Third Quarter 2024 Financial Highlights
- GAAP net income of $109.6 million, or $2.23 per diluted
share.
- Net operating income(i) of $110.4 million, or $2.25 per diluted
share.
- Average loans increased 9.8% on a linked-quarter, annualized
basis, to $24.4 billion.
- Average loans increased $1.6 billion, or 7.2%, as compared to
the third quarter of 2023.
- Average deposits increased 11.1% on a linked-quarter,
annualized basis, to $35.3 billion.
- Credit quality remained strong, with net charge-offs of just
0.08% of average loans for the nine months ended September 30,
2024.
UMB Financial Corporation (Nasdaq: UMBF), a financial services
company, announced net income for the third quarter of 2024 of
$109.6 million, or $2.23 per diluted share, compared to $101.3
million, or $2.07 per diluted share, in the second quarter (linked
quarter) and $96.6 million, or $1.98 per diluted share, in the
third quarter of 2023.
Net operating income, a non-GAAP financial measure reconciled
later in this release to net income, the nearest comparable GAAP
measure, was $110.4 million, or $2.25 per diluted share, for the
third quarter of 2024, compared to $105.9 million, or $2.16 per
diluted share, for the linked quarter and $98.4 million, or $2.02
per diluted share, for the third quarter of 2023. Operating
pre-tax, pre-provision income (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 $154.6
million, or $3.15 per diluted share, for the third quarter of 2024,
compared to $146.8 million, or $3.00 per diluted share, for the
linked quarter, and $126.6 million, or $2.60 per diluted share, for
the third quarter of 2023. These operating PTPP results represent
increases of 5.3% on a linked-quarter basis and 22.1% compared to
the third quarter of 2023.
“We are pleased with another quarter of solid financial
performance across the board,” said Mariner Kemper, UMB Financial
Corporation chairman and chief executive officer. “Strong
institutional banking activity contributed to the 9.5% increase in
fee income compared to the linked quarter, and near-double digit
annualized loan growth drove net interest income higher. Net
interest margin decreased five basis points sequentially due
largely to the decline in average noninterest-bearing deposit
balances driven by net client disbursements within our asset
servicing and corporate trust lines of business, which can be
episodic in nature. Asset quality remains strong as evidenced by
only eight basis points of net charge-offs to average loans on a
year-to-date basis; the higher provision expense in the quarter
largely reflects the impact of $793.3 million in net loan growth
that was driven by record top-line loan production of $1.4
billion.
“We are on track to complete our pending acquisition of
Heartland Financial, subject to regulatory and other approvals, in
the first quarter of 2025. Our preparations for legal day one of
the acquisition are well underway, with many cross-functional
workstreams collaborating with personnel from Heartland Financial.
This financially and strategically compelling combination will add
further diversity and scale to our already well-diversified
financial model. We look forward to serving our prospective clients
and geographies as well as welcoming new associates to our UMB
family.”
(i)
A non-GAAP financial measure reconciled later in this release to
net income, the nearest comparable GAAP measure.
Third Quarter 2024 earnings discussion
Summary of quarterly financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
Q3
Q2
Q3
2024
2024
2023
Net income (GAAP)
$
109,643
$
101,345
$
96,554
Earnings per share - diluted (GAAP)
2.23
2.07
1.98
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
154,594
146,840
126,592
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
3.15
3.00
2.60
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
161,195
153,247
133,151
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
3.28
3.13
2.73
Net operating income (Non-GAAP)(i)
110,358
105,873
98,400
Operating earnings per share - diluted
(Non-GAAP)(i)
2.25
2.16
2.02
GAAP
Return on average assets
1.01
%
0.96
%
0.97
%
Return on average equity
12.63
12.73
13.25
Efficiency ratio
61.69
63.37
64.51
Non-GAAP(i)
Operating return on average assets
1.01
%
1.00
%
0.99
%
Operating return on average equity
12.71
13.30
13.50
Operating efficiency ratio
61.46
61.86
63.83
(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)
September
September
YTD
YTD
2024
2023
Net income (GAAP)
$
321,246
$
279,101
Earnings per share - diluted (GAAP)
6.56
5.73
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
458,885
389,890
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
9.37
8.00
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
478,409
409,579
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
9.76
8.40
Net operating income (Non-GAAP)(i)
336,943
285,077
Operating earnings per share - diluted
(Non-GAAP)(i)
6.88
5.85
GAAP
Return on average assets
1.01
%
0.95
%
Return on average equity
13.13
13.18
Efficiency ratio
62.82
64.40
Non-GAAP(i)
Operating return on average assets
1.06
%
0.97
%
Operating return on average equity
13.77
13.46
Operating efficiency ratio
61.12
63.68
Summary of revenue
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Net interest income
$
247,376
$
245,108
$
222,287
$
2,268
$
25,089
Noninterest income:
Trust and securities processing
74,222
70,010
66,668
4,212
7,554
Trading and investment banking
7,118
5,461
3,771
1,657
3,347
Service charges on deposit accounts
20,089
22,261
21,080
(2,172
)
(991
)
Insurance fees and commissions
282
267
272
15
10
Brokerage fees
15,749
14,020
13,400
1,729
2,349
Bankcard fees
22,394
22,346
19,296
48
3,098
Investment securities gains (losses),
net
2,623
(1,867
)
271
4,490
2,352
Other
16,266
12,421
8,559
3,845
7,707
Total noninterest income
$
158,743
$
144,919
$
133,317
$
13,824
$
25,426
Total revenue
$
406,119
$
390,027
$
355,604
$
16,092
$
50,515
Net interest income (FTE)
$
253,977
$
251,515
$
228,846
Net interest margin (FTE)
2.46
%
2.51
%
2.43
%
Total noninterest income as a % of total
revenue
39.1
37.2
37.5
Net interest income
- Third quarter 2024 net interest income totaled $247.4 million,
an increase of $2.3 million, or 0.9%, from the linked quarter,
driven primarily by continued growth in average loans and higher
levels of liquidity, partially offset by higher interest expense
driven by a mix shift in the funding composition.
- Average earning assets increased $783.1 million, or 1.9%, from
the linked quarter, largely driven by an increase of $581.3 million
in average loans, an increase of $82.1 million in federal funds
sold and resell agreements, and an increase of $75.8 million in
interest-bearing due from banks.
- Average interest-bearing liabilities increased $1.1 billion, or
4.0%, from the linked quarter, primarily driven by an increase of
$1.6 billion in interest-bearing deposits, partially offset by a
decrease of $280.1 million in borrowed funds. Average
noninterest-bearing demand deposits decreased $600.9 million, or
5.9%, as compared to the linked quarter, driven by net cash
disbursements within the asset servicing and other corporate trust
lines of business. Compared to the linked quarter, average
commercial demand deposit balances increased 2.8% during the
quarter.
- Net interest margin for the third quarter was 2.46%, a decrease
of five basis points from the linked quarter, driven by the
increased cost of interest-bearing liabilities due to mix shift in
the funding composition, partially offset by increased loan yields
and earning asset mix changes. The cost of interest-bearing
liabilities increased three basis points to 4.18%. Total cost of
funds increased 10 basis points from the linked quarter to 3.16%.
Average loan yields increased two basis points while earning asset
yields increased three basis points from the linked quarter.
- On a year-over-year basis, net interest income increased $25.1
million, or 11.3%, driven by a $1.6 billion, or 7.2%, 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 third quarter of 2023, average earning assets
increased $3.7 billion, or 9.8%, largely driven by an increase of
$2.0 billion in interest-bearing due from banks and the increase in
average loans noted above.
- Average deposits increased 12.6% compared to the third quarter
of 2023. Average noninterest-bearing demand deposit balances
decreased 5.1% compared to the third quarter of 2023, driven by net
cash disbursements within the commercial and institutional
segments. Average demand deposit balances comprised 26.9% of total
deposits, compared to 29.4% in the linked quarter and 32.0% in the
third quarter of 2023.
- Average borrowed funds decreased $280.1 million as compared to
the linked quarter and $1.1 billion as compared to the third
quarter of 2023, driven by short-term borrowings with the Federal
Home Loan Bank and the Federal Reserve.
Noninterest income
- Third quarter 2024 noninterest income increased $13.8 million,
or 9.5%, on a linked-quarter basis, largely due to:
- $2.6 million in investment securities gains, primarily driven
by increased valuations in the company's non-marketable securities
compared to a $1.9 million loss in the linked quarter.
- Increases of $2.8 million in fund services income and $1.6
million in corporate trust income, both recorded in trust and
securities processing.
- An increase of $2.7 million in company-owned life insurance and
a gain of $1.1 million on the sale of a building during the third
quarter of 2024, both recorded in other income. The increase in
company-owned life insurance was offset by a proportionate increase
in deferred compensation expense as noted below.
- Increases of $1.7 million in both brokerage income and trading
and investment banking, primarily driven by higher 12b-1 fees and
money market income and increased trading volume,
respectively.
- These increases were partially offset by a decrease of $2.2
million in service charges on deposit accounts primarily due to
lower healthcare income related to customer transfer and
conversion.
- Compared to the prior year, noninterest income in the third
quarter of 2024 increased $25.4 million, or 19.1%, primarily driven
by:
- An increase of $7.7 million in other income, primarily driven
by an increase of $4.0 million in company-owned life insurance
income, a $1.1 million gain on the sale of a building during the
third quarter of 2024, and an increase of $0.7 million in
bank-owned life insurance income. The increase in company-owned
life insurance was offset by a proportionate increase in deferred
compensation expense as noted below.
- Increases of $5.2 million in fund services income, $1.8 million
in corporate trust income, and $0.6 million in trust income, all
recorded in trust and securities processing.
- Increases of $3.3 million in trading and investment banking,
driven by higher trading volume and $3.1 million in bankcard
income, driven by increased interchange income.
- Increases of $2.4 million in investment securities gains,
primarily driven by increased valuations in the company's
non-marketable securities and $2.3 million in brokerage income,
driven by higher 12b-1 fees and money market income.
Noninterest expense
Summary of noninterest expense
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Salaries and employee benefits
$
146,984
$
142,861
$
133,380
$
4,123
$
13,604
Occupancy, net
12,274
11,723
12,283
551
(9
)
Equipment
15,988
15,603
17,204
385
(1,216
)
Supplies and services
4,967
3,404
3,213
1,563
1,754
Marketing and business development
6,817
6,598
6,631
219
186
Processing fees
29,697
29,701
26,016
(4
)
3,681
Legal and consulting
9,518
16,566
7,230
(7,048
)
2,288
Bankcard
12,482
11,818
8,852
664
3,630
Amortization of other intangible
assets
1,917
1,911
2,124
6
(207
)
Regulatory fees
4,686
2,568
6,153
2,118
(1,467
)
Other
7,124
6,314
8,355
810
(1,231
)
Total noninterest expense
$
252,454
$
249,067
$
231,441
$
3,387
$
21,013
- GAAP noninterest expense for the third quarter of 2024 was
$252.5 million, an increase of $3.4 million, or 1.4%, from the
linked quarter and an increase of $21.0 million, or 9.1% from the
third 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 $251.5 million
for the third quarter of 2024, an increase of $8.3 million, or
3.4%, from the linked quarter and an increase of $22.5 million, or
9.8%, from the third quarter of 2023.
- The linked-quarter increase in GAAP noninterest expense was
driven by:
- An increase of $2.1 million in regulatory fees expense, driven
primarily by changes in loss estimates related to the industry-wide
FDIC special assessment levied on banks to recoup the losses
related to two of the bank failures in March 2023. The results for
the third quarter of 2024 include a reduction of $1.7 million in
pre-tax FDIC special assessment expense while the second quarter
included a reduction of $3.8 million.
- Increases of $1.9 million in deferred compensation expense,
$1.9 million in salary and wage expense, and $1.3 million in bonus
and commission expense, tied to improved company performance, all
recorded in salaries and employee benefits. The increase in
deferred compensation expense was offset by the increase in
company-owned life insurance income noted above.
- Increases of $1.6 million in supplies driven by purchases of
computers during the third quarter, $0.8 million in other expense,
and $0.7 million in bankcard expense driven by higher
administrative expense.
- These increases were partially offset by a decrease of $7.0
million in legal and consulting expense driven by expense related
to the announced acquisition of Heartland Financial USA, Inc.
during the linked quarter.
- The year-over-year increase in GAAP noninterest expense was
driven by:
- Increases of $5.4 million in salary and wage expense, $3.6
million in bonus and commission expense tied to improved company
performance, and $2.7 million in deferred compensation expense, all
recorded in salaries and employee benefits. The increase in
deferred compensation expense was offset by the increase in
company-owned life insurance income noted above.
- Increases of $3.7 million in processing fees expense due to
increased software subscription costs and $3.6 million in bankcard
expense driven by higher administrative expense.
- Increases of $2.3 million in legal and consulting expense
related to the announced acquisition of Heartland Financial USA,
Inc. and $1.8 million in supplies driven by purchases of computers
during the third quarter of 2024.
- These increases were partially offset by the following
decreases:
- A decrease of $1.5 million in regulatory fees expense driven by
the aforementioned reduction of $1.7 million in FDIC special
assessment expense recorded in the third quarter of 2024.
- A decrease of $1.9 million in operational losses, recorded in
other expense, driven by lower activity in the current period.
Income taxes
- The company’s effective tax rate was 19.0% for the nine months
ended September 30, 2024, compared to 18.1% 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 higher non-deductible
acquisition costs in 2024.
Balance sheet
- Average total assets for the third quarter of 2024 were $43.3
billion compared to $42.5 billion for the linked quarter and $39.5
billion for the same period in 2023.
Summary of average loans and leases -
QTD Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Commercial and industrial
$
10,176,502
$
9,926,855
$
9,852,335
$
249,647
$
324,167
Specialty lending
508,957
502,646
526,711
6,311
(17,754
)
Commercial real estate
9,669,076
9,360,991
8,545,206
308,085
1,123,870
Consumer real estate
3,045,229
2,998,560
2,922,753
46,669
122,476
Consumer
164,105
159,743
139,384
4,362
24,721
Credit cards
613,663
617,502
477,904
(3,839
)
135,759
Leases and other
209,631
239,532
287,174
(29,901
)
(77,543
)
Total loans
$
24,387,163
$
23,805,829
$
22,751,467
$
581,334
$
1,635,696
- Average loans for the third quarter of 2024 increased $581.3
million, or 2.4%, on a linked-quarter basis and $1.6 billion, or
7.2%, compared to the third quarter of 2023.
Summary of average securities - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Securities available for sale:
U.S. Treasury
$
821,308
$
900,348
$
786,136
$
(79,040
)
$
35,172
U.S. Agencies
166,250
210,151
172,832
(43,901
)
(6,582
)
Mortgage-backed
3,888,879
3,667,289
3,611,305
221,590
277,574
State and political subdivisions
1,240,199
1,213,000
1,275,591
27,199
(35,392
)
Corporates
320,570
323,751
345,026
(3,181
)
(24,456
)
Collateralized loan obligations
340,604
336,273
346,426
4,331
(5,822
)
Total securities available for sale
$
6,777,810
$
6,650,812
$
6,537,316
$
126,998
$
240,494
Securities held to maturity:
U.S. Agencies
$
116,286
$
120,563
$
123,165
$
(4,277
)
$
(6,879
)
Mortgage-backed
2,597,430
2,656,096
2,814,467
(58,666
)
(217,037
)
State and political subdivisions
2,785,138
2,798,371
2,828,029
(13,233
)
(42,891
)
Total securities held to maturity
$
5,498,854
$
5,575,030
$
5,765,661
$
(76,176
)
$
(266,807
)
Trading securities
$
19,743
$
26,381
$
17,327
$
(6,638
)
$
2,416
Other securities
447,698
448,015
445,380
(317
)
2,318
Total securities
$
12,744,105
$
12,700,238
$
12,765,684
$
43,867
$
(21,579
)
- Average total securities increased 0.3% on a linked-quarter
basis and decreased 0.2% compared to the third quarter of
2023.
- At September 30, 2024, the unrealized pre-tax net loss on the
available-for-sale securities portfolio was $449.4 million, or 6.0%
of the $7.5 billion amortized cost balance. At September 30, 2024,
the unrealized pre-tax net loss on the securities designated as
held to maturity was $563.5 million, or 10.3% of the $5.5 billion
amortized cost value.
Summary of average deposits - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Deposits:
Noninterest-bearing demand
$
9,502,106
$
10,103,035
$
10,014,686
$
(600,929
)
$
(512,580
)
Interest-bearing demand and savings
23,779,651
21,914,116
18,142,212
1,865,535
5,637,439
Time deposits
2,010,199
2,323,610
3,173,549
(313,411
)
(1,163,350
)
Total deposits
$
35,291,956
$
34,340,761
$
31,330,447
$
951,195
$
3,961,509
Noninterest bearing deposits as % of
total
26.9
%
29.4
%
32.0
%
- Average deposits increased 2.8% on a linked-quarter basis and
12.6% compared to the third quarter of 2023.
Capital
Capital information
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
September 30, 2024
June 30, 2024
September 30, 2023
Total equity
$
3,535,489
$
3,227,347
$
2,806,659
Accumulated other comprehensive loss,
net
(395,856
)
(605,634
)
(792,371
)
Book value per common share
72.45
66.21
57.83
Tangible book value per common share
(Non-GAAP)(i)
66.86
60.58
52.06
Regulatory capital:
Common equity Tier 1 capital
$
3,691,874
$
3,591,755
$
3,357,986
Tier 1 capital
3,691,874
3,591,755
3,357,986
Total capital
4,324,890
4,214,712
3,955,093
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.22
%
11.14
%
10.77
%
Tier 1 risk-based capital ratio
11.22
11.14
10.77
Total risk-based capital ratio
13.14
13.08
12.68
Tier 1 leverage ratio
8.58
8.50
8.55
(i)
See reconciliation of Non-GAAP measures to their nearest comparable
GAAP measures later in this release.
- At September 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)
Q3
Q2
Q1
Q4
Q3
2024
2024
2024
2023
2023
Net charge-offs - total loans
$
8,454
$
2,856
$
3,017
$
1,352
$
4,618
Net loan charge-offs as a % of total
average loans
0.14
%
0.05
%
0.05
%
0.02
%
0.08
%
Loans over 90 days past due
$
7,133
$
5,644
$
3,076
$
3,111
$
3,044
Loans over 90 days past due as a % of
total loans
0.03
%
0.02
%
0.01
%
0.01
%
0.01
%
Nonaccrual and restructured loans
$
19,291
$
13,743
$
17,756
$
13,212
$
17,042
Nonaccrual and restructured loans as a %
of total loans
0.08
%
0.06
%
0.08
%
0.06
%
0.07
%
Provision for credit losses
$
18,000
$
14,050
$
10,000
$
—
$
4,977
- Provision for credit losses for the third quarter increased
$4.0 million from the linked quarter and $13.0 million from the
third quarter of 2023. These changes are driven largely by
provision tied to the $793.3 million and $2.1 billion increases,
respectively, in period-end loans from the prior periods, as well
as general portfolio trends in the current period as compared to
the prior periods.
- Net charge-offs for the third quarter totaled $8.5 million, or
0.14% of average loans, compared to $2.9 million, or 0.05% of
average loans in the linked quarter, and $4.6 million, or 0.08% of
average loans for the third quarter of 2023.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
approved a 2.6% increase in the quarterly cash dividend to $0.40
per share. The cash dividend will be payable on January 2, 2025, to
shareholders of record at the close of business on December 10,
2024.
Conference Call
The company will host a conference call to discuss its third
quarter 2024 earnings results on Wednesday, October 30, 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 961896. The live call may
also be accessed by visiting investorrelations.umb.com or by using
the following link:
UMB Financial 3Q 2024 Conference Call
A replay of the conference call may be heard through November
13, 2024, by calling (toll-free) 866-813-9403 or (international)
929-458-6194. The replay access code required for playback is
489413. 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 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- and
severance-related items, and the FDIC special assessment that
management does not believe reflect the company’s fundamental
operating performance.
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 U.S. Securities and Exchange Commission
(SEC). In addition to such factors that have been disclosed
previously: macroeconomic and adverse developments and
uncertainties related to the collateral effects of the collapse of,
and challenges for, domestic and international banks, including the
impacts to the U.S. and global economies; sustained levels of high
inflation and the potential for an economic recession on the heels
of aggressive quantitative tightening by the Federal Reserve; and
impacts related to or resulting from instability in the Middle East
and 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.
Consolidated Balance Sheets
UMB Financial
Corporation
(unaudited, dollars in thousands)
September 30,
2024
2023
ASSETS
Loans
$
24,990,791
$
22,881,689
Allowance for credit losses on loans
(248,907
)
(221,462
)
Net loans
24,741,884
22,660,227
Loans held for sale
5,176
2,824
Securities:
Available for sale
7,015,998
6,330,699
Held to maturity, net of allowance for
credit losses
5,474,710
5,729,697
Trading securities
35,839
24,509
Other securities
465,477
473,255
Total securities
12,992,024
12,558,160
Federal funds sold and resell
agreements
399,234
248,203
Interest-bearing due from banks
6,601,866
3,556,076
Cash and due from banks
778,069
454,705
Premises and equipment, net
222,056
249,037
Accrued income
218,651
208,594
Goodwill
207,385
207,385
Other intangibles, net
65,564
73,060
Other assets
1,264,519
1,246,411
Total assets
$
47,496,428
$
41,464,682
LIABILITIES
Deposits:
Noninterest-bearing demand
$
12,840,940
$
11,254,885
Interest-bearing demand and savings
24,798,869
18,833,614
Time deposits under $250,000
1,245,532
2,834,181
Time deposits of $250,000 or more
817,251
509,072
Total deposits
39,702,592
33,431,752
Federal funds purchased and repurchase
agreements
2,023,297
1,757,602
Short-term debt
1,050,000
2,300,000
Long-term debt
384,758
382,768
Accrued expenses and taxes
387,223
319,283
Other liabilities
413,069
466,618
Total liabilities
43,960,939
38,658,023
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,138,350
1,128,239
Retained earnings
3,074,617
2,759,415
Accumulated other comprehensive loss,
net
(395,856
)
(792,371
)
Treasury stock
(336,679
)
(343,681
)
Total shareholders' equity
3,535,489
2,806,659
Total liabilities and shareholders'
equity
$
47,496,428
$
41,464,682
Consolidated Statements of
Income
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
INTEREST INCOME
Loans
$
416,400
$
367,485
$
1,202,317
$
1,018,920
Securities:
Taxable interest
63,466
53,455
186,159
161,091
Tax-exempt interest
24,578
25,704
74,988
76,560
Total securities income
88,044
79,159
261,147
237,651
Federal funds and resell agreements
4,990
4,567
11,726
14,107
Interest-bearing due from banks
47,969
20,551
139,831
70,923
Trading securities
291
214
1,020
502
Total interest income
557,694
471,976
1,616,041
1,342,103
INTEREST EXPENSE
Deposits
262,599
191,919
726,999
490,368
Federal funds and repurchase
agreements
27,070
23,076
82,813
71,123
Other
20,649
34,694
74,311
91,018
Total interest expense
310,318
249,689
884,123
652,509
Net interest income
247,376
222,287
731,918
689,594
Provision for credit losses
18,000
4,977
42,050
41,227
Net interest income after provision for
credit losses
229,376
217,310
689,868
648,367
NONINTEREST INCOME
Trust and securities processing
74,222
66,668
213,710
190,616
Trading and investment banking
7,118
3,771
18,041
13,879
Service charges on deposit accounts
20,089
21,080
63,107
63,620
Insurance fees and commissions
282
272
832
771
Brokerage fees
15,749
13,400
42,929
40,680
Bankcard fees
22,394
19,296
66,708
56,047
Investment securities gains (losses),
net
2,623
271
10,127
(4,153
)
Other
16,266
8,559
47,452
40,139
Total noninterest income
158,743
133,317
462,906
401,599
NONINTEREST EXPENSE
Salaries and employee benefits
146,984
133,380
432,851
419,190
Occupancy, net
12,274
12,283
36,267
36,206
Equipment
15,988
17,204
48,094
52,139
Supplies and services
4,967
3,213
11,672
11,283
Marketing and business development
6,817
6,631
19,440
19,090
Processing fees
29,697
26,016
87,334
75,828
Legal and consulting
9,518
7,230
33,978
21,574
Bankcard
12,482
8,852
34,867
24,292
Amortization of other intangible
assets
1,917
2,124
5,788
6,539
Regulatory fees
4,686
6,153
26,649
17,827
Other
7,124
8,355
19,385
25,198
Total noninterest expense
252,454
231,441
756,325
709,166
Income before income taxes
135,665
119,186
396,449
340,800
Income tax expense
26,022
22,632
75,203
61,699
NET INCOME
$
109,643
$
96,554
$
321,246
$
279,101
PER SHARE DATA
Net income – basic
$
2.25
$
1.99
$
6.59
$
5.76
Net income – diluted
2.23
1.98
6.56
5.73
Dividends
0.39
0.38
1.17
1.14
Weighted average shares outstanding –
basic
48,775,072
48,525,776
48,727,914
48,492,022
Weighted average shares outstanding –
diluted
49,078,497
48,762,696
48,993,581
48,737,065
Consolidated Statements of
Comprehensive Income
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Net income
$
109,643
$
96,554
$
321,246
$
279,101
Other comprehensive income (loss), before
tax:
Unrealized gains and losses on debt
securities:
Change in unrealized holding gains and
losses, net
229,285
(151,753
)
175,005
(145,601
)
Less: Reclassification adjustment for net
(gains) losses included in net income
—
(154
)
(139
)
279
Amortization of net unrealized loss on
securities transferred from available-for-sale to
held-to-maturity
9,618
10,268
27,345
30,563
Change in unrealized gains and losses on
debt securities
238,903
(141,639
)
202,211
(114,759
)
Unrealized gains and losses on derivative
hedges:
Change in unrealized gains and losses on
derivative hedges, net
40,445
3,927
18,012
4,248
Less: Reclassification adjustment for net
gains included in net income
(1,666
)
(2,844
)
(7,392
)
(8,065
)
Change in unrealized gains and losses on
derivative hedges
38,779
1,083
10,620
(3,817
)
Other comprehensive income (loss), before
tax
277,682
(140,556
)
212,831
(118,576
)
Income tax (expense) benefit
(67,904
)
34,016
(51,752
)
28,940
Other comprehensive income (loss)
209,778
(106,540
)
161,079
(89,636
)
Comprehensive income (loss)
$
319,421
$
(9,986
)
$
482,325
$
189,465
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 (Loss) Income
Treasury Stock
Total
Balance - January 1, 2023
$
55,057
$
1,125,949
$
2,536,086
$
(702,735
)
$
(347,264
)
$
2,667,093
Total comprehensive income (loss)
—
—
279,101
(89,636
)
—
189,465
Dividends ($1.14 per share)
—
—
(55,772
)
—
—
(55,772
)
Purchase of treasury stock
—
—
—
—
(8,096
)
(8,096
)
Issuances of equity awards, net of
forfeitures
—
(10,115
)
—
—
10,834
719
Recognition of equity-based
compensation
—
11,983
—
—
—
11,983
Sale of treasury stock
—
167
—
—
216
383
Exercise of stock options
—
255
—
—
629
884
Balance - September 30, 2023
$
55,057
$
1,128,239
$
2,759,415
$
(792,371
)
$
(343,681
)
$
2,806,659
Balance - January 1, 2024
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income
—
—
321,246
161,079
—
482,325
Dividends ($1.17 per share)
—
—
(57,453
)
—
—
(57,453
)
Purchase of treasury stock
—
—
—
—
(7,738
)
(7,738
)
Issuances of equity awards, net of
forfeitures
—
(11,220
)
—
—
11,923
703
Recognition of equity-based
compensation
—
14,886
—
—
—
14,886
Sale of treasury stock
—
237
—
—
184
421
Exercise of stock options
—
1,433
—
—
1,842
3,275
Common stock issuance costs
—
(1,349
)
—
—
—
(1,349
)
Balance - September 30, 2024
$
55,057
$
1,138,350
$
3,074,617
$
(395,856
)
$
(336,679
)
$
3,535,489
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended September
30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
24,387,163
6.79
%
$
22,751,467
6.41
%
Securities:
Taxable
9,122,386
2.77
8,964,467
2.37
Tax-exempt
3,601,976
3.43
3,783,890
3.37
Total securities
12,724,362
2.96
12,748,357
2.66
Federal funds and resell agreements
328,240
6.05
303,864
5.96
Interest bearing due from banks
3,562,746
5.36
1,548,867
5.26
Trading securities
19,743
6.37
17,327
5.31
Total earning assets
41,022,254
5.47
37,369,882
5.08
Allowance for credit losses
(239,950
)
(227,878
)
Other assets
2,484,538
2,381,496
Total assets
$
43,266,842
$
39,523,500
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
25,789,850
4.05
%
$
21,315,761
3.57
%
Federal funds and repurchase
agreements
2,298,240
4.69
2,027,382
4.52
Borrowed funds
1,464,393
5.61
2,605,897
5.28
Total interest-bearing liabilities
29,552,483
4.18
25,949,040
3.82
Noninterest-bearing demand deposits
9,502,106
10,014,686
Other liabilities
757,379
667,920
Shareholders' equity
3,454,874
2,891,854
Total liabilities and shareholders'
equity
$
43,266,842
$
39,523,500
Net interest spread
1.29
%
1.26
%
Net interest margin
2.46
2.43
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Nine Months Ended September
30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,850,976
6.73
%
$
22,076,977
6.17
%
Securities:
Taxable
9,140,270
2.72
9,179,230
2.35
Tax-exempt
3,657,837
3.44
3,816,122
3.36
Total securities
12,798,107
2.93
12,995,352
2.64
Federal funds and resell agreements
260,520
6.01
343,297
5.49
Interest bearing due from banks
3,451,537
5.41
1,935,029
4.90
Trading securities
21,333
6.88
13,071
5.56
Total earning assets
40,382,473
5.41
37,363,726
4.87
Allowance for credit losses
(230,181
)
(213,744
)
Other assets
2,433,597
2,322,171
Total assets
$
42,585,889
$
39,472,153
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
24,500,489
3.96
%
$
20,638,982
3.18
%
Federal funds and repurchase
agreements
2,367,985
4.67
2,273,826
4.18
Borrowed funds
1,796,230
5.53
2,319,652
5.25
Total interest-bearing liabilities
28,664,704
4.12
25,232,460
3.46
Noninterest-bearing demand deposits
9,889,099
10,816,120
Other liabilities
764,733
591,919
Shareholders' equity
3,267,353
2,831,654
Total liabilities and shareholders'
equity
$
42,585,889
$
39,472,153
Net interest spread
1.29
%
1.41
%
Net interest margin
2.49
2.54
Business Segment Information
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended September
30, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
167,769
$
45,341
$
34,266
$
247,376
Provision for credit losses
15,764
435
1,801
18,000
Noninterest income
30,223
100,687
27,833
158,743
Noninterest expense
85,198
102,565
64,691
252,454
Income (loss) before taxes
97,030
43,028
(4,393
)
135,665
Income tax expense (benefit)
18,527
8,147
(652
)
26,022
Net income (loss)
$
78,503
$
34,881
$
(3,741
)
$
109,643
Three Months Ended September
30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
148,666
$
43,133
$
30,488
$
222,287
Provision for credit losses
3,010
423
1,544
4,977
Noninterest income
23,091
86,521
23,705
133,317
Noninterest expense
81,767
87,502
62,172
231,441
Income (loss) before taxes
86,980
41,729
(9,523
)
119,186
Income tax expense (benefit)
16,181
7,797
(1,346
)
22,632
Net income (loss)
$
70,799
$
33,932
$
(8,177
)
$
96,554
Nine Months Ended September
30, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
485,503
$
146,703
$
99,712
$
731,918
Provision for credit losses
34,763
1,760
5,527
42,050
Noninterest income
100,908
288,495
73,503
462,906
Noninterest expense
263,397
298,472
194,456
756,325
Income (loss) before taxes
288,251
134,966
(26,768
)
396,449
Income tax expense (benefit)
53,747
25,016
(3,560
)
75,203
Net income (loss)
$
234,504
$
109,950
$
(23,208
)
$
321,246
Nine Months Ended September
30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
444,083
$
148,615
$
96,896
$
689,594
Provision for credit losses
35,110
754
5,363
41,227
Noninterest income
71,658
257,573
72,368
401,599
Noninterest expense
251,667
268,464
189,035
709,166
Income (loss) before taxes
228,964
136,970
(25,134
)
340,800
Income tax expense (benefit)
40,727
24,405
(3,433
)
61,699
Net income (loss)
$
188,237
$
112,565
$
(21,701
)
$
279,101
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 September 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 September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income (GAAP)
$
109,643
$
96,554
$
321,246
$
279,101
Adjustments:
Acquisition expense
2,611
70
12,592
127
Severance expense
48
2,359
324
7,736
FDIC special assessment
(1,730
)
—
7,470
—
Tax-impact of adjustments (i)
(214
)
(583
)
(4,689
)
(1,887
)
Total Non-GAAP adjustments (net of
tax)
715
1,846
15,697
5,976
Net operating income (Non-GAAP)
$
110,358
$
98,400
$
336,943
$
285,077
Earnings per share - diluted (GAAP)
$
2.23
$
1.98
$
6.56
$
5.73
Acquisition expense
0.06
—
0.26
—
Severance expense
—
0.05
0.01
0.16
FDIC special assessment
(0.04
)
—
0.15
—
Tax-impact of adjustments (i)
—
(0.01
)
(0.10
)
(0.04
)
Operating earnings per share - diluted
(Non-GAAP)
$
2.25
$
2.02
$
6.88
$
5.85
GAAP
Return on average assets
1.01
%
0.97
%
1.01
%
0.95
%
Return on average equity
12.63
13.25
13.13
13.18
Non-GAAP
Operating return on average assets
1.01
%
0.99
%
1.06
%
0.97
%
Operating return on average equity
12.71
13.50
13.77
13.46
(i)
Calculated using the company’s marginal tax rate of 23.0% for 2024
and 24.0% for 2023.
Operating noninterest expense and
operating efficiency ratio Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Noninterest expense
$
252,454
$
231,441
$
756,325
$
709,166
Adjustments to arrive at operating
noninterest expense (pre-tax):
Acquisition expense
2,611
70
12,592
127
Severance expense
48
2,359
324
7,736
FDIC special assessment
(1,730
)
—
7,470
—
Total Non-GAAP adjustments (pre-tax)
929
2,429
20,386
7,863
Operating noninterest expense
(Non-GAAP)
$
251,525
$
229,012
$
735,939
$
701,303
Noninterest expense
$
252,454
$
231,441
$
756,325
$
709,166
Less: Amortization of other
intangibles
1,917
2,124
5,788
6,539
Noninterest expense, net of amortization
of other intangibles (Non-GAAP) (numerator A)
$
250,537
$
229,317
$
750,537
$
702,627
Operating noninterest expense
$
251,525
$
229,012
$
735,939
$
701,303
Less: Amortization of other
intangibles
1,917
2,124
5,788
6,539
Operating expense, net of amortization of
other intangibles (Non-GAAP) (numerator B)
$
249,608
$
226,888
$
730,151
$
694,764
Net interest income
$
247,376
$
222,287
$
731,918
$
689,594
Noninterest income
158,743
133,317
462,906
401,599
Less: Gains on sales of securities
available for sale, net
—
154
139
152
Total Non-GAAP Revenue (denominator A)
$
406,119
$
355,450
$
1,194,685
$
1,091,041
Efficiency ratio (numerator A/denominator
A)
61.69
%
64.51
%
62.82
%
64.40
%
Operating efficiency ratio (Non-GAAP)
(numerator B/denominator A)
61.46
63.83
61.12
63.68
Operating pre-tax, pre-provision income
non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net interest income (GAAP)
$
247,376
$
222,287
$
731,918
$
689,594
Noninterest income (GAAP)
158,743
133,317
462,906
401,599
Noninterest expense (GAAP)
252,454
231,441
756,325
709,166
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
2,611
70
12,592
127
Severance expense
48
2,359
324
7,736
FDIC special assessment
(1,730
)
—
7,470
—
Total Non-GAAP adjustments
929
2,429
20,386
7,863
Operating noninterest expense
(Non-GAAP)
251,525
229,012
735,939
701,303
Operating pre-tax, pre-provision income
(Non-GAAP)
$
154,594
$
126,592
$
458,885
$
389,890
Net interest income earnings per share -
diluted (GAAP)
$
5.04
$
4.56
$
14.94
$
14.15
Noninterest income (GAAP)
3.24
2.73
9.45
8.24
Noninterest expense (GAAP)
5.15
4.74
15.44
14.55
Acquisition expense
0.06
—
0.26
—
Severance expense
—
0.05
0.01
0.16
FDIC special assessment
(0.04
)
—
0.15
—
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)
$
3.15
$
2.60
$
9.37
$
8.00
Operating pre-tax, pre-provision income
- FTE Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net interest income (GAAP)
$
247,376
$
222,287
$
731,918
$
689,594
Adjustments to arrive at net interest
income - FTE:
Tax equivalent interest
6,601
6,559
19,524
19,689
Net interest income - FTE (Non-GAAP)
253,977
228,846
751,442
709,283
Noninterest income (GAAP)
158,743
133,317
462,906
401,599
Noninterest expense (GAAP)
252,454
231,441
756,325
709,166
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
2,611
70
12,592
127
Severance expense
48
2,359
324
7,736
FDIC special assessment
(1,730
)
—
7,470
—
Total Non-GAAP adjustments
929
2,429
20,386
7,863
Operating noninterest expense
(Non-GAAP)
251,525
229,012
735,939
701,303
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)
$
161,195
$
133,151
$
478,409
$
409,579
Net interest income earnings per share -
diluted (GAAP)
$
5.04
$
4.56
$
14.94
$
14.15
Tax equivalent interest
0.13
0.13
0.39
0.40
Net interest income - FTE (Non-GAAP)
5.17
4.69
15.33
14.55
Noninterest income (GAAP)
3.24
2.73
9.45
8.24
Noninterest expense (GAAP)
5.15
4.74
15.44
14.55
Acquisition expense
0.06
—
0.26
—
Severance expense
—
0.05
0.01
0.16
FDIC special assessment
(0.04
)
—
0.15
—
Operating pre-tax, pre-provision income -
FTE earnings per share - diluted (Non-GAAP)
$
3.28
$
2.73
$
9.76
$
8.40
Tangible book value non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
As of September 30,
2024
2023
Total shareholders' equity (GAAP)
$
3,535,489
$
2,806,659
Less: Intangible assets
Goodwill
207,385
207,385
Other intangibles, net
65,564
73,060
Total intangibles, net
272,949
280,445
Total tangible shareholders' equity
(Non-GAAP)
$
3,262,540
$
2,526,214
Total shares outstanding
48,797,672
48,529,097
Ratio of total shareholders' equity (book
value) per share
$
72.45
$
57.83
Ratio of total tangible shareholders'
equity (tangible book value) per share (Non-GAAP)
66.86
52.06
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241024169402/en/
Media Contact: Stephanie Hague: 816.729.1027 Investor Relations
Contact: Kay Gregory: 816.860.7106
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