Business
UMB Financial Corporation Reports Second Quarter 2020 Net Income of $60.5 Million
Second Quarter 2020 Highlights GAAP net income of $60.5 million, or $1.26 per diluted share; operating net income of $63.8 million, or $1.33 per diluted
About this update from Umb Financial Corporation
[{"type":"text","content":"\nSecond Quarter 2020 Highlights \n\n\n\nGAAP net income of $60.5 million, or $1.26 per diluted share; operating net income of $63.8 million, or $1.33 per diluted share.\n\n\nPre-tax, pre-provision (PTPP) income of $90.2 million, an increase of 7.6% from the linked quarter.\n\n\nTotal revenue increased 9.7% to $298.7 million, compared to the linked quarter.\n\n\nAverage loans, excluding Paycheck Protection Program (PPP) balances, increased 8.2% on a linked-quarter annualized basis.\n\n\nLoans recorded under the PPP totaled $1.5 billion as of June 30, 2020.\n\n\nAverage deposits grew $2.0 billion to $22.8 billion compared to the first quarter of 2020.\n\n\nGAAP book value per share of $57.84, a 14.5% increase, and tangible book value per share of $53.57, a 15.1% increase compared to a year ago.\n\n\nCredit quality remained strong, with net charge-offs of just 0.15% 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 second quarter of 2020 of $60.5 million, or $1.26 per diluted share, compared to a net loss of $3.4 million in the first quarter of 2020 (linked quarter) and net income of $57.0 million, or $1.16 per diluted share, in the second quarter of 2019.\n\n\nNet operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $63.8 million, or $1.33 per diluted share, for the second quarter of 2020, compared to a net operating loss of $1.9 million for the linked quarter and net operating income of $57.2 million, or $1.17 per diluted share, for the second quarter of 2019. Pre-tax, pre-provision income (PTPP), a non-GAAP measure reconciled to net income before taxes, the nearest comparable GAAP measure, later in this release, was $90.2 million, or $1.88 per diluted share, for the second quarter of 2020, compared to $83.7 million, or $1.72 per diluted share, for the linked quarter, and $78.4 million, or $1.60 per diluted share, for the second quarter of 2019. These PTPP results represent increases of 7.6% on a linked-quarter basis and 15.0% compared to the second quarter of 2019.\n\n\n\n\nSummary of quarterly financial results\n\n\n\n \n\n\n\nUMB Financial Corporation\n\n\n\n \n\n\n\n\n\n(unaudite...