President’s Message
Strong. Stable. Responsible.
For 71 years, individuals, families and businesses have looked to Bank of Utah to be a source of financial stability, to make meaningful decisions and to invest in customers and communities. In all of those regards, it’s mostly business as usual for Bank of Utah in the second quarter of 2023. In an economic environment and banking industry that’s been anything but usual, we have delivered robust financial results, all while fully supporting our customers, stakeholders and employees.
By continuing our responsible, conservative approach to balance sheet management, Bank of Utah’s capital levels are the best in Bank history, significantly exceeding regulatory mandates. This has allowed us to be active lenders in the communities we serve, even when many institutions have scaled back their lending to navigate shifting economic conditions and liquidity positions. This has created opportunities to connect with new and existing customers and grow their whole relationship — business and personal — with Bank of Utah.
In doing so, we have helped customers work toward their goals and aspirations, extended our record of generating solid financial outcomes and strengthened the well-being of the Bank and our communities. Highlights of the second quarter include:
Consolidated net income for Q2 2023 was $10.2 million compared to $11.2 million for Q1 2023 and $7.4 million for Q2 2022, a decrease of 8.7 percent and an increase of 37.2 percent, respectively. For the six months ended June 30, 2023, consolidated net income was $21.3 million compared to $15.4 million for the same period in 2022 — a remarkable 39.0 percent increase.
Period end loans net of unearned income, totaled $2.0 billion, representing a 10.4 percent increase over the previous quarter and a 28.0 percent increase over the second quarter of 2022.
Total interest income rose to $31.1 million in the second quarter of 2023, representing a 10.7 percent quarter-over-quarter increase and a 65.4 percent year-over-year increase.
Continued growth in the Corporate Trust department — with a 1.2 percent quarter-over-quarter increase — reaffirmed the Bank’s position as the industry leader in aviation trusts, effectively serving customers worldwide.
With a strong financial footing, I am confident in Bank of Utah’s ability to navigate upcoming challenges and seize opportunities to grow purposefully. You can be confident knowing that every decision we make in the future will put the customer and the community first, just as we’ve done for over seven decades.
Sincerely,
Branden P Hansen
President
