Fourth Quarter 2024 Financial Highlights
- GAAP net income of $120.0 million, or $2.44 per diluted
share.
- Net operating income(i) of $122.6 million, or $2.49 per diluted
share.
- Average loans increased 14.8% on a linked-quarter, annualized
basis, to $25.3 billion.
- Average loans increased $2.2 billion, or 9.4%, as compared to
the fourth quarter of 2023.
- Average deposits increased 30.9% on a linked-quarter,
annualized basis, to $38.0 billion.
- Credit quality remained strong, with net charge-offs of just
0.10% of average loans for the year ended December 31, 2024.
UMB Financial Corporation (Nasdaq: UMBF), a financial services
company, announced net income for the fourth quarter of 2024 of
$120.0 million, or $2.44 per diluted share, compared to $109.6
million, or $2.23 per diluted share, in the third quarter (linked
quarter) and $70.9 million, or $1.45 per diluted share, in the
fourth quarter of 2023.
Net operating income, a non-GAAP financial measure reconciled
later in this release to net income, the nearest comparable GAAP
measure, was $122.6 million, or $2.49 per diluted share, for the
fourth quarter of 2024, compared to $110.4 million, or $2.25 per
diluted share, for the linked quarter and $112.0 million, or $2.29
per diluted share, for the fourth 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 $166.9
million, or $3.39 per diluted share, for the fourth quarter of
2024, compared to $154.6 million, or $3.15 per diluted share, for
the linked quarter, and $134.9 million, or $2.76 per diluted share,
for the fourth quarter of 2023. These operating PTPP results
represent increases of 8.0% on a linked-quarter basis and 23.7%
compared to the fourth quarter of 2023.
“Our fourth quarter financial results punctuated a successful
year for UMB Financial, driven by strong operating fundamentals
that are the core of our investment thesis for shareholders,” said
Mariner Kemper, UMB Financial Corporation chairman and chief
executive officer. “Our 2024 results reflect strong growth on both
sides of the balance sheet, continued momentum and new client
acquisitions in many of our fee income businesses, excellent credit
quality metrics and disciplined expense management. We set new
company records with annual net income of $441.2 million, net
operating income of $461.7 million, net interest income that
surpassed $1.0 billion, and noninterest income of $628.1
million.
“For the fourth quarter, net interest income increased 8.7%
sequentially driven by both an 11-basis-point increase in net
interest margin and a 15.6% linked-quarter annualized increase in
average earning assets. Additionally, the strength of our fee
income businesses propelled a 4.1% increase in noninterest income
compared to the third quarter of 2024. Average loan balances
increased 14.8% on a linked-quarter annualized basis, driven by top
line loan production of $1.6 billion, another record for us.
“With the previously announced receipt of necessary approvals,
we are excited to close our merger with Heartland Financial, slated
for January 31, 2025. Teams at both companies have been diligently
working to prepare for the closing and integration of our two
franchises.”
(i) A non-GAAP financial measure reconciled later in this
release to net income, the nearest comparable GAAP measure.
Fourth Quarter 2024 earnings discussion
Summary of quarterly financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
Q4
Q3
Q4
2024
2024
2023
Net income (GAAP)
$
119,997
$
109,643
$
70,923
Earnings per share - diluted (GAAP)
2.44
2.23
1.45
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
166,901
154,594
134,901
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
3.39
3.15
2.76
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
173,270
161,195
141,571
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
3.52
3.28
2.90
Net operating income (Non-GAAP)(i)
122,577
110,358
112,038
Operating earnings per share - diluted
(Non-GAAP)(i)
2.49
2.25
2.29
GAAP
Return on average assets
1.06
%
1.01
%
0.69
%
Return on average equity
13.53
12.63
9.52
Efficiency ratio
61.83
61.69
77.65
Non-GAAP(i)
Operating return on average assets
1.08
%
1.01
%
1.10
%
Operating return on average equity
13.82
12.71
15.04
Operating efficiency ratio
61.12
61.46
63.06
(i) See reconciliation of Non-GAAP
measures to their nearest comparable GAAP measures later in this
release.
Summary of revenue
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Net interest income
$
268,974
$
247,376
$
230,522
$
21,598
$
38,452
Noninterest income:
Trust and securities processing
76,861
74,222
66,584
2,639
10,277
Trading and investment banking
6,185
7,118
5,751
(933
)
434
Service charges on deposit accounts
21,405
20,089
21,330
1,316
75
Insurance fees and commissions
425
282
238
143
187
Brokerage fees
18,635
15,749
13,439
2,886
5,196
Bankcard fees
21,089
22,394
18,672
(1,305
)
2,417
Investment securities gains, net
593
2,623
1,014
(2,030
)
(421
)
Other
20,018
16,266
13,226
3,752
6,792
Total noninterest income
$
165,211
$
158,743
$
140,254
$
6,468
$
24,957
Total revenue
$
434,185
$
406,119
$
370,776
$
28,066
$
63,409
Net interest income (FTE)
$
275,343
$
253,977
$
237,192
Net interest margin (FTE)
2.57
%
2.46
%
2.46
%
Total noninterest income as a % of total
revenue
38.1
39.1
37.8
Net interest income
- Fourth quarter 2024 net interest income totaled $269.0 million,
an increase of $21.6 million, or 8.7%, from the linked quarter,
driven primarily by balance sheet growth, favorable reinvestment
yields, as well as decreased interest expense due to the mix shift
in the funding composition and repricing of deposits following the
reduction in short-term interest rates. These benefits were
partially offset by repricing of variable rate loans in response to
reductions in the Secured Overnight Financing Rate (SOFR) and Prime
rates.
- Average earning assets increased $1.6 billion, or 3.9%, from
the linked quarter, largely driven by increases of $902.6 million
in average loans, $585.6 million in average securities, and $101.7
million in federal funds sold and resell agreements.
- Average interest-bearing liabilities increased $487.1 million,
or 1.6%, from the linked quarter, primarily driven by an increase
of $1.6 billion in interest-bearing deposits, partially offset by a
decrease of $1.1 billion in borrowed funds driven by the repayment
of borrowings under the Bank Term Funding Program (BTFP) and
Federal Home Loan Bank (FHLB) advances. Average noninterest-bearing
demand deposits increased $1.1 billion, or 12.0%, as compared to
the linked quarter.
- Net interest margin for the fourth quarter was 2.57%, an
increase of 11 basis points from the linked quarter, driven by the
decreased cost of interest-bearing liabilities due to lower
short-term interest rates and a favorable mix shift in the funding
composition, partially offset by decreased loan yields and earning
asset mix changes. The cost of interest-bearing liabilities
decreased 39 basis points sequentially to 3.79%. Total cost of
funds decreased 36 basis points from the linked quarter to 2.80%.
Average loan yields decreased 33 basis points while earning asset
yields decreased 23 basis points from the linked quarter.
- On a year-over-year basis, net interest income increased $38.5
million, or 16.7%, driven by a $4.3 billion, or 11.3%, increase in
average earning assets, partially offset by higher interest costs
due to higher short-term interest rates and unfavorable mix shift
in the composition of liabilities.
- Compared to the fourth quarter of 2023, average earning assets
increased $4.3 billion, or 11.3%, largely driven by the increase in
average loans noted above, an increase of $1.2 billion in
interest-bearing due from banks, and an increase of $743.3 million
in average securities.
- Average deposits increased 16.3% compared to the fourth quarter
of 2023. Average interest-bearing deposits increased 21.4% and
noninterest-bearing demand deposit balances increased 5.1% compared
to the fourth quarter of 2023. Average demand deposit balances
comprised 28.0% of total deposits, compared to 26.9% in the linked
quarter and 31.0% in the fourth quarter of 2023.
- Average borrowed funds decreased $1.1 billion as compared to
the linked quarter and $1.9 billion as compared to the fourth
quarter of 2023, driven by the repayment of borrowings under the
BTFP and FHLB advances.
Noninterest income
- Fourth quarter 2024 noninterest income increased $6.5 million,
or 4.1%, on a linked-quarter basis, largely due to:
- A gain of $4.1 million related to the previously announced sale
of UMB Distribution Services during the fourth quarter of 2024
recorded in other income.
- An increase of $2.9 million in brokerage income primarily
driven by higher 12b-1 fees and money market income.
- An increase of $2.6 million in trust and securities processing
driven by strong activity in the corporate trust, private wealth,
funds services and investor solutions lines of business.
- An increase of $1.7 million in derivative income, recorded in
other income.
- These increases were partially offset by the following
decreases:
- A decrease of $2.0 million in investment securities gains,
primarily driven by decreased valuations in the company's
non-marketable securities.
- A decrease of $2.0 million in company-owned life insurance
income, recorded in other income. The decrease in company-owned
life insurance was offset by a proportionate decrease in deferred
compensation expense as noted below.
- Compared to the prior year, noninterest income in the fourth
quarter of 2024 increased $25.0 million, or 17.8%, primarily driven
by:
- An increase of $5.2 million in brokerage income primarily
driven by higher 12b-1 fees and money market income.
- Increases of $4.8 million in fund services income, $3.5 million
in corporate trust income, and $2.0 million in trust income, all
recorded in trust and securities processing.
- A gain of $4.1 million related to the sale of UMB Distribution
Services and a gain of $1.0 million on the sale of art during the
fourth quarter of 2024, both recorded in other income.
- An increase of $2.4 million in bankcard income, primarily due
to increased card purchase volume and related interchange
income.
- An increase of $1.2 million in derivative income, recorded in
other income.
Noninterest expense
Summary of noninterest expense
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Salaries and employee benefits
$
161,062
$
146,984
$
134,231
$
14,078
$
26,831
Occupancy, net
11,272
12,274
12,296
(1,002
)
(1,024
)
Equipment
15,312
15,988
16,579
(676
)
(1,267
)
Supplies and services
3,173
4,967
5,546
(1,794
)
(2,373
)
Marketing and business development
8,999
6,817
6,659
2,182
2,340
Processing fees
30,565
29,697
27,271
868
3,294
Legal and consulting
12,229
9,518
8,424
2,711
3,805
Bankcard
9,398
12,482
8,677
(3,084
)
721
Amortization of other intangible
assets
1,917
1,917
2,048
—
(131
)
Regulatory fees
5,255
4,686
59,183
569
(53,928
)
Other
11,179
7,124
9,060
4,055
2,119
Total noninterest expense
$
270,361
$
252,454
$
289,974
$
17,907
$
(19,613
)
- GAAP noninterest expense for the fourth quarter of 2024 was
$270.4 million, an increase of $17.9 million, or 7.1%, from the
linked quarter and a decrease of $19.6 million, or 6.8% from the
fourth quarter of 2023. Operating noninterest expense, a non-GAAP
financial measure reconciled later in this release to noninterest
expense, the nearest comparable GAAP measure, was $267.3 million
for the fourth quarter of 2024, an increase of $15.8 million, or
6.3%, from the linked quarter and an increase of $31.4 million, or
13.3%, from the fourth quarter of 2023.
- The linked-quarter increase in GAAP noninterest expense was
driven by:
- An increase of $15.4 million in salaries and bonus expense,
recorded in salaries and employee benefits, primarily driven by
increased bonuses due to improved company performance.
- An increase of $4.5 million in operational losses, recorded in
other expense.
- An increase of $2.7 million in legal and consulting expense
driven by expense related to the announced acquisition of Heartland
Financial USA, Inc. and an increase of $2.2 million in marketing
and business development due to the timing of multiple advertising
campaigns and increased travel and entertainment expense.
- These increases were partially offset by the following
decreases:
- A decrease of $3.1 million in bankcard expense driven by lower
administrative expense.
- A decrease of $1.8 million in deferred compensation expense,
recorded in salaries and employee benefits. The decrease in
deferred compensation expense was offset by the decrease in
company-owned life insurance income noted above.
- A decrease of $1.8 million in supplies driven by purchases of
computers during the third quarter of 2024.
- The year-over-year decrease in GAAP noninterest expense was
driven by:
- A decrease of $53.9 million in regulatory fees expense driven
by the $52.8 million expense recorded in the fourth quarter of 2023
related to the industry-wide FDIC special assessment levied as a
result of the 2023 bank failures.
- A decrease of $2.4 million in supplies driven by purchases of
computers during the fourth quarter of 2023.
- These decreases were partially offset by the following
increases:
- An increase of $26.8 million in salaries and employee benefits,
primarily driven by increased bonuses due to improved company
performance.
- An increase of $3.8 million in legal and consulting driven by
expense related to the announced acquisition of Heartland Financial
USA, Inc.
- Increases of $3.3 million in processing fees expense due to
increased software subscription costs and $2.3 million in marketing
and business development due to the timing of multiple campaigns
and increased travel and entertainment expense.
Full Year 2024 earnings discussion
Net income for the year ended December 31, 2024, was $441.2
million, or $8.99 per diluted share, compared to $350.0 million, or
$7.18 per diluted share in 2023. The results for 2024 include $6.6
million in pre-tax expense for the FDIC special assessment,
compared to $52.8 million in pre-tax expense in 2023. Net operating
income, a non-GAAP financial measure reconciled to net income, the
nearest comparable GAAP measure, later in this release, was $461.7
million, or $9.41 per diluted share, compared to $397.1 million, or
$8.14 per diluted share in 2023. These results represent an
increase of $64.6 million, or 16.3% as compared to 2023. Operating
PTPP, a non-GAAP financial measure reconciled later in this release
to the components of net income before taxes, the nearest
comparable GAAP measure, was $625.8 million, or $12.75 per diluted
share, compared to $524.8 million, or $10.76 per diluted share in
2023. These results represent an increase of 19.2% as compared to
2023.
Summary of year-to-date financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
December
December
YTD
YTD
2024
2023
Net income (GAAP)
$
441,243
$
350,024
Earnings per share - diluted (GAAP)
8.99
7.18
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
625,786
524,791
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
12.75
10.76
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
651,679
551,150
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
13.28
11.30
Net operating income (Non-GAAP)(i)
461,745
397,115
Operating earnings per share - diluted
(Non-GAAP)(i)
9.41
8.14
GAAP
Return on average assets
1.02
%
0.88
%
Return on average equity
13.24
12.23
Efficiency ratio
62.56
67.76
Non-GAAP(i)
Operating return on average assets
1.07
%
1.00
%
Operating return on average equity
13.85
13.87
Operating efficiency ratio
61.12
63.52
- Net interest income increased $80.8 million, or 8.8%
year-over-year due to a $3.3 billion, or 8.9%, increase in average
earning assets, coupled with the impacts from increased short-term
and long-term interest rates in 2024 as compared to 2023. The
increase in earning assets was driven by an increase of $1.9
billion, or 8.4%, in average loans, and an increase of $1.4
billion, or 70.2%, in average interest-bearing due from banks as
compared to 2023. Average interest-bearing liabilities increased
$3.4 billion, or 13.3%, while noninterest-bearing demand deposits
decreased $563.1 million, or 5.3%, as expected in a higher interest
rate environment. The yield on earning assets increased 41 basis
points, while the cost of interest-bearing liabilities increased 44
basis points. Net interest margin for 2024 was 2.51%, compared to
2.52% in 2023.
- Full-year noninterest income increased $86.3 million, or 15.9%,
due to:
- Increases of $20.5 million in fund services income, $7.7
million in corporate trust income, and $5.1 million in trust
income, all recorded in trust and securities processing.
- An increase of $14.1 million in other income, primarily driven
by gains on the sale of UMB Distribution Services, art, and land,
as well as the recognition of $4.0 million from a legal settlement,
all recorded during 2024.
- An increase of $13.9 million in investment securities gains,
primarily driven by increased valuations in the company's
non-marketable securities in 2024, coupled with the $4.9 million
impairment loss on an available-for-sale subordinated debt security
recorded in the prior year.
- Increases of $13.1 million in bankcard income due to higher
interchange revenue, $7.4 million in brokerage income, due to
higher 12b-1 fees and money market income, and $4.6 million in
investment banking due to increased trade volume.
- Full-year GAAP noninterest expense increased $27.5 million, or
2.8% due to:
- An increase of $40.5 million in salaries and employee benefits,
driven by increases of $36.4 million in salaries and bonus expense
and $4.1 million in employee benefits expense.
- An increase of $16.2 million in legal and consulting expense
driven by expense related to the announced acquisition of Heartland
Financial USA, Inc.
- Increases of $14.8 million in processing fees, driven by
increased software subscription costs, and $11.3 million in
bankcard expense driven by higher administrative expense.
- These increases were partially offset by the following
decreases:
- A decrease of $45.1 million in regulatory fees driven by the
reduced FDIC special assessment expense during 2024 as compared to
2023. The results for 2024 and 2023 include expense of $6.6 million
and $52.8 million, respectively, for the industry-wide FDIC special
assessment.
- Decreases of $5.3 million in equipment expense, driven by
reduced software expense, and $3.7 million in other expense,
primarily due to fewer operational losses and decreased charitable
contributions in 2024 as compared to 2023.
Income taxes
- The company’s effective tax rate was 18.5% for the year ended
December 31, 2024, compared to 17.0% for the same period in 2023.
The increase in the effective tax rate in 2024 is primarily
attributable to a smaller portion of income being earned from
tax-exempt municipal securities and higher non-deductible
acquisition costs in 2024. These increases were partially offset by
an increase in federal tax credits, net of related
amortization.
Balance sheet
- Average total assets for the fourth quarter of 2024 were $45.0
billion compared to $43.3 billion for the linked quarter and $40.5
billion for the same period in 2023.
Summary of average loans and leases -
QTD Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Commercial and industrial
$
10,637,952
$
10,176,502
$
9,825,043
$
461,450
$
812,909
Specialty lending
491,546
508,957
496,816
(17,411
)
(5,270
)
Commercial real estate
10,007,361
9,669,076
8,890,057
338,285
1,117,304
Consumer real estate
3,143,613
3,045,229
2,945,114
98,384
198,499
Consumer
177,341
164,105
153,791
13,236
23,550
Credit cards
630,373
613,663
495,502
16,710
134,871
Leases and other
201,602
209,631
302,740
(8,029
)
(101,138
)
Total loans
$
25,289,788
$
24,387,163
$
23,109,063
$
902,625
$
2,180,725
- Average loans for the fourth quarter of 2024 increased $902.6
million, or 3.7%, on a linked-quarter basis and $2.2 billion, or
9.4%, compared to the fourth quarter of 2023.
Summary of average securities - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Securities available for sale:
U.S. Treasury
$
1,131,295
$
821,308
$
859,114
$
309,987
$
272,181
U.S. Agencies
159,808
166,250
169,723
(6,442
)
(9,915
)
Mortgage-backed
4,200,465
3,888,879
3,466,152
311,586
734,313
State and political subdivisions
1,241,033
1,240,199
1,218,176
834
22,857
Corporates
321,939
320,570
345,634
1,369
(23,695
)
Collateralized loan obligations
359,053
340,604
349,149
18,449
9,904
Total securities available for sale
$
7,413,593
$
6,777,810
$
6,407,948
$
635,783
$
1,005,645
Securities held to maturity:
U.S. Agencies
$
116,316
$
116,286
$
123,195
$
30
$
(6,879
)
Mortgage-backed
2,542,385
2,597,430
2,756,528
(55,045
)
(214,143
)
State and political subdivisions
2,765,663
2,785,138
2,825,138
(19,475
)
(59,475
)
Total securities held to maturity
$
5,424,364
$
5,498,854
$
5,704,861
$
(74,490
)
$
(280,497
)
Trading securities
$
25,224
$
19,743
$
16,880
$
5,481
$
8,344
Other securities
466,545
447,698
456,758
18,847
9,787
Total securities
$
13,329,726
$
12,744,105
$
12,586,447
$
585,621
$
743,279
- Average total securities increased 4.6% on a linked-quarter
basis and increased 5.9% compared to the fourth quarter of
2023.
- At December 31, 2024, the unrealized pre-tax net loss on the
available-for-sale securities portfolio was $633.3 million, or 7.5%
of the $8.4 billion amortized cost balance. At December 31, 2024,
the unrealized pre-tax net loss on the securities designated as
held to maturity was $630.0 million, or 11.7% of the $5.4 billion
amortized cost value.
Summary of average deposits - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Deposits:
Noninterest-bearing demand
$
10,637,616
$
9,502,106
$
10,118,748
$
1,135,510
$
518,868
Interest-bearing demand and savings
25,367,316
23,779,651
19,457,878
1,587,665
5,909,438
Time deposits
2,012,287
2,010,199
3,098,636
2,088
(1,086,349
)
Total deposits
$
38,017,219
$
35,291,956
$
32,675,262
$
2,725,263
$
5,341,957
Noninterest bearing deposits as % of
total
28.0
%
26.9
%
31.0
%
- Average deposits increased 7.7% on a linked-quarter basis and
16.3% compared to the fourth quarter of 2023.
Capital
Capital information
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
December 31, 2024
September 30, 2024
December 31, 2023
Total equity
$
3,466,541
$
3,535,489
$
3,100,419
Accumulated other comprehensive loss,
net
(573,050
)
(395,856
)
(556,935
)
Book value per common share
71.02
72.45
63.85
Tangible book value per common share
(Non-GAAP)(i)
65.46
66.86
58.12
Regulatory capital:
Common equity Tier 1 capital
$
3,802,257
$
3,691,874
$
3,418,676
Tier 1 capital
3,802,257
3,691,874
3,418,676
Total capital
4,445,872
4,324,890
4,014,910
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.29
%
11.22
%
10.94
%
Tier 1 risk-based capital ratio
11.29
11.22
10.94
Total risk-based capital ratio
13.21
13.14
12.85
Tier 1 leverage ratio
8.50
8.58
8.49
(i) See reconciliation of Non-GAAP
measures to their nearest comparable GAAP measures later in this
release.
- At December 31, 2024, the regulatory capital ratios presented
in the foregoing table exceeded all “well-capitalized” regulatory
thresholds.
Asset Quality
Credit quality
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q2
Q1
Q4
2024
2024
2024
2024
2023
Net charge-offs - total loans
$
8,935
$
8,454
$
2,856
$
3,017
$
1,352
Net loan charge-offs as a % of total
average loans
0.14
%
0.14
%
0.05
%
0.05
%
0.02
%
Loans over 90 days past due
$
7,602
$
7,133
$
5,644
$
3,076
$
3,111
Loans over 90 days past due as a % of
total loans
0.03
%
0.03
%
0.02
%
0.01
%
0.01
%
Nonaccrual and restructured loans
$
19,282
$
19,291
$
13,743
$
17,756
$
13,212
Nonaccrual and restructured loans as a %
of total loans
0.08
%
0.08
%
0.06
%
0.08
%
0.06
%
Provision for credit losses
$
19,000
$
18,000
$
14,050
$
10,000
$
—
- Provision for credit losses for the fourth quarter increased
$1.0 million from the linked quarter and $19.0 million from the
fourth quarter of 2023. These changes are driven largely by
provision tied to the $651.5 million and $2.5 billion increases,
respectively, in period-end loans from the prior periods, as well
as general portfolio trends in the current period as compared to
the prior periods.
- Net charge-offs for the fourth quarter totaled $8.9 million, or
0.14% of average loans, compared to $8.5 million, or 0.14% of
average loans in the linked quarter, and $1.4 million, or 0.02% of
average loans for the fourth quarter of 2023.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
declared a $0.40 per share quarterly cash dividend, payable on
April 1, 2025, to stockholders of record of the company's common
stock at the close of business on March 10, 2025.
Conference Call
The company will host a conference call to discuss its fourth
quarter 2024 earnings results on Wednesday, January 29, 2025, at
8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free)
833-470-1428 or (international) 404-975-4839 and requesting to join
the UMB Financial call with access code 099512. The live call may
also be accessed by visiting investorrelations.umb.com or by using
the following link:
UMB Financial 4Q 2024 Conference Call
A replay of the conference call may be heard through February
12, 2025, by calling (toll-free) 866-813-9403 or (international)
929-458-6194. The replay access code required for playback is
612758. The call replay may also be accessed at
investorrelations.umb.com.
Non-GAAP Financial
Information
In this release, we provide information about net operating
income, operating earnings per share – diluted (operating EPS),
operating return on average equity (operating ROE), operating
return on average assets (operating ROA), operating noninterest
expense, operating efficiency ratio, operating pre-tax,
pre-provision income (operating PTPP), operating pre-tax,
pre-provision earnings per share – diluted (operating PTPP EPS),
operating pre-tax, pre-provision income on a fully tax equivalent
basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE
earnings per share – diluted (operating PTPP-FTE EPS), tangible
shareholders’ equity, and tangible book value per share, all of
which are non-GAAP financial measures. This information supplements
the results that are reported according to generally accepted
accounting principles in the United States (GAAP) and should not be
viewed in isolation from, or as a substitute for, GAAP results. The
differences between the non-GAAP financial measures – net operating
income, operating EPS, operating ROE, operating ROA, operating
noninterest expense, operating efficiency ratio, operating PTPP,
operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS,
tangible shareholders’ equity, and tangible book value per share –
and the nearest comparable GAAP financial measures are reconciled
later in this release. The company believes that these non-GAAP
financial measures and the reconciliations may be useful to
investors because they adjust for acquisition- and
severance-related items, and the FDIC special assessment that
management does not believe reflect the company’s fundamental
operating performance.
Net operating income for the relevant period is defined as GAAP
net income, adjusted to reflect the impact of excluding expenses
related to acquisitions, severance expense, the FDIC special
assessment, and the cumulative tax impact of these adjustments.
Operating EPS (diluted) is calculated as earnings per share as
reported, adjusted to reflect, on a per share basis, the impact of
excluding the non-GAAP adjustments described above for the relevant
period. Operating ROE is calculated as net operating income,
divided by the company’s average total shareholders’ equity for the
relevant period. Operating ROA is calculated as net operating
income, divided by the company’s average assets for the relevant
period. Operating noninterest expense for the relevant period is
defined as GAAP noninterest expense, adjusted to reflect the
pre-tax impact of non-GAAP adjustments described above. Operating
efficiency ratio is calculated as the company’s operating
noninterest expense, net of amortization of other intangibles,
divided by the company’s total non-GAAP revenue (calculated as net
interest income plus noninterest income, less gains on sales of
securities available for sale, net).
Operating PTPP income for the relevant period is defined as GAAP
net interest income plus GAAP noninterest income, less noninterest
expense, adjusted to reflect the impact of excluding expenses
related to acquisitions and severance, and the FDIC special
assessment.
Operating PTPP-FTE for the relevant period is defined as GAAP
net interest income on a fully tax equivalent basis plus GAAP
noninterest income, less noninterest expense, adjusted to reflect
the impact of excluding expenses related to acquisitions and
severance, and the FDIC special assessment.
Tangible shareholders’ equity for the relevant period is defined
as GAAP shareholders’ equity, net of intangible assets. Tangible
book value per share is defined as tangible shareholders’ equity
divided by the Company’s total shares outstanding.
Forward-Looking
Statements:
This press release contains, and our other communications may
contain, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
can be identified by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements often use
words such as “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “project,” “outlook,” “forecast,” “target,” “trend,”
“plan,” “goal,” or other words of comparable meaning or
future-tense or conditional verbs such as “may,” “will,” “should,”
“would,” or “could.” Forward-looking statements convey our
expectations, intentions, or forecasts about future events,
circumstances, results, or aspirations. All forward-looking
statements are subject to assumptions, risks, and uncertainties,
which may change over time and many of which are beyond our
control. You should not rely on any forward-looking statement as a
prediction or guarantee about the future. Our actual future
objectives, strategies, plans, prospects, performance, condition,
or results may differ materially from those set forth in any
forward-looking statement. Some of the factors that may cause
actual results or other future events, circumstances, or
aspirations to differ from those in forward-looking statements are
described in our Annual Report on Form 10-K for the year ended
December 31, 2023, our subsequent Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K, or other applicable documents that are
filed or furnished with the U.S. Securities and Exchange Commission
(SEC). In addition to such factors that have been disclosed
previously: macroeconomic and adverse developments and
uncertainties related to the collateral effects of the collapse of,
and challenges for, domestic and international banks, including the
impacts to the U.S. and global economies; sustained levels of high
inflation and the potential for an economic recession on the heels
of aggressive quantitative tightening by the Federal Reserve; and
impacts related to or resulting from instability in the Middle East
and Russia’s military action in Ukraine, such as the broader
impacts to financial markets and the global macroeconomic and
geopolitical environments, may also cause actual results or other
future events, circumstances, or aspirations to differ from our
forward-looking statements. Any forward-looking statement made by
us or on our behalf speaks only as of the date that it was made. We
do not undertake to update any forward-looking statement to reflect
the impact of events, circumstances, or results that arise after
the date that the statement was made, except to the extent required
by applicable securities laws. You, however, should consult further
disclosures (including disclosures of a forward-looking nature)
that we may make in any subsequent Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other
applicable document that is filed or furnished with the SEC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services
company headquartered in Kansas City, Missouri. UMB offers
commercial banking, which includes comprehensive deposit, lending
and investment services, personal banking, which includes wealth
management and financial planning services, and institutional
banking, which includes asset servicing, corporate trust solutions,
investment banking, and healthcare services. UMB operates branches
throughout Missouri, Illinois, Colorado, Kansas, Oklahoma,
Nebraska, Arizona and Texas. As the company’s reach continues to
grow, it also serves business clients nationwide and institutional
clients in several countries. For more information, visit UMB.com,
UMB Blog, UMB Facebook and UMB LinkedIn.
Consolidated Balance Sheets
UMB Financial
Corporation
(unaudited, dollars in thousands)
December 31,
2024
2023
ASSETS
Loans
$
25,642,301
$
23,172,484
Allowance for credit losses on loans
(259,089
)
(219,738
)
Net loans
25,383,212
22,952,746
Loans held for sale
2,756
4,420
Securities:
Available for sale
7,774,334
7,068,613
Held to maturity, net of allowance for
credit losses
5,376,267
5,688,610
Trading securities
28,533
18,093
Other securities
471,018
492,935
Total securities
13,650,152
13,268,251
Federal funds sold and resell
agreements
545,000
245,344
Interest-bearing due from banks
7,986,270
5,159,802
Cash and due from banks
573,175
447,201
Premises and equipment, net
221,773
241,700
Accrued income
246,095
220,306
Goodwill
207,385
207,385
Other intangibles, net
63,647
71,012
Other assets
1,530,199
1,193,507
Total assets
$
50,409,664
$
44,011,674
LIABILITIES
Deposits:
Noninterest-bearing demand
$
13,617,167
$
12,130,662
Interest-bearing demand and savings
27,397,195
20,588,606
Time deposits under $250,000
969,132
2,292,899
Time deposits of $250,000 or more
1,158,535
780,692
Total deposits
43,142,029
35,792,859
Federal funds purchased and repurchase
agreements
2,609,715
2,119,644
Short-term debt
—
1,800,000
Long-term debt
385,292
383,247
Accrued expenses and taxes
368,457
389,860
Other liabilities
437,630
425,645
Total liabilities
46,943,123
40,911,255
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,145,638
1,134,363
Retained earnings
3,174,948
2,810,824
Accumulated other comprehensive loss,
net
(573,050
)
(556,935
)
Treasury stock
(336,052
)
(342,890
)
Total shareholders' equity
3,466,541
3,100,419
Total liabilities and shareholders'
equity
$
50,409,664
$
44,011,674
Consolidated Statements of
Income
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
INTEREST INCOME
Loans
$
410,631
$
381,041
$
1,612,948
$
1,399,961
Securities:
Taxable interest
71,403
53,890
257,562
214,981
Tax-exempt interest
24,387
25,637
99,375
102,197
Total securities income
95,790
79,527
356,937
317,178
Federal funds and resell agreements
5,902
3,540
17,628
17,647
Interest-bearing due from banks
42,314
32,267
182,145
103,190
Trading securities
331
227
1,351
729
Total interest income
554,968
496,602
2,171,009
1,838,705
INTEREST EXPENSE
Deposits
255,303
213,842
982,302
704,210
Federal funds and repurchase
agreements
23,745
21,903
106,558
93,026
Other
6,946
30,335
81,257
121,353
Total interest expense
285,994
266,080
1,170,117
918,589
Net interest income
268,974
230,522
1,000,892
920,116
Provision for credit losses
19,000
—
61,050
41,227
Net interest income after provision for
credit losses
249,974
230,522
939,842
878,889
NONINTEREST INCOME
Trust and securities processing
76,861
66,584
290,571
257,200
Trading and investment banking
6,185
5,751
24,226
19,630
Service charges on deposit accounts
21,405
21,330
84,512
84,950
Insurance fees and commissions
425
238
1,257
1,009
Brokerage fees
18,635
13,439
61,564
54,119
Bankcard fees
21,089
18,672
87,797
74,719
Investment securities gains (losses),
net
593
1,014
10,720
(3,139
)
Other
20,018
13,226
67,470
53,365
Total noninterest income
165,211
140,254
628,117
541,853
NONINTEREST EXPENSE
Salaries and employee benefits
161,062
134,231
593,913
553,421
Occupancy, net
11,272
12,296
47,539
48,502
Equipment
15,312
16,579
63,406
68,718
Supplies and services
3,173
5,546
14,845
16,829
Marketing and business development
8,999
6,659
28,439
25,749
Processing fees
30,565
27,271
117,899
103,099
Legal and consulting
12,229
8,424
46,207
29,998
Bankcard
9,398
8,677
44,265
32,969
Amortization of other intangible
assets
1,917
2,048
7,705
8,587
Regulatory fees
5,255
59,183
31,904
77,010
Other
11,179
9,060
30,564
34,258
Total noninterest expense
270,361
289,974
1,026,686
999,140
Income before income taxes
144,824
80,802
541,273
421,602
Income tax expense
24,827
9,879
100,030
71,578
NET INCOME
$
119,997
$
70,923
$
441,243
$
350,024
PER SHARE DATA
Net income – basic
$
2.46
$
1.46
$
9.05
$
7.22
Net income – diluted
2.44
1.45
8.99
7.18
Dividends
0.40
0.39
1.57
1.53
Weighted average shares outstanding –
basic
48,807,081
48,538,127
48,747,814
48,503,643
Weighted average shares outstanding –
diluted
49,178,891
48,860,020
49,056,956
48,763,820
Consolidated Statements of
Comprehensive Income
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
Net income
$
119,997
$
70,923
$
441,243
$
350,024
Other comprehensive (loss) income, before
tax:
Unrealized gains and losses on debt
securities:
Change in unrealized holding gains and
losses, net
(183,961
)
293,578
(8,956
)
147,977
Less: Reclassification adjustment for net
(gains) losses included in net income
—
—
(139
)
279
Amortization of net unrealized loss on
securities transferred from available-for-sale to
held-to-maturity
8,560
9,288
35,905
39,851
Change in unrealized gains and losses on
debt securities
(175,401
)
302,866
26,810
188,107
Unrealized gains and losses on derivative
hedges:
Change in unrealized gains and losses on
derivative hedges, net
(58,542
)
10,767
(40,530
)
15,015
Less: Reclassification adjustment for net
gains included in net income
(677
)
(2,589
)
(8,069
)
(10,654
)
Change in unrealized gains and losses on
derivative hedges
(59,219
)
8,178
(48,599
)
4,361
Other comprehensive (loss) income, before
tax
(234,620
)
311,044
(21,789
)
192,468
Income tax benefit (expense)
57,426
(75,608
)
5,674
(46,668
)
Other comprehensive (loss) income
(177,194
)
235,436
(16,115
)
145,800
Comprehensive (loss) income
$
(57,197
)
$
306,359
$
425,128
$
495,824
Consolidated Statements of
Shareholders' Equity
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Common Stock
Capital Surplus
Retained Earnings
Accumulated Other
Comprehensive (Loss) Income
Treasury Stock
Total
Balance - January 1, 2023
$
55,057
$
1,125,949
$
2,536,086
$
(702,735
)
$
(347,264
)
$
2,667,093
Total comprehensive income
—
—
350,024
145,800
—
495,824
Dividends ($1.53 per share)
—
—
(75,286
)
—
—
(75,286
)
Purchase of treasury stock
—
—
—
—
(8,367
)
(8,367
)
Issuances of equity awards, net of
forfeitures
—
(10,385
)
—
—
11,104
719
Recognition of equity-based
compensation
—
17,975
—
—
—
17,975
Sale of treasury stock
—
220
—
—
296
516
Exercise of stock options
—
604
—
—
1,341
1,945
Balance - December 31, 2023
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Balance - January 1, 2024
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income (loss)
—
—
441,243
(16,115
)
—
425,128
Dividends ($1.57 per share)
—
—
(77,119
)
—
—
(77,119
)
Purchase of treasury stock
—
—
—
—
(7,738
)
(7,738
)
Issuances of equity awards, net of
forfeitures
—
(11,220
)
—
—
11,923
703
Recognition of equity-based
compensation
—
21,876
—
—
—
21,876
Sale of treasury stock
—
342
—
—
240
582
Exercise of stock options
—
1,690
—
—
2,413
4,103
Common stock issuance costs
—
(1,413
)
—
—
—
(1,413
)
Balance - December 31, 2024
$
55,057
$
1,145,638
$
3,174,948
$
(573,050
)
$
(336,052
)
$
3,466,541
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended December
31,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
25,289,788
6.46
%
$
23,109,063
6.54
%
Securities:
Taxable
9,739,156
2.92
8,853,426
2.41
Tax-exempt
3,565,346
3.42
3,716,141
3.44
Total securities
13,304,502
3.05
12,569,567
2.72
Federal funds and resell agreements
429,898
5.46
235,284
5.97
Interest bearing due from banks
3,573,884
4.71
2,372,767
5.40
Trading securities
25,224
5.68
16,880
5.83
Total earning assets
42,623,296
5.24
38,303,561
5.21
Allowance for credit losses
(250,824
)
(223,668
)
Other assets
2,608,524
2,435,687
Total assets
$
44,980,996
$
40,515,580
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
27,379,603
3.71
%
$
22,556,514
3.76
%
Federal funds and repurchase
agreements
2,250,507
4.20
1,883,392
4.61
Borrowed funds
409,474
6.75
2,286,271
5.26
Total interest-bearing liabilities
30,039,584
3.79
26,726,177
3.95
Noninterest-bearing demand deposits
10,637,616
10,118,748
Other liabilities
776,031
715,688
Shareholders' equity
3,527,765
2,954,967
Total liabilities and shareholders'
equity
$
44,980,996
$
40,515,580
Net interest spread
1.45
%
1.26
%
Net interest margin
2.57
2.46
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Year Ended December
31,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
24,212,645
6.66
%
$
22,337,119
6.27
%
Securities:
Taxable
9,290,809
2.77
9,097,110
2.36
Tax-exempt
3,634,588
3.44
3,790,921
3.38
Total securities
12,925,397
2.96
12,888,031
2.66
Federal funds and resell agreements
303,096
5.82
316,072
5.58
Interest bearing due from banks
3,482,402
5.23
2,046,349
5.04
Trading securities
22,311
6.53
14,030
5.65
Total earning assets
40,945,851
5.37
37,601,601
4.96
Allowance for credit losses
(235,370
)
(216,245
)
Other assets
2,479,363
2,344,911
Total assets
$
43,189,844
$
39,730,267
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
25,224,201
3.89
%
$
21,122,305
3.33
%
Federal funds and repurchase
agreements
2,338,455
4.56
2,175,415
4.28
Borrowed funds
1,447,646
5.61
2,311,238
5.25
Total interest-bearing liabilities
29,010,302
4.03
25,608,958
3.59
Noninterest-bearing demand deposits
10,077,251
10,640,344
Other liabilities
769,479
618,230
Shareholders' equity
3,332,812
2,862,735
Total liabilities and shareholders'
equity
$
43,189,844
$
39,730,267
Net interest spread
1.34
%
1.37
%
Net interest margin
2.51
2.52
Business Segment Information
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended December
31, 2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
180,085
$
53,118
$
35,771
$
268,974
Provision for credit losses
15,392
1,021
2,587
19,000
Noninterest income
29,278
109,812
26,121
165,211
Noninterest expense
92,740
109,850
67,771
270,361
Income (loss) before taxes
101,231
52,059
(8,466
)
144,824
Income tax expense (benefit)
17,764
8,246
(1,183
)
24,827
Net income (loss)
$
83,467
$
43,813
$
(7,283
)
$
119,997
Three Months Ended December
31, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
154,289
$
44,150
$
32,083
$
230,522
Provision for credit losses
(1,926
)
653
1,273
—
Noninterest income
25,956
90,361
23,937
140,254
Noninterest expense
114,190
114,306
61,478
289,974
Income (loss) before taxes
67,981
19,552
(6,731
)
80,802
Income tax expense (benefit)
5,198
2,867
1,814
9,879
Net income (loss)
$
62,783
$
16,685
$
(8,545
)
$
70,923
Year Ended December 31,
2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
665,587
$
199,821
$
135,484
$
1,000,892
Provision for credit losses
50,155
2,781
8,114
61,050
Noninterest income
130,187
398,306
99,624
628,117
Noninterest expense
356,136
408,323
262,227
1,026,686
Income (loss) before taxes
389,483
187,023
(35,233
)
541,273
Income tax expense (benefit)
71,248
33,126
(4,344
)
100,030
Net income (loss)
$
318,235
$
153,897
$
(30,889
)
$
441,243
Year Ended December 31,
2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
598,371
$
192,765
$
128,980
$
920,116
Provision for credit losses
33,184
1,406
6,637
41,227
Noninterest income
97,614
347,933
96,306
541,853
Noninterest expense
365,856
382,770
250,514
999,140
Income (loss) before taxes
296,945
156,522
(31,865
)
421,602
Income tax expense (benefit)
47,874
26,664
(2,960
)
71,578
Net income (loss)
$
249,071
$
129,858
$
(28,905
)
$
350,024
The company has strategically aligned its operations into the
following three reportable segments: Commercial Banking,
Institutional Banking, and Personal Banking. Senior executive
officers regularly evaluate business segment financial results
produced by the company’s internal reporting system in deciding how
to allocate resources and assess performance for individual
business segments. The company’s reportable segments include
certain corporate overhead, technology and service costs that are
allocated based on methodologies that are applied consistently
between periods. For comparability purposes, amounts in all periods
are based on methodologies in effect at December 31, 2024.
Non-GAAP Financial Measures
Net operating income Non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net income (GAAP)
$
119,997
$
70,923
$
441,243
$
350,024
Adjustments:
Acquisition expense
3,658
52
16,250
179
Severance expense
245
1,207
569
8,943
FDIC special assessment
(826
)
52,840
6,644
52,840
Tax-impact of adjustments (i)
(497
)
(12,984
)
(2,961
)
(14,871
)
Total Non-GAAP adjustments (net of
tax)
2,580
41,115
20,502
47,091
Net operating income (Non-GAAP)
$
122,577
$
112,038
$
461,745
$
397,115
Earnings per share - diluted (GAAP)
$
2.44
$
1.45
$
8.99
$
7.18
Acquisition expense
0.07
—
0.33
—
Severance expense
—
0.02
0.01
0.18
FDIC special assessment
(0.01
)
1.08
0.14
1.08
Tax-impact of adjustments (i)
(0.01
)
(0.26
)
(0.06
)
(0.30
)
Operating earnings per share - diluted
(Non-GAAP)
$
2.49
$
2.29
$
9.41
$
8.14
GAAP
Return on average assets
1.06
%
0.69
%
1.02
%
0.88
%
Return on average equity
13.53
9.52
13.24
12.23
Non-GAAP
Operating return on average assets
1.08
%
1.10
%
1.07
%
1.00
%
Operating return on average equity
13.82
15.04
13.85
13.87
(i) Calculated using the company’s
marginal tax rate of 23.0% for 2024 and 24.0% for 2023. Certain
merger-related expenses are non-deductible.
Operating noninterest expense and
operating efficiency ratio Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Noninterest expense
$
270,361
$
289,974
$
1,026,686
$
999,140
Adjustments to arrive at operating
noninterest expense (pre-tax):
Acquisition expense
3,658
52
16,250
179
Severance expense
245
1,207
569
8,943
FDIC special assessment
(826
)
52,840
6,644
52,840
Total Non-GAAP adjustments (pre-tax)
3,077
54,099
23,463
61,962
Operating noninterest expense
(Non-GAAP)
$
267,284
$
235,875
$
1,003,223
$
937,178
Noninterest expense
$
270,361
$
289,974
$
1,026,686
$
999,140
Less: Amortization of other
intangibles
1,917
2,048
7,705
8,587
Noninterest expense, net of amortization
of other intangibles (Non-GAAP) (numerator A)
$
268,444
$
287,926
$
1,018,981
$
990,553
Operating noninterest expense
$
267,284
$
235,875
$
1,003,223
$
937,178
Less: Amortization of other
intangibles
1,917
2,048
7,705
8,587
Operating expense, net of amortization of
other intangibles (Non-GAAP) (numerator B)
$
265,367
$
233,827
$
995,518
$
928,591
Net interest income
$
268,974
$
230,522
$
1,000,892
$
920,116
Noninterest income
165,211
140,254
628,117
541,853
Less: Gains on sales of securities
available for sale, net
—
—
139
152
Total Non-GAAP Revenue (denominator A)
$
434,185
$
370,776
$
1,628,870
$
1,461,817
Efficiency ratio (numerator A/denominator
A)
61.83
%
77.65
%
62.56
%
67.76
%
Operating efficiency ratio (Non-GAAP)
(numerator B/denominator A)
61.12
63.06
61.12
63.52
Operating pre-tax, pre-provision income
non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net interest income (GAAP)
$
268,974
$
230,522
$
1,000,892
$
920,116
Noninterest income (GAAP)
165,211
140,254
628,117
541,853
Noninterest expense (GAAP)
270,361
289,974
1,026,686
999,140
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
3,658
52
16,250
179
Severance expense
245
1,207
569
8,943
FDIC special assessment
(826
)
52,840
6,644
52,840
Total Non-GAAP adjustments
3,077
54,099
23,463
61,962
Operating noninterest expense
(Non-GAAP)
267,284
235,875
1,003,223
937,178
Operating pre-tax, pre-provision income
(Non-GAAP)
$
166,901
$
134,901
$
625,786
$
524,791
Net interest income earnings per share -
diluted (GAAP)
$
5.47
$
4.72
$
20.40
$
18.87
Noninterest income (GAAP)
3.36
2.87
12.80
11.11
Noninterest expense (GAAP)
5.50
5.93
20.93
20.48
Acquisition expense
0.07
—
0.33
—
Severance expense
—
0.02
0.01
0.18
FDIC special assessment
(0.01
)
1.08
0.14
1.08
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)
$
3.39
$
2.76
$
12.75
$
10.76
Operating pre-tax, pre-provision income
- FTE Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net interest income (GAAP)
$
268,974
$
230,522
$
1,000,892
$
920,116
Adjustments to arrive at net interest
income - FTE:
Tax equivalent interest
6,369
6,670
25,893
26,359
Net interest income - FTE (Non-GAAP)
275,343
237,192
1,026,785
946,475
Noninterest income (GAAP)
165,211
140,254
628,117
541,853
Noninterest expense (GAAP)
270,361
289,974
1,026,686
999,140
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
3,658
52
16,250
179
Severance expense
245
1,207
569
8,943
FDIC special assessment
(826
)
52,840
6,644
52,840
Total Non-GAAP adjustments
3,077
54,099
23,463
61,962
Operating noninterest expense
(Non-GAAP)
267,284
235,875
1,003,223
937,178
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)
$
173,270
$
141,571
$
651,679
$
551,150
Net interest income earnings per share -
diluted (GAAP)
$
5.47
$
4.72
$
20.40
$
18.87
Tax equivalent interest
0.13
0.14
0.53
0.54
Net interest income - FTE (Non-GAAP)
5.60
4.86
20.93
19.41
Noninterest income (GAAP)
3.36
2.87
12.80
11.11
Noninterest expense (GAAP)
5.50
5.93
20.93
20.48
Acquisition expense
0.07
—
0.33
—
Severance expense
—
0.02
0.01
0.18
FDIC special assessment
(0.01
)
1.08
0.14
1.08
Operating pre-tax, pre-provision income -
FTE earnings per share - diluted (Non-GAAP)
$
3.52
$
2.90
$
13.28
$
11.30
Tangible book value non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
As of December 31,
2024
2023
Total shareholders' equity (GAAP)
$
3,466,541
$
3,100,419
Less: Intangible assets
Goodwill
207,385
207,385
Other intangibles, net
63,647
71,012
Total intangibles, net
271,032
278,397
Total tangible shareholders' equity
(Non-GAAP)
$
3,195,509
$
2,822,022
Total shares outstanding
48,814,177
48,554,127
Ratio of total shareholders' equity (book
value) per share
$
71.02
$
63.85
Ratio of total tangible shareholders'
equity (tangible book value) per share (Non-GAAP)
65.46
58.12
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250124294797/en/
Media Contact: Stephanie Hague: 816.729.1027 Investor Relations
Contact: Kay Gregory: 816.860.7106
UMB Financial (NASDAQ:UMBF)
Historical Stock Chart
From Dec 2024 to Jan 2025
UMB Financial (NASDAQ:UMBF)
Historical Stock Chart
From Jan 2024 to Jan 2025
