President’s Message

Bank of Utah closed Q3 2025 with record-breaking results and a sense of excitement unlike any other quarter in our history. In October, as we prepared for the Bank of Utah Championship at Black Desert Resort, our team gathered to review performance, and there was much to celebrate. Surrounded by the beauty of southern Utah and the anticipation of sponsoring our first PGA TOUR event, it was the perfect setting to reflect on how far we’ve come and where we’re headed next.

This was a standout quarter, driven by strength across our core businesses and the collective efforts of teams across the state:

Performance Aligned With Purpose and Strategy
Our financial results for the third 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 soared to $13.8 million, a significant jump from $10.3 million in Q2 and $10.6 million in Q3 2024. Even while making key strategic investments in the PGA TOUR event and new technology, the Bank delivered one of its best performances to date. Year-to-date net income now totals $34.4 million, reflecting record strength and strong momentum heading into the final quarter.

  • Average deposits climbed to $3.0 billion, up from $2.7 billion in the previous quarter. Growth in core, relationship-based deposits was exceptional, led by a 15.4 percent increase in noninterest-bearing balances — our strongest growth in several years. This achievement reflects the confidence and loyalty of our clients and the collaboration of teams across the Bank. Partnerships like our alliance with REEF Capital Partners through the Bank of Utah Championship further reinforced this success and deepened our commitment to Utah communities.

  • Total loans, grew to $2.9 billion, compared to $2.8 billion in Q2 and $2.6 billion in Q3 2024. Steady loan demand demonstrates the Bank’s ongoing strength in meeting the needs of Utah businesses and families, helping them move forward with confidence.

These financial results matter because they provide the foundation that allows us to keep giving back to the communities that trust us, through our work, our partnerships and our purpose — for all of Utah.

Sincerely,
Branden P Hansen
President