Business
UMB Financial Corporation Reports First Quarter Net Income of $92.4 Million
First Quarter 2023 Financial Highlights GAAP net income of $92.4 million, or $1.90 per diluted share. Average loans increased 19.3% on a linked-quarter,
About this update from Umb Financial Corporation
[{"type":"text","content":"\nFirst Quarter 2023 Financial Highlights\n\n\n\nGAAP net income of $92.4 million, or $1.90 per diluted share.\n\n\n\nAverage loans increased 19.3% on a linked-quarter, annualized basis.\n\n\n\nAverage deposits grew 2.4% on a linked-quarter, annualized basis.\n\n\n\nDiverse deposit base with approximately 55% of deposit relationships spanning ten or more years.\n\n\n\nAt March 31, 2023, uninsured deposits represented 66.6% of total deposits. When adjusted to exclude affiliate and collateralized deposits, uninsured deposits were 43.1% of total deposits.\n\n\n\nWithin our commercial deposits, no one sector represents more than 5% of quarterly average deposits.\n\n\n\nStrong risk-based capital ratios and liquidity positions.\n\n\n\nNoninterest income increased 5.3% as compared to the first quarter of 2022, equal to 35.0% of total revenue.\n\n\n\nCredit quality remained strong, with net charge-offs of just 0.09% of average loans and nonperforming loans of 0.07% of total 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 2023 of $92.4 million, or $1.90 per diluted share, compared to $100.2 million, or $2.06 per diluted share, in the fourth quarter of 2022 (linked quarter) and $106.0 million, or $2.17 per diluted share, in the first quarter of 2022.\n\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $92.8 million, or $1.91 per diluted share, for the first quarter of 2023, compared to $101.1 million, or $2.07 per diluted share, for the linked quarter and $106.1 million, or $2.17 per diluted share, for the first 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 $135.4 million, or $2.78 per diluted share, for the first quarter of 2023, compared to $134.1 million, or $2.75 per diluted share, for the linked quarter, and $119.4 million, or $2.44 per diluted share, for the first quarter of 2022. These operating PTPP results represent increases of 1.0% on a linked-quarter basis and 13.4%, compared to the first quarter of 2022.\n\n\n“Comments made publicly about the health ...