Bank of Utah is headquartered in Ogden and is the 16th largest bank in the state of Utah. It is also the 493rd largest bank in the nation. It was established in 1952 and as of March of 2022, it had grown to 352 employees at 20 locations. Bank of Utah has an A+ health rating.
Solid products, but bad customer service
I used this bank for about a year as there was a branch somewhat near me that made deposits convenience and easy to do on my way home from work. That being said, there were two main concerns I had. One was that customer service tended to be very young and not very knowledgeable; it's sad when the branch manager has to answer all your questions. My other issue is that they don't offer very competitive interest rates on their accounts; maybe it's because they are on the smaller side, but other institutions I've banked with at least gave you some return on your balance but these guys were nearly scant. Because of this, I ultimately changed banks as they just don't have a big enough network nor benefit to hold on to them.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17159 |
| Year Established | 1952 |
| Employees | 352 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.43% |
| Return on Equity - YTD | 12.94% |
| Annual Interest Income | $17.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $2.24B$2.05B |
| Loans | Q1 2022vs Q1 2021 | $1.50B$1.38B |
| Deposits | Q1 2022vs Q1 2021 | $1.91B$1.75B |
| Equity Capital | Q1 2022vs Q1 2021 | $241.4MM$225.0MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $19.0MM$17.9MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $0$0 |
| Real Estate Owned | Q1 2022vs Q1 2021 | $1.4MM$0 |
