President’s Message
Building on Financial Strength and Evolving as a Team
This past quarter has been marked not only by strong financial growth but also by an evolution in how we operate as a team. Throughout the quarter, team members from across Bank of Utah worked together to refine our cultural values — principles that guide how we serve our colleagues, clients and communities. Involving our team members in this process has helped us stay true to who we are, while also adapting to new opportunities and challenges. Though we finalized these values toward the end of the quarter, the effort has already strengthened our foundation and reinforced our ability to keep delivering value, no matter the market conditions.
Our financial performance has reflected these efforts. Consolidated net income for the third quarter reached $10.6 million, a 3.9 percent increase over the previous quarter and a 9.3 percent increase compared to the same period last year. These results demonstrate how harnessing our team’s strengths have allowed us to adapt and continue delivering value to our clients in a shifting market.
The progress we’ve made is seen in the following key financial metrics from the quarter:
Financial Highlights
Net interest margin widened to 3.51 percent, compared to 3.39 percent last quarter. This follows more than a year of margin compression driven by rising deposit costs. Late in the quarter, the Federal Funds Rate was cut by 50 basis points, which has eased upward pressure on funding costs and provided slight relief from the treasury curve inversion. We continue to actively manage our loan and deposit pricing as market conditions evolve.
Shareholders' equity surpassed $400 million, reaching its highest level in Bank history. This milestone reflects financial strength and stability. For stockholders, this growth in equity enhances the value of their shares and reinforces their confidence in the bank. It also provides a solid foundation for future growth.
Total assets increased to $3.7 billion in Q3 2024, representing a 14.2 percent increase from the previous quarter and a 32.2 percent increase year over year. This growth strengthens the Bank’s capacity to support lending and deposit opportunities for clients. It also ensures that we have the resources to continue delivering value across all business lines.
By building a culture that values efficiency, innovation and genuine relationships, we continue to grow thoughtfully while keeping an eye on costs. Our team is not just equipped to handle the complexities of the market — we’re united in our commitment to evolve together and achieve new milestones, with a focus on our shared success.
Sincerely,
Branden P Hansen
President
