Business
UMB Financial Corporation Reports Third Quarter 2020 Net Income of $73.1 Million and Announces 3.2% Dividend Increase
Third Quarter 2020 Highlights GAAP net income of $73.1 million, or $1.52 per diluted share; net operating income of $76.4 million, or $1.59 per diluted
About this update from Umb Financial Corporation
[{"type":"text","content":"\nThird Quarter 2020 Highlights\n\n\nGAAP net income of $73.1 million, or $1.52 per diluted share; net operating income of $76.4 million, or $1.59 per diluted share.\n\n\nPre-tax, pre-provision (PTPP) income of $99.4 million, an increase of 10.2% from the linked quarter.\n\n\nAverage loans increased 16.8% on a linked-quarter, annualized basis.\n\n\nAverage deposits grew $1.3 billion to $24.1 billion compared to the second quarter of 2020.\n\n\nGAAP book value per share increased 13.8% to $59.43, and tangible book value per share increased 14.5% to $55.19, compared to a year ago.\n\n\nCredit quality remained strong, with net charge-offs of just 0.13% of average loans.\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\n\nUMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2020 of $73.1 million, or $1.52 per diluted share, compared to $60.5 million, or $1.26 per diluted share, in the second quarter of 2020 (linked quarter) and $62.4 million, or $1.27 per diluted share, in the third quarter of 2019.\n\nNet operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $76.4 million, or $1.59 per diluted share, for the third quarter of 2020, compared to $63.8 million, or $1.33 per diluted share, for the linked quarter and $62.5 million, or $1.27 per diluted share, for the third 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 $99.4 million, or $2.07 per diluted share, for the third quarter of 2020, compared to $90.2 million, or $1.88 per diluted share, for the linked quarter, and $80.5 million, or $1.64 per diluted share, for the third quarter of 2019. These PTPP results represent increases of 10.2% on a linked-quarter basis and 23.5% compared to the third quarter of 2019.\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(unaudited, dollars in thousands, except per share data)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ3\n\n\n\n \n\n\n\n \n\n\n\nQ2\n\n\n\n \n\n\n\n \n\n\n\nQ3\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \...