to welcome you to our 2007 annual report – exclusively online for your convenience and to conserve both the organization’s and earth’s resources… another step we have taken to fulfill our mission with dedication to lasting strength and progress.
Terry D. Simonette
President and CEO
NCB Capital Impact
NCB Capital Impact FINANCING ACTIVITIES (IN MILLIONS)
||Portfolio & Loan Program Disbursements
||Total Arranged Transactions