Business
UMB Financial Corporation Reports First Quarter 2024 Net Income of $110.3 Million and Net Operating Income(i) of $120.7 Million.
UMB investment community call today, Monday, April 29, at 7:30 a.m. (CT) / 8:30 a.m. (ET) First Quarter 2024 Financial Highlights GAAP net income of $110.3
About this update from Umb Financial Corporation
[{"type":"text","content":"\nUMB investment community call today, Monday, April 29, at 7:30 a.m. (CT) / 8:30 a.m. (ET)\n\n\nFirst Quarter 2024 Financial Highlights\n\n\n\nGAAP net income of $110.3 million, or $2.25 per diluted share.\n\n\n\nNet operating income(i) of $120.7 million, or $2.47 per diluted share.\n\n\n\nAverage loans increased 4.2% on a linked-quarter, annualized basis, to $23.4 billion.\n\n\n\nAverage loans increased $2.1 billion, or 9.8%, as compared to the first quarter of 2023.\n\n\n\nAverage deposits increased 10.4% on a linked-quarter, annualized basis, to $33.5 billion.\n\n\n\nNet interest income increased 3.9% from the linked quarter.\n\n\n\nNet interest margin was 2.48%, an increase of two basis points from the linked quarter.\n\n\n\nNoninterest income increased 22.3% from the first quarter of 2023, equal to 39.9% of total revenue.\n\n\n\nCredit quality remained strong, with net charge-offs of just 0.05% 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 first quarter of 2024 of $110.3 million, or $2.25 per diluted share, compared to $70.9 million, or $1.45 per diluted share, in the fourth quarter of 2023 (linked quarter) and $92.4 million, or $1.90 per diluted share, in the first quarter of 2023. The results for the first quarter of 2024 and the fourth quarter of 2023 include pre-tax expense of $13.0 million and $52.8 million, respectively, for the industry-wide FDIC special assessment.\n\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $120.7 million, or $2.47 per diluted share, for the first quarter of 2024, compared to $112.0 million, or $2.29 per diluted share, for the linked quarter and $92.8 million, or $1.91 per diluted share, for the first quarter of 2023. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $157.5 million, or $3.22 per diluted share, for the first quarter of 2024, compared to $134.9 million, or $2.76 per diluted share, for the linked quarter, and $135.4 million, or $2.78 per diluted share, for the first quarter of 2023. These operating PTPP results represent inc...