President’s Message

Essential to an Elite Economy

In early October, the University of Utah’s Kem C. Gardner Policy Institute released a report titled “The New Utah: Keepers of the Flame,” shedding light on demographic and economic transformations that have reshaped our state. Notably, Utah’s economy has soared from a position of strength to a coveted status among the nation’s elite economies, with job growth consistently ranking at or near the top of states. This remarkable ascent has not gone unnoticed, with respected organizations such as Forbes and the U.S. Chamber of Commerce recognizing Utah as one of the best states in which to do business.

The Beehive State is undeniably thriving. Strong community banks play a vital role in maintaining this excellence, providing the financial resources and support that empower businesses and individuals to succeed. At Bank of Utah, we’re deeply committed to our part in Utah’s flourishing landscape. We don’t merely observe; we actively contribute to the well-being of our community. We help businesses expand, create jobs and drive economic growth, and we offer innovative services that empower individuals to build a brighter financial future.

As Utah’s economy continues to progress, Bank of Utah is dedicated to making sound financial decisions that serve the growing state and its residents. The results of our third quarter, marked by increases in commercial lending and deposits, underscore that commitment. Highlights include:

  • Period end loans, net of unearned income, totaled $2.1 billion, representing a 4.1 percent increase over the previous quarter and a 28.8 percent increase over the third quarter of 2022.

  • Average deposits were $2.0 billion, a 5.2 percent increase from the previous quarter and a 7.9 percent increase from the third quarter 2022.

  • Consolidated net income for Q3 2023 was $9.7 million compared to $10.2 million for Q2 2023 and $8.6 million for Q3 2022, a decrease of 5.1 percent and an increase of 12.7 percent, respectively. For the nine months ended Sept. 30, 2023, consolidated net income was $31.0 million compared to $23.9 million for the same period in 2022 — a significant 29.5 percent increase.

In conclusion, an elite economy is not just about numbers and statistics; it’s about the people, the community and the values we share. Bank of Utah is proud to be a partner in Utah’s success. We are committed to providing the financial resources and support that our customers need to achieve their goals and dreams, and we are equally committed to giving back to the community that we serve because …Together, we are Utah.

Sincerely,
Branden P Hansen
President