We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
UMB Financial Corporation | NASDAQ:UMBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 80.58 | 39.99 | 128.12 | 0 | 09:05:18 |
UMB investment community call today, Monday, April 29, at 7:30 a.m. (CT) / 8:30 a.m. (ET)
First Quarter 2024 Financial Highlights
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the first quarter of 2024 of $110.3 million, or $2.25 per diluted share, compared to $70.9 million, or $1.45 per diluted share, in the fourth quarter of 2023 (linked quarter) and $92.4 million, or $1.90 per diluted share, in the first quarter of 2023. The results for the first quarter of 2024 and the fourth quarter of 2023 include pre-tax expense of $13.0 million and $52.8 million, respectively, for the industry-wide FDIC special assessment.
Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $120.7 million, or $2.47 per diluted share, for the first quarter of 2024, compared to $112.0 million, or $2.29 per diluted share, for the linked quarter and $92.8 million, or $1.91 per diluted share, for the first 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 $157.5 million, or $3.22 per diluted share, for the first quarter of 2024, compared to $134.9 million, or $2.76 per diluted share, for the linked quarter, and $135.4 million, or $2.78 per diluted share, for the first quarter of 2023. These operating PTPP results represent increases of 16.7% on a linked-quarter basis and 16.3% compared to the first quarter of 2023.
“Our 2024 is off to a great start, with strong first quarter financial results driven by balance sheet and net interest income growth, net interest margin expansion, double-digit growth in our fee income revenue, and stable credit metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“Our performance validates the perspective I shared earlier this year that the dramatized and highly exaggerated regional bank crisis from a year ago—and similar frenzy over idiosyncratic commercial real estate headlines earlier this year—do not apply to the whole regional banking industry, which remains on strong footing. As students of history, we believe in gravity and that what goes up will eventually come down. We run the company based on this expectation.
“While indications suggest the economy is on reasonably stable footing, persistently high inflation, an upcoming presidential election cycle, and a potential 'No Landing' scenario may dictate a constrictive Federal Reserve monetary policy that could pose economic challenges.
“In the first quarter of 2024, average loans increased 9.8% to $23.4 billion, while average deposits increased $2.0 billion or 6.2%, from one year ago. Our financial metrics demonstrate our borrowers and depository clients remain cautiously optimistic and selective with their investments. The overall loan portfolio remains healthy as exemplified by net charge-offs averaging less than 10 basis points in each of the past seven quarters, and non-performing loans at a meager eight basis points of total loans. Also of note for the quarter is that we closed on the purchase of a co-branded credit card portfolio partnership with Rural King, a preeminent, family-owned general merchandise store with more than 130 locations in a 13-state footprint.”
(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.
First Quarter 2024 earnings discussion
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q1
Q4
Q1
2024
2023
2023
Net income (GAAP)
$
110,258
$
70,923
$
92,437
Earnings per share - diluted (GAAP)
2.25
1.45
1.90
Operating pre-tax, pre-provision income (Non-GAAP)(i)
157,451
134,901
135,369
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)
3.22
2.76
2.78
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
163,967
141,571
141,924
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)
3.35
2.90
2.91
Net operating income (Non-GAAP)(i)
120,712
112,038
92,836
Operating earnings per share - diluted (Non-GAAP)(i)
2.47
2.29
1.91
GAAP
Return on average assets
1.06
%
0.69
%
0.97
%
Return on average equity
14.11
9.52
13.76
Efficiency ratio
63.44
77.65
63.12
Non-GAAP(i)
Operating return on average assets
1.16
%
1.10
%
0.98
%
Operating return on average equity
15.44
15.04
13.82
Operating efficiency ratio
60.04
63.06
62.98
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2024
2023
2023
LQ
PY
Net interest income
$
239,434
$
230,522
$
241,696
$
8,912
$
(2,262
)
Noninterest income:
Trust and securities processing
69,478
66,584
62,359
2,894
7,119
Trading and investment banking
5,462
5,751
5,308
(289
)
154
Service charges on deposit accounts
20,757
21,330
21,159
(573
)
(402
)
Insurance fees and commissions
283
238
274
45
9
Brokerage fees
13,160
13,439
13,676
(279
)
(516
)
Bankcard fees
21,968
18,672
18,172
3,296
3,796
Investment securities gains (losses), net
9,371
1,014
(5,324
)
8,357
14,695
Other
18,765
13,226
14,576
5,539
4,189
Total noninterest income
$
159,244
$
140,254
$
130,200
$
18,990
$
29,044
Total revenue
$
398,678
$
370,776
$
371,896
$
27,902
$
26,782
Net interest income (FTE)
$
245,950
$
237,192
$
248,251
Net interest margin (FTE)
2.48
%
2.46
%
2.76
%
Total noninterest income as a % of total revenue
39.9
37.8
35.0
Net interest income
Noninterest income
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2024
2023
2023
LQ
PY
Salaries and employee benefits
$
143,006
$
134,231
$
142,498
$
8,775
$
508
Occupancy, net
12,270
12,296
12,177
(26
)
93
Equipment
16,503
16,579
17,849
(76
)
(1,346
)
Supplies and services
3,301
5,546
3,875
(2,245
)
(574
)
Marketing and business development
6,025
6,659
5,335
(634
)
690
Processing fees
27,936
27,271
23,240
665
4,696
Legal and consulting
7,894
8,424
7,285
(530
)
609
Bankcard
10,567
8,677
7,133
1,890
3,434
Amortization of other intangible assets
1,960
2,048
2,298
(88
)
(338
)
Regulatory fees
19,395
59,183
5,551
(39,788
)
13,844
Other
5,947
9,060
9,811
(3,113
)
(3,864
)
Total noninterest expense
$
254,804
$
289,974
$
237,052
$
(35,170
)
$
17,752
Income taxes
Balance sheet
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2024
2023
2023
LQ
PY
Commercial and industrial
$
9,942,457
$
9,825,043
$
9,287,319
$
117,414
$
655,138
Specialty lending
485,989
496,816
564,633
(10,827
)
(78,644
)
Commercial real estate
9,026,511
8,890,057
7,812,140
136,454
1,214,371
Consumer real estate
2,968,320
2,945,114
2,738,184
23,206
230,136
Consumer
154,062
153,791
136,571
271
17,491
Credit cards
489,546
495,502
453,704
(5,956
)
35,842
Leases and other
287,158
302,740
279,049
(15,582
)
8,109
Total loans
$
23,354,043
$
23,109,063
$
21,271,600
$
244,980
$
2,082,443
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2024
2023
2023
LQ
PY
Securities available for sale:
U.S. Treasury
$
1,127,611
$
859,114
$
783,170
$
268,497
$
344,441
U.S. Agencies
199,719
169,723
171,825
29,996
27,894
Mortgage-backed
3,595,619
3,466,152
3,938,137
129,467
(342,518
)
State and political subdivisions
1,254,148
1,218,176
1,356,785
35,972
(102,637
)
Corporates
341,142
345,634
364,854
(4,492
)
(23,712
)
Collateralized loan obligations
347,063
349,149
348,477
(2,086
)
(1,414
)
Total securities available for sale
$
6,865,302
$
6,407,948
$
6,963,248
$
457,354
$
(97,946
)
Securities held to maturity:
U.S. Agencies
$
123,225
$
123,195
$
123,106
$
30
$
119
Mortgage-backed
2,707,780
2,756,528
2,934,113
(48,748
)
(226,333
)
State and political subdivisions
2,821,799
2,825,138
2,814,912
(3,339
)
6,887
Total securities held to maturity
$
5,652,804
$
5,704,861
$
5,872,131
$
(52,057
)
$
(219,327
)
Trading securities
$
17,893
$
16,880
$
9,258
$
1,013
$
8,635
Other securities
478,805
456,758
359,238
22,047
119,567
Total securities
$
13,014,804
$
12,586,447
$
13,203,875
$
428,357
$
(189,071
)
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2024
2023
2023
LQ
PY
Deposits:
Noninterest-bearing demand
$
10,066,409
$
10,118,748
$
11,919,277
$
(52,339
)
$
(1,852,868
)
Interest-bearing demand and savings
20,701,659
19,457,878
18,427,662
1,243,781
2,273,997
Time deposits
2,758,064
3,098,636
1,215,506
(340,572
)
1,542,558
Total deposits
$
33,526,132
$
32,675,262
$
31,562,445
$
850,870
$
1,963,687
Noninterest bearing deposits as % of total
30.0
%
31.0
%
37.8
%
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
March 31, 2024
December 31, 2023
March 31, 2023
Total equity
$
3,152,816
$
3,100,419
$
2,814,659
Accumulated other comprehensive loss, net
(594,538
)
(556,935
)
(626,776
)
Book value per common share
64.68
63.85
58.03
Tangible book value per common share (Non-GAAP)(i)
59.01
58.12
52.17
Regulatory capital:
Common equity Tier 1 capital
$
3,503,837
$
3,418,676
$
3,196,111
Tier 1 capital
3,503,837
3,418,676
3,196,111
Total capital
4,115,097
4,014,910
3,776,407
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.09
%
10.94
%
10.57
%
Tier 1 risk-based capital ratio
11.09
10.94
10.57
Total risk-based capital ratio
13.03
12.85
12.49
Tier 1 leverage ratio
8.39
8.49
8.35
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
Asset Quality
Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q3
Q2
Q1
2024
2023
2023
2023
2023
Net charge-offs (recoveries) - total loans
$
3,017
$
1,352
$
4,618
$
(139
)
$
4,643
Net loan charge-offs (recoveries) as a % of total average loans
0.05
%
0.02
%
0.08
%
(0.00
)%
0.09
%
Loans over 90 days past due
$
3,076
$
3,111
$
3,044
$
10,675
$
1,723
Loans over 90 days past due as a % of total loans
0.01
%
0.01
%
0.01
%
0.05
%
0.01
%
Nonaccrual and restructured loans
$
17,756
$
13,212
$
17,042
$
19,347
$
15,480
Nonaccrual and restructured loans as a % of total loans
0.08
%
0.06
%
0.07
%
0.09
%
0.07
%
Provision for credit losses
$
10,000
$
—
$
4,977
$
13,000
$
23,250
Dividend Declaration and Share Repurchase Authorization
At the company’s quarterly board meeting, the Board of Directors declared a $0.39 per share quarterly cash dividend, payable on July 1, 2024, to shareholders of record at the close of business on June 10, 2024.
The Board also approved the repurchase of up to 1,000,000 shares of the company's common stock. Share repurchases may occur from time to time at any point until the regular meeting of the Board that immediately follows the 2025 annual meeting of the company’s shareholders. Shares acquired under the repurchase program may be available for reissuance or resale, including in connection with the company's compensation plans and dividend reinvestment plan. Under the repurchase program, the company may acquire the shares from time to time in open market or privately negotiated transactions, at the discretion of management.
Conference Call
The company will host a call for the investment community on Monday, April 29, 2024, at 7:30 a.m. (CT). This call has been rescheduled from the previously announced date and time.
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 397231. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial Conference Call
A replay of the conference call may be heard through May 13, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 182605. 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)
March 31,
2024
2023
ASSETS
Loans
$
23,637,649
$
21,812,972
Allowance for credit losses on loans
(226,159
)
(210,509
)
Net loans
23,411,490
21,602,463
Loans held for sale
4,415
1,422
Securities:
Available for sale
6,541,391
6,907,897
Held to maturity, net of allowance for credit losses
5,622,617
5,859,323
Trading securities
40,187
19,823
Other securities
473,434
416,337
Total securities
12,677,629
13,203,380
Federal funds sold and resell agreements
180,275
368,158
Interest-bearing due from banks
6,673,104
3,121,323
Cash and due from banks
356,963
472,248
Premises and equipment, net
231,918
260,623
Accrued income
221,447
181,586
Goodwill
207,385
207,385
Other intangibles, net
69,052
76,426
Other assets
1,309,697
1,112,176
Total assets
$
45,343,375
$
40,607,190
LIABILITIES
Deposits:
Noninterest-bearing demand
$
13,251,090
$
12,488,803
Interest-bearing demand and savings
21,018,911
16,760,603
Time deposits under $250,000
2,044,280
456,129
Time deposits of $250,000 or more
599,329
2,226,369
Total deposits
36,913,610
31,931,904
Federal funds purchased and repurchase agreements
2,225,474
2,160,808
Short-term debt
1,800,000
2,800,000
Long-term debt
383,742
381,796
Accrued expenses and taxes
374,888
207,633
Other liabilities
492,845
310,390
Total liabilities
42,190,559
37,792,531
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,127,806
1,120,877
Retained earnings
2,903,106
2,609,928
Accumulated other comprehensive loss, net
(594,538
)
(626,776
)
Treasury stock
(338,615
)
(344,427
)
Total shareholders' equity
3,152,816
2,814,659
Total liabilities and shareholders' equity
$
45,343,375
$
40,607,190
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
March 31,
2024
2023
INTEREST INCOME
Loans
$
385,566
$
308,441
Securities:
Taxable interest
61,111
53,049
Tax-exempt interest
25,333
25,306
Total securities income
86,444
78,355
Federal funds and resell agreements
3,062
5,651
Interest-bearing due from banks
44,688
16,166
Trading securities
305
134
Total interest income
520,065
408,747
INTEREST EXPENSE
Deposits
223,875
127,899
Federal funds and repurchase agreements
27,662
23,302
Other
29,094
15,850
Total interest expense
280,631
167,051
Net interest income
239,434
241,696
Provision for credit losses
10,000
23,250
Net interest income after provision for credit losses
229,434
218,446
NONINTEREST INCOME
Trust and securities processing
69,478
62,359
Trading and investment banking
5,462
5,308
Service charges on deposit accounts
20,757
21,159
Insurance fees and commissions
283
274
Brokerage fees
13,160
13,676
Bankcard fees
21,968
18,172
Investment securities gains (losses), net
9,371
(5,324
)
Other
18,765
14,576
Total noninterest income
159,244
130,200
NONINTEREST EXPENSE
Salaries and employee benefits
143,006
142,498
Occupancy, net
12,270
12,177
Equipment
16,503
17,849
Supplies and services
3,301
3,875
Marketing and business development
6,025
5,335
Processing fees
27,936
23,240
Legal and consulting
7,894
7,285
Bankcard
10,567
7,133
Amortization of other intangible assets
1,960
2,298
Regulatory fees
19,395
5,551
Other
5,947
9,811
Total noninterest expense
254,804
237,052
Income before income taxes
133,874
111,594
Income tax expense
23,616
19,157
NET INCOME
$
110,258
$
92,437
PER SHARE DATA
Net income – basic
$
2.27
$
1.91
Net income – diluted
2.25
1.90
Dividends
0.39
0.38
Weighted average shares outstanding – basic
48,663,515
48,435,016
Weighted average shares outstanding – diluted
48,920,863
48,746,562
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
March 31,
2024
2023
Net income
$
110,258
$
92,437
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(41,553
)
93,657
Less: Reclassification adjustment for net (gains) losses included in net income
(139
)
433
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
8,789
9,983
Change in unrealized gains and losses on debt securities
(32,903
)
104,073
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(13,658
)
(1,527
)
Less: Reclassification adjustment for net gains included in net income
(3,660
)
(2,561
)
Change in unrealized gains and losses on derivative hedges
(17,318
)
(4,088
)
Other comprehensive (loss) income, before tax
(50,221
)
99,985
Income tax benefit (expense)
12,618
(24,026
)
Other comprehensive (loss) income
(37,603
)
75,959
Comprehensive income
$
72,655
$
168,396
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
—
—
92,437
75,959
—
168,396
Dividends ($0.38 per share)
—
—
(18,595
)
—
—
(18,595
)
Purchase of treasury stock
—
—
—
—
(7,902
)
(7,902
)
Issuances of equity awards, net of forfeitures
—
(9,764
)
—
—
10,483
719
Recognition of equity-based compensation
—
4,516
—
—
—
4,516
Sale of treasury stock
—
71
—
—
56
127
Exercise of stock options
—
105
—
—
200
305
Balance - March 31, 2023
$
55,057
$
1,120,877
$
2,609,928
$
(626,776
)
$
(344,427
)
$
2,814,659
Balance - January 1, 2024
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income (loss)
—
—
110,258
(37,603
)
—
72,655
Dividends ($0.39 per share)
—
—
(17,976
)
—
—
(17,976
)
Purchase of treasury stock
—
—
—
—
(7,537
)
(7,537
)
Issuances of equity awards, net of forfeitures
—
(10,964
)
—
—
11,667
703
Recognition of equity-based compensation
—
4,271
—
—
—
4,271
Sale of treasury stock
—
70
—
—
60
130
Exercise of stock options
—
66
—
—
85
151
Balance - March 31, 2024
$
55,057
$
1,127,806
$
2,903,106
$
(594,538
)
$
(338,615
)
$
3,152,816
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended March 31,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,354,043
6.64
%
$
21,271,600
5.88
%
Securities:
Taxable
9,264,789
2.65
9,349,351
2.30
Tax-exempt
3,732,122
3.42
3,845,266
3.35
Total securities
12,996,911
2.87
13,194,617
2.61
Federal funds and resell agreements
206,443
5.97
451,188
5.08
Interest bearing due from banks
3,304,142
5.44
1,533,704
4.27
Trading securities
17,893
7.33
9,258
6.31
Total earning assets
39,879,432
5.31
36,460,367
4.62
Allowance for credit losses
(222,116
)
(196,128
)
Other assets
2,360,092
2,239,140
Total assets
$
42,017,408
$
38,503,379
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
23,459,723
3.84
%
$
19,643,168
2.64
%
Federal funds and repurchase agreements
2,384,754
4.67
2,461,942
3.84
Borrowed funds
2,183,494
5.36
1,200,346
5.36
Total interest-bearing liabilities
28,027,971
4.03
23,305,456
2.91
Noninterest-bearing demand deposits
10,066,409
11,919,277
Other liabilities
779,510
554,211
Shareholders' equity
3,143,518
2,724,435
Total liabilities and shareholders' equity
$
42,017,408
$
38,503,379
Net interest spread
1.28
%
1.71
%
Net interest margin
2.48
2.76
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended March 31, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
157,247
$
49,860
$
32,327
$
239,434
Provision for credit losses
7,520
479
2,001
10,000
Noninterest income
42,966
92,716
23,562
159,244
Noninterest expense
92,420
100,376
62,008
254,804
Income (loss) before taxes
100,273
41,721
(8,120
)
133,874
Income tax expense (benefit)
17,223
7,656
(1,263
)
23,616
Net income (loss)
$
83,050
$
34,065
$
(6,857
)
$
110,258
Three Months Ended March 31, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
151,027
$
55,085
35,584
$
241,696
Provision for credit losses
21,045
96
2,109
23,250
Noninterest income
22,902
84,238
23,060
130,200
Noninterest expense
84,002
89,372
63,678
237,052
Income (loss) before taxes
68,882
49,855
(7,143
)
111,594
Income tax expense (benefit)
11,646
8,504
(993
)
19,157
Net income (loss)
$
57,236
$
41,351
$
(6,150
)
$
92,437
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 March 31, 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 March 31,
2024
2023
Net income (GAAP)
$
110,258
$
92,437
Adjustments:
Acquisition expense
431
39
Severance expense
146
486
FDIC special assessment
13,000
—
Tax-impact of adjustments (i)
(3,123
)
(126
)
Total Non-GAAP adjustments (net of tax)
10,454
399
Net operating income (Non-GAAP)
$
120,712
$
92,836
Earnings per share - diluted (GAAP)
$
2.25
$
1.90
Acquisition expense
0.01
—
Severance expense
—
0.01
FDIC special assessment
0.27
—
Tax-impact of adjustments (i)
(0.06
)
—
Operating earnings per share - diluted (Non-GAAP)
$
2.47
$
1.91
GAAP
Return on average assets
1.06
%
0.97
%
Return on average equity
14.11
13.76
Non-GAAP
Operating return on average assets
1.16
%
0.98
%
Operating return on average equity
15.44
13.82
(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 March 31,
2024
2023
Noninterest expense
$
254,804
$
237,052
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
431
39
Severance expense
146
486
FDIC special assessment
13,000
—
Total Non-GAAP adjustments (pre-tax)
13,577
525
Operating noninterest expense (Non-GAAP)
$
241,227
$
236,527
Noninterest expense
$
254,804
$
237,052
Less: Amortization of other intangibles
1,960
2,298
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
252,844
$
234,754
Operating noninterest expense
$
241,227
$
236,527
Less: Amortization of other intangibles
1,960
2,298
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
239,267
$
234,229
Net interest income
$
239,434
$
241,696
Noninterest income
159,244
130,200
Less: Gains (losses) on sales of securities available for sale, net
139
(2
)
Total Non-GAAP Revenue (denominator A)
$
398,539
$
371,898
Efficiency ratio (numerator A/denominator A)
63.44
%
63.12
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
60.04
62.98
Operating pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2024
2023
Net interest income (GAAP)
$
239,434
$
241,696
Noninterest income (GAAP)
159,244
130,200
Noninterest expense (GAAP)
254,804
237,052
Adjustments to arrive at operating noninterest expense:
Acquisition expense
431
39
Severance expense
146
486
FDIC special assessment
13,000
—
Total Non-GAAP adjustments
13,577
525
Operating noninterest expense (Non-GAAP)
241,227
236,527
Operating pre-tax, pre-provision income (Non-GAAP)
$
157,451
$
135,369
Net interest income earnings per share - diluted (GAAP)
$
4.89
$
4.96
Noninterest income (GAAP)
3.26
2.67
Noninterest expense (GAAP)
5.21
4.86
Acquisition expense
0.01
—
Severance expense
—
0.01
FDIC special assessment
0.27
—
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)
$
3.22
$
2.78
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2024
2023
Net interest income (GAAP)
$
239,434
$
241,696
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
6,516
6,555
Net interest income - FTE (Non-GAAP)
245,950
248,251
Noninterest income (GAAP)
159,244
130,200
Noninterest expense (GAAP)
254,804
237,052
Adjustments to arrive at operating noninterest expense:
Acquisition expense
431
39
Severance expense
146
486
FDIC special assessment
13,000
—
Total Non-GAAP adjustments
13,577
525
Operating noninterest expense (Non-GAAP)
241,227
236,527
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
163,967
$
141,924
Net interest income earnings per share - diluted (GAAP)
$
4.89
$
4.96
Tax equivalent interest
0.13
0.13
Net interest income - FTE (Non-GAAP)
5.02
5.09
Noninterest income (GAAP)
3.26
2.67
Noninterest expense (GAAP)
5.21
4.86
Acquisition expense
0.01
—
Severance expense
—
0.01
FDIC special assessment
0.27
—
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)
$
3.35
$
2.91
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of March 31,
2024
2023
Total shareholders' equity (GAAP)
$
3,152,816
$
2,814,659
Less: Intangible assets
Goodwill
207,385
207,385
Other intangibles, net
69,052
76,426
Total intangibles, net
276,437
283,811
Total tangible shareholders' equity (Non-GAAP)
$
2,876,379
$
2,530,848
Total shares outstanding
48,743,348
48,507,116
Ratio of total shareholders' equity (book value) per share
$
64.68
$
58.03
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)
59.01
52.17
View source version on businesswire.com: https://www.businesswire.com/news/home/20240420807468/en/
Media Contact: Stephanie Hague: 816.729.1027 Investor Relations Contact: Kay Gregory: 816.860.7106
1 Year UMB Financial Chart |
1 Month UMB Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions