Impeccable Customer Service + Diverse Business Lines = Momentum
Volatile is how many financial institutions across the U.S. are describing 2022. I don’t disagree, as decades-high inflation, rapidly changing interest rates and slowing home sales presented unique and unexpected challenges within the industry. A multitude of national banks even saw large outflows of deposits, with customers seeking investment alternatives. This left some financial institutions with less liquidity to finance loans.
At Bank of Utah, our commitment has always been to be strong for our customers and communities, even more so during times of economic uncertainty. We’ve worked diligently over the years to create a formula that helps the Bank to perform well in most circumstances, stable or volatile.
That formula consists of impeccable service that helps maintain and grow our customer base, and diverse business lines that allow us to balance downturns in certain areas with upticks in others. That formula is the reason why Bank of Utah just had its most profitable year in history, during one of the most economically challenging years in recent history.
It is why we move into 2023 with tremendous momentum:
Average deposits increased year over year, ending 2022 at $2.0 billion, a 9.4 percent increase over 2021.
Period end loans increased by 13.7 percent in 2022, growing to $1.7 billion.
Consolidated net income for the fourth quarter of 2022 was $9.7 million, compared to $8.6 million for the third quarter, an increase of 13.0 percent. Year over year, consolidated net income grew from $31.7 million to $33.6 million.
As I enter into my first year as president of Bank of Utah — and 27th year as an employee of the Bank — I am keeping the following quote in mind: “To keep momentum going, you must constantly have greater goals.” 2023 is poised to be another difficult year based on economic outlooks. I am confident, however, that we will continue to make progress because our team is wholeheartedly dedicated to doing what is right for our customers and communities. Thank you all for helping us achieve such an outstanding year.
Branden P Hansen