UMB Financial Corporation Reports Second Quarter Net Income of $101.3 Million and Net Operating Income(i) of $105.9 Million.
UMB Financial (Nasdaq: UMBF) reported a second quarter 2024 net income of $101.3 million, or $2.07 per diluted share. This figure is down from $110.3 million or $2.25 per diluted share in the first quarter. Net operating income for Q2 2024 was $105.9 million, or $2.16 per diluted share.
Key metrics include:
- Average loans increased by 7.7% to $23.8 billion on a linked-quarter annualized basis.
- Average deposits rose 9.7% to $34.3 billion.
- Net interest margin improved to 2.51%.
Comparatively, Q2 2023 net income was $90.1 million, or $1.85 per diluted share. The company highlighted strong credit quality with net charge-offs at 0.05% and non-performing loans at 0.06%. However, Q2 2024 noninterest income fell by 9.0% from Q1 2024 primarily due to lower investment securities gains.
UMB Financial also announced a $0.39 per share quarterly cash dividend payable on October 1, 2024.
UMB Financial (Nasdaq: UMBF) ha riportato un reddito netto per il secondo trimestre del 2024 di $101,3 milioni, pari a $2,07 per azione diluita. Questo valore è in diminuzione rispetto ai $110,3 milioni o $2,25 per azione diluita del primo trimestre. Il reddito operativo netto per il Q2 2024 è stato di $105,9 milioni, ovvero $2,16 per azione diluita.
I principali indicatori includono:
- Le erogazioni medie sono aumentate del 7,7% a $23,8 miliardi su base annualizzata rispetto al trimestre precedente.
- I depositi medi sono aumentati del 9,7% a $34,3 miliardi.
- Il margine di interesse netto è migliorato a 2,51%.
Rispetto al Q2 2023, il reddito netto era di $90,1 milioni, o $1,85 per azione diluita. L'azienda ha sottolineato una forte qualità del credito con perdite nette di 0,05% e prestiti non performanti al 0,06%. Tuttavia, il reddito non da interessi per il Q2 2024 è diminuito del 9,0% rispetto al Q1 2024 principalmente a causa di minori guadagni su titoli di investimento.
UMB Financial ha anche annunciato un dividendo in contante trimestrale di $0,39 per azione che sarà pagato il 1 ottobre 2024.
UMB Financial (Nasdaq: UMBF) reportó un ingreso neto del segundo trimestre de 2024 de $101.3 millones, o $2.07 por acción diluida. Esta cifra es menor que los $110.3 millones o $2.25 por acción diluida del primer trimestre. El ingreso operativo neto para el Q2 2024 fue de $105.9 millones, es decir, $2.16 por acción diluida.
Los principales indicadores incluyen:
- Los préstamos promedio aumentaron un 7.7% a $23.8 mil millones en una base anualizada con respecto al trimestre anterior.
- Los depósitos promedio crecieron un 9.7% a $34.3 mil millones.
- El margen de interés neto mejoró a 2.51%.
Comparado con el Q2 2023, el ingreso neto fue de $90.1 millones, o $1.85 por acción diluida. La compañía destacó una fuerte calidad crediticia con una tasa de cancelaciones netas del 0.05% y préstamos no rentables del 0.06%. Sin embargo, el ingreso no por intereses en el Q2 2024 cayó un 9.0% en comparación con el Q1 2024, principalmente debido a menores ganancias de valores de inversión.
UMB Financial también anunció un dividendo trimestral en efectivo de $0.39 por acción que se pagará el 1 de octubre de 2024.
UMB Financial (Nasdaq: UMBF)는 2024년 2분기 순이익이 $101.3백만, 즉 희석된 주당 $2.07라고 보고했습니다. 이 수치는 1분기의 $110.3백만 또는 희석된 주당 $2.25에서 감소한 것입니다. 2024년 2분기 운영 순이익은 $105.9백만, 즉 희석된 주당 $2.16였습니다.
주요 지표는 다음과 같습니다:
- 평균 대출은 전 분기 연환산 기준으로 7.7% 증가하여 $23.8십억에 달했습니다.
- 평균 예금은 9.7% 증가하여 $34.3십억에 도달했습니다.
- 순이자 마진은 2.51%로 개선되었습니다.
비교적으로, Q2 2023의 순이익은 $90.1백만, 즉 희석된 주당 $1.85였습니다. 회사는 순 대손율이 0.05%, 부실 대출이 0.06%로 강력한 신용 품질을 강조했습니다. 그러나 Q2 2024의 비이자 수익은 Q1 2024에 비해 9.0% 감소했습니다. 이는 주로 투자 증권 이익 감소에 기인합니다.
UMB Financial은 또한 $0.39의 분기 현금 배당금을 발표하였으며, 이는 2024년 10월 1일에 지급됩니다.
UMB Financial (Nasdaq: UMBF) a rapporté un revenu net pour le deuxième trimestre 2024 de 101,3 millions de dollars, soit 2,07 dollars par action diluée. Ce chiffre est en baisse par rapport à 110,3 millions de dollars ou 2,25 dollars par action diluée au premier trimestre. Le revenu opérationnel net pour le T2 2024 était de 105,9 millions de dollars, soit 2,16 dollars par action diluée.
Les indicateurs clés incluent :
- Les prêts moyens ont augmenté de 7,7 % pour atteindre 23,8 milliards de dollars sur une base annualisée par rapport au trimestre précédent.
- Les dépôts moyens ont augmenté de 9,7 % pour atteindre 34,3 milliards de dollars.
- La marge d'intérêt nette s'est améliorée à 2,51 %.
En comparaison, le revenu net pour le T2 2023 était de 90,1 millions de dollars ou 1,85 dollar par action diluée. La société a mis en avant une forte qualité de crédit avec des annulations nettes de 0,05 % et des prêts non performants de 0,06 %. Cependant, le revenu non lié aux intérêts pour le T2 2024 a chuté de 9,0 % par rapport au T1 2024, principalement en raison de la baisse des gains sur valeurs mobilières d'investissement.
UMB Financial a également annoncé un dividende trimestriel en espèces de 0,39 $ par action qui sera versé le 1er octobre 2024.
UMB Financial (Nasdaq: UMBF) berichtete über einen netto Gewinn im zweiten Quartal 2024 von 101,3 Millionen Dollar, was 2,07 Dollar pro verwässerter Aktie entspricht. Diese Zahl ist gesunken von 110,3 Millionen Dollar oder 2,25 Dollar pro verwässerter Aktie im ersten Quartal. Der netto operative Gewinn für Q2 2024 betrug 105,9 Millionen Dollar oder 2,16 Dollar pro verwässerter Aktie.
Wichtige Kennzahlen sind:
- Die durchschnittlichen Darlehen stiegen um 7,7% auf 23,8 Milliarden Dollar auf Jahresbasis im Vergleich zum vorangegangenen Quartal.
- Die durchschnittlichen Einlagen stiegen um 9,7% auf 34,3 Milliarden Dollar.
- Die Nettozinsspanne verbesserte sich auf 2,51%.
Im Vergleich dazu betrug der netto Gewinn im Q2 2023 90,1 Millionen Dollar oder 1,85 Dollar pro verwässerter Aktie. Das Unternehmen hob die starke Kreditqualität hervor, mit netto Abschreibungen von 0,05% und zinslosen Krediten von 0,06%. Allerdings fiel der nichtzinsbezogene Ertrag im Q2 2024 um 9,0% im Vergleich zum Q1 2024, hauptsächlich aufgrund geringerer Erträge aus Investitionspapieren.
UMB Financial kündigte außerdem eine Quartalsdividende von $0,39 pro Aktie an, die am 1. Oktober 2024 ausgezahlt wird.
- Net income of $101.3 million or $2.07 per diluted share in Q2 2024.
- Average loans increased 7.7% to $23.8 billion.
- Average deposits rose 9.7% to $34.3 billion.
- Net interest margin improved to 2.51%.
- Strong credit quality with net charge-offs at 0.05%.
- Declared $0.39 per share quarterly dividend.
- Q2 2024 net income decreased from $110.3 million in Q1 2024.
- Noninterest income fell 9.0% from Q1 2024.
- Provision for credit losses increased by $4.1 million from Q1 2024.
Insights
UMB Financial 's Q2 2024 results demonstrate solid financial performance amid a challenging banking environment. Key highlights include:
- GAAP net income of
$101.3 million ($2.07 per diluted share), down from$110.3 million in Q1 but up from$90.1 million in Q2 2023. - Net interest income increased
8.6% year-over-year to$245.1 million , driven by loan growth and higher interest rates. - Average loans grew
7.3% year-over-year to$23.8 billion . - Average deposits increased
9.1% year-over-year to$34.3 billion . - Net interest margin expanded to
2.51% , up 3 basis points from Q1. - Credit quality remained strong with net charge-offs at just
0.05% of average loans.
The bank's ability to grow both loans and deposits while expanding its net interest margin is commendable in the current environment. However, the
UMB's capital position remains strong, with a Common Equity Tier 1 ratio of
Overall, UMB's Q2 results reflect a resilient business model with growth in core banking activities, though headwinds in fee income and efficiency warrant monitoring.
UMB Financial's Q2 2024 results highlight several key trends in the banking sector:
- Deposit migration: The shift from noninterest-bearing to interest-bearing deposits continues, with noninterest-bearing deposits now comprising
29.4% of total deposits, down from33.5% a year ago. This trend is pressuring funding costs across the industry. - Net interest margin resilience: Despite the challenging rate environment, UMB managed to expand its NIM by 3 basis points to
2.51% . This outperforms many peers who are seeing NIM compression. - Loan growth: The
7.3% year-over-year increase in average loans demonstrates continued demand, particularly in commercial real estate and consumer segments. - Credit quality: Net charge-offs of
0.05% and nonaccrual loans at0.06% of total loans indicate strong asset quality, a positive sign for the industry. - Regulatory costs: The
$3.8 million reduction in FDIC special assessment expense highlights the ongoing impact of recent bank failures on the broader industry.
UMB's performance suggests that well-managed regional banks can navigate the current environment successfully. However, the pressure on noninterest income and rising deposit costs remain industry-wide challenges. The bank's pending acquisition of Heartland Financial aligns with the trend of consolidation among regional banks seeking scale and efficiency.
Looking ahead, the banking sector will need to carefully manage interest rate risk, maintain strong credit quality and focus on operational efficiency to thrive in an increasingly competitive landscape.
UMB Financial's Q2 2024 results provide valuable insights into the current economic landscape:
- Interest rate environment: The bank's net interest margin expansion to
2.51% suggests that higher interest rates are benefiting some financial institutions. However, the increase in deposit costs (up 10 basis points to3.06% ) indicates growing competition for funds. - Loan demand: The
7.3% year-over-year growth in average loans, particularly in commercial real estate (14.5% growth) and consumer segments, points to ongoing economic activity and investment. - Consumer behavior: The
27.1% year-over-year increase in average credit card balances may indicate higher consumer spending or potential financial stress among borrowers. - Business sentiment: Management's comment that borrowers remain "cautiously optimistic" with concerns about the geopolitical environment, inflation and potential rate cuts reflects the uncertain economic outlook.
- Employment trends: The slight decrease in salaries and employee benefits expense year-over-year suggests stable employment costs in the banking sector.
The bank's performance indicates a relatively robust economic environment, with continued lending activity and controlled credit quality. However, the migration of deposits to higher-yielding accounts and increased competition for loans suggest that consumers and businesses are becoming more rate-sensitive.
The reduction in the FDIC special assessment also highlights the improving stability in the banking sector following the turmoil earlier in 2023. As the Federal Reserve nears the end of its tightening cycle, banks and the broader economy will need to adapt to a potentially prolonged period of higher interest rates.
Second Quarter 2024 Financial Highlights
-
GAAP net income of
$101.3 million $2.07 -
Net operating income(i) of
$105.9 million $2.16 -
Average loans increased
7.7% on a linked-quarter, annualized basis, to$23.8 billion -
Average loans increased
$1.6 billion 7.3% , as compared to the second quarter of 2023. -
Average deposits increased
9.7% on a linked-quarter, annualized basis, to$34.3 billion -
Net interest margin was
2.51% , an increase of three basis points from the linked quarter. -
Credit quality remained strong, with net charge-offs of just
0.05% of average loans in both the second quarter and the six months ended June 30, 2024.
Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was
“We are pleased with our second quarter financial results, including continued net interest income growth driven by balance sheet growth and net interest margin expansion, and solid credit metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“In the second quarter, average loans increased
"Credit quality remains very strong, with net charge-offs just
"Our teams excel at building and maintaining strong relationships across our footprint, and we’re focused on continuing our long track record of growth. We remain excited about the future, including our pending acquisition of Heartland Financial and the opportunity we see as a combined company.”
(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.
Second Quarter 2024 earnings discussion
Summary of quarterly financial results |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|||
|
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Net income (GAAP) |
|
$ |
101,345 |
|
|
$ |
110,258 |
|
|
$ |
90,110 |
|
Earnings per share - diluted (GAAP) |
2.07 |
2.25 |
1.85 |
|||||||||
Operating pre-tax, pre-provision income (Non-GAAP)(i) |
|
|
146,840 |
|
|
|
157,451 |
|
|
|
127,929 |
|
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) |
3.00 |
3.22 |
2.63 |
|||||||||
|
|
|
|
|
|
|
|
|
||||
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) |
|
|
153,247 |
|
|
|
163,967 |
|
|
|
134,504 |
|
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) |
3.13 |
3.35 |
2.77 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
Net operating income (Non-GAAP)(i) |
|
|
105,873 |
|
|
|
120,712 |
|
|
|
93,841 |
|
Operating earnings per share - diluted (Non-GAAP)(i) |
2.16 |
2.47 |
1.93 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
GAAP |
|
|
|
|
|
|
|
|
|
|||
Return on average assets |
|
|
0.96 |
% |
|
|
1.06 |
% |
|
|
0.90 |
% |
Return on average equity |
|
|
12.73 |
|
|
|
14.11 |
|
|
|
12.56 |
|
Efficiency ratio |
|
|
63.37 |
|
|
|
63.44 |
|
|
|
65.59 |
|
|
|
|
|
|
|
|
|
|
|
|||
Non-GAAP(i) |
|
|
|
|
|
|
|
|
|
|||
Operating return on average assets |
|
|
1.00 |
% |
|
|
1.16 |
% |
|
|
0.93 |
% |
Operating return on average equity |
|
|
13.30 |
|
|
|
15.44 |
|
|
|
13.08 |
|
Operating efficiency ratio |
|
|
61.86 |
|
|
|
60.04 |
|
|
|
64.24 |
|
(i) |
|
See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release. |
Summary of year-to-date financial results |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands, except per share data) |
|
June |
|
|
June |
|
||
|
|
YTD |
|
|
YTD |
|
||
|
|
2024 |
|
|
2023 |
|
||
Net income (GAAP) |
|
$ |
211,603 |
|
|
$ |
182,547 |
|
Earnings per share - diluted (GAAP) |
|
|
4.32 |
|
|
|
3.75 |
|
|
|
|
|
|
|
|
||
Operating pre-tax, pre-provision income (Non-GAAP)(i) |
|
|
304,291 |
|
|
|
263,298 |
|
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) |
|
|
6.22 |
|
|
|
5.41 |
|
|
|
|
|
|
|
|
||
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) |
|
|
317,214 |
|
|
|
276,428 |
|
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) |
|
|
6.48 |
|
|
|
5.68 |
|
|
|
|
|
|
|
|
||
Net operating income (Non-GAAP)(i) |
|
|
226,585 |
|
|
|
186,677 |
|
Operating earnings per share - diluted (Non-GAAP)(i) |
|
|
4.63 |
|
|
|
3.83 |
|
|
|
|
|
|
|
|
||
GAAP |
|
|
|
|
|
|
||
Return on average assets |
|
|
1.01 |
% |
|
|
0.93 |
% |
Return on average equity |
|
|
13.41 |
|
|
|
13.14 |
|
Efficiency ratio |
|
|
63.41 |
|
|
|
64.34 |
|
|
|
|
|
|
|
|
||
Non-GAAP(i) |
|
|
|
|
|
|
||
Operating return on average assets |
|
|
1.08 |
% |
|
|
0.95 |
% |
Operating return on average equity |
|
|
14.36 |
|
|
|
13.44 |
|
Operating efficiency ratio |
|
|
60.94 |
|
|
|
63.61 |
|
Summary of revenue |
|
UMB Financial Corporation |
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Q2 |
|
Q1 |
|
Q2 |
|
CQ vs. |
|
CQ vs. |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
LQ |
|
PY |
||||||||||
Net interest income |
|
$ |
245,108 |
|
|
$ |
239,434 |
|
|
$ |
225,611 |
|
|
$ |
5,674 |
|
|
$ |
19,497 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Trust and securities processing |
|
|
70,010 |
|
|
|
69,478 |
|
|
|
61,589 |
|
|
|
532 |
|
|
|
8,421 |
|
Trading and investment banking |
|
|
5,461 |
|
|
|
5,462 |
|
|
|
4,800 |
|
|
|
(1 |
) |
|
|
661 |
|
Service charges on deposit accounts |
|
|
22,261 |
|
|
|
20,757 |
|
|
|
21,381 |
|
|
|
1,504 |
|
|
|
880 |
|
Insurance fees and commissions |
|
|
267 |
|
|
|
283 |
|
|
|
225 |
|
|
|
(16 |
) |
|
|
42 |
|
Brokerage fees |
|
|
14,020 |
|
|
|
13,160 |
|
|
|
13,604 |
|
|
|
860 |
|
|
|
416 |
|
Bankcard fees |
|
|
22,346 |
|
|
|
21,968 |
|
|
|
18,579 |
|
|
|
378 |
|
|
|
3,767 |
|
Investment securities (losses) gains, net |
|
|
(1,867 |
) |
|
|
9,371 |
|
|
|
900 |
|
|
|
(11,238 |
) |
|
|
(2,767 |
) |
Other |
|
|
12,421 |
|
|
|
18,765 |
|
|
|
17,004 |
|
|
|
(6,344 |
) |
|
|
(4,583 |
) |
Total noninterest income |
|
$ |
144,919 |
|
|
$ |
159,244 |
|
|
$ |
138,082 |
|
|
$ |
(14,325 |
) |
|
$ |
6,837 |
|
Total revenue |
|
$ |
390,027 |
|
|
$ |
398,678 |
|
|
$ |
363,693 |
|
|
$ |
(8,651 |
) |
|
$ |
26,334 |
|
Net interest income (FTE) |
|
$ |
251,515 |
|
|
$ |
245,950 |
|
|
$ |
232,186 |
|
|
|
|
|
||||
Net interest margin (FTE) |
|
|
2.51 |
% |
|
|
2.48 |
% |
|
|
2.44 |
% |
|
|
|
|
||||
Total noninterest income as a % of total revenue |
|
|
37.2 |
|
|
|
39.9 |
|
|
|
38.0 |
|
|
|
|
|
||||
Net interest income
-
Second quarter 2024 net interest income totaled
$245.1 million $5.7 million 2.4% , from the linked quarter, driven primarily by continued growth in average loans and higher levels of liquidity, partially offset by higher interest expense. -
Average earning assets increased
$359.7 million 0.9% , from the linked quarter, largely driven by an increase of$451.8 million $182.8 million $314.6 million -
Average interest-bearing liabilities increased
$375.9 million 1.3% , from the linked quarter, primarily driven by an increase of$778.0 million $439.0 million $36.6 million 0.4% , as compared to the linked quarter. -
Net interest margin for the second quarter was
2.51% , an increase of three basis points from the linked quarter, driven by increased loan yields, the benefit of free funds, and earning asset mix changes, partially offset by the increased cost of interest-bearing liabilities. The cost of interest-bearing liabilities increased 12 basis points to4.15% . Total cost of funds increased 10 basis points from the linked quarter to3.06% . Both average loan yields and earning asset yields increased 13 basis points from the linked quarter. -
On a year-over-year basis, net interest income increased
$19.5 million 8.6% , driven by a$1.6 billion 7.3% , increase in average loans, partially offset by higher interest costs due to unfavorable mix shift in the composition of liabilities as well as the impact of higher short-term interest rates. -
Compared to the second quarter of 2023, average earning assets increased
$2.0 billion 5.2% , largely driven by the increase in average loans noted above and an increase of$779.2 million $360.3 million -
Average deposits increased
9.1% compared to the second quarter of 2023. Average noninterest-bearing demand deposit balances decreased4.1% compared to the second quarter of 2023, driven by migration to rate-bearing deposit categories, as expected in a higher interest rate environment. Average demand deposit balances comprised29.4% of total deposits, compared to30.0% in the linked quarter and33.5% in the second quarter of 2023. -
Average borrowed funds decreased
$439.0 million $1.4 billion
Noninterest income
-
Second quarter 2024 noninterest income decreased
$14.3 million 9.0% , on a linked-quarter basis, largely due to:-
$11.2 million $8.6 million $2.6 million -
A decrease of
$5.8 million $4.0 million $1.8 million -
These decreases were partially offset by an increase of
$1.6 million $1.5 million
-
-
Compared to the prior year, noninterest income in the second quarter of 2024 increased
$6.8 million 5.0% , primarily driven by:-
Increases of
$5.6 million $1.5 million $1.3 million -
An increase of
$3.8 million -
An increase of
$1.0 million -
Increases of
$0.5 million $0.5 million -
These increases were partially offset by the following decreases:
-
A decrease of
$4.3 million $4.0 million -
$2.8 million $2.6 million
-
A decrease of
-
Increases of
Noninterest expense
Summary of noninterest expense |
|
UMB Financial Corporation |
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Q2 |
|
Q1 |
|
Q2 |
|
CQ vs. |
|
CQ vs. |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
LQ |
|
PY |
||||||||||
Salaries and employee benefits |
|
$ |
142,861 |
|
|
$ |
143,006 |
|
|
$ |
143,312 |
|
|
$ |
(145 |
) |
|
$ |
(451 |
) |
Occupancy, net |
|
|
11,723 |
|
|
|
12,270 |
|
|
|
11,746 |
|
|
|
(547 |
) |
|
|
(23 |
) |
Equipment |
|
|
15,603 |
|
|
|
16,503 |
|
|
|
17,086 |
|
|
|
(900 |
) |
|
|
(1,483 |
) |
Supplies and services |
|
|
3,404 |
|
|
|
3,301 |
|
|
|
4,195 |
|
|
|
103 |
|
|
|
(791 |
) |
Marketing and business development |
|
|
6,598 |
|
|
|
6,025 |
|
|
|
7,124 |
|
|
|
573 |
|
|
|
(526 |
) |
Processing fees |
|
|
29,701 |
|
|
|
27,936 |
|
|
|
26,572 |
|
|
|
1,765 |
|
|
|
3,129 |
|
Legal and consulting |
|
|
16,566 |
|
|
|
7,894 |
|
|
|
7,059 |
|
|
|
8,672 |
|
|
|
9,507 |
|
Bankcard |
|
|
11,818 |
|
|
|
10,567 |
|
|
|
8,307 |
|
|
|
1,251 |
|
|
|
3,511 |
|
Amortization of other intangible assets |
|
|
1,911 |
|
|
|
1,960 |
|
|
|
2,117 |
|
|
|
(49 |
) |
|
|
(206 |
) |
Regulatory fees |
|
|
2,568 |
|
|
|
19,395 |
|
|
|
6,123 |
|
|
|
(16,827 |
) |
|
|
(3,555 |
) |
Other |
|
|
6,314 |
|
|
|
5,947 |
|
|
|
7,032 |
|
|
|
367 |
|
|
|
(718 |
) |
Total noninterest expense |
|
$ |
249,067 |
|
|
$ |
254,804 |
|
|
$ |
240,673 |
|
|
$ |
(5,737 |
) |
|
$ |
8,394 |
|
-
GAAP noninterest expense for the second quarter of 2024 was
$249.1 million $5.7 million 2.3% , from the linked quarter and an increase of$8.4 million 3.5% from the second quarter of 2023. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was$243.2 million $2.0 million 0.8% , from the linked quarter and an increase of$7.4 million 3.1% , from the second quarter of 2023. -
The linked-quarter decrease in GAAP noninterest expense was driven by:
-
A decrease of
$16.8 million $3.8 million $13.0 million -
This decrease was partially offset by the following increases:
-
An increase of
$8.7 million -
An increase of
$1.8 million -
An increase of
$1.3 million
-
An increase of
-
A decrease of
-
The year-over-year increase in GAAP noninterest expense was driven by:
-
An increase of
$9.5 million -
An increase of
$3.5 million -
These increases were partially offset by a decrease of
$3.6 million $3.8 million
-
An increase of
Income taxes
-
The company’s effective tax rate was
18.9% for the six months ended June 30, 2024, compared to17.6% for the same period in 2023. The increase in the effective tax rate in 2024 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities and a decrease in excess tax benefits associated with stock compensation recorded in 2024 as compared to the prior year.
Balance sheet
-
Average total assets for the second quarter of 2024 were
$42.5 billion $42.0 billion $40.4 billion
Summary of average loans and leases - QTD Average |
UMB Financial Corporation |
|||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|
CQ vs. |
|
CQ vs. |
|||||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
LQ |
|
PY |
|||||||
Commercial and industrial |
|
$ |
9,926,855 |
|
|
$ |
9,942,457 |
|
|
$ |
9,724,300 |
|
|
$ |
(15,602 |
) |
|
$ |
202,555 |
|
Specialty lending |
|
|
502,646 |
|
|
|
485,989 |
|
|
|
574,220 |
|
|
|
16,657 |
|
|
|
(71,574 |
) |
Commercial real estate |
|
|
9,360,991 |
|
|
|
9,026,511 |
|
|
|
8,178,463 |
|
|
|
334,480 |
|
|
|
1,182,528 |
|
Consumer real estate |
|
|
2,998,560 |
|
|
|
2,968,320 |
|
|
|
2,833,739 |
|
|
|
30,240 |
|
|
|
164,821 |
|
Consumer |
|
|
159,743 |
|
|
|
154,062 |
|
|
|
139,705 |
|
|
|
5,681 |
|
|
|
20,038 |
|
Credit cards |
|
|
617,502 |
|
|
|
489,546 |
|
|
|
485,749 |
|
|
|
127,956 |
|
|
|
131,753 |
|
Leases and other |
|
|
239,532 |
|
|
|
287,158 |
|
|
|
255,425 |
|
|
|
(47,626 |
) |
|
|
(15,893 |
) |
Total loans |
|
$ |
23,805,829 |
|
|
$ |
23,354,043 |
|
|
$ |
22,191,601 |
|
|
$ |
451,786 |
|
|
$ |
1,614,228 |
|
-
Average loans for the second quarter of 2024 increased
$451.8 million 1.9% , on a linked-quarter basis and$1.6 billion 7.3% , compared to the second quarter of 2023.
Summary of average securities - QTD Average |
|
UMB Financial Corporation |
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|
CQ vs. |
|
CQ vs. |
|||||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
LQ |
|
PY |
|||||||
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
900,348 |
|
|
$ |
1,127,611 |
|
|
$ |
797,104 |
|
|
$ |
(227,263 |
) |
|
$ |
103,244 |
|
|
|
|
210,151 |
|
|
|
199,719 |
|
|
|
189,091 |
|
|
|
10,432 |
|
|
|
21,060 |
|
Mortgage-backed |
|
|
3,667,289 |
|
|
|
3,595,619 |
|
|
|
3,813,234 |
|
|
|
71,670 |
|
|
|
(145,945 |
) |
State and political subdivisions |
|
|
1,213,000 |
|
|
|
1,254,148 |
|
|
|
1,319,398 |
|
|
|
(41,148 |
) |
|
|
(106,398 |
) |
Corporates |
|
|
323,751 |
|
|
|
341,142 |
|
|
|
349,318 |
|
|
|
(17,391 |
) |
|
|
(25,567 |
) |
Collateralized loan obligations |
|
|
336,273 |
|
|
|
347,063 |
|
|
|
348,078 |
|
|
|
(10,790 |
) |
|
|
(11,805 |
) |
Total securities available for sale |
|
$ |
6,650,812 |
|
|
$ |
6,865,302 |
|
|
$ |
6,816,223 |
|
|
$ |
(214,490 |
) |
|
$ |
(165,411 |
) |
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
120,563 |
|
|
$ |
123,225 |
|
|
$ |
123,135 |
|
|
$ |
(2,662 |
) |
|
$ |
(2,572 |
) |
Mortgage-backed |
|
|
2,656,096 |
|
|
|
2,707,780 |
|
|
|
2,878,657 |
|
|
|
(51,684 |
) |
|
|
(222,561 |
) |
State and political subdivisions |
|
|
2,798,371 |
|
|
|
2,821,799 |
|
|
|
2,822,218 |
|
|
|
(23,428 |
) |
|
|
(23,847 |
) |
Total securities held to maturity |
|
$ |
5,575,030 |
|
|
$ |
5,652,804 |
|
|
$ |
5,824,010 |
|
|
$ |
(77,774 |
) |
|
$ |
(248,980 |
) |
Trading securities |
|
$ |
26,381 |
|
|
$ |
17,893 |
|
|
$ |
12,538 |
|
|
$ |
8,488 |
|
|
$ |
13,843 |
|
Other securities |
|
|
448,015 |
|
|
|
478,805 |
|
|
|
407,754 |
|
|
|
(30,790 |
) |
|
|
40,261 |
|
Total securities |
|
$ |
12,700,238 |
|
|
$ |
13,014,804 |
|
|
$ |
13,060,525 |
|
|
$ |
(314,566 |
) |
|
$ |
(360,287 |
) |
-
Average total securities decreased
2.4% on a linked-quarter basis and2.8% compared to the second quarter of 2023. -
At June 30, 2024, the unrealized pre-tax net loss on the available-for-sale securities portfolio was
$678.7 million 8.7% of the$7.8 billion $636.2 million 11.5% of the$5.5 billion
Summary of average deposits - QTD Average |
UMB Financial Corporation |
|||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|
CQ vs. |
|
CQ vs. |
|||||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
LQ |
|
PY |
|||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest-bearing demand |
|
$ |
10,103,035 |
|
|
$ |
10,066,409 |
|
|
$ |
10,535,325 |
|
|
$ |
36,626 |
|
|
$ |
(432,290 |
) |
Interest-bearing demand and savings |
|
|
21,914,116 |
|
|
|
20,701,659 |
|
|
|
17,463,022 |
|
|
|
1,212,457 |
|
|
|
4,451,094 |
|
Time deposits |
|
|
2,323,610 |
|
|
|
2,758,064 |
|
|
|
3,476,616 |
|
|
|
(434,454 |
) |
|
|
(1,153,006 |
) |
Total deposits |
|
$ |
34,340,761 |
|
|
$ |
33,526,132 |
|
|
$ |
31,474,963 |
|
|
$ |
814,629 |
|
|
$ |
2,865,798 |
|
Noninterest bearing deposits as % of total |
|
|
29.4 |
% |
|
|
30.0 |
% |
|
|
33.5 |
% |
|
|
|
|
||||
-
Average deposits increased
2.4% on a linked-quarter basis and9.1% compared to the second quarter of 2023.
Capital
Capital information |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|||
Total equity |
|
$ |
3,227,347 |
|
|
$ |
3,152,816 |
|
|
$ |
2,831,628 |
|
Accumulated other comprehensive loss, net |
|
|
(605,634 |
) |
|
|
(594,538 |
) |
|
|
(685,831 |
) |
Book value per common share |
|
|
66.21 |
|
|
|
64.68 |
|
|
|
58.36 |
|
Tangible book value per common share (Non-GAAP)(i) |
|
|
60.58 |
|
|
|
59.01 |
|
|
|
52.54 |
|
|
|
|
|
|
|
|
|
|
|
|||
Regulatory capital: |
|
|
|
|
|
|
|
|
|
|||
Common equity Tier 1 capital |
|
$ |
3,591,755 |
|
|
$ |
3,503,837 |
|
|
$ |
3,273,841 |
|
Tier 1 capital |
|
|
3,591,755 |
|
|
|
3,503,837 |
|
|
|
3,273,841 |
|
Total capital |
|
|
4,214,712 |
|
|
|
4,115,097 |
|
|
|
3,870,101 |
|
|
|
|
|
|
|
|
|
|
|
|||
Regulatory capital ratios: |
|
|
|
|
|
|
|
|
|
|||
Common equity Tier 1 capital ratio |
|
|
11.14 |
% |
|
|
11.09 |
% |
|
|
10.65 |
% |
Tier 1 risk-based capital ratio |
|
|
11.14 |
|
|
|
11.09 |
|
|
|
10.65 |
|
Total risk-based capital ratio |
|
|
13.08 |
|
|
|
13.03 |
|
|
|
12.59 |
|
Tier 1 leverage ratio |
|
|
8.50 |
|
|
|
8.39 |
|
|
|
8.16 |
|
(i) |
|
See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release. |
- At June 30, 2024, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
Asset Quality
Credit quality |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Q2 |
|
|
Q1 |
|
|
Q4 |
|
|
Q3 |
|
|
Q2 |
|
|||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|||||
Net charge-offs (recoveries) - total loans |
|
$ |
2,856 |
|
|
$ |
3,017 |
|
|
$ |
1,352 |
|
|
$ |
4,618 |
|
|
$ |
(139 |
) |
Net loan charge-offs (recoveries) as a % of total average loans |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.02 |
% |
|
|
0.08 |
% |
|
|
(0.00 |
)% |
Loans over 90 days past due |
|
$ |
5,644 |
|
|
$ |
3,076 |
|
|
$ |
3,111 |
|
|
$ |
3,044 |
|
|
$ |
10,675 |
|
Loans over 90 days past due as a % of total loans |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.05 |
% |
Nonaccrual and restructured loans |
|
$ |
13,743 |
|
|
$ |
17,756 |
|
|
$ |
13,212 |
|
|
$ |
17,042 |
|
|
$ |
19,347 |
|
Nonaccrual and restructured loans as a % of total loans |
|
|
0.06 |
% |
|
|
0.08 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
0.09 |
% |
Provision for credit losses |
|
$ |
14,050 |
|
|
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
4,977 |
|
|
$ |
13,000 |
|
-
Provision for credit losses for the second quarter increased
$4.1 million $1.1 million $0.6 billion -
Net charge-offs for the second quarter totaled
$2.9 million 0.05% of average loans, compared to$3.0 million 0.05% of average loans in the linked quarter, and net recoveries of$0.1 million
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors declared a
Conference Call
The company will host a conference call to discuss its second quarter 2024 earnings results on Wednesday, July 31, 2024, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 944750. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 2Q 2024 Conference Call
A replay of the conference call may be heard through August 14, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 435652. The call replay may also be accessed at investorrelations.umb.com.
Non-GAAP Financial Information
In this release, we provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in
Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.
Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).
Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Tangible shareholders’ equity for the relevant period is defined as GAAP shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible shareholders’ equity divided by the Company’s total shares outstanding.
Forward-Looking Statements:
This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2023, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in
Consolidated Balance Sheets |
|
UMB Financial Corporation |
||||||
(unaudited, dollars in thousands) |
|
|
|
|
||||
|
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
ASSETS |
|
|
|
|
||||
Loans |
|
$ |
24,197,462 |
|
|
$ |
22,483,542 |
|
Allowance for credit losses on loans |
|
|
(239,167 |
) |
|
|
(222,161 |
) |
Net loans |
|
|
23,958,295 |
|
|
|
22,261,381 |
|
Loans held for sale |
|
|
4,211 |
|
|
|
3,819 |
|
Securities: |
|
|
|
|
||||
Available for sale |
|
|
7,107,373 |
|
|
|
6,668,615 |
|
Held to maturity, net of allowance for credit losses |
|
|
5,546,634 |
|
|
|
5,807,763 |
|
Trading securities |
|
|
28,981 |
|
|
|
28,887 |
|
Other securities |
|
|
447,650 |
|
|
|
428,149 |
|
Total securities |
|
|
13,130,638 |
|
|
|
12,933,414 |
|
Federal funds sold and resell agreements |
|
|
247,462 |
|
|
|
319,838 |
|
Interest-bearing due from banks |
|
|
4,640,418 |
|
|
|
3,369,911 |
|
Cash and due from banks |
|
|
464,719 |
|
|
|
431,527 |
|
Premises and equipment, net |
|
|
226,860 |
|
|
|
255,127 |
|
Accrued income |
|
|
237,874 |
|
|
|
190,387 |
|
Goodwill |
|
|
207,385 |
|
|
|
207,385 |
|
Other intangibles, net |
|
|
67,141 |
|
|
|
75,184 |
|
Other assets |
|
|
1,284,411 |
|
|
|
1,195,069 |
|
Total assets |
|
$ |
44,469,414 |
|
|
$ |
41,243,042 |
|
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Noninterest-bearing demand |
|
$ |
12,034,606 |
|
|
$ |
12,142,906 |
|
Interest-bearing demand and savings |
|
|
22,400,255 |
|
|
|
18,184,063 |
|
Time deposits under |
|
|
1,421,513 |
|
|
|
2,665,166 |
|
Time deposits of |
|
|
661,196 |
|
|
|
528,326 |
|
Total deposits |
|
|
36,517,570 |
|
|
|
33,520,461 |
|
Federal funds purchased and repurchase agreements |
|
|
2,217,033 |
|
|
|
2,050,583 |
|
Short-term debt |
|
|
1,300,000 |
|
|
|
1,800,000 |
|
Long-term debt |
|
|
384,245 |
|
|
|
382,280 |
|
Accrued expenses and taxes |
|
|
352,778 |
|
|
|
256,845 |
|
Other liabilities |
|
|
470,441 |
|
|
|
401,245 |
|
Total liabilities |
|
|
41,242,067 |
|
|
|
38,411,414 |
|
|
|
|
|
|
||||
SHAREHOLDERS' EQUITY |
|
|
|
|
||||
Common stock |
|
|
55,057 |
|
|
|
55,057 |
|
Capital surplus |
|
|
1,132,301 |
|
|
|
1,124,977 |
|
Retained earnings |
|
|
2,984,152 |
|
|
|
2,681,448 |
|
Accumulated other comprehensive loss, net |
|
|
(605,634 |
) |
|
|
(685,831 |
) |
Treasury stock |
|
|
(338,529 |
) |
|
|
(344,023 |
) |
Total shareholders' equity |
|
|
3,227,347 |
|
|
|
2,831,628 |
|
Total liabilities and shareholders' equity |
|
$ |
44,469,414 |
|
|
$ |
41,243,042 |
|
Consolidated Statements of Income |
|
UMB Financial Corporation |
|
|||||||||||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans |
|
$ |
400,351 |
|
|
$ |
342,994 |
|
|
$ |
785,917 |
|
|
$ |
651,435 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable interest |
|
|
61,582 |
|
|
|
54,587 |
|
|
|
122,693 |
|
|
|
107,636 |
|
Tax-exempt interest |
|
|
25,077 |
|
|
|
25,550 |
|
|
|
50,410 |
|
|
|
50,856 |
|
Total securities income |
|
|
86,659 |
|
|
|
80,137 |
|
|
|
173,103 |
|
|
|
158,492 |
|
Federal funds and resell agreements |
|
|
3,674 |
|
|
|
3,889 |
|
|
|
6,736 |
|
|
|
9,540 |
|
Interest-bearing due from banks |
|
|
47,174 |
|
|
|
34,206 |
|
|
|
91,862 |
|
|
|
50,372 |
|
Trading securities |
|
|
424 |
|
|
|
154 |
|
|
|
729 |
|
|
|
288 |
|
Total interest income |
|
|
538,282 |
|
|
|
461,380 |
|
|
|
1,058,347 |
|
|
|
870,127 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
240,525 |
|
|
|
170,550 |
|
|
|
464,400 |
|
|
|
298,449 |
|
Federal funds and repurchase agreements |
|
|
28,081 |
|
|
|
24,745 |
|
|
|
55,743 |
|
|
|
48,047 |
|
Other |
|
|
24,568 |
|
|
|
40,474 |
|
|
|
53,662 |
|
|
|
56,324 |
|
Total interest expense |
|
|
293,174 |
|
|
|
235,769 |
|
|
|
573,805 |
|
|
|
402,820 |
|
Net interest income |
|
|
245,108 |
|
|
|
225,611 |
|
|
|
484,542 |
|
|
|
467,307 |
|
Provision for credit losses |
|
|
14,050 |
|
|
|
13,000 |
|
|
|
24,050 |
|
|
|
36,250 |
|
Net interest income after provision for credit losses |
|
|
231,058 |
|
|
|
212,611 |
|
|
|
460,492 |
|
|
|
431,057 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trust and securities processing |
|
|
70,010 |
|
|
|
61,589 |
|
|
|
139,488 |
|
|
|
123,948 |
|
Trading and investment banking |
|
|
5,461 |
|
|
|
4,800 |
|
|
|
10,923 |
|
|
|
10,108 |
|
Service charges on deposit accounts |
|
|
22,261 |
|
|
|
21,381 |
|
|
|
43,018 |
|
|
|
42,540 |
|
Insurance fees and commissions |
|
|
267 |
|
|
|
225 |
|
|
|
550 |
|
|
|
499 |
|
Brokerage fees |
|
|
14,020 |
|
|
|
13,604 |
|
|
|
27,180 |
|
|
|
27,280 |
|
Bankcard fees |
|
|
22,346 |
|
|
|
18,579 |
|
|
|
44,314 |
|
|
|
36,751 |
|
Investment securities (losses) gains, net |
|
|
(1,867 |
) |
|
|
900 |
|
|
|
7,504 |
|
|
|
(4,424 |
) |
Other |
|
|
12,421 |
|
|
|
17,004 |
|
|
|
31,186 |
|
|
|
31,580 |
|
Total noninterest income |
|
|
144,919 |
|
|
|
138,082 |
|
|
|
304,163 |
|
|
|
268,282 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
142,861 |
|
|
|
143,312 |
|
|
|
285,867 |
|
|
|
285,810 |
|
Occupancy, net |
|
|
11,723 |
|
|
|
11,746 |
|
|
|
23,993 |
|
|
|
23,923 |
|
Equipment |
|
|
15,603 |
|
|
|
17,086 |
|
|
|
32,106 |
|
|
|
34,935 |
|
Supplies and services |
|
|
3,404 |
|
|
|
4,195 |
|
|
|
6,705 |
|
|
|
8,070 |
|
Marketing and business development |
|
|
6,598 |
|
|
|
7,124 |
|
|
|
12,623 |
|
|
|
12,459 |
|
Processing fees |
|
|
29,701 |
|
|
|
26,572 |
|
|
|
57,637 |
|
|
|
49,812 |
|
Legal and consulting |
|
|
16,566 |
|
|
|
7,059 |
|
|
|
24,460 |
|
|
|
14,344 |
|
Bankcard |
|
|
11,818 |
|
|
|
8,307 |
|
|
|
22,385 |
|
|
|
15,440 |
|
Amortization of other intangible assets |
|
|
1,911 |
|
|
|
2,117 |
|
|
|
3,871 |
|
|
|
4,415 |
|
Regulatory fees |
|
|
2,568 |
|
|
|
6,123 |
|
|
|
21,963 |
|
|
|
11,674 |
|
Other |
|
|
6,314 |
|
|
|
7,032 |
|
|
|
12,261 |
|
|
|
16,843 |
|
Total noninterest expense |
|
|
249,067 |
|
|
|
240,673 |
|
|
|
503,871 |
|
|
|
477,725 |
|
Income before income taxes |
|
|
126,910 |
|
|
|
110,020 |
|
|
|
260,784 |
|
|
|
221,614 |
|
Income tax expense |
|
|
25,565 |
|
|
|
19,910 |
|
|
|
49,181 |
|
|
|
39,067 |
|
NET INCOME |
|
$ |
101,345 |
|
|
$ |
90,110 |
|
|
$ |
211,603 |
|
|
$ |
182,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income – basic |
|
$ |
2.08 |
|
|
$ |
1.86 |
|
|
$ |
4.34 |
|
|
$ |
3.77 |
|
Net income – diluted |
|
|
2.07 |
|
|
|
1.85 |
|
|
|
4.32 |
|
|
|
3.75 |
|
Dividends |
|
|
0.39 |
|
|
|
0.38 |
|
|
|
0.78 |
|
|
|
0.76 |
|
Weighted average shares outstanding – basic |
|
|
48,744,636 |
|
|
|
48,514,277 |
|
|
|
48,704,075 |
|
|
|
48,474,865 |
|
Weighted average shares outstanding – diluted |
|
|
48,974,265 |
|
|
|
48,668,413 |
|
|
|
48,952,054 |
|
|
|
48,707,487 |
|
Consolidated Statements of Comprehensive Income |
|
UMB Financial Corporation |
||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
|
$ |
101,345 |
|
|
$ |
90,110 |
|
|
$ |
211,603 |
|
|
$ |
182,547 |
|
Other comprehensive (loss) income, before tax: |
|
|
|
|
|
|
|
|
||||||||
Unrealized gains and losses on debt securities: |
|
|
|
|
|
|
|
|
||||||||
Change in unrealized holding gains and losses, net |
|
|
(12,727 |
) |
|
|
(87,505 |
) |
|
|
(54,280 |
) |
|
|
6,152 |
|
Less: Reclassification adjustment for net (gains) losses included in net income |
|
|
— |
|
|
|
— |
|
|
|
(139 |
) |
|
|
433 |
|
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity |
|
|
8,938 |
|
|
|
10,312 |
|
|
|
17,727 |
|
|
|
20,295 |
|
Change in unrealized gains and losses on debt securities |
|
|
(3,789 |
) |
|
|
(77,193 |
) |
|
|
(36,692 |
) |
|
|
26,880 |
|
Unrealized gains and losses on derivative hedges: |
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains and losses on derivative hedges, net |
|
|
(8,775 |
) |
|
|
1,848 |
|
|
|
(22,433 |
) |
|
|
321 |
|
Less: Reclassification adjustment for net gains included in net income |
|
|
(2,066 |
) |
|
|
(2,660 |
) |
|
|
(5,726 |
) |
|
|
(5,221 |
) |
Change in unrealized gains and losses on derivative hedges |
|
|
(10,841 |
) |
|
|
(812 |
) |
|
|
(28,159 |
) |
|
|
(4,900 |
) |
Other comprehensive (loss) income, before tax |
|
|
(14,630 |
) |
|
|
(78,005 |
) |
|
|
(64,851 |
) |
|
|
21,980 |
|
Income tax benefit (expense) |
|
|
3,534 |
|
|
|
18,950 |
|
|
|
16,152 |
|
|
|
(5,076 |
) |
Other comprehensive (loss) income |
|
|
(11,096 |
) |
|
|
(59,055 |
) |
|
|
(48,699 |
) |
|
|
16,904 |
|
Comprehensive income |
|
$ |
90,249 |
|
|
$ |
31,055 |
|
|
$ |
162,904 |
|
|
$ |
199,451 |
|
Consolidated Statements of Shareholders' Equity |
UMB Financial Corporation |
|||||||||||||||||||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Common
|
|
|
Capital
|
|
Retained
|
|
|
Accumulated
(Loss) Income |
|
Treasury
|
|
Total |
||||||||||
Balance - January 1, 2023 |
|
$ |
55,057 |
|
|
$ |
1,125,949 |
|
|
$ |
2,536,086 |
|
|
$ |
(702,735 |
) |
|
$ |
(347,264 |
) |
|
$ |
2,667,093 |
|
Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
182,547 |
|
|
|
16,904 |
|
|
|
— |
|
|
|
199,451 |
|
Dividends ( |
|
|
— |
|
|
|
— |
|
|
|
(37,185 |
) |
|
|
— |
|
|
|
— |
|
|
|
(37,185 |
) |
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,902 |
) |
|
|
(7,902 |
) |
Issuances of equity awards, net of forfeitures |
|
|
— |
|
|
|
(9,764 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,483 |
|
|
|
719 |
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
8,455 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,455 |
|
Sale of treasury stock |
|
|
— |
|
|
|
115 |
|
|
|
— |
|
|
|
— |
|
|
|
140 |
|
|
|
255 |
|
Exercise of stock options |
|
|
— |
|
|
|
222 |
|
|
|
— |
|
|
|
— |
|
|
|
520 |
|
|
|
742 |
|
Balance - June 30, 2023 |
|
$ |
55,057 |
|
|
$ |
1,124,977 |
|
|
$ |
2,681,448 |
|
|
$ |
(685,831 |
) |
|
$ |
(344,023 |
) |
|
$ |
2,831,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance - January 1, 2024 |
|
$ |
55,057 |
|
|
$ |
1,134,363 |
|
|
$ |
2,810,824 |
|
|
$ |
(556,935 |
) |
|
$ |
(342,890 |
) |
|
$ |
3,100,419 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
211,603 |
|
|
|
(48,699 |
) |
|
|
— |
|
|
|
162,904 |
|
Dividends ( |
|
|
— |
|
|
|
— |
|
|
|
(38,275 |
) |
|
|
— |
|
|
|
— |
|
|
|
(38,275 |
) |
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,537 |
) |
|
|
(7,537 |
) |
Issuances of equity awards, net of forfeitures |
|
|
— |
|
|
|
(10,964 |
) |
|
|
— |
|
|
|
— |
|
|
|
11,667 |
|
|
|
703 |
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
10,040 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,040 |
|
Sale of treasury stock |
|
|
— |
|
|
|
125 |
|
|
|
— |
|
|
|
— |
|
|
|
107 |
|
|
|
232 |
|
Exercise of stock options |
|
|
— |
|
|
|
54 |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
|
|
178 |
|
Common stock issuance costs |
|
|
— |
|
|
|
(1,317 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,317 |
) |
Balance - June 30, 2024 |
|
$ |
55,057 |
|
|
$ |
1,132,301 |
|
|
$ |
2,984,152 |
|
|
$ |
(605,634 |
) |
|
$ |
(338,529 |
) |
|
$ |
3,227,347 |
|
Average Balances / Yields and Rates |
|
UMB Financial Corporation |
|
|||||||||||||
(tax - equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
Average |
|
|
Average |
|
|
Average |
|
|
Average |
|
||||
|
|
Balance |
|
|
Yield/Rate |
|
|
Balance |
|
|
Yield/Rate |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, net of unearned interest |
|
$ |
23,805,829 |
|
|
|
6.77 |
% |
|
$ |
22,191,601 |
|
|
|
6.20 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
9,033,829 |
|
|
|
2.74 |
|
|
|
9,228,103 |
|
|
|
2.37 |
|
Tax-exempt |
|
|
3,640,028 |
|
|
|
3.47 |
|
|
|
3,819,884 |
|
|
|
3.36 |
|
Total securities |
|
|
12,673,857 |
|
|
|
2.95 |
|
|
|
13,047,987 |
|
|
|
2.66 |
|
Federal funds and resell agreements |
|
|
246,132 |
|
|
|
6.00 |
|
|
|
276,459 |
|
|
|
5.64 |
|
Interest bearing due from banks |
|
|
3,486,907 |
|
|
|
5.44 |
|
|
|
2,707,740 |
|
|
|
5.07 |
|
Trading securities |
|
|
26,381 |
|
|
|
6.95 |
|
|
|
12,538 |
|
|
|
5.37 |
|
Total earning assets |
|
|
40,239,106 |
|
|
|
5.44 |
|
|
|
38,236,325 |
|
|
|
4.91 |
|
Allowance for credit losses |
|
|
(228,369 |
) |
|
|
|
|
|
(216,876 |
) |
|
|
|
||
Other assets |
|
|
2,465,492 |
|
|
|
|
|
|
2,345,714 |
|
|
|
|
||
Total assets |
|
$ |
42,476,229 |
|
|
|
|
|
$ |
40,365,163 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing deposits |
|
$ |
24,237,726 |
|
|
|
3.99 |
% |
|
$ |
20,939,638 |
|
|
|
3.27 |
% |
Federal funds and repurchase agreements |
|
|
2,421,727 |
|
|
|
4.66 |
|
|
|
2,336,929 |
|
|
|
4.25 |
|
Borrowed funds |
|
|
1,744,448 |
|
|
|
5.66 |
|
|
|
3,137,267 |
|
|
|
5.17 |
|
Total interest-bearing liabilities |
|
|
28,403,901 |
|
|
|
4.15 |
|
|
|
26,413,834 |
|
|
|
3.58 |
|
Noninterest-bearing demand deposits |
|
|
10,103,035 |
|
|
|
|
|
|
10,535,325 |
|
|
|
|
||
Other liabilities |
|
|
767,687 |
|
|
|
|
|
|
539,172 |
|
|
|
|
||
Shareholders' equity |
|
|
3,201,606 |
|
|
|
|
|
|
2,876,832 |
|
|
|
|
||
Total liabilities and shareholders' equity |
|
$ |
42,476,229 |
|
|
|
|
|
$ |
40,365,163 |
|
|
|
|
||
Net interest spread |
|
|
|
|
|
1.29 |
% |
|
|
|
|
|
1.33 |
% |
||
Net interest margin |
|
|
|
|
|
2.51 |
|
|
|
|
|
|
2.44 |
|
||
Average Balances / Yields and Rates |
|
UMB Financial Corporation |
|
|||||||||||||
(tax - equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Six Months Ended June 30, |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
Average |
|
|
Average |
|
|
Average |
|
|
Average |
|
||||
|
|
Balance |
|
|
Yield/Rate |
|
|
Balance |
|
|
Yield/Rate |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, net of unearned interest |
|
$ |
23,579,936 |
|
|
|
6.70 |
% |
|
$ |
21,734,142 |
|
|
|
6.05 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
9,149,309 |
|
|
|
2.70 |
|
|
|
9,288,392 |
|
|
|
2.34 |
|
Tax-exempt |
|
|
3,686,075 |
|
|
|
3.44 |
|
|
|
3,832,505 |
|
|
|
3.36 |
|
Total securities |
|
|
12,835,384 |
|
|
|
2.91 |
|
|
|
13,120,897 |
|
|
|
2.64 |
|
Federal funds and resell agreements |
|
|
226,288 |
|
|
|
5.99 |
|
|
|
363,341 |
|
|
|
5.29 |
|
Interest bearing due from banks |
|
|
3,395,466 |
|
|
|
5.44 |
|
|
|
2,127,343 |
|
|
|
4.77 |
|
Trading securities |
|
|
22,137 |
|
|
|
7.10 |
|
|
|
10,907 |
|
|
|
5.77 |
|
Total earning assets |
|
|
40,059,211 |
|
|
|
5.38 |
|
|
|
37,356,630 |
|
|
|
4.77 |
|
Allowance for credit losses |
|
|
(225,243 |
) |
|
|
|
|
|
(206,559 |
) |
|
|
|
||
Other assets |
|
|
2,411,681 |
|
|
|
|
|
|
2,292,479 |
|
|
|
|
||
Total assets |
|
$ |
42,245,649 |
|
|
|
|
|
$ |
39,442,550 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing deposits |
|
$ |
23,848,724 |
|
|
|
3.92 |
% |
|
$ |
20,294,984 |
|
|
|
2.97 |
% |
Federal funds and repurchase agreements |
|
|
2,403,240 |
|
|
|
4.66 |
|
|
|
2,399,090 |
|
|
|
4.04 |
|
Borrowed funds |
|
|
1,963,971 |
|
|
|
5.49 |
|
|
|
2,174,157 |
|
|
|
5.22 |
|
Total interest-bearing liabilities |
|
|
28,215,935 |
|
|
|
4.09 |
|
|
|
24,868,231 |
|
|
|
3.27 |
|
Noninterest-bearing demand deposits |
|
|
10,084,722 |
|
|
|
|
|
|
11,223,478 |
|
|
|
|
||
Other liabilities |
|
|
772,430 |
|
|
|
|
|
|
549,787 |
|
|
|
|
||
Shareholders' equity |
|
|
3,172,562 |
|
|
|
|
|
|
2,801,054 |
|
|
|
|
||
Total liabilities and shareholders' equity |
|
$ |
42,245,649 |
|
|
|
|
|
$ |
39,442,550 |
|
|
|
|
||
Net interest spread |
|
|
|
|
|
1.29 |
% |
|
|
|
|
|
1.50 |
% |
||
Net interest margin |
|
|
|
|
|
2.50 |
|
|
|
|
|
|
2.59 |
|
||
Business Segment Information |
|
UMB Financial Corporation |
|
|||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended June 30, 2024 |
|
|||||||||||||
|
|
Commercial
|
|
|
Institutional
|
|
|
Personal
|
|
Total |
|
|||||
Net interest income |
|
$ |
160,487 |
|
|
$ |
51,502 |
|
|
$ |
33,119 |
|
|
$ |
245,108 |
|
Provision for credit losses |
|
|
11,480 |
|
|
|
846 |
|
|
|
1,724 |
|
|
|
14,050 |
|
Noninterest income |
|
|
27,720 |
|
|
|
95,092 |
|
|
|
22,107 |
|
|
|
144,919 |
|
Noninterest expense |
|
|
85,780 |
|
|
|
95,531 |
|
|
|
67,756 |
|
|
|
249,067 |
|
Income (loss) before taxes |
|
|
90,947 |
|
|
|
50,217 |
|
|
|
(14,254 |
) |
|
|
126,910 |
|
Income tax expense (benefit) |
|
|
17,858 |
|
|
|
9,297 |
|
|
|
(1,590 |
) |
|
|
25,565 |
|
Net income (loss) |
|
$ |
73,089 |
|
|
$ |
40,920 |
|
|
$ |
(12,664 |
) |
|
$ |
101,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended June 30, 2023 |
|
|||||||||||||
|
|
Commercial
|
|
|
Institutional
|
|
|
Personal
|
|
Total |
|
|||||
Net interest income |
|
$ |
144,389 |
|
|
$ |
50,397 |
|
|
|
30,825 |
|
|
$ |
225,611 |
|
Provision for credit losses |
|
|
11,055 |
|
|
|
234 |
|
|
|
1,711 |
|
|
|
13,000 |
|
Noninterest income |
|
|
25,666 |
|
|
|
86,813 |
|
|
|
25,603 |
|
|
|
138,082 |
|
Noninterest expense |
|
|
85,896 |
|
|
|
91,591 |
|
|
|
63,186 |
|
|
|
240,673 |
|
Income (loss) before taxes |
|
|
73,104 |
|
|
|
45,385 |
|
|
|
(8,469 |
) |
|
|
110,020 |
|
Income tax expense (benefit) |
|
|
12,996 |
|
|
|
8,011 |
|
|
|
(1,097 |
) |
|
|
19,910 |
|
Net income (loss) |
|
$ |
60,108 |
|
|
$ |
37,374 |
|
|
$ |
(7,372 |
) |
|
$ |
90,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Six Months Ended June 30, 2024 |
|
|||||||||||||
|
|
Commercial
|
|
|
Institutional
|
|
|
Personal
|
|
Total |
|
|||||
Net interest income |
|
$ |
317,734 |
|
|
$ |
101,362 |
|
|
$ |
65,446 |
|
|
$ |
484,542 |
|
Provision for credit losses |
|
|
19,000 |
|
|
|
1,325 |
|
|
|
3,725 |
|
|
|
24,050 |
|
Noninterest income |
|
|
70,686 |
|
|
|
187,808 |
|
|
|
45,669 |
|
|
|
304,163 |
|
Noninterest expense |
|
|
178,199 |
|
|
|
195,907 |
|
|
|
129,765 |
|
|
|
503,871 |
|
Income (loss) before taxes |
|
|
191,221 |
|
|
|
91,938 |
|
|
|
(22,375 |
) |
|
|
260,784 |
|
Income tax expense (benefit) |
|
|
35,153 |
|
|
|
16,828 |
|
|
|
(2,800 |
) |
|
|
49,181 |
|
Net income (loss) |
|
$ |
156,068 |
|
|
$ |
75,110 |
|
|
$ |
(19,575 |
) |
|
$ |
211,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Six Months Ended June 30, 2023 |
|
|||||||||||||
|
|
Commercial
|
|
|
Institutional
|
|
|
Personal
|
|
Total |
|
|||||
Net interest income |
|
$ |
295,416 |
|
|
$ |
105,482 |
|
|
$ |
66,409 |
|
|
$ |
467,307 |
|
Provision for credit losses |
|
|
32,099 |
|
|
|
331 |
|
|
|
3,820 |
|
|
|
36,250 |
|
Noninterest income |
|
|
48,568 |
|
|
|
171,051 |
|
|
|
48,663 |
|
|
|
268,282 |
|
Noninterest expense |
|
|
169,900 |
|
|
|
180,962 |
|
|
|
126,863 |
|
|
|
477,725 |
|
Income (loss) before taxes |
|
|
141,985 |
|
|
|
95,240 |
|
|
|
(15,611 |
) |
|
|
221,614 |
|
Income tax expense (benefit) |
|
|
24,638 |
|
|
|
16,523 |
|
|
|
(2,094 |
) |
|
|
39,067 |
|
Net income (loss) |
|
$ |
117,347 |
|
|
$ |
78,717 |
|
|
$ |
(13,517 |
) |
|
$ |
182,547 |
|
The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2024.
Non-GAAP Financial Measures
Net operating income Non-GAAP reconciliations: |
|
UMB Financial Corporation |
||||||||||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (GAAP) |
|
$ |
101,345 |
|
|
$ |
90,110 |
|
|
$ |
211,603 |
|
|
$ |
182,547 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Acquisition expense |
|
|
9,550 |
|
|
|
18 |
|
|
|
9,981 |
|
|
|
57 |
|
Severance expense |
|
|
130 |
|
|
|
4,891 |
|
|
|
276 |
|
|
|
5,377 |
|
FDIC special assessment |
|
|
(3,800 |
) |
|
|
— |
|
|
|
9,200 |
|
|
|
— |
|
Tax-impact of adjustments (i) |
|
|
(1,352 |
) |
|
|
(1,178 |
) |
|
|
(4,475 |
) |
|
|
(1,304 |
) |
Total Non-GAAP adjustments (net of tax) |
|
|
4,528 |
|
|
|
3,731 |
|
|
|
14,982 |
|
|
|
4,130 |
|
Net operating income (Non-GAAP) |
|
$ |
105,873 |
|
|
$ |
93,841 |
|
|
$ |
226,585 |
|
|
$ |
186,677 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share - diluted (GAAP) |
|
$ |
2.07 |
|
|
$ |
1.85 |
|
|
$ |
4.32 |
|
|
$ |
3.75 |
|
Acquisition expense |
|
|
0.19 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
Severance expense |
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.11 |
|
FDIC special assessment |
|
|
(0.08 |
) |
|
|
— |
|
|
|
0.19 |
|
|
|
— |
|
Tax-impact of adjustments (i) |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
(0.03 |
) |
Operating earnings per share - diluted (Non-GAAP) |
|
$ |
2.16 |
|
|
$ |
1.93 |
|
|
$ |
4.63 |
|
|
$ |
3.83 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP |
|
|
|
|
|
|
|
|
||||||||
Return on average assets |
|
|
0.96 |
% |
|
|
0.90 |
% |
|
|
1.01 |
% |
|
|
0.93 |
% |
Return on average equity |
|
|
12.73 |
|
|
|
12.56 |
|
|
|
13.41 |
|
|
|
13.14 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP |
|
|
|
|
|
|
|
|
||||||||
Operating return on average assets |
|
|
1.00 |
% |
|
|
0.93 |
% |
|
|
1.08 |
% |
|
|
0.95 |
% |
Operating return on average equity |
|
|
13.30 |
|
|
|
13.08 |
|
|
|
14.36 |
|
|
|
13.44 |
|
(i) |
|
Calculated using the company’s marginal tax rate of |
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: |
|
UMB Financial Corporation |
||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
||||||
Noninterest expense |
|
$ |
249,067 |
|
|
$ |
240,673 |
|
|
$ |
503,871 |
|
|
$ |
477,725 |
|
Adjustments to arrive at operating noninterest expense (pre-tax): |
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition expense |
|
|
9,550 |
|
|
|
18 |
|
|
|
9,981 |
|
|
|
57 |
|
Severance expense |
|
|
130 |
|
|
|
4,891 |
|
|
|
276 |
|
|
|
5,377 |
|
FDIC special assessment |
|
|
(3,800 |
) |
|
|
— |
|
|
|
9,200 |
|
|
|
— |
|
Total Non-GAAP adjustments (pre-tax) |
|
|
5,880 |
|
|
|
4,909 |
|
|
|
19,457 |
|
|
|
5,434 |
|
Operating noninterest expense (Non-GAAP) |
|
$ |
243,187 |
|
|
$ |
235,764 |
|
|
$ |
484,414 |
|
|
$ |
472,291 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest expense |
|
$ |
249,067 |
|
|
$ |
240,673 |
|
|
$ |
503,871 |
|
|
$ |
477,725 |
|
Less: Amortization of other intangibles |
|
|
1,911 |
|
|
|
2,117 |
|
|
|
3,871 |
|
|
|
4,415 |
|
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) |
|
$ |
247,156 |
|
|
$ |
238,556 |
|
|
$ |
500,000 |
|
|
$ |
473,310 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating noninterest expense |
|
$ |
243,187 |
|
|
$ |
235,764 |
|
|
$ |
484,414 |
|
|
$ |
472,291 |
|
Less: Amortization of other intangibles |
|
|
1,911 |
|
|
|
2,117 |
|
|
|
3,871 |
|
|
|
4,415 |
|
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) |
|
$ |
241,276 |
|
|
$ |
233,647 |
|
|
$ |
480,543 |
|
|
$ |
467,876 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income |
|
$ |
245,108 |
|
|
$ |
225,611 |
|
|
$ |
484,542 |
|
|
$ |
467,307 |
|
Noninterest income |
|
|
144,919 |
|
|
|
138,082 |
|
|
|
304,163 |
|
|
|
268,282 |
|
Less: Gains (losses) on sales of securities available for sale, net |
|
|
— |
|
|
|
— |
|
|
|
139 |
|
|
|
(2 |
) |
Total Non-GAAP Revenue (denominator A) |
|
$ |
390,027 |
|
|
$ |
363,693 |
|
|
$ |
788,566 |
|
|
$ |
735,591 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Efficiency ratio (numerator A/denominator A) |
|
|
63.37 |
% |
|
|
65.59 |
% |
|
|
63.41 |
% |
|
|
64.34 |
% |
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) |
|
|
61.86 |
|
|
|
64.24 |
|
|
|
60.94 |
|
|
|
63.61 |
|
Operating pre-tax, pre-provision income non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||||||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Net interest income (GAAP) |
|
$ |
245,108 |
|
|
$ |
225,611 |
|
|
$ |
484,542 |
|
|
$ |
467,307 |
|
Noninterest income (GAAP) |
|
|
144,919 |
|
|
|
138,082 |
|
|
|
304,163 |
|
|
|
268,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense (GAAP) |
|
|
249,067 |
|
|
|
240,673 |
|
|
|
503,871 |
|
|
|
477,725 |
|
Adjustments to arrive at operating noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisition expense |
|
|
9,550 |
|
|
|
18 |
|
|
|
9,981 |
|
|
|
57 |
|
Severance expense |
|
|
130 |
|
|
|
4,891 |
|
|
|
276 |
|
|
|
5,377 |
|
FDIC special assessment |
|
|
(3,800 |
) |
|
|
— |
|
|
|
9,200 |
|
|
|
— |
|
Total Non-GAAP adjustments |
|
|
5,880 |
|
|
|
4,909 |
|
|
|
19,457 |
|
|
|
5,434 |
|
Operating noninterest expense (Non-GAAP) |
|
|
243,187 |
|
|
|
235,764 |
|
|
|
484,414 |
|
|
|
472,291 |
|
Operating pre-tax, pre-provision income (Non-GAAP) |
|
$ |
146,840 |
|
|
$ |
127,929 |
|
|
$ |
304,291 |
|
|
$ |
263,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income earnings per share - diluted (GAAP) |
|
$ |
5.00 |
|
|
$ |
4.64 |
|
|
$ |
9.90 |
|
|
$ |
9.60 |
|
Noninterest income (GAAP) |
|
|
2.96 |
|
|
|
2.84 |
|
|
|
6.21 |
|
|
|
5.51 |
|
Noninterest expense (GAAP) |
|
|
5.08 |
|
|
|
4.95 |
|
|
|
10.29 |
|
|
|
9.81 |
|
Acquisition expense |
|
|
0.19 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
Severance expense |
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.11 |
|
FDIC special assessment |
|
|
(0.08 |
) |
|
|
— |
|
|
|
0.19 |
|
|
|
— |
|
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) |
|
$ |
3.00 |
|
|
$ |
2.63 |
|
|
$ |
6.22 |
|
|
$ |
5.41 |
|
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: |
|
UMB Financial Corporation |
|
|||||||||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Net interest income (GAAP) |
|
$ |
245,108 |
|
|
$ |
225,611 |
|
|
$ |
484,542 |
|
|
$ |
467,307 |
|
Adjustments to arrive at net interest income - FTE: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Tax equivalent interest |
|
|
6,407 |
|
|
|
6,575 |
|
|
|
12,923 |
|
|
|
13,130 |
|
Net interest income - FTE (Non-GAAP) |
|
|
251,515 |
|
|
|
232,186 |
|
|
|
497,465 |
|
|
|
480,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest income (GAAP) |
|
|
144,919 |
|
|
|
138,082 |
|
|
|
304,163 |
|
|
|
268,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense (GAAP) |
|
|
249,067 |
|
|
|
240,673 |
|
|
|
503,871 |
|
|
|
477,725 |
|
Adjustments to arrive at operating noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisition expense |
|
|
9,550 |
|
|
|
18 |
|
|
|
9,981 |
|
|
|
57 |
|
Severance expense |
|
|
130 |
|
|
|
4,891 |
|
|
|
276 |
|
|
|
5,377 |
|
FDIC special assessment |
|
|
(3,800 |
) |
|
|
— |
|
|
|
9,200 |
|
|
|
— |
|
Total Non-GAAP adjustments |
|
|
5,880 |
|
|
|
4,909 |
|
|
|
19,457 |
|
|
|
5,434 |
|
Operating noninterest expense (Non-GAAP) |
|
|
243,187 |
|
|
|
235,764 |
|
|
|
484,414 |
|
|
|
472,291 |
|
Operating pre-tax, pre-provision income - FTE (Non-GAAP) |
|
$ |
153,247 |
|
|
$ |
134,504 |
|
|
$ |
317,214 |
|
$ |
276,428 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income earnings per share - diluted (GAAP) |
|
$ |
5.00 |
|
|
$ |
4.64 |
|
|
$ |
9.90 |
|
|
$ |
9.60 |
|
Tax equivalent interest |
|
|
0.13 |
|
|
|
0.14 |
|
|
|
0.26 |
|
|
|
0.27 |
|
Net interest income - FTE (Non-GAAP) |
|
|
5.13 |
|
|
|
4.78 |
|
|
|
10.16 |
|
|
|
9.87 |
|
Noninterest income (GAAP) |
|
|
2.96 |
|
|
|
2.84 |
|
|
|
6.21 |
|
|
|
5.51 |
|
Noninterest expense (GAAP) |
|
|
5.08 |
|
|
|
4.95 |
|
|
|
10.29 |
|
|
|
9.81 |
|
Acquisition expense |
|
|
0.19 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
Severance expense |
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.11 |
|
FDIC special assessment |
|
|
(0.08 |
) |
|
|
— |
|
|
|
0.19 |
|
|
|
— |
|
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) |
|
$ |
3.13 |
|
|
$ |
2.77 |
|
|
$ |
6.48 |
|
|
$ |
5.68 |
|
Tangible book value non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|
||
|
|
As of June 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Total shareholders' equity (GAAP) |
|
$ |
3,227,347 |
|
|
$ |
2,831,628 |
|
Less: Intangible assets |
|
|
|
|
|
|
||
Goodwill |
|
|
207,385 |
|
|
|
207,385 |
|
Other intangibles, net |
|
|
67,141 |
|
|
|
75,184 |
|
Total intangibles, net |
|
|
274,526 |
|
|
|
282,569 |
|
Total tangible shareholders' equity (Non-GAAP) |
|
$ |
2,952,821 |
|
|
$ |
2,549,059 |
|
|
|
|
|
|
|
|
||
Total shares outstanding |
|
|
48,745,090 |
|
|
|
48,517,750 |
|
|
|
|
|
|
|
|
||
Ratio of total shareholders' equity (book value) per share |
|
$ |
66.21 |
|
|
$ |
58.36 |
|
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) |
|
|
60.58 |
|
|
|
52.54 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725071653/en/
Media Contact: Stephanie Hague: 816.729.1027
Investor Relations Contact: Kay Gregory: 816.860.7106
Source: UMB Financial Corporation
FAQ
What were UMB Financial's Q2 2024 earnings?
How did UMBF's average loans perform in Q2 2024?
What was UMBF's net interest margin in Q2 2024?
How did UMBF's noninterest income perform in Q2 2024?
What is UMBF's declared dividend for Q2 2024?
