Business
UMB Financial Corporation Reports Third Quarter Net Income of $96.6 Million
Third Quarter 2023 Financial Highlights GAAP net income of $96.6 million, or $1.98 per diluted share. Net operating income(i) of $98.4 million, or $2.02 per
About this update from Umb Financial Corporation
[{"type":"text","content":"\n Third Quarter 2023 Financial Highlights\n\n\n\nGAAP net income of $96.6 million, or $1.98 per diluted share.\n\n\n\nNet operating income(i) of $98.4 million, or $2.02 per diluted share.\n\n\n\nAverage loans increased 10.1% on a linked-quarter, annualized basis, to $22.8 billion, or an 18.0% increase as compared to the third quarter of 2022.\n\n\n\nDeposit balances at September 30, 2023 totaled $33.4 billion, up from $31.8 billion at September 30, 2022, and consistent with June 30, 2023 balances.\n\n\n\nAverage deposit balances of $31.3 billion, increased 5.1% as compared to the third quarter of 2022.\n\n\n\nNet interest margin of 2.43%, consistent with the linked quarter.\n\n\n\nCredit quality remained strong, with net charge-offs of just 0.08% of total loans and non-performing loans representing 0.07% of total loans, compared to 0.09% as of June 30, 2023.\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 2023 of $96.6 million, or $1.98 per diluted share, compared to $90.1 million, or $1.85 per diluted share, in the second quarter of 2023 (linked quarter) and $88.0 million, or $1.81 per diluted share, in the third quarter of 2022.\n\n\nNet operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $98.4 million, or $2.02 per diluted share, for the third quarter of 2023, compared to $93.8 million, or $1.93 per diluted share, for the linked quarter and $88.3 million, or $1.82 per diluted share, for the third 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 $126.6 million, or $2.60 per diluted share, for the third quarter of 2023, compared to $127.9 million, or $2.63 per diluted share, for the linked quarter, and $131.2 million, or $2.70 per diluted share, for the third quarter of 2022. These operating PTPP results represent decreases of 1.0% on a linked-quarter basis and 3.5%, compared to the third quarter of 2022.\n\n\n“Our third quarter results demonstrated strong loan growth, stable deposits, continued momentum in many of our fee generating businesses, and solid asset quality,...