BOU Bancorp, Inc., the holding company of Bank of Utah (Bank) and Utah Risk Management, Inc., collectively referred to as “Company”, produced record earnings in 2016, with net income of $16.7 million. The Company’s tangible net worth increased over 10 percent in 2016, from $127 million to $140 million and has grown over 59 percent in the past five years. This upward trend increased the tangible book value per share from $75.50 in 2015 to $83.15 in 2016. Cash dividends rose 7.1 percent from $2.10 per share in 2015 to $2.25 per share in 2016. This increase in capital will allow us to take advantage of opportunities for growth in the future.

During the past 30 years, the banking industry has experienced many changes such as consolidations, the Great Recession, increased regulation and the emergence of non-bank entities, just to name a few. As a result, fewer banks exist today. In 1984, there were over 14,000 banks in the United States, today there are less than 6,000. During the Great Recession, the Bank was one of a small number of banks in the United States that did not have a loss during any quarter. During this challenging time, the Bank not only survived, but excelled. Today, Bank of Utah is in the top 12 percent in asset size of all banks in the United States and in the top 8 percent in net income, according to Our overall performance ranks #1 in our custom peer group in 2012, 2013, 2014, 2015 and 2016, according to the Briden Report. Additionally, the Bank has a 5-Star Bauer Rating.

Billion Dollar Bank

This year the bank exceeded $1 billion in assets. Of the 5,922 banks in the United States, only 742 have reached this mark. This milestone has enabled us to make larger loans to fund local businesses and diversify our product mix.

New Logo

More than 30 years ago, we selected the beautiful pine tree to represent our brand. The tree symbolizes strength, protection and growth. Building upon these same qualities, we updated the logo with an even bolder pine tree. Like the pine tree, we stand for the long term. We are committed to help our customers grow their businesses and personal wealth. With our roots firmly planted in the Utah soil by the Frank M. Browning family, we have grown from 16 employees to over 330 bank representatives in 18 locations across the State of Utah. With more than $1 billion in assets, the Bank has increased its depth and breadth of services such as personal and business banking, consumer, residential and commercial lending, trust management, insurance and investment services. Like our logo, we will continue to grow and adapt in an ever-changing landscape.

Our Goal

Bank of Utah is dedicated to offering a full spectrum of financial services you would expect from a large national bank, with the friendly, local touch of a community bank. We are responsive to our present and prospective customers and strive to be a major banking force in Utah, the country and around the world. The honor, respect and integrity of our employees, customers and stockholders are our highest priorities.

Frank W. Browning
Chairman, BOU Bancorp, Inc.

Douglas L. DeFries
President & CEO, Bank of Utah