Business
UMB Financial Corporation Reports Third Quarter Net Income of $94.5 Million
Third quarter 2021 Financial Highlights (all comparisons to prior year unless otherwise noted) GAAP net income of $94.5 million, or $1.94 per diluted share;
About this update from Umb Financial Corporation
[{"type":"text","content":"\nThird quarter 2021 Financial Highlights (all comparisons to prior year unless otherwise noted)\n\n\nGAAP net income of $94.5 million, or $1.94 per diluted share; net operating income of $95.1 million, or $1.95 per diluted share.\n\n\nPre-tax, pre-provision (PTPP) income of $108.8 million, an increase of $9.4 million.\n\n\nQuarterly average loan balances increased $1.0 billion, or 6.5%.\n\n\nExcluding Paycheck Protection Program (PPP) balances, average loans increased 15.3% on a linked-quarter, annualized basis.\n\n\nQuarterly average deposits grew 22.0% to $29.4 billion.\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 2021 of $94.5 million, or $1.94 per diluted share, compared to $87.4 million, or $1.79 per diluted share, in the second quarter of 2021 (linked quarter) and $73.1 million, or $1.52 per diluted share, in the third quarter of 2020.\n\nNet operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $95.1 million, or $1.95 per diluted share, for the third quarter of 2021, compared to $87.6 million, or $1.80 per diluted share, for the linked quarter and $76.4 million, or $1.59 per diluted share, for the third quarter of 2020. Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $115.3 million, or $2.37 per diluted share, for the third quarter of 2021, compared to $138.0 million, or $2.83 per diluted share, for the linked quarter, and $106.2 million, or $2.21 per diluted share, for the third quarter of 2020. These PTPP-FTE results represent a decrease of 16.4% on a linked-quarter basis and an increase of 8.6% compared to the third quarter of 2020.\n\n\n\nSummary of quarterly financial results\n\n\n\n \n\n\n\nUMB Financial Corporation\n\n\n\n\n\n(unaudited, dollars in thousands, except per share data)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ3\n\n\n\n \n\n\n\nQ2\n\n\n\n \n\n\n\nQ3\n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\nNet income (GAAP)\n\n\n\n \n\n\n\n$\n\n\n...