The Bank of Utah Difference:
Diverse Products, Careful Investing, Local Ties
To say the first quarter of 2023 was eventful for the banking industry is an understatement. On March 10, Silicon Valley Bank collapsed. Two days later, Signature Bank fell. Within 48 hours, the U.S. had seen the second and third largest bank failures in the nation’s history, with the Federal Reserve stepping in to secure deposits. This sent shock waves throughout the banking industry, and by March 15, the Federal Reserve had needed to fund a record $153 billion in emergency liquidity to many of the country’s banks.
The tumultuous events in March emphasize how important it is to have a strategy in place to serve customers and communities in any circumstance, and to assure them their bank is financially healthy. For over 70 years, Bank of Utah has employed careful and conservative risk management practices, featuring diverse products, thoughtful investing and traditional, high-touch community banking. In turn, the Bank has established a strong capital position, with over three times the amount required by federal regulators, a solid balance sheet and an ever-growing, loyal customer base.
This strategy sets Bank of Utah apart and makes the Bank a leader in the industry. We continue to increase capital every quarter, and for the first quarter of 2023, we achieved incredible results despite nationwide banking challenges.
Consolidated net income for the first quarter of 2023 was $11.2 million compared to $9.7 million for the fourth quarter of 2022 and $7.9 million for the first quarter of 2022, an increase of 15.2 percent and 40.7 percent, respectively.
Total stockholders’ equity increased to $352.8 million in Q1 2023, up from $348.0 million in Q4 2022 and $248.2 million in Q1 2022. This represents an increase of 1.4 percent and 42.1 percent, respectively, and indicates robust levels of capital.
Total interest and fee income was $28.1 million for the first quarter of 2023 compared to $25.8 million in the previous quarter and $17.6 million in the first quarter of 2022, an 8.7 percent quarter-over-quarter increase and a 59.7 percent year-over-year increase.
Closing out another successful quarter, I would like to say thank you for your support of Bank of Utah. We are committed to being a responsible financial advocate and honored to be the bank of choice for our valued customers.
Branden P Hansen