President’s Message

Where Do We Go From Here?
We hear that question often lately. With so much noise in the global news and an economy that feels unpredictable, it is natural to wonder what the rest of 2026 has in store. At Bank of Utah, we approach these headlines with the same steady focus that has guided us through every market cycle.

Perspective is helpful when things feel uncertain. If we look back to the economic crisis of 2008, Bank of Utah remained a pillar of strength and stayed profitable every single quarter. That resilience is the result of a long-term commitment to being consistent and careful with the resources you entrust to us.

Our performance for the first quarter of 2026 reflects that same approach:

Financial Highlights

  • Period-end loans net of unearned income, were $2.9 billion, up 1.0 percent from Q4 2025 and up 5.8 percent from Q1 2025, with strong production offsetting elevated payoffs.

  • Noninterest income was $7.1 million, down 15.5 percent from Q4 2025 and up 15.0 percent from Q1 2025, continuing solid year-over-year growth.

  • Net Income totaled $11.7 million in Q1 2026, consistent with Q4 2025 and up 12.0 percent from Q1 2025.

Maintaining these results requires discipline. We believe staying conservative is the most responsible way to protect the Bank and our depositors when the economic outlook is unclear. But being careful doesn’t mean stepping back. In fact, our financial stability ensures we can continue to provide the capital and guidance our clients need to reach their goals. By managing the Bank well, we remain in a position to help our clients move forward, just as we always have. In uncertain times, consistency matters. It gives you the confidence that your money is safe, accessible and managed with genuine care.

We are proud that this approach continues to earn national recognition. Bank of Utah was recently named to S&P Global Market Intelligence’s list of the Best-Performing U.S. Community Banks. We see that as a credit to the way our team members show up every day to serve our clients and communities.

Thank you for the trust you place in us.

Sincerely,
Branden P Hansen
President