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UMB Financial Corporation Reports Second Quarter Net Income of $137.6 Million
Second Quarter 2022 Financial Highlights GAAP net income of $137.6 million, or $2.83 per diluted share. Operating pre-tax, pre-provision income (Operating
About this update from Umb Financial Corporation
[{"type":"text","content":"\nSecond Quarter 2022 Financial Highlights\n\n\nGAAP net income of $137.6 million, or $2.83 per diluted share.\n\n\nOperating pre-tax, pre-provision income (Operating PTPP, a non-GAAP financial measure) of $187.1 million, an increase of 56.7% compared to the first quarter of 2022.\n\n\nAverage loan balances increased $1.5 billion, or 8.9% compared to the second quarter of 2021.\n\n\nExcluding Paycheck Protection Program (PPP) balances, average loans increased 23.3% on a linked-quarter, annualized basis.\n\n\nAverage deposits grew 13.7% compared to the second quarter of 2021.\n\n\nNet interest margin expanded 25 basis points from the linked quarter.\n\n\nNoninterest income increased 34.0% as compared to the second quarter of 2021, equal to 44.0% of total revenue.\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 2022 of $137.6 million, or $2.83 per diluted share, compared to $106.0 million, or $2.17 per diluted share, in the first quarter of 2022 (linked quarter) and $87.4 million, or $1.79 per diluted share, in the second quarter of 2021. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company’s entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company’s charitable foundation.\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $137.6 million, or $2.83 per diluted share, for the second quarter of 2022, compared to $106.1 million, or $2.17 per diluted share, for the linked quarter and $87.6 million, or $1.80 per diluted share, for the second quarter of 2021. 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 $187.1 million, or $3.84 per diluted share, for the second quarter of 2022, compared to $119.4 million, or $2.44 per diluted share, for the linked quarter, and $131.6 million, or $2.71 per diluted share, for the second quarter of 2021. These operating PTPP results represent increases of 56.7% on a linked-quarter basis and 42.1%, compared to the second quarter of 2021, and include the benefit from the aforementioned gain o...