CEO'S MESSAGE

Standing Together for our Communities
In early October, fans watched Austin Smotherman earn his victory at the Bank of Utah Championship at Black Desert Resort. His name stood at the top of the leaderboard, but behind that achievement were coaches, caddies, family and supporters who helped him get there. The trophy belongs to one player. The journey takes a team.

At Bank of Utah, we see the strength of a team every day. When a family receives the keys to their first home or a business opens the doors to a new location, that milestone carries the work of many hands. Across the Bank, team members answer questions, work through details, keep systems running and make sure each next step is ready. Some meet our clients face-to-face. Others may never meet them, but their care reaches them all the same. It takes our team working together to turn a client’s plans into possibilities.

As our team grows and more team members use the benefits available to them and their families, our investment in our people grows, too. We believe a strong workplace carries through to the care our clients receive and the relationships we build in our communities. Supporting our people helps them carry out our mission: unlocking the potential of our team members, clients and communities.

During the third quarter, growth in net interest income helped offset higher expenses, including increased costs for team member benefits and continued investments in partnerships, technology and operational capabilities. Our results included:

Financial Highlights

  • Consolidated net income of $11.4 million, compared to $11.5 million in Q2 2026 and $13.8 million in Q3 2025.

  • Average deposits of $2.9 billion, a 4.3 percent increase quarter-over-quarter.

  • Period-end loans net of unearned income, of $3.0 billion, up 2.5 percent from the previous quarter and 6.0 percent from a year ago.

As we enter the final quarter of the year, we remain focused on maintaining strong capital, practicing sound credit discipline and helping our clients move forward with confidence.

To our shareholders, thank you for your continued confidence in our Bank. To our team members, thank you for the care you show our clients and one another. Each person has a part in our mission, and each contribution helps us build lasting prosperity in the communities we call home.

Sincerely,
Benjamin F. Browning
Chairman and CEO