In 2020 due to the increased asset size the bank changed its CRA evaluation reporting from an Intermediate Small Bank (ISB) to a Large Bank for CRA reporting. With the Pandemic, and all of the challenges that occurred in 2020, Bank of Utah finished the year strong with maintaining its established CRA goals.
With the impact of PPP loans, the Small Business totals were strong, and provided lending to borrowers of all sizes and in all geographies which had a significant impact within the bank’s community during this trying time. With low interest rates, the bank’s HMDA totals were higher in 2020 than ever before.
For community development lending (CD) the bank added a total of 34 CD loans in the amount of $140,042,880 in 2020. Many of the loans provided infrastructure, by adding water and sewer improvement to rural areas, as well as adding roads and a new fire station. Many of the loans provided affordable housing to LMI individuals, and job retention and job creation to LMI individuals. The bank had CD loans in each of the bank’s assessment areas, that provided both innovative and flexible lending.
The Pandemic did have an effect on service hours but with the continued participation of many employees on boards of non-profit organizations, the total number of qualified service hours in 2020 was 540 hours.
Bank of Utah’s CRA Investment goal is 5% of the total investment portfolio. The year 2020 ended with a total outstanding CRA investment of $7,666,331 or 5.6%. The bank is generous with its donations within its assessment areas. In 2020, the bank donated $72,344 to qualified non-profit organizations within the bank’s assessment area.