Business
UMB Financial Corporation Reports Fourth Quarter Net Income of $78.5 Million and Record Full-Year Earnings of $353.0 Million
Fourth Quarter 2021 Financial Highlights GAAP net income of $78.5 million, or $1.61 per diluted share; net operating income (non-GAAP) of $78.9 million, or
About this update from Umb Financial Corporation
[{"type":"text","content":"\nFourth Quarter 2021 Financial Highlights\n\n\nGAAP net income of $78.5 million, or $1.61 per diluted share; net operating income (non-GAAP) of $78.9 million, or $1.62 per diluted share.\n\n\nPre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE) of $113.4 million.\n\n\nExcluding Paycheck Protection Program (PPP) balances, average loans increased 5.7% on a linked-quarter, annualized basis.\n\n\nAverage Commercial & Industrial loan balances, excluding PPP, increased 11.9% on a linked-quarter, annualized basis.\n\n\nPeriod-end loan balances, excluding PPP, increased by $882.6 million from the linked quarter.\n\n\n\n\nNoninterest income increased 10.1% on a linked-quarter basis to $118.8 million, equal to 36.1% of total revenue.\n\n\nQuarterly average deposits grew 26.7% to $31.6 billion compared to the fourth quarter of 2020.\n\n\nAverage demand deposit balances increased 60.5% on a linked-quarter annualized basis to $13.1 billion.\n\n\n\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 2021 of $78.5 million, or $1.61 per diluted share, compared to $94.5 million, or $1.94 per diluted share, in the third quarter of 2021 (linked quarter) and $156.3 million, or $3.24 per diluted share, in the fourth quarter of 2020. Results for the fourth quarter and full-year 2020 include a pre-tax gain of $108.8 million on the company’s investment in Tattooed Chef, Inc. (TTCF).\n\nNet operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $78.9 million, or $1.62 per diluted share, for the fourth quarter of 2021, compared to $95.1 million, or $1.95 per diluted share, for the linked quarter and $157.4 million, or $3.26 per diluted share, for the fourth quarter of 2020. 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 $113.4 million, or $2.32 per diluted share, for the fourth quarter of 2021, compared to $115.3 million, or $2.37 per diluted share, for the linked quarter, and $202.9 million, or $4.20 per diluted share, for the fourth quarter of 2020. These PTPP-FTE results represent decreases of 1.7% on a linked-quarter basis and 44.1% compa...