Business
UMB Financial Corporation Reports Second Quarter Net Income of $101.3 Million and Net Operating Income(i) of $105.9 Million.
Second Quarter 2024 Financial Highlights GAAP net income of $101.3 million, or $2.07 per diluted share. Net operating income(i) of $105.9 million, or $2.16
About this update from Umb Financial Corporation
[{"type":"text","content":"\nSecond Quarter 2024 Financial Highlights\n\n\n\nGAAP net income of $101.3 million, or $2.07 per diluted share.\n\n\n\nNet operating income(i) of $105.9 million, or $2.16 per diluted share.\n\n\n\nAverage loans increased 7.7% on a linked-quarter, annualized basis, to $23.8 billion.\n\n\n\nAverage loans increased $1.6 billion, or 7.3%, as compared to the second quarter of 2023.\n\n\n\nAverage deposits increased 9.7% on a linked-quarter, annualized basis, to $34.3 billion.\n\n\n\nNet interest margin was 2.51%, an increase of three basis points from the linked quarter.\n\n\n\nCredit quality remained strong, with net charge-offs of just 0.05% of average loans in both the second quarter and the six months ended June 30, 2024.\n\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 2024 of $101.3 million, or $2.07 per diluted share, compared to $110.3 million, or $2.25 per diluted share, in the first quarter (linked quarter) and $90.1 million, or $1.85 per diluted share, in the second quarter of 2023.\n\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $105.9 million, or $2.16 per diluted share, for the second quarter of 2024, compared to $120.7 million, or $2.47 per diluted share, for the linked quarter and $93.8 million, or $1.93 per diluted share, for the second quarter of 2023. 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 $146.8 million, or $3.00 per diluted share, for the second quarter of 2024, compared to $157.5 million, or $3.22 per diluted share, for the linked quarter, and $127.9 million, or $2.63 per diluted share, for the second quarter of 2023. These operating PTPP results represent a decrease of 6.7% on a linked-quarter basis and an increase of 14.8% compared to the second quarter of 2023.\n\n\n“We are pleased with our second quarter financial results, including continued net interest income growth driven by balance sheet growth and net interest margin expansion, and solid credit metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.\...