Letter to Shareholders

More than a tagline, “My Utah, My Bank” is the opening line of countless stories of resilience and success...

Imagine two high school friends, united by the shared grief of losing their fathers, channeling that experience into building community through a local car wash business. Today, as they grow their network of locations across Utah, Nevada and Idaho, their story starts with the words, “My Utah is growing. My Bank keeps me going.” Envision a West Jordan farm kid transforming into a forward-thinking real estate developer, with his son now poised to continue the multigenerational legacy of his company. His story begins, “My Utah is a family business.
My Bank is family owned.”

At Bank of Utah, we stand as trusted partners with our customers, fueling their journeys and turning aspirations into achievements. We go beyond traditional banking, offering invaluable guidance and tailored solutions. Our commitment to local entrepreneurs, individuals and families is at the core of who we are — our story intertwined with theirs. This spirit is reflected in our annual report, where alongside our own growth, we spotlight the inspiring journeys of our customers.

BOU Bancorp, Inc., the holding company of Bank of Utah and Utah Risk Management, Inc., is proud to announce another year of impressive financial performance and unwavering commitment to the communities we serve.

Financial Highlights
Despite industry challenges in 2023, including five bank failures and competitor retreat, Bank of Utah achieved significant growth. Total assets increased by 20.6 percent, reaching a record-breaking $2.9 billion, driven primarily by loan growth. This steadfast performance stands as a testament to the Bank’s unfailing commitment to our customers. When they need us most, they know they can count on us to be a stable and reliable partner.

  • Consolidated net income rose from $33.6 million to $40.7 million, a 21% increase.
  • Revenue reached an impressive $118.7 million, surpassing the previous year’s mark of $102.3 million.
  • Bank of Utah solidified its status among all banks in America, ranking within the top 10 percent for total assets, top 8 percent for net income, and top 8 percent for total equity capital.
  • In reaffirming our commitment to maximizing shareholder value, the Bank distributed $9.3 million in 2023 in the form of dividends, translating to $0.40 per share in dividends.

At Bank of Utah, we believe in the power of community and the importance of giving back. Our commitment to making a positive impact extends beyond financial services to actively participating in and supporting the communities we serve. Through volunteerism, philanthropy and strategic partnerships, we strive to enrich the lives of Utahns and contribute to the overall well-being of our state.

Branden P Hansen
“My Utah is resolute, standing strong even in challenging times. My Bank is a steadfast ally, unwavering through every season.”

Frank W. Browning
Chairman, BOU Bancorp, Inc.
“My Utah is built on trust, each generation learning and
growing together. My Bank is a partner in every chapter.”