Business
UMB Financial Corporation Reports Third Quarter Net Income of $109.6 Million and Net Operating Income(i) of $110.4 Million.
Third Quarter 2024 Financial Highlights GAAP net income of $109.6 million, or $2.23 per diluted share. Net operating income(i) of $110.4 million, or $2.25
About this update from Umb Financial Corporation
[{"type":"text","content":"\nThird Quarter 2024 Financial Highlights\n\n\nGAAP net income of $109.6 million, or $2.23 per diluted share.\n\n\nNet operating income(i) of $110.4 million, or $2.25 per diluted share.\n\n\nAverage loans increased 9.8% on a linked-quarter, annualized basis, to $24.4 billion.\n\n\nAverage loans increased $1.6 billion, or 7.2%, as compared to the third quarter of 2023.\n\n\nAverage deposits increased 11.1% on a linked-quarter, annualized basis, to $35.3 billion.\n\n\nCredit quality remained strong, with net charge-offs of just 0.08% of average loans for the nine months ended September 30, 2024.\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nUMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2024 of $109.6 million, or $2.23 per diluted share, compared to $101.3 million, or $2.07 per diluted share, in the second quarter (linked quarter) and $96.6 million, or $1.98 per diluted share, in the third quarter of 2023.\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $110.4 million, or $2.25 per diluted share, for the third quarter of 2024, compared to $105.9 million, or $2.16 per diluted share, for the linked quarter and $98.4 million, or $2.02 per diluted share, for the third 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 $154.6 million, or $3.15 per diluted share, for the third quarter of 2024, compared to $146.8 million, or $3.00 per diluted share, for the linked quarter, and $126.6 million, or $2.60 per diluted share, for the third quarter of 2023. These operating PTPP results represent increases of 5.3% on a linked-quarter basis and 22.1% compared to the third quarter of 2023.\n\n“We are pleased with another quarter of solid financial performance across the board,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “Strong institutional banking activity contributed to the 9.5% increase in fee income compared to the linked quarter, and near-double digit annualized loan growth drove net interest income higher. Net interest margin decreased five basis points sequentially due largely t...