Doing What We Do Best
In Bank of Utah’s first annual report in 1953, then-President Frank M. Browning proudly pointed to a phenomenal year. “Bank of Utah’s warm acceptance by the people of Northern Utah has made history in Bank growth,” he said. Browning credited the accomplishment to “a splendid staff” and “customers’ appreciation of a strong financial institution.”
Today, as we kick off our 70th year of service, I am also proud to point to phenomenal growth, and to acknowledge our staff and customers’ roles in the Bank’s success.
From the time of our inauguration, our community banking philosophy has been ingrained in the way we do business. We’ve offered customers friendly, sound financial advice. We’ve added to our menu of innovative, meaningful products. We’ve worked hard to build and support our communities. In return, we have customers who, like Browning said, appreciate our strong financial institution — so much they expand their relationships with us and refer their family and friends to us.
By doing what we do best, Bank of Utah has achieved numerous milestones in the last 70 years. We went from two branches in Weber County to 18 full-service branches and five trust and mortgage offices across Utah. Over this time, deposits grew by $1.8 billion. Capital grew by more than $229 million. Assets grew from $6.6 million to $2.2 billion strong. A snapshot of the fourth quarter and the year ending Dec. 31, 2021, attests to our growth:
- Average deposits increased year over year, ending 2021 at $1.8 billion, a 25.6 percent increase over 2020.
- Period end loans increased by 17.6 percent in 2021, growing to $1.5 billion.
- Consolidated net income for the fourth quarter of 2021 was $7.7 million, compared to $7.2 million for the third quarter, an increase of 7.9 percent. Year over year, consolidated net income grew from $31.6 million to $31.7 million.
- Capital accounts are healthy. The Bank’s retained earnings — the income left after dividends are paid to shareholders — increased 2.8 percent quarter over quarter, and 12.6 percent year over year, ending 2021 at $230.1 million.
As we’ve become a financial stronghold in Utah, we’ve never forgotten who we are. We’ve been prudent and have channeled funding, lending and service back to our local communities. As we look to the future, we’ll continue to do what we’ve always done best: Put customers and communities first. It’s been a great formula for success.
Douglas L. DeFries
President and CEO