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BANK OF UTAH EARNINGS UP 58 PERCENT IN ’88

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Bank of Utah reports "continued progress" as 1988 earnings increased 58 percent and foreclosed property dropped 12 percent.

Earnings grew from $328,000, or $2.03 per share, to $518,000, or $3.21 per share.Other developments over the past 12 months reported by bank president Roy Nelson include:

- Deposits grew 8.3 percent from $111.9 million to $121.2 million.

- Loans increased 4.3 percent from $84.8 million to $88.5 million.

- Delinquencies decreased from 4.51 percent to 3.54 percent.

- Non-accrual loans, which were mentioned in last year's annual report as a troubled area, declined $464,00, or 16.2 percent.

For the fourth quarter ending Dec. 31, 1988, income grew 29.4 percent, from $119,000 to $154,000.