UMB Financial Corporation Reports Fourth Quarter Net Income of $120.0 Million and Net Operating Income(i) of $122.6 Million.

Fourth Quarter 2024 Financial Highlights

• GAAP net income of $120.0 million, or $2.44 per diluted share.
• Net operating income(i) of $122.6 million, or $2.49 per diluted share.
• Average loans increased 14.8% on a linked-quarter, annualized basis, to $25.3 billion.
• Average loans increased $2.2 billion, or 9.4%, as compared to the fourth quarter of 2023.
• Average deposits increased 30.9% on a linked-quarter, annualized basis, to $38.0 billion.
• Credit quality remained strong, with net charge-offs of just 0.10% of average loans for the year ended December 31, 2024.

UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2024 of $120.0 million, or $2.44 per diluted share, compared to $109.6 million, or $2.23 per diluted share, in the third quarter (linked quarter) and $70.9 million, or $1.45 per diluted share, in the fourth 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 $122.6 million, or $2.49 per diluted share, for the fourth quarter of 2024, compared to $110.4 million, or $2.25 per diluted share, for the linked quarter and $112.0 million, or $2.29 per diluted share, for the fourth 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 $166.9 million, or $3.39 per diluted share, for the fourth quarter of 2024, compared to $154.6 million, or $3.15 per diluted share, for the linked quarter, and $134.9 million, or $2.76 per diluted share, for the fourth quarter of 2023. These operating PTPP results represent increases of 8.0% on a linked-quarter basis and 23.7% compared to the fourth quarter of 2023.

“Our fourth quarter financial results punctuated a successful year for UMB Financial, driven by strong operating fundamentals that are the core of our investment thesis for shareholders,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “Our 2024 results reflect strong growth on both sides of the balance sheet, continued momentum and new client acquisitions in many of our fee income businesses, excellent credit quality metrics and disciplined expense management. We set new company records with annual net income of $441.2 million, net operating income of $461.7 million, net interest income that surpassed $1.0 billion, and noninterest income of $628.1 million.

“For the fourth quarter, net interest income increased 8.7% sequentially driven by both an 11-basis-point increase in net interest margin and a 15.6% linked-quarter annualized increase in average earning assets. Additionally, the strength of our fee income businesses propelled a 4.1% increase in noninterest income compared to the third quarter of 2024. Average loan balances increased 14.8% on a linked-quarter annualized basis, driven by top line loan production of $1.6 billion, another record for us.

“With the previously announced receipt of necessary approvals, we are excited to close our merger with Heartland Financial, slated for January 31, 2025. Teams at both companies have been diligently working to prepare for the closing and integration of our two franchises.”

(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.

Fourth Quarter 2024 earnings discussion

Summary of quarterly financial results

 

UMB Financial Corporation

 

(unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Q4

 

 

Q3

 

 

Q4

 

 

 

2024

 

 

2024

 

 

2023

 

Net income (GAAP)

 

$

119,997

 

 

$

109,643

 

 

$

70,923

 

Earnings per share - diluted (GAAP)

 

 

2.44

 

 

 

2.23

 

 

 

1.45

 

 

 

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income (Non-GAAP)(i)

 

 

166,901

 

 

 

154,594

 

 

 

134,901

 

Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)

 

 

3.39

 

 

 

3.15

 

 

 

2.76

 

 

 

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

 

 

173,270

 

 

 

161,195

 

 

 

141,571

 

Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)

 

 

3.52

 

 

 

3.28

 

 

 

2.90

 

 

 

 

 

 

 

 

 

 

 

Net operating income (Non-GAAP)(i)

 

 

122,577

 

 

 

110,358

 

 

 

112,038

 

Operating earnings per share - diluted (Non-GAAP)(i)

 

 

2.49

 

 

 

2.25

 

 

 

2.29

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.06

%

 

 

1.01

%

 

 

0.69

%

Return on average equity

 

 

13.53

 

 

 

12.63

 

 

 

9.52

 

Efficiency ratio

 

 

61.83

 

 

 

61.69

 

 

 

77.65

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP(i)

 

 

 

 

 

 

 

 

 

Operating return on average assets

 

 

1.08

%

 

 

1.01

%

 

 

1.10

%

Operating return on average equity

 

 

13.82

 

 

 

12.71

 

 

 

15.04

 

Operating efficiency ratio

 

 

61.12

 

 

 

61.46

 

 

 

63.06

 

(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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

 

Q3

 

 

Q4

 

 

CQ vs.

 

CQ vs.

 

 

 

2024

 

 

2024

 

 

2023

 

 

LQ

 

PY

 

Net interest income

 

$

268,974

 

 

$

247,376

 

 

$

230,522

 

 

$

21,598

 

 

$

38,452

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

76,861

 

 

 

74,222

 

 

 

66,584

 

 

 

2,639

 

 

 

10,277

 

 

Trading and investment banking

 

 

6,185

 

 

 

7,118

 

 

 

5,751

 

 

 

(933

)

 

 

434

 

 

Service charges on deposit accounts

 

 

21,405

 

 

 

20,089

 

 

 

21,330

 

 

 

1,316

 

 

 

75

 

 

Insurance fees and commissions

 

 

425

 

 

 

282

 

 

 

238

 

 

 

143

 

 

 

187

 

 

Brokerage fees

 

 

18,635

 

 

 

15,749

 

 

 

13,439

 

 

 

2,886

 

 

 

5,196

 

 

Bankcard fees

 

 

21,089

 

 

 

22,394

 

 

 

18,672

 

 

 

(1,305

)

 

 

2,417

 

 

Investment securities gains, net

 

 

593

 

 

 

2,623

 

 

 

1,014

 

 

 

(2,030

)

 

 

(421

)

Other

 

 

20,018

 

 

 

16,266

 

 

 

13,226

 

 

 

3,752

 

 

 

6,792

 

 

Total noninterest income

 

$

165,211

 

 

$

158,743

 

 

$

140,254

 

 

$

6,468

 

 

$

24,957

 

 

Total revenue

 

$

434,185

 

 

$

406,119

 

 

$

370,776

 

 

$

28,066

 

 

$

63,409

 

 

Net interest income (FTE)

 

$

275,343

 

 

$

253,977

 

 

$

237,192

 

 

 

 

 

 

Net interest margin (FTE)

 

 

2.57

%

 

 

2.46

%

 

 

2.46

%

 

 

 

 

 

Total noninterest income as a % of total revenue

 

 

38.1

 

 

 

39.1

 

 

 

37.8

 

 

 

 

 

 

Net interest income

• Fourth quarter 2024 net interest income totaled $269.0 million, an increase of $21.6 million, or 8.7%, from the linked quarter, driven primarily by balance sheet growth, favorable reinvestment yields, as well as decreased interest expense due to the mix shift in the funding composition and repricing of deposits following the reduction in short-term interest rates. These benefits were partially offset by repricing of variable rate loans in response to reductions in the Secured Overnight Financing Rate (SOFR) and Prime rates.
• Average earning assets increased $1.6 billion, or 3.9%, from the linked quarter, largely driven by increases of $902.6 million in average loans, $585.6 million in average securities, and $101.7 million in federal funds sold and resell agreements.
• Average interest-bearing liabilities increased $487.1 million, or 1.6%, from the linked quarter, primarily driven by an increase of $1.6 billion in interest-bearing deposits, partially offset by a decrease of $1.1 billion in borrowed funds driven by the repayment of borrowings under the Bank Term Funding Program (BTFP) and Federal Home Loan Bank (FHLB) advances. Average noninterest-bearing demand deposits increased $1.1 billion, or 12.0%, as compared to the linked quarter.
• Net interest margin for the fourth quarter was 2.57%, an increase of 11 basis points from the linked quarter, driven by the decreased cost of interest-bearing liabilities due to lower short-term interest rates and a favorable mix shift in the funding composition, partially offset by decreased loan yields and earning asset mix changes. The cost of interest-bearing liabilities decreased 39 basis points sequentially to 3.79%. Total cost of funds decreased 36 basis points from the linked quarter to 2.80%. Average loan yields decreased 33 basis points while earning asset yields decreased 23 basis points from the linked quarter.
• On a year-over-year basis, net interest income increased $38.5 million, or 16.7%, driven by a $4.3 billion, or 11.3%, increase in average earning assets, partially offset by higher interest costs due to higher short-term interest rates and unfavorable mix shift in the composition of liabilities.
• Compared to the fourth quarter of 2023, average earning assets increased $4.3 billion, or 11.3%, largely driven by the increase in average loans noted above, an increase of $1.2 billion in interest-bearing due from banks, and an increase of $743.3 million in average securities.
• Average deposits increased 16.3% compared to the fourth quarter of 2023. Average interest-bearing deposits increased 21.4% and noninterest-bearing demand deposit balances increased 5.1% compared to the fourth quarter of 2023. Average demand deposit balances comprised 28.0% of total deposits, compared to 26.9% in the linked quarter and 31.0% in the fourth quarter of 2023.
• Average borrowed funds decreased $1.1 billion as compared to the linked quarter and $1.9 billion as compared to the fourth quarter of 2023, driven by the repayment of borrowings under the BTFP and FHLB advances.

Noninterest income

• Fourth quarter 2024 noninterest income increased $6.5 million, or 4.1%, on a linked-quarter basis, largely due to:
  • A gain of $4.1 million related to the previously announced sale of UMB Distribution Services during the fourth quarter of 2024 recorded in other income.
  • An increase of $2.9 million in brokerage income primarily driven by higher 12b-1 fees and money market income.
  • An increase of $2.6 million in trust and securities processing driven by strong activity in the corporate trust, private wealth, funds services and investor solutions lines of business.
  • An increase of $1.7 million in derivative income, recorded in other income.
• These increases were partially offset by the following decreases:
  • A decrease of $2.0 million in investment securities gains, primarily driven by decreased valuations in the company's non-marketable securities.
  • A decrease of $2.0 million in company-owned life insurance income, recorded in other income. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation expense as noted below.
• Compared to the prior year, noninterest income in the fourth quarter of 2024 increased $25.0 million, or 17.8%, primarily driven by:
  • An increase of $5.2 million in brokerage income primarily driven by higher 12b-1 fees and money market income.
  • Increases of $4.8 million in fund services income, $3.5 million in corporate trust income, and $2.0 million in trust income, all recorded in trust and securities processing.
  • A gain of $4.1 million related to the sale of UMB Distribution Services and a gain of $1.0 million on the sale of art during the fourth quarter of 2024, both recorded in other income.
  • An increase of $2.4 million in bankcard income, primarily due to increased card purchase volume and related interchange income.
  • An increase of $1.2 million in derivative income, recorded in other income.

Noninterest expense

Summary of noninterest expense

 

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Q3

 

Q4

 

 

CQ vs.

 

CQ vs.

 

 

 

2024

 

2024

 

2023

 

 

LQ

 

PY

 

Salaries and employee benefits

 

$

161,062

 

$

146,984

 

$

134,231

 

 

$

14,078

 

 

$

26,831

 

 

Occupancy, net

 

 

11,272

 

 

12,274

 

 

12,296

 

 

 

(1,002

)

 

 

(1,024

)

Equipment

 

 

15,312

 

 

15,988

 

 

16,579

 

 

 

(676

)

 

 

(1,267

)

Supplies and services

 

 

3,173

 

 

4,967

 

 

5,546

 

 

 

(1,794

)

 

 

(2,373

)

Marketing and business development

 

 

8,999

 

 

6,817

 

 

6,659

 

 

 

2,182

 

 

 

2,340

 

 

Processing fees

 

 

30,565

 

 

29,697

 

 

27,271

 

 

 

868

 

 

 

3,294

 

 

Legal and consulting

 

 

12,229

 

 

9,518

 

 

8,424

 

 

 

2,711

 

 

 

3,805

 

 

Bankcard

 

 

9,398

 

 

12,482

 

 

8,677

 

 

 

(3,084

)

 

 

721

 

 

Amortization of other intangible assets

 

 

1,917

 

 

1,917

 

 

2,048

 

 

 

—

 

 

 

(131

)

Regulatory fees

 

 

5,255

 

 

4,686

 

 

59,183

 

 

 

569

 

 

 

(53,928

)

Other

 

 

11,179

 

 

7,124

 

 

9,060

 

 

 

4,055

 

 

 

2,119

 

 

Total noninterest expense

 

$

270,361

 

$

252,454

 

$

289,974

 

 

$

17,907

 

 

$

(19,613

)

• GAAP noninterest expense for the fourth quarter of 2024 was $270.4 million, an increase of $17.9 million, or 7.1%, from the linked quarter and a decrease of $19.6 million, or 6.8% from the fourth 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 $267.3 million for the fourth quarter of 2024, an increase of $15.8 million, or 6.3%, from the linked quarter and an increase of $31.4 million, or 13.3%, from the fourth quarter of 2023.
• The linked-quarter increase in GAAP noninterest expense was driven by:
  • An increase of $15.4 million in salaries and bonus expense, recorded in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance.
  • An increase of $4.5 million in operational losses, recorded in other expense.
  • An increase of $2.7 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc. and an increase of $2.2 million in marketing and business development due to the timing of multiple advertising campaigns and increased travel and entertainment expense.
  • These increases were partially offset by the following decreases:
    • A decrease of $3.1 million in bankcard expense driven by lower administrative expense.
    • A decrease of $1.8 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
    • A decrease of $1.8 million in supplies driven by purchases of computers during the third quarter of 2024.
• The year-over-year decrease in GAAP noninterest expense was driven by:
  • A decrease of $53.9 million in regulatory fees expense driven by the $52.8 million expense recorded in the fourth quarter of 2023 related to the industry-wide FDIC special assessment levied as a result of the 2023 bank failures.
  • A decrease of $2.4 million in supplies driven by purchases of computers during the fourth quarter of 2023.
  • These decreases were partially offset by the following increases:
    • An increase of $26.8 million in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance.
    • An increase of $3.8 million in legal and consulting driven by expense related to the announced acquisition of Heartland Financial USA, Inc.
    • Increases of $3.3 million in processing fees expense due to increased software subscription costs and $2.3 million in marketing and business development due to the timing of multiple campaigns and increased travel and entertainment expense.

Full Year 2024 earnings discussion

Net income for the year ended December 31, 2024, was $441.2 million, or $8.99 per diluted share, compared to $350.0 million, or $7.18 per diluted share in 2023. The results for 2024 include $6.6 million in pre-tax expense for the FDIC special assessment, compared to $52.8 million in pre-tax expense in 2023. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $461.7 million, or $9.41 per diluted share, compared to $397.1 million, or $8.14 per diluted share in 2023. These results represent an increase of $64.6 million, or 16.3% as compared to 2023. Operating PTPP, a non-GAAP financial measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $625.8 million, or $12.75 per diluted share, compared to $524.8 million, or $10.76 per diluted share in 2023. These results represent an increase of 19.2% as compared to 2023.

Summary of year-to-date financial results

 

UMB Financial Corporation

 

(unaudited, dollars in thousands, except per share data)

 

December

 

 

December

 

 

 

YTD

 

 

YTD

 

 

 

2024

 

 

2023

 

Net income (GAAP)

 

$

441,243

 

 

$

350,024

 

Earnings per share - diluted (GAAP)

 

 

8.99

 

 

 

7.18

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income (Non-GAAP)(i)

 

 

625,786

 

 

 

524,791

 

Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)

 

 

12.75

 

 

 

10.76

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

 

 

651,679

 

 

 

551,150

 

Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)

 

 

13.28

 

 

 

11.30

 

 

 

 

 

 

 

 

Net operating income (Non-GAAP)(i)

 

 

461,745

 

 

 

397,115

 

Operating earnings per share - diluted (Non-GAAP)(i)

 

 

9.41

 

 

 

8.14

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

Return on average assets

 

 

1.02

%

 

 

0.88

%

Return on average equity

 

 

13.24

 

 

 

12.23

 

Efficiency ratio

 

 

62.56

 

 

 

67.76

 

 

 

 

 

 

 

 

Non-GAAP(i)

 

 

 

 

 

 

Operating return on average assets

 

 

1.07

%

 

 

1.00

%

Operating return on average equity

 

 

13.85

 

 

 

13.87

 

Operating efficiency ratio

 

 

61.12

 

 

 

63.52

 

• Net interest income increased $80.8 million, or 8.8% year-over-year due to a $3.3 billion, or 8.9%, increase in average earning assets, coupled with the impacts from increased short-term and long-term interest rates in 2024 as compared to 2023. The increase in earning assets was driven by an increase of $1.9 billion, or 8.4%, in average loans, and an increase of $1.4 billion, or 70.2%, in average interest-bearing due from banks as compared to 2023. Average interest-bearing liabilities increased $3.4 billion, or 13.3%, while noninterest-bearing demand deposits decreased $563.1 million, or 5.3%, as expected in a higher interest rate environment. The yield on earning assets increased 41 basis points, while the cost of interest-bearing liabilities increased 44 basis points. Net interest margin for 2024 was 2.51%, compared to 2.52% in 2023.
• Full-year noninterest income increased $86.3 million, or 15.9%, due to:
  • Increases of $20.5 million in fund services income, $7.7 million in corporate trust income, and $5.1 million in trust income, all recorded in trust and securities processing.
  • An increase of $14.1 million in other income, primarily driven by gains on the sale of UMB Distribution Services, art, and land, as well as the recognition of $4.0 million from a legal settlement, all recorded during 2024.
  • An increase of $13.9 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities in 2024, coupled with the $4.9 million impairment loss on an available-for-sale subordinated debt security recorded in the prior year.
  • Increases of $13.1 million in bankcard income due to higher interchange revenue, $7.4 million in brokerage income, due to higher 12b-1 fees and money market income, and $4.6 million in investment banking due to increased trade volume.
• Full-year GAAP noninterest expense increased $27.5 million, or 2.8% due to:
  • An increase of $40.5 million in salaries and employee benefits, driven by increases of $36.4 million in salaries and bonus expense and $4.1 million in employee benefits expense.
  • An increase of $16.2 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc.
  • Increases of $14.8 million in processing fees, driven by increased software subscription costs, and $11.3 million in bankcard expense driven by higher administrative expense.
  • These increases were partially offset by the following decreases:
    • A decrease of $45.1 million in regulatory fees driven by the reduced FDIC special assessment expense during 2024 as compared to 2023. The results for 2024 and 2023 include expense of $6.6 million and $52.8 million, respectively, for the industry-wide FDIC special assessment.
    • Decreases of $5.3 million in equipment expense, driven by reduced software expense, and $3.7 million in other expense, primarily due to fewer operational losses and decreased charitable contributions in 2024 as compared to 2023.

Income taxes

• The company’s effective tax rate was 18.5% for the year ended December 31, 2024, compared to 17.0% 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. These increases were partially offset by an increase in federal tax credits, net of related amortization.

Balance sheet

• Average total assets for the fourth quarter of 2024 were $45.0 billion compared to $43.3 billion for the linked quarter and $40.5 billion for the same period in 2023.

Summary of average loans and leases - QTD Average

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Q3

 

Q4

 

CQ vs.

 

CQ vs.

 

 

 

2024

 

2024

 

2023

 

LQ

 

PY

 

Commercial and industrial

 

$

10,637,952

 

$

10,176,502

 

$

9,825,043

 

$

461,450

 

 

$

812,909

 

 

Specialty lending

 

 

491,546

 

 

508,957

 

 

496,816

 

 

(17,411

)

 

 

(5,270

)

Commercial real estate

 

 

10,007,361

 

 

9,669,076

 

 

8,890,057

 

 

338,285

 

 

 

1,117,304

 

 

Consumer real estate

 

 

3,143,613

 

 

3,045,229

 

 

2,945,114

 

 

98,384

 

 

 

198,499

 

 

Consumer

 

 

177,341

 

 

164,105

 

 

153,791

 

 

13,236

 

 

 

23,550

 

 

Credit cards

 

 

630,373

 

 

613,663

 

 

495,502

 

 

16,710

 

 

 

134,871

 

 

Leases and other

 

 

201,602

 

 

209,631

 

 

302,740

 

 

(8,029

)

 

 

(101,138

)

Total loans

 

$

25,289,788

 

$

24,387,163

 

$

23,109,063

 

$

902,625

 

 

$

2,180,725

 

 

• Average loans for the fourth quarter of 2024 increased $902.6 million, or 3.7%, on a linked-quarter basis and $2.2 billion, or 9.4%, compared to the fourth quarter of 2023.

Summary of average securities - QTD Average

 

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Q3

 

Q4

 

CQ vs.

 

CQ vs.

 

 

 

2024

 

2024

 

2023

 

LQ

 

PY

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

1,131,295

 

$

821,308

 

$

859,114

 

$

309,987

 

 

$

272,181

 

 

U.S. Agencies

 

 

159,808

 

 

166,250

 

 

169,723

 

 

(6,442

)

 

 

(9,915

)

Mortgage-backed

 

 

4,200,465

 

 

3,888,879

 

 

3,466,152

 

 

311,586

 

 

 

734,313

 

 

State and political subdivisions

 

 

1,241,033

 

 

1,240,199

 

 

1,218,176

 

 

834

 

 

 

22,857

 

 

Corporates

 

 

321,939

 

 

320,570

 

 

345,634

 

 

1,369

 

 

 

(23,695

)

Collateralized loan obligations

 

 

359,053

 

 

340,604

 

 

349,149

 

 

18,449

 

 

 

9,904

 

 

Total securities available for sale

 

$

7,413,593

 

$

6,777,810

 

$

6,407,948

 

$

635,783

 

 

$

1,005,645

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Agencies

 

$

116,316

 

$

116,286

 

$

123,195

 

$

30

 

 

$

(6,879

)

Mortgage-backed

 

 

2,542,385

 

 

2,597,430

 

 

2,756,528

 

 

(55,045

)

 

 

(214,143

)

State and political subdivisions

 

 

2,765,663

 

 

2,785,138

 

 

2,825,138

 

 

(19,475

)

 

 

(59,475

)

Total securities held to maturity

 

$

5,424,364

 

$

5,498,854

 

$

5,704,861

 

$

(74,490

)

 

$

(280,497

)

Trading securities

 

$

25,224

 

$

19,743

 

$

16,880

 

$

5,481

 

 

$

8,344

 

 

Other securities

 

 

466,545

 

 

447,698

 

 

456,758

 

 

18,847

 

 

 

9,787

 

 

Total securities

 

$

13,329,726

 

$

12,744,105

 

$

12,586,447

 

$

585,621

 

 

$

743,279

 

 

• Average total securities increased 4.6% on a linked-quarter basis and increased 5.9% compared to the fourth quarter of 2023.
• At December 31, 2024, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $633.3 million, or 7.5% of the $8.4 billion amortized cost balance. At December 31, 2024, the unrealized pre-tax net loss on the securities designated as held to maturity was $630.0 million, or 11.7% of the $5.4 billion amortized cost value.

Summary of average deposits - QTD Average

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

 

Q3

 

 

Q4

 

 

CQ vs.

 

 

CQ vs.

 

 

 

2024

 

 

2024

 

 

2023

 

 

LQ

 

 

PY

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

10,637,616

 

 

$

9,502,106

 

 

$

10,118,748

 

 

$

1,135,510

 

 

$

518,868

 

 

Interest-bearing demand and savings

 

 

25,367,316

 

 

 

23,779,651

 

 

 

19,457,878

 

 

 

1,587,665

 

 

 

5,909,438

 

 

Time deposits

 

 

2,012,287

 

 

 

2,010,199

 

 

 

3,098,636

 

 

 

2,088

 

 

 

(1,086,349

)

Total deposits

 

$

38,017,219

 

 

$

35,291,956

 

 

$

32,675,262

 

 

$

2,725,263

 

 

$

5,341,957

 

 

Noninterest bearing deposits as % of total

 

 

28.0

%

 

 

26.9

%

 

 

31.0

%

 

 

 

 

 

 

• Average deposits increased 7.7% on a linked-quarter basis and 16.3% compared to the fourth quarter of 2023.

Capital

Capital information

 

UMB Financial Corporation

 

(unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

September 30, 2024

 

 

December 31, 2023

 

Total equity

 

$

3,466,541

 

 

$

3,535,489

 

 

$

3,100,419

 

Accumulated other comprehensive loss, net

 

 

(573,050

)

 

 

(395,856

)

 

 

(556,935

)

Book value per common share

 

 

71.02

 

 

 

72.45

 

 

 

63.85

 

Tangible book value per common share (Non-GAAP)(i)

 

 

65.46

 

 

 

66.86

 

 

 

58.12

 

 

 

 

 

 

 

 

 

 

 

Regulatory capital:

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital

 

$

3,802,257

 

 

$

3,691,874

 

 

$

3,418,676

 

Tier 1 capital

 

 

3,802,257

 

 

 

3,691,874

 

 

 

3,418,676

 

Total capital

 

 

4,445,872

 

 

 

4,324,890

 

 

 

4,014,910

 

 

 

 

 

 

 

 

 

 

 

Regulatory capital ratios:

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital ratio

 

 

11.29

%

 

 

11.22

%

 

 

10.94

%

Tier 1 risk-based capital ratio

 

 

11.29

 

 

 

11.22

 

 

 

10.94

 

Total risk-based capital ratio

 

 

13.21

 

 

 

13.14

 

 

 

12.85

 

Tier 1 leverage ratio

 

 

8.50

 

 

 

8.58

 

 

 

8.49

 

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

• At December 31, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

 

Q3

 

 

Q2

 

 

Q1

 

 

Q4

 

 

 

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

Net charge-offs - total loans

 

$

8,935

 

 

$

8,454

 

 

$

2,856

 

 

$

3,017

 

 

$

1,352

 

Net loan charge-offs as a % of total average loans

 

 

0.14

%

 

 

0.14

%

 

 

0.05

%

 

 

0.05

%

 

 

0.02

%

Loans over 90 days past due

 

$

7,602

 

 

$

7,133

 

 

$

5,644

 

 

$

3,076

 

 

$

3,111

 

Loans over 90 days past due as a % of total loans

 

 

0.03

%

 

 

0.03

%

 

 

0.02

%

 

 

0.01

%

 

 

0.01

%

Nonaccrual and restructured loans

 

$

19,282

 

 

$

19,291

 

 

$

13,743

 

 

$

17,756

 

 

$

13,212

 

Nonaccrual and restructured loans as a % of total loans

 

 

0.08

%

 

 

0.08

%

 

 

0.06

%

 

 

0.08

%

 

 

0.06

%

Provision for credit losses

 

$

19,000

 

 

$

18,000

 

 

$

14,050

 

 

$

10,000

 

 

$

—

 

• Provision for credit losses for the fourth quarter increased $1.0 million from the linked quarter and $19.0 million from the fourth quarter of 2023. These changes are driven largely by provision tied to the $651.5 million and $2.5 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 fourth quarter totaled $8.9 million, or 0.14% of average loans, compared to $8.5 million, or 0.14% of average loans in the linked quarter, and $1.4 million, or 0.02% of average loans for the fourth quarter of 2023.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.40 per share quarterly cash dividend, payable on April 1, 2025, to stockholders of record of the company's common stock at the close of business on March 10, 2025.

Conference Call

The company will host a conference call to discuss its fourth quarter 2024 earnings results on Wednesday, January 29, 2025, 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 099512. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2024 Conference Call

A replay of the conference call may be heard through February 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 612758. 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)

 

 

 

 

 

 

 

December 31,

 

 

 

2024

 

2023

 

ASSETS

 

 

 

 

 

Loans

 

$

25,642,301

 

 

$

23,172,484

 

 

Allowance for credit losses on loans

 

 

(259,089

)

 

 

(219,738

)

Net loans

 

 

25,383,212

 

 

 

22,952,746

 

 

Loans held for sale

 

 

2,756

 

 

 

4,420

 

 

Securities:

 

 

 

 

 

Available for sale

 

 

7,774,334

 

 

 

7,068,613

 

 

Held to maturity, net of allowance for credit losses

 

 

5,376,267

 

 

 

5,688,610

 

 

Trading securities

 

 

28,533

 

 

 

18,093

 

 

Other securities

 

 

471,018

 

 

 

492,935

 

 

Total securities

 

 

13,650,152

 

 

 

13,268,251

 

 

Federal funds sold and resell agreements

 

 

545,000

 

 

 

245,344

 

 

Interest-bearing due from banks

 

 

7,986,270

 

 

 

5,159,802

 

 

Cash and due from banks

 

 

573,175

 

 

 

447,201

 

 

Premises and equipment, net

 

 

221,773

 

 

 

241,700

 

 

Accrued income

 

 

246,095

 

 

 

220,306

 

 

Goodwill

 

 

207,385

 

 

 

207,385

 

 

Other intangibles, net

 

 

63,647

 

 

 

71,012

 

 

Other assets

 

 

1,530,199

 

 

 

1,193,507

 

 

Total assets

 

$

50,409,664

 

 

$

44,011,674

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

 

$

13,617,167

 

 

$

12,130,662

 

 

Interest-bearing demand and savings

 

 

27,397,195

 

 

 

20,588,606

 

 

Time deposits under $250,000

 

 

969,132

 

 

 

2,292,899

 

 

Time deposits of $250,000 or more

 

 

1,158,535

 

 

 

780,692

 

 

Total deposits

 

 

43,142,029

 

 

 

35,792,859

 

 

Federal funds purchased and repurchase agreements

 

 

2,609,715

 

 

 

2,119,644

 

 

Short-term debt

 

 

—

 

 

 

1,800,000

 

 

Long-term debt

 

 

385,292

 

 

 

383,247

 

 

Accrued expenses and taxes

 

 

368,457

 

 

 

389,860

 

 

Other liabilities

 

 

437,630

 

 

 

425,645

 

 

Total liabilities

 

 

46,943,123

 

 

 

40,911,255

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

Common stock

 

 

55,057

 

 

 

55,057

 

 

Capital surplus

 

 

1,145,638

 

 

 

1,134,363

 

 

Retained earnings

 

 

3,174,948

 

 

 

2,810,824

 

 

Accumulated other comprehensive loss, net

 

 

(573,050

)

 

 

(556,935

)

Treasury stock

 

 

(336,052

)

 

 

(342,890

)

Total shareholders' equity

 

 

3,466,541

 

 

 

3,100,419

 

 

Total liabilities and shareholders' equity

 

$

50,409,664

 

 

$

44,011,674

 

 

Consolidated Statements of Income

 

UMB Financial Corporation

 

(unaudited, dollars in thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

410,631

 

 

$

381,041

 

 

$

1,612,948

 

 

$

1,399,961

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest

 

 

71,403

 

 

 

53,890

 

 

 

257,562

 

 

 

214,981

 

Tax-exempt interest

 

 

24,387

 

 

 

25,637

 

 

 

99,375

 

 

 

102,197

 

Total securities income

 

 

95,790

 

 

 

79,527

 

 

 

356,937

 

 

 

317,178

 

Federal funds and resell agreements

 

 

5,902

 

 

 

3,540

 

 

 

17,628

 

 

 

17,647

 

Interest-bearing due from banks

 

 

42,314

 

 

 

32,267

 

 

 

182,145

 

 

 

103,190

 

Trading securities

 

 

331

 

 

 

227

 

 

 

1,351

 

 

 

729

 

Total interest income

 

 

554,968

 

 

 

496,602

 

 

 

2,171,009

 

 

 

1,838,705

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

255,303

 

 

 

213,842

 

 

 

982,302

 

 

 

704,210

 

Federal funds and repurchase agreements

 

 

23,745

 

 

 

21,903

 

 

 

106,558

 

 

 

93,026

 

Other

 

 

6,946

 

 

 

30,335

 

 

 

81,257

 

 

 

121,353

 

Total interest expense

 

 

285,994

 

 

 

266,080

 

 

 

1,170,117

 

 

 

918,589

 

Net interest income

 

 

268,974

 

 

 

230,522

 

 

 

1,000,892

 

 

 

920,116

 

Provision for credit losses

 

 

19,000

 

 

 

—

 

 

 

61,050

 

 

 

41,227

 

Net interest income after provision for credit losses

 

 

249,974

 

 

 

230,522

 

 

 

939,842

 

 

 

878,889

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

76,861

 

 

 

66,584

 

 

 

290,571

 

 

 

257,200

 

Trading and investment banking

 

 

6,185

 

 

 

5,751

 

 

 

24,226

 

 

 

19,630

 

Service charges on deposit accounts

 

 

21,405

 

 

 

21,330

 

 

 

84,512

 

 

 

84,950

 

Insurance fees and commissions

 

 

425

 

 

 

238

 

 

 

1,257

 

 

 

1,009

 

Brokerage fees

 

 

18,635

 

 

 

13,439

 

 

 

61,564

 

 

 

54,119

 

Bankcard fees

 

 

21,089

 

 

 

18,672

 

 

 

87,797

 

 

 

74,719

 

Investment securities gains (losses), net

 

 

593

 

 

 

1,014

 

 

 

10,720

 

 

 

(3,139

)

Other

 

 

20,018

 

 

 

13,226

 

 

 

67,470

 

 

 

53,365

 

Total noninterest income

 

 

165,211

 

 

 

140,254

 

 

 

628,117

 

 

 

541,853

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

161,062

 

 

 

134,231

 

 

 

593,913

 

 

 

553,421

 

Occupancy, net

 

 

11,272

 

 

 

12,296

 

 

 

47,539

 

 

 

48,502

 

Equipment

 

 

15,312

 

 

 

16,579

 

 

 

63,406

 

 

 

68,718

 

Supplies and services

 

 

3,173

 

 

 

5,546

 

 

 

14,845

 

 

 

16,829

 

Marketing and business development

 

 

8,999

 

 

 

6,659

 

 

 

28,439

 

 

 

25,749

 

Processing fees

 

 

30,565

 

 

 

27,271

 

 

 

117,899

 

 

 

103,099

 

Legal and consulting

 

 

12,229

 

 

 

8,424

 

 

 

46,207

 

 

 

29,998

 

Bankcard

 

 

9,398

 

 

 

8,677

 

 

 

44,265

 

 

 

32,969

 

Amortization of other intangible assets

 

 

1,917

 

 

 

2,048

 

 

 

7,705

 

 

 

8,587

 

Regulatory fees

 

 

5,255

 

 

 

59,183

 

 

 

31,904

 

 

 

77,010

 

Other

 

 

11,179

 

 

 

9,060

 

 

 

30,564

 

 

 

34,258

 

Total noninterest expense

 

 

270,361

 

 

 

289,974

 

 

 

1,026,686

 

 

 

999,140

 

Income before income taxes

 

 

144,824

 

 

 

80,802

 

 

 

541,273

 

 

 

421,602

 

Income tax expense

 

 

24,827

 

 

 

9,879

 

 

 

100,030

 

 

 

71,578

 

NET INCOME

 

$

119,997

 

 

$

70,923

 

 

$

441,243

 

 

$

350,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

Net income – basic

 

$

2.46

 

 

$

1.46

 

 

$

9.05

 

 

$

7.22

 

Net income – diluted

 

 

2.44

 

 

 

1.45

 

 

 

8.99

 

 

 

7.18

 

Dividends

 

 

0.40

 

 

 

0.39

 

 

 

1.57

 

 

 

1.53

 

Weighted average shares outstanding – basic

 

 

48,807,081

 

 

 

48,538,127

 

 

 

48,747,814

 

 

 

48,503,643

 

Weighted average shares outstanding – diluted

 

 

49,178,891

 

 

 

48,860,020

 

 

 

49,056,956

 

 

 

48,763,820

 

Consolidated Statements of Comprehensive Income

 

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

 

 

2024

 

2023

 

2024

 

2023

 

Net income

 

$

119,997

 

 

$

70,923

 

 

$

441,243

 

 

$

350,024

 

 

Other comprehensive (loss) income, before tax:

 

 

 

 

 

 

 

 

 

Unrealized gains and losses on debt securities:

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains and losses, net

 

 

(183,961

)

 

 

293,578

 

 

 

(8,956

)

 

 

147,977

 

 

Less: Reclassification adjustment for net (gains) losses included in net income

 

 

—

 

 

 

—

 

 

 

(139

)

 

 

279

 

 

Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

 

8,560

 

 

 

9,288

 

 

 

35,905

 

 

 

39,851

 

 

Change in unrealized gains and losses on debt securities

 

 

(175,401

)

 

 

302,866

 

 

 

26,810

 

 

 

188,107

 

 

Unrealized gains and losses on derivative hedges:

 

 

 

 

 

 

 

 

 

Change in unrealized gains and losses on derivative hedges, net

 

 

(58,542

)

 

 

10,767

 

 

 

(40,530

)

 

 

15,015

 

 

Less: Reclassification adjustment for net gains included in net income

 

 

(677

)

 

 

(2,589

)

 

 

(8,069

)

 

 

(10,654

)

Change in unrealized gains and losses on derivative hedges

 

 

(59,219

)

 

 

8,178

 

 

 

(48,599

)

 

 

4,361

 

 

Other comprehensive (loss) income, before tax

 

 

(234,620

)

 

 

311,044

 

 

 

(21,789

)

 

 

192,468

 

 

Income tax benefit (expense)

 

 

57,426

 

 

 

(75,608

)

 

 

5,674

 

 

 

(46,668

)

Other comprehensive (loss) income

 

 

(177,194

)

 

 

235,436

 

 

 

(16,115

)

 

 

145,800

 

 

Comprehensive (loss) income

 

$

(57,197

)

 

$

306,359

 

 

$

425,128

 

 

$

495,824

 

 

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

 

 

—

 

 

—

 

 

 

350,024

 

 

 

145,800

 

 

 

—

 

 

 

495,824

 

 

Dividends ($1.53 per share)

 

 

—

 

 

—

 

 

 

(75,286

)

 

 

—

 

 

 

—

 

 

 

(75,286

)

Purchase of treasury stock

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,367

)

 

 

(8,367

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

(10,385

)

 

 

—

 

 

 

—

 

 

 

11,104

 

 

 

719

 

 

Recognition of equity-based compensation

 

 

—

 

 

17,975

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,975

 

 

Sale of treasury stock

 

 

—

 

 

220

 

 

 

—

 

 

 

—

 

 

 

296

 

 

 

516

 

 

Exercise of stock options

 

 

—

 

 

604

 

 

 

—

 

 

 

—

 

 

 

1,341

 

 

 

1,945

 

 

Balance - December 31, 2023

 

$

55,057

 

$

1,134,363

 

 

$

2,810,824

 

 

$

(556,935

)

 

$

(342,890

)

 

$

3,100,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2024

 

$

55,057

 

$

1,134,363

 

 

$

2,810,824

 

 

$

(556,935

)

 

$

(342,890

)

 

$

3,100,419

 

 

Total comprehensive income (loss)

 

 

—

 

 

—

 

 

 

441,243

 

 

 

(16,115

)

 

 

—

 

 

 

425,128

 

 

Dividends ($1.57 per share)

 

 

—

 

 

—

 

 

 

(77,119

)

 

 

—

 

 

 

—

 

 

 

(77,119

)

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

 

 

—

 

 

21,876

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,876

 

 

Sale of treasury stock

 

 

—

 

 

342

 

 

 

—

 

 

 

—

 

 

 

240

 

 

 

582

 

 

Exercise of stock options

 

 

—

 

 

1,690

 

 

 

—

 

 

 

—

 

 

 

2,413

 

 

 

4,103

 

 

Common stock issuance costs

 

 

—

 

 

(1,413

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,413

)

Balance - December 31, 2024

 

$

55,057

 

$

1,145,638

 

 

$

3,174,948

 

 

$

(573,050

)

 

$

(336,052

)

 

$

3,466,541

 

 

Average Balances / Yields and Rates

 

UMB Financial Corporation

 

(tax - equivalent basis)

 

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average

 

Average

 

 

Average

 

Average

 

 

 

Balance

 

Yield/Rate

 

 

Balance

 

Yield/Rate

 

Assets

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned interest

 

$

25,289,788

 

 

 

6.46

%

 

$

23,109,063

 

 

 

6.54

%

Securities:

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

9,739,156

 

 

 

2.92

 

 

 

8,853,426

 

 

 

2.41

 

Tax-exempt

 

 

3,565,346

 

 

 

3.42

 

 

 

3,716,141

 

 

 

3.44

 

Total securities

 

 

13,304,502

 

 

 

3.05

 

 

 

12,569,567

 

 

 

2.72

 

Federal funds and resell agreements

 

 

429,898

 

 

 

5.46

 

 

 

235,284

 

 

 

5.97

 

Interest bearing due from banks

 

 

3,573,884

 

 

 

4.71

 

 

 

2,372,767

 

 

 

5.40

 

Trading securities

 

 

25,224

 

 

 

5.68

 

 

 

16,880

 

 

 

5.83

 

Total earning assets

 

 

42,623,296

 

 

 

5.24

 

 

 

38,303,561

 

 

 

5.21

 

Allowance for credit losses

 

 

(250,824

)

 

 

 

 

 

(223,668

)

 

 

 

Other assets

 

 

2,608,524

 

 

 

 

 

 

2,435,687

 

 

 

 

Total assets

 

$

44,980,996

 

 

 

 

 

$

40,515,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

27,379,603

 

 

 

3.71

%

 

$

22,556,514

 

 

 

3.76

%

Federal funds and repurchase agreements

 

 

2,250,507

 

 

 

4.20

 

 

 

1,883,392

 

 

 

4.61

 

Borrowed funds

 

 

409,474

 

 

 

6.75

 

 

 

2,286,271

 

 

 

5.26

 

Total interest-bearing liabilities

 

 

30,039,584

 

 

 

3.79

 

 

 

26,726,177

 

 

 

3.95

 

Noninterest-bearing demand deposits

 

 

10,637,616

 

 

 

 

 

 

10,118,748

 

 

 

 

Other liabilities

 

 

776,031

 

 

 

 

 

 

715,688

 

 

 

 

Shareholders' equity

 

 

3,527,765

 

 

 

 

 

 

2,954,967

 

 

 

 

Total liabilities and shareholders' equity

 

$

44,980,996

 

 

 

 

 

$

40,515,580

 

 

 

 

Net interest spread

 

 

 

 

1.45

%

 

 

 

 

1.26

%

Net interest margin

 

 

 

 

2.57

 

 

 

 

 

2.46

 

Average Balances / Yields and Rates

 

UMB Financial Corporation

 

(tax - equivalent basis)

 

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average

 

Average

 

 

Average

 

Average

 

 

 

Balance

 

Yield/Rate

 

 

Balance

 

Yield/Rate

 

Assets

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned interest

 

$

24,212,645

 

 

 

6.66

%

 

$

22,337,119

 

 

 

6.27

%

Securities:

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

9,290,809

 

 

 

2.77

 

 

 

9,097,110

 

 

 

2.36

 

Tax-exempt

 

 

3,634,588

 

 

 

3.44

 

 

 

3,790,921

 

 

 

3.38

 

Total securities

 

 

12,925,397

 

 

 

2.96

 

 

 

12,888,031

 

 

 

2.66

 

Federal funds and resell agreements

 

 

303,096

 

 

 

5.82

 

 

 

316,072

 

 

 

5.58

 

Interest bearing due from banks

 

 

3,482,402

 

 

 

5.23

 

 

 

2,046,349

 

 

 

5.04

 

Trading securities

 

 

22,311

 

 

 

6.53

 

 

 

14,030

 

 

 

5.65

 

Total earning assets

 

 

40,945,851

 

 

 

5.37

 

 

 

37,601,601

 

 

 

4.96

 

Allowance for credit losses

 

 

(235,370

)

 

 

 

 

 

(216,245

)

 

 

 

Other assets

 

 

2,479,363

 

 

 

 

 

 

2,344,911

 

 

 

 

Total assets

 

$

43,189,844

 

 

 

 

 

$

39,730,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

25,224,201

 

 

 

3.89

%

 

$

21,122,305

 

 

 

3.33

%

Federal funds and repurchase agreements

 

 

2,338,455

 

 

 

4.56

 

 

 

2,175,415

 

 

 

4.28

 

Borrowed funds

 

 

1,447,646

 

 

 

5.61

 

 

 

2,311,238

 

 

 

5.25

 

Total interest-bearing liabilities

 

 

29,010,302

 

 

 

4.03

 

 

 

25,608,958

 

 

 

3.59

 

Noninterest-bearing demand deposits

 

 

10,077,251

 

 

 

 

 

 

10,640,344

 

 

 

 

Other liabilities

 

 

769,479

 

 

 

 

 

 

618,230

 

 

 

 

Shareholders' equity

 

 

3,332,812

 

 

 

 

 

 

2,862,735

 

 

 

 

Total liabilities and shareholders' equity

 

$

43,189,844

 

 

 

 

 

$

39,730,267

 

 

 

 

Net interest spread

 

 

 

 

1.34

%

 

 

 

 

1.37

%

Net interest margin

 

 

 

 

2.51

 

 

 

 

 

2.52

 

Business Segment Information

 

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

 

 

Commercial Banking

 

Institutional Banking

 

 

Personal Banking

 

Total

 

Net interest income

 

$

180,085

 

 

$

53,118

 

 

$

35,771

 

 

$

268,974

 

Provision for credit losses

 

 

15,392

 

 

 

1,021

 

 

 

2,587

 

 

 

19,000

 

Noninterest income

 

 

29,278

 

 

 

109,812

 

 

 

26,121

 

 

 

165,211

 

Noninterest expense

 

 

92,740

 

 

 

109,850

 

 

 

67,771

 

 

 

270,361

 

Income (loss) before taxes

 

 

101,231

 

 

 

52,059

 

 

 

(8,466

)

 

 

144,824

 

Income tax expense (benefit)

 

 

17,764

 

 

 

8,246

 

 

 

(1,183

)

 

 

24,827

 

Net income (loss)

 

$

83,467

 

 

$

43,813

 

 

$

(7,283

)

 

$

119,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2023

 

 

 

Commercial Banking

 

Institutional Banking

 

 

Personal Banking

 

Total

 

Net interest income

 

$

154,289

 

 

$

44,150

 

 

$

32,083

 

 

$

230,522

 

Provision for credit losses

 

 

(1,926

)

 

 

653

 

 

 

1,273

 

 

 

—

 

Noninterest income

 

 

25,956

 

 

 

90,361

 

 

 

23,937

 

 

 

140,254

 

Noninterest expense

 

 

114,190

 

 

 

114,306

 

 

 

61,478

 

 

 

289,974

 

Income (loss) before taxes

 

 

67,981

 

 

 

19,552

 

 

 

(6,731

)

 

 

80,802

 

Income tax expense (benefit)

 

 

5,198

 

 

 

2,867

 

 

 

1,814

 

 

 

9,879

 

Net income (loss)

 

$

62,783

 

 

$

16,685

 

 

$

(8,545

)

 

$

70,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

Commercial Banking

 

Institutional Banking

 

 

Personal Banking

 

Total

 

Net interest income

 

$

665,587

 

 

$

199,821

 

 

$

135,484

 

 

$

1,000,892

 

Provision for credit losses

 

 

50,155

 

 

 

2,781

 

 

 

8,114

 

 

 

61,050

 

Noninterest income

 

 

130,187

 

 

 

398,306

 

 

 

99,624

 

 

 

628,117

 

Noninterest expense

 

 

356,136

 

 

 

408,323

 

 

 

262,227

 

 

 

1,026,686

 

Income (loss) before taxes

 

 

389,483

 

 

 

187,023

 

 

 

(35,233

)

 

 

541,273

 

Income tax expense (benefit)

 

 

71,248

 

 

 

33,126

 

 

 

(4,344

)

 

 

100,030

 

Net income (loss)

 

$

318,235

 

 

$

153,897

 

 

$

(30,889

)

 

$

441,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

Commercial Banking

 

Institutional Banking

 

 

Personal Banking

 

Total

 

Net interest income

 

$

598,371

 

 

$

192,765

 

 

$

128,980

 

 

$

920,116

 

Provision for credit losses

 

 

33,184

 

 

 

1,406

 

 

 

6,637

 

 

 

41,227

 

Noninterest income

 

 

97,614

 

 

 

347,933

 

 

 

96,306

 

 

 

541,853

 

Noninterest expense

 

 

365,856

 

 

 

382,770

 

 

 

250,514

 

 

 

999,140

 

Income (loss) before taxes

 

 

296,945

 

 

 

156,522

 

 

 

(31,865

)

 

 

421,602

 

Income tax expense (benefit)

 

 

47,874

 

 

 

26,664

 

 

 

(2,960

)

 

 

71,578

 

Net income (loss)

 

$

249,071

 

 

$

129,858

 

 

$

(28,905

)

 

$

350,024

 

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 December 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 December 31,

 

Year Ended December 31,

 

 

 

2024

 

2023

 

2024

 

2023

 

Net income (GAAP)

 

$

119,997

 

 

$

70,923

 

 

$

441,243

 

 

$

350,024

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

3,658

 

 

 

52

 

 

 

16,250

 

 

 

179

 

 

Severance expense

 

 

245

 

 

 

1,207

 

 

 

569

 

 

 

8,943

 

 

FDIC special assessment

 

 

(826

)

 

 

52,840

 

 

 

6,644

 

 

 

52,840

 

 

Tax-impact of adjustments (i)

 

 

(497

)

 

 

(12,984

)

 

 

(2,961

)

 

 

(14,871

)

Total Non-GAAP adjustments (net of tax)

 

 

2,580

 

 

 

41,115

 

 

 

20,502

 

 

 

47,091

 

 

Net operating income (Non-GAAP)

 

$

122,577

 

 

$

112,038

 

 

$

461,745

 

 

$

397,115

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted (GAAP)

 

$

2.44

 

 

$

1.45

 

 

$

8.99

 

 

$

7.18

 

 

Acquisition expense

 

 

0.07

 

 

 

—

 

 

 

0.33

 

 

 

—

 

 

Severance expense

 

 

—

 

 

 

0.02

 

 

 

0.01

 

 

 

0.18

 

 

FDIC special assessment

 

 

(0.01

)

 

 

1.08

 

 

 

0.14

 

 

 

1.08

 

 

Tax-impact of adjustments (i)

 

 

(0.01

)

 

 

(0.26

)

 

 

(0.06

)

 

 

(0.30

)

Operating earnings per share - diluted (Non-GAAP)

 

$

2.49

 

 

$

2.29

 

 

$

9.41

 

 

$

8.14

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.06

%

 

 

0.69

%

 

 

1.02

%

 

 

0.88

 

%

Return on average equity

 

 

13.53

 

 

 

9.52

 

 

 

13.24

 

 

 

12.23

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Operating return on average assets

 

 

1.08

%

 

 

1.10

%

 

 

1.07

%

 

 

1.00

 

%

Operating return on average equity

 

 

13.82

 

 

 

15.04

 

 

 

13.85

 

 

 

13.87

 

 

(i) Calculated using the company’s marginal tax rate of 23.0% for 2024 and 24.0% for 2023. Certain merger-related expenses are non-deductible.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:

 

UMB Financial Corporation

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

 

2023

 

Noninterest expense

 

$

270,361

 

 

$

289,974

 

 

$

1,026,686

 

 

$

999,140

 

Adjustments to arrive at operating noninterest expense (pre-tax):

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

3,658

 

 

 

52

 

 

 

16,250

 

 

 

179

 

Severance expense

 

 

245

 

 

 

1,207

 

 

 

569

 

 

 

8,943

 

FDIC special assessment

 

 

(826

)

 

 

52,840

 

 

 

6,644

 

 

 

52,840

 

Total Non-GAAP adjustments (pre-tax)

 

 

3,077

 

 

 

54,099

 

 

 

23,463

 

 

 

61,962

 

Operating noninterest expense (Non-GAAP)

 

$

267,284

 

 

$

235,875

 

 

$

1,003,223

 

 

$

937,178

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

$

270,361

 

 

$

289,974

 

 

$

1,026,686

 

 

$

999,140

 

Less: Amortization of other intangibles

 

 

1,917

 

 

 

2,048

 

 

 

7,705

 

 

 

8,587

 

Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)

 

$

268,444

 

 

$

287,926

 

 

$

1,018,981

 

 

$

990,553

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating noninterest expense

 

$

267,284

 

 

$

235,875

 

 

$

1,003,223

 

 

$

937,178

 

Less: Amortization of other intangibles

 

 

1,917

 

 

 

2,048

 

 

 

7,705

 

 

 

8,587

 

Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)

 

$

265,367

 

 

$

233,827

 

 

$

995,518

 

 

$

928,591

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

268,974

 

 

$

230,522

 

 

$

1,000,892

 

 

$

920,116

 

Noninterest income

 

 

165,211

 

 

 

140,254

 

 

 

628,117

 

 

 

541,853

 

Less: Gains on sales of securities available for sale, net

 

 

—

 

 

 

—

 

 

 

139

 

 

 

152

 

Total Non-GAAP Revenue (denominator A)

 

$

434,185

 

 

$

370,776

 

 

$

1,628,870

 

 

$

1,461,817

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (numerator A/denominator A)

 

 

61.83

%

 

 

77.65

%

 

 

62.56

%

 

 

67.76

%

Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)

 

 

61.12

 

 

 

63.06

 

 

 

61.12

 

 

 

63.52

 

Operating pre-tax, pre-provision income non-GAAP reconciliations:

UMB Financial Corporation

 

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

 

2023

 

Net interest income (GAAP)

 

$

268,974

 

 

$

230,522

 

 

$

1,000,892

 

 

$

920,116

 

Noninterest income (GAAP)

 

 

165,211

 

 

 

140,254

 

 

 

628,117

 

 

 

541,853

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

 

270,361

 

 

 

289,974

 

 

 

1,026,686

 

 

 

999,140

 

Adjustments to arrive at operating noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

3,658

 

 

 

52

 

 

 

16,250

 

 

 

179

 

Severance expense

 

 

245

 

 

 

1,207

 

 

 

569

 

 

 

8,943

 

FDIC special assessment

 

 

(826

)

 

 

52,840

 

 

 

6,644

 

 

 

52,840

 

Total Non-GAAP adjustments

 

 

3,077

 

 

 

54,099

 

 

 

23,463

 

 

 

61,962

 

Operating noninterest expense (Non-GAAP)

 

 

267,284

 

 

 

235,875

 

 

 

1,003,223

 

 

 

937,178

 

Operating pre-tax, pre-provision income (Non-GAAP)

 

$

166,901

 

 

$

134,901

 

 

$

625,786

 

 

$

524,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income earnings per share - diluted (GAAP)

 

$

5.47

 

 

$

4.72

 

 

$

20.40

 

 

$

18.87

 

Noninterest income (GAAP)

 

 

3.36

 

 

 

2.87

 

 

 

12.80

 

 

 

11.11

 

Noninterest expense (GAAP)

 

 

5.50

 

 

 

5.93

 

 

 

20.93

 

 

 

20.48

 

Acquisition expense

 

 

0.07

 

 

 

—

 

 

 

0.33

 

 

 

—

 

Severance expense

 

 

—

 

 

 

0.02

 

 

 

0.01

 

 

 

0.18

 

FDIC special assessment

 

 

(0.01

)

 

 

1.08

 

 

 

0.14

 

 

 

1.08

 

Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)

 

$

3.39

 

 

$

2.76

 

 

$

12.75

 

 

$

10.76

 

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:

 

UMB Financial Corporation

 

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

 

2023

 

Net interest income (GAAP)

 

$

268,974

 

 

$

230,522

 

 

$

1,000,892

 

 

$

920,116

 

Adjustments to arrive at net interest income - FTE:

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent interest

 

 

6,369

 

 

 

6,670

 

 

 

25,893

 

 

 

26,359

 

Net interest income - FTE (Non-GAAP)

 

 

275,343

 

 

 

237,192

 

 

 

1,026,785

 

 

 

946,475

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income (GAAP)

 

 

165,211

 

 

 

140,254

 

 

 

628,117

 

 

 

541,853

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

 

270,361

 

 

 

289,974

 

 

 

1,026,686

 

 

 

999,140

 

Adjustments to arrive at operating noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

3,658

 

 

 

52

 

 

 

16,250

 

 

 

179

 

Severance expense

 

 

245

 

 

 

1,207

 

 

 

569

 

 

 

8,943

 

FDIC special assessment

 

 

(826

)

 

 

52,840

 

 

 

6,644

 

 

 

52,840

 

Total Non-GAAP adjustments

 

 

3,077

 

 

 

54,099

 

 

 

23,463

 

 

 

61,962

 

Operating noninterest expense (Non-GAAP)

 

 

267,284

 

 

 

235,875

 

 

 

1,003,223

 

 

 

937,178

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)

 

$

173,270

 

 

$

141,571

 

 

$

651,679

 

 

$

551,150

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income earnings per share - diluted (GAAP)

 

$

5.47

 

 

$

4.72

 

 

$

20.40

 

 

$

18.87

 

Tax equivalent interest

 

 

0.13

 

 

 

0.14

 

 

 

0.53

 

 

 

0.54

 

Net interest income - FTE (Non-GAAP)

 

 

5.60

 

 

 

4.86

 

 

 

20.93

 

 

 

19.41

 

Noninterest income (GAAP)

 

 

3.36

 

 

 

2.87

 

 

 

12.80

 

 

 

11.11

 

Noninterest expense (GAAP)

 

 

5.50

 

 

 

5.93

 

 

 

20.93

 

 

 

20.48

 

Acquisition expense

 

 

0.07

 

 

 

—

 

 

 

0.33

 

 

 

—

 

Severance expense

 

 

—

 

 

 

0.02

 

 

 

0.01

 

 

 

0.18

 

FDIC special assessment

 

 

(0.01

)

 

 

1.08

 

 

 

0.14

 

 

 

1.08

 

Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)

 

$

3.52

 

 

$

2.90

 

 

$

13.28

 

 

$

11.30

 

Tangible book value non-GAAP reconciliations:

UMB Financial Corporation

 

(unaudited, dollars in thousands except share and per share data)

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

Total shareholders' equity (GAAP)

 

$

3,466,541

 

 

$

3,100,419

 

Less: Intangible assets

 

 

 

 

 

 

Goodwill

 

 

207,385

 

 

 

207,385

 

Other intangibles, net

 

 

63,647

 

 

 

71,012

 

Total intangibles, net

 

 

271,032

 

 

 

278,397

 

Total tangible shareholders' equity (Non-GAAP)

 

$

3,195,509

 

 

$

2,822,022

 

 

 

 

 

 

 

 

Total shares outstanding

 

 

48,814,177

 

 

 

48,554,127

 

 

 

 

 

 

 

 

Ratio of total shareholders' equity (book value) per share

 

$

71.02

 

 

$

63.85

 

Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)

 

 

65.46

 

 

 

58.12

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250124294797/en/

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