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People's Utah plans expansion

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People's Utah plans expansion

American Fork, Utah-based People's Utah Bancorp plans to open more branches in2016 and early 2017, and to expand its leasing division.

"Since 2012 our leasing division has purchased leasepaper from other originators. We are expanding our leasing division to beginoriginating leases, and we plan to hire additional staff and incur expenses toaccommodate the expansion," an earnings release stated; the companyexpects "modest growth" in its portfolio in 2016, and said theplanned expansion could impact its efficiency ratio. People's Utah's efficiencyratio was 59.30% in the first quarter, compared to 62.48% in the linked quarterand 60.18% in the first quarter of 2015.

People's Utah reported first-quarter net income of $5.2million or 29 cents per diluted share, compared to $4.8 million or 31 cents perdiluted share a year earlier.