CEO'S MESSAGE

Values That Drive Results
As we look back on the first half of 2026, we’re reminded that success comes from both what we accomplish and how we accomplish it. During mid-year conversations across the bank, we focused on two important questions: Are we delivering the business, and are we modeling the way by demonstrating the values that guide us every day?

At Bank of Utah, performance and values go hand in hand. Delivering strong financial results gives us the stability to support our clients, while modeling our values earns the trust that makes us their first choice. That combination creates lasting strength for our clients, communities and team members.

Our second-quarter results demonstrate what happens when we stay committed to both standards. Even with typical early-year seasonal shifts, momentum remained steady across every department. The result was the best first six months in Bank of Utah’s history, positioning us well for the second half of the year.

Financial Highlights

  • Consolidated net income reached $11.5 million for Q2 2026, down 1.2 percent from Q1 2026 and up 12.5 percent compared to Q2 2025.

  • Average deposits grew to $2.8 billion in Q2 2026, up 1.5 percent from the previous quarter and 3.4 percent compared to Q2 2025.

  • Period-end loans net of unearned income, reached $3.0 billion in Q2 2026, up 2.2 percent quarter over quarter and 4.5 percent year over year.

As we continue through 2026, we remain focused on the priorities that guide us every day: maintaining solid financial reserves, practicing sound credit discipline and serving our clients with care. We also look forward to opportunities to strengthen relationships across Utah, including opening new full-service branches in Spanish Fork and Lehi and introducing new account options, such as a youth program to help children and their families build strong financial habits.

The results in this report reflect the dedication of our team members and the trust our clients and communities place in Bank of Utah. Thank you to our shareholders for your continued confidence and to our team members for the commitment and care they bring to serving others every day. We are proud of what we have accomplished together and look forward to the opportunities ahead.

Sincerely,
Benjamin F. Browning
Chairman and CEO