Bank of Utah finished the year strong with maintaining its established CRA goals for 2019. The 2019 results for the Lending Test show consistent percentages for both HMDA reportable loans, Small Business Lending and with our Loan to Deposit Ratio. The Community Development Test shows positive results for service hours, donations, investments and CD Lending. Bank of Utah is dedicated to giving back to the communities it serves.
Service Hours reflect participation from 87 employees from all of the bank's assessment areas. Those employees provided 1,188 hours of service to multiple non-profit organizations within the assessment areas in 2019. Financial literacy was provided to many LMI students participating with Junior Achievement of Utah. Many employees also sit on boards of non-profit organizations that add value, hope and commitment to the future. Youth Impact, Cottages of Hope, YCC Family Crisis Center and NeighborWorks Provo are a few of the organizations.
Bank of Utah’s CRA Investment goal is 5% of the total investment portfolio. The year 2019 ended with a total outstanding CRA investment of $7,390,566 or 5.7%. The bank is generous with its donations within its assessment areas. In 2019, the bank donated $108,804 to qualified non-profit organizations within the assessment area.
Bank of Utah continues to work hard to find qualified CD loans that have an impact on the community. Competition levels are high, with various bank structures and the number of banks that are located in the state. For 2019, the bank added 31 loans for Community Development to the amount of $150,401,065. Loans provided economic development, job creation and affordable housing to the communities it serves.