57 banks currently operate in the state of Utah. These are banks that are also insured by the federal deposit insurance corporation. Of this amount, 43 of these banks are headquartered in the state and therefore can be considered Utah-based banks. Banks operating within the state had in total $854 billion of assets, $707 billion of deposits and $550 billion of loans outstanding as of this writing. Overall and in aggregate residential mortgages made up 6% of the assets managed by banks in Utah. Further, these banks also currently employ in total 38,611 people within the state, which represents 1.2% of the population.

Density of Banks in Utah

Banks in Utah currently have a total of 502 branches located within the state. This equates to 1.6 branches per 10,000 people in Utah.  If we take the data on the banks in Utah and compare it with the banks operating in other states, we find that on this metric, banks in Utah rank 49th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in Utah had on average 0.6 branches per 100 square miles. As a result, Utah ranks 44th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in Utah

performance-of-banks-in-Utah

  • Net Interest Margin – banks in the state of Utah are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Utah is ranked 1st out of the 52 states and main territories in the United States.
  • Return on Assets – banks in the state of Utah are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Utah is ranked 2nd out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of Utah are on average generating a higher return on equity than the average bank in the United States. In total, the return on equity for banks in Utah is ranked 1st out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Utah are ranked 11st out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Utah are ranked 31st out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Utah

deposit-market-share-of-banks-in-Utah

As of this writing Morgan Stanley Bank is the largest bank operating in Utah and this is based on its share of deposits within the state. Morgan Stanley Bank currently has a 20% share of the deposits within the state. Below is summary information on the top 5 largest banks in Utah.

Morgan Stanley Bank

Morgan Stanley Bank currently has the largest share of deposits within the state and has $152.2 billion of deposits. In addition to this the bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 201 S Main St, 5th Fl. Salt Lake City, UT 84111

Website: N/A

Ally Bank

Ally Bank currently has the second largest share of deposits within the state and has $142.3 billion of deposits. The bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 200 W. Civic Ctr. Dr. Sandy, UT 84070

Website: http://www.ally.com

UBS Bank USA

Ubs Bank Usa currently has the third largest share of deposits within the state and has $86.2 billion of deposits. The bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 299 S. Main St, # 2275 Salt Lake City, UT 84111

Website: http://www.ubs.com/cefs/en/ubs-bank-usa/ubs-bank-usa.html

American Express National Bank

American Express National Bank currently has the fourth largest share of deposits within the state and has $85.1 billion of deposits. Further, the bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 115 W. Towne Ridge Pkwy. Sandy, UT 84070

Website: http://www.americanexpress.com

Goldman Sachs Bank USA

Goldman Sachs Bank USA currently has the fifth largest share of deposits within the state and has $73.3 billion of deposits. In addition, the bank also has 2 offices within the state, which represents 33% of its total domestic offices.

Main Office Address: 200 West St. New York, NY 10282

Website: www.marcus.com