President’s Message

A Start That Merits Attention

This year began with a strong vote of confidence. In the first quarter, Bank of Utah was ranked No. 14 among the Top U.S. Community Banks of 2024 by S&P Global Market Intelligence, named Utah’s Best Bank by GOBankingRates and recognized as the SBA’s Top Export Lender in Utah for 2025. While we don’t do the work for accolades, these honors mean a great deal to us. They reflect what matters most: the loyalty of our clients, the strength of our relationships and the care our team brings to every interaction.

Over the years, we’ve built our approach around principles that stand the test of time: sound decisions, meaningful service and a clear sense of purpose. It’s a way of operating grounded in values that don’t shift with the market, even as we stay responsive to new conditions. That foundation helped shape another solid quarter.

Financial Highlights

  • Consolidated net income reached $10.4 million, a slight 1.1 percent increase over Q4 2024 and a 13 percent gain compared to this time last year. This growth reflects the Bank’s ability to remain profitable through changing economic conditions, including swings in yields and costs across our portfolio.

  • Total assets grew to $3.5 billion, up from $3.3 billion at the end of 2024 and $3.0 billion in Q1 of last year. The increase was fueled by continued loan demand, made possible in part by a stable deposit base — a sign that clients are turning to Bank of Utah to fund their goals and manage their finances.

  • Net interest margin (FTE) held steady at 3.54 percent, nearly unchanged from Q4 2024, a positive sign in a rate environment where margins have been under continued pressure. That consistency reflects disciplined balance sheet management and a healthy shift in how we fund growth. More of our funding came from client deposits through branches and corporate trust — a lower-cost, more stable source — while outside borrowing remained flat, helping us manage costs and protect margins.

Our financial performance tells one side of the story. The other side is found in everyday moments of problem-solving and partnership. I recently heard from an individual facing a tricky situation that other banks hadn’t been able to solve. I connected him with a loan officers, who quickly found a solution that fit. It served as a reminder of what sets Bank of Utah apart: the ability to understand the situation, think creatively and deliver with care.

That’s the kind of banking we’ll continue to show up for, quarter after quarter.

Sincerely,
Branden P Hansen
President