President’s Message

From Decades of Trust to Billions in Growth:
Celebrating a Historic Milestone

Since 1952, Bank of Utah has diligently cultivated trust with our customers and communities. This commitment has been instrumental in driving our growth. In 2016, we reached our first billion dollars in assets, which represented a significant milestone. That success doubled over the following five years when we hit $2 billion in assets in 2021. In 2024, just a short three years later, we are pleased to announce another monumental accomplishment: Bank of Utah has now surpassed $3 billion in assets.

We are excited to celebrate this achievement and are proud to provide enhanced value to our shareholders, customers and employees. While the financial landscape is ever-changing and continues to present unique challenges to community banks, our dedicated employees are meeting these challenges by building even stronger customer relationships and providing world-class service.

In Q1 2024, the Bank reported strong revenue from our core business lines, including growth in loan balances, mortgage production and trust fees. Consolidated net income is in line with our 2024 budget goal and, while slightly behind the prior year, reflects our strategic investments in talent and technology that will fortify the Bank’s foundation for sustainable future growth.

Financial Highlights

  • Consolidated net income for Q1 2024 was $9.2 million compared to $9.7 million for Q4 2023 and $11.2 million for Q1 2023, a decrease of 4.6 percent and 17.3 percent, respectively.
  • Period end loans, net of unearned income, totaled $2.4 billion—a 3.9 percent increase from the previous quarter and an impressive 28.9 percent increase year over year.
  • Asset quality remains outstanding with no nonperforming assets. The loan portfolio’s pristine credit quality ranks among the best in the industry and reflects the Bank’s sound underwriting standards.

Surpassing $3 billion in assets unlocks exciting possibilities for the future: increased lending opportunities, possible expansion into new markets and diversified products and services that will strengthen the financial well-being of our customers. We will continue to be vigilant and agile as we navigate today’s economic environment to ensure that we remain a steadfast and trustworthy partner to the communities and customers we serve.

Together, let’s approach the year ahead with confidence and determination.

Branden P Hansen