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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.97 | 3.00% | 102.02 | 100.00 | 109.00 | 105.21 | 100.75 | 103.00 | 1,410,153 | 22:30:00 |
Second Quarter 2024 Financial Highlights
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the second quarter of 2024 of $101.3 million, or $2.07 per diluted share, compared to $110.3 million, or $2.25 per diluted share, in the first quarter (linked quarter) and $90.1 million, or $1.85 per diluted share, in the second 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 $105.9 million, or $2.16 per diluted share, for the second quarter of 2024, compared to $120.7 million, or $2.47 per diluted share, for the linked quarter and $93.8 million, or $1.93 per diluted share, for the second 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 $146.8 million, or $3.00 per diluted share, for the second quarter of 2024, compared to $157.5 million, or $3.22 per diluted share, for the linked quarter, and $127.9 million, or $2.63 per diluted share, for the second quarter of 2023. These operating PTPP results represent a decrease of 6.7% on a linked-quarter basis and an increase of 14.8% compared to the second quarter of 2023.
“We are pleased with our second quarter financial results, including continued net interest income growth driven by balance sheet growth and net interest margin expansion, and solid credit metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“In the second quarter, average loans increased 7.3% to $23.8 billion, and average deposits increased $2.9 billion or 9.1% from one year ago. Our borrowers remain cautiously optimistic, with some continuing concerns around the geopolitical environment, inflation, and the timing of potential rate cuts. Competition for good deals remains robust, however, our focus on relationships and service are our differentiators, allowing us to continue to take market share.
"Credit quality remains very strong, with net charge-offs just 0.05% of average loans for both the second quarter and year-to-date. Net charge-offs have averaged a mere four basis points over the past eight quarters. Non-performing loans fell to just 0.06% of loans for the second quarter.
"Our teams excel at building and maintaining strong relationships across our footprint, and we’re focused on continuing our long track record of growth. We remain excited about the future, including our pending acquisition of Heartland Financial and the opportunity we see as a combined company.”
(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.
Second Quarter 2024 earnings discussion
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q2
Q1
Q2
2024
2024
2023
Net income (GAAP)
$
101,345
$
110,258
$
90,110
Earnings per share - diluted (GAAP)
2.07
2.25
1.85
Operating pre-tax, pre-provision income (Non-GAAP)(i)
146,840
157,451
127,929
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)
3.00
3.22
2.63
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
153,247
163,967
134,504
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)
3.13
3.35
2.77
Net operating income (Non-GAAP)(i)
105,873
120,712
93,841
Operating earnings per share - diluted (Non-GAAP)(i)
2.16
2.47
1.93
GAAP
Return on average assets
0.96
%
1.06
%
0.90
%
Return on average equity
12.73
14.11
12.56
Efficiency ratio
63.37
63.44
65.59
Non-GAAP(i)
Operating return on average assets
1.00
%
1.16
%
0.93
%
Operating return on average equity
13.30
15.44
13.08
Operating efficiency ratio
61.86
60.04
64.24
(i)
See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
Summary of year-to-date financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
June
June
YTD
YTD
2024
2023
Net income (GAAP)
$
211,603
$
182,547
Earnings per share - diluted (GAAP)
4.32
3.75
Operating pre-tax, pre-provision income (Non-GAAP)(i)
304,291
263,298
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)
6.22
5.41
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
317,214
276,428
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)
6.48
5.68
Net operating income (Non-GAAP)(i)
226,585
186,677
Operating earnings per share - diluted (Non-GAAP)(i)
4.63
3.83
GAAP
Return on average assets
1.01
%
0.93
%
Return on average equity
13.41
13.14
Efficiency ratio
63.41
64.34
Non-GAAP(i)
Operating return on average assets
1.08
%
0.95
%
Operating return on average equity
14.36
13.44
Operating efficiency ratio
60.94
63.61
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Net interest income
$
245,108
$
239,434
$
225,611
$
5,674
$
19,497
Noninterest income:
Trust and securities processing
70,010
69,478
61,589
532
8,421
Trading and investment banking
5,461
5,462
4,800
(1
)
661
Service charges on deposit accounts
22,261
20,757
21,381
1,504
880
Insurance fees and commissions
267
283
225
(16
)
42
Brokerage fees
14,020
13,160
13,604
860
416
Bankcard fees
22,346
21,968
18,579
378
3,767
Investment securities (losses) gains, net
(1,867
)
9,371
900
(11,238
)
(2,767
)
Other
12,421
18,765
17,004
(6,344
)
(4,583
)
Total noninterest income
$
144,919
$
159,244
$
138,082
$
(14,325
)
$
6,837
Total revenue
$
390,027
$
398,678
$
363,693
$
(8,651
)
$
26,334
Net interest income (FTE)
$
251,515
$
245,950
$
232,186
Net interest margin (FTE)
2.51
%
2.48
%
2.44
%
Total noninterest income as a % of total revenue
37.2
39.9
38.0
Net interest income
Noninterest income
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Salaries and employee benefits
$
142,861
$
143,006
$
143,312
$
(145
)
$
(451
)
Occupancy, net
11,723
12,270
11,746
(547
)
(23
)
Equipment
15,603
16,503
17,086
(900
)
(1,483
)
Supplies and services
3,404
3,301
4,195
103
(791
)
Marketing and business development
6,598
6,025
7,124
573
(526
)
Processing fees
29,701
27,936
26,572
1,765
3,129
Legal and consulting
16,566
7,894
7,059
8,672
9,507
Bankcard
11,818
10,567
8,307
1,251
3,511
Amortization of other intangible assets
1,911
1,960
2,117
(49
)
(206
)
Regulatory fees
2,568
19,395
6,123
(16,827
)
(3,555
)
Other
6,314
5,947
7,032
367
(718
)
Total noninterest expense
$
249,067
$
254,804
$
240,673
$
(5,737
)
$
8,394
Income taxes
Balance sheet
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Commercial and industrial
$
9,926,855
$
9,942,457
$
9,724,300
$
(15,602
)
$
202,555
Specialty lending
502,646
485,989
574,220
16,657
(71,574
)
Commercial real estate
9,360,991
9,026,511
8,178,463
334,480
1,182,528
Consumer real estate
2,998,560
2,968,320
2,833,739
30,240
164,821
Consumer
159,743
154,062
139,705
5,681
20,038
Credit cards
617,502
489,546
485,749
127,956
131,753
Leases and other
239,532
287,158
255,425
(47,626
)
(15,893
)
Total loans
$
23,805,829
$
23,354,043
$
22,191,601
$
451,786
$
1,614,228
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Securities available for sale:
U.S. Treasury
$
900,348
$
1,127,611
$
797,104
$
(227,263
)
$
103,244
U.S. Agencies
210,151
199,719
189,091
10,432
21,060
Mortgage-backed
3,667,289
3,595,619
3,813,234
71,670
(145,945
)
State and political subdivisions
1,213,000
1,254,148
1,319,398
(41,148
)
(106,398
)
Corporates
323,751
341,142
349,318
(17,391
)
(25,567
)
Collateralized loan obligations
336,273
347,063
348,078
(10,790
)
(11,805
)
Total securities available for sale
$
6,650,812
$
6,865,302
$
6,816,223
$
(214,490
)
$
(165,411
)
Securities held to maturity:
U.S. Agencies
$
120,563
$
123,225
$
123,135
$
(2,662
)
$
(2,572
)
Mortgage-backed
2,656,096
2,707,780
2,878,657
(51,684
)
(222,561
)
State and political subdivisions
2,798,371
2,821,799
2,822,218
(23,428
)
(23,847
)
Total securities held to maturity
$
5,575,030
$
5,652,804
$
5,824,010
$
(77,774
)
$
(248,980
)
Trading securities
$
26,381
$
17,893
$
12,538
$
8,488
$
13,843
Other securities
448,015
478,805
407,754
(30,790
)
40,261
Total securities
$
12,700,238
$
13,014,804
$
13,060,525
$
(314,566
)
$
(360,287
)
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Deposits:
Noninterest-bearing demand
$
10,103,035
$
10,066,409
$
10,535,325
$
36,626
$
(432,290
)
Interest-bearing demand and savings
21,914,116
20,701,659
17,463,022
1,212,457
4,451,094
Time deposits
2,323,610
2,758,064
3,476,616
(434,454
)
(1,153,006
)
Total deposits
$
34,340,761
$
33,526,132
$
31,474,963
$
814,629
$
2,865,798
Noninterest bearing deposits as % of total
29.4
%
30.0
%
33.5
%
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
June 30, 2024
March 31, 2024
June 30, 2023
Total equity
$
3,227,347
$
3,152,816
$
2,831,628
Accumulated other comprehensive loss, net
(605,634
)
(594,538
)
(685,831
)
Book value per common share
66.21
64.68
58.36
Tangible book value per common share (Non-GAAP)(i)
60.58
59.01
52.54
Regulatory capital:
Common equity Tier 1 capital
$
3,591,755
$
3,503,837
$
3,273,841
Tier 1 capital
3,591,755
3,503,837
3,273,841
Total capital
4,214,712
4,115,097
3,870,101
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.14
%
11.09
%
10.65
%
Tier 1 risk-based capital ratio
11.14
11.09
10.65
Total risk-based capital ratio
13.08
13.03
12.59
Tier 1 leverage ratio
8.50
8.39
8.16
(i)
See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
Asset Quality
Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q4
Q3
Q2
2024
2024
2023
2023
2023
Net charge-offs (recoveries) - total loans
$
2,856
$
3,017
$
1,352
$
4,618
$
(139
)
Net loan charge-offs (recoveries) as a % of total average loans
0.05
%
0.05
%
0.02
%
0.08
%
(0.00
)%
Loans over 90 days past due
$
5,644
$
3,076
$
3,111
$
3,044
$
10,675
Loans over 90 days past due as a % of total loans
0.02
%
0.01
%
0.01
%
0.01
%
0.05
%
Nonaccrual and restructured loans
$
13,743
$
17,756
$
13,212
$
17,042
$
19,347
Nonaccrual and restructured loans as a % of total loans
0.06
%
0.08
%
0.06
%
0.07
%
0.09
%
Provision for credit losses
$
14,050
$
10,000
$
—
$
4,977
$
13,000
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors declared a $0.39 per share quarterly cash dividend, payable on October 1, 2024, to shareholders of record at the close of business on September 10, 2024.
Conference Call
The company will host a conference call to discuss its second quarter 2024 earnings results on Wednesday, July 31, 2024, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 944750. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 2Q 2024 Conference Call
A replay of the conference call may be heard through August 14, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 435652. The call replay may also be accessed at investorrelations.umb.com.
Non-GAAP Financial Information
In this release, we provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in 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)
June 30,
2024
2023
ASSETS
Loans
$
24,197,462
$
22,483,542
Allowance for credit losses on loans
(239,167
)
(222,161
)
Net loans
23,958,295
22,261,381
Loans held for sale
4,211
3,819
Securities:
Available for sale
7,107,373
6,668,615
Held to maturity, net of allowance for credit losses
5,546,634
5,807,763
Trading securities
28,981
28,887
Other securities
447,650
428,149
Total securities
13,130,638
12,933,414
Federal funds sold and resell agreements
247,462
319,838
Interest-bearing due from banks
4,640,418
3,369,911
Cash and due from banks
464,719
431,527
Premises and equipment, net
226,860
255,127
Accrued income
237,874
190,387
Goodwill
207,385
207,385
Other intangibles, net
67,141
75,184
Other assets
1,284,411
1,195,069
Total assets
$
44,469,414
$
41,243,042
LIABILITIES
Deposits:
Noninterest-bearing demand
$
12,034,606
$
12,142,906
Interest-bearing demand and savings
22,400,255
18,184,063
Time deposits under $250,000
1,421,513
2,665,166
Time deposits of $250,000 or more
661,196
528,326
Total deposits
36,517,570
33,520,461
Federal funds purchased and repurchase agreements
2,217,033
2,050,583
Short-term debt
1,300,000
1,800,000
Long-term debt
384,245
382,280
Accrued expenses and taxes
352,778
256,845
Other liabilities
470,441
401,245
Total liabilities
41,242,067
38,411,414
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,132,301
1,124,977
Retained earnings
2,984,152
2,681,448
Accumulated other comprehensive loss, net
(605,634
)
(685,831
)
Treasury stock
(338,529
)
(344,023
)
Total shareholders' equity
3,227,347
2,831,628
Total liabilities and shareholders' equity
$
44,469,414
$
41,243,042
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
INTEREST INCOME
Loans
$
400,351
$
342,994
$
785,917
$
651,435
Securities:
Taxable interest
61,582
54,587
122,693
107,636
Tax-exempt interest
25,077
25,550
50,410
50,856
Total securities income
86,659
80,137
173,103
158,492
Federal funds and resell agreements
3,674
3,889
6,736
9,540
Interest-bearing due from banks
47,174
34,206
91,862
50,372
Trading securities
424
154
729
288
Total interest income
538,282
461,380
1,058,347
870,127
INTEREST EXPENSE
Deposits
240,525
170,550
464,400
298,449
Federal funds and repurchase agreements
28,081
24,745
55,743
48,047
Other
24,568
40,474
53,662
56,324
Total interest expense
293,174
235,769
573,805
402,820
Net interest income
245,108
225,611
484,542
467,307
Provision for credit losses
14,050
13,000
24,050
36,250
Net interest income after provision for credit losses
231,058
212,611
460,492
431,057
NONINTEREST INCOME
Trust and securities processing
70,010
61,589
139,488
123,948
Trading and investment banking
5,461
4,800
10,923
10,108
Service charges on deposit accounts
22,261
21,381
43,018
42,540
Insurance fees and commissions
267
225
550
499
Brokerage fees
14,020
13,604
27,180
27,280
Bankcard fees
22,346
18,579
44,314
36,751
Investment securities (losses) gains, net
(1,867
)
900
7,504
(4,424
)
Other
12,421
17,004
31,186
31,580
Total noninterest income
144,919
138,082
304,163
268,282
NONINTEREST EXPENSE
Salaries and employee benefits
142,861
143,312
285,867
285,810
Occupancy, net
11,723
11,746
23,993
23,923
Equipment
15,603
17,086
32,106
34,935
Supplies and services
3,404
4,195
6,705
8,070
Marketing and business development
6,598
7,124
12,623
12,459
Processing fees
29,701
26,572
57,637
49,812
Legal and consulting
16,566
7,059
24,460
14,344
Bankcard
11,818
8,307
22,385
15,440
Amortization of other intangible assets
1,911
2,117
3,871
4,415
Regulatory fees
2,568
6,123
21,963
11,674
Other
6,314
7,032
12,261
16,843
Total noninterest expense
249,067
240,673
503,871
477,725
Income before income taxes
126,910
110,020
260,784
221,614
Income tax expense
25,565
19,910
49,181
39,067
NET INCOME
$
101,345
$
90,110
$
211,603
$
182,547
PER SHARE DATA
Net income – basic
$
2.08
$
1.86
$
4.34
$
3.77
Net income – diluted
2.07
1.85
4.32
3.75
Dividends
0.39
0.38
0.78
0.76
Weighted average shares outstanding – basic
48,744,636
48,514,277
48,704,075
48,474,865
Weighted average shares outstanding – diluted
48,974,265
48,668,413
48,952,054
48,707,487
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net income
$
101,345
$
90,110
$
211,603
$
182,547
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(12,727
)
(87,505
)
(54,280
)
6,152
Less: Reclassification adjustment for net (gains) losses included in net income
—
—
(139
)
433
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
8,938
10,312
17,727
20,295
Change in unrealized gains and losses on debt securities
(3,789
)
(77,193
)
(36,692
)
26,880
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(8,775
)
1,848
(22,433
)
321
Less: Reclassification adjustment for net gains included in net income
(2,066
)
(2,660
)
(5,726
)
(5,221
)
Change in unrealized gains and losses on derivative hedges
(10,841
)
(812
)
(28,159
)
(4,900
)
Other comprehensive (loss) income, before tax
(14,630
)
(78,005
)
(64,851
)
21,980
Income tax benefit (expense)
3,534
18,950
16,152
(5,076
)
Other comprehensive (loss) income
(11,096
)
(59,055
)
(48,699
)
16,904
Comprehensive income
$
90,249
$
31,055
$
162,904
$
199,451
Consolidated Statements of Shareholders' Equity
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Common 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
—
—
182,547
16,904
—
199,451
Dividends ($0.76 per share)
—
—
(37,185
)
—
—
(37,185
)
Purchase of treasury stock
—
—
—
—
(7,902
)
(7,902
)
Issuances of equity awards, net of forfeitures
—
(9,764
)
—
—
10,483
719
Recognition of equity-based compensation
—
8,455
—
—
—
8,455
Sale of treasury stock
—
115
—
—
140
255
Exercise of stock options
—
222
—
—
520
742
Balance - June 30, 2023
$
55,057
$
1,124,977
$
2,681,448
$
(685,831
)
$
(344,023
)
$
2,831,628
Balance - January 1, 2024
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income (loss)
—
—
211,603
(48,699
)
—
162,904
Dividends ($0.78 per share)
—
—
(38,275
)
—
—
(38,275
)
Purchase of treasury stock
—
—
—
—
(7,537
)
(7,537
)
Issuances of equity awards, net of forfeitures
—
(10,964
)
—
—
11,667
703
Recognition of equity-based compensation
—
10,040
—
—
—
10,040
Sale of treasury stock
—
125
—
—
107
232
Exercise of stock options
—
54
—
—
124
178
Common stock issuance costs
—
(1,317
)
—
—
—
(1,317
)
Balance - June 30, 2024
$
55,057
$
1,132,301
$
2,984,152
$
(605,634
)
$
(338,529
)
$
3,227,347
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended June 30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,805,829
6.77
%
$
22,191,601
6.20
%
Securities:
Taxable
9,033,829
2.74
9,228,103
2.37
Tax-exempt
3,640,028
3.47
3,819,884
3.36
Total securities
12,673,857
2.95
13,047,987
2.66
Federal funds and resell agreements
246,132
6.00
276,459
5.64
Interest bearing due from banks
3,486,907
5.44
2,707,740
5.07
Trading securities
26,381
6.95
12,538
5.37
Total earning assets
40,239,106
5.44
38,236,325
4.91
Allowance for credit losses
(228,369
)
(216,876
)
Other assets
2,465,492
2,345,714
Total assets
$
42,476,229
$
40,365,163
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
24,237,726
3.99
%
$
20,939,638
3.27
%
Federal funds and repurchase agreements
2,421,727
4.66
2,336,929
4.25
Borrowed funds
1,744,448
5.66
3,137,267
5.17
Total interest-bearing liabilities
28,403,901
4.15
26,413,834
3.58
Noninterest-bearing demand deposits
10,103,035
10,535,325
Other liabilities
767,687
539,172
Shareholders' equity
3,201,606
2,876,832
Total liabilities and shareholders' equity
$
42,476,229
$
40,365,163
Net interest spread
1.29
%
1.33
%
Net interest margin
2.51
2.44
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Six Months Ended June 30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,579,936
6.70
%
$
21,734,142
6.05
%
Securities:
Taxable
9,149,309
2.70
9,288,392
2.34
Tax-exempt
3,686,075
3.44
3,832,505
3.36
Total securities
12,835,384
2.91
13,120,897
2.64
Federal funds and resell agreements
226,288
5.99
363,341
5.29
Interest bearing due from banks
3,395,466
5.44
2,127,343
4.77
Trading securities
22,137
7.10
10,907
5.77
Total earning assets
40,059,211
5.38
37,356,630
4.77
Allowance for credit losses
(225,243
)
(206,559
)
Other assets
2,411,681
2,292,479
Total assets
$
42,245,649
$
39,442,550
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
23,848,724
3.92
%
$
20,294,984
2.97
%
Federal funds and repurchase agreements
2,403,240
4.66
2,399,090
4.04
Borrowed funds
1,963,971
5.49
2,174,157
5.22
Total interest-bearing liabilities
28,215,935
4.09
24,868,231
3.27
Noninterest-bearing demand deposits
10,084,722
11,223,478
Other liabilities
772,430
549,787
Shareholders' equity
3,172,562
2,801,054
Total liabilities and shareholders' equity
$
42,245,649
$
39,442,550
Net interest spread
1.29
%
1.50
%
Net interest margin
2.50
2.59
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended June 30, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
160,487
$
51,502
$
33,119
$
245,108
Provision for credit losses
11,480
846
1,724
14,050
Noninterest income
27,720
95,092
22,107
144,919
Noninterest expense
85,780
95,531
67,756
249,067
Income (loss) before taxes
90,947
50,217
(14,254
)
126,910
Income tax expense (benefit)
17,858
9,297
(1,590
)
25,565
Net income (loss)
$
73,089
$
40,920
$
(12,664
)
$
101,345
Three Months Ended June 30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
144,389
$
50,397
30,825
$
225,611
Provision for credit losses
11,055
234
1,711
13,000
Noninterest income
25,666
86,813
25,603
138,082
Noninterest expense
85,896
91,591
63,186
240,673
Income (loss) before taxes
73,104
45,385
(8,469
)
110,020
Income tax expense (benefit)
12,996
8,011
(1,097
)
19,910
Net income (loss)
$
60,108
$
37,374
$
(7,372
)
$
90,110
Six Months Ended June 30, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
317,734
$
101,362
$
65,446
$
484,542
Provision for credit losses
19,000
1,325
3,725
24,050
Noninterest income
70,686
187,808
45,669
304,163
Noninterest expense
178,199
195,907
129,765
503,871
Income (loss) before taxes
191,221
91,938
(22,375
)
260,784
Income tax expense (benefit)
35,153
16,828
(2,800
)
49,181
Net income (loss)
$
156,068
$
75,110
$
(19,575
)
$
211,603
Six Months Ended June 30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
295,416
$
105,482
$
66,409
$
467,307
Provision for credit losses
32,099
331
3,820
36,250
Noninterest income
48,568
171,051
48,663
268,282
Noninterest expense
169,900
180,962
126,863
477,725
Income (loss) before taxes
141,985
95,240
(15,611
)
221,614
Income tax expense (benefit)
24,638
16,523
(2,094
)
39,067
Net income (loss)
$
117,347
$
78,717
$
(13,517
)
$
182,547
The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2024.
Non-GAAP Financial Measures
Net operating income Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net income (GAAP)
$
101,345
$
90,110
$
211,603
$
182,547
Adjustments:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Tax-impact of adjustments (i)
(1,352
)
(1,178
)
(4,475
)
(1,304
)
Total Non-GAAP adjustments (net of tax)
4,528
3,731
14,982
4,130
Net operating income (Non-GAAP)
$
105,873
$
93,841
$
226,585
$
186,677
Earnings per share - diluted (GAAP)
$
2.07
$
1.85
$
4.32
$
3.75
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Tax-impact of adjustments (i)
(0.03
)
(0.02
)
(0.09
)
(0.03
)
Operating earnings per share - diluted (Non-GAAP)
$
2.16
$
1.93
$
4.63
$
3.83
GAAP
Return on average assets
0.96
%
0.90
%
1.01
%
0.93
%
Return on average equity
12.73
12.56
13.41
13.14
Non-GAAP
Operating return on average assets
1.00
%
0.93
%
1.08
%
0.95
%
Operating return on average equity
13.30
13.08
14.36
13.44
(i)
Calculated using the company’s marginal tax rate of 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 June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Noninterest expense
$
249,067
$
240,673
$
503,871
$
477,725
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments (pre-tax)
5,880
4,909
19,457
5,434
Operating noninterest expense (Non-GAAP)
$
243,187
$
235,764
$
484,414
$
472,291
Noninterest expense
$
249,067
$
240,673
$
503,871
$
477,725
Less: Amortization of other intangibles
1,911
2,117
3,871
4,415
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
247,156
$
238,556
$
500,000
$
473,310
Operating noninterest expense
$
243,187
$
235,764
$
484,414
$
472,291
Less: Amortization of other intangibles
1,911
2,117
3,871
4,415
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
241,276
$
233,647
$
480,543
$
467,876
Net interest income
$
245,108
$
225,611
$
484,542
$
467,307
Noninterest income
144,919
138,082
304,163
268,282
Less: Gains (losses) on sales of securities available for sale, net
—
—
139
(2
)
Total Non-GAAP Revenue (denominator A)
$
390,027
$
363,693
$
788,566
$
735,591
Efficiency ratio (numerator A/denominator A)
63.37
%
65.59
%
63.41
%
64.34
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
61.86
64.24
60.94
63.61
Operating pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net interest income (GAAP)
$
245,108
$
225,611
$
484,542
$
467,307
Noninterest income (GAAP)
144,919
138,082
304,163
268,282
Noninterest expense (GAAP)
249,067
240,673
503,871
477,725
Adjustments to arrive at operating noninterest expense:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments
5,880
4,909
19,457
5,434
Operating noninterest expense (Non-GAAP)
243,187
235,764
484,414
472,291
Operating pre-tax, pre-provision income (Non-GAAP)
$
146,840
$
127,929
$
304,291
$
263,298
Net interest income earnings per share - diluted (GAAP)
$
5.00
$
4.64
$
9.90
$
9.60
Noninterest income (GAAP)
2.96
2.84
6.21
5.51
Noninterest expense (GAAP)
5.08
4.95
10.29
9.81
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)
$
3.00
$
2.63
$
6.22
$
5.41
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net interest income (GAAP)
$
245,108
$
225,611
$
484,542
$
467,307
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
6,407
6,575
12,923
13,130
Net interest income - FTE (Non-GAAP)
251,515
232,186
497,465
480,437
Noninterest income (GAAP)
144,919
138,082
304,163
268,282
Noninterest expense (GAAP)
249,067
240,673
503,871
477,725
Adjustments to arrive at operating noninterest expense:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments
5,880
4,909
19,457
5,434
Operating noninterest expense (Non-GAAP)
243,187
235,764
484,414
472,291
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
153,247
$
134,504
$
317,214
$
276,428
Net interest income earnings per share - diluted (GAAP)
$
5.00
$
4.64
$
9.90
$
9.60
Tax equivalent interest
0.13
0.14
0.26
0.27
Net interest income - FTE (Non-GAAP)
5.13
4.78
10.16
9.87
Noninterest income (GAAP)
2.96
2.84
6.21
5.51
Noninterest expense (GAAP)
5.08
4.95
10.29
9.81
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)
$
3.13
$
2.77
$
6.48
$
5.68
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of June 30,
2024
2023
Total shareholders' equity (GAAP)
$
3,227,347
$
2,831,628
Less: Intangible assets
Goodwill
207,385
207,385
Other intangibles, net
67,141
75,184
Total intangibles, net
274,526
282,569
Total tangible shareholders' equity (Non-GAAP)
$
2,952,821
$
2,549,059
Total shares outstanding
48,745,090
48,517,750
Ratio of total shareholders' equity (book value) per share
$
66.21
$
58.36
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)
60.58
52.54
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725071653/en/
Media Contact: Stephanie Hague: 816.729.1027 Investor Relations Contact: Kay Gregory: 816.860.7106
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