President’s Message

Elevating Our Work, Our Voice and Our Community

Some quarters are steady. Some are strong. And then there are quarters that take what you’ve built over time and raise it to a new level. The second quarter of 2025 delivered one of those moments — clear, energizing and full of forward motion.

In early July, the announcement of the Bank of Utah Championship, a PGA TOUR event coming to Utah at the amazing Black Desert Resort this fall, brought a surge of energy across the Bank and throughout our communities. As the title sponsor, we’re proud to step into this visible, exciting role.

The spotlight may be new, but the work behind it, the steady effort to elevate our clients, our team and our communities, is what got us here. And in the spirit of that work, we’re building new, thoughtful partnerships that align with our values, create opportunity and help shape a future we believe in.

Performance That Reflects Long-Term Focus
Our financial results for the second quarter of 2025 reflect the kind of performance we value most — steady, relationship-driven and built to last. Lending activity remained strong, supported by healthy demand and stable pricing. On the deposit side, we saw solid growth, with pricing strategies that supported margin expansion and aligned with our long-term funding approach.

Financial Highlights

  • Consolidated net income for Q2 2025 was $10.3 million compared to $10.4 million for Q1 2025 and $10.2 million for Q2 2024. Net income for the first half of 2025 totaled $20.7 million, a 6.7 percent increase from $19.4 million for the same period in 2024.

  • Period-end loans, net of unearned income, were $2.8 billion, a 3.5 percent quarter-over-quarter increase and a 14.3 percent year-over-year increase.

  • Average deposits for the second quarter of 2025 were $2.7 billion, a 4.0 percent increase from the first quarter of 2025 and an 11.9 percent increase from the second quarter of 2024.

A Championship Platform, A Community Purpose
That foundation, built over time through thoughtful growth and community commitment, is what made our role as title sponsor of the Bank of Utah Championship possible. The opportunity aligns with who we are: a bank invested in Utah’s future, in business and in life. We’re ready to step confidently into new ways of supporting both, and as we bring this new experience to life, we’re proud to do it For All of Utah.

Sincerely,
Branden P Hansen
President