President’s Message
Climbing Higher: Reflecting on 2024 and Preparing for 2025
As we close out 2024, it feels like reaching a scenic overlook after a year of focused effort and teamwork. The climb had its challenges, but the view — a year marked by resilience, growth and innovation — is one we can all take pride in. The best part of reaching this point is realizing it’s not the end but a moment to reflect and plan for what’s next. As we look toward 2025, I’m excited about the opportunities waiting Bank of Utah, our clients and our communities.
Financial Highlights
This year, Bank of Utah came together to deliver a strong financial performance. Every department played a role in driving revenue growth, even as we faced the pressures of an inverted yield curve and heightened competition for products and services. Key highlights include:
Consolidated net income for 2024 was $40.2 million, a slight 1.0 percent decrease from 2023. Fourth quarter net income reached $10.3 million, down 2.3 percent from the previous quarter but up 6.7 percent from the same period in 2023. Our team kept expenses under budget, delivering steady results in a challenging environment.
Total assets were $3.3 billion as of Dec. 31, 2024, marking a 13.9 percent year-over-year increase.
Average deposits grew to $2.7 billion, increasing 25.1 percent year over year and 4.0 percent compared to the previous quarter.
Period end loans totaled $2.6 billion, up 15.7 percent from last year and rising 2.9 percent quarter over quarter.
Looking Ahead to 2025
As we set our sights on the future, we’ve taken meaningful steps to position Bank of Utah for long-term success. Strategic updates to our leadership structure will help us operate more efficiently, think more innovatively and respond to the evolving needs of our clients.
The road ahead may bring twists and turns, but our mission remains clear: to balance financial strength with trusted relationships. Whether it’s helping businesses grow, supporting families in achieving their dreams or introducing fresh solutions, we’ll continue to approach each goal with care, collaboration and creativity.
A Shared Journey
I want to thank each of you — our clients, team members and stakeholders — for being part of this journey. Together, we’ve built something special, and together, we’ll continue to explore new heights.
The view from here reveals endless possibilities on the horizon.
Sincerely,
Branden P Hansen
President
