Business
UMB Financial Corporation Reports First Quarter Net Income of $106.0 Million
First Quarter 2022 Financial Highlights GAAP net income of $106.0 million, or $2.17 per diluted share; net operating income (a non-GAAP financial measure) of
About this update from Umb Financial Corporation
[{"type":"text","content":"\nFirst Quarter 2022 Financial Highlights\n\n\nGAAP net income of $106.0 million, or $2.17 per diluted share; net operating income (a non-GAAP financial measure) of $106.1 million, or $2.17 per diluted share.\n\n\nPre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE, a non-GAAP financial measure) of $125.7 million, an increase of 10.9% compared to the fourth quarter of 2021.\n\n\nExcluding Paycheck Protection Program (PPP) balances, average loans increased 19.1% on a linked-quarter, annualized basis.\n\n\nQuarterly average deposits grew 21.5% compared to the first quarter of 2021.\n\n\nNoninterest income increased 13.6% as compared to the first quarter of 2021, equal to 37.0% of total revenue.\n\n\nCredit quality remained strong, with net charge-offs of just 0.20% of average loans, consistent with the company’s historical performance.\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 2022 of $106.0 million, or $2.17 per diluted share, compared to $78.5 million, or $1.61 per diluted share, in the fourth quarter of 2021 (linked quarter) and $92.6 million, or $1.91 per diluted share, in the first quarter of 2021.\n\nNet operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $106.1 million, or $2.17 per diluted share, for the first quarter of 2022, compared to $78.9 million, or $1.62 per diluted share, for the linked quarter and $92.8 million, or $1.91 per diluted share, for the first quarter of 2021. PTPP-FTE, a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $125.7 million, or $2.57 per diluted share, for the first quarter of 2022, compared to $113.4 million, or $2.32 per diluted share, for the linked quarter, and $108.7 million, or $2.24 per diluted share, for the first quarter of 2021. These PTPP-FTE results represent increases of 10.9% on a linked-quarter basis and 15.6% compared to the first quarter of 2021.\n\n“Our results for the first quarter of 2022 reflect the team’s continued execution of our differentiated business model, with robust growth on both sides of our balance sheet, strong asset quality metrics, and sustained mome...