Opportunity Finance Institutions Side by SideSide by Side Side by Side is an annual reference guide...

Opportunity Finance Institutions

Side by SideFiscal Year 2019 OFN Member Data Analysis twenty SECOND Edition

Cover photography is from selected OFN member profiles. Photo credit for bottom left photo: Luke Hirst Media.

About OFNOpportunity Finance Network (OFN) is a leading national network of CDFIs. Headquartered in Washington, DC, with an office in Philadelphia, OFN has 330+ high-performing CDFI members. Our members provide financing to benefit low-income and low-wealth people and places in all 50 states, as well as the District of Columbia and Puerto Rico.

OFN’s mission is to lead CDFIs and their partners to ensure that low-income and low-wealth people and communities have access to affordable, responsible financial products and services. OFN supports its member CDFIs and the CDFI industry with Money (capital), Strength (capacity building), and Voice (advocacy and industry awareness) activities to drive transformational change in communities underserved by mainstream finance.

Contents

Introduction 2–3

Overview of Fiscal Year 2019 Data 4–6

Peer Group Data 7–50

Table 5a: Fiscal Year 2019 Peer Group Members — Alphabetical Listing 12-13

Table 5b: Fiscal Year 2019 Peer Group Members 14-22

Table 6: Summary of Peer Groups 23-25

Table 7: Microenterprise Loan Funds Peer Group Data 26-28

Table 8: Business Loan Funds Peer Group Data 29-31

Table 9: Commercial Real Estate Loan Funds Peer Group Data 32-34

Table 10: Community Services Loan Funds Peer Group Data 35-37

Table 11: Housing to Individuals Loan Funds Peer Group Data 38-40

Table 12: Housing to Organizations Loan Funds Peer Group Data 41-43

Table 13: Credit Union Peer Group Data 44-47

Table 14: Credit Union Peer Groups, Supplementary NCUA Data 48-49

Appendix: Methodology and Glossary 50-53

1

2 | Introduction

Introduction

Overview of Side by SideSide by Side is an annual reference guide for industry practitioners, investors, and others interested in assessing the activity and performance of the opportunity finance industry. It presents data from OFN member financial institutions and includes peer group analyses for the primary financing sectors.

How Is the Guide Structured? There are three sections in the report:

n Overview of Fiscal Year 2019 Data presents key industry-level statistics.

n Peer Group Data defines 35 core peer groups and 12 additional peer groups. For each peer group we present the following data: institution size, sectoral composition of financing, staff and board composition, efficiency and operations ratios, sources and composition of capital, financing activity and performance, and markets served.

Using their FY 2019 financing outstanding breakout by sector, we grouped CDFIs by their primary financing sector. In order to keep the most comparable CDFIs together, we sometimes placed a CDFI in a peer group based on its historical financing trends rather than its FY 2019 financing outstanding.

n Appendix: Methodology and Glossary explains our data collection and analysis methodologies and includes a glossary of key terms used in the document.

What’s New This Year? We added an Intermediary Loan Fund peer group for the three CDFIs that lend to other CDFIs.

Grameen AmericaNew York, NYMicroenterprise

Sheila owns mobile boutique Liha on 125th Street in Harlem next to the iconic Apollo Theater. When COVID-19 hit New York City in March 2020, Sheila had to shut down her store due to social distancing mandates. Fortunately, support from Grameen America has helped Sheila, and as chief of her Grameen America Center, she and the group of businesswomen she leads are also supporting each other as they move through this critical period.

Sheila was able to quickly pivot her business at the pandemic’s onset. She adopted curbside pickup, relaunched her online store, and expanded her social media presence. Through her resourcefulness, Sheila set up a studio in her own apartment, allowing space to both design her custom-made accessories and market her products virtually through photoshoots and video.

“I’ll be out again on 125th Street with my customers and I will continue to connect with them online,” Sheila proclaimed over the summer. As promised, Sheila reopened her mobile boutique in the fall of 2020 and remains optimistic about Liha’s future.

Shared Capital CooperativeSaint Paul, MNSmall Business / Food Co-op

Durham Co-op Market is a cooperatively owned grocery store in North Carolina that works hard to make the concept of ‘Everyone is Welcome’ a core part of its identity. This commitment is embodied in the staff: more than 60 percent of employees are people of color, 15 percent identify as queer, gay, or transgender, and 15 percent have a primary or native language other than English. Shared Capital Cooperative provided financing to open the market’s brick-and-mortar store, later renewing the balance of the original loan for store upgrades.

Start-up food co-ops have faced intense competition in recent years, and Durham Co-op Market has proven itself, thriving as a business and delivering on its commitment to serve its community. It shows not only in the diverse staff, but also in its food equity programs, including its Food for All Program offering 20 percent discounts to anyone qualifying for SNAP benefits, weekly $3 dinners, and the market’s purchase of more than $1 million annually in products from local producers and farmers.

How Is the Guide Useful for CDFIs? Opportunity finance practitioners can use this guide to compare their organization’s activities and performance to a peer group of similar organizations. This can help CDFIs make management and operational decisions to improve their performance.

For institutions that are expanding financing into new sectors, this guide helps them understand the differences among sectors. Many organizations also use information in this guide to inform and educate their boards of directors, funders, and investors.

How Is the Guide Useful for Investors? This guide helps investors understand key aspects of the opportunity finance industry’s operations and key ratios they may want to consider when evaluating opportunity finance institutions for investment. It helps investors understand some of the differences across sectors, institution sizes, and institution types, which will improve their evaluation. Finally, investors can use the guide to compare a CDFI under consideration for funding to a peer group of similar organizations.

Introduction | 3

4 | Overview

Overview F I S C A L Y E A R 2 0 1 9 D A T A

Opportunity Finance Network (OFN) is a leading national network of CDFIs. Headquartered in Washington, DC, with an office in Philadelphia, OFN has 330+ high-performing CDFI members. Our members provide financing to benefit low-income and low-wealth people and places in all 50 states, as well as the District of Columbia and Puerto Rico.

This report provides information on 268 CDFIs. The vast majority (247) of these institutions are loan funds with the balance being 18 credit unions, two banks, and one venture capital fund. Data sources include these CDFIs’ FY 2019 OFN annual member

surveys and audited financial statements, as well as publicly available National Credit Union Administration (NCUA) data.

Three factors of note about the FY 2019 dataset:

n Participation rates in the annual member survey were significantly limited due to the COVID-19 pandemic. CDFIs faced many challenges related to the pandemic and resulting economic downturn, including resource constraints accompanied by unprecedented increases in demand for services. These challenges led to fewer completed survey submissions than usual.

n The number of CDFIs included in any given data point throughout this report depends

on several factors including the completeness of their data.

n One large credit union terminated its OFN membership late in the year. This CDFI is excluded from the figures and tables in the Overview section. It is included in the peer group analysis to provide the minimum number of CDFIs needed to create peer group CU3.

* Figure Note: This figure only includes members reporting outstanding loans by sector and excludes one large CDFI to avoid skewed figures.

Figure 1b. Fiscal Year 2019 Dollar Amount of Loans and Investments Outstanding by Sector, Loan Funds Only (n=226)

0% 5% 10% 15% 20% 25% 30% 35% 40%

Consumer

Intermediary

Other

Microenterprise

Housing toIndividuals

CommercialReal Estate

Business

CommunityServices

Housing toOrganizations

0.6%

2.4%

0.8%

4%

10%

11%

12%

19%

40%

Figure 1a. Fiscal Year 2019 Dollar Amount of Loans and Investments Outstanding by Sector: All Loan Funds, Credit Unions, and Venture Funds (n=244)

0% 5% 10% 15% 20% 25% 30%

Intermediary

Other

Microenterprise


Business

Consumer

CommunityServices

Housing toOrganizations


0.5%

2.2%

2.5%

9%

8%

11%

12%

26%

29%

Highlights from Fiscal Year 2019 DataIn 2019, OFN members provided $7.9 billion in financing to people, markets, and communities just outside the margins of conventional, mainstream finance. Individually, members averaged $32.7 million in financing closed.

At fiscal year-end, OFN members held $27.5 billion in total assets and $19.6 billion in total financing outstanding. The loans and investments outstanding are in nine sectors: Business, Commercial Real Estate, Community Services1, Consumer, Housing to Individuals, Housing to Organizations, Intermediary2, Microenterprise, and Other.

Figure 1a presents loans and investments outstanding by sector for all reporting CDFIs, except banks. The largest sector is Housing to Individuals (29%), with Housing to Organizations a close second (26%). Figures 1b and 1c show that the composition of financing provided by loan funds and credit unions is quite distinct. Loan funds’ largest sector is Housing to Organizations (33%), followed by Community Services (16%), Consumer (16%), Business (10%), Commercial Real Estate (9.5%), Housing to Individuals (9%), Microenterprise (3%),and Other (2%); Intermediary (0.6%) falls to the bottom. For credit unions, two sectors — Housing to Individuals and Consumer — make up 94% of all financing, while Business (3%) and Commercial Real Estate/Community Services (2%) fall to the bottom.

Through Fiscal Year 2019, OFN members provided $82.7 billion in cumulative financing3. This financing helped create or maintain nearly 1.8 million jobs, start or expand 448,541 businesses and microenterprises, and support the development or rehabilitation of more than 2.1 million housing units and 12,000 community facility projects. See Table 1.

OFN members make appropriately priced capital available to traditionally underserved markets. On average, 84% of members’ clients are low-income, low-wealth, or historically disinvested, 60% are persons of color, and 50% are female.

The Network’s 90-days past due portfolio rate decreased from 1.3% in FY 2018 to 1.1% in FY 2019.4 This compares to 1.8% in 2017, 1.3% in FY 2016, and 1.2% in FY 2015.

The Network’s annual net charge-off rate decreased from 1.10% in FY 2018 to 0.51% in FY 2019, compared to 0.48% and 0.52% among FDIC-insured institutions, respectively.5 Changes in net charge-off ratios vary widely by lending sector. OFN members’ cumulative loan loss rate was 0.76%. See Table 2.

1 Community Services includes financing to human and social service agencies, advocacy organizations, cultural/religious organizations, health care providers, child care providers, and education providers.

2 Intermediary financing is financing provided to other CDFIs.3 See the Appendix for an explanation of cumulative totals.4 For the credit unions in the sample, this percentage includes loans greater than 12 months past due. The percentage does not include non-accruals that have not been included in past due loans.

5 Federal Deposit Insurance Corporation, Quarterly Banking Profile, December 2019.

Figure 1c. Fiscal Year 2019 Dollar Amount of Loans and Investments Outstanding by Sector, Credit Unions Only (n=17)*

0% 10% 20% 30% 40% 50% 60% 70%

Other


Business

Consumer


1.7%

2%

3%

31%

63%

Overview | 5

Table 1. Cumulative Results through Fiscal Year End 2019

Total

Number of CDFIs

Reporting

Cumulative Financing Since Inception $82,718,444,355 248

Housing Units Developed or Rehabilitated 2,148,242 95

Number of Businesses and Microenterprises Financed 448,541 167

Number of Jobs Created or Maintained 1,751,950 181

Number of Community Services Organizations Financed 12,072 57

Table 2. Key Fiscal Year 2019 Statistics

FINANCING Total

Number of CDFIs

Reporting

Cumulative Financing Since Inception $82,718,444,355 248

Financing Closed $7,912,572,522 242

Financing Outstanding $19,580,296,801 266

Deployment Ratio (Without Commitments) 82% 232

Average Interest Rate of Loans 6.24% 241

PORTFOLIO QUALITY

Delinquency Rate >90 Days 1.08% 243

Delinquency Rate >30 Days 2.23% 243

Net Charge-off Rate 0.51% 226

Loan Loss Reserves 2.87% 237

Cumulative Loan Loss Rate* 0.76% 248

OPERATIONS

Total Assets $27,474,147,461 267

Equity/Total Assets** 24% 230

Average Interest Rate of Borrowed Funds 2.48% 224

Average Number of Staff*** 28 232

Average Year Began Financing 1997 229

*Spans Fiscal Years 1999-2019**For loan funds only, the equity to total assets ratio is 28%. ***For loan funds only, excluding one large CDFI, the average FTE staff count is 24.

Bridgeway CapitalPittsburgh, PACommunity Facilities

Jillian Giles founded Pearl’s Serenity House—McKeesport, Pennsylvania’s first women-only, long-term housing facility—to support survivors of domestic violence, drug abuse, and homelessness beyond the 30 days offered at most shelters. Jillian began working with Bridgeway Capital in 2018, receiving a loan to transform a vacant church into a transitional home with two bedrooms and eight double rooms. More recently, with a second loan from Bridgeway Capital, Jillian was able to make further updates to the building.

With exterior renovations and repointing complete, Jillian and her staff can focus on building meaningful relationships with the women inside as they heal and establish self-sufficiency before moving on. By creating an intimate, home-like atmosphere staffed with trained counselors, Pearl’s Serenity House is able to foster meaningful sisterhood and personal growth among its residents, empowering them for the next chapters of their lives.

6 | Overview

Peer GroupD A T A

Selecting the Core Peer Groups The analysis includes 35 core peer groups (Table 3). The goal in selecting core peer groups is to identify the CDFIs that are most similar in terms of organizational strategy, products offered, and stage of development. To achieve that goal, we developed the core peer groups based on three key characteristics: institution type, financing sector, and capital size. When the sample size is sufficient, we subdivide the institution financing sector by capital size, our proxy for stage of development.

Institution Type

The institutions in this report comprise three types: loan funds, credit unions, and venture capital funds. Although all CDFIs make loans and/or investments to bring new opportunities and resources to economically disadvantaged communities and people, different institution types use varying corporate structures, sources of capital, products, and services to pursue that common goal.

These differences make comparisons across institution type difficult. For example, credit unions do a substantial amount of consumer lending, which is fundamentally different from business and housing lending to organizations. Venture capital organizations provide equity and near-equity to businesses, which is fundamentally different than lending in terms of risk profile, deal structure, and rate of return, among other factors.

This report provides information on as many as 268 CDFIs, depending on the data point. Of the 268 CDFIs in our FY 2019 dataset, 242 are included in the peer analysis. These 242 provided sufficient data and have the minimum number of peers (three) needed for a peer group.

Rural Electric Economic Development (REED) FundMadison, SDCommunity Facilities

Accessibility is critical to the success of any business. In the case of South Dakota renewable energy company Ringneck Energy, which produces fuel-grade ethanol and high-protein feed source for local livestock in the town of Onida, that meant the construction of a new concrete highway connecting to its facility. With financing from the Rural Electric Economic Development (REED) Fund, Ringneck was able to complete construction on this highway.

The highway allows for significantly increased production and year-round receiving and shipping. Economic benefits extend to the local community as well. The facility is surrounded by corn producers, and with the recent downturn in agricultural production, local producers appreciate having Ringneck nearby to sell to, rather than having to ship grain out of the area. As the COVID-19 pandemic rages on, the company has also begun selling its ethanol for use in hand sanitizer.

“The REED Fund allowed Ringneck to fulfill the vision we had for ourselves,” said Danci Baker, CFO of Ringneck Energy. “And now we’re able to show rural South Dakota has the ability to provide sustainable businesses nationally.”

Peer Group Data | 7

Table 3. Core Peer Group Definitions

Number of CDFIs

in Peer Group

M1: Microenterprise Loan Funds with Total Capital of Less Than $2 Million 8

M2: Microenterprise Loan Funds with Total Capital of $2 Million to Less Than $5 Million

7


7


8

M5: Microenterprise Loan Funds with Total Capital of $20 Million or More 7

B1: Business Loan Funds with Total Capital of Less Than $3 Million 9

B2: Business Loan Funds with Total Capital of $3 Million to Less Than $5 Million 12





B7: Business Loan Funds with Total Capital of $90 Million or More 6

R1: Commercial Real Estate Loan Funds with Total Capital of Less Than $20 Million

6

R2: Commercial Real Estate Loan Funds with Total Capital of $20 Million or More 6

S1: Community Service Loan Funds with Total Capital of Less Than $30 Million 5

S2: Community Service Loan Funds with Total Capital of $30 Million to Less Than $60 Million

4


4

S4: Community Service Loan Funds with Total Capital of $200 Million or More 5

Hi1: Housing to Individuals Loan Funds with Total Capital of Less Than $4 Million

9

Hi2: Housing to Individuals Loan Funds with Total Capital of $4 Million to Less Than $15 Million

7


7


6

Hi5: Housing to Individuals Loan Funds with Total Capital of $75 Million or More 5

Ho1: Housing to Organizations Loan Funds with Total Capital of Less Than $10 Million

3

Ho2: Housing to Organizations Loan Funds with Total Capital of $10 Million to Less Than $21 Million

5


7


8


7


6

Ho7: Housing to Organizations Loan Funds with Total Capital of $200 Million or More

4

C: Consumer Loan Funds 8

I: Intermediary Loan Funds 3

CU1: Credit Unions with Total Assets of Less than $100 Million 7

CU2: Credit Unions with Total Assets of $100 Million to Less than $1 Billion 8

CU3: Credit Unions with Total Assets of $1 Billion or More 3

242

Primary Care Development CorporationNew York, NYCommunity Facilities

Operating five health centers across Miami and South Florida, Care Resource supports the growth and development of community-based health centers serving low-income and uninsured populations. In June 2019, Care Resource broke ground to transform its existing 22,000 square foot, two-story Midtown Miami headquarters building into a 55,000 square foot, seven-story community health center.

Once completed in early 2021, the reconstruction project will enable the facility to house an additional 14 exam rooms, 10 dental stations, and a retail pharmacy. Financing for this $34 million expansion was provided by Community Health Center Capital Fund (Capital Fund), Primary Care Development Corporation, National Cooperative Bank, and the health center’s own cash investment.

In addition to offering primary care services, Care Resource will focus on patients affected by AIDS and HIV. “This project will alleviate barriers to quality health care for this population and provide a comfortable setting for AIDS and HIV patients to seek needed medication, treatment, and counseling to improve their lives and the lives of their loved ones,” said Andrew Agyemang, loan officer at Capital Fund.

8 | Peer Group Data

Primary Financing Sector

Loan funds can be subdivided by primary financing sector: Business, Commercial Real Estate, Community Services, Housing to Individuals, Housing to Organizations, Intermediary, Microenterprise, or Consumer.

These categories represent distinct types of financing, with many key differences in risk profile, financing efficiencies, and portfolio performance. Most of the loan funds in the sample are engaged in more than one type of financing, but nearly all do a significant portion of their financing in one of the below categories. Based on the dollar amount of financing outstanding at fiscal year end, we divided the loan funds as follows:n Business 70n Housing to Organizations 40n Housing to Individuals 34n Microenterprise 37n Commercial Real Estate 12n Community Services 38n Consumer 8n Intermediary 3

We excluded one Venture Capital Fund because there was an insufficient number of similar Venture Capital Funds to create a peer group.

Capital Size

Total capital and total assets are proxies for a CDFI’s stage of development, as older and more experienced CDFIs generally have more capital and assets. We subdivided Credit Unions into three peer groups by asset size. We subdivided loan fund sectors, except for Consumer and Intermediary, into two or more core peer groups by capital size. There are not enough Consumer and Intermediary loan funds to subdivide those lending sectors.

Additional Peer Groups In addition to analyzing CDFIs by institution type, sector served, and size, there are numerous other ways to group CDFI data that may be of interest to CDFIs and investors. We have chosen to include 12 additional peer groups. Eight of these — All Business Loan Funds, All Microenterprise Loan Funds, All Microenterprise and Business Loan Funds, All Housing to Organizations Loan Funds, All Housing to Individuals Loan Funds, All Community Services Loan Funds, All Commercial Real Estate Loan Funds, and All Credit Unions — are combinations of two or more core peer groups. The other four divide two of the additional peer groups (All Business and All Housing to Organizations) by market served (Primarily Urban and Primarily Rural). See Table 4.

Genesis Community Loan Fund Brunswick, ME, and

Local Enterprise Assistance Fund (LEAF)Boston, MAAffordable Housing

In manufactured housing communities, residents often own their homes but not the land beneath them. Big private investors often purchase the communities and either dramatically increase rents or evict residents to redevelop the land. Fortunately, the owner of Mountainside Park in Camden, Maine, decided not to sell the property to an outside investor last summer, instead choosing to work with Genesis Community Loan Fund (Genesis).

A loan from Genesis, along with financing from Camden National Bank and fellow CDFI Local Enterprise Assistance Fund (LEAF), allowed residents to meet the total project cost and officially purchase their newly named Mountainside Community Cooperative.

Securing affordable housing can be challenging in a place like Camden. However, because rents in resident-owned communities are proven to remain stable, now Mountainside residents — many of whom are retired, fixed-income, and low-income Mainers — know they’ll never be forced out because of redevelopment, evictions, or rent spikes.

Peer Group Data | 9

Table 5a (starting on page 12) provides an alphabetical list of CDFIs and their core peer group assignment, while Table 5b provides a list of CDFIs included in each of the core peer groups. For each institution, Table 5b provides descriptive information such as year started financing, geographic area served, total assets, total capital, and financing outstanding. Each of the 242 institutions included in the peer group analysis is included in a single core peer group.

Credit Union Peer GroupsAs regulated entities, credit unions are required to report performance data to their regulator, the National Credit Union Administration (NCUA). OFN utilizes external comparison groups for our credit union members. Using publicly available NCUA 5300 Call Report data, we created peer groups based on asset size and compare each to three larger populations of credit unions: all CDFI Fund-certified credit unions, all NCUA low-income designated credit unions, and all credit unions.

We present the NCUA 5300 data in Tables 13 and 14. The data is organized similarly to Tables 6 through 12, except where NCUA’s 5300 data and OFN’s member data do not align perfectly. For example, NCUA’s and OFN’s financing sectors are not

exactly the same. In addition, we have included some relevant NCUA data that OFN does not collect, such as an extensive list of products targeted to low-income populations.

Comparing OFN member credit unions to the three other populations of credit unions shows that they are leaders in serving low-income and people of color.

As shown in Table 13, all 18 OFN member credit unions serve a majority low-income membership compared with 49% of all credit unions. Moreover, OFN member credit unions:

n Self-identify as having memberships that are predominantly people of color far more often: 61% versus 28% of CDFI Fund-certified, 18% of low-income designated, and 11% of all credit unions.

n Have boards that are predominantly people of color far more often: 67% versus 33% of CDFI Fund-certified, 21% of low-income designated, and 14% of all credit unions.

n Offer financial products and services that target underserved communities far more often: financial counseling (94%), financial literacy (83%), bilingual services (61%), micro business loans (44%), first time home buyer programs (67%), pay day loan alternatives (39%), and individual development accounts (39%).

Visit https://cdfistory.ofn.org/ to discover many more CDFI borrower stories and videos, such as:

Nimiipuu Fund supports Native entrepreneur and Nez Perce Tourism owner in Lewiston, ID.

Southern Bancorp helps homeowner save her home from foreclosure in Marianna, AR.

Lendreams helps food small business Criolite reach $1 million in revenue in Puerto Rico.

Table 4. Additional Peer Group Definitions

Number of CDFIs in Peer Group

M: All Microenterprise Loan Funds 37

MB: All Microenterprise and Business Loan Funds 109

B: All Business Loan Funds 72

BR: Business Loan Funds Serving Primarily Rural Populations 21

BU: Business Loan Funds Serving Primarily Urban Populations 51

R: All Commercial Real Estate Loan Funds 12

S: All Community Services Loan Funds 18

Hi: All Housing to Individuals Loan Funds 34

Ho: All Housing to Organizations Loan Funds 40

HoR: Housing to Organizations Loan Funds Serving Primarily Rural Populations 6

HoU: Housing to Organizations Loan Funds Serving Primarily Urban Populations 34

CU: All Credit Unions 18

10 | Peer Group Data

7 https://ofn.org/sites/default/files/OFN_CDFI_CreditUnion_LongStudy_FINAL.pdf

https://cdfistory.ofn.org/

Calculating and Understanding Financial Ratios Below are explanations and equations for several of the key ratios we use in the peer group analysis

TOTAL CAPITAL Explanation Total capital represents the CDFI’s total lending and investing pool, or the total amount of funds that the CDFI has for lending and investing including both prin-cipal outstanding and idle funds. Capital excludes funds not available for lending and investing (i.e., operating funds).

Definition Loan funds and venture capital funds: Total Capital = Borrowed Capital + Equity Capital + Equity Equivalent Capital

Credit unions: Total Capital = Borrowed Funds + Equity Capital + Shares + Deposits + Secondary Capital

Note: For loan funds and credit unions, capital includes only the capital that the CDFI has drawn down; for venture capital funds, capital also includes the funds that are committed to the fund.

EQUITY CAPITAL RATIO Explanation Equity capital acts as a cushion to protect senior debt investors from losses, helps reduce a CDFI’s cost of funds, and enhances a CDFI’s lending flexibility.The ratio demonstrates what percentage of the CDFI’s total capital comes from equity (as opposed to debt).

Definition Equity Capital/Total Capital

SELF-SUFFICIENCY RATIO Explanation The self-sufficiency ratio measures the extent to which a CDFI is covering its expenses through earned revenue. Higher self-sufficiency is positive because it allows a CDFI to be more independent in program growth and priorities; it also allows staff to focus more on growing loan fund capital (rather than raising operating funds). Operating expenses include provi-sion for loan losses and interest expense.

Definition Earned Revenue/Operating Expenses

DEPLOYMENT RATIO (without commitments) Explanation The deployment ratio measures the per-centage of total capital that is being deployed by the CDFI. This ratio could vary from year to year based on large capital infusions or loan repayments. Note that this calculation does not take into account liquidity reserves, which are funds (sometimes 10%–15% of capital) that CDFIs typically set aside and are not available for lending. Nor does it include commitments (approved loans and invest-ments that have not yet been deployed).

Definition Loans & Equity Investments Outstanding/Total Capital

ALLOWANCE FOR LOAN LOSSES RATIO Explanation Allowances for loan losses act as insurance reserves for potential problem loans. They are an estimate of loans (or portions of loans) that may prove uncollectible. CDFIs’ allowances for loan losses ratios vary depending on the type of lending, quality of portfolio, and historical loan losses.

Definition Allowance for Loan Losses/Gross Loans Receivable

CUMULATIVE NET CHARGE-OFF (NET LOAN LOSS) RATIO Explanation The cumulative net charge-off ratio (net loan loss ratio) represents the percentage of the loan portfolio (including debt with equity features) that has been written off since inception, net of recoveries. It pro-vides a historical perspective on losses at the CDFI.

Definition Cumulative Net Charge-offs (Net Loan Losses)/Cumulative Loans Financed

NET CHARGE-OFF (NET LOAN LOSS) RATIO Explanation The net charge-off ratio (net loan loss ratio) represents the percentage of the CDFI’s outstanding loan portfolio (including debt with equity features) that has been written off during the year, net of recoveries. This is a key ratio used in the commercial bank-ing industry.

Definition Net Charge-offs (Net Loan Losses)/ Gross Loans Outstanding

Using the Peer Group AnalysisThe peer group analysis is presented in Tables 6 through 15. For each peer group, the analysis covers size of institution, sectoral composition of financing, staff and board composition, efficiency and operations ratios, composition and sources of capital, financing activity and performance, and markets served. All statistics are simple averages except where noted.

If a CDFI did not report a data point, the CDFI is excluded from the peer group average for that data point. Also, certain ratios are not relevant for certain sectors; these ratios have been excluded for the individual peer groups. Lastly, outlier values have been excluded from selected ratio calculations (see Methodology section).

As you begin to look at the data, remember that diversity can be substantial even within peer groups. When comparing an opportunity finance institution with a peer group, identify the major differences and try to understand reasons why those differences exist.

Peer Group Data | 11


Table 5a Fiscal Year 2019 Peer Group Members — Alphabetical Listing

Member Name Peer Group

Access Plus Capital B4

Access to Capital for Entrepreneurs (ACE) B5

Accompany Capital M3

ACT! Albany Community Together, Inc. B2

AEDC B3

Affordable Homes of South Texas, Inc. Hi5

Affordable Housing Trust for Columbus and Franklin County Ho4

African Development Center B2

Akiptan B1

Allies for Community Business M4

AltCap B4

Appalachian Community Capital Corporation I

Arkansas Capital Corporation B5

Ascendus M5

ASSETS M1

Atlanta Neighborhood Development Partnership Ho1

Baltimore Community Lending Ho2

Bankable M5

Bankers Small Business CDC of California B4

Beaufort County Black Chamber of Commerce M1

Black Business Investment Fund B3

BlueHub Loan Fund, Inc. Ho6

BlueHub SUN Hi5

BOC Capital Corp B4

Brazos Valley CDC, Inc. Hi1

Bridge Investment Community Development Corporation Ho1

Bridgeway Capital B7

Building Hope...A Charter School Facilities Fund S3

Business Impact NW B4

California FarmLink B3

Capital for Change Ho4

Capital Good Fund C

Capital Impact Partners S4

Capital Plus Financial Hi5

Carolina Small Business Development Fund B5

CASA of Oregon Ho2

CDCLI Funding Corporation Inc. Hi1

Century Housing Corporation Ho7

Charter Schools Development Corporation S3

Chehalis Tribal Loan Fund C

Chi Ishobak, Inc. C

Chicago Community Loan Fund Ho5

Chicago Neighborhood Initiatives Micro Finance Group M2

Cincinnati Development Fund, Inc. Ho4

Cinnaire Lending Corporation Ho3

Citizen Potawatomi Community Development Corporation R2

Clearinghouse Community Development Financial Institution S4

Cleveland Development Advisors Community Reinvestment Fund R1

Coastal Enterprises (CEI) B7

Colorado Enterprise Fund B5

Common Capital, Inc. M3

Communities Unlimited, Inc. B4

Community Assets for People Hi3

Community Capital New York M3

Community Capital of Vermont, Inc. M2

Community Concepts, Inc. B4

Community Development Fund of Utah Hi1

Community First Fund B6

Community Fund of North Miami Dade R1

Community Health Center Capital Fund, Inc. S1


Community Housing Capital Ho4

Community Housing Services Agency, Inc. (CHSA) Ho1

Community Investment Corporation Ho7

Community Investment Fund of Indiana, Inc. B1

Community Loan Fund of the Capital Region, Inc. S1

Community Preservation Corporation Ho7

Community Reinvestment Fund, Inc. B6

Community Ventures Corporation, Inc. B6

Community Vision Capital and Consulting R2

CommunityWorks Carolina M4

Cook Inlet Lending Center, Inc. Hi3

Cooperative Business Assistance Corporation M4

Cooperative Fund of New England B5

Corporacion para el Financiamiento Empresarial del Comercio y de las Comunidades

M2

Corporation for Supportive Housing Ho6

Craft3 B7

Dakota Resources I

Dayton Region New Market Fund LLC R1

Detroit Development Fund B4

DreamSpring M5

Economic and Community Development Institute (ECDI) M4

Economic Opportunities Fund M1

Enterprise Community Loan Fund, Inc. Ho6

Enterprise Development Fund of Erie County B2

Entrepreneur Fund, Inc. B5

Entrepreneur Works M1

Fahe Hi4

Finance Fund Capital Corporation S2

First Children's Finance M2

Florida Community Loan Fund, Inc. Ho4

FORGE Community Loan Fund M3

Forward Community Investments S1

Four Bands Community Fund B4

Four Directions Development Corporation Hi2

Genesis Fund, Inc. Ho2

Genesis LA R2

Great Falls Development Authority, Inc. B4

Greater Jamaica Local Development Company, Inc. B1

Greater Minnesota Housing Fund Ho5

Grow America Fund B6

GROW South Dakota Hi2

Growth Partners Arizona S1

Harlem Entrepreneurial Fund, LLC B1

Hartford Community Loan Fund, Inc. Ho2

Hmong Wisconsin Chamber of Commerce, Inc. M1

Home HeadQuarters Hi4

Homewise, Inc. Hi5

Hope Credit Union CU3

Hope Enterprise Corporation S2

Housing Assistance Council Ho3

Housing Trust Silicon Valley Ho6

ICA B2

IFF S4

Impact Development Fund Ho3

Impact Seven, Inc. R2

Indianapolis Neighborhood Housing Partnership, Inc. Hi4

Initiative Foundation B4

Invest Detroit Ho5

justine PETERSEN M5


Fiscal Y

ear 2

01

9 P

eer G

rou

p M

em

bers —

Alp

hab

etica

l Listing


Kentucky Habitat for Humanity Hi1

Kentucky Highlands Investment Corporation B7

La Fuerza Community Development Corporation M1

Lake Superior Community Development Corp Hi1

Latino Community Credit Union CU3

Latino Economic Development Center (MN) M2

Latino Economic Development Corporation (LEDC) (DC) M3

Legacy Redevelopment Corporation B3

Leviticus Fund Hi4

LHOME CDFI M1

LiftFund M5

Local Enterprise Assistance Fund B4

Local Government Federal Credit Union CU3

Local Initiatives Support Corporation (LISC) Ho7

Low Income Investment Fund S4

Lower East Side People's Federal Credit Union CU2

MaineStream Finance Hi1

Maryland Capital Enterprises, Inc. B3

Meda B5

Mercy Community Capital Ho4

Midwest Housing Development Fund, Inc. Ho3

Midwest Minnesota Community Development Corporation Hi4

Mill Cities Community Investments B2

Mission Community Loan Fund LLC M2

MoFi B6

Mountain Association B5

Mountain BizWorks M4

National Minority Supplier Development Council Business Consortium Fund, Inc. B2

Native360 Loan Fund, Inc. B1

Natural Capital Investment Fund, Inc. B6

NCALL Research, Inc. S2

Nebraska Enterprise Fund M4

Neighborhood Development Center B3

Neighborhood Housing Services of San Antonio Hi2

Neighborhood Lending Partners of West Florida R1

Neighborhood Lending Services, Inc. Hi3

NeighborWorks Capital Ho5

NeighborWorks Columbus Hi2

NeighborWorks Montana Hi3

Network for Oregon Affordable Housing Ho5

New Hampshire Community Loan Fund, Inc. Ho6

New Jersey Community Capital Ho6

Nonprofit Finance Fund S3

North Alabama Revolving Loan Fund, LLC B1

Northern Initiatives B5

Northland Foundation B4

Northside Community Development Fund B3

Northwest Access Fund C

Ohio Capital Finance Corporation Ho5

Omaha 100, Inc. Hi2

On The Road Lending C

One Roof Housing Hi2

Opportunities Credit Union CU2

Opportunity Fund B7

Opportunity Resource Fund Hi3

Oweesta Corporation I

PACE Finance Corporation B2

Partners for the Common Good Ho3

Pathway Lending B7

Pennsylvania Assistive Technology Foundation (PATF) C


People Trust B1

People, Inc. Financial Services M3

PeopleFund B6

PIDC Community Capital B5

PPEP Microbusiness and Housing Development Corporation B2

Primary Care Development Corporation S3

Propel Nonprofits R2

Pursuit B6

Rainier Valley Community Development Fund R2

Redbud Financial Alternatives, Inc. C

Reinvestment Fund S4

Renaissance Community Loan Fund, Inc. Hi4

Renaissance Economic Development Corporation M5

Rising Tide Community Loan Fund B2

ROC USA Capital Ho4

Rural Community Assistance Corporation Ho5

Rural Electric Economic Development, Inc. B6

Rural Investment Corporation M3

Sabre Finance B1

San Luis Obispo County Housing Trust Fund Ho2

Self-Help Credit Union CU3

Self-Help Federal Credit Union CU3

Self-Help Ventures Fund Hi5

Siouxland Economic Development Corporation R1

SJF Ventures O

Solar and Energy Loan Fund (SELF) C

South Carolina Community Loan Fund S1

Southern Bancorp Community Partners S2

Southern Mutual Financial Services, Inc. Hi1

Southwest Georgia United Empowerment Zone, Inc. B3

The Catalytic Fund R1

The Disability Opportunity Fund Ho3

The Housing Fund Hi3

The Progress Fund B6

Tiwa Lending Services Hi2

Triple Bottom Line Foundation (TBL Fund) Hi1

True Access Capital Corporation B4

TruFund Financial Services, Inc. B4

Union County Economic Development Corporation M4

Utica Industrial Development Corporation B1

Venture North Funding & Development B3

Vermont Community Loan Fund, Inc. Ho3

Virginia Community Capital Ho4

Vital Healthcare Capital B5

Washington Area Community Investment Fund B2

Wind River Development Fund B2

Wisconsin Native Loan Fund, Inc. Hi1

Wisconsin Women's Business Initiative Corporation M5

Women's Economic Ventures B2

WomenVenture M2

Woodlands Community Lenders M1

Worcester Community Housing Resources, Inc. Hi3

Working Solutions M4


Year Started

Financing

Primary Sectors Served Geographic Area Served

Total Assets

Total Capital

Total Cumulative Financing

Total Financing

Outstanding

M1: Microenterprise Loan Funds with Total Capital of Less Than $2 Million

ASSETS M1 2017 M Pennsylvania Counties of Lancaster, Berks, York, and Dauphin $1,031,880 $147,682 $158,600 $193,502

Beaufort County Black Chamber of Commerce M1 2012 M Beaufort County, South Carolina $3,926,505 $1,414,284 $102,000 $316,558

Economic Opportunities Fund M1 1999 M

Philadelphia Metro Area: Pennsylvania Counties of Bucks, Delaware, Chester, and Philadelphia; Camden County, New Jersey $1,304,190 $1,194,709 $2,538,491 $790,995

Entrepreneur Works M1 1999 MS Philadelphia Metro Area $1,262,278 $845,224 $1,783,505 $208,829Hmong Wisconsin Chamber of Commerce, Inc. M1 2007 M Wisconsin $983,593 $677,527 $138,105 $228,164La Fuerza Community Development Corporation M1 2008 M

New York Counties of Nassau and Suffolk $586,428 $534,302 $583,300 $363,372

LHOME CDFI M1 2017 MBHiHoO Louisville Metro Area $1,451,919 $1,081,861 $846,411 $472,506

Woodlands Community Lenders M1 2012 MBRSHo

West Virginia Counties of Barbour, Tucker, Randolph, Lewis, Webster, Pocahontas, Pendleton, Grant, Preston, and Greenbrier $2,445,777 $1,963,783 $637,001 $1,126,068

Sum $12,992,570 $7,859,372 $6,787,413 $3,699,994Average 2009 $1,624,071 $982,422 $848,427 $462,499


Accion Chicago M2 2012 MR Cook County (Chicago), Illinois, and parts of Northwest Indiana $3,694,309 $2,711,719 $1,767,500 $1,272,856

Community Capital of Vermont, Inc. M2 1997 M Vermont $4,703,186 $4,683,843 $8,998,843 $2,608,154Corporacion para el Financiamiento Empresarial del Comercio y de las Comunidades M2 2013 MB Puerto Rico $4,463,726 $4,085,596 $555,948 $1,960,589

First Children's Finance M2 1998 M

Minnesota, Michigan, Iowa, North Dakota, South Dakota, Missouri, Washington, Oregon. $4,623,662 $4,315,163 $5,936,880 $2,147,751

Latino Economic Development Center (MN) M2 2013 MR Minnesota $5,787,284 $3,518,846 $659,791 $2,432,418Mission Community Loan Fund LLC M2 2015 MB San Francisco/Oakland Metro Area $5,736,483 $4,764,271 $1,242,152 $1,270,177

WomenVenture M2 2002 M Minneapolis-St Paul Metro Area and Wisconsin $4,909,379 $3,067,131 $4,792,502 $1,679,707

Sum $33,918,029 $27,146,569 $23,953,616 $13,371,652Average 2007 $4,845,433 $3,878,081 $3,421,945 $1,910,236


Accompany Capital M3 1999 MB

New York City Boroughs of Bronx, Brooklyn, Queens, Manhattan, and Staten Island $9,917,117 $9,041,920 $21,362,237 $5,707,462

Common Capital, Inc. M3 1990 MBRSHo Massachusetts Counties of Hampden, Hampshire, Franklin, and Berkshire $6,675,702 $6,504,155 $22,514,833 $5,112,154

Community Capital New York M3 1989 MBHoC Eight Counties in New York and one County in Connecticut $8,089,129 $7,395,881 $21,559,080 $4,035,156

FORGE Community Loan Fund M3 1988 MBRHi Arkansas and 18 Counties in Missouri $8,005,320 $7,067,754 $2,864,700 $6,001,586Latino Economic Development Corporation (LEDC) (DC) M3 1991 MBC Maryland, D.C., and Virginia $8,881,154 $6,584,173 $15,294,532 $4,373,091People, Inc. Financial Services M3 1992 MBCO Virginia and Sullivan County, Tennessee $7,935,513 $7,499,199 $13,230,546 $3,611,818Rural Investment Corporation M3 2013 MBS Nebraska $6,307,614 $6,066,666 $1,738,570 $4,278,672

Sum $55,811,549 $50,159,748 $98,564,498 $33,119,939Average 1995 $7,973,078 $7,165,678 $14,080,643 $4,731,420

M4: Microenterprise Loan Funds with Total Capital of $10 Million to Less Than $20 MillionAccion Serving Illinois & Indiana M4 1994 MB Illinois and Indiana $12,958,409 $11,268,586 $32,539,353 $4,047,756

CommunityWorks Carolina M4 2008 MBHoC South Carolina, with emphasis on the 15 Counties of Upstate South Carolina $17,735,987 $12,606,845 $15,255,115 $6,764,934

Cooperative Business Assistance Corporation M4 1988 MBR

Seven Counties in Southern New Jersey and Philadelphia County in Pennsylvania $19,274,810 $19,129,884 $63,486,960 $12,239,514

Economic and Community Development Institute (ECDI) M4 2004 MB Ohio $25,799,525 $19,648,869 $51,844,002 $12,924,690

Mountain BizWorks M4 2002 MB 24 Westernmost Counties of North Carolina $15,000,750 $14,119,306 $29,181,142 $11,161,949

Nebraska Enterprise Fund M4 1996 MBIO Nebraska $13,651,328 $13,336,802 $21,417,042 $8,009,232

Union County Economic Development Corporation M4 1977 MBC

New Jersey, five boroughs of New York City, Westchester County, NY, and the Pennsylvania Counties of Bucks and Philadelphia $16,487,770 $14,658,160 $7,792,584 $8,434,970

Working Solutions M4 2005 M San Francisco-Oakland Metro Area $12,591,495 $11,979,739 $19,940,181 $7,346,844

Sum $133,500,074 $116,748,191 $241,456,379 $70,929,889Average 1997 $16,687,509 $14,593,524 $30,182,047 $8,866,236

Primary Sectors Served includes all lending sectors with financing outstanding as of fiscal year-end 2019.Total financing outstanding includes guarantees which can result in financing outstanding being greater than total capital.

Table 5B Fiscal Year 2019 Peer Group Members

Fiscal Y

ear 2

01

9 S

tatistics b

y Peer G

rou

p


Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

M5: Microenterprise Loan Funds with Total Capital of $20 Million or More

Ascendus M5 1991 MB National (including Puerto Rico) except Illinois and Indiana $22,641,246 $21,214,127 $129,035,320 $19,398,520

Bankable M5 2010 M Indiana Counties of Delaware, Madison, Hamilton, and Marion $29,780,650 $29,086,696 $9,446,969 $5,113,796

DreamSpring M5 1994 MBR Arizona, Colorado, Nevada, New Mexico, and Texas $51,851,693 $39,305,378 $150,603,095 $44,964,187

justine PETERSEN M5 2002 MBHiC Missouri, 28 Counties in Kansas, and Central and Southern Illinois $38,904,479 $31,653,704 $95,199,293 $22,070,355

LiftFund M5 1995 MB

Texas, Alabama, Arkansas, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Kentucky, Missouri, Louisiana, and Mississippi $77,666,837 $59,777,707 $291,204,565 $48,134,623

Renaissance Economic Development Corporation M5 1997 MR New York City five boroughs $26,895,346 $26,467,737 $12,571,445 $16,561,618Wisconsin Women's Business Initiative Corporation M5 1987 MB Wisconsin $28,564,269 $25,734,358 $65,866,052 $19,064,499

Sum $276,304,520 $233,239,707 $753,926,739 $175,307,598Average 1997 $39,472,074 $33,319,958 $107,703,820 $25,043,943

B1: Business Loan Funds with Total Capital of Less Than $3 Million

Akiptan B1 2019 B

All Native American, Native Hawaiian, and Alaska Native communities nationwide $2,865,948 $2,850,248 $1,830,323 $1,830,323

Community Investment Fund of Indiana, Inc. B1 2010 BMO Indiana $2,638,934 $2,685,705 $2,500,000 $1,779,662Greater Jamaica Local Development Company, Inc. B1 2013 B Queens County, New York $1,869,061 $1,460,350 $826,819 $819,698Harlem Entrepreneurial Fund, LLC B1 1967 B New York, Queens, and Bronx Counties $1,484,967 $1,304,479 $1,399,917 $686,580Native360 Loan Fund, Inc. B1 2016 BMC Nebraska $4,146,747 $2,981,038 $1,134,385 $1,796,694

North Alabama Revolving Loan Fund, LLC B1 2013 BMS

Alabama Counties of Colbert, Cullman, DeKalb, Franklin, Jackson, Lauderdale, Lawrence, Limestone, Madison, Marshall and Morgan $1,550,197 $1,377,059 $1,748,804 $1,218,957

People Trust B1 2015 MO Arkansas Counties of Saline and Pulaski $121,583 $96,712 $66,386 $33,040

Sabre Finance B1 2014 BM

Central Alabama Counties of Jefferson, Shelby, Walker, Blount, St. Clair, Chilton, and Talladega $3,344,324 $2,909,409 $1,805,811 $2,833,936

Utica Industrial Development Corporation B1 1962 B Utica-Rome, New York, Metro Area $915,516 $899,923 $137,500 $160,474

Sum $18,937,277 $16,564,923 $11,449,945 $11,159,364Average 2003 $2,104,142 $1,840,547 $1,272,216 $1,239,929

B2: Business Loan Funds with Total Capital of $3 Million to Less Than $5 MillionACT! Albany Community Together, Inc. B2 1997 B

Georgia with a focus on 38 counties in Southwest and Central Georgia. $3,279,546 $3,213,589 $841,255 $2,113,821

African Development Center B2 2002 B Minnesota with offices in Willmar, Rochester, and St. Cloud $7,330,843 $4,792,993 $6,543,063 $3,703,002

Enterprise Development Fund of Erie County B2 1986 B

Pennsylvania Counties of Erie, Crawford, and Mercer $3,503,055 $3,489,578 $8,321,663 $2,924,999

ICA B2 2013 B San Francisco-Oakland Metro Area $6,024,905 $3,940,450 $1,444,240 $2,893,959

Mill Cities Community Investments B2 2001 BHi Massachusetts Counties of Middlesex and Essex $4,519,661 $4,018,749 $3,910,990 $3,233,572

National Minority Supplier Development Council Business Consortium Fund, Inc. B2 2014 B

National including Puerto Rico and the US Virgin Islands $4,275,797 $3,349,897 $750,000 $2,430,156

PACE Finance Corporation B2 1992 BM Los Angeles County, California $11,460,986 $3,901,144 $5,174,355 $3,985,978PPEP Microbusiness and Housing Development Corporation B2 1985 BMSHi

Arizona Counties of Yuma, Santa Cruz, Pinal, Pima, Maricopa, and Cochise $7,647,155 $4,953,741 $11,884,036 $3,753,437

Rising Tide Community Loan Fund B2 2001 BM

Pennsylvania Counties of Carbon, Lehigh, Monroe, Northampton and upper Bucks $4,269,461 $4,230,920 $7,297,283 $2,774,168

Washington Area Community Investment Fund B2 1988 B Washington D.C. Metro Area $6,557,543 $4,011,945 $6,496,116 $2,056,406

Wind River Development Fund B2 2001 B

Wind River Indian Reservation: Wyoming Counties of Fremont and Hot Springs $4,993,360 $4,181,866 $2,878,994 $274,277

Women's Economic Ventures B2 2013 BC California $5,632,860 $4,062,562 $418,450 $897,981

Sum $69,495,172 $48,147,434 $55,960,445 $31,041,756Average 1999 $5,791,264 $4,012,286 $4,663,370 $2,586,813



Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

B3: Business Loan Funds with Total Capital of $5 Million to Less Than $10 Million

AEDC B3 1978 BMS

Six Counties in Northern California; Humboldt, Siskiyou, Del Norte, Mendocino, Lake & Trinity $6,327,908 $5,958,866 $19,493,144 $4,747,335

Black Business Investment Fund B3 1988 BR Florida $8,446,633 $5,769,913 $25,849,647 $2,490,240California FarmLink B3 2011 BMO California $11,738,171 $9,131,498 $14,579,202 $5,606,651Legacy Redevelopment Corporation B3 2003 BRSHo Milwaukee Metro Area $9,520,255 $9,957,275 $14,230,124 $8,471,392

Maryland Capital Enterprises, Inc. B3 2000 BM

Baltimore City, and Maryland Counties of Wicomico, Worcester, Dorchester, Talbot, Somerset, Caroline, Queen Anne's, Kent, Anne Arundel, and Baltimore $9,536,733 $9,279,950 $13,864,889 $6,307,084

Neighborhood Development Center B3 1993 BR Minneapolis-St Paul Metro Area $18,057,955 $9,448,905 $11,212,456 $7,175,495Northside Community Development Fund B3 2000 BMRSHo

14 Neighborhoods in the Northside of Pittsburgh, PA $8,965,253 $8,909,791 $17,465,131 $5,928,252

Southwest Georgia United Empowerment Zone, Inc. B3 1998 BMHi

Georgia, with a focus on rural Southwest Georgia $9,507,396 $7,521,382 $8,826,875 $4,877,811

Venture North Funding & Development B3 2017 BM

10 Counties of Northwest Lower Michigan $6,216,596 $5,251,137 $560,211 $2,803,531

Sum $88,316,900 $71,228,717 $126,081,678 $48,407,791Average 1999 $9,812,989 $7,914,302 $14,009,075 $5,378,643


Access Plus Capital B4 2008 BMS

14 Counties in California's Central Valley: Fresno, Madera, Tulare, Kings, Kern, Merced, Stanislaus, San Joaquin, San Benito, Monterey, Tuolumne, Mariposa, Mono, Inyo $20,211,926 $19,475,089 $32,796,711 $13,764,778

AltCap B4 2005 BMRO Kansas City Metro Area $14,438,576 $14,040,373 $10,463,094 $10,417,191Bankers Small Business CDC of California B4 1992 B California $13,874,903 $10,770,677 $18,002,208 $12,528,419

BOC Capital Corp B4 2002 BM

New York City and New York Counties of Westchester, Nassau, Suffolk, Dutchess , Rockland County, and Bergen County in New Jersey $11,342,982 $10,676,586 $26,492,587 $7,662,334

Business Impact NW B4 1997 BM Washington, Oregon, Idaho, and Alaska $12,374,555 $10,528,149 $29,997,961 $8,622,777

Communities Unlimited, Inc. B4 1992 BC

Alabama, Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas $16,312,371 $13,983,479 $65,760,031 $9,063,916

Community Concepts, Inc. B4 1965 BMHi Maine Counties of Androscoggin, Oxford, Franklin, and Cumberland $14,264,999 $13,505,514 $21,855,829 $10,134,088

Detroit Development Fund B4 2001 BR Detroit, Michigan $18,710,763 $14,860,545 $36,319,759 $9,009,767

Four Bands Community Fund B4 2001 BMHiC Cheyenne River Sioux Reservation and Native entrepreneurs in South Dakota $12,064,898 $11,319,608 $18,011,391 $6,348,082

Great Falls Development Authority, Inc. B4 1996 BMR

Montana Counties of Cascade, Teton, Pondera, Glacier, Toole, Choteau, Blaine, Meagher, Judith Basin, Liberty, Lewis and Clark, Hill, and Fergus $11,102,402 $10,438,765 $3,404,751 $9,834,692

Initiative Foundation B4 1987 BMRIO

14 counties in east central Minnesota: Benton, Cass, Chisago, Crow Wing, Isanti, Kanabec, Mille Lacs, Morrison, Pine, Sherburne, Stearns, Todd, Wadena, and Wright $81,789,533 $14,955,172 $46,028,372 $15,361,076

Local Enterprise Assistance Fund B4 1982 BMSHo National $10,859,177 $10,576,885 $13,020,170 $6,242,474

Northland Foundation B4 1988 B

Arrowhead Region in Northeast Minnesota - Counties of Aitkin, Carlton, Cook, Lake, Itasca, Koochiching and St. Louis County $87,264,841 $13,861,735 $60,119,365 $9,905,734

True Access Capital Corporation B4 1993 BMRS

State of Delaware and Pennsylvania Counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia $11,567,842 $11,036,334 $41,135,027 $6,834,428

TruFund Financial Services, Inc. B4 2005 BMSHiI

Alabama and Louisiana; select New York Metro Counties in New York and New Jersey $14,521,622 $13,110,828 $114,609,511 $7,789,228

Sum $350,701,390 $193,139,739 $538,016,767 $143,518,984Average 1994 $23,380,093 $12,875,983 $35,867,784 $9,567,932


Table 5B Fiscal Year 2019 Peer Group Members (continued)


Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

B5: Business Loan Funds with Total Capital of $20 Million to Less Than $40 MillionAccess to Capital for Entrepreneurs (ACE) B5 1999 BO

68 Counties in North Georgia, including Metro Atlanta $41,582,166 $39,574,614 $70,121,575 $29,022,956

Arkansas Capital Corporation B5 1957 BMRS Arkansas $38,246,273 $36,433,519 $24,466,798 $19,820,518Carolina Small Business Development Fund B5 1990 BM North Carolina $40,644,527 $39,936,045 $62,799,612 $29,307,934Colorado Enterprise Fund B5 1976 BMR Colorado $33,955,191 $33,384,598 $85,284,110 $26,620,266

Cooperative Fund of New England B5 1975 BHo New England and Eastern Upstate New York $31,650,581 $31,600,581 $56,322,576 $26,439,420

Entrepreneur Fund, Inc. B5 1989 BM 17 Counties in Northeast Minnesota and Douglas County Wisconsin $27,924,129 $27,062,109 $62,801,435 $20,612,559

Meda B5 1995 B Minnesota, with a focus on the Minneapolis-St. Paul Metro Area $26,982,294 $21,241,051 $36,093,451 $18,757,677

Mountain Association B5 1981 BMO Central Appalachia, primarily Appalachian Kentucky $34,272,315 $28,390,970 $54,203,880 $19,411,181

Northern Initiatives B5 1994 BMR Michigan and 5 Wisconsin Counties bordering Michigan's Upper Peninsula $31,154,950 $30,073,985 $67,241,318 $18,007,524

PIDC Community Capital B5 1997 BR Philadelphia, Pennsylvania $30,338,279 $27,260,861 $78,429,491 $18,470,559Vital Healthcare Capital B5 2014 B New York and Colorado $21,506,399 $21,353,193 $18,100,000 $13,200,949

Sum $358,257,104 $336,311,526 $615,864,247 $239,671,543Average 1988 $32,568,828 $30,573,775 $55,987,659 $21,788,322


Community First Fund B6 1993 BMRHo 15 Counties in South Central and Southeastern Pennsylvania $65,890,024 $60,806,028 $150,653,653 $54,289,337

Community Reinvestment Fund, Inc. B6 1988 B National $76,187,281 $61,377,774 $504,567,594 $36,838,956Community Ventures Corporation, Inc. B6 1983 BMRHiO Kentucky $85,177,143 $55,748,451 $58,877,242 $38,275,096Grow America Fund B6 1993 BR National $47,711,988 $46,459,432 $139,370,793 $46,466,411

MoFi B6 1992 BMSHiCO Montana, Idaho, Wyoming, Eastern Oregon, and Eastern Washington $53,007,879 $49,686,073 $100,086,317 $36,766,749

Natural Capital Investment Fund, Inc. B6 2001 BMRSHiO

West Virginia, North Carolina, and the Appalachian Regional Community $50,438,308 $48,778,872 $66,541,950 $40,605,688

PeopleFund B6 1994 BMRSC Texas $43,786,746 $40,647,806 $83,807,188 $29,588,643

Pursuit B6 2011 BM New York, New Jersey, and Pennsylvania $54,123,953 $47,352,232 $243,599,989 $50,133,751

Rural Electric Economic Development, Inc. B6 1996 BRSHo

50 Counties in South Dakota and 19 Counties in Minnesota $42,150,501 $42,060,699 $91,093,011 $37,535,562

The Progress Fund B6 1998 B 40 Rural Counties in Pennsylvania, 3 Counties in Maryland, and West Virginia $44,727,242 $41,204,097 $65,763,319 $23,932,201

Sum $563,201,065 $494,121,464 $1,504,361,056 $394,432,394Average 1995 $56,320,107 $49,412,146 $150,436,106 $39,443,239

B7: Business Loan Funds with Total Capital of $90 Million or MoreBridgeway Capital B7 1991 BMRSHoO 15 Counties of Western Pennsylvania $105,708,632 $94,465,794 $190,803,044 $70,072,909

Coastal Enterprises (CEI) B7 1977 BMRSHiHoI National, with a particular focus on the State of Maine $105,235,269 $96,294,479 $232,554,629 $62,736,707

Craft3 B7 1995 BMRSC Oregon and Washington $160,330,810 $157,627,469 $471,000,874 $129,098,085Kentucky Highlands Investment Corporation B7 1968 BMSHiO 22 Counties in Kentucky $92,520,925 $81,793,575 $566,310,181 $72,661,927Opportunity Fund B7 1995 BM National $120,500,261 $115,360,261 $534,064,855 $98,044,600

Pathway Lending B7 2000 BMRHoO

Tennessee, Alabama, Arkansas, and Mississippi portions of the Memphis Metro Area $188,207,333 $172,929,558 $318,159,503 $116,925,676

Sum $772,503,230 $718,471,136 $2,312,893,086 $549,539,904Average 1988 $128,750,538 $119,745,189 $385,482,181 $91,589,984

R1: Commercial Real Estate Loan Funds with Total Capital of Less Than $20 MillionCommunity Fund of North Miami Dade R1 2010 RM North Miami Dade County, Florida $5,363,827 $4,925,396 $213,978 $4,807,300Dayton Region New Market Fund LLC R1 1979 RB

City of Dayton and Montgomery County, Ohio $6,955,053 $4,845,368 $4,232,674 $4,042,573

Neighborhood Lending Partners of West Florida R1 1992 R Florida and Georgia $33,520,757 $15,306,534 $56,313,590 $15,471,261Siouxland Economic Development Corporation R1 1979 RBMS Iowa, Nebraska, and South Dakota $3,616,540 $3,564,944 $5,293,698 $1,936,616

The Catalytic Fund R1 2013 R Kentucky Counties of Campbell and Kenton $10,119,471 $8,813,978 $2,073,000 $7,236,414

Sum $59,575,648 $37,456,220 $68,126,940 $33,494,164Average 1995 $11,915,130 $7,491,244 $13,625,388 $6,698,833


Fiscal Y

ear 2

01

9 S

tatistics b

y Peer G

rou

p


Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

R2: Commercial Real Estate Loan Funds with Total Capital of $20 Million or MoreCitizen Potawatomi Community Development Corporation R2 2003 RBMHiC

All Native Americans in Oklahoma and CPN Tribal Members Nationwide $38,475,832 $37,682,926 $96,444,664 $26,483,610

Community Vision Capital and Consulting R2 1987 RBSHo Northern California $90,244,198 $75,516,871 $225,311,002 $66,637,077Genesis LA R2 1998 RSHoO Los Angeles County, California $59,169,595 $56,080,589 $62,618,637 $41,878,606Impact Seven, Inc. R2 1970 RBHiHo Wisconsin $198,473,873 $98,498,597 $147,092,617 $62,409,787

Propel Nonprofits R2 1982 RBHo Minnesota, Wisconsin, South Dakota, and North Dakota $38,277,659 $34,458,764 $186,102,903 $30,404,061

Rainier Valley Community Development Fund R2 2016 RBSHo Southeast Seattle $29,237,524 $29,213,420 $4,055,153 $25,109,775

Sum $453,878,681 $331,451,167 $721,624,976 $252,922,916Average 1993 $75,646,447 $55,241,861 $120,270,829 $42,153,819

S1: Community Service Loan Funds with Total Capital of Less Than $30 MillionCommunity Health Center Capital Fund, Inc. S1 1994 S National $13,032,774 $12,872,646 $25,192,793 $10,956,905

Community Loan Fund of the Capital Region, Inc. S1 1984 SBMRHiHoO

New York Counties of Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington $19,847,623 $19,628,940 $55,578,380 $17,256,045

Forward Community Investments S1 1995 SBMRHoIO Wisconsin $30,837,910 $25,237,153 $92,614,793 $20,064,149

Growth Partners Arizona S1 2014 SBM Arizona Counties of Pima, Cochise, and Santa Cruz $1,426,982 $1,407,806 $1,030,000 $717,868

South Carolina Community Loan Fund S1 2005 SBHoO South Carolina $33,458,630 $24,458,651 $34,426,792 $18,719,916

Sum $98,603,919 $83,605,196 $208,842,758 $67,714,883Average 1998 $19,720,784 $16,721,039 $41,768,552 $13,542,977

S2: Community Service Loan Funds with Total Capital of $30 Million to Less Than $60 MillionFinance Fund Capital Corporation S2 2006 SBRHoO Ohio and Indiana $43,521,642 $42,128,085 $75,652,440 $33,905,297

Hope Enterprise Corporation S2 1994 SBRHiHo Alabama, Arkansas, Louisiana, Mississippi, and Tennessee $177,530,147 $50,183,400 $373,318,986 $138,763,769

NCALL Research, Inc. S2 2005 SRHo

The Delmarva Peninsula in Delaware and the Eastern Shore Counties of Maryland and Virginia $34,274,974 $31,902,007 $68,317,320 $21,610,042

Southern Bancorp Community Partners S2 1988 SBMRHiHoC

Arkansas and Mississippi Counties of Bolivar, Coahoma, Quitman, Sunflower, Tate, Tunica, and Washington $32,916,836 $31,473,353 $21,696,301 $15,354,960

Sum $288,243,599 $155,686,845 $538,985,047 $209,634,068Average 1998 $72,060,900 $38,921,711 $134,746,262 $52,408,517


Building Hope...A Charter School Facilities Fund S3 2003 S

District of Columbia, Georgia, Florida, Idaho, Hawaii, Delaware, Maryland, New Jersey, Pennsylvania, Colorado, Nevada, North Carolina, New York, Texas $104,405,621 $103,552,033 $121,734,657 $71,446,815

Charter Schools Development Corporation S3 2010 S National $99,082,679 $79,715,953 $84,498,521 $31,155,993Nonprofit Finance Fund S3 1984 SBR National $192,260,531 $170,642,689 $553,520,347 $153,085,846

Primary Care Development Corporation S3 1996 S

National, with a focus on the Northeast, Mid-Atlantic, West Coast, and Gulf Coast $93,930,403 $63,721,410 $218,099,226 $51,046,772

Sum $489,679,234 $417,632,085 $977,852,751 $306,735,426Average 1998 $122,419,809 $104,408,021 $244,463,188 $76,683,857




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Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

S4: Community Service Loan Funds with Total Capital of $200 Million or MoreCapital Impact Partners S4 1984 SBRHoIO National $591,719,559 $500,658,483 $1,372,829,482 $410,057,261

Clearinghouse Community Development Financial Institution S4 1997 SBRHo

California, Nevada, Arizona, New Mexico, and Sovereign Nations in Western US $544,787,000 $531,991,000 $1,409,164,736 $463,148,000

IFF S4 1988 SRHo

Illinois, Kentucky, Iowa, Missouri, Wisconsin, Indiana, Ohio, Michigan, Minnesota, and Kansas $453,103,040 $408,870,450 $975,197,185 $389,845,467

Low Income Investment Fund S4 1985 SRHo National $528,536,415 $504,845,617 $1,178,614,155 $442,081,052Reinvestment Fund S4 1986 SBRHiHoIO National $568,047,824 $528,648,083 $1,737,704,258 $444,020,944

Sum $2,686,193,838 $2,475,013,633 $6,673,509,816 $2,149,152,724Average 1988 $537,238,768 $495,002,727 $1,334,701,963 $429,830,545

Hi1: Housing to Individuals Loan Funds with Total Capital of Less Than $4 Million

Brazos Valley CDC, Inc. Hi1 2001 HiC Rural Counties within the Brazos Valley of Texas $2,829,465 $2,743,869 $3,314,080 $808,674

CDCLI Funding Corporation Inc. Hi1 1997 HiBC New York Counties of Nassau and Suffolk $6,707,888 $2,351,478 $3,860,465 $4,292,529

Community Development Fund of Utah Hi1 2014 Hi Salt Lake City, Utah $9,100,463 $3,739,493 $42,440 $1,055,475Kentucky Habitat for Humanity Hi1 1995 Hi Kentucky $719,443 $618,682 $497,399 $143,722Lake Superior Community Development Corp Hi1 2013 HiM Michigan $1,490,835 $1,358,900 $152,784 $1,353,438

MaineStream Finance Hi1 2001 HiM Maine, with focus on Penobscot, Piscataquis, Waldo, and Knox Counties $5,815,024 $3,121,359 $8,559,600 $4,401,795

Southern Mutual Financial Services, Inc. Hi1 2001 HiMCO Louisiana $1,037,646 $698,728 $20,634,243 $686,642Triple Bottom Line Foundation (TBL Fund) Hi1 2014 Hi

Colorado, New Mexico, Utah, and Missouri $1,971,130 $1,276,782 $1,085,350 $664,963

Wisconsin Native Loan Fund, Inc. Hi1 2009 HiBC All members of the 11 recognized Native Tribes in Wisconsin $3,530,733 $3,269,647 $2,845,659 $2,095,200

Sum $33,202,627 $19,178,938 $40,992,020 $15,502,438Average 2005 $3,689,181 $2,130,993 $4,554,669 $1,722,493

Hi2: Housing to Individuals Loan Funds with Total Capital of $4 Million to Less Than $15 MillionFour Directions Development Corporation Hi2 2002 HiBRS

Native American individuals and businesses owned in Maine $10,950,548 $10,585,314 $9,150,851 $5,557,882

GROW South Dakota Hi2 2007 HiBMC South Dakota $14,672,282 $11,983,466 $6,250,726 $9,897,850Neighborhood Housing Services of San Antonio Hi2 2013 Hi Bexar County, TX $6,612,809 $6,564,739 $201,556 $4,216,662

NeighborWorks Columbus Hi2 2004 Hi Chattahoochee Valley Region Spanning Alabama and Georgia $10,924,295 $8,606,416 $8,983,999 $2,885,918

Omaha 100, Inc. Hi2 1990 Hi

Douglas County, Nebraska (Omaha), and Pottawattamie County (Council Bluffs), Iowa $28,474,424 $6,246,392 $11,331,200 $26,005,088

One Roof Housing Hi2 2012 HiHo Wisconsin Counties of Saint Louis, Minnesota, and Douglas $4,945,692 $4,225,010 $3,732,181 $3,236,290

Tiwa Lending Services Hi2 2011 HiC Isleta Pueblo Community Bernalillo and Valencia County, New Mexico $9,475,219 $9,256,161 $7,218,946 $7,653,886

Sum $86,055,269 $57,467,498 $46,869,459 $59,453,576Average 2006 $12,293,610 $8,209,643 $6,695,637 $8,493,368


Community Assets for People Hi3 1966 HiBMC

Seven Counties in Central Wisconsin: Portage, Outagamie Waupaca, Wood, Waushara, Marathon and Marquette $20,754,483 $20,749,260 $17,890,586 $12,927,831

Cook Inlet Lending Center, Inc. Hi3 2001 HiB

Alaska, with a focus on the Cook Inlet Region, Matanuska-Susitna Borough, Anchorage Borough, and Kenai Peninsula Borough $26,260,058 $25,454,192 $8,338,978 $19,126,912

Neighborhood Lending Services, Inc. Hi3 1975 Hi Chicago Metro Area $24,863,322 $21,475,930 $49,815,003 $15,661,047NeighborWorks Montana Hi3 2007 HiHoB Montana $28,210,058 $24,103,643 $34,783,495 $24,380,468Opportunity Resource Fund Hi3 1987 HiHoBMRSO Michigan $20,358,806 $18,361,755 $43,184,725 $13,929,204The Housing Fund Hi3 1996 HiHoRSO Tennessee $29,111,055 $26,069,407 $88,857,830 $17,750,753Worcester Community Housing Resources, Inc. Hi3 1994 Hi Worcester County, Massachusetts $26,550,373 $21,345,136 $9,202,774 $2,241,899

Sum $176,108,155 $157,559,323 $252,073,391 $106,018,114Average 1989 $25,158,308 $22,508,475 $36,010,484 $15,145,445



Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding


Fahe Hi4 1980 HiHoBRS

Primarily Central Appalachia including AL, DE, FL, GA, IN, KY, MD, MS, MI, NY, NC, OH, PA, SC, TN, WV, VA and VT $70,188,910 $63,072,543 $655,122,873 $54,831,366

Home HeadQuarters Hi4 1996 HiMRSICO Syracuse Metro Area and Central New York State $53,458,179 $41,396,227 $79,611,086 $32,858,164

Indianapolis Neighborhood Housing Partnership, Inc. Hi4 1990 HiHo Marion County, Indianapolis, Indiana $64,791,061 $52,351,987 $56,485,018 $22,468,844

Leviticus Fund Hi4 1984 HiS New York, New Jersey, Connecticut, and Vermont $48,568,400 $42,162,678 $98,571,618 $45,219,552

Midwest Minnesota Community Development Corporation Hi4 1971 HiHoBMRICO

Minnesota, North Dakota, Wisconsin, Montana, South Dakota, and California $72,323,329 $67,342,642 $739,090,681 $43,149,845

Renaissance Community Loan Fund, Inc. Hi4 2007 HiBM Mississippi $47,430,506 $46,423,007 $61,722,508 $30,335,770

Sum $356,760,385 $312,749,084 $1,690,603,784 $228,863,541Average 1988 $59,460,064 $52,124,847 $281,767,297 $38,143,924

Hi5: Housing to Individuals Loan Funds with Total Capital of $75 Million or MoreAffordable Homes of South Texas, Inc. Hi5 1976 Hi Texas Counties of Hidalgo and Cameron $89,302,617 $84,657,743 $41,716,640 $57,255,156

BlueHub SUN Hi5 2009 Hi

Illinois, Maryland, New Jersey, Massachusetts, Rhode Island, Connecticut, and Pennsylvania $155,802,101 $155,802,101 $123,445,719 $130,226,385

Capital Plus Financial Hi5 2014 Hi Dallas/Fort Worth, Houston, and San Antonio Metro Areas $159,343,670 $154,336,985 $64,947,269 $121,898,080

Homewise, Inc. Hi5 1986 Hi

New Mexico and select metro areas in Utah, Arizona, Texas, Mississippi, and Colorado $142,258,807 $127,285,305 $735,530,020 $91,262,309

Self-Help Ventures Fund Hi5 1984 HiHoBMRSO National $990,044,914 $959,208,760 $6,203,153,231 $500,578,717

Sum $1,536,752,109 $1,481,290,894 $7,168,792,879 $901,220,647Average 1994 $307,350,422 $296,258,179 $1,433,758,576 $180,244,129

Ho1: Housing to Organizations Loan Funds with Total Capital of Less Than $10 MillionAtlanta Neighborhood Development Partnership Ho1 1998 HoS Atlanta Metro Area $19,874,006 $7,816,141 $39,688,621 $3,514,363Bridge Investment Community Development Corporation Ho1 2017 HoBMIC Illinois and Iowa $2,015,046 $1,934,059 $315,005 $1,622,604Community Housing Services Agency, Inc. Ho1 2017 Ho Chatham County, Georgia $4,579,546 $2,825,200 $298,000 $2,966,825

Sum $26,468,598 $12,575,400 $40,301,626 $8,103,792Average 2011 $8,822,866 $4,191,800 $13,433,875 $2,701,264

Ho2: Housing to Organizations Loan Funds with Total Capital of $10 Million to Less Than $21 MillionBaltimore Community Lending Ho2 1991 HoHiMRO Baltimore City, Maryland $20,438,196 $18,822,295 $46,767,679 $16,691,116

CASA of Oregon Ho2 1988 HoHi Oregon and select Counties in Washington $18,001,748 $13,174,862 $20,387,626 $8,653,006

Genesis Fund, Inc. Ho2 1992 HoS Maine $21,871,046 $20,231,701 $47,217,660 $16,455,470Hartford Community Loan Fund, Inc. Ho2 1997 HoHiMRS

Numerous cities and towns in Connecticut $12,582,002 $12,153,868 $27,654,865 $8,295,400

San Luis Obispo County Housing Trust Fund Ho2 2005 Ho San Luis Obispo County, California $13,672,578 $12,689,523 $24,971,950 $11,858,102

Sum $86,565,570 $77,072,249 $166,999,780 $61,953,094Average 1995 $17,313,114 $15,414,450 $33,399,956 $12,390,619




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Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding


Cinnaire Lending Corporation Ho3 2004 HoRIO

Delaware, Illinois, Indiana, Maryland, Michigan, New Jersey, Pennsylvania and Wisconsin $60,728,313 $41,960,970 $108,086,414 $34,338,141

Housing Assistance Council Ho3 1972 Ho Rural Communities Nationwide $37,780,024 $22,194,602 $146,852,904 $19,404,203Impact Development Fund Ho3 2000 HoHi Colorado $36,814,647 $31,682,376 $103,295,892 $28,428,306

Midwest Housing Development Fund, Inc. Ho3 2001 Ho

Arkansas, Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma, and Texas $31,169,183 $27,287,856 $79,078,502 $21,647,134

Partners for the Common Good Ho3 2002 HoBRSO National $43,601,544 $42,339,706 $118,516,935 $30,185,648The Disability Opportunity Fund Ho3 2009 HoBS National $43,220,011 $43,091,657 $58,064,244 $25,248,005Vermont Community Loan Fund, Inc. Ho3 1988 HoBMS Vermont $43,152,918 $33,051,396 $104,226,441 $30,093,116

Sum $296,466,640 $241,608,563 $718,121,332 $189,344,553Average 1997 $42,352,377 $34,515,509 $102,588,762 $27,049,222

Ho4: Housing to Organizations Loan Funds with Total Capital of $50 Million to Less Than $95 MillionAffordable Housing Trust for Columbus and Franklin County Ho4 2002 Ho

City of Columbus and Franklin County, Ohio $73,307,584 $72,699,327 $83,682,986 $61,288,468

Capital for Change Ho4 1968 HoBRSC Connecticut $81,005,721 $52,039,019 $98,273,248 $54,120,273Cincinnati Development Fund, Inc. Ho4 1991 HoHiBRSO Greater Cincinnati Metro Area $57,878,535 $50,035,912 $198,744,798 $47,880,983Community Housing Capital Ho4 2001 HoHiO National $113,534,014 $93,047,350 $470,327,585 $99,453,742Florida Community Loan Fund, Inc. Ho4 1996 HoRS Florida $87,502,239 $84,946,072 $158,122,195 $67,857,960Mercy Community Capital Ho4 1985 Ho National $85,449,619 $85,100,408 $385,305,560 $78,239,632

ROC USA Capital Ho4 1984 Ho

Massachusetts, Minnesota, Montana, New York, Rhode Island, Utah, Vermont, Washington $97,124,698 $89,856,606 $251,724,429 $82,105,583

Virginia Community Capital Ho4 2005 HoBRS Virginia $81,321,415 $71,876,486 $186,863,726 $46,985,760

Sum $677,123,825 $599,601,180 $1,833,044,527 $537,932,401Average 1992 $84,640,478 $74,950,148 $229,130,566 $67,241,550

Ho5: Housing to Organizations Loan Funds with Total Capital of $95 Million to Less Than $150 MillionChicago Community Loan Fund Ho5 1992 HoBRS Chicago Metro Area $104,766,376 $99,325,773 $209,176,031 $79,039,253Greater Minnesota Housing Fund Ho5 1996 HoHi Minnesota $126,774,961 $125,381,956 $262,488,037 $110,220,401Invest Detroit Ho5 2009 HoBRO Detroit Metro Area $119,397,754 $108,631,362 $75,432,340 $60,517,607NeighborWorks Capital Ho5 2001 Ho National $101,967,537 $101,501,600 $370,811,542 $97,399,125Network for Oregon Affordable Housing Ho5 1990 HoHi Oregon $146,282,227 $139,739,867 $87,242,355 $132,910,802

Ohio Capital Finance Corporation Ho5 2002 HoR Ohio, Kentucky, West Virginia, and Pennsylvania $130,257,899 $129,103,503 $598,836,000 $86,515,283

Rural Community Assistance Corporation Ho5 1988 HoBSO Pacific Western States $120,171,696 $105,635,108 $605,117,580 $86,059,304

Sum $849,618,450 $809,319,169 $2,209,103,885 $652,661,775Average 1997 $121,374,064 $115,617,024 $315,586,269 $93,237,396

Ho6: Housing to Organizations Loan Funds with Total Capital of $150 Million to Less Than $300 MillionBlueHub Loan Fund, Inc. Ho6 1985 HoRSO National $255,156,204 $240,083,413 $971,304,745 $217,251,268Corporation for Supportive Housing Ho6 1991 HoO National $194,885,584 $156,675,306 $477,720,944 $101,267,131Enterprise Community Loan Fund, Inc. Ho6 1983 HoBRSO National $290,337,000 $276,339,000 $1,787,428,081 $245,474,000

Housing Trust Silicon Valley Ho6 2001 HoHi

California Counties of Alameda, Contra Costa, Marin, Monterey, Napa, San Benito, San Francisco, San Joaquin, San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma $166,578,851 $150,483,037 $183,549,328 $113,448,076

New Hampshire Community Loan Fund, Inc. Ho6 1984 HoHiBMS New Hampshire and Maine $162,530,967 $160,425,838 $297,086,812 $124,906,100New Jersey Community Capital Ho6 1988 HoBMRSIO New Jersey $258,607,831 $155,467,548 $389,336,237 $104,120,802

Sum $1,328,096,437 $1,139,474,142 $4,106,426,147 $906,467,377Average 1989 $221,349,406 $189,912,357 $684,404,358 $151,077,896


Year Started

Financing


Total Assets

Total Capital


Total Financing

Outstanding

Ho7: Housing to Organizations Loan Funds with Total Capital of $200 Million or MoreCentury Housing Corporation Ho7 1995 HoHiO California $718,911,255 $486,527,363 $1,400,982,835 $289,136,098Community Investment Corporation Ho7 1974 Ho Chicago Metro Area $324,211,145 $304,677,451 $668,405,193 $305,934,340Community Preservation Corporation Ho7 1974 Ho

New York, Massachusetts, New Jersey, Pennsylvania, Oklahoma, and Maryland $1,213,257,930 $807,250,001 $1,849,779,889 $702,153,407

Local Initiatives Support Corporation (LISC) Ho7 1982 HoBRSO National $968,257,973 $658,220,647 $1,839,391,249 $485,384,186

Sum $3,224,638,303 $2,256,675,462 $5,758,559,166 $1,782,608,031Average 1981 $806,159,576 $564,168,866 $1,439,639,792 $445,652,008

C: Consumer Loan Funds

Capital Good Fund C 2006 C Rhode Island, Massachusetts, Delaware and Florida $8,205,256 $7,570,639 $9,201,951 $4,975,504

Chehalis Tribal Loan Fund C 2008 CBMHoO Washington Counties of Grays Harbor, Thurston, and Lewis $1,130,700 $1,035,644 $0 $489,622

Chi Ishobak, Inc. C 2009 CBM Federally recognized Tribes in Michigan and Indiana $4,379,221 $4,294,736 $6,033,088 $3,042,134

Northwest Access Fund C 2002 CM Washington State and Oregon $2,548,124 $2,361,982 $4,073,629 $1,167,087

On The Road Lending C 2015 C Texas, Mississippi, Alabama and Georgia $5,241,624 $5,171,773 $4,887,093 $4,434,554

Pennsylvania Assistive Technology Foundation (PATF) C 1998 CHi Pennsylvania $4,770,213 $4,621,800 $2,107,920 $237,420Redbud Financial Alternatives, Inc. C 2016 C Kentucky $623,023 $369,894 $149,206 $174,677

Solar and Energy Loan Fund (SELF) C 2011 C Florida, Georgia, Alabama, and South Carolina $6,000,035 $5,042,114 $12,083,905 $4,311,841

Sum $32,898,196 $30,468,582 $38,536,793 $18,832,839Average 2008 $4,112,275 $3,808,573 $4,817,099 $2,354,105

I: Intermediary Loan Funds

Appalachian Community Capital Corporation I 2013 IB

States within the Appalachian Region Commission's (ARC) territory: AL, GA, KY, MD, MS, NY, NC, OH, PA, SC, TN, VA, WVA $21,575,149 $19,855,227 $10,431,246 $18,252,850

Dakota Resources I 2000 IMRO South Dakota $29,953,385 $28,808,869 $25,024,000 $25,086,681

First Nations Oweesta Corporation I 1986 I

All Native American, Native Hawaiian, and Alaska Native communities nationwide $24,355,611 $20,560,726 $18,576,000 $13,669,625

Sum $75,884,145 $69,224,822 $54,031,246 $57,009,156Average 2000 $25,294,715 $23,074,941 $18,010,415 $19,003,052

Credit Unions

Hope Credit Union CU 1995 BRHiC Alabama, Arkansas, Louisiana, Mississippi, and Tennessee $307,051,396 $283,182,353 $425,582,106 $233,573,890

Latino Community Credit Union CU 2000 HiCO North Carolina $491,046,564 $477,502,692 $775,528,265 $390,739,129Local Government Federal Credit Union CU 1983 BRHiC

Primarily North Carolina, with some activity Nationwide $2,234,264,386 $2,060,875,715 $6,720,846,767 $1,848,624,340

Lower East Side People's Federal Credit Union CU 2014 BRHiC New York City $57,922,140 $56,704,447 $50,761,957 $45,120,164Opportunities Credit Union CU 1989 BRHiCO Vermont $43,284,422 $42,113,847 $365,426,164 $33,723,836

Self-Help Credit Union CU 1984 BRHiC North Carolina, South Carolina, Florida and Virginia $1,100,500,043 $1,052,049,276 $1,058,539,776 $720,348,534

Self-Help Federal Credit Union CU 2008 BRHiC California, Chicago, and Milwaukee $1,205,557,507 $1,139,682,394 $1,382,284,096 $1,016,962,888

Sum $5,439,626,458 $5,112,110,724 $10,778,969,131 $4,289,092,781Average 1996 $777,089,494 $730,301,532 $1,539,852,733 $612,727,540

Community Development Financial Institutions without a Peer Group *SJF Ventures O 2004 B National $31,025,299 $31,017,799 NA $30,327,652

Sum $31,025,299 $31,017,799 $0 $30,327,652Average 2004 $31,025,299 $31,017,799 $0 $30,327,652

GRAND TOTAL**

Sum $22,612,410,725 $19,658,319,773 $55,007,469,496 $15,678,326,564

Average 1997 $91,200,884 $78,880,422 $219,050,797 $63,113,622



*These CDFIs are not included in a peer group due to either their size or there not being a sufficient number of comparable CDFIs to build a peer group.**Totals do not equal those in Table 2 as several Loan Funds did not complete their annual survey, and Banks are excluded from the Peer Group summary.


Table 6

Summary of Peer Groups (All data are peer group averages)

Peer Group*

All Unregulated

CDFIs

All Loan

Funds M B R S Hi Ho C INumber of CDFIs 225 224 37 72 12 18 34 40 8 3

Year Began Financing 1997 1997 2001 1995 1993 1995 1997 1994 2008 2000

Size and Type

Total Assets $69,546,260 $69,718,229 $13,852,074 $30,852,946 $44,465,423 $197,928,922 $64,378,781 $162,224,446 $4,112,275 $25,294,715

Total Capital Available for Lending $58,345,985 $58,467,986 $11,760,908 $26,083,124 $32,290,608 $173,996,542 $59,654,286 $128,408,154 $3,808,573 $23,074,941

Net Assets (Net Worth) $25,722,021 $25,698,379 $5,553,858 $12,829,610 $24,882,847 $59,959,857 $31,722,453 $53,356,546 $1,798,018 $7,377,121

Operating Revenues $7,758,665 $7,791,612 $3,304,387 $4,551,720 $5,313,774 $17,855,074 $7,037,033 $16,250,499 $1,160,007 $3,873,030

Operating Expenses $6,431,753 $6,459,168 $2,999,257 $4,040,450 $4,101,537 $14,488,991 $5,534,521 $13,278,127 $948,363 $2,687,539

Net Operating Income (Change in Net Worth) $1,326,912 $1,332,444 $305,130 $511,269 $1,212,236 $3,366,082 $1,502,512 $2,972,372 $211,645 $1,185,491

Change in Net Assets (Net Revenue) $1,726,398 $1,734,105 $228,469 $861,150 $1,666,237 $2,685,032 $1,444,818 $4,845,983 $193,439 $1,715,760

Change in Unrestricted Net Assets $1,261,664 $1,267,321 $214,662 $579,134 $1,599,882 $2,877,570 $1,634,192 $2,576,556 $179,508 $1,183,691

% of Direct Financing Outstanding in:

Business (B) 30% 29% 18% 74% 12% 5% 5% 4% 4% 2%

Commercial Real Estate (R) 9% 9% 6% 7% 69% 9% 2% 6% 0% 6%

Community Services (S) 8% 8% 1% 2% 6% 62% 3% 7% 0% 0%

Consumer (C) 4% 4% 2% 1% 0% 0% 3% 0% 89% 0%

Housing to Individuals (Hi) 13% 13% 0% 2% 0% 2% 80% 2% 0% 0%

Housing to Organizations (Ho) 18% 18% 4% 2% 10% 18% 4% 80% 0% 0%

Intermediary (I) 2% 2% 0% 0% 0% 0% 0% 0% 0% 91%

Microenterprise (M) 15% 15% 69% 8% 2% 0% 2% 0% 5% 0%

Other (O) 2% 2% 0% 4% 0% 4% 1% 2% 1% 1%

% of Direct Financing Closed in:

Business (B) 29% 29% 17% 73% 9% 5% 5% 3% 1% 0%



Consumer (C) 5% 5% 2% 1% 1% 0% 8% 0% 98% 0%



Intermediary (I) 1% 1% 0% 0% 2% 0% 0% 0% 0% 80%


Other (O) 1% 1% 1% 1% 0% 2% 0% 1% 0% 0%

Staff and Board

# of FTEs 24 24 19 19 15 42 21 40 10 8

% FTEs for Financing 44% 44% 40% 45% 53% 37% 46% 45% 57% 24%

% FTEs for Training and Technical Assistance 20% 21% 30% 22% 19% 23% 14% 14% 20% 21%

% FTEs for Administration and Other 34% 34% 30% 32% 28% 39% 38% 40% 23% 56%

% FTEs of Color 41% 41% 50% 43% 39% 36% 38% 34% 39% 69%

% FTEs Female 61% 61% 61% 58% 64% 66% 67% 59% 64% 55%

# of Management FTEs 6 6 5 5 5 12 5 9 4 2

% of Management FTEs of Color 34% 34% 42% 39% 32% 25% 28% 26% 39% 50%

% of Management FTEs Female 52% 52% 55% 47% 48% 66% 53% 50% 55% 70%

# of Board Members 12 12 13 12 13 13 11 13 11 8

% of Board of Color 38% 38% 41% 40% 29% 37% 38% 35% 43% 13%

% of Board Female 41% 41% 45% 37% 29% 39% 41% 46% 53% 29%

*All Unregulated CDFIs includes one Venture Fund CDFI that is not assigned to a peer group because there is an insufficient number of Venture Funds to form a peer group.

M = Microenterprise, B= Business, R = Commercial Real Estate, S = Community Services, Hi = Housing to Individuals, Ho = Housing to Organizations, C = Consumer, I = Intermediary

Su

mm

ary o

f Peer G

rou

ps


Peer Group*

All Unregulated

CDFIs

All Loan

Funds M B R S Hi Ho C I

Capitalization

% Total Capital by:

Equity 50% 50% 49% 48% 63% 51% 61% 41% 55% 27%

Borrowed Capital 45% 45% 45% 45% 32% 57% 36% 53% 42% 60%

Equity Equivalents (EQ2) 6% 6% 6% 7% 4% 5% 3% 5% 3% 13%

Cost of Borrowed Funds (%) 2.5% 2.5% 2.1% 2.2% 2.6% 2.7% 2.7% 2.9% 2.5% 2.0%

Term of Borrowed Funds (Months) 110 110 96 114 148 102 132 102 66 73

Cost of EQ2 2.4% 2.4% 2.4% 2.4% 2.3% 2.2% 2.3% 2.3% 4.0% 2.2%

% Borrowed Funds from:

Individuals 4% 4% 2% 3% 2% 5% 10% 3% 4% 6%

Religious Institutions 3% 3% 3% 2% 1% 2% 4% 3% 21% 3%

Foundations 11% 11% 6% 13% 17% 18% 9% 9% 4% 34%

Corporations 5% 5% 3% 3% 16% 3% 6% 8% 1% 1%

Federal Government 21% 21% 42% 25% 27% 12% 11% 8% 3% 23%

State/Local Government 6% 6% 7% 7% 1% 3% 5% 6% 13% 2%

Banks/Thrifts/Credit Unions 36% 36% 29% 34% 22% 45% 32% 53% 25% 0%

Nondepository Financial Institutions 4% 4% 2% 3% 2% 4% 5% 5% 5% 8%

National CDFI Intermediary 4% 4% 2% 6% 3% 2% 7% 1% 17% 4%

Other 6% 6% 5% 5% 9% 6% 10% 3% 8% 20%

Financing Activities and Performance

Total Financing Outstanding $46,090,676 $46,161,046 $7,970,940 $19,739,944 $24,747,061 $155,110,316 $38,560,539 $103,674,698 $2,483,480 $19,003,052

% of Financing in Loans 97% 97% 98% 97% 96% 94% 99% 98% 90% 99%

% of Financing in Equity Investments 2% 2% 2% 3% 5% 2% 1% 2% 0% 1%

% of Financing in Guarantees 1% 1% 0% 0% 0% 4% 0% 0% 10% 0%

Average Size of Financing Outstanding $271,204 $263,953 $20,842 $116,573 $375,048 $872,872 $63,432 $645,524 $5,785 $574,921

Average Size of Loans Outstanding for:

Total $261,485 $261,485 $20,871 $114,519 $365,349 $872,185 $63,388 $638,558 $5,527 $576,591

Business (B) $202,943 $202,943 $67,113 $146,997 $185,088 $422,750 $321,488 $475,436 $35,953 $239,294

Commercial Real Estate (R) $673,393 $673,393 $338,818 $264,119 $759,762 $1,260,610 $446,085 $770,691 $4,655,333

Community Services (S) $626,202 $626,202 $61,642 $182,928 $660,900 $1,198,004 $538,398 $622,826

Consumer (C) $4,780 $4,780 $3,220 $5,070 $1,527 $5,584 $3,924 $11,499 $5,090

Housing to Individuals (Hi) $55,256 $55,256 $23,582 $48,900 $47,588 $29,394 $63,004 $62,060 $684

Housing to Organizations (Ho) $603,489 $603,489 $101,882 $472,168 $631,490 $754,636 $302,823 $722,060 $2,165

Intermediary (I) $364,798 $364,798 $84,785 $217,766 $250,000 $454,350 $492,665 $144,547 $615,473

Microenterprise (M) $17,827 $17,827 $15,107 $17,613 $23,943 $15,592 $21,110 $21,238 $32,408 $21,231

Other (O) $548,068 $548,068 $15,617 $497,251 $653,380 $423,828 $793,626 $5,774

Equity Investment Outstanding $795,610 $770,613 $83,581 $242,775 $960,497 $1,318,106 $292,740 $1,651,185 $497,598

$ of Direct Financing Closed $20,498,531 $20,590,042 $3,852,408 $9,406,452 $9,490,369 $41,419,197 $19,871,901 $55,625,273 $1,388,647 $7,057,000

# of Direct Financing Closed 124 125 199 115 64 42 205 40 270 12

Weighted Average Interest Rate of Loans Outstanding (%) 6.2% 6.2% 7.7% 6.9% 5.4% 5.6% 5.1% 5.0% 7.7% 3.1%Weighted Average Term of Loans Outstanding (Months) 100 101 63 81 81 99 215 92 47 87

Deployment Ratio (without commitments) (%) 70% 70% 57% 70% 79% 76% 66% 81% 57% 82%

Delinquency Rate >30 Days (%) 4.7% 4.7% 5.9% 6.6% 0.8% 1.0% 5.4% 2.0% 7.6% 0.9%

Delinquency Rate >90 Days (%) 2.6% 2.6% 2.8% 4.1% 0.5% 0.7% 2.3% 1.2% 3.5% 0.0%

Loan Loss Reserve Ratio 6.4% 6.4% 8.3% 7.8% 6.5% 4.5% 5.5% 4.6% 4.0% 2.3%

Net Charge-off Ratio (Net Loan Loss Ratio) (%) 1.25% 1.25% 3.01% 1.48% 0.10% 0.41% 0.75% 0.11% 3.08% 0.0%

Current Ratio (Current Assets/Current Liabilities) 25.9 6.4 5.6 7.1 9.3 4.7 6.6 5.7 8.9 300%



Table 6

Summary of Peer Groups (All data are peer group averages) (continued)


Peer Group*

All Unregulated

CDFIs

All Loan

Funds M B R S Hi Ho C I

Efficiency and Operations

Self-sufficiency Ratio (Earned Revenues/Operating Expenses) (%) 62% 61% 43% 55% 81% 77% 62% 82% 39% $1

Operating Expense/FTE $228,585 $229,526 $152,139 $212,002 $252,383 $316,430 $194,094 $334,526 $97,211

$351,454.00

Operating Expense/$ Direct Financing Closed $1.18 $1.18 $1.53 $1.90 $0.67 $0.53 $0.86 $0.34 $1.20 $0

Operating Expense/# Direct Financing Closed $133,369 $133,369 $37,682 $95,011 $162,611 $452,157 $44,342 $242,089 $4,302 21129300%

Operating Expense/Total Capital (%) 18% 18% 29% 20% 14% 11% 16% 10% 26% $0

Salary Expense/FTE $95,788 $96,161 $78,372 $96,131 $98,281 $113,644 $80,775 $119,039 $64,272 $127,873

$ Loans and Investments Outstanding/Financing FTE $4,516,581 $4,526,507 $1,206,007 $2,967,948 $4,530,598 $9,226,342 $4,007,110 $9,547,919 $518,276 4765994

# Loans and Investments Outstanding/Financing FTE 50 51 63 38 26 21 113 23 107 $13

$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $1,854,825 $1,863,333 $587,027 $1,223,885 $2,343,891 $2,963,810 $1,524,290 $4,241,904 $366,261 2648273

# Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 17 17 25 14 17 5 25 7 62 400%

Net Assets (Net Worth)/Total Assets (%) 47% 47% 48% 49% 58% 38% 53% 39% 55% 29%

Contributed Revenue/Operating Revenue (%) 48% 48% 63% 50% 41% 40% 39% 39% 71% 50%

Earned Revenue/Operating Revenue (%) 52% 52% 37% 50% 59% 60% 61% 61% 29% 50%

% Earned Income from:

Investment Income 4% 4% 1% 5% 2% 5% 3% 4% 5% 7%

Portfolio Interest Income 54% 55% 45% 56% 37% 62% 51% 64% 58% 55%

Fee Income on Portfolio 12% 12% 12% 12% 30% 4% 11% 12% 12% 0%

NMTC Fee Income 4% 4% 0% 5% 5% 12% 3% 4% 0% 0%

Contract Revenue 10% 10% 19% 9% 8% 6% 7% 6% 10% 17%

Dividends 0% 0% 0% 0% 0% 0% 0% 0% 0% 15%

Other Earned Income 13% 13% 21% 9% 11% 11% 22% 8% 14% 7%

Realized Gains (Losses) 3% 2% 2% 2% 6% 1% 4% 0% 2% 0%

% Operating Expense from:

Interest Expense 12% 12% 5% 9% 8% 21% 11% 24% 5% 23%

Loan Loss Reserve Expense 10% 10% 11% 14% 9% 6% 5% 8% 9% 1%

Salaries Expense 42% 42% 49% 43% 42% 38% 39% 37% 45% 30%

Professional Services Expense 11% 11% 11% 13% 11% 11% 8% 9% 15% 9%

Grant Expense 4% 4% 2% 2% 6% 8% 6% 7% 0% 17%

Other Operating Expense 21% 22% 22% 21% 24% 16% 31% 15% 26% 19%

Market

% Major Urban 47% 47% 51% 44% 59% 65% 34% 58% 33% 0%

% Minor Urban 25% 25% 24% 24% 26% 22% 30% 24% 23% 17%

% Rural 28% 28% 25% 32% 15% 13% 36% 19% 45% 83%

% People of Color 60% 60% 63% 54% 61% 61% 62% 61% 69% 70%

% Female 48% 48% 54% 45% 41% 53% 52% 41% 51% 72%

% Low Income, Low Wealth, or Historically Disinvested 82% 82% 80% 78% 77% 87% 83% 89% 92% 100%

% of Group Serving:

Neighborhood 1% 1% 0% 1% 8% 0% 0% 0% 0% 0%

City 4% 4% 3% 6% 8% 0% 0% 5% 0% 0%

Metropolitan Area 6% 6% 5% 7% 0% 0% 12% 8% 0% 0%

County 5% 5% 0% 4% 17% 0% 9% 8% 0% 0%

Multiple Counties 24% 24% 30% 36% 25% 17% 18% 5% 25% 0%

State 24% 24% 27% 19% 17% 11% 41% 25% 13% 33%

Multiple States 24% 24% 32% 17% 17% 33% 18% 25% 63% 33%

National 13% 13% 3% 10% 8% 39% 3% 25% 0% 33%



Su

mm

ary o

f Peer G

rou

ps


Peer Group* M M1 M2 M3 M4 M5 MB

Number of CDFIs 37 8 7 7 8 7 109

Year Began Financing 2001 2009 2007 1995 1997 1997 1997

Size and Type

Total Assets $13,852,074 $1,624,071 $4,845,433 $7,973,078 $16,687,509 $39,472,074 $25,082,008

Total Capital Available for Lending $11,760,908 $982,422 $3,878,081 $7,165,678 $14,593,524 $33,319,958 $21,221,454

Net Assets (Net Worth) $5,553,858 $693,182 $2,304,418 $4,599,943 $6,407,448 $14,336,739 $10,359,859

Operating Revenues $3,304,387 $549,151 $1,607,491 $2,374,146 $3,610,680 $8,730,319 $4,128,313

Operating Expenses $2,999,257 $504,329 $1,268,271 $1,696,653 $3,115,094 $8,751,809 $3,687,018

Net Operating Income (Change in Net Worth) $305,130 $44,823 $339,220 $677,492 $495,586 -$21,490 $441,295

Change in Net Assets (Net Revenue) $228,469 $71,558 $376,806 $659,318 $626,938 -$626,780 $646,387

Change in Unrestricted Net Assets $214,662 -$10,834 $93,107 $687,274 $339,241 -$21,060 $455,414


Business (B) 18% 4% 12% 30% 18% 26% 55%

Commercial Real Estate (R) 6% 3% 7% 6% 6% 9% 7%

Community Services (S) 1% 2% 0% 2% 0% 0% 2%

Consumer (C) 2% 0% 0% 2% 6% 1% 1%

Housing to Individuals (Hi) 0% 1% 0% 0% 0% 0% 1%

Housing to Organizations (Ho) 4% 2% 0% 11% 8% 0% 2%

Intermediary (I) 0% 0% 0% 0% 2% 0% 0%

Microenterprise (M) 69% 88% 81% 50% 60% 65% 29%

Other (O) 0% 0% 0% 0% 0% 0% 2%


Business (B) 17% 2% 7% 23% 25% 28% 54%

Commercial Real Estate (R) 4% 9% 1% 4% 3% 1% 6%

Community Services (S) 0% 1% 0% 1% 0% 0% 2%

Consumer (C) 2% 0% 0% 3% 5% 1% 1%

Housing to Individuals (Hi) 0% 0% 0% 0% 0% 0% 1%

Housing to Organizations (Ho) 7% 6% 9% 14% 7% 0% 3%

Intermediary (I) 0% 0% 0% 0% 0% 0% 0%

Microenterprise (M) 69% 81% 83% 48% 61% 70% 31%

Other (O) 1% 0% 0% 7% 0% 0% 1%

Staff and Board

# of FTEs 19 7 9 12 20 47 19

% FTEs for Financing 40% 31% 34% 49% 40% 45% 43%

% FTEs for Training and Technical Assistance 30% 33% 40% 27% 30% 21% 25%

% FTEs for Administration and Other 30% 36% 26% 25% 29% 35% 31%

% FTEs of Color 50% 59% 58% 38% 42% 55% 45%

% FTEs Female 61% 66% 56% 60% 62% 61% 59%

# of Management FTEs 5 3 3 5 6 10 5

% of Management FTEs of Color 42% 60% 52% 24% 33% 40% 40%

% of Management FTEs Female 55% 69% 41% 48% 57% 58% 49%

# of Board Members 13 10 12 15 14 12 12

% of Board of Color 41% 42% 53% 32% 35% 44% 41%

% of Board Female 45% 50% 55% 39% 33% 46% 40%

*M = Microenterprise, MB = Microenterprise and Business

Table 7

Microenterprise Loan Funds Peer Group Data (All data are peer group averages)



Capitalization

% Total Capital by:

Equity 49% 55% 53% 61% 42% 36% 48%

Borrowed Capital 45% 40% 47% 38% 44% 55% 45%

Equity Equivalents (EQ2) 6% 6% 0% 1% 15% 9% 7%

Cost of Borrowed Funds (%) 2.1% 3.4% 1.5% 1.8% 1.8% 2.4% 2.2%

Term of Borrowed Funds (Months) 96 87 100 103 108 78 108

Cost of EQ2 2.4% 2.5% 2.0% 2.2% 3.0% 2.4%


Individuals 2% 1% 0% 5% 1% 3% 3%

Religious Institutions 3% 0% 7% 2% 1% 2% 2%

Foundations 6% 4% 16% 2% 5% 3% 10%

Corporations 3% 4% 0% 0% 0% 12% 3%

Federal Government 42% 50% 46% 41% 50% 24% 31%

State/Local Government 7% 13% 4% 16% 1% 4% 7%

Banks/Thrifts/Credit Unions 29% 21% 20% 22% 36% 42% 32%

Nondepository Financial Institutions 2% 0% 0% 8% 0% 1% 2%

National CDFI Intermediary 2% 0% 2% 0% 3% 2% 4%

Other 5% 7% 5% 3% 3% 7% 5%


Total Financing Outstanding $7,970,940 $462,499 $1,910,236 $4,731,420 $8,953,200 $24,729,657

$15,744,961

% of Financing in Loans 98% 100% 98% 100% 92% 100% 97%

% of Financing in Equity Investments 2% 0% 2% 0% 6% 0% 2%

% of Financing in Guarantees 0% 0% 0% 0% 2% 0% 0%

Average Size of Financing Outstanding $20,842 $12,439 $24,571 $25,536 $24,329 $18,036 $84,077

Average Size of Loans Outstanding for: $20,871 $12,439 $24,248 $25,599 $24,711 $18,013 $82,730

Total $67,113 $37,642 $53,252 $86,319 $65,293 $60,106 $127,451

Business (B) $338,818 $52,181 $120,548 $128,207 $70,545 $936,018 $282,150

Commercial Real Estate (R) $61,642 $15,786 $107,499 $159,826

Community Services (S) $3,220 $1,477 $10,187 $1,479 $4,299

Consumer (C) $23,582 $2,161 $53,542 $15,042 $43,475

Housing to Individuals (Hi) $101,882 $32,796 $162,076 $119,665 $339,923

Housing to Organizations (Ho) $84,785 $84,785 $184,521

Intermediary (I) $15,107 $11,310 $20,566 $14,107 $16,631 $13,249 $16,454

Microenterprise (M) $15,617 $1,700 $29,534 $416,978

Other (O) $83,581 $154,285 $19,329 $17,067 $143,641 $209,260

Average Equity Investment Outstanding $3,852,408 $254,474 $759,835 $2,809,162 $3,700,570 $12,273,680 $7,521,134

$ of Direct Financing Closed 199 19 26 122 169 688 143

# of Direct Financing Closed 7.7% 8.0% 7.7% 6.7% 8.0% 7.9% 7.1%

Weighted Average Interest Rate of Loans Outstanding (%) 63 51 61 59 69 77 75

Weighted Average Term of Loans Outstanding (Months) 57% 45% 50% 67% 60% 65% 66%

Deployment Ratio (without commitments) (%) 5.9% 14.5% 1.9% 3.1% 5.0% 4.1% 6.4%

Loans >30 Days Past Due 2.8% 7.3% 0.9% 1.5% 2.2% 1.8% 3.7%

Loans >90 Days Past Due 8.3% 8.9% 10.7% 7.1% 7.5% 7.7% 8.0%

Allowance for Loan Loss Ratio (%) 3.01% 2.74% 0.86% 2.43% 4.51% 4.32% 2.00%

Net Charge-off Ratio (Net Loan Loss Ratio) (%) 5.6 9.6 4.7 6.5 4.6 2.5 6.6

Current Ratio (Current Assets/Current Liabilities) 6.4 13.5 5.0 6.0 3.2 5.1 6.3


Micro

en

terp

rise




Self-sufficiency Ratio (Earned Revenues/Operating Expenses) (%) 43% 34% 32% 48% 43% 58% 51%

Operating Expense/FTE $152,139 $82,910 $169,454 $148,769 $182,044 $183,134 $191,302

Operating Expense/$ Direct Financing Closed $1.53 $2.90 $2.36 $0.68 $0.88 $0.73 $1.77

Operating Expense/# Direct Financing Closed $37,682 $47,844 $78,373 $18,806 $20,835 $23,506 $75,187

Operating Expense/Total Capital (%) 29% 39% 35% 24% 22% 26% 23%

Salary Expense/FTE $78,372 $45,525 $82,832 $92,686 $92,164 $78,727 $90,037

$ Loans and Investments Outstanding/Financing FTE $1,206,007 $322,205 $1,017,067 $1,446,805 $1,888,660 $1,357,041 $2,380,634

# Loans and Investments Outstanding/Financing FTE 63 30 60 65 81 83 46

$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $587,027 $188,891 $450,333 $846,286 $708,632 $760,969 $1,011,599

# Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 25 14 16 26 30 39 18

Net Assets (Net Worth)/Total Assets (%) 48% 53% 49% 58% 41% 39% 48%

Contributed Revenue/Operating Revenue (%) 63% 74% 72% 67% 60% 41% 54%

Earned Revenue/Operating Revenue (%) 37% 26% 28% 33% 40% 59% 46%


Investment Income 1% 0% 2% 1% 1% 0% 4%

Portfolio Interest Income 45% 33% 41% 54% 53% 47% 53%

Fee Income on Portfolio 12% 7% 19% 11% 6% 20% 12%

NMTC Fee Income 0% 0% 0% 0% 0% 0% 4%

Contract Revenue 19% 33% 11% 13% 16% 18% 12%

Dividends 0% 0% 1% 0% 0% 0% 0%

Other Earned Income 21% 27% 23% 21% 16% 17% 13%

Realized Gains (Losses) 2% 0% 2% 0% 7% -2% 2%


Interest Expense 5% 3% 4% 4% 6% 8% 8%

Provision for Loan Losses 11% 7% 3% 17% 14% 16% 13%

Salaries Expense 49% 43% 54% 49% 52% 45% 45%

Professional Services Expense 11% 18% 11% 8% 8% 7% 12%

Grant Expense 2% 2% 4% 1% 4% 0% 2%

Other Operating Expense 22% 27% 24% 20% 17% 23% 21%

Market

% Major Urban 51% 49% 50% 28% 56% 68% 46%

% Minor Urban 24% 13% 22% 31% 31% 24% 24%

% Rural 25% 38% 27% 41% 13% 8% 30%

% People of Color 63% 76% 66% 49% 56% 67% 57%

% Female 54% 59% 66% 52% 48% 49% 48%

% Low Income, Low Wealth, or Historically Disinvested 80% 89% 87% 83% 66% 76% 79%

% of Group Serving:

Neighborhood 0% 0% 0% 0% 0% 0% 1%

City 3% 0% 0% 0% 0% 0% 5%

Metropolitan Area 5% 0% 13% 0% 14% 0% 6%

County 0% 0% 0% 0% 0% 0% 3%

Multiple Counties 30% 0% 63% 29% 43% 13% 34%

State 27% 33% 13% 43% 14% 38% 22%

Multiple States 32% 33% 13% 29% 29% 50% 22%

National 3% 33% 0% 0% 0% 0% 7%


Table 7Microenterprise Loan Funds Peer Group Data (All data are peer group averages) (continued)


Ho

usin

gB

usin

ess

Peer Group* B B1 B2 B3 B4 B5 B6 B7 BU BR MB

Number of CDFIs 72 9 12 9 15 11 10 6 51 21 109

Year Began Financing 1995 2003 1999 1999 1994 1988 1995 1988 1996 1994 1997

Size and Type

Total Assets $30,852,946 $2,104,142 $5,791,264 $9,812,989 $23,380,093 $32,568,828 $56,320,107 $128,750,538 $32,604,223 $26,599,846 $25,082,008

Total Capital Available for Lending $26,083,124 $1,840,547 $4,012,286 $7,914,302 $12,875,983 $30,573,775 $49,412,146 $119,745,189 $27,927,307 $21,604,394 $21,221,454

Net Assets (Net Worth) $12,829,610 $1,493,660 $3,207,505 $4,057,795 $15,543,823 $13,865,910 $19,726,717 $42,054,871 $11,373,244 $16,366,498 $10,359,859

Operating Revenues $4,551,720 $731,863 $1,332,061 $1,910,407 $4,372,141 $5,035,705 $7,393,032 $15,508,910 $4,951,663 $3,580,427 $4,128,313

Operating Expenses $4,040,450 $312,794 $1,275,450 $1,761,949 $3,459,854 $4,609,499 $6,853,260 $14,299,907 $4,544,779 $2,815,653 $3,687,018

Net Operating Income (Change in Net Worth) $511,269 $419,070 $56,611 $148,458 $912,286 $426,207 $539,772 $1,209,003 $406,885 $764,775 $441,295

Change in Net Assets (Net Revenue) $861,150 $134,453 $660,085 $112,874 $1,529,000 $975,129 $807,728 $1,686,193 $735,846 $1,165,460 $646,387

Change in Unrestricted Net Assets $579,134 $70,352 $77,347 $57,949 $1,274,600 $480,244 $367,180 $1,923,545 $440,353 $916,172 $455,414


Business (B) 74% 77% 89% 67% 71% 81% 68% 53% 73% 78% 55%

Commercial Real Estate (R) 7% 0% 0% 14% 6% 8% 12% 14% 9% 4% 7%

Community Services (S) 2% 1% 3% 1% 1% 0% 5% 8% 2% 3% 2%

Consumer (C) 1% 1% 0% 0% 1% 0% 0% 3% 1% 1% 1%

Housing to Individuals (Hi) 2% 0% 3% 0% 3% 0% 5% 0% 2% 2% 1%

Housing to Organizations (Ho) 2% 0% 0% 3% 0% 2% 2% 5% 2% 0% 2%

Intermediary (I) 0% 0% 0% 0% 0% 0% 0% 4% 1% 0% 0%

Microenterprise (M) 8% 13% 4% 12% 9% 7% 6% 9% 8% 9% 29%

Other (O) 4% 9% 0% 3% 7% 1% 1% 3% 4% 4% 2%


Business (B) 73% 74% 88% 66% 71% 85% 62% 58% 73% 73% 54%

Commercial Real Estate (R) 7% 0% 0% 11% 9% 4% 11% 15% 6% 8% 6%

Community Services (S) 2% 0% 0% 3% 1% 0% 8% 8% 2% 4% 2%

Consumer (C) 1% 0% 0% 0% 1% 0% 0% 3% 0% 1% 1%

Housing to Individuals (Hi) 2% 0% 4% 0% 2% 0% 5% 0% 2% 2% 1%

Housing to Organizations (Ho) 1% 0% 0% 4% 0% 3% 2% 3% 2% 0% 3%

Intermediary (I) 0% 0% 0% 0% 1% 0% 0% 0% 0% 0% 0%

Microenterprise (M) 12% 19% 8% 16% 15% 8% 10% 8% 12% 11% 31%

Other (O) 1% 7% 0% 0% 0% 1% 1% 4% 2% 1% 1%

Staff and Board

# of FTEs 19 4 8 12 18 20 29 57 20 16 19

% FTEs for Financing 45% 46% 42% 34% 42% 50% 53% 48% 45% 44% 43%

% FTEs for Training and Technical Assistance 22% 19% 25% 31% 29% 16% 13% 14% 22% 21% 25%

% FTEs for Administration and Other 32% 30% 29% 34% 29% 34% 32% 38% 32% 31% 31%

% FTEs of Color 43% 49% 71% 49% 46% 25% 25% 22% 50% 26% 45%

% FTEs Female 58% 51% 70% 64% 51% 53% 62% 56% 55% 66% 59%

# of Management FTEs 5 2 4 5 4 5 7 15 6 4 5

% of Management FTEs of Color 39% 40% 57% 47% 53% 25% 20% 13% 45% 26% 40%

% of Management FTEs Female 47% 44% 56% 49% 43% 43% 44% 49% 40% 62% 49%

# of Board Members 12 10 11 12 10 12 14 14 12 11 12

% of Board of Color 40% 53% 51% 40% 45% 29% 30% 27% 44% 31% 41%

% of Board Female 37% 21% 42% 47% 40% 38% 31% 35% 37% 36% 40%

*B= Business, BU = Business that serves primarily the urban market, and BR = Business that serves primarily the rural market. One CDFI that serves a 50% rural and 50% urban market is included in the BR peer group.

Table 8

Business Loan Funds Peer Group Data (All data are peer group averages)




Capitalization

% Total Capital by:

Equity 48% 75% 54% 43% 47% 43% 37% 37% 44% 59% 48%

Borrowed Capital 45% 17% 36% 53% 49% 54% 53% 48% 49% 36% 45%

Equity Equivalents (EQ2) 7% 8% 10% 4% 4% 3% 9% 15% 8% 5% 7%

Cost of Borrowed Funds (%) 2.2% 2.1% 2.1% 2.3% 1.9% 2.3% 2.7% 2.6% 2.4% 1.8% 2.2%

Term of Borrowed Funds (Months) 114 65 122 122 119 99 114 123 90 178 108

Cost of EQ2 2.4% 2.0% 3.1% 2.3% 2.0% 2.2% 2.5% 2.3% 2.4% 2.4% 2.4%


Individuals 3% 0% 3% 0% 4% 6% 2% 9% 4% 1% 3%

Religious Institutions 2% 0% 4% 0% 2% 2% 1% 1% 2% 0% 2%

Foundations 13% 2% 15% 17% 15% 19% 5% 6% 12% 15% 10%

Corporations 3% 0% 1% 0% 0% 13% 1% 5% 3% 4% 3%

Federal Government 25% 21% 33% 41% 23% 17% 23% 16% 16% 47% 31%

State/Local Government 7% 0% 3% 5% 17% 1% 9% 3% 8% 4% 7%

Banks/Thrifts/Credit Unions 34% 44% 30% 24% 31% 35% 41% 44% 41% 17% 32%

Nondepository Financial Institutions 3% 0% 1% 8% 0% 2% 5% 4% 3% 2% 2%

National CDFI Intermediary 6% 12% 10% 0% 7% 4% 7% 4% 6% 5% 4%

Other 5% 20% 2% 5% 2% 2% 6% 9% 5% 5% 5%


Total Financing Outstanding

$19,739,944 $1,232,852 $2,663,555 $5,380,010 $9,567,932

$21,793,636 $39,443,239 $92,019,361

$21,163,717

$16,282,209

$15,744,961

% of Financing in Loans 97% 95% 94% 100% 97% 100% 100% 94% 97% 97% 97%

% of Financing in Equity Investments 3% 5% 4% 0% 3% 0% 0% 6% 2% 3% 2%

% of Financing in Guarantees 0% 0% 2% 0% 0% 0% 0% 0% 0% 0% 0%

Average Size of Financing Outstanding $116,573 $29,638 $110,550 $68,756 $77,527 $263,959 $132,421 $131,746 $125,224 $95,564 $84,077


Total $114,519 $27,628 $98,578 $68,737 $76,604 $269,281 $133,424 $124,963 $123,008 $93,904 $82,730

Business (B) $146,997 $55,421 $104,683 $103,174 $96,005 $289,625 $185,449 $221,370 $151,358 $136,613 $127,451

Commercial Real Estate (R) $264,119 $268,619 $128,681 $245,207 $203,465 $523,648 $291,746 $139,798 $282,150

Community Services (S) $182,928 $183,750 $74,501 $134,423 $80,402 $247,067 $274,039 $162,286 $232,468 $159,826

Consumer (C) $5,070 $12,167 $797 $3,365 $1,797 $12,204 $6,533 $3,120 $4,299

Housing to Individuals (Hi) $48,900 $11,761 $5,837 $103,568 $61,853 $6,143 $58,036 $41,288 $43,475

Housing to Organizations (Ho) $472,168 $71,180 $162,854 $231,179 $256,934 $1,066,418 $483,939 $377,999 $339,923

Intermediary (I) $217,766 $94,317 $464,664 $246,649 $160,000 $184,521

Microenterprise (M) $17,613 $14,141 $11,387 $18,209 $20,184 $17,123 $21,090 $15,326 $17,146 $18,581 $16,454

Other (O) $497,251 $7,937 $126,180 $2,715,557 $85,754 $466,049 $505,646 $626,997 $302,631 $416,978

Average Equity Investment Outstanding $242,775 $750,000 $762,612 $50,200 $177,002 $51,239 $50,538 $533,254 $287,472 $175,729 $209,260

$ of Direct Financing Closed $9,406,452 $862,833 $1,139,410 $1,880,315 $3,739,159 $7,786,054 $19,602,316 $50,191,031

$10,313,086 $7,204,627 $7,521,134

# of Direct Financing Closed 115 40 22 28 59 79 110 756 135 66 143

Weighted Average Interest Rate of Loans Outstanding (%) 6.9% 7.6% 7.4% 6.1% 7.0% 6.8% 6.0% 7.2% 7.1% 6.3% 7.1%

Weighted Average Term of Loans Outstanding (Months) 81 66 62 76 70 81 121 105 76 92 75

Deployment Ratio (without commitments) (%) 70% 59% 65% 66% 72% 72% 80% 77% 70% 69% 66%

Loans >30 Days Past Due 6.6% 10.0% 9.5% 4.0% 7.1% 4.5% 4.8% 5.0% 7.2% 5.1% 6.4%

Loans >90 Days Past Due 4.1% 4.9% 5.4% 2.9% 4.4% 3.4% 3.6% 4.1% 4.0% 4.5% 3.7%

Allowance for Loan Loss Ratio (%) 7.8% 12.0% 10.8% 6.0% 7.3% 7.0% 5.1% 5.5% 8.0% 7.4% 8.0%

Net Charge-off Ratio (Net Loan Loss Ratio) (%) 1.48% 2.61% 0.92% 1.22% 1.77% 1.31% 1.19% 1.33% 1.61% 1.15% 2.00%

Current Ratio (Current Assets/Current Liabilities) 7.1 21.4 10.7 4.5 5.6 9.8 2.7 4.5 6.7 8.1 6.6


Table 8Business Loan Funds Peer Group Data (All data are peer group averages) (continued)


Bu

siness



Self-sufficiency Ratio (Earned Revenues/Operating Expenses) (%) 56% 25% 47% 56% 63% 53% 72% 56% 56% 54% 52%

Operating Expense/FTE $203,428 $96,476 $154,375 $174,374 $232,474 $193,479 $283,929 $276,302 $210,903 $183,993 $193,991

Operating Expense/$ Direct Financing Closed $0.82 $1.20 $0.83 $0.90 $0.87 $0.48 $0.88 $0.53 $0.82 $0.83 $0.85

Operating Expense/# Direct Financing Closed $78,063 $19,363 $48,906 $48,789 $97,986 $139,963 $83,824 $87,155 $87,319 $54,680 $63,170

Operating Expense/Total Capital (%) 20% 43% 28% 21% 20% 14% 13% 12% 23% 14% 22%

Salary Expense/FTE $87,545 $46,627 $55,849 $89,668 $88,890 $88,779 $120,525 $99,471 $92,986 $72,853 $83,610

$ Loans and Investments Outstanding/ Financing FTE $2,924,867 $934,225 $2,055,401 $2,094,836 $2,846,363 $3,249,997 $4,763,653 $4,422,793 $2,679,309 $3,575,596 $2,458,718

# Loans and Investments Outstanding/ Financing FTE 36 32 41 32 26 44 42 37 33 47 46

$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $1,249,803 $462,755 $680,199 $1,023,365 $1,105,603 $1,562,354 $2,041,201 $1,545,850 $1,358,269 $962,368 $1,099,688

# Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 15 47 13 11 9 12 17 12 17 12 19

Net Assets (Net Worth)/Total Assets (%) 46% 67% 50% 44% 35% 53% 44% 29% 43% 55% 47%

Contributed Revenue/Operating Revenue (%) 49% 75% 58% 45% 43% 57% 39% 37% 48% 53% 52%

Earned Revenue/Operating Revenue (%) 51% 25% 42% 55% 57% 43% 61% 63% 52% 47% 48%


Investment Income 5% 3% 9% 0% 9% 6% 4% 5% 5% 7% 4%

Portfolio Interest Income 56% 69% 55% 50% 47% 60% 58% 65% 55% 60% 53%

Fee Income on Portfolio 12% 16% 12% 16% 11% 10% 9% 10% 13% 11% 12%

NMTC Fee Income 5% 0% 0% 6% 8% 8% 12% 2% 6% 3% 4%

Contract Revenue 9% 1% 12% 15% 8% 10% 10% 7% 12% 3% 12%

Dividends 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Other Earned Income 9% 5% 13% 14% 13% 5% 4% 10% 8% 13% 13%

Realized Gains (Losses) 2% 6% 0% -1% 4% 1% 4% 0% 2% 4% 2%


Interest Expense 9% 3% 7% 10% 5% 10% 17% 16% 10% 7% 8%

Provision for Loan Losses 14% 22% 7% 14% 11% 16% 16% 11% 13% 15% 13%

Salaries Expense 43% 45% 40% 43% 46% 42% 43% 45% 44% 43% 45%

Professional Services Expense 13% 30% 13% 12% 9% 16% 7% 7% 14% 13% 12%

Grant Expense 2% 0% 2% 0% 7% 2% 0% 1% 2% 3% 2%

Other Operating Expense 21% 23% 30% 21% 22% 14% 17% 19% 22% 19% 21%

Market

% Major Urban 44% 30% 53% 43% 46% 50% 38% 39% 60% 5% 46%

% Minor Urban 24% 47% 24% 9% 22% 12% 28% 29% 29% 11% 24%

% Rural 32% 23% 23% 48% 31% 38% 34% 32% 11% 83% 30%

% People of Color 54% 69% 67% 66% 64% 36% 32% 34% 61% 40% 57%

% Female 45% 41% 57% 53% 44% 40% 35% 48% 47% 42% 48%

% Low Income, Low Wealth, or Historically Disinvested 78% 85% 75% 86% 74% 82% 70% 79% 80% 75% 79%

% of Group Serving:

Neighborhood 1% 0% 0% 11% 0% 0% 0% 0% 2% 0% 1%

City 6% 0% 8% 11% 7% 0% 0% 0% 8% 0% 5%

Metropolitan Area 7% 11% 8% 11% 13% 0% 0% 0% 10% 0% 6%

County 4% 11% 8% 0% 7% 0% 0% 0% 6% 0% 3%

Multiple Counties 36% 33% 58% 33% 33% 10% 10% 50% 27% 57% 34%

State 19% 22% 8% 33% 13% 20% 20% 0% 22% 14% 22%

Multiple States 17% 11% 0% 0% 20% 50% 50% 17% 14% 24% 22%

National 10% 11% 8% 0% 7% 20% 20% 33% 12% 5% 7%


Table 9 Commercial Real Estate Loan Funds Peer Group Data (All data are peer group averages)

Peer Group* R R1 R2Number of CDFIs 12 6 6Year Began Financing 1993 1994 1993

Size and TypeTotal Assets $44,465,423 $13,284,399 $75,646,447Total Capital Available for Lending $32,290,608 $9,339,355 $55,241,861Net Assets (Net Worth) $24,882,847 $6,872,841 $42,892,853Operating Revenues $5,313,774 $2,250,328 $8,377,219Operating Expenses $4,101,537 $1,494,435 $6,708,639Net Operating Income (Change in Net Worth) $1,212,236 $755,893 $1,668,580Change in Net Assets (Net Revenue) $1,666,237 $976,229 $2,356,246Change in Unrestricted Net Assets $1,599,882 $838,290 $2,361,474

% of Direct Financing Outstanding in:Business (B) 12% 6% 17%Commercial Real Estate (R) 69% 84% 54%Community Services (S) 6% 5% 7%Consumer (C) 0% 0% 1%Housing to Individuals (Hi) 0% 0% 0%Housing to Organizations (Ho) 10% 0% 21%Intermediary (I) 0% 0% 0%Microenterprise (M) 2% 4% 0%Other (O) 0% 0% 0%

% of Direct Financing Closed in:Business (B) 9% 3% 16%Commercial Real Estate (R) 61% 61% 61%Community Services (S) 8% 12% 3%Consumer (C) 1% 0% 1%Housing to Individuals (Hi) 0% 0% 1%Housing to Organizations (Ho) 9% 0% 18%Intermediary (I) 2% 3% 0%Microenterprise (M) 11% 21% 0%Other (O) 0% 0% 0%

Staff and Board# of FTEs 15 8 23% FTEs for Financing 53% 58% 49%% FTEs for Training and Technical Assistance 19% 16% 23%% FTEs for Administration and Other 28% 25% 30%% FTEs of Color 39% 29% 49%% FTEs Female 64% 67% 61%

# of Management FTEs 5 3 6% of Management FTEs of Color 32% 21% 43%% of Management FTEs Female 48% 48% 47%

# of Board Members 13 16 11% of Board of Color 29% 14% 41%

% of Board Female 29% 25% 33%

*R = Commercial Real Estate


Co

mm

ercia

l Real E

state

Peer Group* R R1 R2

Capitalization% Total Capital by:

Equity 63% 69% 57%Borrowed Capital 32% 30% 34%Equity Equivalents (EQ2) 4% 0% 8%

Cost of Borrowed Funds (%) 2.6% 3.1% 2.2%Term of Borrowed Funds (Months) 148 148 147

Cost of EQ2 2.3% 2.3%

% Borrowed Funds from:Individuals 2% 0% 4%Religious Institutions 1% 0% 3%Foundations 17% 15% 18%Corporations 16% 29% 5%Federal Government 27% 20% 33%State/Local Government 1% 0% 1%Banks/Thrifts/Credit Unions 22% 28% 17%Nondepository Financial Institutions 2% 0% 4%National CDFI Intermediary 3% 0% 5%Other 9% 8% 10%

Financing Activities and PerformanceTotal Financing Outstanding $24,747,061 $7,340,303 $42,153,819 % of Financing in Loans 96% 92% 100%% of Financing in Equity Investments 5% 9% 1%% of Financing in Guarantees 0% 0% 0%

Average Size of Financing Outstanding $375,048 $337,870 $412,227 Average Size of Loans Outstanding for:

Total $365,349 $314,118 $416,580 Business (B) $185,088 $60,631 $259,762 Commercial Real Estate (R) $759,762 $802,238 $717,287 Community Services (S) $660,900 $505,827 $764,283 Consumer (C) $1,527 $1,527 Housing to Individuals (Hi) $47,588 $47,588 Housing to Organizations (Ho) $631,490 $631,490 Intermediary (I) $250,000 $250,000 Microenterprise (M) $23,943 $22,109 $27,612 Other (O) $-

Average Equity Investment Outstanding $960,497 $1,224,780 $696,214 $ of Direct Financing Closed $9,490,369 $2,460,169 $16,520,569 # of Direct Financing Closed 64 8 121

Weighted Average Interest Rate of Loans Outstanding (%) 5.4% 5.7% 5.2%Weighted Average Term of Loans Outstanding (Months) 81 64 97Deployment Ratio (without commitments) (%) 79% 79% 78%Loans >30 Days Past Due 0.8% 0.6% 1.0%Loans >90 Days Past Due 0.5% 0.6% 0.5%Allowance for Loan Loss Ratio (%) 6.5% 7.8% 5.2%Net Charge-off Ratio (Net Loan Loss Ratio) (%) 0.10% 0.16% 0.04%Current Ratio (Current Assets/Current Liabilities) 9.3 10.5 8.0



Peer Group* R R1 R2

Efficiency and OperationsSelf-sufficiency Ratio (Earned Revenues/Operating Expenses) (%) 81% 66% 96%Operating Expense/FTE $252,383 $225,032 $279,735 Operating Expense/$ Direct Financing Closed $0.67 $0.98 $0.37 Operating Expense/# Direct Financing Closed $162,611 $189,705 $130,098 Operating Expense/Total Capital (%) 14% 16% 11%Salary Expense/FTE $98,281 $76,092 $113,073 $ Loans and Investments Outstanding/Financing FTE $4,530,598 $2,299,192 $6,762,005 # Loans and Investments Outstanding/Financing FTE 26 8 44$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $2,343,891 $2,121,924 $2,565,859 # Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 17 4 30

Net Assets (Net Worth)/Total Assets (%) 58% 58% 58%Contributed Revenue/Operating Revenue (%) 41% 45% 37%Earned Revenue/Operating Revenue (%) 59% 55% 63%

% Earned Income from:Investment Income 2% 2% 2%Portfolio Interest Income 37% 15% 59%Fee Income on Portfolio 30% 54% 6%NMTC Fee Income 5% 0% 11%Contract Revenue 8% 14% 2%Dividends 0% 0% 0%Other Earned Income 11% 3% 19%Realized Gains (Losses) 6% 12% 0%

% Operating Expense from:Interest Expense 8% 4% 12%Provision for Loan Losses 9% 12% 6%Salaries Expense 42% 41% 43%Professional Services Expense 11% 16% 5%Grant Expense 6% 2% 11%Other Operating Expense 24% 25% 24%

Market% Major Urban 59% 42% 76%% Minor Urban 26% 41% 11%% Rural 15% 18% 13%

% People of Color 61% 58% 64%% Female 41% 35% 48%% Low Income, Low Wealth, or Historically Disinvested 77% 62% 91%

% of Group Serving:Neighborhood 8% 0% 0%City 8% 0% 0%Metropolitan Area 0% 0% 14%County 17% 0% 0%Multiple Counties 25% 29% 43%State 17% 43% 14%Multiple States 17% 29% 29%National 8% 0% 0%


Table 9 Commercial Real Estate Loan Funds Peer Group Data (All data are peer group averages) (continued)


Co

mm

un

ity Service

s

Peer Group* S S1 S2 S3 S4Number of CDFIs 18 5 4 4 5Year Began Financing 1995 1998 1998 1998 1988

Size and TypeTotal Assets $197,928,922 $19,720,784 $72,060,900 $122,419,809 $537,238,768Total Capital Available for Lending $173,996,542 $16,721,039 $38,921,711 $104,408,021 $495,002,727Net Assets (Net Worth) $59,959,857 $6,695,973 $49,017,186 $50,142,837 $129,831,493Operating Revenues $17,855,074 $2,422,010 $8,269,912 $13,971,441 $44,063,173Operating Expenses $14,488,991 $1,695,087 $6,656,573 $11,894,677 $35,624,281Net Operating Income (Change in Net Worth) $3,366,082 $726,923 $1,613,339 $2,076,764 $8,438,892Change in Net Assets (Net Revenue) $2,685,032 $987,172 $1,374,679 $3,446,591 $4,821,926Change in Unrestricted Net Assets $2,877,570 $739,346 $1,747,219 $1,887,645 $6,712,013

% of Direct Financing Outstanding in:Business (B) 5% 8% 9% 1% 2%Commercial Real Estate (R) 9% 1% 18% 1% 16%Community Services (S) 62% 58% 45% 98% 50%Consumer (C) 0% 0% 0% 0% 0%Housing to Individuals (Hi) 2% 0% 7% 0% 0%Housing to Organizations (Ho) 18% 22% 17% 0% 29%Intermediary (I) 0% 0% 0% 0% 0%Microenterprise (M) 0% 1% 1% 0% 0%Other (O) 4% 9% 4% 0% 3%

% of Direct Financing Closed in:Business (B) 5% 5% 12% 2% 3%Commercial Real Estate (R) 6% 1% 10% 0% 12%Community Services (S) 63% 66% 53% 98% 39%Consumer (C) 0% 0% 0% 0% 0%Housing to Individuals (Hi) 1% 1% 2% 0% 0%Housing to Organizations (Ho) 22% 23% 21% 0% 39%Intermediary (I) 0% 0% 0% 0% 1%Microenterprise (M) 1% 2% 1% 0% 0%Other (O) 2% 2% 1% 0% 5%

Staff and Board# of FTEs 42 9 35 44 80% FTEs for Financing 37% 45% 28% 35% 40%% FTEs for Training and Technical Assistance 23% 15% 32% 30% 18%% FTEs for Administration and Other 39% 36% 41% 36% 42%% FTEs of Color 36% 21% 47% 33% 44%% FTEs Female 66% 68% 74% 63% 60%

# of Management FTEs 12 3 12 11 23% of Management FTEs of Color 25% 9% 34% 20% 37%% of Management FTEs Female 66% 78% 70% 55% 62%

# of Board Members 13 12 14 14 13% of Board of Color 37% 32% 35% 29% 49%% of Board Female 39% 42% 36% 36% 41%

*S = Community Services

Table 10 Community Services Loan Funds Peer Group Data (All data are peer group averages)


Peer Group* S S1 S2 S3 S4

Capitalization% Total Capital by:

Equity 51% 34% 107% 53% 23%Borrowed Capital 57% 55% 50% 45% 75%Equity Equivalents (EQ2) 5% 11% 2% 2% 2%

Cost of Borrowed Funds (%) 2.7% 2.2% 2.8% 2.8% 3.0%Term of Borrowed Funds (Months) 102 70 108 82 147

Cost of EQ2 2.2% 1.9% 2.4% 2.0% 2.4%

% Borrowed Funds from:Individuals 5% 15% 0% 0% 1%Religious Institutions 2% 4% 5% 0% 1%Foundations 18% 12% 34% 23% 7%Corporations 3% 2% 4% 3% 2%Federal Government 12% 14% 4% 9% 20%State/Local Government 3% 5% 1% 0% 6%Banks/Thrifts/Credit Unions 45% 33% 46% 57% 45%Nondepository Financial Institutions 4% 12% 0% 2% 2%National CDFI Intermediary 2% 1% 2% 6% 0%Other 6% 2% 4% 1% 15%

Financing Activities and PerformanceTotal Financing Outstanding $155,110,316 $13,542,977 $52,408,517 $91,551,447 $429,686,192 % of Financing in Loans 94% 99% 100% 76% 98%% of Financing in Equity Investments 2% 1% 0% 5% 2%% of Financing in Guarantees 4% 0% 0% 19% 0%

Average Size of Financing Outstanding $872,872 $282,978 $319,953 $1,293,976 $1,568,218 Average Size of Loans Outstanding for:

Total $872,185 $289,643 $319,527 $1,268,761 $1,579,593 Business (B) $422,750 $121,280 $264,268 $1,240,928 $710,465 Commercial Real Estate (R) $1,260,610 $131,703 $773,192 $3,111,306 $1,849,807 Community Services (S) $1,198,004 $305,544 $1,250,801 $1,264,161 $1,995,300 Consumer (C) $5,584 $5,584 Housing to Individuals (Hi) $29,394 $35,640 $34,306 $13,324 Housing to Organizations (Ho) $754,636 $180,388 $544,547 $1,267,257 Intermediary (I) $454,350 $160,000 $601,526 Microenterprise (M) $15,592 $14,593 $18,586 Other (O) $653,380 $680,064 $519,250 $707,457

Average Equity Investment Outstanding $1,318,106 $29,675 $1,036,558 $2,131,792 $1,570,204 $ of Direct Financing Closed $41,419,197 $3,211,491 $16,736,190 $21,126,886 $115,607,159 # of Direct Financing Closed 42 17 69 16 65

Weighted Average Interest Rate of Loans Outstanding (%) 5.6% 5.7% 5.1% 5.6% 5.9%Weighted Average Term of Loans Outstanding (Months) 99 77 110 91 119Deployment Ratio (without commitments) (%) 76% 76% 66% 69% 87%Loans >30 Days Past Due 1.0% 0.4% 2.5% 0.7% 0.6%Loans >90 Days Past Due 0.7% 0.3% 2.3% 0.0% 0.5%Allowance for Loan Loss Ratio (%) 4.5% 6.3% 5.8% 2.1% 3.6%Net Charge-off Ratio (Net Loan Loss Ratio) (%) 0.41% 0.03% 0.76% 0.69% 0.29%Current Ratio (Current Assets/Current Liabilities) 4.7 3.5 9.2 4.7 2.5


Table 10 Community Services Loan Funds Peer Group Data (All data are peer group averages) (continued)


Co

mm

un

ity Service

s

Peer Group* S S1 S2 S3 S4

Efficiency and OperationsSelf-sufficiency Ratio (Earned Revenues/ Operating Expenses) (%) 77% 60% 45% 102% 97%Operating Expense/FTE $316,430 $257,763 $190,228 $306,904 $483,679 Operating Expense/$ Direct Financing Closed $0.53 $0.68 $0.62 $0.53 $0.32 Operating Expense/# Direct Financing Closed $452,157 $108,172 $205,913 $783,445 $659,310 Operating Expense/Total Capital (%) 11% 12% 15% 11% 7%Salary Expense/FTE $113,644 $93,590 $58,625 $146,119 $151,732 $ Loans and Investments Outstanding/Financing FTE $9,226,342 $3,606,784 $7,504,018 $5,699,809 $19,044,986 # Loans and Investments Outstanding/Financing FTE 21 23 45 5 13$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $2,963,810 $1,016,912 $2,261,347 $1,704,846 $6,479,849 # Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 5 7 8 1 3

Net Assets (Net Worth)/Total Assets (%) 38% 34% 55% 45% 24%Contributed Revenue/Operating Revenue (%) 40% 49% 68% 25% 22%Earned Revenue/Operating Revenue (%) 60% 51% 32% 75% 78%

% Earned Income from:Investment Income 5% 4% 6% 5% 3%Portfolio Interest Income 62% 63% 71% 34% 75%Fee Income on Portfolio 4% 5% 4% 2% 2%NMTC Fee Income 12% 27% 9% 9% 3%Contract Revenue 6% 0% 3% 14% 9%Dividends 0% 0% 0% 0% 0%Other Earned Income 11% 1% 7% 34% 6%Realized Gains (Losses) 1% 0% 0% 2% 1%

% Operating Expense from:Interest Expense 21% 16% 10% 20% 35%Provision for Loan Losses 6% 6% 6% 5% 5%Salaries Expense 38% 41% 35% 46% 33%Professional Services Expense 11% 22% 8% 7% 5%Grant Expense 8% 1% 17% 5% 12%Other Operating Expense 16% 14% 24% 17% 11%

Market% Major Urban 65% 63% 30% 78% 86%% Minor Urban 22% 27% 31% 19% 11%% Rural 13% 10% 39% 4% 3%

% People of Color 61% 43% 63% 80% 71%% Female 53% 61% 48% 53% 50%% Low Income, Low Wealth, or Historically Disinvested 87% 89% 89% 81% 90%

% of Group Serving:Neighborhood 0% 0% 0% 0% 0%City 0% 0% 14% 14% 17%Metropolitan Area 0% 0% 0% 0% 0%County 0% 0% 0% 0% 17%Multiple Counties 17% 13% 0% 0% 50%State 11% 38% 29% 29% 0%Multiple States 33% 50% 43% 43% 17%National 39% 0% 14% 14% 0%



Peer Group* Hi Hi1 Hi2 Hi3 Hi4 Hi5Number of CDFIs 34 9 7 7 6 5

Year Began Financing 1997 2005 2006 1989 1988 1994

Size and Type

Total Assets $64,378,781 $3,689,181 $12,293,610 $25,158,308 $59,460,064 $307,350,422

Total Capital Available for Lending $59,654,286 $2,130,993 $8,209,643 $22,508,475 $52,124,847 $296,258,179

Net Assets (Net Worth) $31,722,453 $1,437,532 $5,500,797 $13,940,230 $38,562,619 $139,632,539

Operating Revenues $7,037,033 $537,082 $1,616,659 $2,640,463 $10,070,980 $28,839,933

Operating Expenses $5,534,521 $572,623 $1,122,135 $2,004,657 $7,901,497 $22,744,716

Net Operating Income (Change in Net Worth)5 $1,502,512 -$35,540 $494,524 $635,805 $2,169,483 $6,095,217

Change in Net Assets (Net Revenue)5 $1,444,818 -$114,519 $578,064 $500,030 $1,230,020 $7,045,544

Change in Unrestricted Net Assets5 $1,634,192 $10,509 $328,738 $852,997 $2,380,597 $6,257,709


Business (B) 5% 6% 5% 6% 7% 1%

Commercial Real Estate (R) 2% 0% 0% 1% 6% 3%

Community Services (S) 3% 0% 1% 2% 9% 4%

Consumer (C) 3% 7% 1% 0% 4% 0%

Housing to Individuals (Hi) 80% 78% 91% 76% 62% 92%

Housing to Organizations (Ho) 4% 0% 1% 12% 6% 1%

Intermediary (I) 0% 0% 0% 0% 2% 0%

Microenterprise (M) 2% 6% 1% 1% 2% 0%

Other (O) 1% 2% 0% 2% 2% 0%


Business (B) 5% 1% 5% 10% 7% 0%

Commercial Real Estate (R) 1% 0% 0% 0% 4% 0%

Community Services (S) 2% 0% 3% 4% 2% 0%

Consumer (C) 8% 26% 5% 1% 4% 0%

Housing to Individuals (Hi) 75% 57% 86% 63% 74% 99%

Housing to Organizations (Ho) 5% 0% 0% 18% 4% 0%

Intermediary (I) 0% 0% 0% 0% 1% 0%

Microenterprise (M) 5% 16% 2% 5% 3% 0%

Other (O) 0% 0% 0% 0% 0% 0%

Staff and Board

# of FTEs 21 3 7 14 34 69

% FTEs for Financing 46% 53% 41% 53% 43% 34%

% FTEs for Training and Technical Assistance 14% 7% 15% 16% 16% 21%

% FTEs for Administration and Other 38% 32% 45% 31% 42% 46%

% FTEs of Color 38% 34% 44% 34% 28% 53%

% FTEs Female 67% 55% 81% 63% 73% 62%

# of Management FTEs 5 1 3 4 9 12

% of Management FTEs of Color 28% 24% 41% 12% 21% 42%

% of Management FTEs Female 53% 36% 69% 50% 58% 53%

# of Board Members 11 8 10 14 16 10

% of Board of Color 38% 33% 47% 36% 28% 49%

% of Board Female 41% 40% 34% 41% 52% 40%

*Hi = Housing to Individuals

Table 11 Housing to Individuals Loan Funds Peer Group Data (All data are peer group averages)


Ho

usin

g to

Ind

ividu

als

Peer Group* Hi Hi1 Hi2 Hi3 Hi4 Hi5

Capitalization

% Total Capital by:

Equity 61% 66% 64% 59% 68% 41%

Borrowed Capital 36% 34% 34% 31% 29% 57%

Equity Equivalents (EQ2) 3% 0% 2% 10% 3% 2%

Cost of Borrowed Funds (%) 2.7% 3.0% 2.6% 2.1% 2.8% 3.3%

Term of Borrowed Funds (Months) 132 122 151 101 106 178

Cost of EQ2 2.3% 2.1% 2.5% 2.3% 2.2%


Individuals 10% 28% 0% 7% 2% 6%

Religious Institutions 4% 0% 3% 7% 9% 1%

Foundations 9% 7% 9% 12% 9% 8%

Corporations 6% 6% 17% 7% 0% 0%

Federal Government 11% 20% 9% 9% 9% 6%

State/Local Government 5% 0% 10% 11% 3% 1%

Banks/Thrifts/Credit Unions 32% 17% 28% 29% 46% 50%

Nondepository Financial Institutions 5% 15% 0% 0% 1% 9%

National CDFI Intermediary 7% 9% 11% 7% 6% 3%

Other 10% 0% 14% 11% 15% 17%


Total Financing Outstanding $38,560,539 $1,722,493 $8,493,368 $15,145,445 $38,143,924 $180,244,129

% of Financing in Loans 99% 99% 100% 98% 100% 100%

% of Financing in Equity Investments 1% 1% 0% 2% 1% 0%

% of Financing in Guarantees 0% 0% 0% 0% 0% 0%

Average Size of Financing Outstanding $63,432 $39,562 $28,071 $38,564 $136,653 $102,852


Total $63,388 $39,580 $28,070 $38,310 $136,674 $102,852

Business (B) $321,488 $932,750 $90,920 $73,966 $158,846 $790,590

Commercial Real Estate (R) $446,085 $44,199 $233,804 $162,294 $2,123,902

Community Services (S) $538,398 $143,048 $316,633 $515,990 $1,444,504

Consumer (C) $3,924 $4,689 $2,646 $1,893 $4,689

Housing to Individuals (Hi) $63,004 $47,087 $35,557 $33,126 $130,926 $90,406

Housing to Organizations (Ho) $302,823 $121,738 $257,915 $246,918 $786,347

Intermediary (I) $492,665 $492,665

Microenterprise (M) $21,110 $23,920 $19,420 $19,944 $21,869 $14,428

Other (O) $423,828 $65,589 $43,232 $148,476 $1,713,368

Average Equity Investment Outstanding $292,740 $21,822 $550,956 $47,226

$ of Direct Financing Closed $19,871,901 $517,799 $1,700,877 $5,432,310 $26,788,341 $92,064,421

# of Direct Financing Closed 205 73 71 68 337 663

Weighted Average Interest Rate of Loans Outstanding (%) 5.1% 4.4% 5.7% 4.5% 4.7% 6.6%

Weighted Average Term of Loans Outstanding (Months) 215 146 254 197 211 317

Deployment Ratio (without commitments) (%) 66% 56% 65% 67% 74% 71%

Loans >30 Days Past Due 5.4% 7.2% 5.2% 4.0% 3.7% 6.9%

Loans >90 Days Past Due 2.3% 2.6% 2.1% 2.6% 0.9% 3.0%

Allowance for Loan Loss Ratio (%) 5.5% 5.1% 3.7% 5.1% 10.0% 4.0%

Net Charge-off Ratio (Net Loan Loss Ratio) (%) 0.75% 1.74% 0.44% 0.18% 0.90% 0.01%

Current Ratio (Current Assets/Current Liabilities) 6.6 6.2 9.1 5.0 10.0 1.5



Peer Group* Hi Hi1 Hi2 Hi3 Hi4 Hi5


Self-sufficiency Ratio (Earned Revenues/ Operating Expenses) (%) 62% 40% 54% 60% 75% 98%

Operating Expense/FTE $194,094 $199,140 $148,533 $136,317 $258,251 $268,605

Operating Expense/$ Direct Financing Closed1 $0.86 $0.71 $1.69 $0.59 $0.55 $0.64

Operating Expense/# Direct Financing Closed $44,342 $23,522 $44,905 $35,092 $49,716 $75,036

Operating Expense/Total Capital (%) 16% 27% 14% 9% 16% 11%

Salary Expense/FTE $80,775 $84,264 $65,467 $74,235 $92,796 $87,683

$ Loans and Investments Outstanding/Financing FTE $4,007,110 $1,943,744 $3,308,268 $2,377,518 $4,028,202 $10,542,996

# Loans and Investments Outstanding/Financing FTE 113 65 171 106 71 163

$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE $1,524,290 $720,430 $619,357 $688,144 $2,693,278 $3,845,191

# Direct Financing Closed & Loans Underwritten/Packaged in FY2019/Financing FTE 25 15 36 14 25 39

Net Assets (Net Worth)/Total Assets (%) 53% 47% 57% 55% 63% 39%

Contributed Revenue/Operating Revenue (%) 39% 44% 42% 48% 37% 17%

Earned Revenue/Operating Revenue (%) 61% 56% 58% 52% 63% 83%


Investment Income 3% 3% 2% 1% 5% 3%

Portfolio Interest Income 51% 66% 43% 57% 39% 39%

Fee Income on Portfolio 11% 5% 19% 12% 14% 6%

NMTC Fee Income 3% 0% 3% 0% 12% 0%

Contract Revenue 7% 8% 1% 19% 3% 2%

Dividends 0% 0% 0% 0% 0% 0%

Other Earned Income 22% 19% 33% 9% 16% 36%

Realized Gains (Losses) 4% 0% -1% 2% 11% 15%


Interest Expense 11% 11% 5% 10% 9% 24%

Provision for Loan Losses 5% 5% 3% 7% 10% 0%

Salaries Expense 39% 38% 37% 47% 40% 33%

Professional Services Expense 8% 7% 17% 5% 7% 1%

Grant Expense 6% 7% 2% 4% 10% 7%

Other Operating Expense 31% 32% 35% 28% 24% 35%

Market

% Major Urban 34% 23% 26% 34% 36% 64%

% Minor Urban 30% 13% 31% 45% 39% 28%

% Rural 36% 63% 43% 21% 25% 9%

% People of Color 62% 64% 70% 49% 57% 73%

% Female 52% 54% 54% 55% 53% 41%

% Low Income 83% 78% 83% 80% 89% 86%

% of Group Serving:

Neighborhood 0% 0% 0% 0% 0% 0%

City 0% 0% 0% 0% 0% 0%

Metropolitan Area 12% 0% 0% 29% 29% 14%

County 9% 0% 0% 14% 14% 0%

Multiple Counties 18% 25% 22% 29% 29% 29%

State 41% 13% 67% 29% 29% 57%

Multiple States 18% 63% 11% 0% 0% 0%

National 3% 0% 0% 0% 0% 0%


Table 11Housing to Individuals Loan Funds Peer Group Data (All data are peer group averages) (continued)


Ho

usin

g to

Org

an

izatio

ns

Peer Group* Ho Ho1 Ho2 Ho3 Ho4 Ho5 Ho6 Ho7 HoU HoR

Number of CDFIs 40 3 5 7 8 7 6 4 34 6

Year Began Financing 1994 2011 1995 1997 1992 1997 1989 1981 1995 1988

Size and Type

Total Assets $162,224,446 $8,822,866 $17,313,114 $42,352,377 $84,640,478 $121,374,064 $221,349,406 $806,159,576 $182,847,977 $45,357,769

Total Capital Available for Lending $128,408,154 $4,191,800 $15,414,450 $34,515,509 $74,950,148 $115,617,024 $189,912,357 $564,168,866 $144,551,489 $36,929,254

Net Assets (Net Worth) $53,356,546 $2,883,587 $8,405,593 $15,907,595 $32,375,160 $54,686,835 $58,309,436 $245,141,057 $59,597,823 $17,989,313

Operating Revenues $16,250,499 $418,425 $2,071,851 $4,479,783 $8,314,755 $12,364,395 $20,821,983 $82,261,564 $17,950,355 $6,617,985

Operating Expenses $13,278,127 $294,801 $1,642,351 $3,219,130 $5,172,835 $9,867,752 $17,195,893 $71,465,677 $14,523,495 $6,221,041

Net Operating Income (Change in Net Worth) $2,972,372 $123,624 $429,501 $1,260,653 $3,141,920 $2,496,643 $3,626,089 $10,795,887 $3,426,860 $396,944

Change in Net Assets (Net Revenue) $4,845,983 -$883,933 $375,272 $1,583,950 $3,151,605 $5,719,898 $4,831,394 $22,321,656 $5,564,894 $772,156

Change in Unrestricted Net Assets $2,576,556 -$883,933 $380,376 $1,309,203 $1,871,444 $2,513,187 $3,557,572 $10,184,609 $2,961,714 $393,991


Business (B) 4% 2% 0% 7% 3% 8% 3% 0% 3% 6%



Consumer (C) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%



Intermediary (I) 0% 1% 0% 1% 0% 0% 0% 0% 0% 0%


Other (O) 2% 0% 2% 1% 0% 4% 3% 4% 2% 1%


Business (B) 3% 10% 0% 3% 1% 7% 4% 1% 3% 5%



Consumer (C) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%



Intermediary (I) 0% 0% 0% 0% 0% 0% 3% 0% 0% 0%


Other (O) 1% 0% 1% 1% 1% 3% 1% 3% 1% 3%

Staff and Board

# of FTEs 40 6 12 12 25 36 55 165 40 39

% FTEs for Financing 45% 32% 44% 50% 50% 52% 30% 49% 49% 26%

% FTEs for Training and Technical Assistance 14% 11% 12% 17% 7% 11% 31% 13% 12% 27%

% FTEs for Administration and Other 40% 48% 43% 35% 44% 36% 39% 38% 38% 49%

% FTEs of Color 34% 61% 31% 19% 29% 27% 40% 52% 35% 23%

% FTEs Female 59% 33% 60% 64% 61% 57% 69% 57% 58% 69%

# of Management FTEs 9 3 7 4 8 8 7 27 8 11

% of Management FTEs of Color 26% 50% 18% 19% 22% 24% 26% 38% 27% 18%

% of Management FTEs Female 50% 39% 47% 54% 44% 50% 65% 44% 49% 57%

# of Board Members 13 16 12 12 13 13 14 15 13 12

% of Board of Color 35% 35% 36% 43% 33% 28% 30% 40% 33% 41%

% of Board Female 46% 36% 38% 55% 50% 47% 52% 31% 45% 54%

*Ho = Housing to Organizations, HoU = Housing to Organizations that serve primarily the urban market, and HoR = Housing to Organizations that serve primarily the rural market.

Table 12 Housing to Organizations Loan Funds Peer Group Data (All data are peer group averages)



Capitalization

% Total Capital by:

Equity 41% 67% 54% 37% 40% 46% 28% 29% 42% 38%

Borrowed Capital 53% 33% 41% 54% 52% 51% 67% 70% 52% 59%

Equity Equivalents (EQ2) 5% 0% 6% 9% 7% 3% 5% 1% 6% 3%

Cost of Borrowed Funds (%) 2.9% 2.6% 2.4% 2.1% 3.0% 2.9% 2.9% 4.6% 3.1% 1.9%

Term of Borrowed Funds (Months) 102 51 139 121 85 105 99 91 92 157

Cost of EQ2 2.3% 2.0% 2.4% 2.4% 1.9% 2.6% 2.0% 2.3% 2.2%


Individuals 3% 0% 4% 7% 3% 0% 5% 0% 2% 12%

Religious Institutions 3% 0% 3% 8% 5% 2% 1% 0% 3% 3%

Foundations 9% 10% 6% 5% 8% 12% 15% 4% 8% 9%

Corporations 8% 0% 14% 15% 3% 7% 13% 0% 8% 12%

Federal Government 8% 0% 5% 21% 2% 13% 7% 3% 6% 22%

State/Local Government 6% 0% 20% 11% 4% 1% 1% 1% 6% 8%

Banks/Thrifts/Credit Unions 53% 41% 47% 31% 69% 62% 42% 73% 57% 32%

Nondepository Financial Institutions 5% 50% 0% 0% 2% 0% 7% 8% 6% 0%

National CDFI Intermediary 1% 0% 0% 0% 4% 0% 2% 1% 2% 0%

Other 3% 0% 1% 2% 1% 3% 7% 10% 3% 3%


Total Financing Outstanding $103,674,698 $2,701,264 $12,390,619 $27,049,222 $67,241,550 $93,763,625 $151,616,777 $445,902,008 $116,499,767 $30,999,306

% of Financing in Loans 98% 100% 100% 99% 100% 94% 97% 95% 97% 99%

% of Financing in Equity Investments 2% 0% 0% 1% 0% 6% 3% 5% 2% 0%

% of Financing in Guarantees 0% 0% 0% 0% 0% 1% 1% 0% 0% 1%

Average Size of Financing Outstanding $645,524 $153,751 $300,535 $446,839 $649,502 $649,802 $790,574 $1,560,271 $704,767 $309,812


Total $638,558 $153,751 $300,535 $445,548 $650,438 $646,913 $799,976 $1,481,955 $696,866 $308,149

Business (B) $475,436 $30,175 $1,086,588 $279,632 $435,929 $236,469 $510,069 $495,079 $357,575

Commercial Real Estate (R) $770,691 $181,392 $478,103 $439,942 $863,084 $1,523,205 $1,322,736 $770,691

Community Services (S) $622,826 $103,741 $164,339 $431,136 $267,098 $614,058 $1,402,988 $953,758 $686,065 $327,713

Consumer (C) $11,499 $3,067 $19,931 $11,499

Housing to Individuals (Hi) $62,060 $46,704 $15,162 $136,390 $94,169 $31,562 $3,144 $64,181 $40,848

Housing to Organizations (Ho) $722,060 $192,616 $313,934 $520,458 $712,443 $732,858 $1,061,827 $1,472,790 $777,411 $408,401

Intermediary (I) $144,547 $50,000 $239,093 $144,547

Microenterprise (M) $21,238 $4,968 $34,991 $19,098 $16,689 $21,666 $19,098

Other (O) $793,626 $288,813 $232,679 $300,000 $31,655 $858,215 $1,857,420 $888,872 $31,655

Average Equity Investment Outstanding $1,651,185 $754,690 $73,100 $387,957 $386,214 $12,923,457 $1,651,185

$ of Direct Financing Closed $55,625,273 $1,474,234 $4,818,295 $15,413,541 $33,962,188 $46,233,861 $76,747,140 $258,196,146 $61,960,990 $19,722,874

# of Direct Financing Closed 40 12 12 25 25 42 70 103 42 28

Weighted Average Interest Rate of Loans Outstanding (%) 5.0% 4.5% 4.7% 5.2% 4.8% 4.4% 5.5% 5.7% 5.0% 4.7%

Weighted Average Term of Loans Outstanding (Months) 92 14 121 89 90 110 100 80 85 131

Deployment Ratio (without commitments) (%) 81% 78% 79% 80% 90% 80% 77% 80% 82% 81%

Loans >30 Days Past Due 2.0% 0.8% 3.6% 1.9% 1.1% 1.5% 1.6% 3.9% 2.1% 1.5%

Loans >90 Days Past Due 1.2% 0.3% 0.5% 1.8% 0.7% 1.4% 1.2% 2.3% 1.2% 1.3%

Allowance for Loan Loss Ratio (%) 4.6% 3.4% 4.2% 5.4% 4.1% 7.5% 2.7% 3.0% 4.4% 5.5%

Net Charge-off Ratio (Net Loan Loss Ratio) (%) 0.11% 0.00% 0.01% 0.03% 0.05% 0.39% 0.07% 0.11% 0.12% 0.06%

Current Ratio (Current Assets/Current Liabilities) 5.7 4.7 5.2 5.5 4.4 9.4 5.6 3.4 5.9 4.5


Table 12Housing to Organizations Loan Funds Peer Group Data (All data are peer group averages) (continued)


Ho

usin

g to

Org

an

izatio

ns



Self-sufficiency Ratio (Earned Revenues/Operating Expenses) (%) 82% 61% 71% 72% 87% 81% 96% 98% 86% 64%

Operating Expense/FTE $334,526 $71,929 $155,027 $304,876 $320,222 $479,402 $355,358 $551,562 $359,994 $190,209

Operating Expense/$ Direct Financing Closed $0.34 $0.49 $0.44 $0.36 $0.26 $0.27 $0.37 $0.33 $0.32 $0.48

Operating Expense/# Direct Financing Closed $242,089 $32,304 $109,759 $75,443 $220,747 $215,357 $333,935 $685,081 $256,707 $125,148

Operating Expense/Total Capital (%) 10% 8% 11% 10% 8% 9% 10% 12% 8% 16%

Salary Expense/FTE $119,039 $53,324 $91,032 $122,209 $107,396 $126,585 $124,432 $168,809 $123,788 $94,505

$ Loans and Investments Outstanding/Financing FTE $9,547,919 $2,728,947 $5,235,642 $7,137,936 $10,078,198 $15,011,691 $10,545,124 $12,401,301 $9,984,610 $7,146,118

# Loans and Investments Outstanding/Financing FTE 23 28 18 20 16 29 36 12 22 25

$ Direct Financing Closed & Loans Underwritten/Packaged in FY2019/ Financing FTE $4,241,904 $691,967 $1,992,543 $4,150,515 $5,825,429 $3,380,532 $5,328,468 $7,038,668 $4,221,817 $4,345,684

# Direct Financing Closed & Loans Underwritten/Packaged in FY2019/ Financing FTE 7 17 4 11 3 6 7 3 7 7

Net Assets (Net Worth)/Total Assets (%) 39% 41% 51% 37% 40% 46% 27% 29% 39% 40%

Contributed Revenue/Operating Revenue (%) 39% 41% 40% 55% 41% 40% 27% 21% 37% 49%

Earned Revenue/Operating Revenue (%) 61% 59% 60% 45% 59% 60% 73% 79% 63% 51%


Investment Income 4% 2% 2% 4% 4% 7% 4% 4% 4% 3%

Portfolio Interest Income 64% 56% 73% 63% 72% 60% 63% 58% 67% 49%

Fee Income on Portfolio 12% 36% 9% 8% 13% 10% 10% 13% 14% 5%

NMTC Fee Income 4% 0% 0% 8% 9% 3% 2% 0% 5% 0%

Contract Revenue 6% 0% 2% 10% 1% 11% 12% 2% 3% 26%

Dividends 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Other Earned Income 8% 6% 14% 6% 1% 8% 9% 23% 7% 16%

Realized Gains (Losses) 0% 0% 1% 0% 0% 2% 0% 0% 0% 1%


Interest Expense 24% 24% 12% 21% 27% 23% 30% 33% 26% 15%

Provision for Loan Losses 8% 17% 1% 7% 13% 10% 6% 4% 9% 3%

Salaries Expense 37% 21% 60% 42% 36% 30% 36% 32% 35% 52%

Professional Services Expense 9% 25% 5% 12% 4% 9% 8% 4% 9% 6%

Grant Expense 7% 0% 4% 8% 7% 10% 6% 9% 7% 8%

Other Operating Expense 15% 13% 17% 11% 13% 18% 14% 18% 14% 16%

Market

% Major Urban 58% 33% 46% 35% 56% 58% 88% 86% 66% 9%

% Minor Urban 24% 67% 32% 17% 36% 17% 7% 6% 25% 14%

% Rural 19% 0% 22% 48% 8% 25% 5% 8% 8% 77%

% People of Color 61% 79% 67% 46% 51% 61% 60% 77% 64% 36%

% Female 41% 65% 39% 49% 25% 41% 52% 24% 41% 40%

% Low Income 89% 87% 93% 92% 86% 87% 91% 82% 87% 96%

% of Group Serving:

Neighborhood 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

City 5% 0% 0% 0% 20% 0% 0% 14% 6% 0%

Metropolitan Area 8% 0% 20% 0% 0% 0% 13% 14% 9% 0%

County 8% 17% 20% 33% 20% 0% 13% 0% 9% 0%

Multiple Counties 5% 0% 0% 0% 20% 0% 0% 0% 6% 0%

State 25% 33% 0% 33% 40% 29% 25% 29% 21% 50%

Multiple States 25% 50% 40% 33% 0% 29% 25% 29% 24% 33%

National 25% 0% 20% 0% 0% 43% 25% 14% 26% 17%



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Lend

ing1

$372

,585

,160

$403

,042

,020

$239

,294

,440

$281

,801

,520

$20,

960,

080

$33,

142,

760

$25,

085,

130

$25,

120,

180

$288

,400

,610

$307

,764

,210

$295

,775

,110

$298

,228

,680

$1,4

17,5

35,7

90$1

,997

,079

,750

$2,0

50,7

60,0

10$2

,354

,289

,970

Net

Wor

th$4

5,78

6,85

0$4

6,58

0,31

0$2

8,58

2,07

0$3

3,72

9,93

0$2

,751

,320

$4,0

77,4

50$3

,312

,740

$3,4

07,1

60$2

8,78

2,35

0$3

6,64

7,69

0$3

5,90

4,28

0$3

6,28

7,21

0$1

91,5

48,4

50$2

30,9

83,1

60$2

40,8

54,0

00$2

78,0

71,2

60

Net

Wor

th R

atio

12%

11%

11%

11%

12%

12%

14%

15%

9%11

%12

%12

%14

%11

%11

%11

%

Ope

ratin

g Re

venu

es2

$26,

017,

070

$25,

397,

610

$13,

918,

120

$15,

596,

400

$2,3

71,1

80$2

,516

,280

$1,4

31,4

20$1

,327

,250

$20,

992,

020

$21,

316,

970

$17,

959,

260

$17,

030,

130

$94,

590,

940

$119

,908

,240

$117

,760

,450

$125

,909

,590

Ope

ratin

g Ex

pens

es3

$22,

482,

410

$21,

407,

500

$11,

610,

660

$12,

931,

190

$2,1

88,5

80$2

,242

,240

$1,2

74,9

80$1

,172

,640

$18,

667,

090

$18,

626,

600

$15,

519,

520

$14,

666,

200

$80,

008,

840

$99,

149,

690

$95,

758,

580

$102

,571

,850

Net

Ope

ratin

g In

com

e (C

hang

e in

Net

Wor

th)4

$3,5

34,6

60$3

,990

,110

$2,3

07,2

40$2

,664

,120

$182

,600

$274

,040

$156

,120

$154

,360

$2,3

24,9

30$2

,690

,360

$2,4

39,7

40$2

,363

,750

$14,

582,

100

$20,

758,

550

$22,

001,

870

$23,

331,

890

% o

f 20

19 D

irect

Fin

anci

ng

Out

stan

ding

in:

Busi

ness

53%

1%1%

1%0%

1%0%

0%1%

1%1%

1%5%

1%1%

1%

Com

mer

cial

Rea

l Est

ate

and

Com

mun

ity S

ervi

ces

7%10

%8%

7%9%

2%1%

1%8%

7%7%

5%6%

12%

10%

9%

Con

sum

er6

31%

54%

52%

48%

73%

73%

80%

79%

40%

58%

55%

54%

21%

49%

49%

47%

Hou

sing

to

Indi

vidu

als7

59%

35%

38%

43%

13%

23%

18%

20%

51%

33%

37%

39%

69%

38%

40%

42%

Oth

er8

0%0%

1%1%

5%1%

1%1%

0%0%

1%1%

0%0%

1%1%

% o

f 20

19 D

irect

Fin

anci

ng C

lose

d in

:

Busi

ness

1%1%

1%1%

0%1%

1%0%

2%1%

2%1%

0%1%

1%1%

Com

mer

cial

Rea

l Est

ate

and

Com

mun

ity S

ervi

ces

4%6%

5%4%

5%1%

0%0%

6%4%

4%3%

9%8%

6%5%

Con

sum

er a

nd O

ther

49%

62%

61%

60%

75%

82%

88%

87%

52%

67%

65%

64%

33%

56%

57%

56%

Hou

sing

to

Indi

vidu

als

46%

31%

33%

35%

19%

17%

11%

12%

40%

28%

30%

32%

58%

35%

36%

38%

Sour

ce:

NCUA

530

0 ca

ll re

port

dat

a fo

r D

ecem

ber

2019

.

* Av

erag

es w

ithin

$0

- $1

00 m

illio

n, $

100

mill

ion

- $1

00 m

illio

n, a

nd $

1 bi

llion

- $

10 b

illio

n a

re c

ompu

ted

as s

impl

e av

erag

es.

Aver

ages

acr

oss

all s

izes

are

com

pute

d as

ass

et-w

eigh

ted

aver

ages

.

Sim

ple

and

asse

t-w

eigh

ted

aver

ages

yie

lds

gene

rally

sim

ilar

resu

lts a

cros

s na

rrow

ass

et s

ize

rang

es.

In c

redi

t un

ion

data

, si

mpl

e av

erag

es a

cros

s al

l siz

es y

ield

val

ues

that

bes

t de

scrib

e sm

all c

redi

t un

ions

. As

set-

wei

ghte

d av

erag

es b

est

desc

ribe

indu

stry

-wid

e co

nditi

ons

(sin

ce la

rger

cre

dit

unio

ns in

clud

e m

ore

mem

bers

, as

sets

, de

posi

ts,

etc.

)

1. W

e de

fine

tota

l cap

ital a

vaila

ble

for

lend

ing

as t

he s

um o

f cr

edit

unio

ns' c

ash,

inve

stm

ents

, an

d lo

ans;

not

incl

udin

g re

al e

stat

e an

d fix

ed a

sset

s ow

ned,

the

NCUSI

F de

posi

t, a

nd o

ther

ass

ets.

2. W

e de

fine

oper

atin

g re

venu

es a

s th

e su

m o

f cr

edit

unio

ns' i

nter

est

inco

me

and

noni

nter

est

inco

me.

3. W

e de

fine

oper

atin

g ex

pens

es a

s th

e su

m o

f cr

edit

unio

ns' i

nter

est

expe

nse,

non

inte

rest

exp

ense

, an

d pr

ovis

ions

for

loan

loss

es.

4. W

e de

fine

net

oper

atin

g in

com

e as

cre

dit

unio

ns' n

et in

com

e, o

r th

e di

ffere

nce

betw

een

oper

atin

g in

com

e an

d op

erat

ing

expe

nse.

5. W

e de

fine

busi

ness

loan

s as

cre

dit

unio

ns' b

usin

ess

loan

s ex

clud

ing

thos

e ba

cked

by

real

est

ate.

6. W

e de

fine

cons

umer

loan

s as

the

sum

of cr

edit

unio

ns' c

redi

t ca

rd,

stud

ent,

sho

rt-t

erm

sm

all a

mou

nt,

othe

r un

secu

red,

new

veh

icle

, us

ed v

ehic

le,

and

othe

r no

n-re

al e

stat

e se

cure

d lo

ans.

7. W

e de

fine

hous

ing

to in

divi

dual

s as

the

sum

of cr

edit

unio

ns' f

irst

and

juni

or m

ortg

ages

bac

ked

by 1

-4 fam

ily h

ousi

ng.

8. W

e de

fine

othe

r lo

ans

as t

he s

um o

f cr

edit

unio

ns' l

ease

s an

d ot

her

non-

resi

dent

ial n

on-b

usin

ess

real

est

ate

loan

s.


Cre

dit U

nio

ns

Pee

r G

rou

p

(Ass

et S

ize

Ran

ges

)

All

Siz

es$

0 -

$10

0 M

illio

n$1

00

Mill

ion

- $

1 B

illio

n$1

Bill

ion

- $

10 B

illio

n

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

Mem

ber

C

Us

Cer

tifi

ed

CD

FI C

Us

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

Cap

ital

izat

ion

% T

otal

Cap

ital b

y

Equi

ty9

9%11

%11

%11

%12

%12

%14

%15

%7%

11%

12%

12%

9%11

%11

%11

%

Borr

owed

Cap

ital10

3%2%

3%3%

2%1%

0%0%

3%2%

2%1%

3%2%

3%3%

Shar

es (

Mem

ber

Dep

osits

)83

%85

%84

%83

%70

%81

%84

%84

%84

%84

%85

%85

%82

%85

%83

%84

%

Non

-Mem

ber

Dep

osits

1.3%

1.3%

1.1%

0.8%

11.9

%5.

3%1.

4%0.

9%3.

3%1.

7%1.

2%0.

9%0.

8%0.

9%0.

9%1.

0%

Seco

ndar

y C

apita

l112.

6%0.

2%0.

0%0.

0%0.

8%0.

4%0.

0%0.

0%1.

8%0.

2%0.

1%0.

0%4.

2%0.

4%0.

1%0.

0%

Cos

t of

Bor

row

ed a

nd S

econ

dary

C

apita

l122.

7%2.

9%2.

6%2.

8%1.

5%4.

4%3.

4%3.

0%3.

2%3.

0%2.

9%3.

0%3.

5%3.

4%2.

8%2.

9%

Fin

anci

ng

Act

ivit

ies

and

P

erfo

rman

ce

Tota

l Loa

ns O

utst

andi

ng$3

22,3

11,8

30$3

31,8

94,7

90$1

85,9

17,8

00$2

09,4

25,4

90$1

7,29

7,65

0$2

4,06

0,72

0$1

5,26

3,80

0$1

4,78

5,03

0$2

46,6

31,0

10$2

48,3

98,6

30$2

24,6

77,3

20$2

19,4

56,6

10$1

,235

,827

,110

$1,6

78,1

76,5

20$1

,654

,667

,260

$1,8

13,7

49,8

10

Aver

age

Size

of L

oans

Out

stan

ding

for:

Tota

l$1

8,11

1$1

4,32

3$1

4,97

8$1

5,64

5$1

3,50

6$9

,599

$9,5

10$1

0,26

2$1

8,36

3$1

4,25

3$1

5,29

5$1

5,96

1$2

8,32

8$1

8,03

4$1

8,40

8$2

0,55

0

Busi

ness

$369

,558

$94,

094

$70,

356

$70,

523

$82,

007

$71,

557

$73,

646

$71,

954

$145

,334

$108

,691

$110

,448

$102

,908

$1,7

67,3

80$2

60,4

35$1

58,5

64$1

45,8

13

Com

mer

cial

Rea

l Est

ate

and

Com

mun

ity S

ervi

ces

$496

,473

$580

,664

$566

,137

$606

,514

$265

,722

$180

,240

$187

,712

$190

,150

$316

,513

$434

,646

$413

,179

$402

,505

$713

,253

$814

,391

$817

,436

$903

,617

Con

sum

er$6

,288

$8,2

89$8

,529

$8,2

38$7

,048

$6,0

91$6

,894

$7,3

24$7

,122

$8,0

55$8

,166

$8,2

33$4

,391

$8,6

56$9

,048

$9,1

79

Hou

sing

to

Indi

vidu

als

$96,

671

$78,

973

$78,

586

$93,

400

$104

,607

$71,

582

$58,

403

$60,

932

$97,

382

$75,

819

$76,

013

$79,

289

$110

,461

$91,

266

$90,

694

$103

,546

Oth

er$4

8,28

9$3

6,14

9$3

2,40

9$3

2,60

2$8

4,21

9$3

5,10

4$4

1,96

6$3

8,55

4$7

4,48

8$4

6,88

9$4

2,29

0$4

4,85

4$2

9,51

0$5

8,73

6$6

4,36

8$6

1,67

7

$ of

Dire

ct F

inan

cing

Clo

sed

$119

,781

,340

$154

,639

,720

$89,

237,

120

$102

,981

,430

$6,5

48,3

50$1

0,50

4,58

0$6

,582

,740

$6,2

87,2

40$7

9,49

6,81

0$1

02,2

58,6

30$9

3,98

5,96

0$9

0,71

6,37

0$4

91,4

17,0

60$8

19,5

07,1

10$8

23,2

25,6

60$8

75,6

99,1

50

# o

f D

irect

Fin

anci

ng C

lose

d9,

664

9,79

96,

241

6,41

91,

021

1,39

079

984

24,

636

7,78

310

,403

8,09

243

,239

46,6

5739

,420

40,1

67

Wei

ghte

d Av

erag

e In

tere

st R

ate

of

Loan

s O

utst

andi

ng (

%)1

35.

6%4.

9%4.

7%4.

8%6.

6%6.

8%6.

4%6.

1%5.

8%5.

4%5.

0%4.

9%5.

7%4.

7%4.

6%4.

5%

Dep

loym

ent

Ratio

(%

)1487

%82

%78

%74

%66

%67

%57

%55

%84

%79

%74

%72

%86

%83

%80

%78

%

Loan

to

Shar

es a

nd D

epos

its R

atio

(%

)96

%90

%86

%84

%78

%74

%64

%63

%90

%85

%80

%78

%98

%92

%90

%87

%

Del

inqu

enci

es (

%)

>=30

Day

s3.

1%2.

0%1.

8%1.

7%3.

9%4.

2%3.

9%3.

2%3.

9%2.

5%2.

1%1.

9%2.

7%1.

8%1.

6%1.

4%

>=

60 D

ays

1.4%

0.7%

0.7%

0.7%

1.7%

2.2%

2.1%

1.7%

1.3%

0.9%

0.8%

0.7%

1.3%

0.7%

0.6%

0.5%

>=18

0 D

ays

0.2%

0.2%

0.2%

0.2%

0.9%

0.7%

0.7%

0.6%

0.4%

0.2%

0.2%

0.2%

0.2%

0.2%

0.1%

0.1%

>=36

0 D

ays

0.1%

0.1%

0.1%

0.1%

0.2%

0.2%

0.3%

0.2%

0.1%

0.1%

0.1%

0.1%

0.1%

0.1%

0.0%

0.0%

Loan

Los

s Re

serv

e Ra

tio (

%)1

51.

3%0.

9%0.

8%0.

9%3.

8%1.

8%1.

7%1.

5%1.

2%1.

0%0.

9%0.

8%1.

4%0.

9%0.

8%0.

7%

Net

Cha

rge-

Off

Ratio

(Net

Loa

n Lo

ss

Ratio

) (%

)160.

6%0.

6%0.

5%0.

5%1.

0%1.

0%0.

7%0.

6%1.

0%0.

7%0.

5%0.

5%0.

4%0.

5%0.

4%0.

4%

9.

We

defin

e eq

uity

as

cred

it un

ions

' reg

ulat

ory

net

wor

th,

excl

udin

g se

cond

ary

capi

tal.

10.

Her

e, b

orro

wed

cap

ital d

oes

not

incl

ude

subo

rdin

ated

deb

t th

at d

oes

not

qual

ify a

s cr

edit

unio

n re

gula

tory

net

wor

th.

11.

We

defin

e se

cond

ary

capi

tal a

s cr

edit

unio

ns' s

ubor

dina

ted

debt

, in

depe

nden

tly o

f w

heth

er it

qua

lifie

s as

cre

dit

unio

n re

gula

tory

net

wor

th.

12.

The

NCUA

530

0 ca

ll re

port

dat

a do

es n

ot in

clud

e de

tail

to c

ompu

te t

he c

ost

of b

orro

wed

cap

ital v

s. s

econ

dary

cap

ital s

epar

atel

y.

13.

We

com

pute

d th

is in

tere

st r

ate

divi

ding

cre

dit

unio

ns' i

nter

est

inco

me

from

loan

s du

ring

one

year

by

loan

s ou

tsta

ndin

g at

yea

r en

d.

14.

We

defin

e th

e de

ploy

men

t ra

tio a

s cr

edit

unio

ns' l

oans

div

ided

by

tota

l cap

ital a

vaila

ble

for

lend

ing.

15.

We

defin

e th

e lo

an lo

ss r

eser

ve r

atio

as

cred

it un

ions

' allo

wan

ce for

loan

loss

es d

ivid

ed b

y to

tal (

or g

ross

) lo

ans.

16.

We

defin

e th

e ne

t ch

arge

off

ratio

as

cred

it un

ions

' cha

rge

offs

min

us r

ecov

erie

s di

vide

d by

net

loan

s.


Pee

r G

rou

p

(Ass

et S

ize

Ran

ges

)

All

Siz

es$

0 -

$10

0 M

illio

n$1

00

Mill

ion

- $

1 B

illio

n$1

Bill

ion

- $

10 B

illio

n

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

Mem

ber

C

Us

Cer

tifi

ed

CD

FI C

Us

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

Effi

cien

cy a

nd

Op

erat

ion

s

Self-

Suff

icie

ncy

Ratio

(Ea

rned

Re

venu

es/O

pera

ting

Expe

nses

) (%

)11

3%11

8%12

0%12

1%72

%10

4%11

1%11

3%11

2%11

5%11

7%11

7%12

2%12

1%12

3%12

3%

Ope

ratin

g Ex

pens

es/F

ull-T

ime

Equi

vale

nt E

mpl

oyee

s$2

35,4

86$1

96,1

25$1

94,1

93$2

18,7

44$1

08,2

49$1

38,5

72$1

33,9

38$1

38,2

12$1

87,4

00$1

73,0

97$1

75,9

87$1

84,1

99$3

51,4

19$2

22,7

56$2

18,7

92$2

47,7

48

Ope

ratin

g Ex

pens

es/$

Dire

ct

Fina

ncin

g Clo

sed

$0.1

9$0

.14

$0.1

3$0

.13

$0.3

2$0

.29

$0.2

6$0

.25

$0.3

2$0

.21

$0.1

9$0

.19

$0.2

9$0

.15

$0.1

4$0

.14

Ope

ratin

g Ex

pens

es/#

Dire

ct

Fina

ncin

g Clo

sed

$2,3

26$2

,185

$1,8

60$2

,014

$3,2

67$2

,446

$2,3

74$2

,596

$5,3

83$3

,498

$3,7

55$3

,983

$5,9

17$3

,709

$3,7

08$4

,673

Ope

ratin

g Ex

pens

es/T

otal

Cap

ital (

%)

6%5%

5%4%

8%7%

5%5%

7%6%

5%5%

5%5%

4%4%

Sala

ry/F

ull-T

ime

Equi

vale

nt

Empl

oyee

s17

$73,

382

$74,

676

$74,

955

$79,

682

$50,

612

$54,

606

$53,

279

$55,

487

$69,

561

$68,

450

$69,

467

$72,

318

$89,

455

$82,

795

$83,

021

$87,

238

Con

trib

uted

Rev

enue

/Ope

ratin

g Re

venu

e (%

)183%

0%0%

0%34

%7%

1%0%

4%1%

0%0%

1%0%

0%0%

Earn

ed R

even

ue/O

pera

ting

Reve

nue

(%)

97%

100%

100%

100%

66%

93%

99%

100%

96%

99%

100%

100%

99%

100%

100%

100%

% E

arne

d In

com

e (o

r Re

venu

e) f

rom

Inve

stm

ent

Inco

me

4%6%

8%10

%16

%10

%18

%21

%4%

7%11

%12

%5%

6%8%

10%

Port

folio

Int

eres

t an

d Fe

e In

com

e19

72%

64%

63%

64%

41%

59%

62%

62%

65%

61%

61%

62%

78%

66%

64%

64%

Oth

er E

arne

d In

com

e24

%30

%29

%26

%48

%31

%20

%17

%31

%32

%28

%26

%17

%28

%28

%26

%

Real

ized

and

Unr

ealiz

ed (

Trad

ing)

G

ains

and

Los

ses2

00%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%

% O

pera

ting

Expe

nse

from

Inte

rest

Exp

ense

20%

16%

17%

20%

10%

7%9%

11%

15%

12%

13%

14%

25%

18%

19%

21%

Loan

Los

s Re

serv

e Ex

pens

e (P

rovi

sion

s fo

r Lo

an L

osse

s)9%

9%8%

9%10

%8%

6%5%

7%8%

7%6%

8%9%

8%7%

Sala

ries

Expe

nse

31%

38%

39%

36%

34%

39%

39%

40%

38%

40%

40%

40%

31%

39%

39%

38%

Prof

essi

onal

Ser

vice

s Ex

pens

e16

%6%

6%6%

5%11

%10

%10

%8%

8%8%

8%13

%5%

5%5%

Oth

er O

pera

ting

Expe

nse

24%

30%

30%

29%

42%

35%

35%

33%

32%

32%

32%

32%

23%

30%

29%

29%

17.

We

defin

e sa

lary

as

cred

it un

ions

' com

pens

atio

n, w

hich

incl

udes

bot

h sa

lary

and

ben

efits

.

18.

We

defin

e co

ntrib

uted

rev

enue

as

cred

it un

ions

' gra

nts

rece

ived

with

in t

he y

ear. W

e de

fine

earn

ed r

even

ue a

s op

erat

ing

reve

nue

min

us c

ontr

ibut

ed r

even

ue.

19.

The

NCUA

530

0 ca

ll re

port

inst

ruct

ions

ask

cre

dit

unio

ns t

o in

clud

e lo

an-r

elat

ed fee

s (o

rigin

atio

n fe

es,

poin

ts,

etc.

) as

par

t of

inte

rest

inco

me.

20.

We

defin

e th

is c

once

pt a

s th

e su

m o

f cr

edit

unio

ns' (

1) r

ealiz

ed a

nd u

nrea

lized

gai

ns a

nd lo

sses

fro

m t

radi

ng a

nd (

2) r

ealiz

ed g

ains

and

loss

es fro

m n

on-t

radi

ng in

vest

men

ts.

Tabl

e 13

Cre

dit

Un

ion

Peer

Gro

up

Data

(All

data

are

pee

r gr

oup

aver

ages

exc

ept

whe

re o

ther

wis

e in

dica

ted)

* (c

ontinu

ed)


Cre

dit U

nio

ns

Pee

r G

rou

p

(Ass

et S

ize

Ran

ges

)

All

Siz

es$

0 -

$10

0 M

illio

n$1

00

Mill

ion

- $

1 B

illio

n$1

Bill

ion

- $

10 B

illio

n

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

Mem

ber

C

Us

Cer

tifi

ed

CD

FI C

Us

Low

-In

com

e D

esig

nat

ed

CU

sA

ll C

Us

Mar

ket

% o

f Cre

dit

Uni

ons

with

Hea

dqua

rter

s in

Are

as t

hat

Are:

21

Urb

an89

%80

%78

%81

%86

%73

%76

%79

%88

%84

%80

%83

%10

0%88

%87

%90

%

Rura

l11

%20

%22

%19

%14

%27

%24

%21

%13

%16

%20

%17

%0%

12%

13%

10%

% o

f Cre

dit

Uni

ons

with

Mem

bers

hip

that

is M

ajor

ity/M

inor

ity22

61%

28%

18%

11%

86%

40%

22%

14%

38%

18%

7%5%

67%

15%

5%3%

% o

f Cre

dit

Uni

ons

with

Mem

bers

hip

that

is M

ajor

ity L

ow I

ncom

e23

100%

95%

100%

49%

100%

98%

100%

48%

100%

92%

100%

50%

100%

97%

100%

54%

Pro

du

cts

and

Ser

vice

s

% o

f Cre

dit

Uni

ons

Offer

ing:

Indi

vidu

al D

evel

opm

ent

Acco

unts

39%

16%

5%3%

29%

17%

3%2%

38%

12%

7%6%

67%

29%

14%

12%

No

Cos

t Sh

are

Dra

fts

78%

91%

81%

78%

57%

86%

74%

69%

88%

97%

97%

97%

100%

94%

98%

98%

Shar

e Cer

tific

ates

with

Low

M

inim

um B

alan

ce R

equi

rem

ents

83%

91%

81%

77%

71%

91%

76%

71%

88%

91%

92%

92%

100%

91%

94%

88%

Fina

ncia

l Cou

nsel

ing

94%

83%

46%

40%

86%

81%

37%

29%

100%

82%

63%

58%

100%

91%

84%

81%

Fina

ncia

l Edu

catio

n89

%82

%47

%41

%86

%78

%33

%27

%10

0%83

%72

%68

%67

%88

%91

%88

%

Fina

ncia

l Lite

racy

Wor

ksho

ps83

%66

%30

%25

%57

%56

%18

%13

%10

0%71

%52

%48

%10

0%85

%76

%75

%

Firs

t Ti

me

Hom

ebuy

er P

rogr

am67

%41

%19

%17

%43

%24

%6%

5%88

%50

%39

%37

%67

%74

%73

%72

%

Bilin

gual

Ser

vice

s61

%49

%28

%24

%43

%40

%18

%16

%75

%51

%44

%40

%67

%76

%67

%62

%

No

Cos

t Bi

ll Pa

yer

67%

81%

67%

64%

14%

63%

53%

50%

100%

96%

97%

96%

100%

100%

99%

99%

No

Cos

t Ta

x Pr

epat

ion

Serv

ices

56%

18%

5%3%

29%

19%

3%2%

63%

15%

7%5%

100%

21%

8%8%

Mem

ber

Busi

ness

Loa

ns72

%63

%41

%37

%29

%36

%21

%19

%10

0%83

%81

%77

%10

0%94

%95

%91

%

Cre

dit

Build

er67

%63

%35

%29

%43

%63

%29

%22

%88

%64

%49

%42

%67

%56

%51

%47

%

Mic

ro B

usin

ess

Loan

s44

%37

%16

%13

%29

%24

%7%

5%63

%42

%31

%26

%33

%68

%62

%55

%

Mic

ro C

onsu

mer

Loa

ns67

%41

%22

%18

%57

%37

%15

%12

%75

%41

%32

%28

%67

%53

%52

%46

%

Pay

Day

Len

ding

39%

29%

15%

11%

29%

30%

14%

10%

50%

28%

14%

11%

33%

24%

17%

14%

Shar

e Se

cure

d Cre

dit

Car

ds67

%63

%45

%43

%29

%50

%33

%31

%10

0%76

%70

%68

%67

%68

%74

%72

%

Che

ck C

ashi

ng83

%75

%63

%59

%71

%73

%57

%51

%88

%73

%78

%76

%10

0%85

%80

%77

%

Inte

rnat

iona

l Rem

ittan

ces

33

%42

%27

%26

%29

%21

%14

%13

%38

%59

%54

%54

%33

%65

%65

%67

%

Low

-Cos

t W

ire T

rans

fers

67

%83

%74

%71

%43

%81

%69

%65

%88

%89

%88

%86

%67

%74

%79

%76

%

Mon

ey O

rder

s

83%

74%

56%

50%

86%

69%

47%

41%

75%

76%

76%

73%

100%

88%

65%

66%

No

Surc

harg

e AT

Ms

67

%69

%56

%53

%29

%57

%45

%41

%88

%79

%81

%79

%10

0%82

%82

%81

%

Sta

ff a

nd

Bo

ard

# o

f Fu

ll-Ti

me

Equi

vale

nt E

mpl

oyee

s24

95.5

109.

259

.859

.116

.415

.38.

87.

910

5.3

105.

788

.681

.025

3.8

455.

844

0.0

434.

1

% o

f Cre

dit

Uni

ons

with

Man

agem

ent

that

is M

ajor

ity/M

inor

ity25

67%

33%

21%

14%

86%

48%

26%

16%

63%

23%

11%

8%33

%12

%6%

5%

21.

We

clas

sify

a c

redi

t un

ion

as u

rban

(ru

ral)

if its

hea

dqua

rter

s is

in a

zip

cod

e w

ith p

opul

atio

n de

nsity

gre

ater

(sm

alle

r) t

han

150

inha

bita

nts

per

squa

re m

ile.

22.

Not

e th

at t

hese

val

ues

are

the

perc

enta

ges

of c

redi

t un

ions

whe

re m

inor

ities

are

in t

he m

ajor

ity.

For

inst

ance

, a

valu

e of

6%

doe

s no

t im

ply

that

94%

of m

embe

rs a

re w

hite

, bu

t th

at in

94%

of cr

edit

unio

ns m

inor

ities

tot

al few

er t

han

50%

of m

embe

rs.

23.

Not

e th

at t

hese

val

ues

are

the

perc

enta

ges

of c

redi

t un

ions

whe

re lo

w in

com

e m

embe

rs a

re in

the

maj

ority

. Fo

r in

stan

ce,

a va

lue

of 6

% d

oes

not

impl

y th

at 9

4% o

f m

embe

rs h

ave

high

inco

mes

, bu

t th

at in

94%

of cr

edit

unio

ns lo

w in

com

e m

embe

rs t

otal

few

er t

han

50%

of m

em-

bers

.

24.

We

defin

e th

e nu

mbe

r of

ful

l-tim

e eq

uiva

lent

s as

the

sum

of cr

edit

unio

ns' f

ull t

ime

empl

oyee

s pl

us 1

/2 o

f pa

rt t

ime

empl

oyee

s.

25.

Not

e th

at t

hese

val

ues

are

the

perc

enta

ges

of c

redi

t un

ions

whe

re m

inor

ities

are

in t

he m

ajor

ity.

For

inst

ance

, a

valu

e of

6%

doe

s no

t im

ply

that

94%

of bo

ard

mem

bers

are

whi

te,

but

that

in 9

4% o

f cr

edit

unio

ns m

inor

ities

tot

al few

er t

han

50%

of bo

ard

mem

bers

.



Tabl

e 14

Cre

dit

Un

ion

Peer

Gro

up

s, S

up

ple

men

tary

NC

UA

Data

(All

data

are

pee

r gr

oup

aver

ages

exc

ept

whe

re o

ther

wis

e in

dica

ted)

*

Pee

r G

rou

p

(Ass

et S

ize

Ran

ges

)

All

size

s$

0 -

$10

0 M

illio

n$1

00

Mill

ion

- $

1 B

illio

n$1

Bill

ion

- $

10 B

illio

n

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-in

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-in

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-in

com

e D

esig

nat

ed

CU

sA

ll C

Us

OFN

M

emb

er

CU

sC

erti

fied

C

DFI

CU

s

Low

-in

com

e D

esig

nat

ed

CU

sA

ll C

Us

Num

ber

of C

redi

t Uni

ons

1830

52,

618

5,34

87

139

1,79

53,

714

813

164

61,

301

334

174

323

Year

Cha

rter

ed19

7219

5619

5419

5419

6919

6319

5719

5519

6719

5119

5019

5019

9119

4819

4719

46

% o

f 20

19 D

irect

Fin

anci

ng

Out

stan

ding

in S

ubca

tego

ries

with

in

Con

sum

er L

oans

Cre

dit

Car

d3%

5%4%

6%1%

3%3%

3%2%

4%4%

4%2%

5%4%

4%

Shor

t-Ter

m S

mal

l Am

ount

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

Stud

ent

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

0%0%

Oth

er U

nsec

ured

6%4%

4%4%

14%

18%

18%

17%

3%6%

5%5%

6%3%

3%3%

New

Veh

icle

6%15

%15

%13

%11

%13

%18

%19

%8%

13%

14%

13%

3%15

%14

%14

%

Use

d Ve

hicl

e14

%25

%24

%21

%29

%32

%32

%32

%23

%28

%26

%26

%9%

22%

22%

21%

Oth

er N

on-R

eal E

stat

e Se

cure

d2%

5%5%

4%18

%7%

8%7%

4%7%

6%6%

1%4%

5%4%

Aver

age

Size

of Lo

ans

Out

stan

ding

w

ithin

Con

sum

er L

oans

Cre

dit

Car

d$2

,225

$2,5

25$2

,451

$3,0

88$1

,389

$1,6

79$1

,763

$1,8

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ent

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Busi

ness

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mer

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cal

l rep

ort

data

for

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rest

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mer

cial

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mun

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dit

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ent

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icle

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me

and

Expe

nses

Per

Ass

ets

(%)

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rest

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ome

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%4.

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%3.

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%4.

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%3.

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%4.

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%3.

88%

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%4.

08%

3.89

%3.

78%

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rest

Exp

ense

1.11

%0.

80%

0.77

%0.

86%

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%0.

45%

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%0.

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%0.

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%0.

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inte

rest

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ome

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%1.

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%1.

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%2.

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%0.

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%2.

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%1.

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%1.

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%1.

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tiner

est

Expe

nse

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%3.

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%3.

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%5.

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%4.

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%3.

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%3.

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07%

Prov

isio

ns for

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n Lo

sses

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%0.

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%0.

41%

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%0.

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0.38

%0.

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%0.

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rn o

n Ass

ets

(RO

A, %

)0.

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0.93

%0.

91%

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%0.

83%

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%0.

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%0.

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%0.

76%

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%1.

06%

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%0.

98%

0.92

%

Sour

ce:

NCUA

5300

cal

l rep

ort

data

for

Dec

embe

r 20

19.

* Thi

s ta

ble

prov

ides

add

ition

al d

etai

l on

som

e of

the

info

rmat

ion

prov

ided

in T

able

12.

Ave

rage

s w

ithin

$0

- $1

00 m

illio

n, $

100

mill

ion

- $1

bill

ion,

and

$1

billi

on -

$10

bill

ion

are

com

pute

d as

sim

ple

aver

ages

. Av

erag

es a

cros

s al

l siz

es a

re c

ompu

ted

as a

sset

-w

eigh

ted

aver

ages

.

Sim

ple

and

asse

t-w

eigh

ted

aver

ages

yie

ld g

ener

ally

sim

ilar

resu

lts a

cros

s na

rrow

ass

et s

ize

rang

es.

In c

redi

t un

ion

data

, si

mpl

e av

erag

es a

cros

s al

l siz

es y

ield

val

ues

that

bes

t de

scrib

e sm

all c

redi

t un

ions

. Ass

et-w

eigh

ted

aver

ages

bes

t de

scrib

e in

dust

ry-w

ide

cond

ition

s (s

ince

larg

er c

redi

t un

ions

incl

ude

mor

e m

embe

rs,

asse

ts,

depo

sits

, et

c.)

Tabl

e 14

Cre

dit

Un

ion

Peer

Gro

up

s, S

up

ple

men

tary

NC

UA

Data

(All

data

are

pee

r gr

oup

aver

ages

exc

ept

whe

re o

ther

wis

e in

dica

ted)

* (c

ontinu

ed)

Methodology Sources of Data

The primary data source for this publication is the OFN Fiscal Year 2019 Annual Member Survey. The Annual Member Survey is a detailed survey of CDFI staffing, capitalization, lending, investing, and impact. A total of 239 members completed the survey, including nine credit unions. OFN manually entered audited financial statement data into the survey for another 18 CDFIs.

Please send an email to [email protected] to receive a copy of the survey instrument.

We supplemented the nine credit unions’ annual member survey data with publicly available regulated financial institution data. We used publicly available data for an additional 11 regulated CDFIs (nine credit unions and two banks) that did not complete the survey or provide audited financial statements. Therefore, we present data for as many as 268 CDFIs, depending on the data point. In addition, we used publicly available data for all CDFI Fund-certified CDFIs, all NCUA low-income designated credit unions, and all credit unions.

Who was surveyed?

All CDFIs who were OFN members as of September 1, 2020 were asked to complete the Annual Member Survey.

How do we ensure data quality?

We use several methods to ensure data quality. We provide substantial technical assistance when CDFIs are completing the survey online. When completed surveys are submitted, OFN staff review the data, cross-checking certain fields against audited financial statements (or unaudited financial statements when an audit is not available) and comparing current year data to previous years to check for reasonableness. We call CDFIs as needed to verify figures in question. We cannot, however, guarantee the reliability of the data and do not accept responsibility for the validity of the information presented in this report or for consequences resulting from its use by third parties.

We also exclude outlier values for selected ratio measures to prevent skewed averages. Using the coefficient of variation (standard deviation / mean), we identified CDFIs with ratios that were skewing their respective peer group averages. However, we did not exclude a CDFI’s entire dataset; instead, we only excluded the specific ratios that were skewing peer group averages. This methodology maintains an adequate number of CDFIs in each peer group, while also improving data integrity and accuracy.

Cumulative Information

Cumulative totals are calculated by taking the reported FY 2018 cumulative totals and adding FY 2019 activity. If a CDFI left a FY 2018 cumulative field blank and had not reported cumulative values in prior years, we used the sum of FY 2018 and FY 2019 activity as an estimate of the FY 2019 cumulative.

While this clearly underestimates the actual cumulative, substituting a lower estimate for the cumulative provides a better representation than “0” activity in prior years, which is what would occur if the data points were left blank. This extra step in our survey review process produces cumulative totals for a greater share of respondents and increases the completeness of our dataset.

AppendixM E T H O D O L O G Y A N D G L O S S A R Y

50 | Appendix

Glossary of Terms

CDFI Institution Types

community development bank: A for-profit CDFI that is federally regulated, insures deposits, and provides a wide range of banking services to low-income communities.

community development credit union: A nonprofit financial cooperative that provides a range of consumer financial services and is owned and operated by lower-income persons, often members of a particular group or tied to a defined geographic area. Federally or state regulated and insured. Services generally offered to members only.

community development loan fund: A CDFI that aggregates capital from individual and social investors typically at below-market rates and then relends this money primarily to housing developers, individuals, businesses, and community service organizations in lower-income communities. Generally nonprofit and self-regulated.

venture capital fund: A CDFI providing equity and debt with equity features for small to medium-sized businesses. Can be either nonprofit or for-profit.

Sectors Served

business: Financing to for-profit and nonprofit businesses that have more than five employees OR of financing in an amount of greater than $50,000 or financing for the purpose of expansion, working capital, or equipment purchase/rental.

commercial real estate: Financing for construction, rehabilitation, acquisition or expansion of non-residential property used for office, retail, or industrial purposes.

community services: Financing to community service organizations such as human and social service agencies, advocacy organizations, cultural/religious organizations, health care providers, child care providers, and education providers, regardless of tax status. Uses include acquisition, construction, renovation, leasehold improvement, and expansion loans as well as working capital loans and lines of credit.

consumer: Credit extended for personal (secured and unsecured) loans to individuals for health, education, emergency, debt consolidation, transportation, and other consumer purposes.

housing to individuals: Financing to individuals to support homeownership and home improvement. Home equity loans are not included here unless the purpose of the home equity loan is to finance housing-related activities (e.g., home repair, purchase of another home). All other home equity loans should be classified based upon the purpose of the loan.

housing to organizations: Financing to housing organizations for purposes such as predevelopment, acquisition, construction, renovation, lines of credit, working capital, and mortgage loans to support the development of rental or for-sale housing, service-enriched housing, transitional housing, and/or residential housing.

intermediary: Financing provided to other CDFIs.

microenterprise: Financing to for- profit and nonprofit businesses that have five or fewer employees (including the proprietor) and with a maximum loan/investment amount of $50,000. This financing may be for the purpose of start-up, expansion, working capital, or equipment purchase/rental.

other: Any financing activities not included in the sectors defined above.

Averages

simple average: The simple average weighs each CDFI equally and is arrived at by summing the data point for each CDFI in the peer group and dividing by the number of CDFIs.

weighted average: The weighted average gives greater weight to larger CDFIs and less weight to smaller CDFIs.

For example: CDFI A has $100,000 in borrowed funds and gets 10% of this from individuals. CDFI B has $150,000 in borrowed funds and gets 50% of this from individuals. CDFI C has $1 million in borrowed funds and gets 100% of it from individuals. The weighted average is ($100,000*10% + $150,000*50% + $1,000,000*100%)/($100,000 + $150,000 + $1,000,000)= 87%. By comparison, the simple average would be 53% calculated from (10% + 50% + 100%) divided by 3.

Community development financial institutions provide critical financial products and services to economically underserved people and communities who do not have access to mainstream financial sources.

Appendix | 51

Capitalization Terms

borrowed capital: Also referred to as “debt capital” or “investor capital.” Funds that are lent to a CDFI from a third party that the CDFI will relend to its borrowers. Borrowed capital may consist of unsecured or secured debt from individuals, financial institutions corporations, foundations, government, and others. It includes subordinated debt but does not include equity equivalent investments, a very specific type of subordinated debt. See definition of equity equivalent investment below.

equity capital: Also referred to as “net assets dedicated to lending” or “permanent capital” by nonprofits and “net capital” by credit unions. It is the portion of a CDFI’s total equity that is either dedicated to or available for lending/investing. This does not include any net assets or equity intended to fund operations.

equity equivalent investment (EQ2): EQ2 is an instrument that meets six conditions: (1) an investment on the investor’s balance sheet in accordance with GAAP (2) general obligation not secured by any of the CDFI’s assets (3) fully subordinated to the right of repayment of all other creditors (4) no right to accelerate payment unless CDFI ceases normal operations (5) its interest rate is not tied to any income received (6) has a rolling term or indeterminate maturity.

secondary capital: Secondary capital is a specific type of capital used only by low-income community development credit unions. It is defined by the National Credit Union Administration as having several key characteristics, including the following: it is uninsured, is subordinate to all other claims, has a minimum maturity of five years, and is not redeemable prior to maturity.

total capital: The amount of capital available for lending or investing. Also referred to as “total lending/investing pool.” Total capital includes borrowed capital, equity capital (or net assets available for lending/investing), equity equivalent capital, shares, deposits, and secondary capital.

weighted average interest rate: The weighted average interest rate of borrowed capital. When calculating the rate of borrowed capital, net assets available for lending/investing are excluded from the calculation. Formula = [(Total $ Borrowed Capital @ Rate A x Rate A) +(Total $ Borrowed Capital @ Rate B x Rate B) + ...]/Total $ Borrowed Capital

weighted average term at origination: The weighted average term of borrowed capital, also referred to as the “blended term.” When calculating the term of borrowed capital, net assets available for lending/investing are excluded from the calculation. Formula = [(Total $ Borrowed Capital @ Term A x Term A) + (Total $ Borrowed Capital @ Term B x Term B) + ...]/ Total $ Borrowed Capital. The term represents the time from the inception of the loan to its maturity rather than the remaining term on borrowed funds.

Financial Statements

contract revenue: Any revenue provided by an agency or organization that is paying for specific contracted services. This revenue is often obtained by the organization on a reimbursement basis (e.g., the CDFI contracts with a government agency to provide business plan training). Also includes revenue generated from client payments from workshops, seminars, consulting services, and other technical assistance.

contributed revenue: Includes unrestricted operating grants and donations and/or temporarily restricted grants released from restriction during the latest fiscal year. It does not include equity grants for capital, temporarily restricted grants that are intended for future operating periods, or grants that will be passed through to other organizations.

earned revenue: Includes interest on cash and marketable securities/ investments, income earned on portfolio, fee income, contract income, and other earned (not contributed) income.

fee income on portfolio: Includes fees for originating and managing loans; includes any late fees.

grant expense: Expenses related to grants made by a CDFI. Also known as “pass-through grants.”

nonaccruals: Any loans that are no longer accruing interest.

operating revenue: Includes contributed operating revenues and earned revenues.

personnel expense: Includes all salary and benefits expenses of individuals directly employed by the organization on a full- or part-time basis.

portfolio interest income: Includes interest earned on loans outstanding, dividends from community development equity investments, recognized appreciation/depreciation in equity investments, and gains/ losses from sale of loans.

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professional services expense: Includes all costs of hiring contractual employees who are not full- or part-time direct employees of the organization. Contractual employees can include individuals in any capacity but often consist of consultants, legal services providers (excluding in-house counsel), and financial and accounting services providers (excluding in-house accounting and finance departments).

provision for loan losses: The allowance made for expected defaults on the portfolio, which increases the loan loss reserve on the balance sheet, offsetting the gross portfolio outstanding. While it is a noncash expense, it is treated as a direct expense to the organization when it is made.

realized gains(losses): A gain/loss resulting from selling an asset at a price higher/lower than the original purchase price.

Geographic Breakdowns

major urban: A metropolitan statistical area (MSA) of more than one million people.

minor urban: An MSA of less than one million people.

rural: Not within an MSA.

Financing Terms

allowance for loan losses: Funds set aside in the form of cash reserves or through accounting-based accrual reserves that serve as a cushion to protect an organization against potential future losses. Provision for loan losses are an estimate of loans (or portions of loans) that may prove uncollectible.

guarantees: Guarantees or letters of credit that are provided to enhance the creditworthiness of a borrower receiving a loan from a third-party lender.

loans closed: A loan is considered closed when a legally binding note has been signed by the borrower in favor of the lender. Loans and investments made during the course of the fiscal year are all deals CLOSED during that year, even if the funds have not yet been fully drawn.

net charge-offs (net loan losses): Net charge-offs (net loan losses) are reported after default, foreclosure, and liquidation and are net of any recovered assets.

restructures: Loans where the terms (interest, amortization of principal and/or maturity) were changed due to the borrower’s inability to make the payments in accordance with the terms of the original loan agreement.

Outcome/Impact Measures

full-time equivalent employees (FTEs): One full-time equivalent equals a 35- or 40-hour work week. Two half-time employees equal one FTE.

housing units assisted: Housing Units Created + Housing Units Renovated + Housing Units Preserved.

jobs created: The change in number of full-time equivalent employees (FTEs) at a business or organization from loan closing to repayment of the loan (or the current period).

jobs maintained: The number of FTEs at a business or organization at the time of loan closing or any lower number reported subsequently.

Ratios

loans past due greater than 90 days: Loans Past Due by Greater Than 90 Days/Gross Loans Outstanding.

net worth/total assets: The Net Worth Ratios for Credit Unions are taken directly from the 5300 Call Report issued by the National Credit Union Administration.

CDFIs operate in urban, rural, and Native communities across the country, spurring economic growth and job creation and building stronger and healthier individuals, families, and neighborhoods.

Appendix | 53

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