UMB Financial Corporation Reports Second Quarter Net Income of $137.6 Million

Rhea-AI Summary

UMB Financial Corporation (Nasdaq: UMBF) reported strong second-quarter 2022 results with a net income of $137.6 million, or $2.83 per diluted share, up from $106.0 million in Q1 2022. Operating pre-tax, pre-provision income rose 56.7% to $187.1 million. Average loans increased 8.9% year-over-year, while average deposits grew 13.7%. The net interest margin expanded to 2.60%. A pre-tax gain of $66.2 million from selling Visa shares bolstered results, though net charge-offs rose due to a significant write-down on a commercial relationship. The company declared a $0.37 dividend payable on October 3, 2022.

Positive

• Net income increased to $137.6 million in Q2 2022, up from $106.0 million in Q1 2022.
• Operating pre-tax, pre-provision income rose 56.7% to $187.1 million.
• Average loan balances increased by $1.5 billion, or 8.9%, year-over-year.
• Net interest margin expanded to 2.60%, a 25 basis point increase from Q1 2022.
• Noninterest income increased by 34.0% compared to Q2 2021.

Negative

• Net charge-offs increased to $28.1 million, or 0.62% of average loans, due to a $27.7 million write-down on one commercial relationship.

Second Quarter 2022 Financial Highlights

• GAAP net income of $137.6 million, or $2.83 per diluted share.
• Operating pre-tax, pre-provision income (Operating PTPP, a non-GAAP financial measure) of $187.1 million, an increase of 56.7% compared to the first quarter of 2022.
• Average loan balances increased $1.5 billion, or 8.9% compared to the second quarter of 2021.
• Excluding Paycheck Protection Program (PPP) balances, average loans increased 23.3% on a linked-quarter, annualized basis.
• Average deposits grew 13.7% compared to the second quarter of 2021.
• Net interest margin expanded 25 basis points from the linked quarter.
• Noninterest income increased 34.0% as compared to the second quarter of 2021, equal to 44.0% of total revenue.

KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the second quarter of 2022 of $137.6 million, or $2.83 per diluted share, compared to $106.0 million, or $2.17 per diluted share, in the first quarter of 2022 (linked quarter) and $87.4 million, or $1.79 per diluted share, in the second quarter of 2021. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company’s entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company’s charitable foundation.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $137.6 million, or $2.83 per diluted share, for the second quarter of 2022, compared to $106.1 million, or $2.17 per diluted share, for the linked quarter and $87.6 million, or $1.80 per diluted share, for the second quarter of 2021. Operating PTPP, a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $187.1 million, or $3.84 per diluted share, for the second quarter of 2022, compared to $119.4 million, or $2.44 per diluted share, for the linked quarter, and $131.6 million, or $2.71 per diluted share, for the second quarter of 2021. These operating PTPP results represent increases of 56.7% on a linked-quarter basis and 42.1%, compared to the second quarter of 2021, and include the benefit from the aforementioned gain on the sale of the company’s Visa Inc. Class B common shares net of the contribution to the company’s charitable foundation.

“Our strong financial results for the second quarter of 2022 were driven by a 23.3% linked-quarter annualized increase in average loans excluding PPP, strong net interest margin expansion, and continued momentum in our fee income businesses,” said Mariner Kemper, chairman, president and chief executive officer. “Our strong loan growth, coupled with the benefits from higher short and long-term interest rates drove a 6.9% linked-quarter increase in net interest income. Our net charge-offs were elevated this quarter driven entirely by a $27.7 million write-down related to one commercial relationship. Nonperforming loans declined 83.6% from the prior quarter as the portfolio continues to perform well. During the quarter, we made a $5.0 million contribution to the UMB Financial Corporation Charitable Foundation to continue our support of diverse and impactful philanthropic organizations within the communities we serve.”

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		Q2				Q1				Q2
		2022				2022				2021
Net income (GAAP)		$	137,556			$	105,963			$	87,412
Earnings per share (diluted)			2.83				2.17				1.79
Operating pre-tax, pre-provision income (Non-GAAP)			187,051				119,400				131,607
Operating pre-tax, pre-provision earnings per share (diluted)			3.84				2.44				2.71
Operating pre-tax, pre-provision income - FTE (Non-GAAP)			193,329				125,799				138,236
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			3.97				2.57				2.84
Net operating income (Non-GAAP)			137,596				106,073				87,634
Operating earnings per share (diluted)			2.83				2.17				1.80
GAAP
Return on average assets			1.47	%			1.10	%			1.02	%
Return on average equity			20.83				14.65				11.43
Efficiency ratio			53.08				63.98				60.41
Non-GAAP
Operating return on average assets			1.47	%			1.10	%			1.03	%
Operating return on average equity			20.84				14.67				11.46
Operating efficiency ratio			53.06				63.93				60.33

Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		June				June
		YTD				YTD
		2022				2021
Net income (GAAP)		$	243,519			$	180,055
Earnings per share (diluted)			4.99				3.70
Operating pre-tax, pre-provision income (Non-GAAP)			306,451				233,849
Operating pre-tax, pre-provision earnings per share (diluted)			6.29				4.81
Operating pre-tax, pre-provision income - FTE (Non-GAAP)			319,128				247,156
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			6.55				5.09
Net operating income (Non-GAAP)			243,669				180,414
Operating earnings per share (diluted)			4.99				3.71
GAAP
Return on average assets			1.28	%			1.08	%
Return on average equity			17.60				11.98
Efficiency ratio			58.03				63.29
Non-GAAP
Operating return on average assets			1.28	%			1.08	%
Operating return on average equity			17.61				12.01
Operating efficiency ratio			58.00				63.21

Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Net interest income		$	224,791			$	210,355			$	201,071			$	14,436			$	23,720
Noninterest income:
Trust and securities processing			58,886				59,528				53,863				(642	)			5,023
Trading and investment banking			7,123				5,440				8,670				1,683				(1,547	)
Service charges on deposit accounts			20,835				24,642				22,592				(3,807	)			(1,757	)
Insurance fees and commissions			245				259				245				(14	)			—
Brokerage fees			12,391				3,456				2,592				8,935				9,799
Bankcard fees			17,840				16,635				16,063				1,205				1,777
Investment securities gains (losses), net			60,720				(522	)			15,455				61,242				45,265
Other			(1,705	)			14,240				12,109				(15,945	)			(13,814	)
Total noninterest income		$	176,335			$	123,678			$	131,589			$	52,657			$	44,746
Total revenue		$	401,126			$	334,033			$	332,660			$	67,093			$	68,466
Net interest income (FTE)		$	231,069			$	216,754			$	207,700
Net interest margin (FTE)			2.60	%			2.35	%			2.56	%
Total noninterest income as a % of total revenue			44.0				37.0				39.6

Net interest income

• Net interest income totaled $224.8 million, an increase of $14.4 million, or 6.9% from the linked quarter, driven by an increase of $956.9 million in average loans and the impact from increased short-term and long-term interest rates.
• Average earning assets decreased $1.8 billion, or 4.7%, largely driven by a decrease of $2.7 billion in interest-bearing due from banks, partially offset by the increase of $956.9 million in average loans noted above. Average interest-bearing liabilities declined $1.5 billion, or 6.8%, primarily driven by a decrease of $1.2 billion in interest-bearing deposits.
• Net interest margin for the second quarter was 2.60%, an increase of 25 basis points from the linked quarter, driven by an increase in loan yields of 23 basis points. Earning asset yields increased 39 basis points from the linked quarter, driven by the recent increases in short-term and long-term interest rates, mix changes, and the benefit of free funds. The cost of interest-bearing liabilities increased 26 basis points to 0.47%. Net interest spread increased 13 basis points to 2.39% from the linked quarter but was eight basis points lower than the second quarter of 2021.
• On a year-over-year basis, net interest income increased $23.7 million, or 11.8%, driven by a $2.3 billion, or 20.7% increase in average securities, coupled with a $1.5 billion, or 8.9%, increase in average loans. These increases were driven by organic loan growth and excess liquidity.
• Average deposits decreased 3.0% on a linked-quarter basis and increased 13.7% compared to the second quarter of 2021. Average noninterest-bearing demand deposit balances increased 1.3% on a linked-quarter basis and 32.8% compared to the second quarter of 2021.

Noninterest income

• Second quarter 2022 noninterest income increased $52.7 million on a linked-quarter basis, largely due to:
  • A gain of $66.2 million realized on the sale of the company’s Visa Inc. Class B common shares, partially offset by a decline of $3.7 million in mark-to-market gains on marketable securities, both recorded in investment securities gains, net.
  • An increase of $8.9 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
  • These increases were partially offset by decreases of $10.5 million in company-owned life insurance income and $4.2 million in derivative income, both recorded in other income, and a decrease of $3.8 million in service charges on deposits. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below. The decrease in service charges on deposits was primarily due to lower healthcare income related to customer transfer and conversion fees.
• Compared to the prior year, noninterest income in the second quarter of 2022 increased $44.7 million, or 34.0%, primarily driven by:
  • An increase of $45.3 million in investment securities gains, primarily due to the $66.2 million gain realized on the sale of the company’s Visa Inc. Class B common shares, partially offset by declines of $14.1 million and $5.5 million in mark-to-market gains on marketable securities and non-marketable securities, respectively.
  • An increase of $9.8 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
  • Increases of $3.7 million and $1.7 million in fund services income and corporate trust income, respectively, both recorded in trust and securities processing.
  • These increases were partially offset by decreases of $11.6 million in company-owned life insurance income and $2.6 million in derivative income, both recorded in other income, and a decrease of $1.8 million in service charges on deposits. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below. The decrease in service charges on deposits was primarily due to lower healthcare income related to customer transfer and conversion fees.

Noninterest expense

Summary of noninterest expense		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Salaries and employee benefits		$	121,390			$	130,634			$	120,415			$	(9,244	)		$	975
Occupancy, net			11,976				12,232				12,296				(256	)			(320	)
Equipment			18,315				18,164				19,196				151				(881	)
Supplies and services			3,492				3,262				3,469				230				23
Marketing and business development			5,308				4,932				4,797				376				511
Processing fees			19,338				18,443				16,501				895				2,837
Legal and consulting			11,265				6,911				8,147				4,354				3,118
Bankcard			5,880				6,567				4,529				(687	)			1,351
Amortization of other intangible assets			1,225				1,071				1,157				154				68
Regulatory fees			3,464				3,482				2,769				(18	)			695
Other			12,474				9,080				8,062				3,394				4,412
Total noninterest expense		$	214,127			$	214,778			$	201,338			$	(651	)		$	12,789

• Noninterest expense for the second quarter of 2022 was $214.1 million, a decrease of $0.7 million, or 0.3%, from the linked quarter and an increase of $12.8 million, or 6.4%, from the second quarter of 2021.
• The linked-quarter decrease in noninterest expense was driven by:
  • A decrease of $16.4 million in employee benefits expense, recorded in salaries and employee benefits, driven primarily by a decrease of $10.7 million in deferred compensation expense and a seasonal decrease of $6.2 million in payroll taxes, insurance, and 401(k) expense recognized in the second quarter. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
  • These decreases were offset by an increase of $7.2 million in bonus and salary expense, recorded in salaries and employee benefits, driven by increased company performance, an increase of $4.4 million in legal and consulting expense due to the timing of multiple projects, and an increase of $4.4 million in charitable contributions expense, recorded in other expense.
• The year-over-year increase in noninterest expense was driven by:
  • An increase of $9.8 million in salaries and bonus expense, recorded in salaries and employee benefits, driven by increased company performance.
  • An increase of $4.4 million in charitable contributions expense, recorded in other expense.
  • Increases of $3.1 million in legal and consulting expense and $2.8 million in processing fees due to the timing of multiple projects.
  • An increase of $1.4 million in bankcard expense primarily due to higher processing expense.
  • These increases were partially offset by a decrease of $8.8 million in employee benefits expense, recorded in salaries and employee benefits, primarily due to a decrease of $10.4 million in deferred compensation expense. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

Income taxes

• The company’s effective tax rate was 18.7% for the six months ended June 30, 2022, compared to 17.0% for the same period in 2021. The increase in the effective rate in 2022 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities.

Balance sheet

• Average total assets for the second quarter of 2022 were $37.6 billion compared to $39.2 billion for the linked quarter and $34.3 billion for the same period in 2021.

Summary of average loans and leases - QTD Average										UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Commercial and industrial		$	7,918,552			$	7,409,623			$	7,402,653			$	508,929			$	515,899
Specialty lending			518,575				463,793				505,687				54,782				12,888
Commercial real estate			6,569,784				6,338,160				6,165,780				231,624				404,004
Consumer real estate			2,458,815				2,339,050				2,068,663				119,765				390,152
Consumer			148,412				135,942				122,439				12,470				25,973
Credit cards			428,167				399,857				386,032				28,310				42,135
Leases and other			275,638				274,652				166,420				986				109,218
Total loans		$	18,317,943			$	17,361,077			$	16,817,674			$	956,866			$	1,500,269

• Average loans for the second quarter of 2022 increased 5.5% on a linked-quarter basis and 8.9% compared to the second quarter of 2021. Excluding PPP balances, average loans increased 5.8% on a linked-quarter basis and 16.8% as compared to the second quarter of 2021.

Summary of average securities - QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Securities available for sale:
U.S. Treasury		$	639,161			$	176,476			$	40,013			$	462,685			$	599,148
U.S. Agencies			172,798				125,017				94,794				47,781				78,004
Mortgage-backed			4,764,452				7,317,968				6,096,099				(2,553,516	)			(1,331,647	)
State and political subdivisions			1,891,377				3,170,757				3,565,443				(1,279,380	)			(1,674,066	)
Corporates			377,586				337,526				127,581				40,060				250,005
Collateralized loan obligations			247,639				150,134				—				97,505				247,639
Total securities available for sale		$	8,093,013			$	11,277,878			$	9,923,930			$	(3,184,865	)		$	(1,830,917	)
Securities held to maturity:
U.S. Agencies		$	65,964			$	133			$	—			$	65,831			$	65,964
Mortgage-backed			2,892,986				708,075				—				2,184,911				2,892,986
State and political subdivisions			2,240,018				1,185,609				1,057,091				1,054,409				1,182,927
Total securities held to maturity		$	5,198,968			$	1,893,817			$	1,057,091			$	3,305,151			$	4,141,877
Trading securities			10,190				20,836				21,409				(10,646	)			(11,219	)
Other securities			347,527				329,611				302,981				17,916				44,546
Total securities		$	13,649,698			$	13,522,142			$	11,305,411			$	127,556			$	2,344,287

• Average total securities increased 0.9% on a linked-quarter basis and 20.7% compared to the second quarter of 2021.

Summary of average deposits - QTD Average						UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Deposits:
Noninterest-bearing demand		$	14,209,159			$	14,025,585			$	10,701,656			$	183,574			$	3,507,503
Interest-bearing demand and savings			16,808,998				17,852,721				16,421,742				(1,043,723	)			387,256
Time deposits			570,812				701,973				659,228				(131,161	)			(88,416	)
Total deposits		$	31,588,969			$	32,580,279			$	27,782,626			$	(991,310	)		$	3,806,343
Noninterest bearing deposits as % of total			44.98	%			43.05	%			38.52	%

• Average deposits decreased 3.0% on a linked-quarter basis and increased 13.7% compared to the second quarter of 2021.
• Average noninterest-bearing demand deposits increased 1.3% on a linked-quarter basis to $14.2 billion.

Capital

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		June 30, 2022				March 31, 2022				June 30, 2021
Total equity		$	2,642,888			$	2,748,405			$	3,090,244
Book value per common share			54.71				56.78				63.92
Tangible book value per common share (Non-GAAP)			50.64				52.69				59.96
Regulatory capital:
Common equity Tier 1 capital		$	3,055,747			$	2,938,100			$	2,730,062
Tier 1 capital			3,055,747				2,938,100				2,730,062
Total capital			3,473,040				3,369,866				3,172,878
Regulatory capital ratios:
Common equity Tier 1 capital ratio			11.44	%			11.81	%			11.91	%
Tier 1 risk-based capital ratio			11.44				11.81				11.91
Total risk-based capital ratio			13.00				13.55				13.84
Tier 1 leverage ratio			8.17				7.53				8.00

• At June 30, 2022, 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
		2022				2022				2021				2021				2021
Net charge-offs - Total loans		$	28,128			$	8,378			$	8,061			$	3,127			$	28,374
Net loan charge-offs as a % of total average loans			0.62	%			0.20	%			0.19	%			0.07	%			0.68	%
Loans over 90 days past due		$	3,446			$	3,600			$	2,633			$	2,319			$	1,265
Loans over 90 days past due as a % of total loans			0.02	%			0.02	%			0.02	%			0.01	%			0.01	%
Nonaccrual and restructured loans		$	18,117			$	110,356			$	92,300			$	96,536			$	58,219
Nonaccrual and restructured loans as a % of total loans			0.10	%			0.62	%			0.54	%			0.59	%			0.34	%
Provision for credit losses		$	13,400			$	(6,500	)		$	8,500			$	(5,000	)		$	24,000

• Provision for credit losses for the second quarter increased $19.9 million from the linked quarter and decreased $10.6 million from the second quarter of 2021. Provision expense in the first quarter of 2022 represented a release of the Allowance for Credit Losses (ACL) based on positive macro-economic data and portfolio credit metrics.
• Net charge-offs for the second quarter totaled $28.1 million, or 0.62%, of average loans, compared to $8.4 million, or 0.20%, of average loans in the linked quarter, and $28.4 million, or 0.68%, of average loans for the second quarter of 2021.
• The increase in net charge-offs in the second quarter of 2022 is due to a $27.7 million write-down on a single commercial relationship.
• Nonaccrual loans decreased 83.6% from the linked quarter to 0.10% of total loans.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.37 per share quarterly cash dividend, payable on October 3, 2022, to shareholders of record at the close of business on September 12, 2022.

Conference Call

The company plans to host a conference call to discuss its second quarter 2022 earnings results on Wednesday, July 27, 2022, at 9:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 929-526-1599 and requesting to join the UMB Financial call with access code 636921. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 2Q 2022 Conference Call

A replay of the conference call may be heard through August 10, 2022 by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 826164. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we may 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 the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

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, COVID-19 related expense, 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, severance expense, and COVID-19 related expense.

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, severance expense and COVID-19 related expense.

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, 2021, 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 U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank.

Consolidated Balance Sheets		UMB Financial Corporation
(unaudited, dollars in thousands)
		June 30,
		2022				2021
ASSETS
Loans		$	18,972,158			$	16,910,790
Allowance for credit losses on loans			(164,346	)			(200,563	)
Net loans			18,807,812				16,710,227
Loans held for sale			750				5,303
Securities:
Available for sale			7,739,216				10,347,531
Held to maturity, net of allowance for credit losses			5,707,282				1,081,173
Trading securities			9,646				40,552
Other securities			342,543				254,315
Total securities			13,798,687				11,723,571
Federal funds sold and resell agreements			1,055,459				1,146,521
Interest-bearing due from banks			1,825,295				5,059,098
Cash and due from banks			360,242				469,883
Premises and equipment, net			257,729				281,011
Accrued income			144,874				131,188
Goodwill			182,225				174,518
Other intangibles, net			14,465				16,636
Other assets			1,060,303				901,059
Total assets		$	37,507,841			$	36,619,015
LIABILITIES
Deposits:
Noninterest-bearing demand		$	14,925,555			$	12,513,031
Interest-bearing demand and savings			16,007,087				16,857,127
Time deposits under $250,000			383,832				430,713
Time deposits of $250,000 or more			169,550				247,600
Total deposits			31,486,024				30,048,471
Federal funds purchased and repurchase agreements			2,661,283				2,783,389
Long-term debt			272,505				270,558
Accrued expenses and taxes			182,185				254,589
Other liabilities			262,956				171,764
Total liabilities			34,864,953				33,528,771
SHAREHOLDERS' EQUITY
Common stock			55,057				55,057
Capital surplus			1,115,504				1,098,139
Retained earnings			2,384,454				2,040,134
Accumulated other comprehensive (loss) income, net			(564,803	)			223,107
Treasury stock			(347,324	)			(326,193	)
Total shareholders' equity			2,642,888				3,090,244
Total liabilities and shareholders' equity		$	37,507,841			$	36,619,015

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,
		2022				2021				2022				2021
INTEREST INCOME
Loans		$	169,919			$	154,537			$	319,389			$	304,707
Securities:
Taxable interest			47,295				29,780				90,677				56,942
Tax-exempt interest			23,538				24,743				47,393				49,707
Total securities income			70,833				54,523				138,070				106,649
Federal funds and resell agreements			3,497				2,552				5,947				5,373
Interest-bearing due from banks			4,207				833				6,664				1,536
Trading securities			114				189				299				348
Total interest income			248,570				212,634				470,369				418,613
INTEREST EXPENSE
Deposits			15,439				6,574				21,612				13,372
Federal funds and repurchase agreements			4,998				1,779				7,146				3,665
Other			3,342				3,210				6,465				6,390
Total interest expense			23,779				11,563				35,223				23,427
Net interest income			224,791				201,071				435,146				395,186
Provision for credit losses			13,400				24,000				6,900				16,500
Net interest income after provision for credit losses			211,391				177,071				428,246				378,686
NONINTEREST INCOME
Trust and securities processing			58,886				53,863				118,414				108,697
Trading and investment banking			7,123				8,670				12,563				18,026
Service charges on deposit accounts			20,835				22,592				45,477				44,568
Insurance fees and commissions			245				245				504				665
Brokerage fees			12,391				2,592				15,847				5,926
Bankcard fees			17,840				16,063				34,475				30,736
Investment securities gains, net			60,720				15,455				60,198				7,119
Other			(1,705	)			12,109				12,535				24,749
Total noninterest income			176,335				131,589				300,013				240,486
NONINTEREST EXPENSE
Salaries and employee benefits			121,390				120,415				252,024				248,096
Occupancy, net			11,976				12,296				24,208				24,231
Equipment			18,315				19,196				36,479				38,811
Supplies and services			3,492				3,469				6,754				6,961
Marketing and business development			5,308				4,797				10,240				7,142
Processing fees			19,338				16,501				37,781				31,918
Legal and consulting			11,265				8,147				18,176				13,902
Bankcard			5,880				4,529				12,447				9,485
Amortization of other intangible assets			1,225				1,157				2,296				2,537
Regulatory fees			3,464				2,769				6,946				5,315
Other			12,474				8,062				21,554				13,886
Total noninterest expense			214,127				201,338				428,905				402,284
Income before income taxes			173,599				107,322				299,354				216,888
Income tax expense			36,043				19,910				55,835				36,833
NET INCOME		$	137,556			$	87,412			$	243,519			$	180,055
PER SHARE DATA
Net income – basic		$	2.85			$	1.81			$	5.03			$	3.74
Net income – diluted			2.83				1.79				4.99				3.70
Dividends			0.37				0.32				0.74				0.64
Weighted average shares outstanding – basic			48,347,226				48,294,952				48,376,868				48,196,345
Weighted average shares outstanding – diluted			48,673,964				48,698,319				48,755,059				48,604,140

Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2022				2021				2022				2021
Net income		$	137,556			$	87,412			$	243,519			$	180,055
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			(308,352	)			76,335				(931,262	)			(122,703	)
Less: Reclassification adjustment for gains included in net income			—				(1,300	)			—				(4,020	)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity			12,539				—				13,121				—
Change in unrealized gains and losses on debt securities			(295,813	)			75,035				(918,141	)			(126,723	)
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			4,437				(3,422	)			9,117				3,081
Less: Reclassification adjustment for gains included in net income			(1,090	)			(877	)			(1,941	)			(1,719	)
Change in unrealized gains and losses on derivative hedges			3,347				(4,299	)			7,176				1,362
Other comprehensive (loss) income, before tax			(292,466	)			70,736				(910,965	)			(125,361	)
Income tax benefit (expense)			70,791				(16,826	)			219,848				30,128
Other comprehensive (loss) income			(221,675	)			53,910				(691,117	)			(95,233	)
Comprehensive (loss) income		$	(84,119	)		$	141,322			$	(447,598	)		$	84,822

Consolidated Statements of Shareholders' Equity						UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Common Stock				Capital Surplus				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock				Total
Balance - January 1, 2021		$	55,057			$	1,090,450			$	1,891,246			$	318,340			$	(338,145	)		$	3,016,948
Total comprehensive income (loss)			—				—				180,055				(95,233	)			—				84,822
Dividends ($0.64 per share)			—				—				(31,167	)			—				—				(31,167	)
Purchase of treasury stock			—				—				—				—				(4,088	)			(4,088	)
Issuances of equity awards, net of forfeitures			—				(4,122	)			—				—				4,817				695
Recognition of equity-based compensation			—				8,609				—				—				—				8,609
Sale of treasury stock			—				148				—				—				153				301
Exercise of stock options			—				3,054				—				—				11,070				14,124
Balance - June 30, 2021		$	55,057			$	1,098,139			$	2,040,134			$	223,107			$	(326,193	)		$	3,090,244
Balance - January 1, 2022		$	55,057			$	1,110,520			$	2,176,998			$	126,314			$	(323,465	)		$	3,145,424
Total comprehensive income (loss)			—				—				243,519				(691,117	)			—				(447,598	)
Dividends ($0.74 per share)			—				—				(36,063	)			—				—				(36,063	)
Purchase of treasury stock			—				—				—				—				(31,806	)			(31,806	)
Issuances of equity awards, net of forfeitures			—				(6,630	)			—				—				7,309				679
Recognition of equity-based compensation			—				11,223				—				—				—				11,223
Sale of treasury stock			—				174				—				—				111				285
Exercise of stock options			—				217				—				—				527				744
Balance - June 30, 2022		$	55,057			$	1,115,504			$	2,384,454			$	(564,803	)		$	(347,324	)		$	2,642,888

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended June 30,
		2022								2021
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	18,317,943				3.72	%		$	16,817,674				3.69	%
Securities:
Taxable			9,825,114				1.93				6,994,559				1.71
Tax-exempt			3,814,394				3.13				4,289,443				2.93
Total securities			13,639,508				2.27				11,284,002				2.17
Federal funds and resell agreements			1,100,918				1.27				1,110,433				0.92
Interest bearing due from banks			2,632,307				0.64				3,343,311				0.10
Trading securities			10,190				5.35				21,409				4.27
Total earning assets			35,700,866				2.86				32,576,829				2.70
Allowance for credit losses			(182,118	)							(199,379	)
Other assets			2,043,977								1,886,774
Total assets		$	37,562,725							$	34,264,224
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	17,379,810				0.36	%		$	17,080,970				0.15	%
Federal funds and repurchase agreements			2,658,219				0.75				2,744,516				0.26
Borrowed funds			272,254				4.92				270,305				4.76
Total interest-bearing liabilities			20,310,283				0.47				20,095,791				0.23
Noninterest-bearing demand deposits			14,209,159								10,701,656
Other liabilities			394,923								398,319
Shareholders' equity			2,648,360								3,068,458
Total liabilities and shareholders' equity		$	37,562,725							$	34,264,224
Net interest spread							2.39	%							2.47	%
Net interest margin							2.60								2.56

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Six Months Ended June 30,
		2022								2021
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	17,842,153				3.61	%		$	16,533,463				3.72	%
Securities:
Taxable			9,644,345				1.90				6,698,020				1.71
Tax-exempt			3,926,444				3.08				4,295,317				2.95
Total securities			13,570,789				2.24				10,993,337				2.20
Federal funds and resell agreements			1,182,891				1.01				1,375,689				0.79
Interest bearing due from banks			3,965,267				0.34				3,079,684				0.10
Trading securities			15,484				4.70				19,485				4.28
Total earning assets			36,576,584				2.66				32,001,658				2.72
Allowance for credit losses			(190,123	)							(209,469	)
Other assets			1,966,176								1,862,036
Total assets		$	38,352,637							$	33,654,225
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	17,964,006				0.24	%		$	17,076,681				0.16	%
Federal funds and repurchase agreements			2,815,130				0.51				2,632,567				0.28
Borrowed funds			271,994				4.79				269,942				4.77
Total interest-bearing liabilities			21,051,130				0.34				19,979,190				0.24
Noninterest-bearing demand deposits			14,117,879								10,230,287
Other liabilities			393,732								414,535
Shareholders' equity			2,789,896								3,030,213
Total liabilities and shareholders' equity		$	38,352,637							$	33,654,225
Net interest spread							2.32	%							2.48	%
Net interest margin							2.47								2.57

Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended June 30, 2022
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	149,094			$	34,981			$	40,716			$	224,791
Provision for credit losses			12,067				89				1,244				13,400
Noninterest income			56,894				81,082				38,359				176,335
Noninterest expense			79,521				76,511				58,095				214,127
Income before taxes			114,400				39,463				19,736				173,599
Income tax expense			23,752				8,193				4,098				36,043
Net income		$	90,648			$	31,270			$	15,638			$	137,556
		Three Months Ended June 30, 2021
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	142,878			$	21,258			$	36,935			$	201,071
Provision for credit losses			21,993				147				1,860				24,000
Noninterest income			37,106				68,745				25,738				131,589
Noninterest expense			73,472				72,575				55,291				201,338
Income before taxes			84,519				17,281				5,522				107,322
Income tax expense			15,679				3,206				1,025				19,910
Net income		$	68,840			$	14,075			$	4,497			$	87,412
		Six Months Ended June 30, 2022
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	294,096			$	61,233			$	79,817			$	435,146
Provision for credit losses			5,027				240				1,633				6,900
Noninterest income			83,594				154,354				62,065				300,013
Noninterest expense			159,110				152,112				117,683				428,905
Income before taxes			213,553				63,235				22,566				299,354
Income tax expense			39,831				11,795				4,209				55,835
Net income		$	173,722			$	51,440			$	18,357			$	243,519
		Six Months Ended June 30, 2021
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	279,287			$	43,397			$	72,502			$	395,186
Provision for credit losses			13,816				367				2,317				16,500
Noninterest income			45,281				137,166				58,039				240,486
Noninterest expense			143,196				143,857				115,231				402,284
Income before taxes			167,556				36,339				12,993				216,888
Income tax expense			28,455				6,171				2,207				36,833
Net income		$	139,101			$	30,168			$	10,786			$	180,055

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, 2022.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Net income (GAAP)		$	137,556			$	87,412			$	243,519			$	180,055
Adjustments:
Acquisition expense			—				—				—				—
Severance expense			52				103				197				124
COVID-19 related expense			—				182				—				337
Tax-impact of adjustments (i)			(12	)			(63	)			(47	)			(102	)
Total Non-GAAP adjustments (net of tax)			40				222				150				359
Net operating income (Non-GAAP)		$	137,596			$	87,634			$	243,669			$	180,414
Earnings per share - diluted (GAAP)		$	2.83			$	1.79			$	4.99			$	3.70
Acquisition expense			—				—				—				—
Severance expense			—				—				—				—
COVID-19 related expense			—				0.01				—				0.01
Tax-impact of adjustments (i)			—				—				—				—
Operating earnings per share - diluted (Non-GAAP)		$	2.83			$	1.80			$	4.99			$	3.71
GAAP
Return on average assets			1.47	%			1.02	%			1.28	%			1.08	%
Return on average equity			20.83				11.43				17.60				11.98
Non-GAAP
Operating return on average assets			1.47	%			1.03	%			1.28	%			1.08	%
Operating return on average equity			20.84				11.46				17.61				12.01

(i) Calculated using the company’s marginal tax rate of 24.0% in 2022 and 22.2% in 2021.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:										UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Noninterest expense		$	214,127			$	201,338			$	428,905			$	402,284
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			—				—				—				—
Severance expense			52				103				197				124
COVID-19 related expense			—				182				—				337
Total Non-GAAP adjustments (pre-tax)			52				285				197				461
Operating noninterest expense (Non-GAAP)		$	214,075			$	201,053			$	428,708			$	401,823
Noninterest expense		$	214,127			$	201,338			$	428,905			$	402,284
Less: Amortization of other intangibles			1,225				1,157				2,296				2,537
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	212,902			$	200,181			$	426,609			$	399,747
Operating noninterest expense		$	214,075			$	201,053			$	428,708			$	401,823
Less: Amortization of other intangibles			1,225				1,157				2,296				2,537
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	212,850			$	199,896			$	426,412			$	399,286
Net interest income		$	224,791			$	201,071			$	435,146			$	395,186
Noninterest income			176,335				131,589				300,013				240,486
Less: Gains on sales of securities available for sale, net			—				1,300				—				4,020
Total Non-GAAP Revenue (denominator A)		$	401,126			$	331,360			$	735,159			$	631,652
Efficiency ratio (numerator A/denominator A)			53.08	%			60.41	%			58.03	%			63.29	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			53.06				60.33				58.00				63.21

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
		June 30,				March 31,				June 30,				June 30,
		2022				2022				2021				2022				2021
Net interest income (GAAP)		$	224,791			$	210,355			$	201,071			$	435,146			$	395,186
Noninterest income (GAAP)			176,335				123,678				131,589				300,013				240,486
Noninterest expense (GAAP)			214,127				214,778				201,338				428,905				402,284
Adjustments to arrive at operating noninterest expense:
Acquisition expense			—				—				—				—				—
Severance expense			52				145				103				197				124
COVID-19 related expense			—				—				182				—				337
Total Non-GAAP adjustments			52				145				285				197				461
Operating noninterest expense (Non-GAAP)			214,075				214,633				201,053				428,708				401,823
Operating pre-tax, pre-provision income (Non-GAAP)		$	187,051			$	119,400			$	131,607			$	306,451			$	233,849
Net interest income earnings per share - diluted (GAAP)		$	4.62			$	4.31			$	4.13			$	8.93			$	8.13
Noninterest income (GAAP)			3.62				2.53				2.70				6.16				4.95
Noninterest expense (GAAP)			4.40				4.40				4.13				8.80				8.28
Acquisition expense			—				—				—				—				—
Severance expense			—				—				—				—				—
COVID-19 related expense			—				—				0.01				—				0.01
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)		$	3.84			$	2.44			$	2.71			$	6.29			$	4.81

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:														UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,				June 30,
		2022				2022				2021				2022				2021
Net interest income (GAAP)		$	224,791			$	210,355			$	201,071			$	435,146			$	395,186
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest			6,278				6,399				6,629				12,677				13,307
Net interest income - FTE (Non-GAAP)		$	231,069			$	216,754			$	207,700			$	447,823			$	408,493
Noninterest income (GAAP)			176,335				123,678				131,589				300,013				240,486
Noninterest expense (GAAP)			214,127				214,778				201,338				428,905				402,284
Adjustments to arrive at operating noninterest expense:
Acquisition expense			—				—				—				—				—
Severance expense			52				145				103				197				124
COVID-19 related expense			—				—				182				—				337
Total Non-GAAP adjustments			52				145				285				197				461
Operating noninterest expense (Non-GAAP)			214,075				214,633				201,053				428,708				401,823
Operating pre-tax, pre-provision income - FTE (Non-GAAP)		$	193,329			$	125,799			$	138,236			$	319,128			$	247,156
Net interest income earnings per share - diluted (GAAP)		$	4.62			$	4.31			$	4.13			$	8.93			$	8.13
Tax equivalent interest			0.13				0.13				0.13				0.26				0.28
Net interest income - FTE (Non-GAAP)			4.75				4.44				4.26				9.19				8.41
Noninterest income (GAAP)			3.62				2.53				2.70				6.16				4.95
Noninterest expense (GAAP)			4.40				4.40				4.13				8.80				8.28
Acquisition expense			—				—				—				—				—
Severance expense			—				—				—				—				—
COVID-19 related expense			—				—				0.01				—				0.01
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)		$	3.97			$	2.57			$	2.84			$	6.55			$	5.09

Tangible book value non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of June 30,
		2022				2021
Total shareholders' equity (GAAP)		$	2,642,888			$	3,090,244
Less: Intangible assets
Goodwill			182,225				174,518
Other intangibles, net			14,465				16,636
Total intangibles, net			196,690				191,154
Total tangible shareholders' equity (Non-GAAP)		$	2,446,198			$	2,899,090
Total shares outstanding			48,305,286				48,346,371
Ratio of total shareholders' equity (book value) per share		$	54.71			$	63.92
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)			50.64				59.96

 

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Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

Source: UMB Financial Corporation

FAQ

What were UMB Financial Corporation's Q2 2022 earnings?

UMB Financial reported a net income of $137.6 million, or $2.83 per diluted share, for Q2 2022.

What caused the increase in net income for UMBF in Q2 2022?

The increase in net income was driven by strong loan growth, net interest margin expansion, and a pre-tax gain of $66.2 million from selling Visa shares.

How much did UMB Financial Corporation's average loans increase in Q2 2022?

Average loans increased by $1.5 billion, or 8.9%, compared to Q2 2021.

What is the net interest margin for UMBF in Q2 2022?

The net interest margin for Q2 2022 was 2.60%, which is a 25 basis point increase from the previous quarter.

Did UMB Financial Corporation declare a dividend in Q2 2022?

Yes, UMB Financial declared a $0.37 per share quarterly cash dividend, payable on October 3, 2022.