Business
UMB Financial Corporation Reports Record Earnings of $243.6 Million for the Full-Year 2019
2019 Financial Highlights (all comparisons to the prior year) Average loan balances increased $1.2 billion, or 10.0 percent; annual gross loan production of
About this update from Umb Financial Corporation
[{"type":"text","content":"\n2019 Financial Highlights (all comparisons to the prior year)\n\n\n\nAverage loan balances increased $1.2 billion, or 10.0 percent; annual gross loan production of $3.6 billion increased 39.1 percent\n\n\nAverage deposits grew 13.7 percent to $19.3 billion\n\n\nNoninterest income increased 6.2 percent, and comprised 38.9 percent of revenue\n\n\nCredit quality remained strong, with net charge-offs of just 0.27 percent 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 income from continuing operations for the fourth quarter of 2019 of $66.5 million, or $1.35 per diluted share, compared to $62.4 million, or $1.27 per diluted share, in the third quarter of 2019 (linked quarter) and $25.5 million, or $0.52 per diluted share, in the fourth quarter of 2018. The results for 2018 included increased provision expense related to the charge-off of a single $48.1 million factoring credit. The reported GAAP income from continuing operations represents an increase of 6.6 percent on a linked-quarter basis and an increase of 161.3 percent compared to the fourth quarter of 2018. For the year ended December 31, 2019, income from continuing operations was $243.6 million, or $4.96 per diluted share, which is an increase of 24.1 percent compared to $196.3 million, or $3.94 per diluted share, for the year ended December 31, 2018.\n\n\n“We capped off another strong year of financial performance, reporting record earnings in 2019. I am particularly pleased with our fourth quarter 2019 results, with income from continuing operations of $66.5 million, an increase of 6.6 percent compared to the third quarter,” said Mariner Kemper, chairman, president and chief executive officer. “Highlights for the quarter include strong balance sheet growth, with average loan balances increasing 2.6 percent compared to the third quarter, and 10.6 percent compared to the fourth quarter 2018. This growth, together with strong fee income, resulted in total revenue increases of 4.0 percent on a linked-quarter basis and 10.1 percent compared to fourth quarter 2018 levels. Expenses were elevated in the fourth quarter, driven largely by incentives tied to business and revenue growth, as well as overall company performance. For the fu...