Bank of Utah finished the year strong with maintaining its established CRA goals for 2018. The 2018 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 its serve.
Service Hours reflect participation from 75 employees from all assessment areas. Those employees provided 909 hours of service to multiple non-profit organizations located within the assessment areas in 2018. 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, YMCA, Boys and Girls Club of Weber/Davis, NeighborWorks Provo are a few of the organizations.
Bank of Utah’s CRA Investment goal is 5% of the total investment portfolio. The year 2018 ended with a total outstanding CRA investment of $7,658,614 or 6.1%. The bank is generous with its donations within its assessment areas. In 2018, the bank donated $75,288 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 have located to Utah. For 2018, the bank added 16 loans for Community Development to the amount of $55,175,723. Loans provided economic development, affordable housing as well as stabilized and revitalized the communities it serves.