Business
UMB Financial Corporation Reports Third Quarter Net Income of $88.0 Million and Announces 2.7% Cash Dividend Increase
Third Quarter 2022 Financial Highlights GAAP net income of $88.0 million, or $1.81 per diluted share. Average loan balances increased $2.5 billion, or 15.1%,
About this update from Umb Financial Corporation
[{"type":"text","content":"\nThird Quarter 2022 Financial Highlights\n\n\nGAAP net income of $88.0 million, or $1.81 per diluted share.\n\n\nAverage loan balances increased $2.5 billion, or 15.1%, compared to the third quarter of 2021.\n\n\nAverage deposits grew 1.3% compared to the third quarter of 2021.\n\n\nNoninterest income increased 19.3% as compared to the third quarter of 2021, equal to 35.5% of total revenue.\n\n\nExcluding Paycheck Protection Program (PPP) balances, average loans increased 21.9% on a linked-quarter, annualized basis.\n\n\nNet interest margin expanded 16 basis points from the linked quarter.\n\n\nCredit quality remained strong, with net charge-offs of just 0.02% of average loans.\n\n\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 2022 of $88.0 million, or $1.81 per diluted share, compared to $137.6 million, or $2.83 per diluted share, in the second quarter of 2022 (linked quarter) and $94.5 million, or $1.94 per diluted share, in the third 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 $88.3 million, or $1.82 per diluted share, for the third quarter of 2022, compared to $137.6 million, or $2.83 per diluted share, for the linked quarter and $95.1 million, or $1.95 per diluted share, for the third quarter of 2021. 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 $131.2 million, or $2.70 per diluted share, for the third quarter of 2022, compared to $187.1 million, or $3.84 per diluted share, for the linked quarter, and $109.6 million, or $2.24 per diluted share, for the third quarter of 2021. These operating PTPP results represent a decrease of 29.9% on a linked-quarter basis and an increase of 19.6%, compared to the third quarter of 2021. The results in the linked quarter comparison were impacted by the benefit from the a...