Business
UMB Financial Corp Reports Fourth Quarter Net Income of $70.9 Million, or $1.45 Per Diluted Share & Net Operating Income of $112.0 Million, or $2.29 Per Diluted Share. Full-Year 2023 Earnings of $350.0 Million; Net Operating Income of $397.1 Million.
Fourth Quarter 2023 Financial Highlights GAAP net income of $70.9 million, or $1.45 per diluted share. Net operating income(i) of $112.0 million, or $2.29
About this update from Umb Financial Corporation
[{"type":"text","content":"\nFourth Quarter 2023 Financial Highlights\n\n\n\nGAAP net income of $70.9 million, or $1.45 per diluted share.\n\n\n\nNet operating income(i) of $112.0 million, or $2.29 per diluted share.\n\n\n\nAverage loans increased 6.3% on a linked-quarter, annualized basis, to $23.1 billion.\n\n\n\nAverage loans increased $2.8 billion, or 13.9%, as compared to the fourth quarter of 2022.\n\n\n\nAverage deposits increased 17.2% on a linked-quarter, annualized basis, to $32.7 billion.\n\n\n\nNet interest income increased 3.7% from the linked quarter.\n\n\n\nNoninterest income increased 11.8% from the fourth quarter of 2022, equal to 37.8% of total revenue.\n\n\n\nNet interest margin was 2.46%, an increase of three basis points from the linked quarter.\n\n\n\nCredit quality remained strong, with net charge-offs of just 0.02% of average loans.\n\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nUMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2023 of $70.9 million, or $1.45 per diluted share, compared to $96.6 million, or $1.98 per diluted share, in the third quarter of 2023 (linked quarter) and $100.2 million, or $2.06 per diluted share, in the fourth quarter of 2022. The results for the fourth quarter of 2023 include a pre-tax expense of $52.8 million for the industry-wide FDIC special assessment.\n\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $112.0 million, or $2.29 per diluted share, for the fourth quarter of 2023, compared to $98.4 million, or $2.02 per diluted share, for the linked quarter and $101.1 million, or $2.07 per diluted share, for the fourth quarter of 2022. 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 $134.9 million, or $2.76 per diluted share, for the fourth quarter of 2023, compared to $126.6 million, or $2.60 per diluted share, for the linked quarter, and $134.1 million, or $2.75 per diluted share, for the fourth quarter of 2022. These operating PTPP results represent increases of 6.6% on a linked-quarter basis and 0.6% compared to the fourth quarter of 2022.\n\n\n“We closed 2023 with strong fourth quarter performa...