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Section 1: 8-K (8-K)














Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 27, 2020


People’s Utah Bancorp

(Exact name of Registrant as Specified in Its Charter)






(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)




1 East Main Street,

American Fork, UT



(Address of Principal Executive Offices)


(Zip Code)

Registrant’s Telephone Number, Including Area Code: (801) 642-3998

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class





Name of each exchange on which registered

Common Stock, par value $0.01 per share




The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 






Item 7.01Regulation FD Disclosure.

On May 27, 2020, the Company made a presentation at its Annual Shareholder Meeting.  A copy of the presentation slides are furnished herewith as Exhibit 99.1.  The presentation slides will also be made available on the investor relations section of the Company’s website  

The information contained in this item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.


Item 9.01Financial Statements and Exhibits.



(d) Exhibits


Exhibit Number



Annual Shareholder Meeting Presentation








Forward-Looking Statements


Statements in this Form 8-K that are based on information other than historical data or that express the Company’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements in this Form 8-K include, without limitation, statements regarding the Company’s financial performance and strategic initiatives.


Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include: (i) the duration and impact of the COVID-19 pandemic; (ii) market and economic conditions; (iii) capital sufficiency; (iv) operational, liquidity, interest rate and credit risks; (v) deterioration of asset quality; (vi) adequacy of reserves; (vii) investments in new branches and new business opportunities; and (viii) changes in the regulatory or legal environment; as well as other factors discussed in the section titled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.


The foregoing factors should not be construed as exhaustive. The Company does not intend, or undertake any obligation to publicly update these forward-looking statements except as required by law.





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



     People’s Utah Bancorp






Date: May 27, 2020


/s/ Mark K. Olson



Mark K. Olson



Executive Vice President and

Chief Financial Officer



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Section 2: EX-99.1 (EX-99.1)


Slide 1

People’s Utah Bancorp Annual Shareholders Meeting May 27, 2020 Len Williams, President and Chief Executive Officer Exhibit 99.1

Slide 2

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, including, but not limited to: The duration and impact of the COVID-19 pandemic; Changes in general economic conditions, either nationally or in our market areas; Adequacy of allowance for credit losses and estimation of current expected credit losses; Sufficiency of capital; Impact of changes in overall interest rate environment and other market risks; Fluctuations in demand for loans and other financial services in our market areas; Changes in legislative or regulatory requirements or the results of regulatory examinations; Stability of funding sources and continued availability of borrowings; Changes in accounting policies and practices and the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; and These and other risks as may be detailed from time to time in our filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. These risks could cause our actual results in 2020 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating results, financial condition and stock price performance. Confidential Page

Slide 3

Corporate Vision Page

Slide 4

Board of Directors Confidential Page Richard T. Beard Len E. Williams Paul R. Gunther David G. Anderson R. Brent Anderson Douglas H. Swenson Deborah S. Bayle Jonathan B. Gunther Matthew S. Browning Natalie Gochnour

Slide 5

Executive Management Confidential Page Len E. Williams Chief Executive Officer Mark K. Olson Chief Financial Officer Judd P. Kirkham Chief Credit Officer Judd Austin Chief Banking Officer Ryan H. Jones Chief Lending Officer Chris Linford Chief People Officer

Slide 6

Vision, Purpose, and Values Vision To be the best bank for your business. Purpose We create value and stability for our clients, employees, and other stakeholders by delivering customized financial solutions and expertise to businesses and individuals. Values We care. We are safe. We innovate. We execute. We are professional. Integrity is absolute. Confidential Page

Slide 7

Unified Brand Confidential Page Ticker Symbol: ALTA

Slide 8

Unified Brand Confidential Page

Slide 9

COVID-19 Operational Response and Preparedness Page

Slide 10

COVID-19 Pandemic Response Our first priority is to ensure the health and welfare of our employees; Our second priority is to ensure the safety and soundness of the bank; Our third priority is to provide relief and assistance to our clients and communities; Confidential Page 85% of our administrative staff and 55% of our production staff were able to work from home; We have maintained a fortress balance sheet that should sustain us as we address to consequences associated with closing down the economy; We have funded approximately $80 million in SBA PPP loans; facilitated SBA PPP loans for another 700 borrowers through a third-party; and have provided deferment of payments to approximately 400 borrowers;

Slide 11

Potential Impacted Business Sectors Confidential Page 6 Total Loans $159,729 $64,914 $58,555 $15,951 $11,472

Slide 12

Next Steps—COVID 19 Pandemic All branches are open and administrative employees are returning to work in our office locations based on state and local guidelines; Evaluate certain job functions to remain permanently at home; Constant contact with commercial and consumer clients to continue assistance as economy rebounds; Continue to enhance technology solutions to improve client experience with mobile application and website; Monitor trends and increase resources to address credit quality issues as they arise; Evaluate all areas of organization to improve efficiencies and leverage platform; Refocus resources to organically grow business, while evaluating opportunities to acquire bank talent, financial portfolios, or banks. Confidential Page

Slide 13

Strong Balance Sheet Page

Slide 14

Strengthened Capital Position Confidential Page Tier I Capital ($000) Leverage Capital Ratio (1) Decrease in capital is the result of adopting CECL in Q1-20 (1)

Slide 15

Higher Allowance for Credit Losses Confidential Page Allowance for Credit Losses ($000) ACL / Total Loans HFI (%) (1) Increase in ACL is the result of adopting CECL in Q1-20

Slide 16

Reduced Loan Concentrations Confidential Page ADC/Total Capital CRE/Total Capital

Slide 17

Enhanced Secondary Liquidity Sources Confidential Page Cash & Securities ($000) Liquid Asset / Total Assets

Slide 18

Positive Asset Quality Trends Page

Slide 19

Asset Quality Snapshot Confidential Page 30+ Delinquent Loans / Gross Loans NCOs / Average Loans Allowance for Credit Losses / Loans HFI NPAs / Assets

Slide 20

Robust Financial Performance Page

Slide 21

Loan Growth Trend & Composition Confidential Page Loan Portfolio Growth $1,048 $1,120 $1,627 $1,679 CAGR 9% Loan Composition $1,642 $268 $1,681

Slide 22

Deposit Growth Trend & Composition Confidential Page Deposit Portfolio Growth CAGR 10% $1,311 $1,427 $1,815 $2,056 Deposit Composition $1,877 $2,122

Slide 23

Improved Net Income Confidential Page Annual Net Income Core Quarterly Net Income “Core” is a non-GAAP measure that excludes costs associated with acquisitions and write-off of DTA CAGR 24%

Slide 24

Growing Dividends Per Share Confidential Page Annual Dividend Quarterly Dividend CAGR 17% Board approved quarterly dividend of $0.14 to be paid in Q2-20

Slide 25

Industry Leading Net Interest Margin Confidential Page Yields & NIM COF

Slide 26

Improving Efficiency Ratio Confidential Page Annual Efficiency Ratio Core Quarterly Efficiency Ratio “Core” is a non-GAAP measure that excludes costs associated with acquisitions and write-off of DTA

Slide 27

Strong Return on Equity Confidential Page Annual ROE Core Quarterly ROE “Core” is a non-GAAP measure that excludes costs associated with acquisitions and write-off of DTA

Slide 28

PUB Total Return Since IPO Confidential Page Total Return

Slide 29

Looking Forward Page

Slide 30

Opportunities and Initiatives Drive loan volume through organic growth in specific market sectors and take advantage of market opportunities; Continue investment in technology, while we relentlessly pursue greater efficiencies—Faster, Better, and Cheaper; Enhance sales opportunities and follow-up through Salesforce CRM implementation; Implement comprehensive human resources information systems (“HRIS”); Use our strong balance sheet to be able to play offense as we continue to aggressively focus on M&A. Confidential Page

Slide 31

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