Here For You
Unprecedented challenges rocked the banking industry in 2023, leaving many financial institutions reeling. A recent article reflecting on the crises stated, “Two types of banks will emerge as winners: the lucky and the smart.” I am grateful that Bank of Utah falls into the latter category. We firmly believe that success is not merely chance; it’s the result of prudent practices, a committed team and a steadfast focus on those who matter most: our customers.
Bank of Utah’s thoughtful approach to risk management and unwavering dedication to customers helped us maintain a steady course and became catalysts for significant growth. Through strategic deposit initiatives, careful lending practices and by providing consistent support to our customers in an uncertain year, we saw our assets surge by $500 million in 2023, totaling $2.9 billion at year-end — a testament to our stability and the trust our customers place in us. Highlights include:
Period end loans, increased by a remarkable 33.2 percent in 2023, growing to $2.3 billion. Quarter over quarter, loans increased by 7.8 percent.
Average deposits increased year over year, ending 2023 at $2.0 billion, a 5.8 percent increase over 2022. A modest 3.7 percent increase was seen quarter over quarter.
Consolidated net income soared to $40.7 million for 2023 compared to $33.6 million in 2022, a 21 percent increase for the year, while flat from the third to the fourth quarter.
For 2024, our intention is to build upon our proven strengths. We’ll foster even stronger relationships and expand possibilities through seamless full-banking experiences. Customers’ loans, deposits or trust accounts will become springboards for further collaboration, creating innovative solutions tailored to specific needs and goals.
Additionally, we are aiming to be a leader in small business lending, recognizing the vital role small businesses play in our community’s prosperity. We’ll offer dedicated solutions and support, fueling their growth. At the same time, we reaffirm our commitment to large businesses, continuing to be their go-to source for sophisticated tools, customized strategies and expert advisors.
This continuous pursuit of improvement and growth ensures one thing: When our customers need us, we’ll be here.
Thank you for your trust and partnership.
Branden P Hansen