President’s Message
Strength in Numbers: Exceeding Expectations at the Halfway Point
At Bank of Utah, financial strength is more than a measure of success; it’s the very foundation that allows us to support our communities, customers and stakeholders. Metrics such as net income, loan growth and deposits are essential gauges that we meticulously track and analyze to inform our strategies and measure our progress. For the second quarter and first half of the year, those figures reflect a strong financial position, despite the pricing pressures that continue to be a national concern.
Success goes beyond the numbers, though.
Bank of Utah’s true advantage is our collaborative culture. There’s immense power in a large, talented team of employees working together toward common goals. This collaboration extends beyond traditional departmental boundaries. Our commercial lenders, mortgage loan officers and trust officers work hand-in-hand with branch personnel and relationship specialists to create comprehensive solutions for our customers. As a result, we are pleased to report growth in the following areas:
Financial Highlights
Net income for Q2 2024 was $10.2 million, up 10.1 percent from the previous quarter and stable year over year. Despite navigating a challenging economy, the Bank continues to perform strongly, with total assets now at $3.3 billion, reflecting a remarkable 9.1 percent increase from Q1 2024 and 22.7 percent increase from Q2 2023. Growth in loans and core deposits, coupled with increased fee revenue from mortgage and trust activities, contributed significantly to our financial performance.
Deposit growth exceeded expectations, reaching $2.4 billion at the end of Q2 2024, up 7.2 percent from the previous quarter and 24.9 percent from the previous year. This notable increase is due to a concerted effort across the entire Bank. This only supports our loan growth but also strengthens our liquidity position, reducing reliance on external funding sources.
Loans were $2.5 billion, a 4.4 percent quarter-over-quarter increase and a 21.9 percent year-over-year increase. This demonstrates the continued hard work and success of our loan officers. We are committed to providing our customers with a consistent experience and continue to grow loans even as others pull back. At Bank of Utah, we take pride in being there for our customers when they need it most.
Our team’s collaboration has driven exceptional first-half results. We’re poised for sustained growth. Together, we’ll exceed expectations for the betterment of our customers, employees and stakeholders.
Sincerely,
Branden P Hansen
President
