Financial Capability:
In addition to $2.4 billion in managed assets through its asset management business, Alliance Partners, and $6.5 billion in owned assets, Forbright Bank anticipates record earnings of around $90 million for the past year. Its tier 1 leverage ratio is projected to be about 10.5%. Throughout its healthcare, lender financing, corporate finance, commercial real estate, sustainable finance, C-PACE, and community bank business divisions, the Bank led or took part in more than 250 agreements.
Growth of Sustainable Lending
The CPACE, the Energy Loan Network, and the Sustainable Real Estate Business Lines of Forbright all continued to expand their capacities. Around 5,000 household solar and energy efficiency projects were made possible by the Bank last year, and it received more CPACE applications totalling over $500 million. Also, the Bank established Foresight to offer credit capital solutions to companies that support resource conservation, sustainability, and decarbonization.
Measured and reported impact:
In 2022, Forbright released its first ESG report, the Green Bond Impact Report, and experienced a 2.5x increase in corporate donations. The ESG Report documented Forbright's proactive actions in favour of a low-carbon economy and the promotion of widely available, reasonably priced critical services, including housing and healthcare. It also emphasised the bank's ambitious plan to invest 50% of its assets in sustainable and renewable energy projects by 2025. Forbright's initial Green Bond Impact Report indicated that proceeds of the Green Bond were successfully distributed and resulted in over 12,000 metric tonnes of anticipated yearly carbon equivalent emissions being averted.
Forbright will continue to strengthen its position as a pioneer in sustainable financing during the coming year. It will introduce new products, such as decarbonization-linked deposit accounts that let Americans make sure their money supports renewable energy sources like solar, wind, or high-efficiency building upgrades; continue to serve as the nation's primary source of financing for forward-thinking businesses, investors, and innovators who are accelerating the transition to net-zero carbon emissions on a national scale; and continue to offer beneficial and innovative financing solutions to a national Crucially, Forbright will keep investing in people and technology to give the bank the ability to expand effectively and run at a high level of safety and soundness.
Speculative statements:
Estimates and forward-looking comments about Forbright's profitability, leverage ratio, asset levels, and new product efforts are included in this press release. As actual outcomes or developments may differ materially from the expectations outlined in the forward-looking statements, the estimates and forward-looking statements include risks and uncertainties and cannot be relied upon to accurately predict future events.
About Forbright Bank and Forbright Inc.
The holding company for Forbright Bank is called Forbright Inc. Forbright Bank (www forbrightbank com), a full-service bank, commercial lender, and asset manager with its headquarters in Chevy Chase, Maryland, is dedicated to accelerating the transition to a sustainable, clean energy economy by funding the businesses, investors, and innovators fueling that change. Forbright Bank is a member of the FDIC and an equal housing lender. The bank offers specialist lending and banking services to customers across the United States and has roughly $9 billion in owned and managed assets.
A bank for a more promising future
In Washington, D.C. The DC PACE Program and Fulbright Bank are pleased to announce the successful funding of three additional solar projects to increase Wards 2 and 3 buildings' energy efficiency and access to renewable energy. The combined initiatives will result in annual energy savings of around 400,000 kWh and save greenhouse gas emissions equal to avoiding the combustion of roughly 313,000 pounds of coal. According to Ronald Hobson, the DC PACE Program Manager, "The PACE Program plays a key role in defining the future of DC, and this financing is another important step towards a cleaner, greener, and more egalitarian city." We eagerly anticipate the continued collaboration between the PACE programme and Forbright Bank. It indicates that there is a road to a future where all capital investments are green investments." The DC Property Assessed Clean Energy (PACE) programme provides a unique financing choice for energy-efficient renovations like new windows or HVAC units, renewable energy projects like solar, and conservation initiatives like green roofs and water usage systems.
Since its initial contract concluded in 2013, the DC PACE Program has enabled loans totalling about $95 million, with more than $38 million of that total unlocking only since DC Green Bank took over as the programme administrator in October 2021. According to David Kelly, Director of Forbright's CPACE Lending Division, we are pleased to take part in the DC PACE Program and provide funding for projects all across the District. Forbright's sustainable objectives are in line with those of the PACE Program, and we are eager to keep promoting green building improvements that help the environment as well as offer long-term cost benefits to DC companies and communities.
Most recent DC PACE loans from Forbright Bank: NW Massachusetts Avenue 2122
For an eight-story midrise residential building in Ward 2, there is a $884,345 PACE loan. A yearly power savings of 170,000 kWH will result from the project.
NW 2501, Q Street
A PACE loan of $361,247 has been approved for a four-story multi-family structure in Ward 2. The project will result in yearly power consumption savings of 138,000 kWH, or 226 barrels of oil's worth of greenhouse gas emissions.
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