CRA Public File



Established by Congress in 1977, the Community Reinvestment Act encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. The CRA requires that banks' efforts be evaluated periodically, and the report be publicized.

Bank of Utah received a rating of “Outstanding” in its most recent CRA Performance Evaluation, which spans the years 2018 to 2020. The rating reflects the Bank’s commitment and responsiveness to the communities it serves.

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2020 CRA Highlights

In 2020, due to Bank of Utah's increased asset size, we changed our CRA evaluation reporting from an Intermediate Small Bank (ISB) to a Large Bank. With the pandemic, and all of the challenges that occurred in 2020, Bank of Utah was still able to finish the year strong, maintaining our established CRA goals and supporting our communities through times of great need and uncertainty.

Bank of Utah delivered much-needed funds to struggling businesses through Paycheck Protection Program (PPP) loans, providing lending to borrowers of all sizes and in all geographies. Our Small Business totals were strong for 2020, and we are proud to have made such a significant impact to businesses and community members when they needed it most.

Bank of Utah continued to serve mortgage needs locally. Our dedication to customers, combined with historically low interest rates, resulted in our Home Mortgage Disclosure Act (HMDA) totals being higher in 2020 than ever before.

The Bank was a leader in making community development loans, providing innovative and flexible lending for a total of 34 loans in the amount of $140,042,880. Many of the loans provided infrastructure, adding water and sewer improvement to rural areas, as well as adding roads and a new fire station. The loans also helped provide affordable housing to low- and moderate-income individuals, and supported job retention and job creation for those individuals.

While the pandemic affected service hours, many Bank of Utah employees continued their participation on boards of nonprofit organizations, bringing our total number of qualified service hours in 2020 to 540 hours. When possible, they also participated in projects to help first responders, health care workers, restaurant owners (who had to close their dine-in operations for most of 2020) and others.

Bank of Utah’s CRA investment goal is 5 percent of the total investment portfolio. The year 2020 ended with a total outstanding CRA investment of $7,666,331, or 5.6 percent. The Bank is generous with its donations within its assessment areas. In 2020, the Bank donated $72,344 to qualified nonprofit organizations within those areas.