Business
UMB Financial Corporation Reports Second Quarter Net Income of $90.1 Million
Second Quarter 2023 Financial Highlights GAAP net income of $90.1 million, or $1.85 per diluted share. Net operating income of $93.8 million, or $1.93 per
About this update from Umb Financial Corporation
[{"type":"text","content":"\nSecond Quarter 2023 Financial Highlights\n\n\n\nGAAP net income of $90.1 million, or $1.85 per diluted share.\n\n\n\nNet operating income of $93.8 million, or $1.93 per diluted share.\n\n\n\nAverage loans increased 17.3% on a linked-quarter, annualized basis.\n\n\n\nDeposit balances at June 30, 2023 totaled $33.5 billion, up from $31.9 billion at March 31, 2023.\n\n\n\nAt June 30, 2023, total estimated uninsured deposits represented approximately 65.5% of total deposits. When adjusted to exclude affiliate (company-owned) and collateralized deposits, estimated uninsured deposits were approximately 40.9% of total deposits.\n\n\n\nNoninterest income increased 6.1% as compared to the linked quarter, equal to 38.0% of total revenue.\n\n\n\nCredit quality remained strong, with net recoveries of $0.1 million and nonperforming loans of 0.09% of total loans.\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 2023 of $90.1 million, or $1.85 per diluted share, compared to $92.4 million, or $1.90 per diluted share, in the first quarter of 2023 (linked quarter) and $137.6 million, or $2.83 per diluted share, in the second quarter of 2022. 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\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $93.8 million, or $1.93 per diluted share, for the second quarter of 2023, compared to $92.8 million, or $1.91 per diluted share, for the linked quarter and $137.6 million, or $2.83 per diluted share, for the second quarter of 2022. 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 $127.9 million, or $2.63 per diluted share, for the second quarter of 2023, compared to $135.4 million, or $2.78 per diluted share, for the linked quarter, and $187.1 million, or $3.84 per diluted share, for the second quarter of 2022. These operating PTPP results represent decreases of 5....