Letter to Shareholders
We believe that if you want to understand what truly defines a company, look to the people who show up every day, dedicated to its success.
That’s why, in 2024, we turned to them — our team members — to help refine Bank of Utah’s values; not to change who we are, but to articulate the principles that have always made us strong while ensuring we continue to evolve and innovate. That meant starting with a conversation.
To protect and preserve the essence of what makes Bank of Utah unique — our people, our culture and our commitment to service — we gathered team members from across the Bank for a day of discussion and collaborative exercises. Moving from station to station, they put ideas on paper, refined them and worked toward a shared vision. The result? Seven values that put into words what we’ve always stood for — trust, integrity and a deep commitment to those we serve — while also expanding on them to reflect how we’ve grown. These values honor where we’ve been and will continue to guide us as we move forward, adapting to meet the ever-changing needs of our clients and communities.
Throughout this report, you’ll see these values in action — real moments that illustrate how they shape our decisions, strengthen relationships and drive our contributions to the community.
Purposeful Growth
Growth is often seen as a measure of success, but we know it’s more than just getting bigger. True growth happens when expansion is intentional, when it creates opportunities and makes a lasting impact. That’s why Purposeful Growth is one of our core values, shaping how we approach everything from lending to deposits to innovation. This focus is reflected in our financial performance over the past year.
Bank of Utah’s total assets climbed 13.8 percent year over year to $3.3 billion, loans grew 15.7 percent to $2.6 billion, and average deposits rose 23.4 percent to $2.5 billion. Mortgage production also increased 23.7 percent from 2023, reaching $424.0 million. But numbers alone don’t define success. What matters most is what those numbers represent — the people and businesses we support every day. Because at Bank of Utah, banking is personal.
We take the time to understand each client’s unique needs, offering more than just financial solutions. Whether its structuring the right loan for a growing business, guiding homebuyers through their first mortgage or helping individuals plan for the future, we focus on building relationships — not just completing transactions — and creating experiences that make a lasting difference.
Elevate the Client Experience
Every day, we focus on delivering expertise, service and practical resources that help our clients move forward with confidence. Whether they need strategic guidance, innovative tools or a trusted financial partner to help them adapt and grow, we provide the support that makes a difference — for today, and for the future.
That dedication was especially evident this year in our efforts to make homeownership more accessible. Through the Mortgage Rate Relief Program, a collaboration with the Federal Home Loan Bank of Des Moines, we provided $10 million in reduced-rate home loans, helping 34 families achieve their dream of homeownership. But our commitment extends far beyond mortgages. From customized lending to tailored financial guidance, we take a hands-on approach to helping individuals and businesses navigate every stage of their financial journey.
And while we don’t measure success in awards, Bank of Utah was honored as a Gold Medal Winner in the GOBankingRates 2025 Best Banks by State Awards. This recognition reflects what we strive for every day — exceptional, personalized support, whether in-person or online. Because at Bank of Utah, elevating the client experience means more than simply offering products, it means making sure every client feels valued and empowered to achieve their financial goals.
Team Member Experience
At Bank of Utah, investing in our people is a top priority. In 2024, we welcomed Sean Morrison as our new SVP of Human Resources, focused on enhancing benefits and expanding programs that support our team members professionally and personally. This is part of our ongoing mission to provide our people with the resources to thrive.
Alongside these efforts, we made important leadership changes in early 2025. With Brady Fosmark leading lending, Lacey Sansavera overseeing banking channels, and Justin Nalder spearheading strategic innovation, we’re strengthening our leadership team and ensuring we’re well-positioned for the future.
In addition to leadership development, we launched a Bank-wide internship program in 2024, offering hands-on experience in banking, risk management, financial marketing and client service. This program, combined with our emphasis on leadership development and internal promotions, will ultimately drive success at all levels of the organization.
Putting Our Values into Action
The highlights we’ve shared in this message reflect only a portion of the impact our team is making every day. As you read through this report, you’ll find more examples of how we’re living these values — promoting meaningful growth, strengthening partnerships and ensuring Bank of Utah remains a trusted financial partner for generations to come.
Thank you for your continued trust and support as we move forward together.
Sincerely,
Branden P Hansen
President
Benjamin F. Browning
Vice Chairman & CEO
Frank W. Browning
Chairman, BOU Bancorp, Inc.
