State Profile Utah

Fourth Quarter 2023

ECONOMIC INDICATORS (NOT SEASONALLY ADJUSTED, UNLESS NOTED)

Q4-23 Q3-23 Q4-22 2023 2022

2.3% 2.1% 3.6% 2.5% 4.2%

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

(9%)

(9%)

(67%)

(16%)

0.0%

3.9%

1.7%

5.1%

2.8%

0.3%

2.5%

1.6%

5.4%

2.7%

2.4%

6.8%

3.6%

2.3%

2.5%

0.8%

3.0%

2.2%

4.4%

2.6%

3.5%

7.4%

4.5%

1.7%

2.4%

Other Indicators (% change of 4-qtr moving total, unless noted) Q4-23 2023 2022

Single-Family Home Permits

Multifamily Building Permits

Home Price Index (change from year ago)

Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)

-18.9%

-17.9%

1.9%

N/A

-35.3%

-24.0%

-0.7%

1.84

-29.2%

-13.2%

8.8%

1.42

-18.9%

-17.9%

0.4%

N/A

-29.2%

-13.2%

19.3%

1.49

BANKING TRENDS

General Information Q4-23 Q3-23 Q4-22 2023 2022

Institutions (#) 41 41 41 41 41

Total Assets (in millions) $1,037,176 $1,019,825 $974,680 $1,037,176 $974,680

New Institutions (# < 3 years) 1 2 3 1 3

Subchapter S Institutions (#) 4 4 4 4 4

Asset Quality Q4-23 Q3-23 Q4-22 2023 2022

Past-Due and Nonaccrual Loans / Total Loans (median %) 1.75 1.32 1.53 1.75 1.53

Noncurrent Loans / Total Loans (median %) 0.67 0.56 0.49 0.67 0.49

Loan and Lease Allowance / Total Loans (median %) 1.98 2.21 1.87 1.98 1.87

Loan and Lease Allowance / Noncurrent Loans (median multiple) 2.91 3.04 2.92 2.91 2.92

Net Loan Losses / Total Loans (median %, year-to-date annualized) 0.60 0.58 0.27 0.60 0.27

Capital / Earnings (year-to-date annualized, unless noted) Q4-23 Q3-23 Q4-22 2023 2022

Tier 1 Leverage (median %, end of period) 11.98 12.65 12.54 11.98 12.54

Return on Assets (median %) 1.96 1.99 1.96 1.96 1.96

Pretax Return on Assets (median %) 2.58 2.65 2.54 2.58 2.54

Net Interest Margin (median %) 6.00 6.04 4.92 6.00 4.92

Yield on Earning Assets (median %) 7.55 7.45 5.85 7.55 5.85

Cost of Funding Earning Assets (median %) 2.30 2.16 0.72 2.30 0.72

Provisions to Avg. Assets (median %) 0.76 0.66 0.30 0.76 0.30

Noninterest Income to Avg. Assets (median %) 0.85 0.87 1.23 0.85 1.23

Overhead to Avg. Assets (median %) 2.97 2.76 2.75 2.97 2.75

Liquidity / Sensitivity Q4-23 Q3-23 2023

Net Loans to Assets (median %) 71.07 71.82 68.54 71.07 68.54

Noncore Funding to Assets (median %) 21.86 21.54 16.75 21.86 16.75

Long-term Assets to Assets (median %, call filers) 17.18 18.18 16.54 17.18 16.54

Brokered Deposits (number of institutions) 34 33 29 34 29

Brokered Deposits to Assets (median % for those above) 14.06 16.43 18.16 14.06 18.16

Loan Concentrations

(median % of Tier 1 Capital plus the Reserve for Loan and Lease Losses) Q4-23 Q3-23 Q4-22 2023 2022

Commercial and Industrial 40 41 32 40 32

Commercial Real Estate 42 44 49 42 49

Construction & Development 2 1 2 2 2

Multifamily Residential Real Estate 2 2 2 2 2

Nonresidential Real Estate 28 27 29 28 29

Residential Real Estate 3 2 2 3 2

Consumer 32 33 23 32 23

Agriculture 0 0 0 0 0

BANKING PROFILE

Asset Distribution

< $100 million 2 (4.9%)

Institutions in Market

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Salt Lake City, UT 47 $899,563

Largest Deposit Markets (from 2023 Summary of Deposits) Deposits ($ millions) Institutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits ($ millions) Per

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

Q3-23 Q4-22

Q4-22 2022

Provo-Orem, UT 15 $21,901 $100 million to $250 million 3 (7.3%)

Ogden-Clearfield, UT 15 $8,496 $250 million to $1 billion 12 (29.3%)

St. George, UT 10 $3,717 $1 billion to $10 billion 13 (31.7%)

Logan, UT-ID 11 $3,148 $10 billion 11 (26.8%)