Business
UMB Financial Corporation Reports Fourth Quarter Net Income of $100.2 Million and Record Full-Year Earnings of $431.7 Million
Fourth Quarter 2022 Financial Highlights GAAP net income of $100.2 million, or $2.06 per diluted share. Average loan balances increased $3.6 billion, or
About this update from Umb Financial Corporation
[{"type":"text","content":"\nFourth Quarter 2022 Financial Highlights\n\n\nGAAP net income of $100.2 million, or $2.06 per diluted share.\n\n\nAverage loan balances increased $3.6 billion, or 21.6%, compared to the fourth quarter of 2021.\n\n\nAverage loans increased 21.0% on a linked-quarter, annualized basis.\n\n\nAverage deposits grew 21.2% on a linked-quarter, annualized basis.\n\n\nNet interest income increased 5.0% from the linked quarter.\n\n\nNoninterest income increased 5.7% as compared to the fourth quarter of 2021, equal to 33.9% of total revenue.\n\n\nNet interest margin expanded seven basis points from the linked quarter.\n\n\nCredit quality remained strong, with net charge-offs of just 0.04% of average loans.\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\n\nUMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2022 of $100.2 million, or $2.06 per diluted share, compared to $88.0 million, or $1.81 per diluted share, in the third quarter of 2022 (linked quarter) and $78.5 million, or $1.61 per diluted share, in the fourth quarter of 2021.\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $101.1 million, or $2.07 per diluted share, for the fourth quarter of 2022, compared to $88.3 million, or $1.82 per diluted share, for the linked quarter and $78.9 million, or $1.62 per diluted share, for the fourth quarter of 2021. 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 $134.1 million, or $2.75 per diluted share, for the fourth quarter of 2022, compared to $131.2 million, or $2.70 per diluted share, for the linked quarter, and $107.4 million, or $2.20 per diluted share, for the fourth quarter of 2021. These operating PTPP results represent increases of 2.2% on a linked-quarter basis and 24.8%, compared to the fourth quarter of 2021.\n\n“As we enter the 110th year of business, our strong balance sheet and differentiated business mix position us well to deliver solid returns across all economic cycles, driven by our basic tenet of providing the Unparalleled Customer Experience to all our key constituents,” said Mariner Kemper, chairman, president and chie...