Letter to Shareholders

The Quiet Work Behind Every Big Moment.
As we reflect on 2025, several moments stand out. The year was punctuated by the roar of the crowd during the PGA TOUR’s Bank of Utah Championship at Black Desert Resort. When that winning putt dropped against the iconic red rock scenery, the air was electric. It marked a career milestone for the athlete and cast a national spotlight on our state. For our Bank, it represented months of planning and partnership to bring world-class competition back to Utah.

While the finish was dramatic, the excellence on display came from years of discipline. Those athletes didn’t arrive there by chance. They spent countless hours building the focus required to perform under pressure. Similarly, Bank of Utah has spent decades building the strength and stability that allow us to step into opportunities like this with confidence.

A Year of Steady Performance
That same steady focus carried through our financial performance in 2025.

  • Consolidated net income increased 14.6 percent to $46.1 million
  • Deposits grew to approximately $2.8 billion
  • Total loans reached approximately $2.9 billion

Recognition That Reflects Our Work
That discipline brought recognition at both the national and local level.

  • #14 in S&P Global Market Intelligence’s Community Bank Rankings
  • Named Best Utah Bank by GOBankingRates
  • Gold and Silver “Best of” awards in Northern and Southern Utah
  • Honored with the Ogden-Weber Chamber’s 60-Year Milestone Award
  • Named as one of Utah’s 100 Fastest Growing Companies by MountainWest Capital Network

Commitment That Shows Up Every Year
Financial strength provides the foundation for our growth and allows us to give back in meaningful ways.

  • 300+ team members logged nearly 2,100 service hours across 100+ organizations
  • 561 clothing bags delivered through Warm Bodies, Warm Souls
  • $200,000+ secured for 30 nonprofits through the Federal Home Loan Bank of Des Moines Member Impact Fund
  • 16 mortgage loans totaling $5 million funded through the FHLB Des Moines Mortgage Rate Relief program

Our priorities for the future remain clear. We will continue investing in those who make this work matter. Just like in championship play, success is built long before the final moment arrives.

Thank you for your continued trust and support as we move forward together.

Sincerely,
Branden P Hansen
President

Benjamin F. Browning
Vice Chairman & CEO

Frank W. Browning
Chairman, BOU Bancorp, Inc.